Pear Tree Polaris International Opportunities Fund

For the Quarter ended December 31, 2022

The Pear Tree Polaris International Opportunities Fund’s Ordinary Shares (the “Fund”) outperformed its benchmark, the MSCI ACWI ex USA Index (the “Index”). The Fund had a return of 16.13% at net asset value compared to 14.37% for the Index.

Market Conditions and Investment Strategies

The Fund had double-digit returns in overweight sectors (Consumer Discretionary, Industrials and Information Technology), as well
as Financials, Materials, Communication Services and Consumer Staples. Defensives including Utilities and Real Estate were in
modest positive territory by comparison. At the country level, Fund holdings in most European countries, including the U.K., Italy,
France and Sweden, were absolute contributors. Germany was a detractor to relative performance.

Most of the top 10 contributors to performance hailed from the Consumer Discretionary sector, led by Games Workshop Group.
The company announced a contract with Amazon to develop TV and film content based on their Warhammer 40k intellectual
property. D’Ieteren Group hired a new CEO for Belron, their global glass repair business. The CEO has a long tenure integrating
M&A activities, which should be a boon for D’Ieteren as it continues its acquisitive growth initiatives. De’Longhi SPA’s revenues
fell modestly amid mounting European headwinds, but its professional coffee machine division showed sustained growth;
the market responded positively to this relatively stable news. U.K. bakery, Greggs, had very resilient performance even in an
inflationary environment; expansion into dinner service may prove an upside opportunity. Investors were quick to snap up shoe
and sportswear retailers on the back of Nike’s upbeat guidance, referencing better inventory controls. Australian retail footwear
company, Accent Group, was one such beneficiary.

Among the handful of detractors was NEXTAGE, the Japanese new/used car dealership, which actually increased its full year
forecast. However, SMBC Nikko Securities, a local sell-side firm, warned that declining used car prices might hurt NEXTAGE’s
future gross margins. Collins Foods reported lower profits because of higher cost headwinds, which are expected to continue in
Australia and Europe in the near term; the company also announced plans to temporarily pause its Taco Bell rollout in Australia.
BizLink Holding, the provider of harnesses, optical fiber and cables to the IT and similar sectors, was in negative territory on
industry-wide IT weakness.

Portfolio Changes

During the quarter, the Fund sold out of Kenyan mobile network operator, Safaricom, as the company faced three distinct
headwinds: geopolitical concerns in neighboring Ethiopia; legal complaints in its M-Pesa system; and increasing competition.
New purchases included two banks, Norway’s Sparebank Nord-Norge and Canada’s Toronto-Dominion Bank; CIE Automotive, the
Spanish auto components manufacturer; and RS Group PLC, a U.K. distributor of industrial and electronic components.

Outlook

For the foreseeable future, we expect central banks worldwide will raise interest rates to temper inflation – albeit at more
metered increments. Regardless of the pace of hikes, the end result is the same: the cost of capital goes higher and liquidity
is drained out of the system. We are starting to see savings dwindle, while companies face higher costs and lower volumes on
slack consumer spending. With demand slowing, market volatility picks up; our research has identified a number of attractively priced companies which may further diversify the Fund portfolio.