PEAR TREE POLARIS FOREIGN VALUE FUND

SCHEDULE OF INVESTMENTS

December 31, 2025 (Unaudited)

Common Stock - 97.7%
	Shares		Value
BELGIUM - 1.0%
D'leteren S.A.		82,678	$	14,943,211
CANADA  - 3.2%
Lundin Mining Corporation		1,167,200		25,118,471
Methanex Corporation		531,793		21,119,646
				46,238,117
CHILE - 1.1%
LATAM Airlines Group		562,811,800		15,225,555
CHINA -3.9%
Alibaba Group Holding Ltd.		1,308,600		24,008,233
Ping An Insurance Group H Share		3,972,500		33,250,899
				57,259,132
FRANCE - 13.1%
Capgemini SE		169,300		28,282,942
Ipsos		265,141		10,667,916
Michelin (CGDE)		720,000		23,937,992
Publicis Groupe		310,347		32,299,414
Sanofi S.A.		229,300		22,275,627
Teleperformance SE		262,100		19,034,955
TotalEnergies SE		388,100		25,337,028
Vinci SA		201,298		28,380,299
				190,216,173
GERMANY - 9.2%
Daimler Truck Holding AG		615,600		26,980,848
Deutsche Telekom AG		711,956		23,127,073
DHL Group		490,000		26,891,016
Hannover Rueck SE		90,400		28,261,280
Muenchener Rueckversicherungs-Gesellschaft		42,130		27,816,190
				133,076,407
HONG KONG - 2.0%
AIA Group Ltd.		2,849,400		29,249,960
IRELAND - 4.7%
Greencore Group plc		5,791,268		19,784,560
Jazz Pharmaceuticals plc(a)		159,206		27,065,020
Smurfit Westrock plc		556,946		21,537,102
				68,386,682
ITALY - 1.8%
Eni S.p.A.		977,133		18,521,347
Trevi Finanziaria Industriale SpA(a)		10,523,024		7,847,469
				26,368,816

	Shares		Value
JAPAN - 14.8%
Daicel Corporation		911,100	$	8,131,963
Itochu Corporation		2,405,500		30,309,500
KDDI Corporation		1,631,600		28,193,490
Macnica Fuji Electronics Holdings Inc.		237,600		3,626,642
Marubeni Corporation		1,295,800		35,985,948
Mitsubishi UFJ Financial Group, Inc.		1,930,600		30,705,833
Orix Corporation		1,077,600		31,308,114
Sony Group Corporation		1,061,700		27,256,249
Takeda Pharmaceutical Company Limited		625,100		19,282,009
				214,799,748
NETHERLANDS -2.0%
Koninklijke Ahold Delhaize N.V.		715,700		29,308,819
NORWAY - 5.3%
DNB Bank ASA		1,016,730		28,374,376
SpareBank 1 SR-Norge ASA		799,868		15,732,664
Sparebanken Norge		738,114		14,493,140
Yara International ASA		434,253		17,823,191
				76,423,371
PUERTO RICO - 2.0%
Popular, Inc.		231,950		28,882,414
RUSSIA - < 0.1%
ALROSA Company PJSC*(a)		41,136,300		5,201
SINGAPORE - 2.0%
United Overseas Bank Limited		1,046,547		28,531,833
SOUTH KOREA - 13.9%
F&F Co., Ltd.		133,874		6,365,880
HD Hyundai Electric		56,600		30,410,885
Kia Motors Corporation		325,800		27,546,729
Samsung Electronics Company Limited		563,292		46,883,875
Shinhan Financial Group Co., Limited		615,384		32,850,668
SK Hynix,  Inc.		127,700		57,709,000
				201,767,037
SPAIN - 3.2%
Bankinter, S.A.		1,123,200		18,671,634
Endesa, S.A.		764,325		27,494,157
				46,165,791

	Shares		Value
SWEDEN - 4.3%
Duni AB		924,400	$	10,548,757
Loomis AB, Class B		527,019		22,318,330
SKF AB-B		1,114,500		29,715,809
				62,582,896
SWITZERLAND - 2.2%
Barry Callebaut AG		19,493		32,131,589
TAIWAN -0.2%
Chailease Holding Co., Limited		648,720		2,178,195
UNITED KINGDOM - 7.8%
Inchcape plc		1,804,684		18,665,797
International Consolidated Airlines Group S.A.		5,441,500		30,321,633
Linde plc		55,044		23,470,211
Next plc		151,450		27,865,985
Nomad Foods Limited		1,084,500		13,567,095
				113,890,721
TOTAL COMMON STOCK
(Cost $ 931,804,747)				1,417,631,668

SHORT TERM INVESTMENTS - 0.6%                

	Par Value		Value
Money Market - 0.6%
UMB Money Market Special II, 3.48%(b)		8,349,779	$	8,349,779
(Cost $ 8,349,779)
TOTAL INVESTMENTS - 98.3%
(Cost $ 940,154,526)				1,425,981,447
OTHER ASSETS & LIABILITIES (NET) - 1.7%				25,056,267
NET ASSETS - 100%			$	1,451,037,714

*	Fair Valued by Valuation Committee as delegated by Pear Tree Fund's Trustees
(a)	Non-income producing security.
(b)	Interest rate reflects seven-day effective yield on December 31, 2025.
(c)	At December 31, 2025, the unrealized appreciation of investments based on aggregate cost for federal tax purposes in the amount of $944,980,352 was as follows:

Aggregate gross unrealized appreciation for all investments in which  there is an excess of value over tax cost	$	573,806,556
Aggregate gross unrealized depreciation for all investments in which  there is an excess of tax cost over value		(92,805,461	)
Net unrealized appreciation/(depreciation)	$	481,001,095

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

SECTOR ALLOCATIONS (as a percentage of Total Net Assets)
Financials	24.2	%
Industrials	20.9	%
Consumer Discretionary	12.5	%
Information Technology	9.4	%
Materials	8.1	%
Communication Services	6.5	%
Consumer Staples	6.5	%
Health Care	4.7	%
Energy	3.0	%
Utilities	1.9	%
Cash and Other Assets (Net)	2.3	%
	100.0	%