<?xml version="1.0" encoding="UTF-8"?>
<edgarSubmission xmlns="http://www.sec.gov/edgar/ncen" xmlns:ns1="http://www.sec.gov/edgar/common" xmlns:sccom="http://www.sec.gov/edgar/sccommon" xmlns:ncom="http://www.sec.gov/edgar/ncencommon" xmlns:iso="http://www.sec.gov/edgar/iso_statecodes" xmlns:exch="http://www.sec.gov/edgar/iso_exchangelist" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
  <schemaVersion>X0201</schemaVersion>
  <headerData>
    <submissionType>N-CEN</submissionType>
    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <filer>
        <issuerCredentials>
          <cik>0000722885</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>
      <investmentCompanyType>N-1A</investmentCompanyType>
    </filerInfo>
    <seriesClass>
      <reportSeriesClass>
        <rptSeriesClassInfo>
          <seriesId>S000009490</seriesId>
          <!--Field: Pseudo-Tag; ID: Series Name; Data:-->
          <classInfo>
            <classId>C000025963</classId>
            <!--Field: Pseudo-Tag; ID: Class Name; Data: Ordinary Shares-->
          </classInfo>
          <classInfo>
            <classId>C000025964</classId>
            <!--Field: Pseudo-Tag; ID: Class Name; Data: Institutional Shares-->
          </classInfo>
          <classInfo>
            <classId>C000177796</classId>
            <!--Field: Pseudo-Tag; ID: Class Name; Data: R6 Shares-->
          </classInfo>
        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
          <seriesId>S000009491</seriesId>
          <!--Field: Pseudo-Tag; ID: Series Name; Data:-->
          <classInfo>
            <classId>C000025966</classId>
            <!--Field: Pseudo-Tag; ID: Class Name; Data: Ordinary Shares-->
          </classInfo>
          <classInfo>
            <classId>C000025967</classId>
            <!--Field: Pseudo-Tag; ID: Class Name; Data: Institutional Shares-->
          </classInfo>
          <classInfo>
            <classId>C000177797</classId>
            <!--Field: Pseudo-Tag; ID: Class Name; Data: R6 Shares-->
          </classInfo>
        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
          <seriesId>S000009492</seriesId>
          <!--Field: Pseudo-Tag; ID: Series Name; Data:-->
          <classInfo>
            <classId>C000025969</classId>
            <!--Field: Pseudo-Tag; ID: Class Name; Data: Ordinary Shares-->
          </classInfo>
          <classInfo>
            <classId>C000025970</classId>
            <!--Field: Pseudo-Tag; ID: Class Name; Data: Institutional Shares-->
          </classInfo>
        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
          <seriesId>S000009493</seriesId>
          <!--Field: Pseudo-Tag; ID: Series Name; Data:-->
          <classInfo>
            <classId>C000025972</classId>
            <!--Field: Pseudo-Tag; ID: Class Name; Data: Ordinary Shares-->
          </classInfo>
          <classInfo>
            <classId>C000025973</classId>
            <!--Field: Pseudo-Tag; ID: Class Name; Data: Institutional Shares-->
          </classInfo>
        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
          <seriesId>S000021993</seriesId>
          <!--Field: Pseudo-Tag; ID: Series Name; Data:-->
          <classInfo>
            <classId>C000063163</classId>
            <!--Field: Pseudo-Tag; ID: Class Name; Data: Ordinary Shares-->
          </classInfo>
          <classInfo>
            <classId>C000063164</classId>
            <!--Field: Pseudo-Tag; ID: Class Name; Data: Institutional Shares-->
          </classInfo>
          <classInfo>
            <classId>C000177800</classId>
            <!--Field: Pseudo-Tag; ID: Class Name; Data: R6 Shares-->
          </classInfo>
        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
          <seriesId>S000064782</seriesId>
          <!--Field: Pseudo-Tag; ID: Series Name; Data:-->
          <classInfo>
            <classId>C000209787</classId>
            <!--Field: Pseudo-Tag; ID: Class Name; Data: R6 Shares-->
          </classInfo>
          <classInfo>
            <classId>C000209788</classId>
            <!--Field: Pseudo-Tag; ID: Class Name; Data: Institutional Shares-->
          </classInfo>
          <classInfo>
            <classId>C000209789</classId>
            <!--Field: Pseudo-Tag; ID: Class Name; Data: Ordinary Shares-->
          </classInfo>
        </rptSeriesClassInfo>
      </reportSeriesClass>
    </seriesClass>
  </headerData>
  <formData>
    <generalInfo reportEndingPeriod="2020-03-31" isReportPeriodLt12="N"/>
    <registrantInfo>
      <registrantFullName>Pear Tree Funds</registrantFullName>
      <investmentCompFileNo>811-03790</investmentCompFileNo>
      <registrantCik>0000722885</registrantCik>
      <registrantLei>00000000000000000000</registrantLei>
      <registrantstreet1>55 OLD BEDFORD ROAD</registrantstreet1>
      <registrantstreet2>SUITE 202</registrantstreet2>
      <registrantcity>LINCOLN</registrantcity>
      <registrantzipCode>01773</registrantzipCode>
      <registrantstate>US-MA</registrantstate>
      <registrantcountry>US</registrantcountry>
      <registrantphoneNumber>781-259-1144</registrantphoneNumber>
      <websites>
        <website webpage="www.PearTreeFunds.com"/>
      </websites>
      <locationBooksRecords>
        <locationBooksRecord>
          <officeName>Pear Tree Advisors, Inc.</officeName>
          <officeAddress1>55 OLD BEDFORD ROAD</officeAddress1>
          <officeAddress2>SUITE 202</officeAddress2>
          <officeCity>LINCOLN</officeCity>
          <officeStateCountry officeState="US-MA" officeCountry="US"/>
          <officeRecordsZipCode>01773</officeRecordsZipCode>
          <officePhone>781-259-1144</officePhone>
          <booksRecordsDesc>Books and records are stored on site at the firm's principal office in physical and or electronic form. Email records are stored electronically off site by an unaffiliated third-party service provider.</booksRecordsDesc>
        </locationBooksRecord>
      </locationBooksRecords>
      <isRegistrantFirstFiling>N</isRegistrantFirstFiling>
      <isRegistrantLastFiling>N</isRegistrantLastFiling>
      <isRegistrantFamilyInvComp>N</isRegistrantFamilyInvComp>
      <registrantClassificationType>N-1A</registrantClassificationType>
      <totalSeries>6</totalSeries>
      <isSecuritiesActRegistration>Y</isSecuritiesActRegistration>
      <directors>
        <director>
          <directorName>Willard Umphrey</directorName>
          <crdNumber>000104576</crdNumber>
          <isDirectorInterestedPerson>Y</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="N/A"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Robert M. Armstrong</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="N/A"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>John M. Bulbrook</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="N/A"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>William H. Dunlap</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="N/A"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Clinton S. Marshall</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="N/A"/>
          </fileNumbers>
        </director>
      </directors>
      <chiefComplianceOfficers>
        <chiefComplianceOfficer>
          <ccoName>Deborah Kessinger</ccoName>
          <crdNumber>001801530</crdNumber>
          <ccoStreet1>55 Old Bedford Road</ccoStreet1>
          <ccoCity>Lincoln</ccoCity>
          <ccoStateCountry ccoState="US-MA" ccoCountry="US"/>
          <ccoZipCode>01773</ccoZipCode>
          <ccoPhone>XXXXXX</ccoPhone>
          <isCcoChangedSinceLastFiling>N</isCcoChangedSinceLastFiling>
          <ccoEmployers>
            <ccoEmployer ccoEmployerName="N/A" ccoEmployerId="N/A"/>
          </ccoEmployers>
        </chiefComplianceOfficer>
      </chiefComplianceOfficers>
      <isRegistrantSubmittedMatter>N</isRegistrantSubmittedMatter>
