<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:com="http://www.sec.gov/edgar/common" xmlns:ncom="http://www.sec.gov/edgar/nportcommon" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
  <headerData>
    <submissionType>NPORT-P</submissionType>
    <isConfidential>false</isConfidential>
    <filerInfo>

      <filer>
        <issuerCredentials>
          <cik>0000722885</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>


      <seriesClassInfo>
        <seriesId>S000064782</seriesId>
        <classId>C000209789</classId>
        <classId>C000209788</classId>
        <classId>C000209787</classId>
      </seriesClassInfo>


    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <regName>Pear Tree Funds</regName>
      <regFileNumber>811-03790</regFileNumber>
      <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 international opportunities fund</seriesName>
      <seriesId>S000064782</seriesId>
      <seriesLei>549300IESHKEPMUBBX72</seriesLei>
      <repPdEnd>2024-03-31</repPdEnd>
      <repPdDate>2023-09-30</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>26940988</totAssets>
      <totLiabs>228541</totLiabs>
      <netAssets>26712447</netAssets>
      <assetsAttrMiscSec>0</assetsAttrMiscSec>
      <assetsInvested>0</assetsInvested>
      <amtPayOneYrBanksBorr>0</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0</amtPayAftOneYrOther>
      <delayDeliv>0</delayDeliv>
      <standByCommit>0</standByCommit>
      <liquidPref>0</liquidPref>
      <cshNotRptdInCorD>19176</cshNotRptdInCorD>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000209788" rtn1="2.94" rtn2="-4.08" rtn3="-4.6"/>
          <monthlyTotReturn classId="C000209789" rtn1="2.98" rtn2="-4.13" rtn3="-4.57"/>
          <monthlyTotReturn classId="C000209787" rtn1="2.94" rtn2="-4.09" rtn3="-4.51"/>
        </monthlyTotReturns>
        <othMon1 netRealizedGain="368506.72" netUnrealizedAppr="432750.17"/>
        <othMon2 netRealizedGain="35553.09" netUnrealizedAppr="-1272026.12"/>
        <othMon3 netRealizedGain="120916.4" netUnrealizedAppr="-1417843.29"/>
      </returnInfo>
      <mon1Flow redemption="273.4" reinvestment="0" sales="2551.81"/>
      <mon2Flow redemption="9332.1" reinvestment="0" sales="12234.34"/>
      <mon3Flow redemption="0.25" reinvestment="0" sales="40601.35"/>

    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>Aalberts N.V.</name>
        <lei>N/A</lei>
        <title>Aalberts N.V.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="AALB NA"/>
          <other otherDesc="SEDOL" value="B1W8P14"/>
        </identifiers>
        <balance>5000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9445"/>
        <valUSD>183589.2</valUSD>
        <pctVal>0.007</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Accent Group Limited</name>
        <lei>N/A</lei>
        <title>Accent Group Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="AX1 AU"/>
          <other otherDesc="SEDOL" value="BD20RS5"/>
        </identifiers>
        <balance>394000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.5494"/>
        <valUSD>498412.29</valUSD>
        <pctVal>0.019</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>Alibaba Group Holding Ltd.</name>
        <lei>N/A</lei>
        <title>Alibaba Group Holding Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="9988 HK"/>
          <other otherDesc="SEDOL" value="BK6YZP5"/>
        </identifiers>
        <balance>40800</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8319"/>
        <valUSD>445930.11</valUSD>
        <pctVal>0.017</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>Alimentation Couche-Tard Inc.</name>
        <lei>N/A</lei>
        <title>Alimentation Couche-Tard Inc.</title>
        <cusip>01626P965</cusip>
        <identifiers>
          <ticker value="ATD CN"/>
        </identifiers>
        <balance>9300</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.352"/>
        <valUSD>474492.6</valUSD>
        <pctVal>0.018</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>ALSO Holding AG</name>
        <lei>N/A</lei>
        <title>ALSO Holding AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="ALSN SW"/>
          <other otherDesc="SEDOL" value="B11TD81"/>
        </identifiers>
        <balance>2000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.9148"/>
        <valUSD>503935.29</valUSD>
        <pctVal>0.019</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Alten S.A.</name>
        <lei>N/A</lei>
        <title>Alten S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="ATE FP"/>
          <other otherDesc="SEDOL" value="5608915"/>
        </identifiers>
        <balance>3000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9445"/>
        <valUSD>395764.96</valUSD>
        <pctVal>0.015</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>AVI Limited</name>
        <lei>N/A</lei>
        <title>AVI Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="AVI SJ"/>
          <other otherDesc="SEDOL" value="6040958"/>
        </identifiers>
        <balance>105400</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.8394"/>
        <valUSD>417585.27</valUSD>
        <pctVal>0.016</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>BizLink Holding, Inc.</name>
        <lei>N/A</lei>
        <title>BizLink Holding, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="3665 TT"/>
          <other otherDesc="SEDOL" value="B5SG8Y4"/>
        </identifiers>
