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

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


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


    </filerInfo>
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      <regName>Pear Tree Funds</regName>
      <regFileNumber>811-03790</regFileNumber>
      <regCik>0000722885</regCik>
      <regLei>549300NANVEIFBMHLV32</regLei>
      <regStreet1>55 OLD BEDFORD ROADSUITE 202</regStreet1>
      <regCity>Lincoln</regCity>
      <regStateConditional regCountry="US" regState="US-MA"/>
      <regZipOrPostalCode>01773</regZipOrPostalCode>
      <regPhone>8003311244</regPhone>
      <seriesName>Pear tree polaris international opportunities fund</seriesName>
      <seriesId>S000064782</seriesId>
      <seriesLei>549300IESHKEPMUBBX72</seriesLei>
      <repPdEnd>2025-03-31</repPdEnd>
      <repPdDate>2024-09-30</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
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      <totLiabs>1042460.58</totLiabs>
      <netAssets>87624647.83</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>480371.37</cshNotRptdInCorD>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000209788" rtn1="3.07" rtn2="1.85" rtn3="4.18"/>
          <monthlyTotReturn classId="C000209789" rtn1="3.02" rtn2="1.79" rtn3="4.08"/>
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        <othMon2 netRealizedGain="-212809.23" netUnrealizedAppr="1594052.78"/>
        <othMon3 netRealizedGain="982789.88" netUnrealizedAppr="2420788.56"/>
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      <mon1Flow redemption="3181219.37" reinvestment="0" sales="26069.62"/>
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      <mon3Flow redemption="835639.09" reinvestment="0" sales="436205.44"/>

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        <name>Aalberts N.V.</name>
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          <ticker value="AALB NA"/>
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      <invstOrSec>
        <name>Accent Group Limited</name>
        <lei>N/A</lei>
        <title>Accent Group Limited</title>
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          <ticker value="AX1 AU"/>
          <other otherDesc="SEDOL" value="BD20RS5"/>
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        <balance>535900</balance>
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        <invCountry>AU</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>Alibaba Group Holding Ltd.</name>
        <lei>N/A</lei>
        <title>Alibaba Group Holding Ltd.</title>
        <cusip>N/A</cusip>
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          <ticker value="9988 HK"/>
          <other otherDesc="SEDOL" value="BK6YZP5"/>
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        <balance>125200</balance>
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        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Alimentation Couche-Tard Inc.</name>
        <lei>N/A</lei>
        <title>Alimentation Couche-Tard Inc.</title>
        <cusip>01626P965</cusip>
        <identifiers>
          <ticker value="ATD CN"/>
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        <currencyConditional curCd="CAD" exchangeRt="1.351"/>
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        <pctVal>1.964292391</pctVal>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>ALSO Holding AG</name>
        <lei>N/A</lei>
        <title>ALSO Holding AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="ALSN SW"/>
          <other otherDesc="SEDOL" value="B11TD81"/>
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        <balance>6300</balance>
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        <currencyConditional curCd="CHF" exchangeRt="0.8436"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CH</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>Alten S.A.</name>
        <lei>N/A</lei>
        <title>Alten S.A.</title>
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        <identifiers>
          <ticker value="ATE FP"/>
          <other otherDesc="SEDOL" value="5608915"/>
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        <assetCat>EC</assetCat>
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        <invCountry>FR</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>AVI Limited</name>
        <lei>N/A</lei>
        <title>AVI Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="AVI SJ"/>
          <other otherDesc="SEDOL" value="6040958"/>
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        <balance>263174</balance>
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        <currencyConditional curCd="ZAR" exchangeRt="17.2325"/>
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        <pctVal>1.917172076</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Barry Callebaut AG</name>
        <lei>N/A</lei>
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          <ticker value="BARN SW"/>
          <other otherDesc="SEDOL" value="5476929"/>
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        <balance>250</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BizLink Holding, Inc.</name>
        <lei>N/A</lei>
        <title>BizLink Holding, Inc.</title>
        <cusip>N/A</cusip>
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          <ticker value="3665 TT"/>