      <isPreviousLegalProceeding>N</isPreviousLegalProceeding>
      <isPreviousProceedingTerminated>N</isPreviousProceedingTerminated>
      <isClaimFiled>N</isClaimFiled>
      <coveredByInsurancePolicy isCoveredByInsurancePolicy="Y" isClaimFiledDuringPeriod="N"/>
      <isFinancialSupportDuringPeriod>N</isFinancialSupportDuringPeriod>
      <releaseNumbers isExemptionFromAct="Y">
        <releaseNumberInfo releaseNumber="IC-23600"/>
        <releaseNumberInfo releaseNumber="IC-28259"/>
      </releaseNumbers>
      <principalUnderwriters>
        <principalUnderwriter>
          <principalUnderwriterName>U.S. Boston Capital Corporation</principalUnderwriterName>
          <principalUnderwriterFileNumber>8-15885</principalUnderwriterFileNumber>
          <principalUnderwriterCrdNumber>000005251</principalUnderwriterCrdNumber>
          <principalUnderwriterLei>N/A</principalUnderwriterLei>
          <principalUnderWriterStateCountry principalUnderWriterState="US-MA" principalUnderWriterCountry="US"/>
          <isPrincipalUnderwriterAffiliatedWithRegistrant>Y</isPrincipalUnderwriterAffiliatedWithRegistrant>
        </principalUnderwriter>
      </principalUnderwriters>
      <isUnderwriterHiredOrTerminated>N</isUnderwriterHiredOrTerminated>
      <publicAccountants>
        <publicAccountant>
          <publicAccountantName>Tait, Weller &amp; Baker LLP</publicAccountantName>
          <pcaobNumber>445</pcaobNumber>
          <publicAccountantLei>N/A</publicAccountantLei>
          <publicAccountantStateCountry publicAccountantState="US-PA" publicAccountantCountry="US"/>
        </publicAccountant>
      </publicAccountants>
      <isPublicAccountantChanged>N</isPublicAccountantChanged>
      <isMaterialWeakness>N</isMaterialWeakness>
      <isOpinionOffered>N</isOpinionOffered>
      <isMaterialChange>N</isMaterialChange>
      <isAccountingPrincipleChange>N</isAccountingPrincipleChange>
      <isPaymentErrorInNetAssetValue>N</isPaymentErrorInNetAssetValue>
      <isPaymentDividend>N</isPaymentDividend>
    </registrantInfo>
    <managementInvestmentQuestionSeriesInfo>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Pear Tree Quality Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000009492</mgmtInvSeriesId>
        <mgmtInvLei>549300ODZXI9J0UJJ525</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>3</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Pear Tree Quality Fund - Ordinary Shares" sharesOutstandingClassId="C000025969" sharesOutstandingTickerSymbol="USBOX"/>
          <sharesOutstanding sharesOutstandingClassName="Pear Tree Quality Fund - Institutional Shares" sharesOutstandingClassId="C000025970" sharesOutstandingTickerSymbol="QGIAX"/>
        </sharesOutstandings>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>Y</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>Securities Finance Trust Company</securitiesAgentName>
            <securitiesAgentLei>N/A</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="Lloyds of London" idemnityProviderLei="N/A"/>
                <idemnityProvider idemnityProviderName="XL Bermuda Ltd." idemnityProviderLei="N/A"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Administrative fee</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>30146.0</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>251.0</netIncomeSecuritiesLending>
        <relyOnRuleType>N/A</relyOnRuleType>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Pear Tree Advisors Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-19222</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000104576</investmentAdviserCrdNo>
            <investmentAdviserLei>N/A</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-MA" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <subAdvisers>
          <subAdviser>
            <subAdviserName>Chartwell Investment Partners, LLC</subAdviserName>
            <subAdviserFileNo>801-79127</subAdviserFileNo>
            <subAdviserCrdNo>000170335</subAdviserCrdNo>
            <subAdviserLei>N/A</subAdviserLei>
            <isSubAdviserAffiliated>N</isSubAdviserAffiliated>
            <subAdviserStateCountry subAdviserState="US-PA" subAdviserCountry="US"/>
            <isSubAdviserHired>N</isSubAdviserHired>
          </subAdviser>
        </subAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Pear Tree Institutional Services</transferAgentName>
            <transferAgentFileNo>84-01801</transferAgentFileNo>
            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-MA" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>State Street Bank &amp; Trust Company</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-MA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>State Street Bank &amp; Trust Company</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianStateCountry custodianState="US-MA" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Pear Tree Institutional Services</shareholderServiceAgentName>
            <shareholderServiceAgentLei>84-01801</shareholderServiceAgentLei>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-MA" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Pear Tree Advisors Inc.</adminName>
            <adminLei>801-19222</adminLei>
            <adminStateCountry adminState="US-MA" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokerDealers>
          <brokerDealer>
            <brokerDealerName>U.S. Boston Capital Corporation</brokerDealerName>
            <brokerDealerFileNo>8-15885</brokerDealerFileNo>
            <brokerDealerCrdNo>000005251</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-MA" brokerDealerCountry="US"/>
            <brokerDealerCommission>0</brokerDealerCommission>
          </brokerDealer>
        </brokerDealers>
        <brokers>
          <broker>
            <brokerName>BTIG, LLC</brokerName>
            <brokerFileNo>8-65473</brokerFileNo>
            <brokerCrdNo>000122225</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-CA" brokerCountry="US"/>
            <grossCommission>35965</grossCommission>
          </broker>
          <broker>
            <brokerName>Instinet</brokerName>
            <brokerFileNo>8-23669</brokerFileNo>
            <brokerCrdNo>000007897</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>21656</grossCommission>
          </broker>
          <broker>
            <brokerName>Goldman Sachs &amp; Co., LLC</brokerName>
            <brokerFileNo>8-00129</brokerFileNo>
            <brokerCrdNo>000000361</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>681</grossCommission>
          </broker>
          <broker>
            <brokerName>MORGAN STANLEY SMITH BARNEY VENTURE SERVICES LLC</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000111386</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>44</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>58346</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>BTIG, LLC</principalName>
            <principalFileNo>8-65473</principalFileNo>
            <principalCrdNo>000122225</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-CA" principalCountry="US"/>
            <principalTotalPurchaseSale>79696779</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Instinet</principalName>
            <principalFileNo>8-23669</principalFileNo>
            <principalCrdNo>000007897</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>49146093</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Goldman Sachs &amp; Co., LLC</principalName>
            <principalFileNo>8-00129</principalFileNo>
            <principalCrdNo>000000361</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>1443622</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>MORGAN STANLEY SMITH BARNEY VENTURE SERVICES LLC</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>000111386</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>85557</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>130372051</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>134700037</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Pear Tree Polaris Small Cap Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000009493</mgmtInvSeriesId>