        <balance>26391</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="32.2805"/>
        <valUSD>220736.34</valUSD>
        <pctVal>0.008</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bravida Holding AB</name>
        <lei>N/A</lei>
        <title>Bravida Holding AB</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="BRAV SS"/>
          <other otherDesc="SEDOL" value="BZ1DP29"/>
        </identifiers>
        <balance>80900</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="10.8642"/>
        <valUSD>600185.93</valUSD>
        <pctVal>0.022</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>Canadian Tire Corporation</name>
        <lei>N/A</lei>
        <title>Canadian Tire Corporation</title>
        <cusip>136681954</cusip>
        <identifiers>
          <ticker value="CTC/A CN"/>
        </identifiers>
        <balance>3435</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.352"/>
        <valUSD>371066.38</valUSD>
        <pctVal>0.014</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>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="SEDOL" value="B58J1S8"/>
        </identifiers>
        <balance>36089</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="32.2805"/>
        <valUSD>202354.64</valUSD>
        <pctVal>0.008</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>China MeiDong Auto Holdings Limited</name>
        <lei>N/A</lei>
        <title>China MeiDong Auto Holdings Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="1268 HK"/>
          <other otherDesc="SEDOL" value="BH0VXF7"/>
        </identifiers>
        <balance>376000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8319"/>
        <valUSD>205957.69</valUSD>
        <pctVal>0.008</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>CIE Automotive</name>
        <lei>N/A</lei>
        <title>CIE Automotive</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="CIE SM"/>
          <other otherDesc="SEDOL" value="B15CL93"/>
        </identifiers>
        <balance>14400</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9445"/>
        <valUSD>390911.59</valUSD>
        <pctVal>0.015</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</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="SEDOL" value="B6QCFP1"/>
        </identifiers>
        <balance>79783</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.5494"/>
        <valUSD>492786.44</valUSD>
        <pctVal>0.018</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>Computacenter plc</name>
        <lei>N/A</lei>
        <title>Computacenter plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="CCC LN"/>
          <other otherDesc="SEDOL" value="BV9FP30"/>
        </identifiers>
        <balance>15800</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.8193"/>
        <valUSD>487904.31</valUSD>
        <pctVal>0.018</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>Cranswick plc</name>
        <lei>N/A</lei>
        <title>Cranswick plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="CWK LN"/>
          <other otherDesc="SEDOL" value="0231888"/>
        </identifiers>
        <balance>10000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.8193"/>
        <valUSD>433540.83</valUSD>
        <pctVal>0.016</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>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>230346</valUSD>
        <pctVal>0.009</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PE</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="SEDOL" value="7169517"/>
        </identifiers>
        <balance>21900</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9445"/>
        <valUSD>478113.29</valUSD>
        <pctVal>0.018</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="SEDOL" value="BYSS4Q7"/>
        </identifiers>
        <balance>8800</balance>
        <units>NS</units>
        <currencyConditional curCd="DKK" exchangeRt="7.0432"/>
        <valUSD>291367.56</valUSD>
        <pctVal>0.011</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="SEDOL" value="4247494"/>
        </identifiers>
        <balance>4000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9445"/>
        <valUSD>677183.7</valUSD>
        <pctVal>0.025</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>Enghouse Systems Limited</name>
        <lei>N/A</lei>
        <title>Enghouse Systems Limited</title>
        <cusip>292949955</cusip>
        <identifiers>
          <ticker value="ENGH CN"/>
        </identifiers>
        <balance>17800</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.352"/>
        <valUSD>394707.1</valUSD>
        <pctVal>0.015</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>EQB Inc.</name>
        <lei>N/A</lei>
        <title>EQB Inc.</title>
        <cusip>26886R955</cusip>
        <identifiers>
          <ticker value="EQB CN"/>
        </identifiers>
        <balance>7561</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.352"/>
        <valUSD>421671.15</valUSD>
        <pctVal>0.016</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="SEDOL" value="B128R96"/>
        </identifiers>
        <balance>59488</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.0052"/>
        <valUSD>381040.77</valUSD>
        <pctVal>0.014</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>Euronet Worldwide, Inc.</name>
        <lei>N/A</lei>
        <title>Euronet Worldwide, Inc.</title>
        <cusip>298736109</cusip>
        <identifiers>
          <ticker value="EEFT"/>
