Pear Tree Polaris International Opportunities Fund

For the Quarter ended March 31, 2023

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 9.06% at net asset value compared to 7.00% for the Index.

Market Conditions and Investment Strategies

The Fund had double-digit returns in overweight sectors (Consumer Discretionary, Industrials, Information Technology and
Materials), as well as Real Estate. Financials and Communication Services were the largest detractors, the latter of which was
weighed down by Next Fifteen Communications. At the country level, Fund holdings in most European countries, including the
U.K., France, Italy, Spain and Germany, contributed measurably. Negative performance was recorded in South Africa, Norway,
Thailand, India, Singapore and Peru.

Accent Group, SEB SA and Jumbo SA each had gains in excess of 30% for the quarter, bolstering Consumer Discretionary results.
Australia’s footwear company, Accent, had a strong trading report on resilient purchasing power among its young consumer base.
French small appliance manufacturer, SEB, offered higher margin guidance for 2023. In Industrials, Mexican airport holdings
recovered strongly as vacation travel resumed to local hotspots. Fullcast Holdings Co. dampened Industrial results, as the temp
staffing company expected lower 2023 demand relative to 2022 COVID-related demand that will not repeat. In Energy, SOL
Group reported robust full year 2022 results, as its technical gas and home care divisions grew markedly. Open Text Corp. had
double-digit returns for the quarter, feeding IT sector results. Market skepticism originally surrounded Open Text’s acquisition
of U.K.-based Micro Focus. By February 2023, the deal closed and OpenText announced robust quarterly earnings, with strong
cloud bookings and revenue.

In Financials, Toronto-Dominion Bank reported lumpy quarterly results, with strong U.S. retail net income and Canadian
personal/commercial banking, but decreases in wealth management, insurance and wholesale banking income. Nearly 40%
of TD’s business is in the U.S.; as a result, TD suffered along with its U.S.-based counterparts, reeling from the recent SVB and
crypto bank failures. Canada’s goeasy was down when the federal government capped the annual interest rate on loans at 35%
from the previously allowable 47%. Loan loss provisions at Nordic banks are set to climb in 2023, as rising interest rates hurt
commercial real estate exposure. Both Sparebanken Vest and Sparebank Nord-Norge fell on this expectation.

Portfolio Changes

The Fund sold British bakery chain Greggs PLC and Italian water pump manufacturer, Interpump Group, as both reached Polaris’
upper valuation limits. VIB Vermoegen was exited on concerns of warehouse oversupply in the German commercial real estate
market. Capital was reallocated to purchase Sony Corp., the Japanese supplier of electronic products (TVs, music, video gaming);
U.K. based packaging/paper producer, Mondi Group; and Canadian Tire, one of the oldest and largest general stores in Canada.

Outlook

Markets have remained remarkably resilient in the face of rising interest rates, recent banking crises and energy price/output
concerns in Europe. The pace of inflation is finally moderating, but central banks will likely continue tightening monetary supply
until other metrics (unemployment, labor, consumption) are within an acceptable range. In this context, we expect demand to
be challenging in coming quarters. Market volatility bodes well for the Fund, as we are able to add attractively-priced companies
with the potential to outperform in an economic recovery.