        <mgmtInvLei>549300B7DSOCWNFGCQ51</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>3</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Pear Tree Polaris Small Cap Fund - Ordinary Shares" sharesOutstandingClassId="C000025972" sharesOutstandingTickerSymbol="USBNX"/>
          <sharesOutstanding sharesOutstandingClassName="Pear Tree Polaris Small Cap Fund - Institutional Shares" sharesOutstandingClassId="C000025973" sharesOutstandingTickerSymbol="QBNAX"/>
        </sharesOutstandings>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>Y</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>Securities Finance Trust Company</securitiesAgentName>
            <securitiesAgentLei>N/A</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="Lloyds of London" idemnityProviderLei="N/A"/>
                <idemnityProvider idemnityProviderName="XL Bermuda Ltd." idemnityProviderLei="N/A"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Administrative fee</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>707848.0</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>9818.0</netIncomeSecuritiesLending>
        <relyOnRuleType>N/A</relyOnRuleType>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Pear Tree Advisors Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-19222</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000104576</investmentAdviserCrdNo>
            <investmentAdviserLei>N/A</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-MA" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <subAdvisers>
          <subAdviser>
            <subAdviserName>Polaris Capital Management, LLC</subAdviserName>
            <subAdviserFileNo>801-43216</subAdviserFileNo>
            <subAdviserCrdNo>000106278</subAdviserCrdNo>
            <subAdviserLei>N/A</subAdviserLei>
            <isSubAdviserAffiliated>N</isSubAdviserAffiliated>
            <subAdviserStateCountry subAdviserState="US-MA" subAdviserCountry="US"/>
            <isSubAdviserHired>N</isSubAdviserHired>
          </subAdviser>
        </subAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Pear Tree Institutional Services</transferAgentName>
            <transferAgentFileNo>84-01801</transferAgentFileNo>
            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-MA" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>State Street Bank &amp; Trust Company</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-MA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>State Street Bank &amp; Trust Company</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianStateCountry custodianState="US-MA" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Pear Tree Institutional Services</shareholderServiceAgentName>
            <shareholderServiceAgentLei>84-01801</shareholderServiceAgentLei>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-MA" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Pear Tree Advisors Inc.</adminName>
            <adminLei>801-19222</adminLei>
            <adminStateCountry adminState="US-MA" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokerDealers>
          <brokerDealer>
            <brokerDealerName>U.S. Boston Capital Corporation</brokerDealerName>
            <brokerDealerFileNo>8-15885</brokerDealerFileNo>
            <brokerDealerCrdNo>000005251</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-MA" brokerDealerCountry="US"/>
            <brokerDealerCommission>0</brokerDealerCommission>
          </brokerDealer>
        </brokerDealers>
        <brokers>
          <broker>
            <brokerName>Piper Jaffray Investment Management</brokerName>
            <brokerFileNo>8-68637</brokerFileNo>
            <brokerCrdNo>000145876</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-MN" brokerCountry="US"/>
            <grossCommission>13929</grossCommission>
          </broker>
          <broker>
            <brokerName>Oppenheimer &amp; Co. Inc.</brokerName>
            <brokerFileNo>8-4077</brokerFileNo>
            <brokerCrdNo>000000249</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>12194</grossCommission>
          </broker>
          <broker>
            <brokerName>Keefe Bruyette &amp; Woods, Inc.</brokerName>
            <brokerFileNo>8-10888</brokerFileNo>
            <brokerCrdNo>000000481</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>11286</grossCommission>
          </broker>
          <broker>
            <brokerName>Robert W. Baird Co. Inc.</brokerName>
            <brokerFileNo>8-497</brokerFileNo>
            <brokerCrdNo>000008158</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-WI" brokerCountry="US"/>
            <grossCommission>9711</grossCommission>
          </broker>
          <broker>
            <brokerName>Sandler Oneill and Partners L.P.</brokerName>
            <brokerFileNo>8-40214</brokerFileNo>
            <brokerCrdNo>000023328</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>6252</grossCommission>
          </broker>
          <broker>
            <brokerName>Pavilion Global Markets Inc.</brokerName>
            <brokerFileNo>8-52850</brokerFileNo>
            <brokerCrdNo>000104387</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-IL" brokerCountry="US"/>
            <grossCommission>5244</grossCommission>
          </broker>
          <broker>
            <brokerName>Winslow Evans &amp; Crocker Inc.</brokerName>
            <brokerFileNo>8-44347</brokerFileNo>
            <brokerCrdNo>000029686</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-MA" brokerCountry="US"/>
            <grossCommission>5037</grossCommission>
          </broker>
          <broker>
            <brokerName>Raymond James and Associates Inc.</brokerName>
            <brokerFileNo>8-10999</brokerFileNo>
            <brokerCrdNo>000000705</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-FL" brokerCountry="US"/>
            <grossCommission>3939</grossCommission>
          </broker>
          <broker>
            <brokerName>Cowen &amp; Company LLC</brokerName>
            <brokerFileNo>8-22522</brokerFileNo>
            <brokerCrdNo>000007616</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>3441</grossCommission>
          </broker>
          <broker>
            <brokerName>RBC Capital</brokerName>
            <brokerFileNo>8-845411</brokerFileNo>
            <brokerCrdNo>000031194</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>3333</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>74366</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>Piper Jaffray Investment Management</principalName>
            <principalFileNo>8-68637</principalFileNo>
            <principalCrdNo>000145876</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-MN" principalCountry="US"/>
            <principalTotalPurchaseSale>12105310</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Keefe Bruyette &amp; Woods Inc.</principalName>
            <principalFileNo>8-10888</principalFileNo>
            <principalCrdNo>000000481</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>11673416</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Oppenheimer &amp; Co. Inc.</principalName>
            <principalFileNo>8-4077</principalFileNo>
            <principalCrdNo>000000249</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>9128813</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Winslow Evans &amp; Crocker Inc.</principalName>
            <principalFileNo>8-44347</principalFileNo>
            <principalCrdNo>000029686</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-MA" principalCountry="US"/>
