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

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


      <seriesClassInfo>
        <seriesId>S000021993</seriesId>
        <classId>C000063163</classId>
        <classId>C000063164</classId>
        <classId>C000177800</classId>
      </seriesClassInfo>


    </filerInfo>
  </headerData>
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    <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 foreign value small cap fund</seriesName>
      <seriesId>S000021993</seriesId>
      <seriesLei>549300AVE8SR25FLIW19</seriesLei>
      <repPdEnd>2025-03-31</repPdEnd>
      <repPdDate>2024-09-30</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>1052965145.01</totAssets>
      <totLiabs>2354908.18</totLiabs>
      <netAssets>1050610236.83</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>592485.71</cshNotRptdInCorD>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000063164" rtn1="5.57" rtn2="1.01" rtn3="-0.41"/>
          <monthlyTotReturn classId="C000063163" rtn1="5.51" rtn2="1.01" rtn3="-0.41"/>
          <monthlyTotReturn classId="C000177800" rtn1="5.55" rtn2="1.08" rtn3="-0.41"/>
        </monthlyTotReturns>
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        <othMon2 netRealizedGain="-8583214.42" netUnrealizedAppr="18199676.38"/>
        <othMon3 netRealizedGain="5448777.46" netUnrealizedAppr="-12996268.51"/>
      </returnInfo>
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      <mon2Flow redemption="39918796.04" reinvestment="0" sales="38305312.18"/>
      <mon3Flow redemption="15238217.92" reinvestment="0" sales="9602247.42"/>

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        <name>Aalberts N.V.</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Amundi</name>
        <lei>N/A</lei>
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          <ticker value="AMUN FP"/>
          <other otherDesc="SEDOL" value="BYZR014"/>
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        <invCountry>FR</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Berkeley Group Holdings plc</name>
        <lei>N/A</lei>
        <title>Berkeley Group Holdings plc</title>
        <cusip>N/A</cusip>
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          <ticker value="BKG LN"/>
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        <invCountry>GB</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BizLink Holding, Inc.</name>
        <lei>N/A</lei>
        <title>BizLink Holding, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="3665 TT"/>
          <other otherDesc="SEDOL" value="B5SG8Y4"/>
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        <currencyConditional curCd="TWD" exchangeRt="31.6465"/>
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        <assetCat>EC</assetCat>
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        <invCountry>TW</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <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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        <currencyConditional curCd="HKD" exchangeRt="7.7675"/>
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        <invCountry>CN</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>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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        <assetCat>EC</assetCat>
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        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Coats Group plc</name>
        <lei>N/A</lei>
        <title>Coats Group plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="COA LN"/>
          <other otherDesc="SEDOL" value="B4YZN32"/>
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        <balance>5811700</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.7455"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
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        <fairValLevel>1</fairValLevel>
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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>503000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.7455"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Crest Nicholson Holdings plc</name>
        <lei>N/A</lei>
        <title>Crest Nicholson Holdings plc</title>
        <cusip>N/A</cusip>
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          <ticker value="CRST LN"/>
          <other otherDesc="SEDOL" value="B8VZXT9"/>
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        <balance>2611400</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.7455"/>
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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>Daicel Corporation</name>
        <lei>N/A</lei>
        <title>Daicel Corporation</title>
        <cusip>N/A</cusip>
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          <other otherDesc="SEDOL" value="6250542"/>
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        <balance>2587100</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>De'Longhi S.p.A.</name>
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        <identifiers>
          <ticker value="DLG IM"/>
          <other otherDesc="SEDOL" value="7169517"/>
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        <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>374399</balance>
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        <currencyConditional curCd="DKK" exchangeRt="6.6795"/>
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        <assetCat>EC</assetCat>
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        <invCountry>DK</invCountry>
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        <fairValLevel>1</fairValLevel>
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        </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>131655</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.896"/>
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        <pctVal>2.655905904</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Doosan Bobcat</name>
        <lei>N/A</lei>
        <title>Doosan Bobcat</title>
        <cusip>N/A</cusip>
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          <ticker value="241560KS"/>
          <other otherDesc="SEDOL" value="BYX9GP8"/>
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        <balance>568700</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Dowa Holdings Co., Limited</name>
