<?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>S000009493</seriesId>
        <classId>C000025972</classId>
        <classId>C000025973</classId>
      </seriesClassInfo>


    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <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 small cap fund</seriesName>
      <seriesId>S000009493</seriesId>
      <seriesLei>549300B7DSOCWNFGCQ51</seriesLei>
      <repPdEnd>2025-03-31</repPdEnd>
      <repPdDate>2024-09-30</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>103186279</totAssets>
      <totLiabs>1097771.12</totLiabs>
      <netAssets>102088507.88</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>0</cshNotRptdInCorD>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000025973" rtn1="9.92" rtn2="-0.96" rtn3="0.36"/>
          <monthlyTotReturn classId="C000025972" rtn1="9.89" rtn2="-1.01" rtn3="0.35"/>
        </monthlyTotReturns>
        <othMon1 netRealizedGain="1005498.32" netUnrealizedAppr="7175156.04"/>
        <othMon2 netRealizedGain="1105743.89" netUnrealizedAppr="-2305371.52"/>
        <othMon3 netRealizedGain="0" netUnrealizedAppr="610441.71"/>
      </returnInfo>
      <mon1Flow redemption="1243820.01" reinvestment="0" sales="821760.34"/>
      <mon2Flow redemption="19620928.91" reinvestment="0" sales="17750919.3"/>
      <mon3Flow redemption="466225.58" reinvestment="0" sales="14260349.59"/>

    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>Acuity Brands, Inc.</name>
        <lei>N/A</lei>
        <title>Acuity Brands, Inc.</title>
        <cusip>00508Y102</cusip>
        <identifiers>
          <ticker value="AYI"/>
        </identifiers>
        <balance>5000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1376950</valUSD>
        <pctVal>1.348780611</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>Air Lease Corporation</name>
        <lei>N/A</lei>
        <title>Air Lease Corporation</title>
        <cusip>00912X302</cusip>
        <identifiers>
          <ticker value="AL"/>
        </identifiers>
        <balance>44400</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2010876</valUSD>
        <pctVal>1.969737869</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>Allison Transmission Holdings, Inc.</name>
        <lei>N/A</lei>
        <title>Allison Transmission Holdings, Inc.</title>
        <cusip>01973R101</cusip>
        <identifiers>
          <ticker value="ALSN"/>
        </identifiers>
        <balance>28100</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2699567</valUSD>
        <pctVal>2.644339756</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>Applied Industrial Technologies, Inc.</name>
        <lei>N/A</lei>
        <title>Applied Industrial Technologies, Inc.</title>
        <cusip>03820C105</cusip>
        <identifiers>
          <ticker value="AIT"/>
        </identifiers>
        <balance>9300</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2075109</valUSD>
        <pctVal>2.032656803</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>Arrow Electronics, Inc.</name>
        <lei>N/A</lei>
        <title>Arrow Electronics, Inc.</title>
        <cusip>042735100</cusip>
        <identifiers>
          <ticker value="ARW"/>
        </identifiers>
        <balance>15000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1992450</valUSD>
        <pctVal>1.951688825</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>Barrett Business Services, Inc.</name>
        <lei>N/A</lei>
        <title>Barrett Business Services, Inc.</title>
        <cusip>068463108</cusip>
        <identifiers>
          <ticker value="BBSI"/>
        </identifiers>
        <balance>75400</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2828254</valUSD>
        <pctVal>2.770394101</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>BOK Financial Corporation</name>
        <lei>N/A</lei>
        <title>BOK Financial Corporation</title>
        <cusip>05561Q201</cusip>
        <identifiers>
          <ticker value="BOKF"/>
        </identifiers>
        <balance>19464</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2036323.68</valUSD>
        <pctVal>1.994664945</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>Buckle, Inc.</name>
        <lei>N/A</lei>
        <title>Buckle, Inc.</title>
        <cusip>118440106</cusip>
        <identifiers>
          <ticker value="BKE"/>
        </identifiers>
        <balance>33500</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1472995</valUSD>
        <pctVal>1.44286074</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>Cabot Corporation</name>
        <lei>N/A</lei>
        <title>Cabot Corporation</title>
        <cusip>127055101</cusip>
        <identifiers>
          <ticker value="CBT"/>
        </identifiers>
        <balance>22073</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2467099.21</valUSD>
        <pctVal>2.416627749</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>Carlisle Companies Incorporated</name>
        <lei>N/A</lei>
        <title>Carlisle Companies Incorporated</title>
        <cusip>142339100</cusip>
        <identifiers>
          <ticker value="CSL"/>
        </identifiers>
        <balance>4600</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2068850</valUSD>
        <pctVal>2.026525848</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>Colony Bankcorp, Inc.</name>
        <lei>N/A</lei>
        <title>Colony Bankcorp, Inc.</title>
        <cusip>19623P101</cusip>
        <identifiers>
          <ticker value="CBAN"/>
        </identifiers>
        <balance>124479</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1931914.08</valUSD>
        <pctVal>1.892391338</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>Crocs, Inc.</name>
