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            <isAffiliatedPerson>N</isAffiliatedPerson>
            <assetClassType>Equity-common</assetClassType>
          </liquidityClassificationService>
        </liquidityClassifications>
        <isLiquidityHiredTerminated>N</isLiquidityHiredTerminated>
      </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"/>
          <sharesOutstanding sharesOutstandingClassName="Pear Tree Polaris Small Cap Fund - R6 Shares" sharesOutstandingClassId="C000177799" sharesOutstandingTickerSymbol="QBNRX"/>
        </sharesOutstandings>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</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>
            <investmentAdviserRssdId>N/A</investmentAdviserRssdId>
            <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>
            <subAdviserRssdId>N/A</subAdviserRssdId>
            <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>
            <transferAgentRssdId>N/A</transferAgentRssdId>
            <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>
            <pricingServiceRssdId>N/A</pricingServiceRssdId>
            <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>
            <custodianRssdId>N/A</custodianRssdId>
            <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>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Pear Tree Institutional Services</shareholderServiceAgentName>
            <shareholderServiceAgentLei>N/A</shareholderServiceAgentLei>
            <shareholderServiceAgentRssdId>N/A</shareholderServiceAgentRssdId>
            <shareholderServiceAgentOther>84-01801</shareholderServiceAgentOther>
            <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>N/A</adminLei>
            <adminRssdId>N/A</adminRssdId>
            <adminOther>801-19222</adminOther>
            <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>
            <brokerDealerRssdId>N/A</brokerDealerRssdId>
            <brokerDealerStateCountry brokerDealerState="US-MA" brokerDealerCountry="US"/>
            <brokerDealerCommission>0</brokerDealerCommission>
          </brokerDealer>
        </brokerDealers>
        <brokers>
          <broker>
            <brokerName>LIQUIDNET</brokerName>
            <brokerFileNo>8-52461</brokerFileNo>
            <brokerCrdNo>000103987</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>10911</grossCommission>
          </broker>
          <broker>
            <brokerName>Robert W. Baird &amp; Co.</brokerName>
            <brokerFileNo>8-497</brokerFileNo>
            <brokerCrdNo>000008158</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-WI" brokerCountry="US"/>
            <grossCommission>4648</grossCommission>
          </broker>
          <broker>
            <brokerName>Hovde Group LLC</brokerName>
            <brokerFileNo>8-41597</brokerFileNo>
            <brokerCrdNo>000025425</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-IL" brokerCountry="US"/>
            <grossCommission>3662</grossCommission>
          </broker>
          <broker>
            <brokerName>HSBC SECURITIES</brokerName>
            <brokerFileNo>8-41562</brokerFileNo>
            <brokerCrdNo>000019585</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>2946</grossCommission>
          </broker>
          <broker>
            <brokerName>BOFA</brokerName>
            <brokerFileNo>8-69787</brokerFileNo>
            <brokerCrdNo>000283942</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>2706</grossCommission>
          </broker>
          <broker>
            <brokerName>OPPENHEIMER</brokerName>
            <brokerFileNo>8-4077</brokerFileNo>
            <brokerCrdNo>000000249</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>2235</grossCommission>
          </broker>
          <broker>
            <brokerName>Stifel, Nicolaus &amp; company, Inc.</brokerName>
            <brokerFileNo>8-1447</brokerFileNo>
            <brokerCrdNo>000000793</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-MO" brokerCountry="US"/>
            <grossCommission>1989</grossCommission>
          </broker>
          <broker>
            <brokerName>RAYMOND JAMES</brokerName>
            <brokerFileNo>8-10999</brokerFileNo>
            <brokerCrdNo>000000705</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-FL" brokerCountry="US"/>
            <grossCommission>1941</grossCommission>
          </broker>
          <broker>
            <brokerName>Benchmark Securities LLC</brokerName>
            <brokerFileNo>8-69024</brokerFileNo>
            <brokerCrdNo>000159940</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-FL" brokerCountry="US"/>
            <grossCommission>1760</grossCommission>
          </broker>
          <broker>
            <brokerName>JEFFERIES &amp; CO., INC</brokerName>
            <brokerFileNo>8-15074</brokerFileNo>
            <brokerCrdNo>000002347</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1509</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>39538</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>LIQUIDNET</principalName>
            <principalFileNo>8-52461</principalFileNo>
            <principalCrdNo>000103987</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>41559790</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Robert W. Baird &amp; Co.</principalName>
            <principalFileNo>8-497</principalFileNo>
            <principalCrdNo>000008158</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-WI" principalCountry="US"/>
            <principalTotalPurchaseSale>6129407</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>BOFA</principalName>
            <principalFileNo>8-69787</principalFileNo>
            <principalCrdNo>000283942</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>5472673</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Benchmark Securities LLC</principalName>
