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      <seriesName>Pear Tree Polaris International Opportunities Fund</seriesName>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bunzl plc</name>
        <lei>N/A</lei>
        <title>Bunzl plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="BNZL LN"/>
          <other otherDesc="B0744B3" value="SEDOL"/>
        </identifiers>
        <balance>6204</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.8234"/>
        <valUSD>204866.12</valUSD>
        <pctVal>0.009501</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chailease Holding Co., Ltd.</name>
        <lei>N/A</lei>
        <title>Chailease Holding Co., Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="5871 TT"/>
          <other otherDesc="B58J1S8" value="SEDOL"/>
        </identifiers>
        <balance>46617.9</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="29.7335"/>
        <valUSD>326898.35</valUSD>
        <pctVal>0.01516</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Collins Foods Limited</name>
        <lei>N/A</lei>
        <title>Collins Foods Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="CKF AU"/>
          <other otherDesc="B6QCFP1" value="SEDOL"/>
        </identifiers>
        <balance>72100</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4542"/>
        <valUSD>491343.01</valUSD>
        <pctVal>0.022786</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Credicorp Ltd.</name>
        <lei>N/A</lei>
        <title>Credicorp Ltd.</title>
        <cusip>G2519Y108</cusip>
        <identifiers>
          <ticker value="BAP"/>
        </identifiers>
        <balance>1800</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>215838</valUSD>
        <pctVal>0.01001</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>De'Longhi SpA</name>
        <lei>N/A</lei>
        <title>De'Longhi SpA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="DLG IM"/>
          <other otherDesc="7169517" value="SEDOL"/>
        </identifiers>
        <balance>14600</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9565"/>
        <valUSD>270783.06</valUSD>
        <pctVal>0.012558</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DFDS A/S</name>
        <lei>N/A</lei>
        <title>DFDS A/S</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="DFDS DC"/>
          <other otherDesc="BYSS4Q7" value="SEDOL"/>
        </identifiers>
        <balance>9300</balance>
        <units>NS</units>
        <currencyConditional curCd="DKK" exchangeRt="7.1134"/>
        <valUSD>280566.26</valUSD>
        <pctVal>0.013011</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>D'Ieteren S.A.</name>
        <lei>N/A</lei>
        <title>D'Ieteren S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="DIE BB"/>
          <other otherDesc="4247494" value="SEDOL"/>
        </identifiers>
        <balance>3600</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9565"/>
        <valUSD>525415.58</valUSD>
        <pctVal>0.024366</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Elite Material Co., Limited</name>
        <lei>N/A</lei>
        <title>Elite Material Co., Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="2383 TT"/>
          <other otherDesc="6316121" value="SEDOL"/>
        </identifiers>
        <balance>45000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="29.7335"/>
        <valUSD>270149.83</valUSD>
        <pctVal>0.012528</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Enghouse Systems Limited</name>
        <lei>N/A</lei>
        <title>Enghouse Systems Limited</title>
        <cusip>292949955</cusip>
        <identifiers>
          <ticker value="ENGH CN"/>
        </identifiers>
        <balance>18000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.29"/>
        <valUSD>396697.67</valUSD>
        <pctVal>0.018397</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Equatorial Energia S.A.</name>
        <lei>N/A</lei>
        <title>Equatorial Energia S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="EQTL3 BZ"/>
          <other otherDesc="B128R96" value="SEDOL"/>
        </identifiers>
        <balance>68800</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.2295"/>
        <valUSD>300486.09</valUSD>
        <pctVal>0.013935</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Equitable Group Inc.</name>
        <lei>N/A</lei>
        <title>Equitable Group Inc.</title>
        <cusip>26886R955</cusip>
        <identifiers>
          <ticker value="EQB CN"/>
        </identifiers>
        <balance>7200</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.29"/>
        <valUSD>296651.16</valUSD>
        <pctVal>0.013757</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Euronet Worldwide, Inc.</name>
        <lei>N/A</lei>
        <title>Euronet Worldwide, Inc.</title>
        <cusip>298736109</cusip>
        <identifiers>
          <ticker value="EEFT"/>
        </identifiers>
        <balance>3500</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>352065</valUSD>
        <pctVal>0.016327</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FirstRand Limited</name>
        <lei>N/A</lei>
        <title>FirstRand Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="FSR SJ"/>
          <other otherDesc="6606996" value="SEDOL"/>
        </identifiers>
        <balance>53600</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.3825"/>