        <lei>N/A</lei>
        <title>Crocs, Inc.</title>
        <cusip>227046109</cusip>
        <identifiers>
          <ticker value="CROX"/>
        </identifiers>
        <balance>7410</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1073042.1</valUSD>
        <pctVal>1.051090002</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>CSG Systems International, Inc.</name>
        <lei>N/A</lei>
        <title>CSG Systems International, Inc.</title>
        <cusip>126349109</cusip>
        <identifiers>
          <ticker value="CSGS"/>
        </identifiers>
        <balance>29800</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1449770</valUSD>
        <pctVal>1.420110873</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>Cullen/Frost Bankers, Inc.</name>
        <lei>N/A</lei>
        <title>Cullen/Frost Bankers, Inc.</title>
        <cusip>229899109</cusip>
        <identifiers>
          <ticker value="CFR"/>
        </identifiers>
        <balance>18100</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2024666</valUSD>
        <pctVal>1.983245756</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>Curtiss-Wright Corporation</name>
        <lei>N/A</lei>
        <title>Curtiss-Wright Corporation</title>
        <cusip>231561101</cusip>
        <identifiers>
          <ticker value="CW"/>
        </identifiers>
        <balance>7800</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2563782</valUSD>
        <pctVal>2.51133262</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>CVR Energy, Inc.</name>
        <lei>N/A</lei>
        <title>CVR Energy, Inc.</title>
        <cusip>12662P108</cusip>
        <identifiers>
          <ticker value="CVI"/>
        </identifiers>
        <balance>63200</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1455496</valUSD>
        <pctVal>1.425719731</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>Diamondback Energy, Inc.</name>
        <lei>N/A</lei>
        <title>Diamondback Energy, Inc.</title>
        <cusip>25278X109</cusip>
        <identifiers>
          <ticker value="FANG"/>
        </identifiers>
        <balance>10670</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1839508</valUSD>
        <pctVal>1.801875684</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>Eagle Materials Inc.</name>
        <lei>N/A</lei>
        <title>Eagle Materials Inc.</title>
        <cusip>26969P108</cusip>
        <identifiers>
          <ticker value="EXP"/>
        </identifiers>
        <balance>8400</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2416260</valUSD>
        <pctVal>2.366828598</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>Enghouse Systems Limited</name>
        <lei>N/A</lei>
        <title>Enghouse Systems Limited</title>
        <cusip>292949955</cusip>
        <identifiers>
          <ticker value="ENGH CN"/>
        </identifiers>
        <balance>53200</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.351"/>
        <valUSD>1325077.72</valUSD>
        <pctVal>1.297969524</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>Ennis, Inc.</name>
        <lei>N/A</lei>
        <title>Ennis, Inc.</title>
        <cusip>293389102</cusip>
        <identifiers>
          <ticker value="EBF"/>
        </identifiers>
        <balance>82300</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2001536</valUSD>
        <pctVal>1.960588945</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>Essential Properties Realty Trust, Inc.</name>
        <lei>N/A</lei>
        <title>Essential Properties Realty Trust, Inc.</title>
        <cusip>29670E107</cusip>
        <identifiers>
          <ticker value="EPRT"/>
        </identifiers>
        <balance>58200</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1987530</valUSD>
        <pctVal>1.946869478</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>EVERTEC Inc.</name>
        <lei>N/A</lei>
        <title>EVERTEC Inc.</title>
        <cusip>30040P103</cusip>
        <identifiers>
          <ticker value="EVTC"/>
        </identifiers>
        <balance>60500</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2050345</valUSD>
        <pctVal>2.00839942</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>Exelixis, Inc.</name>
        <lei>N/A</lei>
        <title>Exelixis, Inc.</title>
        <cusip>30161Q104</cusip>
        <identifiers>
          <ticker value="EXEL"/>
        </identifiers>
        <balance>61900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1606305</valUSD>
        <pctVal>1.573443508</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>F.N.B. Corporation</name>
        <lei>N/A</lei>
        <title>F.N.B. Corporation</title>
        <cusip>302520101</cusip>
        <identifiers>
          <ticker value="FNB"/>
        </identifiers>
        <balance>61980</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>874537.8</valUSD>
        <pctVal>0.856646667</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>Global Medical REIT Inc.</name>
        <lei>N/A</lei>
        <title>Global Medical REIT Inc.</title>
        <cusip>37954A204</cusip>
        <identifiers>
          <ticker value="GMRE"/>
        </identifiers>
        <balance>206000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2041460</valUSD>
        <pctVal>1.999696188</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>Graphic Packaging Holding Co.</name>
        <lei>N/A</lei>
        <title>Graphic Packaging Holding Co.</title>
        <cusip>388689101</cusip>
        <identifiers>
          <ticker value="GPK"/>
        </identifiers>
        <balance>91600</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2710444</valUSD>