        </identifiers>
        <balance>4600</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>365148</valUSD>
        <pctVal>0.014</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="SEDOL" value="6606996"/>
        </identifiers>
        <balance>70500</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.8394"/>
        <valUSD>238974.17</valUSD>
        <pctVal>0.009</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>FULLCAST HOLDINGS Co., Ltd.</name>
        <lei>N/A</lei>
        <title>FULLCAST HOLDINGS Co., Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="4848 JP"/>
          <other otherDesc="SEDOL" value="6352404"/>
        </identifiers>
        <balance>29400</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="149.225"/>
        <valUSD>370787.74</valUSD>
        <pctVal>0.014</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>Future plc</name>
        <lei>N/A</lei>
        <title>Future plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="FUTR LN"/>
          <other otherDesc="SEDOL" value="BYZN904"/>
        </identifiers>
        <balance>14600</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.8193"/>
        <valUSD>158420.6</valUSD>
        <pctVal>0.006</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="SEDOL" value="0371847"/>
        </identifiers>
        <balance>2093</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.8193"/>
        <valUSD>270023.31</valUSD>
        <pctVal>0.01</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="SEDOL" value="BYR11M2"/>
        </identifiers>
        <balance>5154</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.352"/>
        <valUSD>406487.44</valUSD>
        <pctVal>0.015</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>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="SEDOL" value="B1KFX13"/>
        </identifiers>
        <balance>25500</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="17.3785"/>
        <valUSD>277530.86</valUSD>
        <pctVal>0.01</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>
          <ticker value="GAPB MM"/>
        </identifiers>
        <balance>14500</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="17.3785"/>
        <valUSD>238995.31</valUSD>
        <pctVal>0.009</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>
          <ticker value="ASURB MM"/>
        </identifiers>
        <balance>9200</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="17.3785"/>
        <valUSD>225816.5</valUSD>
        <pctVal>0.008</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="SEDOL" value="6243252"/>
        </identifiers>
        <balance>84116</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.5494"/>
        <valUSD>287190.94</valUSD>
        <pctVal>0.011</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="SEDOL" value="6988155"/>
        </identifiers>
        <balance>2900</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1349.4"/>
        <valUSD>360619.53</valUSD>
        <pctVal>0.014</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</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="SEDOL" value="BXBZB01"/>
        </identifiers>
        <balance>42300</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="10.8642"/>
        <valUSD>378255.65</valUSD>
        <pctVal>0.014</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="SEDOL" value="0557681"/>
        </identifiers>
        <balance>16873</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.8193"/>
        <valUSD>151657.23</valUSD>
        <pctVal>0.006</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="SEDOL" value="5161407"/>
        </identifiers>
        <balance>4200</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9445"/>
        <valUSD>193391.21</valUSD>
        <pctVal>0.007</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="SEDOL" value="B1CC1X0"/>
        </identifiers>
        <balance>24700</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="149.225"/>
        <valUSD>420756.58</valUSD>
        <pctVal>0.016</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>Knowit AB</name>
        <lei>N/A</lei>
        <title>Knowit AB</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="KNOW SS"/>
          <other otherDesc="SEDOL" value="5364886"/>
        </identifiers>
        <balance>31600</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="10.8642"/>
        <valUSD>368815.01</valUSD>
        <pctVal>0.014</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="SEDOL" value="4061412"/>
        </identifiers>
        <balance>295</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9445"/>
        <valUSD>223756.48</valUSD>
        <pctVal>0.008</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="SEDOL" value="B28YTC2"/>
        </identifiers>
        <balance>3497</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.5494"/>
        <valUSD>378567.06</valUSD>
        <pctVal>0.014</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>Marshalls PLC</name>
        <lei>N/A</lei>
        <title>Marshalls PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="MSLH LN"/>
          <other otherDesc="SEDOL" value="B012BV2"/>
        </identifiers>
        <balance>66600</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.8193"/>
        <valUSD>205498.35</valUSD>
        <pctVal>0.008</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="SEDOL" value="BD5CPP1"/>
        </identifiers>