            <principalFileNo>8-69024</principalFileNo>
            <principalCrdNo>000159940</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-FL" principalCountry="US"/>
            <principalTotalPurchaseSale>4145348</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>OPPENHEIMER</principalName>
            <principalFileNo>8-4077</principalFileNo>
            <principalCrdNo>000000249</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>2725482</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>JEFFERIES &amp; CO., INC</principalName>
            <principalFileNo>8-15074</principalFileNo>
            <principalCrdNo>000002347</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>2445808</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Hovde Group LLC</principalName>
            <principalFileNo>8-41597</principalFileNo>
            <principalCrdNo>000025425</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-IL" principalCountry="US"/>
            <principalTotalPurchaseSale>2164448</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>RAYMOND JAMES</principalName>
            <principalFileNo>8-10999</principalFileNo>
            <principalCrdNo>000000705</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-FL" principalCountry="US"/>
            <principalTotalPurchaseSale>1752548</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>HSBC SECURITIES</principalName>
            <principalFileNo>8-41562</principalFileNo>
            <principalCrdNo>000019585</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>1679436</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Stifel, Nicolaus &amp; company, Inc.</principalName>
            <principalFileNo>8-1447</principalFileNo>
            <principalCrdNo>000000793</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-MO" principalCountry="US"/>
            <principalTotalPurchaseSale>1665001</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>77343518</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>91806258</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
        <liquidityClassifications>
          <liquidityClassificationService>
            <liquidityName>Abel Noser, L.L.C.</liquidityName>
            <liquidityLei>549300UQY3DBDP2Y2N55</liquidityLei>
            <liquidityRssdId>N/A</liquidityRssdId>
            <liquidityStateCountry liquidityState="US-NY" liquidityCountry="US"/>
            <isAffiliatedPerson>N</isAffiliatedPerson>
            <assetClassType>Equity-common</assetClassType>
          </liquidityClassificationService>
        </liquidityClassifications>
        <isLiquidityHiredTerminated>N</isLiquidityHiredTerminated>
      </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>N</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>
            <investmentAdviserRssdId>N/A</investmentAdviserRssdId>
            <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>
            <subAdviserRssdId>N/A</subAdviserRssdId>
            <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>
            <transferAgentRssdId>N/A</transferAgentRssdId>
            <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>
            <pricingServiceRssdId>N/A</pricingServiceRssdId>
            <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>
            <custodianRssdId>N/A</custodianRssdId>
            <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>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Pear Tree Institutional Services</shareholderServiceAgentName>
            <shareholderServiceAgentLei>N/A</shareholderServiceAgentLei>
            <shareholderServiceAgentRssdId>N/A</shareholderServiceAgentRssdId>
            <shareholderServiceAgentOther>84-01801</shareholderServiceAgentOther>
            <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>N/A</adminLei>
            <adminRssdId>N/A</adminRssdId>
            <adminOther>801-19222</adminOther>
            <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>
            <brokerDealerRssdId>N/A</brokerDealerRssdId>
            <brokerDealerStateCountry brokerDealerState="US-MA" brokerDealerCountry="US"/>
            <brokerDealerCommission>0</brokerDealerCommission>
          </brokerDealer>
        </brokerDealers>
        <brokers>
          <broker>
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          <broker>
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            <brokerName>HSBC SECURITIES</brokerName>
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            <brokerName>Nuvama Financial Services</brokerName>
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            <grossCommission>18686</grossCommission>
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        <aggregateCommission>475925</aggregateCommission>
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            <principalName>Morgan Stanley</principalName>
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            <principalName>HSBC SECURITIES</principalName>
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            <principalCrdNo>000019585</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>25689284</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Stifel, Nicolaus &amp; company, Inc.</principalName>
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            <principalCrdNo>000000793</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-MO" principalCountry="US"/>
            <principalTotalPurchaseSale>24290164</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Redburn Partners</principalName>
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            <principalCrdNo>000140564</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>23610592</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Citigroup Global Markets</principalName>
            <principalFileNo>8-8177</principalFileNo>