        <lei>N/A</lei>
        <title>Dowa Holdings Co., Limited</title>
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          <ticker value="5714 JP"/>
          <other otherDesc="SEDOL" value="6278306"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Duni AB</name>
        <lei>N/A</lei>
        <title>Duni AB</title>
        <cusip>N/A</cusip>
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          <ticker value="DUNI SS"/>
          <other otherDesc="SEDOL" value="B03RSL4"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Elis S.A.</name>
        <lei>N/A</lei>
        <title>Elis S.A.</title>
        <cusip>N/A</cusip>
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          <ticker value="ELIS FP"/>
          <other otherDesc="SEDOL" value="BVSS790"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ENF Technology Co., Limited</name>
        <lei>N/A</lei>
        <title>ENF Technology Co., Limited</title>
        <cusip>N/A</cusip>
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          <ticker value="102710KS"/>
          <other otherDesc="SEDOL" value="B4RJZV3"/>
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        <balance>692686</balance>
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        <pctVal>1.129365916</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <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>
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        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.351"/>
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        <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>
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          <ticker value="EQTL9 BZ"/>
          <other otherDesc="SEDOL" value="BQXS240"/>
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        <balance>223482</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.4458"/>
        <valUSD>1335360.15</valUSD>
        <pctVal>0.127103288</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>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>3392423</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.4458"/>
        <valUSD>20245647.56</valUSD>
        <pctVal>1.927036959</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>Fila Holdings Corporation</name>
        <lei>N/A</lei>
        <title>Fila Holdings Corporation</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="081660KS"/>
          <other otherDesc="SEDOL" value="B66CTX7"/>
        </identifiers>
        <balance>221700</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1307.7"/>
        <valUSD>7162824.04</valUSD>
        <pctVal>0.681777484</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>flatexDEGIRO AG</name>
        <lei>N/A</lei>
        <title>flatexDEGIRO AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="FTK GR"/>
          <other otherDesc="SEDOL" value="BYVQYG8"/>
        </identifiers>
        <balance>490400</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.896"/>
        <valUSD>7035816.96</valUSD>
        <pctVal>0.669688597</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>Future plc</name>
        <lei>N/A</lei>
        <title>Future plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="FUTR LN"/>
          <other otherDesc="SEDOL" value="BYZN904"/>
        </identifiers>
        <balance>1333000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7455"/>
        <valUSD>18077303.82</valUSD>
        <pctVal>1.72064798</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>Glanbia plc</name>
        <lei>N/A</lei>
        <title>Glanbia plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="GLB ID"/>
          <other otherDesc="SEDOL" value="4058629"/>
        </identifiers>
        <balance>1296500</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.896"/>
        <valUSD>22876858.26</valUSD>
        <pctVal>2.177482901</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</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>172083</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.351"/>
        <valUSD>23047148.79</valUSD>
        <pctVal>2.193691626</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>Greencore Group plc</name>
        <lei>N/A</lei>
        <title>Greencore Group plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="GNC LN"/>
          <other otherDesc="SEDOL" value="0386410"/>
        </identifiers>
        <balance>3466100</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7455"/>
        <valUSD>8554827.63</valUSD>
        <pctVal>0.814272252</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</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>2231100</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="10.1366"/>
        <valUSD>23110855.71</valUSD>
        <pctVal>2.199755428</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>Hikma Pharmaceuticals plc</name>
        <lei>N/A</lei>
        <title>Hikma Pharmaceuticals plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="HIK LN"/>
          <other otherDesc="SEDOL" value="B0LCW08"/>
        </identifiers>
        <balance>835900</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7455"/>
        <valUSD>21427295.77</valUSD>
        <pctVal>2.039509517</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>Inchcape plc</name>
        <lei>N/A</lei>
        <title>Inchcape plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="INCH LN"/>
          <other otherDesc="SEDOL" value="B61TVQ0"/>
        </identifiers>
        <balance>2574909</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7455"/>
        <valUSD>27510597.16</valUSD>
        <pctVal>2.618535038</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>Kanematsu Corporation</name>
        <lei>N/A</lei>
        <title>Kanematsu Corporation</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="8020 JP"/>
          <other otherDesc="SEDOL" value="6483467"/>
        </identifiers>
        <balance>892800</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="143.04"/>
        <valUSD>15098456.38</valUSD>
        <pctVal>1.437113008</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>5147500</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7675"/>
        <valUSD>4956974.57</valUSD>
        <pctVal>0.471818606</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>Krones AG</name>
        <lei>N/A</lei>
        <title>Krones AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="KRN GR"/>