        <balance>77900</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.3041"/>
        <valUSD>591707.67</valUSD>
        <pctVal>0.022</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mondi plc</name>
        <lei>N/A</lei>
        <title>Mondi plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="MNP SJ"/>
          <other otherDesc="SEDOL" value="B1YCDP4"/>
        </identifiers>
        <balance>25951</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.8394"/>
        <valUSD>435767.53</valUSD>
        <pctVal>0.016</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>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="SEDOL" value="BFXP664"/>
        </identifiers>
        <balance>418500</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="36.4125"/>
        <valUSD>413759.01</valUSD>
        <pctVal>0.015</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="SEDOL" value="B40MFF3"/>
        </identifiers>
        <balance>18200</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="83.0413"/>
        <valUSD>274398.4</valUSD>
        <pctVal>0.01</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="SEDOL" value="5972676"/>
        </identifiers>
        <balance>13900</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9445"/>
        <valUSD>522445.74</valUSD>
        <pctVal>0.02</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>NEXTAGE Co., Ltd.</name>
        <lei>N/A</lei>
        <title>NEXTAGE Co., Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="3186 JP"/>
          <other otherDesc="SEDOL" value="BBQ2ZC3"/>
        </identifiers>
        <balance>26300</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="149.225"/>
        <valUSD>402188.64</valUSD>
        <pctVal>0.015</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 Up Group Inc.</name>
        <lei>N/A</lei>
        <title>Open Up Group Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="2154 JP"/>
          <other otherDesc="SEDOL" value="B1XC021"/>
        </identifiers>
        <balance>19100</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="149.225"/>
        <valUSD>234870.16</valUSD>
        <pctVal>0.009</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>OSB Group PLC</name>
        <lei>N/A</lei>
        <title>OSB Group PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="OSB LN"/>
          <other otherDesc="SEDOL" value="BLDRH36"/>
        </identifiers>
        <balance>63600</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.8193"/>
        <valUSD>254151.59</valUSD>
        <pctVal>0.01</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="SEDOL" value="6541826"/>
        </identifiers>
        <balance>13130</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="32.2805"/>
        <valUSD>196044.94</valUSD>
        <pctVal>0.007</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</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="SEDOL" value="6709099"/>
        </identifiers>
        <balance>740745</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="15455"/>
        <valUSD>250429.8</valUSD>
        <pctVal>0.009</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="SEDOL" value="B012W42"/>
        </identifiers>
        <balance>339000</balance>
        <units>NS</units>
        <currencyConditional curCd="MYR" exchangeRt="4.6953"/>
        <valUSD>293131.43</valUSD>
        <pctVal>0.011</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>Reply S.p.A.</name>
        <lei>N/A</lei>
        <title>Reply S.p.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="REY IM"/>
          <other otherDesc="SEDOL" value="BZ1DZ96"/>
        </identifiers>
        <balance>2200</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9445"/>
        <valUSD>207421.92</valUSD>
        <pctVal>0.008</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>RS Group plc</name>
        <lei>N/A</lei>
        <title>RS Group plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="RS1 LN"/>
          <other otherDesc="SEDOL" value="0309644"/>
        </identifiers>
        <balance>28730</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.8193"/>
        <valUSD>257879.19</valUSD>
        <pctVal>0.01</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>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="SEDOL" value="6771720"/>
        </identifiers>
        <balance>7898</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1349.4"/>
        <valUSD>400343.26</valUSD>
        <pctVal>0.015</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</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="SEDOL" value="B1VZ5G1"/>
        </identifiers>
        <balance>523700</balance>
        <units>NS</units>
        <currencyConditional curCd="MYR" exchangeRt="4.6953"/>
        <valUSD>413802.53</valUSD>
        <pctVal>0.015</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="SEDOL" value="4792132"/>
        </identifiers>
        <balance>3700</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9445"/>
        <valUSD>347278.98</valUSD>
        <pctVal>0.013</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="SEDOL" value="B56RD66"/>
        </identifiers>
        <balance>3700</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9445"/>
        <valUSD>389587.08</valUSD>
        <pctVal>0.015</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="SEDOL" value="6349354"/>
        </identifiers>