            <principalCrdNo>000007059</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>21216735</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>625832287</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>704941113</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
        <liquidityClassifications>
          <liquidityClassificationService>
            <liquidityName>Abel Noser, L.L.C.</liquidityName>
            <liquidityLei>549300UQY3DBDP2Y2N55</liquidityLei>
            <liquidityRssdId>N/A</liquidityRssdId>
            <liquidityStateCountry liquidityState="US-NY" liquidityCountry="US"/>
            <isAffiliatedPerson>N</isAffiliatedPerson>
            <assetClassType>Equity-common</assetClassType>
          </liquidityClassificationService>
        </liquidityClassifications>
        <isLiquidityHiredTerminated>N</isLiquidityHiredTerminated>
      </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>N</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>
            <investmentAdviserRssdId>N/A</investmentAdviserRssdId>
            <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>
            <subAdviserRssdId>N/A</subAdviserRssdId>
            <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>
            <transferAgentRssdId>N/A</transferAgentRssdId>
            <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>
            <pricingServiceRssdId>N/A</pricingServiceRssdId>
            <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>
            <custodianRssdId>N/A</custodianRssdId>
            <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>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Pear Tree Institutional Services</shareholderServiceAgentName>
            <shareholderServiceAgentLei>N/A</shareholderServiceAgentLei>
            <shareholderServiceAgentRssdId>N/A</shareholderServiceAgentRssdId>
            <shareholderServiceAgentOther>84-01801</shareholderServiceAgentOther>
            <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>N/A</adminLei>
            <adminRssdId>N/A</adminRssdId>
            <adminOther>801-19222</adminOther>
            <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>
            <brokerDealerRssdId>N/A</brokerDealerRssdId>
            <brokerDealerStateCountry brokerDealerState="US-MA" brokerDealerCountry="US"/>
            <brokerDealerCommission>0</brokerDealerCommission>
          </brokerDealer>
        </brokerDealers>
        <brokers>
          <broker>
            <brokerName>JP MORGAN</brokerName>
            <brokerFileNo>8-35008</brokerFileNo>
            <brokerCrdNo>000000079</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>11112</grossCommission>
          </broker>
          <broker>
            <brokerName>HSBC SECURITIES</brokerName>
            <brokerFileNo>8-41562</brokerFileNo>
            <brokerCrdNo>000019585</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>7808</grossCommission>
          </broker>
          <broker>
            <brokerName>Citigroup Global Markets</brokerName>
            <brokerFileNo>8-8177</brokerFileNo>
            <brokerCrdNo>000007059</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>3458</grossCommission>
          </broker>
          <broker>
            <brokerName>WEDBUSH SECURITIES</brokerName>
            <brokerFileNo>8-12987</brokerFileNo>
            <brokerCrdNo>000000877</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-CA" brokerCountry="US"/>
            <grossCommission>3336</grossCommission>
          </broker>
          <broker>
            <brokerName>Merrill Lynch</brokerName>
            <brokerFileNo>8-7221</brokerFileNo>
            <brokerCrdNo>000007691</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>3197</grossCommission>
          </broker>
          <broker>
            <brokerName>LIQUIDNET</brokerName>
            <brokerFileNo>8-52461</brokerFileNo>
            <brokerCrdNo>000103987</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>2544</grossCommission>
          </broker>
          <broker>
            <brokerName>UBS Securities</brokerName>
            <brokerFileNo>8-22651</brokerFileNo>
            <brokerCrdNo>000007654</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1715</grossCommission>
          </broker>
          <broker>
            <brokerName>Daiwa Capital Markets</brokerName>
            <brokerFileNo>8-12242</brokerFileNo>
            <brokerCrdNo>000001576</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1491</grossCommission>
          </broker>
          <broker>
            <brokerName>GOLDMAN SACHS &amp; CO.</brokerName>
            <brokerFileNo>8-129</brokerFileNo>
            <brokerCrdNo>000000361</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1115</grossCommission>
          </broker>
          <broker>
            <brokerName>BERENBERG CAPITAL MARKETS LLC</brokerName>
            <brokerFileNo>8-68821</brokerFileNo>
            <brokerCrdNo>000156757</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1085</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>47054</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>JP MORGAN</principalName>
            <principalFileNo>8-35008</principalFileNo>
            <principalCrdNo>000000079</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>17806404</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>HSBC SECURITIES</principalName>
            <principalFileNo>8-41562</principalFileNo>
            <principalCrdNo>000019585</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>8376815</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>LIQUIDNET</principalName>
            <principalFileNo>8-52461</principalFileNo>
            <principalCrdNo>000103987</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>7458002</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Merrill Lynch</principalName>
            <principalFileNo>8-7221</principalFileNo>