          <other otherDesc="SEDOL" value="5523881"/>
        </identifiers>
        <balance>86600</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.896"/>
        <valUSD>12468080.36</valUSD>
        <pctVal>1.186746514</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>Kyudenko Corporation</name>
        <lei>N/A</lei>
        <title>Kyudenko Corporation</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="1959 JP"/>
          <other otherDesc="SEDOL" value="6499969"/>
        </identifiers>
        <balance>326700</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="143.04"/>
        <valUSD>15446533.14</valUSD>
        <pctVal>1.470243921</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>Lancashire Holdings Limited</name>
        <lei>N/A</lei>
        <title>Lancashire Holdings Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="LRE LN"/>
          <other otherDesc="SEDOL" value="B0PYHC7"/>
        </identifiers>
        <balance>2380495</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7455"/>
        <valUSD>21936955.94</valUSD>
        <pctVal>2.088020388</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>Loomis AB, Class B</name>
        <lei>N/A</lei>
        <title>Loomis AB, Class B</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="LOOMISSS"/>
          <other otherDesc="SEDOL" value="BMVB566"/>
        </identifiers>
        <balance>706161</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="10.1366"/>
        <valUSD>23254004.48</valUSD>
        <pctVal>2.213380725</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>Mizuho Leasing Company, Limited</name>
        <lei>N/A</lei>
        <title>Mizuho Leasing Company, Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="8425 JP"/>
          <other otherDesc="SEDOL" value="B02QLW4"/>
        </identifiers>
        <balance>1352000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="143.04"/>
        <valUSD>9329026.85</valUSD>
        <pctVal>0.887962683</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Open House Group Co., Limited</name>
        <lei>N/A</lei>
        <title>Open House Group Co., Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="3288 JP"/>
          <other otherDesc="SEDOL" value="BD3D170"/>
        </identifiers>
        <balance>575100</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="143.04"/>
        <valUSD>21731092.7</valUSD>
        <pctVal>2.068425753</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>Orion Corporation</name>
        <lei>N/A</lei>
        <title>Orion Corporation</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="271560KS"/>
          <other otherDesc="SEDOL" value="BDVLJ72"/>
        </identifiers>
        <balance>203800</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1307.7"/>
        <valUSD>15194998.85</valUSD>
        <pctVal>1.446302189</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>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>3172817</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7455"/>
        <valUSD>16555678.24</valUSD>
        <pctVal>1.575815432</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>Primax Electronics Limited</name>
        <lei>N/A</lei>
        <title>Primax Electronics Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="4915 TT"/>
          <other otherDesc="SEDOL" value="B5M70F8"/>
        </identifiers>
        <balance>1561800</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.6465"/>
        <valUSD>4471239.47</valUSD>
        <pctVal>0.42558499</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. Pakuwon Jati Tbk</name>
        <lei>N/A</lei>
        <title>PT. Pakuwon Jati Tbk</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="PWON IJ"/>
          <other otherDesc="SEDOL" value="B4KWQ72"/>
        </identifiers>
        <balance>317709100</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="15140"/>
        <valUSD>10807145.74</valUSD>
        <pctVal>1.028654144</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>QinetiQ</name>
        <lei>N/A</lei>
        <title>QinetiQ</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="QQ/ LN"/>
          <other otherDesc="SEDOL" value="B0WMWD0"/>
        </identifiers>
        <balance>3856400</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7455"/>
        <valUSD>23247030.99</valUSD>
        <pctVal>2.212716969</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>Redes Energeticas Nacionais, SGPS, S.A.</name>
        <lei>N/A</lei>
        <title>Redes Energeticas Nacionais, SGPS, S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="RENE PL"/>
          <other otherDesc="SEDOL" value="B233HR5"/>
        </identifiers>
        <balance>4848005</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.896"/>
        <valUSD>13066888.48</valUSD>
        <pctVal>1.243742734</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ringkjoebing Landbobank A/S</name>
        <lei>N/A</lei>
        <title>Ringkjoebing Landbobank A/S</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="RILBA DC"/>
          <other otherDesc="SEDOL" value="BF1KD82"/>
        </identifiers>
        <balance>106200</balance>
        <units>NS</units>
        <currencyConditional curCd="DKK" exchangeRt="6.6795"/>
        <valUSD>16789759.71</valUSD>
        <pctVal>1.598095956</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Rubis</name>
        <lei>N/A</lei>
        <title>Rubis</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="RUI FP"/>
          <other otherDesc="SEDOL" value="BDT88L2"/>
        </identifiers>
        <balance>826400</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.896"/>
        <valUSD>22615321.43</valUSD>
        <pctVal>2.152589099</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>Samson Holding Limited</name>
        <lei>N/A</lei>
        <title>Samson Holding Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="531 HK"/>
          <other otherDesc="SEDOL" value="B0LMBV2"/>
        </identifiers>
        <balance>74790800</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7675"/>
        <valUSD>4477337.88</valUSD>
        <pctVal>0.426165453</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>Sankyu Inc.</name>
        <lei>N/A</lei>
        <title>Sankyu Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="9065 JP"/>
          <other otherDesc="SEDOL" value="6775380"/>
        </identifiers>