            <principalTotalPurchaseSale>9099965</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Cowen &amp; Company LLC</principalName>
            <principalFileNo>8-22522</principalFileNo>
            <principalCrdNo>000007616</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>5612280</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Pavilion Global Markets Inc.</principalName>
            <principalFileNo>8-52850</principalFileNo>
            <principalCrdNo>000104387</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-IL" principalCountry="US"/>
            <principalTotalPurchaseSale>5534673</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Sandler Oneill &amp; Partners L.P.</principalName>
            <principalFileNo>8-40214</principalFileNo>
            <principalCrdNo>000023328</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>5124064</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Raymond James and Associated Inc.</principalName>
            <principalFileNo>8-10999</principalFileNo>
            <principalCrdNo>000000705</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-FL" principalCountry="US"/>
            <principalTotalPurchaseSale>4658620</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Stifel Nicolaus &amp; Co. Inc.</principalName>
            <principalFileNo>8-1447</principalFileNo>
            <principalCrdNo>000000793</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-MO" principalCountry="US"/>
            <principalTotalPurchaseSale>3405003</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Jefferies LLC</principalName>
            <principalFileNo>8-15074</principalFileNo>
            <principalCrdNo>000002347</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>2276334</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>68618478</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>110409338</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Pear Tree Axiom Emerging Markets World Equity Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000009490</mgmtInvSeriesId>
        <mgmtInvLei>54930009FLN77RRSG827</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>3</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Pear Tree Axiom Emerging Markets World Equity Fund - Ordinary" sharesOutstandingClassId="C000025963" sharesOutstandingTickerSymbol="QFFOX"/>
          <sharesOutstanding sharesOutstandingClassName="Pear Tree Axiom Emerging Markets World Equity Fund - Institutional" sharesOutstandingClassId="C000025964" sharesOutstandingTickerSymbol="QEMAX"/>
          <sharesOutstanding sharesOutstandingClassName="Pear Tree Axiom Emerging Markets World Equity Fund - R6" sharesOutstandingClassId="C000177796" sharesOutstandingTickerSymbol="QFFRX"/>
        </sharesOutstandings>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>Securities Finance Trust Company</securitiesAgentName>
            <securitiesAgentLei>N/A</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="Lloyds of London" idemnityProviderLei="N/A"/>
                <idemnityProvider idemnityProviderName="XL Bermuda Ltd." idemnityProviderLei="N/A"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Administrative fee</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>22901.0</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>761.0</netIncomeSecuritiesLending>
        <relyOnRuleType>N/A</relyOnRuleType>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Pear Tree Advisors Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-19222</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000104576</investmentAdviserCrdNo>
            <investmentAdviserLei>N/A</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-MA" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <subAdvisers>
          <subAdviser>
            <subAdviserName>Axiom International Investors LLC</subAdviserName>
            <subAdviserFileNo>801-56651</subAdviserFileNo>
            <subAdviserCrdNo>000109605</subAdviserCrdNo>
            <subAdviserLei>N/A</subAdviserLei>
            <isSubAdviserAffiliated>N</isSubAdviserAffiliated>
            <subAdviserStateCountry subAdviserState="US-CT" subAdviserCountry="US"/>
            <isSubAdviserHired>N</isSubAdviserHired>
          </subAdviser>
        </subAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Pear Tree Institutional Services</transferAgentName>
            <transferAgentFileNo>84-01801</transferAgentFileNo>
            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-MA" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>State Street Bank &amp; Trust Company</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-MA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>State Street Bank &amp; Trust Company</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianStateCountry custodianState="US-MA" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Pear Tree Institutional Services</shareholderServiceAgentName>
            <shareholderServiceAgentLei>84-01801</shareholderServiceAgentLei>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-MA" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Pear Tree Advisors Inc.</adminName>
            <adminLei>801-19222</adminLei>
            <adminStateCountry adminState="US-MA" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokerDealers>
          <brokerDealer>
            <brokerDealerName>U.S. Boston Capital Corporation</brokerDealerName>
            <brokerDealerFileNo>8-15885</brokerDealerFileNo>
            <brokerDealerCrdNo>000005251</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-MA" brokerDealerCountry="US"/>
            <brokerDealerCommission>0</brokerDealerCommission>
          </brokerDealer>
        </brokerDealers>
        <brokers>
          <broker>
            <brokerName>HSBC Securities Inc.</brokerName>
            <brokerFileNo>8-41562</brokerFileNo>
            <brokerCrdNo>000019585</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>47876</grossCommission>
          </broker>
          <broker>
            <brokerName>UBS Securities</brokerName>
            <brokerFileNo>8-22651</brokerFileNo>
            <brokerCrdNo>000007654</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>19703</grossCommission>
          </broker>
          <broker>
            <brokerName>Citigroup Global Markets Inc.</brokerName>
            <brokerFileNo>8-8177</brokerFileNo>
            <brokerCrdNo>000007059</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>9003</grossCommission>
          </broker>
          <broker>
            <brokerName>Merrill Lynch</brokerName>
            <brokerFileNo>8-7221</brokerFileNo>
            <brokerCrdNo>000007691</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>8641</grossCommission>
          </broker>
          <broker>
            <brokerName>Goldman Sachs &amp; Co., LLC</brokerName>
            <brokerFileNo>8-129</brokerFileNo>
            <brokerCrdNo>000000361</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>8264</grossCommission>
          </broker>
          <broker>
            <brokerName>KBFG Securities America</brokerName>
            <brokerFileNo>8-48651</brokerFileNo>
            <brokerCrdNo>000039356</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>7204</grossCommission>
          </broker>
          <broker>
            <brokerName>Bradesco S.A.</brokerName>
            <brokerFileNo>8-52806</brokerFileNo>
            <brokerCrdNo>000104347</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>3267</grossCommission>
          </broker>
          <broker>
            <brokerName>ITAU International Securities</brokerName>
            <brokerFileNo>8-67674</brokerFileNo>
            <brokerCrdNo>000144769</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-FL" brokerCountry="US"/>
            <grossCommission>2980</grossCommission>