        <pctVal>2.654994236</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>H&amp;E Equipment Services, Inc.</name>
        <lei>N/A</lei>
        <title>H&amp;E Equipment Services, Inc.</title>
        <cusip>404030108</cusip>
        <identifiers>
          <ticker value="HEES"/>
        </identifiers>
        <balance>37000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1801160</valUSD>
        <pctVal>1.764312201</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>Harmony Biosciences Holdings, Inc.</name>
        <lei>N/A</lei>
        <title>Harmony Biosciences Holdings, Inc.</title>
        <cusip>413197104</cusip>
        <identifiers>
          <ticker value="HRMY"/>
        </identifiers>
        <balance>45000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1800000</valUSD>
        <pctVal>1.763175932</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>Ingles Markets Inc.</name>
        <lei>N/A</lei>
        <title>Ingles Markets Inc.</title>
        <cusip>457030104</cusip>
        <identifiers>
          <ticker value="IMKTA"/>
        </identifiers>
        <balance>26300</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1961980</valUSD>
        <pctVal>1.921842175</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>Ingredion Incorporated</name>
        <lei>N/A</lei>
        <title>Ingredion Incorporated</title>
        <cusip>457187102</cusip>
        <identifiers>
          <ticker value="INGR"/>
        </identifiers>
        <balance>17500</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2405025</valUSD>
        <pctVal>2.355823442</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>Innovex International, Inc.</name>
        <lei>N/A</lei>
        <title>Innovex International, Inc.</title>
        <cusip>457651107</cusip>
        <identifiers>
          <ticker value="INVX"/>
        </identifiers>
        <balance>45800</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>672344</valUSD>
        <pctVal>0.65858931</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>International Bancshares Corporation</name>
        <lei>N/A</lei>
        <title>International Bancshares Corporation</title>
        <cusip>459044103</cusip>
        <identifiers>
          <ticker value="IBOC"/>
        </identifiers>
        <balance>41700</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2493243</valUSD>
        <pctVal>2.442236694</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>Janus International Group, Inc.</name>
        <lei>N/A</lei>
        <title>Janus International Group, Inc.</title>
        <cusip>47103N106</cusip>
        <identifiers>
          <ticker value="JBI"/>
        </identifiers>
        <balance>122000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1233420</valUSD>
        <pctVal>1.208186921</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>Kforce, Inc.</name>
        <lei>N/A</lei>
        <title>Kforce, Inc.</title>
        <cusip>493732101</cusip>
        <identifiers>
          <ticker value="KFRC"/>
        </identifiers>
        <balance>32994</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2027481.3</valUSD>
        <pctVal>1.986003461</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>Kimball Electronics, Inc.</name>
        <lei>N/A</lei>
        <title>Kimball Electronics, Inc.</title>
        <cusip>49428J109</cusip>
        <identifiers>
          <ticker value="KE"/>
        </identifiers>
        <balance>40045</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>741232.95</valUSD>
        <pctVal>0.726068943</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>Knight-Swift Transportation Holdings, Inc.</name>
        <lei>N/A</lei>
        <title>Knight-Swift Transportation Holdings, Inc.</title>
        <cusip>499049104</cusip>
        <identifiers>
          <ticker value="KNX"/>
        </identifiers>
        <balance>25394</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1370006.3</valUSD>
        <pctVal>1.341978964</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>Lundin Mining Corporation</name>
        <lei>N/A</lei>
        <title>Lundin Mining Corporation</title>
        <cusip>550372957</cusip>
        <identifiers>
          <ticker value="LUN CN"/>
        </identifiers>
        <balance>203200</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.351"/>
        <valUSD>2131268.69</valUSD>
        <pctVal>2.087667588</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>Maximus Inc.</name>
        <lei>N/A</lei>
        <title>Maximus Inc.</title>
        <cusip>577933104</cusip>
        <identifiers>
          <ticker value="MMS"/>
        </identifiers>
        <balance>21800</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2030888</valUSD>
        <pctVal>1.989340468</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>MKS Instruments, Inc.</name>
        <lei>N/A</lei>
        <title>MKS Instruments, Inc.</title>
        <cusip>55306N104</cusip>
        <identifiers>
          <ticker value="MKSI"/>
        </identifiers>
        <balance>11400</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1239294</valUSD>
        <pctVal>1.213940752</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>Northeast Bancorp</name>
        <lei>N/A</lei>
        <title>Northeast Bancorp</title>
        <cusip>66405S100</cusip>
        <identifiers>
          <ticker value="NBN"/>
        </identifiers>
        <balance>20700</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1596591</valUSD>
        <pctVal>1.563928236</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>NOV Inc.</name>
        <lei>N/A</lei>
        <title>NOV Inc.</title>
        <cusip>62955J103</cusip>
        <identifiers>
          <ticker value="NOV"/>