          <other otherDesc="SEDOL" value="B5SG8Y4"/>
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        <balance>44290</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Bravida Holding AB</name>
        <lei>N/A</lei>
        <title>Bravida Holding AB</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="BRAV SS"/>
          <other otherDesc="SEDOL" value="BZ1DP29"/>
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        <balance>50900</balance>
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        <currencyConditional curCd="SEK" exchangeRt="10.1366"/>
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        <pctVal>0.438103455</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Canadian Tire Corporation</name>
        <lei>N/A</lei>
        <title>Canadian Tire Corporation</title>
        <cusip>136681954</cusip>
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          <ticker value="CTC/A CN"/>
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        <balance>11816</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.351"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Chailease Holding Co., Ltd.</name>
        <lei>N/A</lei>
        <title>Chailease Holding Co., Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="5871 TT"/>
          <other otherDesc="SEDOL" value="B58J1S8"/>
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        <balance>280914</balance>
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        <currencyConditional curCd="TWD" exchangeRt="31.6465"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>China MeiDong Auto Holdings Limited</name>
        <lei>N/A</lei>
        <title>China MeiDong Auto Holdings Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="1268 HK"/>
          <other otherDesc="SEDOL" value="BH0VXF7"/>
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        <balance>2950000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7675"/>
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        <pctVal>1.252599728</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CIE Automotive</name>
        <lei>N/A</lei>
        <title>CIE Automotive</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="CIE SM"/>
          <other otherDesc="SEDOL" value="B15CL93"/>
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        <balance>30545</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.896"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
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        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Collins Foods Limited</name>
        <lei>N/A</lei>
        <title>Collins Foods Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="CKF AU"/>
          <other otherDesc="SEDOL" value="B6QCFP1"/>
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        <balance>257512</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.4414"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Computacenter plc</name>
        <lei>N/A</lei>
        <title>Computacenter plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="CCC LN"/>
          <other otherDesc="SEDOL" value="BV9FP30"/>
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        <balance>36000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.7455"/>
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        <pctVal>1.363415614</pctVal>
        <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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      </invstOrSec>
      <invstOrSec>
        <name>Cranswick plc</name>
        <lei>N/A</lei>
        <title>Cranswick plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="CWK LN"/>
          <other otherDesc="SEDOL" value="0231888"/>
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        <balance>39440</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.7455"/>
        <valUSD>2655785.38</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Credicorp Ltd.</name>
        <lei>N/A</lei>
        <title>Credicorp Ltd.</title>
        <cusip>G2519Y108</cusip>
        <identifiers>
          <ticker value="BAP"/>
        </identifiers>
        <balance>3800</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>687686</valUSD>
        <pctVal>0.78480886</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>De'Longhi S.p.A.</name>
        <lei>N/A</lei>
        <title>De'Longhi S.p.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="DLG IM"/>
          <other otherDesc="SEDOL" value="7169517"/>
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        <balance>26700</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.896"/>
        <valUSD>823051.34</valUSD>
        <pctVal>0.939292038</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DFDS A/S</name>
        <lei>N/A</lei>
        <title>DFDS A/S</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="DFDS DC"/>
          <other otherDesc="SEDOL" value="BYSS4Q7"/>
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        <balance>14900</balance>
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        <currencyConditional curCd="DKK" exchangeRt="6.6795"/>
        <valUSD>383012.2</valUSD>
        <pctVal>0.437105551</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>D'Ieteren S.A.</name>
        <lei>N/A</lei>
        <title>D'Ieteren S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="DIE BB"/>
          <other otherDesc="SEDOL" value="4247494"/>