          </broker>
          <broker>
            <brokerName>Sanford C. Bernstein</brokerName>
            <brokerFileNo>8-52942</brokerFileNo>
            <brokerCrdNo>000104474</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>2959</grossCommission>
          </broker>
          <broker>
            <brokerName>Jefferies LLC</brokerName>
            <brokerFileNo>8-15074</brokerFileNo>
            <brokerCrdNo>000002347</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>2888</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>112786</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>HSBC Securities</principalName>
            <principalFileNo>8-41562</principalFileNo>
            <principalCrdNo>000019585</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>104225787</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>UBS Securities</principalName>
            <principalFileNo>8-22651</principalFileNo>
            <principalCrdNo>000007654</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>23561032</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Bradesco S.A.</principalName>
            <principalFileNo>8-52806</principalFileNo>
            <principalCrdNo>000104347</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>8996702</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Citigroup Global Markets Inc.</principalName>
            <principalFileNo>8-8177</principalFileNo>
            <principalCrdNo>000007059</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>6538812</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Merrill Lynch</principalName>
            <principalFileNo>8-7221</principalFileNo>
            <principalCrdNo>000007691</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>5285497</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Goldman Sachs and Co.</principalName>
            <principalFileNo>8-129</principalFileNo>
            <principalCrdNo>000000361</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>4712360</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>KBFG Securities America</principalName>
            <principalFileNo>8-48651</principalFileNo>
            <principalCrdNo>000039356</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>3651479</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Jefferies LLC</principalName>
            <principalFileNo>8-15074</principalFileNo>
            <principalCrdNo>000002347</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>2318120</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Credit Suisse Secruities</principalName>
            <principalFileNo>8-422</principalFileNo>
            <principalCrdNo>000000816</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>2077163</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>ITAU International Securities</principalName>
            <principalFileNo>8-67674</principalFileNo>
            <principalCrdNo>000144769</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-FL" principalCountry="US"/>
            <principalTotalPurchaseSale>2030874</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>163397823</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>89296366</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Pear Tree Polaris Foreign Value Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000009491</mgmtInvSeriesId>
        <mgmtInvLei>549300LCWV2CSU11V931</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>3</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Pear Tree Polaris Foreign Value Fund - Ordinary" sharesOutstandingClassId="C000025966" sharesOutstandingTickerSymbol="QFVOX"/>
          <sharesOutstanding sharesOutstandingClassName="Pear Tree Polaris Foreign Value Fund - Institutional" sharesOutstandingClassId="C000025967" sharesOutstandingTickerSymbol="QFVIX"/>
          <sharesOutstanding sharesOutstandingClassName="Pear Tree Polaris Foreign Value Fund - R6" sharesOutstandingClassId="C000177797" sharesOutstandingTickerSymbol="QFVRX"/>
        </sharesOutstandings>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>Y</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Pear Tree Advisors Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-19222</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000104576</investmentAdviserCrdNo>
            <investmentAdviserLei>N/A</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-MA" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <subAdvisers>
          <subAdviser>
            <subAdviserName>Polaris Capital Management, LLC</subAdviserName>
            <subAdviserFileNo>801-43216</subAdviserFileNo>
            <subAdviserCrdNo>000106278</subAdviserCrdNo>
            <subAdviserLei>N/A</subAdviserLei>
            <isSubAdviserAffiliated>N</isSubAdviserAffiliated>
            <subAdviserStateCountry subAdviserState="US-MA" subAdviserCountry="US"/>
            <isSubAdviserHired>N</isSubAdviserHired>
          </subAdviser>
        </subAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Pear Tree Institutional Services</transferAgentName>
            <transferAgentFileNo>84-01801</transferAgentFileNo>
            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-MA" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>State Street Bank &amp; Trust Company</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-MA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>State Street Bank &amp; Trust Company</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianStateCountry custodianState="US-MA" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Pear Tree Institutional Services</shareholderServiceAgentName>
            <shareholderServiceAgentLei>84-01801</shareholderServiceAgentLei>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-MA" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Pear Tree Advisors Inc.</adminName>
            <adminLei>801-19222</adminLei>
            <adminStateCountry adminState="US-MA" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokerDealers>
          <brokerDealer>
            <brokerDealerName>U.S. Boston Capital Corporation</brokerDealerName>
            <brokerDealerFileNo>8-15885</brokerDealerFileNo>
            <brokerDealerCrdNo>000005251</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-MA" brokerDealerCountry="US"/>
            <brokerDealerCommission>0</brokerDealerCommission>
          </brokerDealer>
        </brokerDealers>
        <brokers>
          <broker>
            <brokerName>Jefferies LLC</brokerName>
            <brokerFileNo>8-15074</brokerFileNo>
            <brokerCrdNo>000002347</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>180026</grossCommission>
          </broker>
          <broker>
            <brokerName>JP Morgan Securities Limited</brokerName>
            <brokerFileNo>8-35008</brokerFileNo>
            <brokerCrdNo>000000079</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>155112</grossCommission>
          </broker>
          <broker>
            <brokerName>Robert W. Baird Co. Incorporated</brokerName>
            <brokerFileNo>8-497</brokerFileNo>
            <brokerCrdNo>000008158</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-WI" brokerCountry="US"/>
            <grossCommission>131245</grossCommission>
          </broker>
          <broker>
            <brokerName>Kepler Equities</brokerName>
            <brokerFileNo>8-67194</brokerFileNo>
            <brokerCrdNo>000139148</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>87884</grossCommission>
          </broker>
          <broker>
            <brokerName>Cowen &amp; Company LLC</brokerName>
            <brokerFileNo>8-22522</brokerFileNo>
            <brokerCrdNo>000007616</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>77272</grossCommission>
          </broker>
          <broker>
            <brokerName>Citigroup Global Markets</brokerName>
