<?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">
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    <isConfidential>false</isConfidential>
    <filerInfo>

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


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


    </filerInfo>
  </headerData>
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      <regName>Pear Tree Funds</regName>
      <regFileNumber>811-03790</regFileNumber>
      <regCik>0000722885</regCik>
      <regLei>549300NANVEIFBMHLV32</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>2024-03-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>87568359</totAssets>
      <totLiabs>367051</totLiabs>
      <netAssets>87201308</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>77170</cshNotRptdInCorD>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000209788" rtn1="-3.38" rtn2="-0.42" rtn3="1.51"/>
          <monthlyTotReturn classId="C000209789" rtn1="-3.34" rtn2="-0.42" rtn3="1.35"/>
          <monthlyTotReturn classId="C000209787" rtn1="-3.38" rtn2="-0.42" rtn3="1.5"/>
        </monthlyTotReturns>
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        <othMon2 netRealizedGain="-19752.53" netUnrealizedAppr="-302916.39"/>
        <othMon3 netRealizedGain="295164.63" netUnrealizedAppr="560375.97"/>
      </returnInfo>
      <mon1Flow redemption="742998.05" reinvestment="0" sales="233806.26"/>
      <mon2Flow redemption="3205382.03" reinvestment="0" sales="75063.83"/>
      <mon3Flow redemption="1513341.15" reinvestment="0" sales="339672.44"/>

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        <name>Aalberts N.V.</name>
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          <ticker value="AALB NA"/>
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      <invstOrSec>
        <name>Accent Group Limited</name>
        <lei>N/A</lei>
        <title>Accent Group Limited</title>
        <cusip>N/A</cusip>
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          <ticker value="AX1 AU"/>
          <other otherDesc="SEDOL" value="BD20RS5"/>
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        <balance>1231400</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Alibaba Group Holding Ltd.</name>
        <lei>N/A</lei>
        <title>Alibaba Group Holding Ltd.</title>
        <cusip>N/A</cusip>
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          <ticker value="9988 HK"/>
          <other otherDesc="SEDOL" value="BK6YZP5"/>
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        <balance>125200</balance>
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        <currencyConditional curCd="HKD" exchangeRt="7.8265"/>
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        <pctVal>1.288724449</pctVal>
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        <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"/>
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        <balance>31100</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3533"/>
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        <pctVal>2.037412562</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <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"/>
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        <balance>6300</balance>
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        <currencyConditional curCd="CHF" exchangeRt="0.9007"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <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"/>
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        <balance>8400</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.9259"/>
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        <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"/>
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        <balance>323674</balance>
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        <currencyConditional curCd="ZAR" exchangeRt="18.9363"/>
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        <pctVal>1.790598605</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>BizLink Holding, Inc.</name>
        <lei>N/A</lei>
        <title>BizLink Holding, Inc.</title>
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          <ticker value="3665 TT"/>
          <other otherDesc="SEDOL" value="B5SG8Y4"/>
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        <balance>103290</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Bravida Holding AB</name>
        <lei>N/A</lei>
        <title>Bravida Holding AB</title>
        <cusip>N/A</cusip>
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          <ticker value="BRAV SS"/>
          <other otherDesc="SEDOL" value="BZ1DP29"/>
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        <balance>202200</balance>
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        <currencyConditional curCd="SEK" exchangeRt="10.6926"/>
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        <pctVal>2.036293726</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </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"/>
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        <balance>11534</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3533"/>
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        <pctVal>1.320438606</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Chailease Holding Co., Ltd.</name>
        <lei>N/A</lei>
        <title>Chailease Holding Co., Ltd.</title>
        <cusip>N/A</cusip>
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          <ticker value="5871 TT"/>
          <other otherDesc="SEDOL" value="B58J1S8"/>
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        <balance>226889</balance>
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        <currencyConditional curCd="TWD" exchangeRt="32.0035"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <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"/>
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        <balance>2000000</balance>
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        <currencyConditional curCd="HKD" exchangeRt="7.8265"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </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"/>
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        <balance>30545</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9259"/>
        <valUSD>877521.33</valUSD>
        <pctVal>1.006316702</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>
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      </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"/>
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        <balance>210524</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.5328"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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      </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"/>
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        <balance>53700</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Cranswick plc</name>
        <lei>N/A</lei>
        <title>Cranswick plc</title>
        <cusip>N/A</cusip>
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          <ticker value="CWK LN"/>
          <other otherDesc="SEDOL" value="231888"/>
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        <balance>39440</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.7916"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Credicorp Ltd.</name>