        <valUSD>204061.16</valUSD>
        <pctVal>0.009463</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Future plc</name>
        <lei>N/A</lei>
        <title>Future plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="FUTR LN"/>
          <other otherDesc="BYZN904" value="SEDOL"/>
        </identifiers>
        <balance>15100</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.8234"/>
        <valUSD>315974.01</valUSD>
        <pctVal>0.014653</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Games Workshop Group PLC</name>
        <lei>N/A</lei>
        <title>Games Workshop Group PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="GAW LN"/>
          <other otherDesc="0371847" value="SEDOL"/>
        </identifiers>
        <balance>3800</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.8234"/>
        <valUSD>308282.73</valUSD>
        <pctVal>0.014297</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>goeasy Ltd.</name>
        <lei>N/A</lei>
        <title>goeasy Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="GSY CN"/>
          <other otherDesc="BYR11M2" value="SEDOL"/>
        </identifiers>
        <balance>3455</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.29"/>
        <valUSD>262740.7</valUSD>
        <pctVal>0.012185</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Greggs plc</name>
        <lei>N/A</lei>
        <title>Greggs plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="GRG LN"/>
          <other otherDesc="B63QSB3" value="SEDOL"/>
        </identifiers>
        <balance>8100</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.8234"/>
        <valUSD>177857.66</valUSD>
        <pctVal>0.008248</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Grupo Aeroportuario del Centro Norte S.A.B. de C.V. - B</name>
        <lei>N/A</lei>
        <title>Grupo Aeroportuario del Centro Norte S.A.B. de C.V. - B</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="OMAB MM"/>
          <other otherDesc="B1KFX13" value="SEDOL"/>
        </identifiers>
        <balance>32300</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="20.1758"/>
        <valUSD>205911.34</valUSD>
        <pctVal>0.009549</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Grupo Aeroportuario del Pacifico, S.A.B. de C. V.</name>
        <lei>N/A</lei>
        <title>Grupo Aeroportuario del Pacifico, S.A.B. de C. V.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="MX01GA000004"/>
          <ticker value="GAPB MM"/>
        </identifiers>
        <balance>16500</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="20.1758"/>
        <valUSD>229060.81</valUSD>
        <pctVal>0.010623</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Grupo Aeroportuario del Sureste, S. A. B. de C.V.</name>
        <lei>N/A</lei>
        <title>Grupo Aeroportuario del Sureste, S. A. B. de C.V.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="MXP001661018"/>
          <ticker value="ASURB MM"/>
        </identifiers>
        <balance>11100</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="20.1758"/>
        <valUSD>217441.34</valUSD>
        <pctVal>0.010084</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HANSEN Technologies</name>
        <lei>N/A</lei>
        <title>HANSEN Technologies</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="HSN AU"/>
          <other otherDesc="6243252" value="SEDOL"/>
        </identifiers>
        <balance>88600</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4542"/>
        <valUSD>316820.24</valUSD>
        <pctVal>0.014693</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hansol Chemical Co., Ltd.</name>
        <lei>N/A</lei>
        <title>Hansol Chemical Co., Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="014680KS"/>
          <other otherDesc="6988155" value="SEDOL"/>
        </identifiers>
        <balance>1800</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1298.4"/>
        <valUSD>282809.61</valUSD>
        <pctVal>0.013115</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hexpol AB</name>
        <lei>N/A</lei>
        <title>Hexpol AB</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="HPOLB SS"/>
          <other otherDesc="BXBZB01" value="SEDOL"/>
        </identifiers>
        <balance>34100</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="10.2474"/>
        <valUSD>289673.97</valUSD>
        <pctVal>0.013434</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Howden Joinery Group plc</name>
        <lei>N/A</lei>
        <title>Howden Joinery Group plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="HWDN LN"/>
          <other otherDesc="0557681" value="SEDOL"/>
        </identifiers>
        <balance>42200</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.8234"/>
        <valUSD>308837.99</valUSD>
        <pctVal>0.014322</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Interpump Group S.p.A.</name>
        <lei>N/A</lei>
        <title>Interpump Group S.p.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="IP IM"/>
          <other otherDesc="5161407" value="SEDOL"/>
        </identifiers>
        <balance>10200</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9565"/>
        <valUSD>387951.91</valUSD>
        <pctVal>0.017991</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JAC Recruitment Co., Ltd.</name>