            <brokerFileNo>8-8177</brokerFileNo>
            <brokerCrdNo>000007059</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>74194</grossCommission>
          </broker>
          <broker>
            <brokerName>Pershing LLC</brokerName>
            <brokerFileNo>8-17574</brokerFileNo>
            <brokerCrdNo>000007560</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NJ" brokerCountry="US"/>
            <grossCommission>63402</grossCommission>
          </broker>
          <broker>
            <brokerName>Macquarie Bank Limited</brokerName>
            <brokerFileNo>8-47198</brokerFileNo>
            <brokerCrdNo>000036368</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>52656</grossCommission>
          </broker>
          <broker>
            <brokerName>HSBC Securities</brokerName>
            <brokerFileNo>8-41562</brokerFileNo>
            <brokerCrdNo>000019585</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>48215</grossCommission>
          </broker>
          <broker>
            <brokerName>HANDELSBANKEN MARKETS SECURITIES, INC.</brokerName>
            <brokerFileNo>8-48297</brokerFileNo>
            <brokerCrdNo>000038485</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-DC" brokerCountry="US"/>
            <grossCommission>47449</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>917456</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>Jefferies LLC</principalName>
            <principalFileNo>8-15074</principalFileNo>
            <principalCrdNo>000002347</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>245683946</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>JP Morgan Securities Limited</principalName>
            <principalFileNo>8-35008</principalFileNo>
            <principalCrdNo>000000079</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>211209217</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Robert W Baird and Company</principalName>
            <principalFileNo>8-497</principalFileNo>
            <principalCrdNo>000008158</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-WI" principalCountry="US"/>
            <principalTotalPurchaseSale>141393072</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Cowen &amp; Company LLC</principalName>
            <principalFileNo>8-22522</principalFileNo>
            <principalCrdNo>000007616</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>122038779</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Kepler Equities</principalName>
            <principalFileNo>8-67194</principalFileNo>
            <principalCrdNo>000139148</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>94272822</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Citigroup Global Markets</principalName>
            <principalFileNo>8-8177</principalFileNo>
            <principalCrdNo>000007059</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>83396921</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Pershing LLC</principalName>
            <principalFileNo>8-17574</principalFileNo>
            <principalCrdNo>000007560</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NJ" principalCountry="US"/>
            <principalTotalPurchaseSale>82704935</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Virtu ITG LLC</principalName>
            <principalFileNo>8-44218</principalFileNo>
            <principalCrdNo>000029299</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>82207708</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Macquarie Bank Limited</principalName>
            <principalFileNo>8-47198</principalFileNo>
            <principalCrdNo>000036368</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>69906586</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Merrill Lynch, Pierce, Fenner and Smith</principalName>
            <principalFileNo>8-7221</principalFileNo>
            <principalCrdNo>000007691</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>65903654</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>1198717641</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>3659409349</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Pear Tree Polaris Foreign Value Small Cap Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000021993</mgmtInvSeriesId>
        <mgmtInvLei>549300AVE8SR25FLIW19</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>3</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Pear Tree Polaris Foreign Value Small Cap Fund - Ordinary" sharesOutstandingClassId="C000063163" sharesOutstandingTickerSymbol="QUSOX"/>
          <sharesOutstanding sharesOutstandingClassName="Pear Tree Polaris Foreign Value Small Cap Fund - Institutional" sharesOutstandingClassId="C000063164" sharesOutstandingTickerSymbol="QUSIX"/>
          <sharesOutstanding sharesOutstandingClassName="Pear Tree Polaris Foreign Value Small Cap Fund - R6" sharesOutstandingClassId="C000177800" sharesOutstandingTickerSymbol="QUSRX"/>
        </sharesOutstandings>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>Y</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleType>N/A</relyOnRuleType>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Pear Tree Advisors Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-19222</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000104576</investmentAdviserCrdNo>
            <investmentAdviserLei>N/A</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-MA" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <subAdvisers>
          <subAdviser>
            <subAdviserName>Polaris Capital Management, LLC</subAdviserName>
            <subAdviserFileNo>801-43216</subAdviserFileNo>
            <subAdviserCrdNo>000106278</subAdviserCrdNo>
            <subAdviserLei>N/A</subAdviserLei>
            <isSubAdviserAffiliated>N</isSubAdviserAffiliated>
            <subAdviserStateCountry subAdviserState="US-MA" subAdviserCountry="US"/>
            <isSubAdviserHired>N</isSubAdviserHired>
          </subAdviser>
        </subAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Pear Tree Institutional Services</transferAgentName>
            <transferAgentFileNo>84-01801</transferAgentFileNo>
            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-MA" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>State Street Bank &amp; Trust Company</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-MA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>State Street Bank &amp; Trust Company</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianStateCountry custodianState="US-MA" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Pear Tree Institutional Services</shareholderServiceAgentName>
            <shareholderServiceAgentLei>84-01801</shareholderServiceAgentLei>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-MA" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Pear Tree Advisors Inc.</adminName>
            <adminLei>801-19222</adminLei>
            <adminStateCountry adminState="US-MA" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokerDealers>
          <brokerDealer>
            <brokerDealerName>U.S. Boston Capital Corporation</brokerDealerName>
            <brokerDealerFileNo>8-15885</brokerDealerFileNo>
            <brokerDealerCrdNo>000005251</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-MA" brokerDealerCountry="US"/>
            <brokerDealerCommission>0</brokerDealerCommission>
          </brokerDealer>
        </brokerDealers>
        <brokers>
          <broker>
            <brokerName>Yuanta Securities Co., Ltd.</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>N/A</brokerCrdNo>
            <brokerLei>213800DCGUIXGBT4KU10</brokerLei>
            <brokerCountry>TW</brokerCountry>
            <grossCommission>102067</grossCommission>
          </broker>
          <broker>
            <brokerName>Investec securities LLC</brokerName>
