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      <regCik>0000722885</regCik>
      <regLei>00000000000000000000</regLei>
      <regStreet1>55 OLD BEDFORD ROADSUITE 202</regStreet1>
      <regCity>Lincoln</regCity>
      <regStateConditional regCountry="US" regState="US-MA"/>
      <regZipOrPostalCode>01773</regZipOrPostalCode>
      <regPhone>8003311244</regPhone>
      <seriesName>Pear Tree Polaris Small Cap Fund</seriesName>
      <seriesId>S000009493</seriesId>
      <seriesLei>549300B7DSOCWNFGCQ51</seriesLei>
      <repPdEnd>2020-03-31</repPdEnd>
      <repPdDate>2019-09-30</repPdDate>
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        <balance>167300</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2464329</valUSD>
        <pctVal>0.021459</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BRYN MAWR BANK CORP</name>
        <lei>N/A</lei>
        <title>BRYN MAWR BANK CORP</title>
        <cusip>117665109</cusip>
        <identifiers>
          <ticker value="BMTC"/>
        </identifiers>
        <balance>61746</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2254346.46</valUSD>
        <pctVal>0.01963</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CABOT CORP</name>
        <lei>N/A</lei>
        <title>CABOT CORP</title>
        <cusip>127055101</cusip>
        <identifiers>
          <ticker value="CBT"/>
        </identifiers>
        <balance>74500</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3376340</valUSD>
        <pctVal>0.0294</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CAMBRIDGE BANCORP</name>
        <lei>N/A</lei>
        <title>CAMBRIDGE BANCORP</title>
        <cusip>132152109</cusip>
        <identifiers>
          <ticker value="CATC"/>
        </identifiers>
        <balance>31030</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2327560.3</valUSD>
        <pctVal>0.020268</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CENTRAL GARDEN AND PET CO A</name>
        <lei>N/A</lei>
        <title>CENTRAL GARDEN AND PET CO A</title>
        <cusip>153527205</cusip>
        <identifiers>
          <ticker value="CENTA"/>
        </identifiers>
        <balance>91200</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2528520</valUSD>
        <pctVal>0.022018</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CENTRAL PACIFIC FINANCIAL CO</name>
        <lei>N/A</lei>
        <title>CENTRAL PACIFIC FINANCIAL CO</title>
        <cusip>154760409</cusip>
        <identifiers>
          <ticker value="CPF"/>
        </identifiers>
        <balance>79983</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2271517.2</valUSD>
        <pctVal>0.01978</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CINEMARK HOLDINGS INC</name>
        <lei>N/A</lei>
        <title>CINEMARK HOLDINGS INC</title>
        <cusip>17243V102</cusip>
        <identifiers>
          <ticker value="CNK"/>
        </identifiers>
        <balance>67791</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2619444.24</valUSD>
        <pctVal>0.022809</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COLONY BANKCORP</name>
        <lei>N/A</lei>
        <title>COLONY BANKCORP</title>
        <cusip>19623P101</cusip>
        <identifiers>
          <ticker value="CBAN"/>
        </identifiers>
        <balance>157079</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2411162.65</valUSD>
        <pctVal>0.020996</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COMPUTER PROGRAMS + SYSTEMS</name>
        <lei>N/A</lei>
        <title>COMPUTER PROGRAMS + SYSTEMS</title>
        <cusip>205306103</cusip>
        <identifiers>
          <ticker value="CPSI"/>
        </identifiers>
        <balance>99250</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2244042.5</valUSD>
        <pctVal>0.01954</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CONTINENTAL BUILDING PRODUCT</name>
        <lei>N/A</lei>
        <title>CONTINENTAL BUILDING PRODUCT</title>
        <cusip>211171103</cusip>
        <identifiers>
          <ticker value="CBPX"/>
        </identifiers>
        <balance>141800</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3869722</valUSD>
        <pctVal>0.033696</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DECKERS OUTDOOR CORP</name>
        <lei>N/A</lei>
        <title>DECKERS OUTDOOR CORP</title>
        <cusip>243537107</cusip>
        <identifiers>
          <ticker value="DECK"/>
        </identifiers>
        <balance>15900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2343024</valUSD>
        <pctVal>0.020402</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DIAMONDBACK ENERGY INC</name>
        <lei>N/A</lei>
        <title>DIAMONDBACK ENERGY INC</title>
        <cusip>25278X109</cusip>
        <identifiers>
          <ticker value="FANG"/>
        </identifiers>
        <balance>24070</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2164133.7</valUSD>
        <pctVal>0.018845</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DIME COMMUNITY BANCSHARES</name>
        <lei>N/A</lei>
        <title>DIME COMMUNITY BANCSHARES</title>
        <cusip>253922108</cusip>
