Pear Tree Polaris Foreign Value Fund

For the Quarter ended March 31, 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 4.18% at net asset value compared to (1.12%) for the Index.

Market Conditions and Investment Strategies

The Fund outperformed in most sectors including double-digit gains from Materials, Energy and Utilities, while Information Technology
(“IT”) and Health Care added measurably. Absolute detractors included Consumer Discretionary, Industrials and Communication
Services. Holdings in Norway, Italy, Japan Spain and the Netherlands contributed most, along with off-benchmark countries including
Canada and South Korea. China declined on its own domestic challenges, while a handful of French and U.K. stocks in unrelated
industries tempered results.

The closure of the Strait of Hormuz had ripple effects across global commodity markets, disrupting roughly 30% of the world’s nitrogen
supply — a key ingredient in fertilizer — sending prices higher. Norwegian fertilizer producer Yara International was largely insulated
from the disruption, and picked up market share from competitors who couldn’t deliver. Methanex Corp. was another strong contributor
in the Materials sector, benefiting from supply disruptions. In Energy, ENI SpA and TotalEnergies SE advanced strongly as the market
repriced energy businesses in response to the Strait of Hormuz closure and surging oil prices. Stocks within the IT sector had a strong
start to the year, driven by the AI boom creating genuine shortages in advanced computer chips and memory, benefitting the likes of SK hynix Inc. and Samsung Electronics.

International Consolidated Airlines Group faced pressure in March as oil’s sharp move and the “risk-off” tone hit economically-sensitive
transport names simultaneously. Teleperformance faced persistent investor fears that generative AI will structurally disrupt the customer service outsourcing industry. Within Consumer Discretionary stocks, Alibaba Group struggled as investors questioned the return on investment from its $52 billion AI and cloud infrastructure commitment through 2027. Sony Group also declined, pressured by memory chip price spikes that threatened PlayStation 5 margins.

Portfolio Changes

We sold Methanex Corp. at a profit as it met our target valuation level, while Capgemini was exited as evolving macro conditions
eroded our original thesis. On the buy side, we initiated a position in Ryanair Holdings, Europe’s largest budget airline and a name we
previously owned during the pandemic.

Outlook

Geopolitics have introduced a level of volatility unlikely to resolve quickly. Oil prices at current levels are not sustainable for a global
economy that is already soft in many regions, and the prospect of rate cuts — which markets were counting on — has effectively
been taken off the table. That said, not everything about this environment works against us. Higher rates tend to benefit our financial
holdings and discourage speculative investing that has contributed to growth dominance over the past few years.

The more fundamental shift — and the one we believe has the most lasting significance — is the growing recognition that owning only
U.S. stocks may no longer be a winning strategy. For the better part of 18 months, geopolitical stress, dollar uncertainty, and uneven
global growth have been quietly building the case for international diversification. That case is now impossible to ignore. Investors with
a heavy U.S. bias are increasingly wary; the instinct to look beyond American borders is accelerating. This is precisely where we have
been positioned.