        <lei>N/A</lei>
        <title>JAC Recruitment Co., Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="2124 JP"/>
          <other otherDesc="B1CC1X0" value="SEDOL"/>
        </identifiers>
        <balance>26100</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="135.855"/>
        <valUSD>333898.64</valUSD>
        <pctVal>0.015485</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Jumbo S.A.</name>
        <lei>N/A</lei>
        <title>Jumbo S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="BELA GA"/>
          <other otherDesc="7243530" value="SEDOL"/>
        </identifiers>
        <balance>21771</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9565"/>
        <valUSD>315468.96</valUSD>
        <pctVal>0.01463</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Knowit AB</name>
        <lei>N/A</lei>
        <title>Knowit AB</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="KNOW SS"/>
          <other otherDesc="5364886" value="SEDOL"/>
        </identifiers>
        <balance>7200</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="10.2474"/>
        <valUSD>200667.49</valUSD>
        <pctVal>0.009306</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LVMH Moet Hennessy Louis Vuitton SE</name>
        <lei>N/A</lei>
        <title>LVMH Moet Hennessy Louis Vuitton SE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="MC FP"/>
          <other otherDesc="4061412" value="SEDOL"/>
        </identifiers>
        <balance>395</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9565"/>
        <valUSD>240221.12</valUSD>
        <pctVal>0.01114</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Macquarie Group Limited</name>
        <lei>N/A</lei>
        <title>Macquarie Group Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="MQG AU"/>
          <other otherDesc="B28YTC2" value="SEDOL"/>
        </identifiers>
        <balance>2615</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4542"/>
        <valUSD>295828.39</valUSD>
        <pctVal>0.013719</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Marshall Machinery Inc.</name>
        <lei>N/A</lei>
        <title>Marshall Machinery Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="MSLH LN"/>
          <other otherDesc="B012BV2" value="SEDOL"/>
        </identifiers>
        <balance>50600</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.8234"/>
        <valUSD>275307.26</valUSD>
        <pctVal>0.012767</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Midea Group Co., Ltd.</name>
        <lei>N/A</lei>
        <title>Midea Group Co., Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="000333C2"/>
          <other otherDesc="BD5CPP1" value="SEDOL"/>
        </identifiers>
        <balance>46200</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.6943"/>
        <valUSD>416775.17</valUSD>
        <pctVal>0.019328</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Muangthai Capital Public Company Limited</name>
        <lei>N/A</lei>
        <title>Muangthai Capital Public Company Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="MTC/F TB"/>
          <other otherDesc="BFXP664" value="SEDOL"/>
        </identifiers>
        <balance>264800</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="35.355"/>
        <valUSD>320186.68</valUSD>
        <pctVal>0.014849</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Muthoot Finance Ltd.</name>
        <lei>N/A</lei>
        <title>Muthoot Finance Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="MUTH IN"/>
          <other otherDesc="B40MFF3" value="SEDOL"/>
        </identifiers>
        <balance>25900</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="78.9725"/>
        <valUSD>320189.56</valUSD>
        <pctVal>0.014849</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Neurones S.A.</name>
        <lei>N/A</lei>
        <title>Neurones S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="NRO FP"/>
          <other otherDesc="5972676" value="SEDOL"/>
        </identifiers>
        <balance>9600</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9565"/>
        <valUSD>357302.67</valUSD>
        <pctVal>0.01657</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Next Fifteen Communications Group plc</name>
        <lei>N/A</lei>
        <title>Next Fifteen Communications Group plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="NFC LN"/>
          <other otherDesc="3002605" value="SEDOL"/>
        </identifiers>
        <balance>15153</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.8234"/>
        <valUSD>165626.67</valUSD>
        <pctVal>0.007681</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEXTAGE Co., Ltd.</name>
        <lei>N/A</lei>
        <title>NEXTAGE Co., Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="3186 JP"/>
          <other otherDesc="BBQ2ZC3" value="SEDOL"/>
        </identifiers>
        <balance>27600</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="135.855"/>
        <valUSD>474373.41</valUSD>
        <pctVal>0.021999</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Open House Group Co., Ltd.</name>
        <lei>N/A</lei>
        <title>Open House Group Co., Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="3288 JP"/>
          <other otherDesc="BD3D170" value="SEDOL"/>
        </identifiers>