        <balance>464000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="143.04"/>
        <valUSD>15615883.67</valUSD>
        <pctVal>1.486363175</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>Signify N.V.,</name>
        <lei>N/A</lei>
        <title>Signify N.V.,</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="LIGHT NA"/>
          <other otherDesc="SEDOL" value="BYY7VY5"/>
        </identifiers>
        <balance>778400</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.896"/>
        <valUSD>18382750</valUSD>
        <pctVal>1.749721196</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>151942</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.896"/>
        <valUSD>11124325</valUSD>
        <pctVal>1.058844147</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>SpareBank 1 Oestlandet</name>
        <lei>N/A</lei>
        <title>SpareBank 1 Oestlandet</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SPOL NO"/>
          <other otherDesc="SEDOL" value="BZ12WQ9"/>
        </identifiers>
        <balance>427188</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="10.5327"/>
        <valUSD>5889059.56</valUSD>
        <pctVal>0.560537043</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sparebank 1 SMN</name>
        <lei>N/A</lei>
        <title>Sparebank 1 SMN</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="MING NO"/>
          <other otherDesc="SEDOL" value="B0LGG75"/>
        </identifiers>
        <balance>961828</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="10.5327"/>
        <valUSD>14013702.55</valUSD>
        <pctVal>1.333863126</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SpareBank 1 SR-Bank ASA</name>
        <lei>N/A</lei>
        <title>SpareBank 1 SR-Bank ASA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SRBNK NO"/>
          <other otherDesc="SEDOL" value="B40JTQ3"/>
        </identifiers>
        <balance>931626</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="10.5327"/>
        <valUSD>12047002.31</valUSD>
        <pctVal>1.146667136</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>735389</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="10.5327"/>
        <valUSD>7558670.91</valUSD>
        <pctVal>0.719455288</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sparebanken Vest</name>
        <lei>N/A</lei>
        <title>Sparebanken Vest</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SVEG NO"/>
          <other otherDesc="SEDOL" value="4780290"/>
        </identifiers>
        <balance>614092</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="10.5327"/>
        <valUSD>7321738.33</valUSD>
        <pctVal>0.696903388</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Technip Energies N.V.</name>
        <lei>N/A</lei>
        <title>Technip Energies N.V.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="TE FP"/>
          <other otherDesc="SEDOL" value="BNC0116"/>
        </identifiers>
        <balance>931600</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.896"/>
        <valUSD>22479008.93</valUSD>
        <pctVal>2.139614497</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>Tecnoglass, Inc.</name>
        <lei>N/A</lei>
        <title>Tecnoglass, Inc.</title>
        <cusip>G87264100</cusip>
        <identifiers>
          <ticker value="TGLS"/>
        </identifiers>
        <balance>398764</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>27379136.24</valUSD>
        <pctVal>2.606022222</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Thanachart Capital PCL</name>
        <lei>N/A</lei>
        <title>Thanachart Capital PCL</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="TCAP/FTB"/>
          <other otherDesc="SEDOL" value="BF5DGN3"/>
        </identifiers>
        <balance>16775000</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="32.1775"/>
        <valUSD>26327014.22</valUSD>
        <pctVal>2.505878326</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>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>7836500</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="32.1775"/>
        <valUSD>23501584.96</valUSD>
        <pctVal>2.236946123</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>Venture Corporation, Limited</name>
        <lei>N/A</lei>
        <title>Venture Corporation, Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="VMS SP"/>
          <other otherDesc="SEDOL" value="6927374"/>
        </identifiers>
        <balance>1567200</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.282"/>
        <valUSD>17163407.18</valUSD>
        <pctVal>1.63366076</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>Vistry Group plc</name>
        <lei>N/A</lei>
        <title>Vistry Group plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="VTY LN"/>
          <other otherDesc="SEDOL" value="0185929"/>
        </identifiers>
        <balance>1745525</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7455"/>
        <valUSD>30578881.96</valUSD>
        <pctVal>2.910582906</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>VSTECS Holdings Limited</name>
        <lei>N/A</lei>
        <title>VSTECS Holdings Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="856 HK"/>
          <other otherDesc="SEDOL" value="6527031"/>
        </identifiers>
        <balance>8587360</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7675"/>
        <valUSD>5173974.23</valUSD>
        <pctVal>0.492473236</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>Xinhua Winshare Publishing and Media Co., Limited</name>
        <lei>N/A</lei>
        <title>Xinhua Winshare Publishing and Media Co., Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="811 HK"/>
          <other otherDesc="SEDOL" value="B1XCJB3"/>
        </identifiers>
        <balance>6160500</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7675"/>
        <valUSD>8010434.5</valUSD>
        <pctVal>0.762455402</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UMB Money Market Special II</name>
        <lei>N/A</lei>
        <title>UMB Money Market Special II</title>
        <cusip>SF8888628</cusip>
        <identifiers>
          <ticker value="SMMFIDU"/>
        </identifiers>
        <balance>51275397</balance>
        <units>OU</units>
        <descOthUnits>Par Value</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>51275397.24</valUSD>
        <pctVal>4.880534707</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>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>