        <identifiers>
          <ticker value="DCOM"/>
        </identifiers>
        <balance>122700</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2627007</valUSD>
        <pctVal>0.022875</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DRIL QUIP INC</name>
        <lei>N/A</lei>
        <title>DRIL QUIP INC</title>
        <cusip>262037104</cusip>
        <identifiers>
          <ticker value="DRQ"/>
        </identifiers>
        <balance>66300</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3326934</valUSD>
        <pctVal>0.02897</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EPR PROPERTIES</name>
        <lei>N/A</lei>
        <title>EPR PROPERTIES</title>
        <cusip>26884U109</cusip>
        <identifiers>
          <ticker value="EPR"/>
        </identifiers>
        <balance>31110</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2391114.6</valUSD>
        <pctVal>0.020821</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EVERTEC INC</name>
        <lei>N/A</lei>
        <title>EVERTEC INC</title>
        <cusip>30040P103</cusip>
        <identifiers>
          <ticker value="EVTC"/>
        </identifiers>
        <balance>82200</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2566284</valUSD>
        <pctVal>0.022346</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EXCO TECHNOLOGIES LTD</name>
        <lei>N/A</lei>
        <title>EXCO TECHNOLOGIES LTD</title>
        <cusip>30150P109</cusip>
        <identifiers>
          <ticker value="XTC"/>
        </identifiers>
        <balance>384900</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.32435"/>
        <valUSD>2136153.584777</valUSD>
        <pctVal>0.018601</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FERRO CORP</name>
        <lei>N/A</lei>
        <title>FERRO CORP</title>
        <cusip>315405100</cusip>
        <identifiers>
          <ticker value="FOE"/>
        </identifiers>
        <balance>134035</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1589655.1</valUSD>
        <pctVal>0.013842</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FNB CORP</name>
        <lei>N/A</lei>
        <title>FNB CORP</title>
        <cusip>302520101</cusip>
        <identifiers>
          <ticker value="FNB"/>
        </identifiers>
        <balance>197580</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2278097.4</valUSD>
        <pctVal>0.019837</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GREENBRIER COMPANIES INC</name>
        <lei>N/A</lei>
        <title>GREENBRIER COMPANIES INC</title>
        <cusip>393657101</cusip>
        <identifiers>
          <ticker value="GBX"/>
        </identifiers>
        <balance>75100</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2262012</valUSD>
        <pctVal>0.019697</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HERCULES CAPITAL INC</name>
        <lei>N/A</lei>
        <title>HERCULES CAPITAL INC</title>
        <cusip>427096508</cusip>
        <identifiers>
          <ticker value="HTGC"/>
        </identifiers>
        <balance>213603</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2855872.11</valUSD>
        <pctVal>0.024868</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INSIGHT ENTERPRISES INC</name>
        <lei>N/A</lei>
        <title>INSIGHT ENTERPRISES INC</title>
        <cusip>45765U103</cusip>
        <identifiers>
          <ticker value="NSIT"/>
        </identifiers>
        <balance>42427</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2362759.63</valUSD>
        <pctVal>0.020574</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INTERNATIONAL BANCSHARES CRP</name>
        <lei>N/A</lei>
        <title>INTERNATIONAL BANCSHARES CRP</title>
        <cusip>459044103</cusip>
        <identifiers>
          <ticker value="IBOC"/>
        </identifiers>
        <balance>64900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2506438</valUSD>
        <pctVal>0.021825</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KFORCE INC</name>
        <lei>N/A</lei>
        <title>KFORCE INC</title>
        <cusip>493732101</cusip>
        <identifiers>
          <ticker value="KFRC"/>
        </identifiers>
        <balance>83294</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3151428.49</valUSD>
        <pctVal>0.027442</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KNIGHT SWIFT TRANSPORTATION</name>
        <lei>N/A</lei>
        <title>KNIGHT SWIFT TRANSPORTATION</title>
        <cusip>499049104</cusip>
        <identifiers>
          <ticker value="KNX"/>
        </identifiers>
        <balance>77594</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2816662.2</valUSD>
        <pctVal>0.024527</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NATUS MEDICAL INC</name>
        <lei>N/A</lei>
        <title>NATUS MEDICAL INC</title>
        <cusip>639050103</cusip>
        <identifiers>
          <ticker value="NTUS"/>
        </identifiers>
        <balance>83120</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2646540.8</valUSD>
        <pctVal>0.023045</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OFG BANCORP</name>