            <principalCrdNo>000007691</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>7284375</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Citigroup Global Markets</principalName>
            <principalFileNo>8-8177</principalFileNo>
            <principalCrdNo>000007059</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>3550996</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>WEDBUSH SECURITIES</principalName>
            <principalFileNo>8-12987</principalFileNo>
            <principalCrdNo>000000877</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-CA" principalCountry="US"/>
            <principalTotalPurchaseSale>3401040</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>BOFA</principalName>
            <principalFileNo>8-69787</principalFileNo>
            <principalCrdNo>000283942</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>2928917</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>UBS Securities</principalName>
            <principalFileNo>8-22651</principalFileNo>
            <principalCrdNo>000007654</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>1894712</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>GOLDMAN SACHS &amp; CO.</principalName>
            <principalFileNo>8-129</principalFileNo>
            <principalCrdNo>000000361</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>1596131</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Daiwa Capital Markets</principalName>
            <principalFileNo>8-12242</principalFileNo>
            <principalCrdNo>000001576</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>1394697</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>66980235</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>67535961</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
        <liquidityClassifications>
          <liquidityClassificationService>
            <liquidityName>Abel Noser, L.L.C.</liquidityName>
            <liquidityLei>549300UQY3DBDP2Y2N55</liquidityLei>
            <liquidityRssdId>N/A</liquidityRssdId>
            <liquidityStateCountry liquidityState="US-NY" liquidityCountry="US"/>
            <isAffiliatedPerson>N</isAffiliatedPerson>
            <assetClassType>Equity-common</assetClassType>
          </liquidityClassificationService>
        </liquidityClassifications>
        <isLiquidityHiredTerminated>N</isLiquidityHiredTerminated>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Pear Tree Essex Environmental Opportunities Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000072022</mgmtInvSeriesId>
        <mgmtInvLei>549300DFLDIEFJUH3S51</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>3</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Pear Tree Essex Environmental Opportunities Fund - Ordinary" sharesOutstandingClassId="C000227703" sharesOutstandingTickerSymbol="EEOFX"/>
          <sharesOutstanding sharesOutstandingClassName="Pear Tree Essex Environmental Opportunities Fund - Institutional" sharesOutstandingClassId="C000227702" sharesOutstandingTickerSymbol="GEOSX"/>
          <sharesOutstanding sharesOutstandingClassName="Pear Tree Essex Environmental Opportunities Fund - R6" sharesOutstandingClassId="C000227704" sharesOutstandingTickerSymbol="GEORX"/>
        </sharesOutstandings>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</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>
            <investmentAdviserRssdId>N/A</investmentAdviserRssdId>
            <investmentAdviserStateCountry investmentAdviserState="US-MA" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <subAdvisers>
          <subAdviser>
            <subAdviserName>Essex Investment Management Co., LLC</subAdviserName>
            <subAdviserFileNo>801-55496</subAdviserFileNo>
            <subAdviserCrdNo>000109962</subAdviserCrdNo>
            <subAdviserLei>N/A</subAdviserLei>
            <subAdviserRssdId>N/A</subAdviserRssdId>
            <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>
            <transferAgentRssdId>N/A</transferAgentRssdId>
            <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>
            <pricingServiceRssdId>N/A</pricingServiceRssdId>
            <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>
            <custodianRssdId>N/A</custodianRssdId>
            <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>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Pear Tree Institutional Services</shareholderServiceAgentName>
            <shareholderServiceAgentLei>N/A</shareholderServiceAgentLei>
            <shareholderServiceAgentRssdId>N/A</shareholderServiceAgentRssdId>
            <shareholderServiceAgentOther>84-01801</shareholderServiceAgentOther>
            <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>N/A</adminLei>
            <adminRssdId>N/A</adminRssdId>
            <adminOther>801-19222</adminOther>
            <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>
            <brokerDealerRssdId>N/A</brokerDealerRssdId>
            <brokerDealerStateCountry brokerDealerState="US-MA" brokerDealerCountry="US"/>
            <brokerDealerCommission>0</brokerDealerCommission>
          </brokerDealer>
        </brokerDealers>
        <brokers>
          <broker>
            <brokerName>MORGAN STANLEY &amp; CO</brokerName>
            <brokerFileNo>8-68191</brokerFileNo>
            <brokerCrdNo>000149777</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>16947</grossCommission>
          </broker>
          <broker>
            <brokerName>EDGETRADE</brokerName>
            <brokerFileNo>8-49684</brokerFileNo>
            <brokerCrdNo>000042071</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-DE" brokerCountry="US"/>
            <grossCommission>12993</grossCommission>
          </broker>
          <broker>
            <brokerName>WEEDEN &amp; CO.</brokerName>
            <brokerFileNo>8-37267</brokerFileNo>