        </identifiers>
        <balance>10700</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.896"/>
        <valUSD>2267779.02</valUSD>
        <pctVal>2.588060638</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Enghouse Systems Limited</name>
        <lei>N/A</lei>
        <title>Enghouse Systems Limited</title>
        <cusip>292949955</cusip>
        <identifiers>
          <ticker value="ENGH CN"/>
        </identifiers>
        <balance>19400</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.351"/>
        <valUSD>483205.03</valUSD>
        <pctVal>0.551448756</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EQB Inc.</name>
        <lei>N/A</lei>
        <title>EQB Inc.</title>
        <cusip>26886R955</cusip>
        <identifiers>
          <ticker value="EQB CN"/>
        </identifiers>
        <balance>25877</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.351"/>
        <valUSD>1996800.33</valUSD>
        <pctVal>2.278811247</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Equatorial Energia S.A.</name>
        <lei>N/A</lei>
        <title>Equatorial Energia S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="EQTL9 BZ"/>
          <other otherDesc="SEDOL" value="BQXS240"/>
        </identifiers>
        <balance>14547</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.4458"/>
        <valUSD>86921.92</valUSD>
        <pctVal>0.099198025</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>220822</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.4458"/>
        <valUSD>1317844.03</valUSD>
        <pctVal>1.503964995</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Euronet Worldwide, Inc.</name>
        <lei>N/A</lei>
        <title>Euronet Worldwide, Inc.</title>
        <cusip>298736109</cusip>
        <identifiers>
          <ticker value="EEFT"/>
        </identifiers>
        <balance>8300</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>823609</valUSD>
        <pctVal>0.939928457</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FirstRand Limited</name>
        <lei>N/A</lei>
        <title>FirstRand Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="FSR SJ"/>
          <other otherDesc="SEDOL" value="6606996"/>
        </identifiers>
        <balance>202200</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.2325"/>
        <valUSD>974596.37</valUSD>
        <pctVal>1.112239985</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FULLCAST HOLDINGS Co., Ltd.</name>
        <lei>N/A</lei>
        <title>FULLCAST HOLDINGS Co., Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="4848 JP"/>
          <other otherDesc="SEDOL" value="6352404"/>
        </identifiers>
        <balance>85200</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="143.04"/>
        <valUSD>955402.68</valUSD>
        <pctVal>1.090335543</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Games Workshop Group PLC</name>
        <lei>N/A</lei>
        <title>Games Workshop Group PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="GAW LN"/>
          <other otherDesc="SEDOL" value="0371847"/>
        </identifiers>
        <balance>6810</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7455"/>
        <valUSD>981991.95</valUSD>
        <pctVal>1.120680053</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Genuit Group plc</name>
        <lei>N/A</lei>
        <title>Genuit Group plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="GEN LN"/>
          <other otherDesc="SEDOL" value="BKRC5K3"/>
        </identifiers>
        <balance>112100</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7455"/>
        <valUSD>721018.78</valUSD>
        <pctVal>0.822849276</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>goeasy Ltd.</name>
        <lei>N/A</lei>
        <title>goeasy Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="GSY CN"/>
          <other otherDesc="SEDOL" value="BYR11M2"/>
        </identifiers>
        <balance>14780</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.351"/>
        <valUSD>1979491.64</valUSD>
        <pctVal>2.259058027</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HANSEN Technologies</name>
        <lei>N/A</lei>
        <title>HANSEN Technologies</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="HSN AU"/>
          <other otherDesc="SEDOL" value="6243252"/>
        </identifiers>
        <balance>141025</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4414"/>
        <valUSD>465713.2</valUSD>
        <pctVal>0.53148653</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hansol Chemical Co., Ltd.</name>
        <lei>N/A</lei>
        <title>Hansol Chemical Co., Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="014680KS"/>
          <other otherDesc="SEDOL" value="6988155"/>
        </identifiers>
        <balance>2917</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1307.7"/>
        <valUSD>299797.2</valUSD>
        <pctVal>0.34213798</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hexpol AB</name>
        <lei>N/A</lei>
        <title>Hexpol AB</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="HPOLB SS"/>
          <other otherDesc="SEDOL" value="BXBZB01"/>
        </identifiers>
        <balance>75300</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="10.1366"/>
        <valUSD>779995.26</valUSD>
        <pctVal>0.890155087</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Howden Joinery Group plc</name>