        <balance>20600</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="32.2805"/>
        <valUSD>206443.52</valUSD>
        <pctVal>0.008</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SOL SpA</name>
        <lei>N/A</lei>
        <title>SOL SpA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SOL IM"/>
          <other otherDesc="SEDOL" value="5490684"/>
        </identifiers>
        <balance>14700</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9445"/>
        <valUSD>417109.58</valUSD>
        <pctVal>0.016</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>Sony Group Corporation</name>
        <lei>N/A</lei>
        <title>Sony Group Corporation</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="6758 JP"/>
          <other otherDesc="SEDOL" value="6821506"/>
        </identifiers>
        <balance>2500</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="149.225"/>
        <valUSD>205059.47</valUSD>
        <pctVal>0.008</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>SpareBank Nord-Norge</name>
        <lei>N/A</lei>
        <title>SpareBank Nord-Norge</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="NONG NO"/>
          <other otherDesc="SEDOL" value="B06T259"/>
        </identifiers>
        <balance>60100</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="10.6409"/>
        <valUSD>540515.37</valUSD>
        <pctVal>0.02</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>Sparebanken Vest</name>
        <lei>N/A</lei>
        <title>Sparebanken Vest</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SVEG NO"/>
          <other otherDesc="SEDOL" value="4780290"/>
        </identifiers>
        <balance>51800</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="10.6409"/>
        <valUSD>513088.18</valUSD>
        <pctVal>0.019</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="SEDOL" value="BGBN7C0"/>
        </identifiers>
        <balance>91000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.8193"/>
        <valUSD>225028.68</valUSD>
        <pctVal>0.008</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="SEDOL" value="6146629"/>
        </identifiers>
        <balance>39000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="32.2805"/>
        <valUSD>176391.32</valUSD>
        <pctVal>0.007</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</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="SEDOL" value="B3KFW76"/>
        </identifiers>
        <balance>208500</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="36.4125"/>
        <valUSD>565447.99</valUSD>
        <pctVal>0.021</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>Toronto-Dominion Bank</name>
        <lei>N/A</lei>
        <title>Toronto-Dominion Bank</title>
        <cusip>891160954</cusip>
        <identifiers>
          <ticker value="TD CN"/>
        </identifiers>
        <balance>9376</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.352"/>
        <valUSD>567483.79</valUSD>
        <pctVal>0.021</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>Tri Chemical Laboratories Inc.</name>
        <lei>N/A</lei>
        <title>Tri Chemical Laboratories Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="4369 JP"/>
          <other otherDesc="SEDOL" value="B1Z8XW8"/>
        </identifiers>
        <balance>25100</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="149.225"/>
        <valUSD>521427.37</valUSD>
        <pctVal>0.02</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>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="SEDOL" value="6916781"/>
        </identifiers>
        <balance>28600</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.3649"/>
        <valUSD>597186.61</valUSD>
        <pctVal>0.022</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>Valmet OYJ</name>
        <lei>N/A</lei>
        <title>Valmet OYJ</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="VALMT FH"/>
          <other otherDesc="SEDOL" value="BH6XZT5"/>
        </identifiers>
        <balance>8400</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9445"/>
        <valUSD>192635.26</valUSD>
        <pctVal>0.007</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</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="SEDOL" value="6984380"/>
        </identifiers>
        <balance>16510</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="32.2805"/>
        <valUSD>268513.5</valUSD>
        <pctVal>0.01</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</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="SEDOL" value="BD5M227"/>
        </identifiers>
        <balance>72000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.3041"/>
        <valUSD>477890.5</valUSD>
        <pctVal>0.018</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</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="SEDOL" value="B633D97"/>
        </identifiers>
        <balance>138500</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8319"/>
        <valUSD>389934.12</valUSD>
        <pctVal>0.015</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>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>383726</balance>
        <units>OU</units>
        <descOthUnits>Par Value</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>383725.71</valUSD>
        <pctVal>0.014</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>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2023-11-22</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>