        <lei>N/A</lei>
        <title>Credicorp Ltd.</title>
        <cusip>G2519Y108</cusip>
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          <ticker value="BAP"/>
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        <balance>3800</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>643834</valUSD>
        <pctVal>0.738330665</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>De'Longhi S.p.A.</name>
        <lei>N/A</lei>
        <title>De'Longhi S.p.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="DLG IM"/>
          <other otherDesc="SEDOL" value="7169517"/>
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        <balance>26700</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.9259"/>
        <valUSD>924508.05</valUSD>
        <pctVal>1.060199747</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <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"/>
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        <balance>25200</balance>
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        <currencyConditional curCd="DKK" exchangeRt="6.9065"/>
        <valUSD>731206.83</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</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"/>
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        <balance>9800</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.9259"/>
        <valUSD>2176131.33</valUSD>
        <pctVal>2.49552601</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>29100</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3533"/>
        <valUSD>656486.37</valUSD>
        <pctVal>0.752840046</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>25748</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3533"/>
        <valUSD>1616265.87</valUSD>
        <pctVal>1.853488097</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>192588</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.0056"/>
        <valUSD>1252345.25</valUSD>
        <pctVal>1.436154198</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>6500</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>714545</valUSD>
        <pctVal>0.819420045</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>257100</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.9363"/>
        <valUSD>838114.26</valUSD>
        <pctVal>0.961125786</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>85200</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="151.345"/>
        <valUSD>812340.02</valUSD>
        <pctVal>0.931568615</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>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="371847"/>
        </identifiers>
        <balance>6680</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7916"/>
        <valUSD>847235.98</valUSD>
        <pctVal>0.971586317</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>Genuit Group plc</name>
        <lei>N/A</lei>
        <title>Genuit Group plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="GEN LN"/>
          <other otherDesc="SEDOL" value="BKRC5K3"/>
        </identifiers>
        <balance>86900</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7916"/>
        <valUSD>484119.5</valUSD>
        <pctVal>0.555174583</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>14585</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3533"/>
        <valUSD>1717803.26</valUSD>
        <pctVal>1.969928311</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>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>223662</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.5328"/>
        <valUSD>710617.13</valUSD>
        <pctVal>0.814915675</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>5717</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1346.25"/>
        <valUSD>851445.5</valUSD>
        <pctVal>0.976413676</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="SEDOL" value="BXBZB01"/>
        </identifiers>
        <balance>75300</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="10.6926"/>
        <valUSD>919718.31</valUSD>
        <pctVal>1.054707008</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="557681"/>
        </identifiers>
        <balance>79688</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7916"/>
        <valUSD>912848.39</valUSD>
        <pctVal>1.046828778</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>19300</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9259"/>
        <valUSD>941966.74</valUSD>
        <pctVal>1.08022088</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>174900</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="151.345"/>
        <valUSD>909486.93</valUSD>
        <pctVal>1.04297395</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>Kingboard Laminates Holdings, Ltd.</name>
        <lei>N/A</lei>
        <title>Kingboard Laminates Holdings, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="1888 HK"/>
          <other otherDesc="SEDOL" value="B1HHFV6"/>
        </identifiers>
        <balance>991000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8265"/>
        <valUSD>733136.14</valUSD>
        <pctVal>0.84073984</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</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>45658</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="10.6926"/>
        <valUSD>674668.84</valUSD>
        <pctVal>0.77369119</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>Krungthai Card Public Company Limited</name>
        <lei>N/A</lei>
        <title>Krungthai Card Public Company Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="KTC/F TB"/>
          <other otherDesc="SEDOL" value="BF2LWT8"/>
        </identifiers>
        <balance>545100</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="36.4875"/>
        <valUSD>683475.85</valUSD>
        <pctVal>0.783790821</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>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>995</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9259"/>
        <valUSD>895919.11</valUSD>
        <pctVal>1.027414757</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>10484</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.5328"/>
        <valUSD>1365902.14</valUSD>
        <pctVal>1.566378035</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>184500</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7916"/>
        <valUSD>640482.57</valUSD>
        <pctVal>0.73448734</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>228700</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.2275"/>
        <valUSD>2043506.88</valUSD>
        <pctVal>2.343436033</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>Mondi plc</name>
        <lei>N/A</lei>
        <title>Mondi plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="MNP SJ"/>
          <other otherDesc="SEDOL" value="BR4W2K4"/>
        </identifiers>
        <balance>78492</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.9363"/>
        <valUSD>1384116.68</valUSD>
        <pctVal>1.587265956</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>1064000</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="36.4875"/>
        <valUSD>1355971.22</valUSD>
        <pctVal>1.554989536</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>54294</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="83.4025"/>
        <valUSD>963754.71</valUSD>
        <pctVal>1.105206709</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>43855</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9259"/>