        <lei>N/A</lei>
        <title>Howden Joinery Group plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="HWDN LN"/>
          <other otherDesc="SEDOL" value="0557681"/>
        </identifiers>
        <balance>37263</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7455"/>
        <valUSD>453354</valUSD>
        <pctVal>0.517381823</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Interpump Group S.p.A.</name>
        <lei>N/A</lei>
        <title>Interpump Group S.p.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="IP IM"/>
          <other otherDesc="SEDOL" value="5161407"/>
        </identifiers>
        <balance>9800</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.896"/>
        <valUSD>458062.5</valUSD>
        <pctVal>0.522755311</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JAC Recruitment Co., Ltd.</name>
        <lei>N/A</lei>
        <title>JAC Recruitment Co., Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="2124 JP"/>
          <other otherDesc="SEDOL" value="B1CC1X0"/>
        </identifiers>
        <balance>154100</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="143.04"/>
        <valUSD>823073.27</valUSD>
        <pctVal>0.939317065</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>426500</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7675"/>
        <valUSD>410713.87</valUSD>
        <pctVal>0.468719567</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Knowit AB</name>
        <lei>N/A</lei>
        <title>Knowit AB</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="KNOW SS"/>
          <other otherDesc="SEDOL" value="5364886"/>
        </identifiers>
        <balance>24558</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="10.1366"/>
        <valUSD>381818.44</valUSD>
        <pctVal>0.435743195</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Krungthai Card Public Company Limited</name>
        <lei>N/A</lei>
        <title>Krungthai Card Public Company Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="KTC/F TB"/>
          <other otherDesc="SEDOL" value="BF2LWT8"/>
        </identifiers>
        <balance>545100</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="32.1775"/>
        <valUSD>825844.92</valUSD>
        <pctVal>0.942480159</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LVMH Moet Hennessy Louis Vuitton SE</name>
        <lei>N/A</lei>
        <title>LVMH Moet Hennessy Louis Vuitton SE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="MC FP"/>
          <other otherDesc="SEDOL" value="4061412"/>
        </identifiers>
        <balance>1295</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.896"/>
        <valUSD>995097.66</valUSD>
        <pctVal>1.135636701</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Macquarie Group Limited</name>
        <lei>N/A</lei>
        <title>Macquarie Group Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="MQG AU"/>
          <other otherDesc="SEDOL" value="B28YTC2"/>
        </identifiers>
        <balance>10692</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4414"/>
        <valUSD>1723671.46</valUSD>
        <pctVal>1.967108003</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Marshalls PLC</name>
        <lei>N/A</lei>
        <title>Marshalls PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="MSLH LN"/>
          <other otherDesc="SEDOL" value="B012BV2"/>
        </identifiers>
        <balance>105100</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7455"/>
        <valUSD>469460.76</valUSD>
        <pctVal>0.535763363</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Midea Group Co., Ltd.</name>
        <lei>N/A</lei>
        <title>Midea Group Co., Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="000333C2"/>
          <other otherDesc="SEDOL" value="BD5CPP1"/>
        </identifiers>
        <balance>131600</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.0161"/>
        <valUSD>1426646.71</valUSD>
        <pctVal>1.62813403</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mondi plc</name>
        <lei>N/A</lei>
        <title>Mondi plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="MNP SJ"/>
          <other otherDesc="SEDOL" value="BR4W2K4"/>
        </identifiers>
        <balance>63711</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.2325"/>
        <valUSD>1208336.93</valUSD>
        <pctVal>1.378992053</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Muangthai Capital Public Company Limited</name>
        <lei>N/A</lei>
        <title>Muangthai Capital Public Company Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="MTC/F TB"/>
          <other otherDesc="SEDOL" value="BFXP664"/>
        </identifiers>
        <balance>1064000</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="32.1775"/>
        <valUSD>1636795.9</valUSD>
        <pctVal>1.867962885</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Muthoot Finance Ltd.</name>
        <lei>N/A</lei>
        <title>Muthoot Finance Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="MUTH IN"/>
          <other otherDesc="SEDOL" value="B40MFF3"/>
        </identifiers>
        <balance>42294</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="83.8013"/>
        <valUSD>1025462.18</valUSD>
        <pctVal>1.170289645</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Neurones S.A.</name>
        <lei>N/A</lei>
        <title>Neurones S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="NRO FP"/>