        </identifiers>
        <balance>117738</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1880275.86</valUSD>
        <pctVal>1.841809523</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>NOW Inc.</name>
        <lei>N/A</lei>
        <title>NOW Inc.</title>
        <cusip>67011P100</cusip>
        <identifiers>
          <ticker value="DNOW"/>
        </identifiers>
        <balance>101700</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1314981</valUSD>
        <pctVal>1.288079361</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>OFG Bancorp</name>
        <lei>N/A</lei>
        <title>OFG Bancorp</title>
        <cusip>67103X102</cusip>
        <identifiers>
          <ticker value="OFG"/>
        </identifiers>
        <balance>64300</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2888356</valUSD>
        <pctVal>2.829266545</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>Perdoceo Education Corporation</name>
        <lei>N/A</lei>
        <title>Perdoceo Education Corporation</title>
        <cusip>71363P106</cusip>
        <identifiers>
          <ticker value="PRDO"/>
        </identifiers>
        <balance>43500</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>967440</valUSD>
        <pctVal>0.947648291</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>Regal Rexnord Corporation</name>
        <lei>N/A</lei>
        <title>Regal Rexnord Corporation</title>
        <cusip>758750103</cusip>
        <identifiers>
          <ticker value="RRX"/>
        </identifiers>
        <balance>6789</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1126159.32</valUSD>
        <pctVal>1.10312056</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>Science Applications International Corporation</name>
        <lei>N/A</lei>
        <title>Science Applications International Corporation</title>
        <cusip>808625107</cusip>
        <identifiers>
          <ticker value="SAIC"/>
        </identifiers>
        <balance>14900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2075123</valUSD>
        <pctVal>2.032670516</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>SLM Corporation</name>
        <lei>N/A</lei>
        <title>SLM Corporation</title>
        <cusip>78442P106</cusip>
        <identifiers>
          <ticker value="SLM"/>
        </identifiers>
        <balance>78700</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1799869</valUSD>
        <pctVal>1.763047612</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>South Plains Financial, Inc.</name>
        <lei>N/A</lei>
        <title>South Plains Financial, Inc.</title>
        <cusip>83946P107</cusip>
        <identifiers>
          <ticker value="SPFI"/>
        </identifiers>
        <balance>82800</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2808576</valUSD>
        <pctVal>2.75111867</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>Southside Bancshares, Inc.</name>
        <lei>N/A</lei>
        <title>Southside Bancshares, Inc.</title>
        <cusip>84470P109</cusip>
        <identifiers>
          <ticker value="SBSI"/>
        </identifiers>
        <balance>61500</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2055945</valUSD>
        <pctVal>2.013884856</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>Supernus Pharmaceuticals, Inc.</name>
        <lei>N/A</lei>
        <title>Supernus Pharmaceuticals, Inc.</title>
        <cusip>868459108</cusip>
        <identifiers>
          <ticker value="SUPN"/>
        </identifiers>
        <balance>42500</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1325150</valUSD>
        <pctVal>1.298040326</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>Tecnoglass, Inc.</name>
        <lei>N/A</lei>
        <title>Tecnoglass, Inc.</title>
        <cusip>G87264100</cusip>
        <identifiers>
          <ticker value="TGLS"/>
        </identifiers>
        <balance>21700</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1489922</valUSD>
        <pctVal>1.45944145</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>TruBridge, Inc.</name>
        <lei>N/A</lei>
        <title>TruBridge, Inc.</title>
        <cusip>205306103</cusip>
        <identifiers>
          <ticker value="TBRG"/>
        </identifiers>
        <balance>116150</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1389154</valUSD>
        <pctVal>1.360734943</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>V2X, Inc.</name>
        <lei>N/A</lei>
        <title>V2X, Inc.</title>
        <cusip>92242T101</cusip>
        <identifiers>
          <ticker value="VVX"/>
        </identifiers>
        <balance>37600</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2100336</valUSD>
        <pctVal>2.057367713</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>Wabash National Corporation</name>
        <lei>N/A</lei>
        <title>Wabash National Corporation</title>
        <cusip>929566107</cusip>
        <identifiers>
          <ticker value="WNC"/>
        </identifiers>
        <balance>76200</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1462278</valUSD>
        <pctVal>1.432362986</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>Winnebago Industries, Inc.</name>
        <lei>N/A</lei>
        <title>Winnebago Industries, Inc.</title>
        <cusip>974637100</cusip>
        <identifiers>
          <ticker value="WGO"/>
        </identifiers>
        <balance>24767</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1439210.37</valUSD>
        <pctVal>1.409767269</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>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2024-10-31</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>