        <balance>9100</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="135.855"/>
        <valUSD>361709.18</valUSD>
        <pctVal>0.016774</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OpenText Corporation</name>
        <lei>N/A</lei>
        <title>OpenText Corporation</title>
        <cusip>683715957</cusip>
        <identifiers>
          <ticker value="OTEX CN"/>
        </identifiers>
        <balance>8700</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.29"/>
        <valUSD>328374.42</valUSD>
        <pctVal>0.015228</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OSB Group PLC</name>
        <lei>N/A</lei>
        <title>OSB Group PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="OSB LN"/>
          <other otherDesc="BLDRH36" value="SEDOL"/>
        </identifiers>
        <balance>50800</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.8234"/>
        <valUSD>296261.36</valUSD>
        <pctVal>0.013739</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>POYA International Co., Ltd.</name>
        <lei>N/A</lei>
        <title>POYA International Co., Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="5904 TT"/>
          <other otherDesc="6541826" value="SEDOL"/>
        </identifiers>
        <balance>36389</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="29.7335"/>
        <valUSD>386732.94</valUSD>
        <pctVal>0.017935</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PT Bank Rakyat Indonesia Tbk</name>
        <lei>N/A</lei>
        <title>PT Bank Rakyat Indonesia Tbk</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="BBRI IJ"/>
          <other otherDesc="6709099" value="SEDOL"/>
        </identifiers>
        <balance>756545</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="14897.5"/>
        <valUSD>210750.91</valUSD>
        <pctVal>0.009774</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Public Bank Bhd</name>
        <lei>N/A</lei>
        <title>Public Bank Bhd</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="PBK MK"/>
          <other otherDesc="B012W42" value="SEDOL"/>
        </identifiers>
        <balance>221700</balance>
        <units>NS</units>
        <currencyConditional curCd="MYR" exchangeRt="4.4075"/>
        <valUSD>219813.73</valUSD>
        <pctVal>0.010194</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Safaricom PLC</name>
        <lei>N/A</lei>
        <title>Safaricom PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SAFCOMKN"/>
          <other otherDesc="B2QN3J6" value="SEDOL"/>
        </identifiers>
        <balance>1573400</balance>
        <units>NS</units>
        <currencyConditional curCd="KES" exchangeRt="117.9"/>
        <valUSD>332962.93</valUSD>
        <pctVal>0.015441</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Samsung Electronics Company Limited</name>
        <lei>N/A</lei>
        <title>Samsung Electronics Company Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="005930KS"/>
          <other otherDesc="6771720" value="SEDOL"/>
        </identifiers>
        <balance>6802</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1298.4"/>
        <valUSD>298609.06</valUSD>
        <pctVal>0.013848</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sanwa Holdings Corporation</name>
        <lei>N/A</lei>
        <title>Sanwa Holdings Corporation</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="5929 JP"/>
          <other otherDesc="6776781" value="SEDOL"/>
        </identifiers>
        <balance>36600</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="135.855"/>
        <valUSD>350226.34</valUSD>
        <pctVal>0.016242</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Scientex Berhad</name>
        <lei>N/A</lei>
        <title>Scientex Berhad</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SCI MK"/>
          <other otherDesc="B1VZ5G1" value="SEDOL"/>
        </identifiers>
        <balance>403500</balance>
        <units>NS</units>
        <currencyConditional curCd="MYR" exchangeRt="4.4075"/>
        <valUSD>316757.8</valUSD>
        <pctVal>0.01469</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SEB SA</name>
        <lei>N/A</lei>
        <title>SEB SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SK FP"/>
          <other otherDesc="4792132" value="SEDOL"/>
        </identifiers>
        <balance>3350</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9565"/>
        <valUSD>320640.36</valUSD>
        <pctVal>0.01487</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SeSa S.p.A.</name>
        <lei>N/A</lei>
        <title>SeSa S.p.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SES IM"/>
          <other otherDesc="B56RD66" value="SEDOL"/>
        </identifiers>
        <balance>1800</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9565"/>
        <valUSD>228457.92</valUSD>
        <pctVal>0.010595</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SINBON Electronics Co., Ltd.</name>
        <lei>N/A</lei>
        <title>SINBON Electronics Co., Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="3023 TT"/>
          <other otherDesc="6349354" value="SEDOL"/>
        </identifiers>
        <balance>37300</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="29.7335"/>
        <valUSD>318637.23</valUSD>
        <pctVal>0.014777</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sparebanken Vest</name>
