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        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Pear Tree Advisors Inc.</adminName>
            <adminLei>801-19222</adminLei>
            <idNumberDesc>SEC File No.</idNumberDesc>
            <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>OPPENHEIMER</brokerName>
            <brokerFileNo>8-4077</brokerFileNo>
            <brokerCrdNo>000000249</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>3835</grossCommission>
          </broker>
          <broker>
            <brokerName>RAYMOND JAMES</brokerName>
            <brokerFileNo>8-10999</brokerFileNo>
            <brokerCrdNo>000000705</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-FL" brokerCountry="US"/>
            <grossCommission>3429</grossCommission>
          </broker>
          <broker>
            <brokerName>STEPHENS INC</brokerName>
            <brokerFileNo>8-1927</brokerFileNo>
            <brokerCrdNo>000003496</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>3045</grossCommission>
          </broker>
          <broker>
            <brokerName>KBW</brokerName>
            <brokerFileNo>8-10888</brokerFileNo>
            <brokerCrdNo>000000481</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>2771</grossCommission>
          </broker>
          <broker>
            <brokerName>PIPER JAFFRAY</brokerName>
            <brokerFileNo>8-68637</brokerFileNo>
            <brokerCrdNo>000145876</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-MN" brokerCountry="US"/>
            <grossCommission>2556</grossCommission>
          </broker>
          <broker>
            <brokerName>COWEN &amp; COMPANY</brokerName>
            <brokerFileNo>8-22522</brokerFileNo>
            <brokerCrdNo>000007616</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>2406</grossCommission>
          </broker>
          <broker>
            <brokerName>LIQUIDNET</brokerName>
            <brokerFileNo>8-52461</brokerFileNo>
            <brokerCrdNo>000103987</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1339</grossCommission>
          </broker>
          <broker>
            <brokerName>JANNEY MONTGOMERY</brokerName>
            <brokerFileNo>8-462</brokerFileNo>
            <brokerCrdNo>000000463</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-PA" brokerCountry="US"/>
            <grossCommission>939</grossCommission>
          </broker>
          <broker>
            <brokerName>BARRINGTON RESEARCH</brokerName>
            <brokerFileNo>8-29831</brokerFileNo>
            <brokerCrdNo>000013820</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-IL" brokerCountry="US"/>
            <grossCommission>669</grossCommission>
          </broker>
          <broker>
            <brokerName>RBC CAPITAL MARKETS</brokerName>
            <brokerFileNo>8-45411</brokerFileNo>
            <brokerCrdNo>000031194</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>578</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>22919</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>LIQUIDNET</principalName>
            <principalFileNo>8-52461</principalFileNo>
            <principalCrdNo>000103987</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>5266939</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>RAYMOND JAMES</principalName>
            <principalFileNo>8-10999</principalFileNo>
            <principalCrdNo>000000705</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-FL" principalCountry="US"/>
            <principalTotalPurchaseSale>4876365</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>OPPENHEIMER</principalName>
            <principalFileNo>8-4077</principalFileNo>
            <principalCrdNo>000000249</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>3119233</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>KBW</principalName>
            <principalFileNo>8-10888</principalFileNo>
            <principalCrdNo>000000481</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>2255447</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>STEPHENS INC</principalName>
            <principalFileNo>8-1927</principalFileNo>
            <principalCrdNo>000003496</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>1598243</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>COWEN &amp; COMPANY</principalName>
            <principalFileNo>8-22522</principalFileNo>
            <principalCrdNo>000007616</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>3078334</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>PIPER JAFFRAY</principalName>
            <principalFileNo>8-68637</principalFileNo>
            <principalCrdNo>000145876</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-MN" principalCountry="US"/>
            <principalTotalPurchaseSale>1288274</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>KEEFE BRUYETTE</principalName>
            <principalFileNo>8-10888</principalFileNo>
            <principalCrdNo>000000481</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>1169427</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>JANNEY MONTGOMERY</principalName>
            <principalFileNo>8-462</principalFileNo>
            <principalCrdNo>000000463</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>806556</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>BARRINGTON RESEARCH</principalName>
            <principalFileNo>8-29831</principalFileNo>
            <principalCrdNo>000013820</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-IL" principalCountry="US"/>
            <principalTotalPurchaseSale>801023</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>24837307</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>79344763.62</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 12d1-4 (17 CFR 270.12d1-4)</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>UMB Bank, National Association</pricingServiceName>
            <pricingServiceLei>VNOO6EITDJ2YUEBMSZ83</pricingServiceLei>
            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-MO" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>UMB Bank, National Association</custodianName>
            <custodianLei>VNOO6EITDJ2YUEBMSZ83</custodianLei>
