Pear Tree Polaris International Opportunities Fund

For the Quarter ended September 30, 2026, the Pear Tree Polaris International Opportunities Fund’s Ordinary Shares (the “Fund”) underperformed its benchmark, the MSCI ACWI ex USA Index (“the Index”). The Fund had a return of (7.35%) at net asset value compared to 0.57% for the Index.

Market Conditions and Investment Strategies

A sharp July sell-off in AI-linked semiconductor stocks, followed by September rate hikes by major central banks and a stronger
U.S. dollar, weighed on international markets. Nearly all of the Fund’s loss came from Information Technology (“IT”). Financials,
Industrials, Utilities and Materials were the top contributors, the latter three of which outperformed the Index. At the country level,
Japan, Norway, South Korea, Indonesia and Finland outperformed, while Hong Kong and Taiwan detracted most.

Within IT, weakness was concentrated in two AI supply-chain holdings, Yageo Corp. and Kingboard Laminates Holdings Ltd., both of
which were top gainers in the second quarter. On stretched valuations and an expected normalization of supply and demand, we
reduced both ahead of and through the July decline, exiting entirely in the third quarter.

In Financials, Sparebanken Norge gained on higher net interest income and lower loan losses in a resilient Norwegian economy. PT
Bank Rakyat Indonesia Tbk rose on solid corporate-led loan growth and easing credit costs, while Muangthai Capital PCL declined
on Thai macro concerns despite solid earnings growth. Indian gold lender Muthoot Finance Ltd., after a strong rally on gold prices,
slipped as rising competition pressured loan pricing and margins.

In Industrials, JAC Recruitment Co., Ltd., a senior-level recruiter, posted record first-half net income on strong consulting, finance
and technology hiring. Valmet Oyj advanced after launching a strategic evaluation to separate its two segments, Process
Performance Solutions and Biomaterial Solutions and Services, into two listed companies.

In Utilities, Equatorial Energia SA, a Brazilian electricity distributor, advanced on improving operating quality, with shorter outages
and lower distribution losses.

Consumer Staples were uneven, as inflation and high energy prices pressured consumers. Cosmecca Korea Co., Ltd., a cosmetics
manufacturer, rose on orders from independent Korean skincare brands popular overseas. Jerónimo Martins SGPS SA, a
Portuguese food retailer, rebounded as its discount grocery model delivered volume growth. In contrast, AVI Ltd., a South African
food, beverage and personal care company, faced weaker consumer demand; Wal-Mart de México SAB de CV contended with
muted consumption and margin pressure; and Alimentation Couche-Tard Inc. fell on lower fuel volumes and higher leverage
expected from its pending Żabka acquisition.

Portfolio Changes

We added five positions. After the sale of Yageo and Kingboard, we bought Taiwan Semiconductor Manufacturing Co., Ltd., a
relatively defensive semiconductor name with disciplined capacity additions and a dominant position in advanced packaging.
Elis SA, a French workwear and linen-rental provider, was purchased after its shares fell on a contract loss; we view this as an
overreaction for a company capturing new business wins. Paragon Banking Group PLC, a specialist U.K. buy-to-let mortgage lender
for landlords, offered an attractive multiple and share buybacks. Aris Mining Corp. (Colombia) and K92 Mining Inc. (Papua New
Guinea) are gold producers with mine expansions ahead.

Outlook

Markets remain uncertain given interest rates, inflation and geopolitics, though non-U.S. equities still trade at a wide valuation
discount to U.S. equities. We continue to find interesting bottom-up opportunities in overlooked developed-market companies and
in emerging-market businesses driven by local demand, where earnings are improving faster than share prices reflect.