        <lei>N/A</lei>
        <title>Sparebanken Vest</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SVEG NO"/>
          <other otherDesc="4780290" value="SEDOL"/>
        </identifiers>
        <balance>43200</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="9.8798"/>
        <valUSD>381287.07</valUSD>
        <pctVal>0.017682</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SSP Group plc</name>
        <lei>N/A</lei>
        <title>SSP Group plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SSPG LN"/>
          <other otherDesc="BGBN7C0" value="SEDOL"/>
        </identifiers>
        <balance>120900</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.8234"/>
        <valUSD>341967.57</valUSD>
        <pctVal>0.015859</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Thinking Electronic Industrial Co., Ltd.</name>
        <lei>N/A</lei>
        <title>Thinking Electronic Industrial Co., Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="2428 TT"/>
          <other otherDesc="6146629" value="SEDOL"/>
        </identifiers>
        <balance>72600</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="29.7335"/>
        <valUSD>303990.45</valUSD>
        <pctVal>0.014098</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TISCO Financial Group</name>
        <lei>N/A</lei>
        <title>TISCO Financial Group</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="TISCO/FT"/>
          <other otherDesc="B3KFW76" value="SEDOL"/>
        </identifiers>
        <balance>127700</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="35.355"/>
        <valUSD>319656.34</valUSD>
        <pctVal>0.014824</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tripod Technology Corporation</name>
        <lei>N/A</lei>
        <title>Tripod Technology Corporation</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="3044 TT"/>
          <other otherDesc="6305721" value="SEDOL"/>
        </identifiers>
        <balance>80786</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="29.7335"/>
        <valUSD>302945.8</valUSD>
        <pctVal>0.014049</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United Overseas Bank Limited</name>
        <lei>N/A</lei>
        <title>United Overseas Bank Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="UOB SP"/>
          <other otherDesc="6916781" value="SEDOL"/>
        </identifiers>
        <balance>17100</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.3917"/>
        <valUSD>322537.18</valUSD>
        <pctVal>0.014958</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VIB Vermogen AG</name>
        <lei>N/A</lei>
        <title>VIB Vermogen AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="VIH1 GR"/>
          <other otherDesc="BH4GH67" value="SEDOL"/>
        </identifiers>
        <balance>15209</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9565"/>
        <valUSD>381616.31</valUSD>
        <pctVal>0.017698</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Yageo Corporation</name>
        <lei>N/A</lei>
        <title>Yageo Corporation</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="2327 TT"/>
          <other otherDesc="6984380" value="SEDOL"/>
        </identifiers>
        <balance>25000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="29.7335"/>
        <valUSD>258967.16</valUSD>
        <pctVal>0.01201</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Zhejiang Supor Co.</name>
        <lei>N/A</lei>
        <title>Zhejiang Supor Co.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="002032C2"/>
          <other otherDesc="BD5M227" value="SEDOL"/>
        </identifiers>
        <balance>42300</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.6943"/>
        <valUSD>356001.67</valUSD>
        <pctVal>0.01651</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Zhongsheng Group Holdings</name>
        <lei>N/A</lei>
        <title>Zhongsheng Group Holdings</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="881 HK"/>
          <other otherDesc="B633D97" value="SEDOL"/>
        </identifiers>
        <balance>43500</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.847"/>
        <valUSD>306833.82</valUSD>
        <pctVal>0.014229</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UMB Money Market Special II</name>
        <lei>N/A</lei>
        <title>UMB Money Market Special II</title>
        <cusip>SF8888628</cusip>
        <identifiers>
          <ticker value="SMMFIDU"/>
        </identifiers>
        <balance>340398.37</balance>
        <units>OU</units>
        <descOthUnits>Par Value</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>340398.37</valUSD>
        <pctVal>0.015786</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>0</name>
        <lei>N/A</lei>
        <title>0</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="EUR"/>
          <other otherDesc="0" value="SEDOL"/>
        </identifiers>
        <balance>2983.5</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9565"/>
        <valUSD>3119.18</valUSD>
        <pctVal>0.000145</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Foreign Currency"/>
        <issuerConditional desc="FOREIGN CURRENCY" issuerCat="OTHER"/>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2022-08-26</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>
  <documents>XXXX</documents>
</edgarSubmission>