            <custodianStateCountry custodianState="US-MO" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
            <otherCustodianDesc>N/A</otherCustodianDesc>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Pear Tree Institutional Services</shareholderServiceAgentName>
            <shareholderServiceAgentLei>84-01801</shareholderServiceAgentLei>
            <shareholderServiceIdNumberDesc>SEC File No</shareholderServiceIdNumberDesc>
            <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>
            <idNumberDesc>SEC File No.</idNumberDesc>
            <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>COWEN AND COMPANY</brokerName>
            <brokerFileNo>8-22522</brokerFileNo>
            <brokerCrdNo>000007616</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>102908</grossCommission>
          </broker>
          <broker>
            <brokerName>JEFFERIES &amp; CO., INC</brokerName>
            <brokerFileNo>8-15074</brokerFileNo>
            <brokerCrdNo>000002347</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>97921</grossCommission>
          </broker>
          <broker>
            <brokerName>MIRAE ASSET SEC</brokerName>
            <brokerFileNo>8-45034</brokerFileNo>
            <brokerCrdNo>000030679</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>76372</grossCommission>
          </broker>
          <broker>
            <brokerName>Barclays Capital Inc.</brokerName>
            <brokerFileNo>8-41342</brokerFileNo>
            <brokerCrdNo>000019714</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>73179</grossCommission>
          </broker>
          <broker>
            <brokerName>Sanford C. Bernstein &amp; Co.</brokerName>
            <brokerFileNo>8-52942</brokerFileNo>
            <brokerCrdNo>000104474</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>60022</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>52844</grossCommission>
          </broker>
          <broker>
            <brokerName>ODDO BHF New York Corporation</brokerName>
            <brokerFileNo>8-50975</brokerFileNo>
            <brokerCrdNo>000045104</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>51203</grossCommission>
          </broker>
          <broker>
            <brokerName>Auerbach Grayson</brokerName>
            <brokerFileNo>8-45136</brokerFileNo>
            <brokerCrdNo>000030761</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>49339</grossCommission>
          </broker>
          <broker>
            <brokerName>BOFA</brokerName>
            <brokerFileNo>8-69787</brokerFileNo>
            <brokerCrdNo>000283942</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>47794</grossCommission>
          </broker>
          <broker>
            <brokerName>Stifel, Nicolaus &amp; company, Inc.</brokerName>
            <brokerFileNo>8-1447</brokerFileNo>
            <brokerCrdNo>000000793</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-MO" brokerCountry="US"/>
            <grossCommission>43620</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>1354217</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>UMB</principalName>
            <principalFileNo>8-42106</principalFileNo>
            <principalCrdNo>000025938</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-WI" principalCountry="US"/>
            <principalTotalPurchaseSale>1310010286</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Barclays Capital Inc</principalName>
            <principalFileNo>8-41342</principalFileNo>
            <principalCrdNo>000019714</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>242606450</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>INSTINET CORPORATION</principalName>
            <principalFileNo>8-23669</principalFileNo>
            <principalCrdNo>000007897</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>222344510</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>JEFFERIES &amp; CO., INC</principalName>
            <principalFileNo>8-15074</principalFileNo>
            <principalCrdNo>000002347</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>184544289</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>MIRAE ASSET SEC</principalName>
            <principalFileNo>8-45034</principalFileNo>
            <principalCrdNo>000030679</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>152473121</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>BOFA</principalName>
            <principalFileNo>8-69787</principalFileNo>
            <principalCrdNo>000283942</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>139474901</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>BROWN BROTHERS</principalName>
            <principalFileNo>8-69731</principalFileNo>
            <principalCrdNo>000282732</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>128836517</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Sanford Group</principalName>
            <principalFileNo>8-52942</principalFileNo>
            <principalCrdNo>000104474</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>120100370</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>LIQUIDNET</principalName>
            <principalFileNo>8-52461</principalFileNo>
            <principalCrdNo>000103987</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>111129866</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Auerbach Grayson</principalName>
            <principalFileNo>8-45136</principalFileNo>
            <principalCrdNo>000030761</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>104503564</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>6195348139</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>3056342835</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>UMB Bank, National Association</pricingServiceName>
            <pricingServiceLei>VNOO6EITDJ2YUEBMSZ83</pricingServiceLei>
            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-MO" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>UMB Bank, National Association</custodianName>
            <custodianLei>VNOO6EITDJ2YUEBMSZ83</custodianLei>
            <custodianStateCountry custodianState="US-MO" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