          <other otherDesc="SEDOL" value="5972676"/>
        </identifiers>
        <balance>43855</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.896"/>
        <valUSD>2146251.95</valUSD>
        <pctVal>2.449370129</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEXTAGE Co., Ltd.</name>
        <lei>N/A</lei>
        <title>NEXTAGE Co., Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="3186 JP"/>
          <other otherDesc="SEDOL" value="BBQ2ZC3"/>
        </identifiers>
        <balance>117300</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="143.04"/>
        <valUSD>1506432.47</valUSD>
        <pctVal>1.719188045</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Open Up Group Inc.</name>
        <lei>N/A</lei>
        <title>Open Up Group Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="2154 JP"/>
          <other otherDesc="SEDOL" value="B1XC021"/>
        </identifiers>
        <balance>56900</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="143.04"/>
        <valUSD>813084.45</valUSD>
        <pctVal>0.92791751</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OpenText Corporation</name>
        <lei>N/A</lei>
        <title>OpenText Corporation</title>
        <cusip>683715957</cusip>
        <identifiers>
          <ticker value="OTEX CN"/>
        </identifiers>
        <balance>28000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.351"/>
        <valUSD>933056.99</valUSD>
        <pctVal>1.06483394</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OSB Group PLC</name>
        <lei>N/A</lei>
        <title>OSB Group PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="OSB LN"/>
          <other otherDesc="SEDOL" value="BLDRH36"/>
        </identifiers>
        <balance>71500</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7455"/>
        <valUSD>373085.18</valUSD>
        <pctVal>0.425776524</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Oxford Instruments plc</name>
        <lei>N/A</lei>
        <title>Oxford Instruments plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="OXIG LN"/>
          <other otherDesc="SEDOL" value="0665045"/>
        </identifiers>
        <balance>25167</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7455"/>
        <valUSD>717369.22</valUSD>
        <pctVal>0.818684283</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Pets at home group plc</name>
        <lei>N/A</lei>
        <title>Pets at home group plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="PETS LN"/>
          <other otherDesc="SEDOL" value="BJ62K68"/>
        </identifiers>
        <balance>180000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7455"/>
        <valUSD>737384.31</valUSD>
        <pctVal>0.841526132</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>POYA International Co., Ltd.</name>
        <lei>N/A</lei>
        <title>POYA International Co., Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="5904 TT"/>
          <other otherDesc="SEDOL" value="6541826"/>
        </identifiers>
        <balance>55680</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.6465"/>
        <valUSD>927222.92</valUSD>
        <pctVal>1.058175916</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PT Bank Rakyat Indonesia Tbk</name>
        <lei>N/A</lei>
        <title>PT Bank Rakyat Indonesia Tbk</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="BBRI IJ"/>
          <other otherDesc="SEDOL" value="6709099"/>
        </identifiers>
        <balance>2939646</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="15140"/>
        <valUSD>961112.79</valUSD>
        <pctVal>1.0968521</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Public Bank Bhd</name>
        <lei>N/A</lei>
        <title>Public Bank Bhd</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="PBK MK"/>
          <other otherDesc="SEDOL" value="B012W42"/>
        </identifiers>
        <balance>926900</balance>
        <units>NS</units>
        <currencyConditional curCd="MYR" exchangeRt="4.1235"/>
        <valUSD>1025018.55</valUSD>
        <pctVal>1.16978336</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Reply S.p.A.</name>
        <lei>N/A</lei>
        <title>Reply S.p.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="REY IM"/>
          <other otherDesc="SEDOL" value="BZ1DZ96"/>
        </identifiers>
        <balance>2818</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.896"/>
        <valUSD>425216.07</valUSD>
        <pctVal>0.485269933</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RS Group plc</name>
        <lei>N/A</lei>
        <title>RS Group plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="RS1 LN"/>
          <other otherDesc="SEDOL" value="0309644"/>
        </identifiers>
        <balance>40791</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7455"/>
        <valUSD>443202.01</valUSD>
        <pctVal>0.505796053</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Samsung Electronics Company Limited</name>
        <lei>N/A</lei>
        <title>Samsung Electronics Company Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="005930KS"/>
          <other otherDesc="SEDOL" value="6771720"/>
        </identifiers>
        <balance>21148</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1307.7"/>
        <valUSD>994572.15</valUSD>
        <pctVal>1.135036973</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Scientex Berhad</name>