            <brokerFileNo>8-67162</brokerFileNo>
            <brokerCrdNo>000138421</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>88352</grossCommission>
          </broker>
          <broker>
            <brokerName>JP Morgan Securities Limited</brokerName>
            <brokerFileNo>8-35008</brokerFileNo>
            <brokerCrdNo>000000079</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>58230</grossCommission>
          </broker>
          <broker>
            <brokerName>Numis Securities Inc.</brokerName>
            <brokerFileNo>8-66139</brokerFileNo>
            <brokerCrdNo>000128471</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>50748</grossCommission>
          </broker>
          <broker>
            <brokerName>Daiwa Securities</brokerName>
            <brokerFileNo>8-12242</brokerFileNo>
            <brokerCrdNo>000001576</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>52828</grossCommission>
          </broker>
          <broker>
            <brokerName>Oddo BFH New York Corporation</brokerName>
            <brokerFileNo>8-50975</brokerFileNo>
            <brokerCrdNo>000045104</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>51748</grossCommission>
          </broker>
          <broker>
            <brokerName>Instinet LLC</brokerName>
            <brokerFileNo>8-23669</brokerFileNo>
            <brokerCrdNo>000007897</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>47240</grossCommission>
          </broker>
          <broker>
            <brokerName>Merrill Lynch, Pierce, Fenner and Smith</brokerName>
            <brokerFileNo>8-7221</brokerFileNo>
            <brokerCrdNo>000007691</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>23313</grossCommission>
          </broker>
          <broker>
            <brokerName>Korea Investment and Securities Co. Ltd.</brokerName>
            <brokerFileNo>8-52615</brokerFileNo>
            <brokerCrdNo>000104158</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>30521</grossCommission>
          </broker>
          <broker>
            <brokerName>MAYBANK KIM ENG SECURITIES USA INC.</brokerName>
            <brokerFileNo>8-43264</brokerFileNo>
            <brokerCrdNo>000027861</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>22370</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>527417</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>Yuanta Securities Company Limited</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>213800DCGUIXGBT4KU10</principalLei>
            <principalCountry>TW</principalCountry>
            <principalTotalPurchaseSale>101781780</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Investec Securities Ltd.</principalName>
            <principalFileNo>8-67162</principalFileNo>
            <principalCrdNo>000138421</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>88302716</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>JP Morgan Securities Limited</principalName>
            <principalFileNo>8-35008</principalFileNo>
            <principalCrdNo>000000079</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>81457431</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Numis Securities Inc.</principalName>
            <principalFileNo>8-66139</principalFileNo>
            <principalCrdNo>000128471</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>63502146</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Daiwa Securities</principalName>
            <principalFileNo>8-12242</principalFileNo>
            <principalCrdNo>000001576</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>52782414</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Oddo BFH New York Corporation</principalName>
            <principalFileNo>8-50975</principalFileNo>
            <principalCrdNo>000045104</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>51763354</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Instinet LLC</principalName>
            <principalFileNo>8-23669</principalFileNo>
            <principalCrdNo>000007897</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>47204026</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Merrill Lynch, Pierce, Fenner and Smith</principalName>
            <principalFileNo>8-7221</principalFileNo>
            <principalCrdNo>000007691</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>33276606</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Korea Investment and Securities Co. Ltd.</principalName>
            <principalFileNo>8-52615</principalFileNo>
            <principalCrdNo>000104158</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>30504849</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Peel Hunt LLP</principalName>
            <principalFileNo>8-68845</principalFileNo>
            <principalCrdNo>000157321</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>22476150</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>573051473</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>972379560</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Pear Tree Polaris International Opportunities Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000064782</mgmtInvSeriesId>
        <mgmtInvLei>549300IESHKEPMUBBX72</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>3</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Pear Tree Polaris International Opportunities Fund - Ordinary" sharesOutstandingClassId="C000209789" sharesOutstandingTickerSymbol="QISOX"/>
          <sharesOutstanding sharesOutstandingClassName="Pear Tree Polaris International Opportunities Fund - Institutional" sharesOutstandingClassId="C000209788" sharesOutstandingTickerSymbol="QISIX"/>
          <sharesOutstanding sharesOutstandingClassName="Pear Tree Polaris International Opportunities Fund - R6" sharesOutstandingClassId="C000209787" sharesOutstandingTickerSymbol="QISRX"/>
        </sharesOutstandings>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>Y</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>Securities Finance Trust Company</securitiesAgentName>
            <securitiesAgentLei>N/A</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="Lloyds of London" idemnityProviderLei="N/A"/>
                <idemnityProvider idemnityProviderName="XL Bermuda Ltd." idemnityProviderLei="N/A"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Administrative fee</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>18769.0</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>1923.0</netIncomeSecuritiesLending>
        <relyOnRuleType>N/A</relyOnRuleType>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Pear Tree Advisors Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-19222</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000104576</investmentAdviserCrdNo>
            <investmentAdviserLei>N/A</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-MA" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <subAdvisers>
          <subAdviser>
            <subAdviserName>Polaris Capital Management, LLC</subAdviserName>
            <subAdviserFileNo>801-43216</subAdviserFileNo>
            <subAdviserCrdNo>000106278</subAdviserCrdNo>
            <subAdviserLei>N/A</subAdviserLei>
            <isSubAdviserAffiliated>N</isSubAdviserAffiliated>
            <subAdviserStateCountry subAdviserState="US-MA" subAdviserCountry="US"/>
            <subAdviserHired isSubAdviserHired="Y" subAdviserStartDate="2019-11-15"/>
          </subAdviser>
        </subAdvisers>
        <subAdvisersTerminated>
          <subAdviserTerminated>
            <subAdviserTerminatedName>PNC Capital Advisors</subAdviserTerminatedName>
            <subAdviserTerminatedFileNo>801-66195</subAdviserTerminatedFileNo>
            <subAdviserTerminatedCrdNo>000129052</subAdviserTerminatedCrdNo>
            <subAdviserTerminatedLei>N/A</subAdviserTerminatedLei>