            <brokerCrdNo>000016835</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-DE" brokerCountry="US"/>
            <grossCommission>8082</grossCommission>
          </broker>
          <broker>
            <brokerName>STRATEGAS</brokerName>
            <brokerFileNo>8-68138</brokerFileNo>
            <brokerCrdNo>000149326</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>5133</grossCommission>
          </broker>
          <broker>
            <brokerName>JANNEY MONTGOMERY</brokerName>
            <brokerFileNo>8-462</brokerFileNo>
            <brokerCrdNo>000000463</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-PA" brokerCountry="US"/>
            <grossCommission>3207</grossCommission>
          </broker>
          <broker>
            <brokerName>LIQUIDNET</brokerName>
            <brokerFileNo>8-52461</brokerFileNo>
            <brokerCrdNo>000103987</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>2476</grossCommission>
          </broker>
          <broker>
            <brokerName>Canaccord Genuity LLC</brokerName>
            <brokerFileNo>8-3271</brokerFileNo>
            <brokerCrdNo>000001020</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>2278</grossCommission>
          </broker>
          <broker>
            <brokerName>Keybank</brokerName>
            <brokerFileNo>8-30177</brokerFileNo>
            <brokerCrdNo>000000566</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-OH" brokerCountry="US"/>
            <grossCommission>2034</grossCommission>
          </broker>
          <broker>
            <brokerName>Cowen &amp; Co</brokerName>
            <brokerFileNo>8-22522</brokerFileNo>
            <brokerCrdNo>000007616</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>2023</grossCommission>
          </broker>
          <broker>
            <brokerName>Needham &amp; Company LLC</brokerName>
            <brokerFileNo>8-33772</brokerFileNo>
            <brokerCrdNo>000016360</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1564</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>63211</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>EDGETRADE</principalName>
            <principalFileNo>8-49684</principalFileNo>
            <principalCrdNo>000042071</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-DE" principalCountry="US"/>
            <principalTotalPurchaseSale>14618740</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>WEEDEN &amp; CO.</principalName>
            <principalFileNo>8-37267</principalFileNo>
            <principalCrdNo>000016835</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-DE" principalCountry="US"/>
            <principalTotalPurchaseSale>9834291</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>MORGAN STANLEY &amp; CO</principalName>
            <principalFileNo>8-68191</principalFileNo>
            <principalCrdNo>000149777</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>6647013</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>STRATEGAS</principalName>
            <principalFileNo>8-68138</principalFileNo>
            <principalCrdNo>000149326</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>3273191</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Keybank</principalName>
            <principalFileNo>8-30177</principalFileNo>
            <principalCrdNo>000000566</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-OH" principalCountry="US"/>
            <principalTotalPurchaseSale>1602647</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Needham &amp; Company LLC</principalName>
            <principalFileNo>8-33772</principalFileNo>
            <principalCrdNo>000016360</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>1548097</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Fidelity Financing</principalName>
            <principalFileNo>8-70261</principalFileNo>
            <principalCrdNo>000299736</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-MA" principalCountry="US"/>
            <principalTotalPurchaseSale>1323555</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>National Financial Services</principalName>
            <principalFileNo>8-26740</principalFileNo>
            <principalCrdNo>000013041</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-MA" principalCountry="US"/>
            <principalTotalPurchaseSale>1320136</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>LIQUIDNET</principalName>
            <principalFileNo>8-52461</principalFileNo>
            <principalCrdNo>000103987</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>1225391</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>JANNEY MONTGOMERY</principalName>
            <principalFileNo>8-462</principalFileNo>
            <principalCrdNo>000000463</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>870922</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>48648323</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>28770302</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
        <liquidityClassifications>
          <liquidityClassificationService>
            <liquidityName>Abel Noser, L.L.C.</liquidityName>
            <liquidityLei>549300UQY3DBDP2Y2N55</liquidityLei>
            <liquidityRssdId>N/A</liquidityRssdId>
            <liquidityStateCountry liquidityState="US-NY" liquidityCountry="US"/>
            <isAffiliatedPerson>N</isAffiliatedPerson>
            <assetClassType>Equity-common</assetClassType>
          </liquidityClassificationService>
        </liquidityClassifications>
        <isLiquidityHiredTerminated>N</isLiquidityHiredTerminated>
      </managementInvestmentQuestion>
    </managementInvestmentQuestionSeriesInfo>
    <attachmentsTab>
      <isIPAReportInternalControl>true</isIPAReportInternalControl>
    </attachmentsTab>
    <signature registrantSignedName="Pear Tree Funds" signedDate="2026-06-10" signature="/s/ Diane Hunt" title="Assistant Treasurer"/>
  </formData>
</edgarSubmission>