        <lei>N/A</lei>
        <title>OFG BANCORP</title>
        <cusip>67103X102</cusip>
        <identifiers>
          <ticker value="OFG"/>
        </identifiers>
        <balance>131200</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2873280</valUSD>
        <pctVal>0.02502</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PETMED EXPRESS INC</name>
        <lei>N/A</lei>
        <title>PETMED EXPRESS INC</title>
        <cusip>716382106</cusip>
        <identifiers>
          <ticker value="PETS"/>
        </identifiers>
        <balance>118500</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2135370</valUSD>
        <pctVal>0.018594</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PHIBRO ANIMAL HEALTH CORP A</name>
        <lei>N/A</lei>
        <title>PHIBRO ANIMAL HEALTH CORP A</title>
        <cusip>71742Q106</cusip>
        <identifiers>
          <ticker value="PAHC"/>
        </identifiers>
        <balance>83900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1789587</valUSD>
        <pctVal>0.015583</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PHYSICIANS REALTY TRUST</name>
        <lei>N/A</lei>
        <title>PHYSICIANS REALTY TRUST</title>
        <cusip>71943U104</cusip>
        <identifiers>
          <ticker value="DOC"/>
        </identifiers>
        <balance>136022</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2414390.5</valUSD>
        <pctVal>0.021024</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RBB BANCORP</name>
        <lei>N/A</lei>
        <title>RBB BANCORP</title>
        <cusip>74930B105</cusip>
        <identifiers>
          <ticker value="RBB"/>
        </identifiers>
        <balance>98097</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1931529.93</valUSD>
        <pctVal>0.016819</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>REGAL BELOIT CORP</name>
        <lei>N/A</lei>
        <title>REGAL BELOIT CORP</title>
        <cusip>758750103</cusip>
        <identifiers>
          <ticker value="RBC"/>
        </identifiers>
        <balance>40200</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2928570</valUSD>
        <pctVal>0.025501</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SANDERSON FARMS INC</name>
        <lei>N/A</lei>
        <title>SANDERSON FARMS INC</title>
        <cusip>800013104</cusip>
        <identifiers>
          <ticker value="SAFM"/>
        </identifiers>
        <balance>19800</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2996334</valUSD>
        <pctVal>0.026091</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SOUTH PLAINS FINANCIAL INC</name>
        <lei>N/A</lei>
        <title>SOUTH PLAINS FINANCIAL INC</title>
        <cusip>83946P107</cusip>
        <identifiers>
          <ticker value="SPFI"/>
        </identifiers>
        <balance>137200</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2236360</valUSD>
        <pctVal>0.019474</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SSC GOVERNMENT MM GVMXX</name>
        <lei>N/A</lei>
        <title>SSC GOVERNMENT MM GVMXX</title>
        <cusip>7839989D1</cusip>
        <identifiers>
          <other otherDesc="CUSIP" value="7839989D1"/>
        </identifiers>
        <balance>612155.88</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>612155.88</valUSD>
        <pctVal>0.00533</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNITED INSURANCE HOLDINGS CO</name>
        <lei>N/A</lei>
        <title>UNITED INSURANCE HOLDINGS CO</title>
        <cusip>910710102</cusip>
        <identifiers>
          <ticker value="UIHC"/>
        </identifiers>
        <balance>190851</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2670005.49</valUSD>
        <pctVal>0.02325</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNIVAR SOLUTIONS INC</name>
        <lei>N/A</lei>
        <title>UNIVAR SOLUTIONS INC</title>
        <cusip>91336L107</cusip>
        <identifiers>
          <ticker value="UNVR"/>
        </identifiers>
        <balance>115497</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2397717.72</valUSD>
        <pctVal>0.020879</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WESCO INTERNATIONAL INC</name>
        <lei>N/A</lei>
        <title>WESCO INTERNATIONAL INC</title>
        <cusip>95082P105</cusip>
        <identifiers>
          <ticker value="WCC"/>
        </identifiers>
        <balance>57600</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2751552</valUSD>
        <pctVal>0.02396</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WINNEBAGO INDUSTRIES</name>
        <lei>N/A</lei>
        <title>WINNEBAGO INDUSTRIES</title>
        <cusip>974637100</cusip>
        <identifiers>
          <ticker value="WGO"/>
        </identifiers>
        <balance>79200</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3037320</valUSD>
        <pctVal>0.026448</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2019-10-15</ncom:dateSigned>
      <ncom:nameOfApplicant>Pear Tree Funds</ncom:nameOfApplicant>
      <ncom:signature>Diane Hunt</ncom:signature>
      <ncom:signerName>Diane Hunt</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
