Pear Tree Polaris Foreign Value Fund

For the Quarter ended September 30, 2026, the Pear Tree Polaris Foreign Value Fund’s Ordinary Shares (the “Fund”) outperformed its benchmark, the MSCI EAFE Index (the “Index”). The Fund had a return of 0.99% at net asset value compared
to 0.88% for the Index.

Market Conditions and Investment Strategies

International equities had modest gains in an uneven quarter. The Fund outperformed, led by Financials, Communication Services,
Energy and Consumer Discretionary; Information Technology (“IT”) and Industrials were weakest. Japan, France, Italy, Norway and
Germany contributed most, while South Korea, Chile and Turkey lagged.

In Financials, Shinhan Financial Group advanced on a record second-quarter profit driven by fee and trading income and lower credit
costs, and expanding dividends and buybacks. Mitsubishi UFJ Financial Group capitalized on the Bank of Japan’s rate hike to 1.25%,
a 31-year high, which should widen the spread Japan’s largest bank earns on loans. United Overseas Bank expected improved lending
margins, as Singapore’s short-term rates typically follow U.S. rates. Norway’s DNB Bank ASA and SpareBank 1 Sør-Norge benefited from solid lending growth, with elevated rates supporting profitability.

In Communication Services, Publicis Groupe raised guidance on new business wins, including PepsiCo’s $1.7 billion media account,
and KDDI Corp. climbed on an expanded SpaceX agreement for Starlink satellite connectivity. Italian integrated energy company ENI
SpA rose as higher oil prices improved the prospect of a special dividend. In Consumer Discretionary, Sony Group raised its forecast
on higher image sensor and music profits. In Health Care, Takeda Pharmaceutical gained over 17% as late-stage drugs moved toward
commercialization, with new approvals and regulatory progress. In Consumer Staples, Greencore Group raised profit guidance as sales
volumes outpaced the U.K. grocery market and Bakkavor savings arrived early.

In Industrials, Teleperformance SE rebounded from a weak June as quarterly results showed promise, and Itochu Corp. posted broadbased earnings growth. Higher oil prices weighed on airlines: LATAM Airlines raised guidance but fuel costs hit the shares; Ryanair Holdings’ profit fell as unhedged fuel costs more than doubled; and International Consolidated Airlines Group lagged. Astor Enerji, where demand remains robust, fell after prosecutors froze its chairman’s assets in a capital markets investigation, though restrictions on the company were quickly lifted.

In IT, SK hynix Inc. and Samsung Electronics Co. Ltd. declined as profit-taking and doubts about AI spending outweighed strengthening
fundamentals; both started to rebound in late September as South Korean chip exports hit a record.

Portfolio Changes

There were no new purchases or sales completed during the period.

Outlook

Higher interest rates were the defining issue as the quarter closed, driven by energy-led inflation tied to the Middle East war and by
concern about government debt and deficits. With the Federal Reserve raising rates in September and the 10-year Treasury yield up
from 3.96% to 5.27% since February, we expect higher rates for some time.

That expectation is reshaping equity markets. Investors have gravitated toward AI and technology businesses they believe are insensitive to rates, leaving index gains (especially the S&P 500) concentrated in a handful of mega-cap stocks. We view their valuations as difficult to sustain; any earnings or AI spending disappointment could trigger a correction. The flip side is opportunity: outside those leaders, attractively priced, cash-generative global businesses are growing in number. We intend to pursue them selectively.