            <otherCustodianDesc>N/A</otherCustodianDesc>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Pear Tree Institutional Services</shareholderServiceAgentName>
            <shareholderServiceAgentLei>84-01801</shareholderServiceAgentLei>
            <shareholderServiceIdNumberDesc>SEC File No</shareholderServiceIdNumberDesc>
            <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>
            <idNumberDesc>SEC File No.</idNumberDesc>
            <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>SAMSUNG</brokerName>
            <brokerFileNo>8-50272</brokerFileNo>
            <brokerCrdNo>000043432</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>40352</grossCommission>
          </broker>
          <broker>
            <brokerName>WEDBUSH SECURITIES</brokerName>
            <brokerFileNo>8-12987</brokerFileNo>
            <brokerCrdNo>000000877</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-CA" brokerCountry="US"/>
            <grossCommission>38663</grossCommission>
          </broker>
          <broker>
            <brokerName>BERENBERG CAPITAL MARKETS LLC</brokerName>
            <brokerFileNo>8-68821</brokerFileNo>
            <brokerCrdNo>000156757</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>33631</grossCommission>
          </broker>
          <broker>
            <brokerName>ODDO BHF New York Corporation</brokerName>
            <brokerFileNo>8-50975</brokerFileNo>
            <brokerCrdNo>000045104</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>28349</grossCommission>
          </broker>
          <broker>
            <brokerName>MUFG SECURITIES AMER</brokerName>
            <brokerFileNo>8-43026</brokerFileNo>
            <brokerCrdNo>000019685</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>25652</grossCommission>
          </broker>
          <broker>
            <brokerName>LIBERUM</brokerName>
            <brokerFileNo>8-67976</brokerFileNo>
            <brokerCrdNo>000148135</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>25327</grossCommission>
          </broker>
          <broker>
            <brokerName>Auerbach Grayson</brokerName>
            <brokerFileNo>8-45136</brokerFileNo>
            <brokerCrdNo>000030761</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>22582</grossCommission>
          </broker>
          <broker>
            <brokerName>Redburn LLC</brokerName>
            <brokerFileNo>8-67320</brokerFileNo>
            <brokerCrdNo>000140564</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-FL" brokerCountry="US"/>
            <grossCommission>19226</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>18592</grossCommission>
          </broker>
          <broker>
            <brokerName>GOODBODY STOCKBROKER</brokerName>
            <brokerFileNo>8-66955</brokerFileNo>
            <brokerCrdNo>000135790</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerCountry>IR</brokerCountry>
            <grossCommission>14883</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>417596</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>BROWN BROTHERS</principalName>
            <principalFileNo>8-69731</principalFileNo>
            <principalCrdNo>000282732</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>421718021</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>SAMSUNG</principalName>
            <principalFileNo>8-50272</principalFileNo>
            <principalCrdNo>000043432</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>80757761</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>BERENBERG BANK</principalName>
            <principalFileNo>8-68821</principalFileNo>
            <principalCrdNo>000156757</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>79526394</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>WEDBUSH SECURITIES</principalName>
            <principalFileNo>8-12987</principalFileNo>
            <principalCrdNo>000000877</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-CA" principalCountry="US"/>
            <principalTotalPurchaseSale>77008213</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>LIBERUM CAPITAL INC</principalName>
            <principalFileNo>8-67976</principalFileNo>
            <principalCrdNo>000148135</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>75905272</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>ODDO NEW YORK CORPOR</principalName>
            <principalFileNo>8-50975</principalFileNo>
            <principalCrdNo>000045104</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>56270928</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>MUFG SECURITIES AMER</principalName>
            <principalFileNo>8-43026</principalFileNo>
            <principalCrdNo>000019685</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>51235838</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>GOODBODY STOCKBROKER</principalName>
            <principalFileNo>8-66955</principalFileNo>
            <principalCrdNo>000135790</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalCountry>IR</principalCountry>
            <principalTotalPurchaseSale>45035146</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Auerbach Grayson</principalName>
            <principalFileNo>8-45136</principalFileNo>
            <principalCrdNo>000030761</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>44068503</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>REDBURN</principalName>
            <principalFileNo>8-67320</principalFileNo>
            <principalCrdNo>000140564</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-FL" principalCountry="US"/>
            <principalTotalPurchaseSale>38457344</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>1886066072</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>975529749.9</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>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>UMB Bank, National Association</pricingServiceName>
            <pricingServiceLei>VNOO6EITDJ2YUEBMSZ83</pricingServiceLei>
            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-MO" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>UMB Bank, National Association</custodianName>
            <custodianLei>VNOO6EITDJ2YUEBMSZ83</custodianLei>