            <subAdviserTerminatedStateCountry subAdviserTerminatedState="US-PA" subAdviserTerminatedCountry="US"/>
            <subAdviserTerminationDate>2019-11-14</subAdviserTerminationDate>
          </subAdviserTerminated>
        </subAdvisersTerminated>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Pear Tree Institutional Services</transferAgentName>
            <transferAgentFileNo>84-01801</transferAgentFileNo>
            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-MA" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>State Street Bank &amp; Trust Company</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-MA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>State Street Bank &amp; Trust Company</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianStateCountry custodianState="US-MA" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Pear Tree Institutional Services</shareholderServiceAgentName>
            <shareholderServiceAgentLei>84-01801</shareholderServiceAgentLei>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-MA" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Pear Tree Advisors Inc.</adminName>
            <adminLei>801-19222</adminLei>
            <adminStateCountry adminState="US-MA" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokerDealers>
          <brokerDealer>
            <brokerDealerName>U.S. Boston Capital Corporation</brokerDealerName>
            <brokerDealerFileNo>8-15885</brokerDealerFileNo>
            <brokerDealerCrdNo>000005251</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-MA" brokerDealerCountry="US"/>
            <brokerDealerCommission>0</brokerDealerCommission>
          </brokerDealer>
        </brokerDealers>
        <brokers>
          <broker>
            <brokerName>Merrill Lynch, Pierce, Fenner and Smith</brokerName>
            <brokerFileNo>8-7221</brokerFileNo>
            <brokerCrdNo>000007691</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>23614</grossCommission>
          </broker>
          <broker>
            <brokerName>Yuanta Securities Company Limited</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>N/A</brokerCrdNo>
            <brokerLei>213800DCGUIXGBT4KU10</brokerLei>
            <brokerCountry>TW</brokerCountry>
            <grossCommission>2609</grossCommission>
          </broker>
          <broker>
            <brokerName>HSBC Securities</brokerName>
            <brokerFileNo>8-41562</brokerFileNo>
            <brokerCrdNo>000019585</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>2175</grossCommission>
          </broker>
          <broker>
            <brokerName>EFG Hermes Kenya Limited</brokerName>
            <brokerFileNo>8-69816</brokerFileNo>
            <brokerCrdNo>000284894</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>538</grossCommission>
          </broker>
          <broker>
            <brokerName>TAIWANIA CAPITAL MANAGEMENT USA, INC.</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000293352</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-CA" brokerCountry="US"/>
            <grossCommission>407</grossCommission>
          </broker>
          <broker>
            <brokerName>RBC Dominion Securities Inc.</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>N/A</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerCountry>CA</brokerCountry>
            <grossCommission>371</grossCommission>
          </broker>
          <broker>
            <brokerName>BNP Paribas Securities</brokerName>
            <brokerFileNo>8-32682</brokerFileNo>
            <brokerCrdNo>000015794</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>347</grossCommission>
          </broker>
          <broker>
            <brokerName>Mediobanca Securities USA LLC</brokerName>
            <brokerFileNo>8-67538</brokerFileNo>
            <brokerCrdNo>000143189</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>346</grossCommission>
          </broker>
          <broker>
            <brokerName>Cowen &amp; Company LLC</brokerName>
            <brokerFileNo>8-68531</brokerFileNo>
            <brokerCrdNo>000153397</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>340</grossCommission>
          </broker>
          <broker>
            <brokerName>Carnegie Inc.</brokerName>
            <brokerFileNo>8-45389</brokerFileNo>
            <brokerCrdNo>000031184</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>327</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>31073</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>Merrill Lynch, Pierce, Fenner and Smith</principalName>
            <principalFileNo>8-7221</principalFileNo>
            <principalCrdNo>000007691</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>29403377</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Yuanta Securities Company Limited</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>213800DCGUIXGBT4KU10</principalLei>
            <principalCountry>TW</principalCountry>
            <principalTotalPurchaseSale>2609909</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>HSBC Securities</principalName>
            <principalFileNo>8-41562</principalFileNo>
            <principalCrdNo>000019585</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>1611846</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Mediobanca Securities USA LLC</principalName>
            <principalFileNo>8-67538</principalFileNo>
            <principalCrdNo>000143189</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>345338</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Cowen &amp; Company LLC</principalName>
            <principalFileNo>8-68531</principalFileNo>
            <principalCrdNo>000153397</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>337060</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>JP Morgan</principalName>
            <principalFileNo>8-35008</principalFileNo>
            <principalCrdNo>000000079</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>321802</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Carnegie Inc.</principalName>
            <principalFileNo>8-45389</principalFileNo>
            <principalCrdNo>000031184</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>308336</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Bradesco S.A CTVM</principalName>
            <principalFileNo>8-52806</principalFileNo>
            <principalCrdNo>000104347</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>264634</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>BNP Paribas Securities</principalName>
            <principalFileNo>8-32682</principalFileNo>
            <principalCrdNo>000015794</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>231632</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>HANDELSBANKEN MARKETS SECURITIES, INC.</principalName>
            <principalFileNo>8-48297</principalFileNo>
            <principalCrdNo>000038485</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-DC" principalCountry="US"/>
            <principalTotalPurchaseSale>214352</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>35648287</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>11977006</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
    </managementInvestmentQuestionSeriesInfo>
    <attachmentsTab>
      <isLegalProceedings>false</isLegalProceedings>
      <isProvisionFinancialSupport>false</isProvisionFinancialSupport>
      <isIPAReportInternalControl>true</isIPAReportInternalControl>
      <isChangeAccPrinciples>false</isChangeAccPrinciples>
      <isInfoRequiredEO>true</isInfoRequiredEO>
      <isOtherInfoRequired>false</isOtherInfoRequired>
    </attachmentsTab>
    <signature registrantSignedName="Pear Tree Funds" signedDate="2020-06-12" signature="/s/ Diane Hunt" title="Assistant Treasurer"/>
  </formData>
</edgarSubmission>