        <valUSD>2169304.46</valUSD>
        <pctVal>2.487697148</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>90600</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="151.345"/>
        <valUSD>1716877.33</valUSD>
        <pctVal>1.96886648</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>66400</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="151.345"/>
        <valUSD>899402.03</valUSD>
        <pctVal>1.031408871</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>121500</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7916"/>
        <valUSD>579258.46</valUSD>
        <pctVal>0.664277258</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>Oxford Instruments plc</name>
        <lei>N/A</lei>
        <title>Oxford Instruments plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="OXIG LN"/>
          <other otherDesc="SEDOL" value="665045"/>
        </identifiers>
        <balance>25000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7916"/>
        <valUSD>671109.15</valUSD>
        <pctVal>0.769609038</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>Pets at home group plc</name>
        <lei>N/A</lei>
        <title>Pets at home group plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="PETS LN"/>
          <other otherDesc="SEDOL" value="BJ62K68"/>
        </identifiers>
        <balance>180000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7916"/>
        <valUSD>610308.24</valUSD>
        <pctVal>0.69988427</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>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>55129</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="32.0035"/>
        <valUSD>856989.94</valUSD>
        <pctVal>0.982771883</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="SEDOL" value="6709099"/>
        </identifiers>
        <balance>2334146</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="15855"/>
        <valUSD>890670.66</valUSD>
        <pctVal>1.021395983</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>926900</balance>
        <units>NS</units>
        <currencyConditional curCd="MYR" exchangeRt="4.733"/>
        <valUSD>824476.86</valUSD>
        <pctVal>0.9454868</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</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>13218</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9259"/>
        <valUSD>1872990.17</valUSD>
        <pctVal>2.147892281</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="309644"/>
        </identifiers>
        <balance>54164</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7916"/>
        <valUSD>497301.61</valUSD>
        <pctVal>0.570291455</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>23932</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1346.25"/>
        <valUSD>1436364.42</valUSD>
        <pctVal>1.64718219</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>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>575000</balance>
        <units>NS</units>
        <currencyConditional curCd="MYR" exchangeRt="4.733"/>
        <valUSD>501743.08</valUSD>
        <pctVal>0.575384807</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</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>12000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9259"/>
        <valUSD>1537099.04</valUSD>
        <pctVal>1.76270181</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>6993</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9259"/>
        <valUSD>774146.78</valUSD>
        <pctVal>0.887769685</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>150300</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="32.0035"/>
        <valUSD>1314981.17</valUSD>
        <pctVal>1.507983304</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>Sixt SE</name>
        <lei>N/A</lei>
        <title>Sixt SE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SIX2 GR"/>
          <other otherDesc="SEDOL" value="5260768"/>
        </identifiers>
        <balance>7100</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9259"/>
        <valUSD>708926.45</valUSD>
        <pctVal>0.812976851</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>SOL S.p.A.</name>
        <lei>N/A</lei>
        <title>SOL S.p.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SOL IM"/>
          <other otherDesc="SEDOL" value="5490684"/>
        </identifiers>
        <balance>58400</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9259"/>
        <valUSD>2090895.35</valUSD>
        <pctVal>2.397779793</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>15100</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="151.345"/>
        <valUSD>1290052.53</valUSD>
        <pctVal>1.479395843</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>207100</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="10.8486"/>
        <valUSD>1825005.99</valUSD>
        <pctVal>2.092865377</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</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>193682</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="10.8486"/>
        <valUSD>2078110.06</valUSD>
        <pctVal>2.383117983</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</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>230900</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7916"/>
        <valUSD>639379.48</valUSD>
        <pctVal>0.733222348</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>156000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="32.0035"/>
        <valUSD>809161.5</valUSD>
        <pctVal>0.927923578</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="SEDOL" value="B3KFW76"/>
        </identifiers>
        <balance>477800</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="36.4875"/>
        <valUSD>1299668.38</valUSD>
        <pctVal>1.490423028</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>22650</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3533"/>
        <valUSD>1368238.75</valUSD>
        <pctVal>1.569057594</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>13700</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="151.345"/>
        <valUSD>446271.76</valUSD>
        <pctVal>0.511771863</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>64500</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.3496"/>
        <valUSD>1400781.71</valUSD>
        <pctVal>1.606376942</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>31800</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9259"/>
        <valUSD>837673.61</valUSD>
        <pctVal>0.960620461</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>51510</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="32.0035"/>
        <valUSD>956049.81</valUSD>
        <pctVal>1.096370947</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="SEDOL" value="BD5M227"/>
        </identifiers>
        <balance>227900</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.2275"/>
        <valUSD>1803649.95</valUSD>
        <pctVal>2.068374873</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="SEDOL" value="B633D97"/>
        </identifiers>
        <balance>364500</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8265"/>
        <valUSD>631523.67</valUSD>
        <pctVal>0.724213526</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>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2024-05-22</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>