            <custodianStateCountry custodianState="US-MO" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
            <otherCustodianDesc>N/A</otherCustodianDesc>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Pear Tree Institutional Services</shareholderServiceAgentName>
            <shareholderServiceAgentLei>84-01801</shareholderServiceAgentLei>
            <shareholderServiceIdNumberDesc>SEC File No</shareholderServiceIdNumberDesc>
            <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>
            <idNumberDesc>SEC File No.</idNumberDesc>
            <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</brokerName>
            <brokerFileNo>8-41562</brokerFileNo>
            <brokerCrdNo>000019585</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>42216</grossCommission>
          </broker>
          <broker>
            <brokerName>China Intl Cap Corp</brokerName>
            <brokerFileNo>8-68238</brokerFileNo>
            <brokerCrdNo>000150251</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-CA" brokerCountry="US"/>
            <grossCommission>3247</grossCommission>
          </broker>
          <broker>
            <brokerName>Auerbach Grayson</brokerName>
            <brokerFileNo>8-45136</brokerFileNo>
            <brokerCrdNo>000030761</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>2753</grossCommission>
          </broker>
          <broker>
            <brokerName>MEDIOBANCO S.P.A.</brokerName>
            <brokerFileNo>8-67538</brokerFileNo>
            <brokerCrdNo>000143189</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>2487</grossCommission>
          </broker>
          <broker>
            <brokerName>MACQUAIRE SECUEITIES</brokerName>
            <brokerFileNo>8-47198</brokerFileNo>
            <brokerCrdNo>000036368</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1618</grossCommission>
          </broker>
          <broker>
            <brokerName>BOFA</brokerName>
            <brokerFileNo>8-69787</brokerFileNo>
            <brokerCrdNo>000283942</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1291</grossCommission>
          </broker>
          <broker>
            <brokerName>Sparebank</brokerName>
            <brokerFileNo>8-68611</brokerFileNo>
            <brokerCrdNo>000154132</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-TX" brokerCountry="US"/>
            <grossCommission>1187</grossCommission>
          </broker>
          <broker>
            <brokerName>BAADER HELVEA INC.</brokerName>
            <brokerFileNo>8-66540</brokerFileNo>
            <brokerCrdNo>000132007</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1149</grossCommission>
          </broker>
          <broker>
            <brokerName>Peel Hunt</brokerName>
            <brokerFileNo>8-68845</brokerFileNo>
            <brokerCrdNo>000157321</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerCountry>GB</brokerCountry>
            <grossCommission>1107</grossCommission>
          </broker>
          <broker>
            <brokerName>JP MORGAN</brokerName>
            <brokerFileNo>8-35008</brokerFileNo>
            <brokerCrdNo>000000079</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1079</grossCommission>
          </broker>
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          <principalTransaction>
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        <mnthlyAvgNetAssets>53101788.61</mnthlyAvgNetAssets>
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        <isInterfundLending>N</isInterfundLending>
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        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
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        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
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          <sharesOutstanding sharesOutstandingClassName="Pear Tree Essex Environmental Opportunities Fund - Institutional" sharesOutstandingClassId="C000227702" sharesOutstandingTickerSymbol="GEOSX"/>
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        <fundType>N/A</fundType>
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        <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>
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            <investmentAdviserStateCountry investmentAdviserState="US-MA" investmentAdviserCountry="US"/>
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        <subAdvisers>
          <subAdviser>
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            <isSubAdviserHired>N</isSubAdviserHired>
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        <transferAgents>
          <transferAgent>
            <transferAgentName>Pear Tree Institutional Services</transferAgentName>
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            <transferAgentStateCountry transferAgentState="US-MA" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
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        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>UMB Bank, National Association</pricingServiceName>
            <pricingServiceLei>VNOO6EITDJ2YUEBMSZ83</pricingServiceLei>
            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-MO" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>UMB Bank, National Association</custodianName>
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            <custodianStateCountry custodianState="US-MO" custodianCountry="US"/>
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            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
            <otherCustodianDesc>N/A</otherCustodianDesc>
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        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Pear Tree Institutional Services</shareholderServiceAgentName>
            <shareholderServiceAgentLei>84-01801</shareholderServiceAgentLei>
            <shareholderServiceIdNumberDesc>SEC File No</shareholderServiceIdNumberDesc>
            <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>
            <idNumberDesc>N/A</idNumberDesc>
            <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>
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            <brokerDealerCrdNo>000005251</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-MA" brokerDealerCountry="US"/>
            <brokerDealerCommission>0</brokerDealerCommission>
          </brokerDealer>
        </brokerDealers>
        <brokers>
          <broker>
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            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>31165</grossCommission>
          </broker>
          <broker>
            <brokerName>LIQUIDNET</brokerName>
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            <brokerCrdNo>000103987</brokerCrdNo>
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            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>15437</grossCommission>
          </broker>
          <broker>
            <brokerName>ADAMS HARKNESS &amp; HIL</brokerName>
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            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>8982</grossCommission>
          </broker>
          <broker>
            <brokerName>WEEDEN &amp; CO.</brokerName>
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            <brokerCrdNo>000016835</brokerCrdNo>
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            <brokerStateCountry brokerState="US-DE" brokerCountry="US"/>
            <grossCommission>8511</grossCommission>
          </broker>
          <broker>
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            <brokerStateCountry brokerState="US-WI" brokerCountry="US"/>
            <grossCommission>7940</grossCommission>
          </broker>
          <broker>
            <brokerName>JEFFERIES &amp; CO., INC</brokerName>
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            <brokerCrdNo>000002347</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>7383</grossCommission>
          </broker>
          <broker>
            <brokerName>STRATEGAS</brokerName>
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            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>5484</grossCommission>
          </broker>
          <broker>
            <brokerName>JONES TRADING INST</brokerName>
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            <brokerCrdNo>000006888</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-CA" brokerCountry="US"/>
            <grossCommission>5264</grossCommission>
          </broker>
          <broker>
            <brokerName>STATE STREET</brokerName>
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            <brokerCrdNo>000285852</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-MA" brokerCountry="US"/>
            <grossCommission>3404</grossCommission>
          </broker>
          <broker>
            <brokerName>GOLDMAN SACHS &amp; CO.</brokerName>
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            <brokerCrdNo>000000361</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>3363</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>123971</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>MORGAN STANLEY &amp; CO</principalName>
            <principalFileNo>8-68191</principalFileNo>
            <principalCrdNo>000149777</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>16649228</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>WEEDEN &amp; CO.</principalName>
            <principalFileNo>8-37267</principalFileNo>
            <principalCrdNo>000016835</principalCrdNo>
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            <principalStateCountry principalState="US-DE" principalCountry="US"/>
            <principalTotalPurchaseSale>7983785</principalTotalPurchaseSale>
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          <principalTransaction>
            <principalName>Baird Capital</principalName>
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            <principalStateCountry principalState="US-WI" principalCountry="US"/>
            <principalTotalPurchaseSale>7446941</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>EDGETRADE</principalName>
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            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-DE" principalCountry="US"/>
            <principalTotalPurchaseSale>4184787</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>JEFFERIES &amp; CO., INC</principalName>
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            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>3472727</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>LIQUIDNET</principalName>
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            <principalCrdNo>000103987</principalCrdNo>
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            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>3385011</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>STRATEGAS</principalName>
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            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>2987568</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>WILLIAM BLAIR</principalName>
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            <principalStateCountry principalState="US-IL" principalCountry="US"/>
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          </principalTransaction>
          <principalTransaction>
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            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>2687576</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>STATE STREET</principalName>
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            <principalStateCountry principalState="US-MA" principalCountry="US"/>
            <principalTotalPurchaseSale>2668681</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>80113562</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>64372215.33</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
    </managementInvestmentQuestionSeriesInfo>
    <attachmentsTab>
      <isIPAReportInternalControl>true</isIPAReportInternalControl>
      <isOtherInfoRequired>true</isOtherInfoRequired>
    </attachmentsTab>
    <signature registrantSignedName="Pear Tree Funds" signedDate="2024-06-11" signature="/s/ Diane Hunt" title="Assistant Treasurer"/>
  </formData>
</edgarSubmission>