        <lei>N/A</lei>
        <title>Scientex Berhad</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SCI MK"/>
          <other otherDesc="SEDOL" value="B1VZ5G1"/>
        </identifiers>
        <balance>460400</balance>
        <units>NS</units>
        <currencyConditional curCd="MYR" exchangeRt="4.1235"/>
        <valUSD>482339.76</valUSD>
        <pctVal>0.550461282</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SEB SA</name>
        <lei>N/A</lei>
        <title>SEB SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SK FP"/>
          <other otherDesc="SEDOL" value="4792132"/>
        </identifiers>
        <balance>12000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.896"/>
        <valUSD>1372767.86</valUSD>
        <pctVal>1.566645794</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SeSa S.p.A.</name>
        <lei>N/A</lei>
        <title>SeSa S.p.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SES IM"/>
          <other otherDesc="SEDOL" value="B56RD66"/>
        </identifiers>
        <balance>4093</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.896"/>
        <valUSD>420491.8</valUSD>
        <pctVal>0.479878448</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SINBON Electronics Co., Ltd.</name>
        <lei>N/A</lei>
        <title>SINBON Electronics Co., Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="3023 TT"/>
          <other otherDesc="SEDOL" value="6349354"/>
        </identifiers>
        <balance>150300</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.6465"/>
        <valUSD>1427176.78</valUSD>
        <pctVal>1.628738963</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sixt SE</name>
        <lei>N/A</lei>
        <title>Sixt SE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SIX2 GR"/>
          <other otherDesc="SEDOL" value="5260768"/>
        </identifiers>
        <balance>18400</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.896"/>
        <valUSD>1347142.86</valUSD>
        <pctVal>1.53740174</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SOL S.p.A.</name>
        <lei>N/A</lei>
        <title>SOL S.p.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SOL IM"/>
          <other otherDesc="SEDOL" value="5490684"/>
        </identifiers>
        <balance>64300</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.896"/>
        <valUSD>2561953.13</valUSD>
        <pctVal>2.923781371</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sony Group Corporation</name>
        <lei>N/A</lei>
        <title>Sony Group Corporation</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="6758 JP"/>
          <other otherDesc="SEDOL" value="6821506"/>
        </identifiers>
        <balance>45500</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="143.04"/>
        <valUSD>883502.87</valUSD>
        <pctVal>1.008281222</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SpareBank Nord-Norge</name>
        <lei>N/A</lei>
        <title>SpareBank Nord-Norge</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="NONG NO"/>
          <other otherDesc="SEDOL" value="B06T259"/>
        </identifiers>
        <balance>207100</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="10.5327"/>
        <valUSD>2128670.33</valUSD>
        <pctVal>2.429305433</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>211582</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="10.5327"/>
        <valUSD>2522664.42</valUSD>
        <pctVal>2.878943862</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SSP Group plc</name>
        <lei>N/A</lei>
        <title>SSP Group plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SSPG LN"/>
          <other otherDesc="SEDOL" value="BGBN7C0"/>
        </identifiers>
        <balance>154400</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7455"/>
        <valUSD>329925.15</valUSD>
        <pctVal>0.376520943</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>Teleperformance SE</name>
        <lei>N/A</lei>
        <title>Teleperformance SE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="TEP FP"/>
          <other otherDesc="SEDOL" value="5999330"/>
        </identifiers>
        <balance>3700</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.896"/>
        <valUSD>384040.18</valUSD>
        <pctVal>0.438278714</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>Thinking Electronic Industrial Co., Ltd.</name>
        <lei>N/A</lei>
        <title>Thinking Electronic Industrial Co., Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="2428 TT"/>
          <other otherDesc="SEDOL" value="6146629"/>
        </identifiers>
        <balance>82000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.6465"/>
        <valUSD>450855.54</valUSD>
        <pctVal>0.514530502</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TISCO Financial Group</name>
        <lei>N/A</lei>
        <title>TISCO Financial Group</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="TISCO/FT"/>
          <other otherDesc="SEDOL" value="B3KFW76"/>
        </identifiers>
        <balance>477800</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="32.1775"/>
        <valUSD>1432917.41</valUSD>
        <pctVal>1.63529035</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>United Overseas Bank Limited</name>
        <lei>N/A</lei>
        <title>United Overseas Bank Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="UOB SP"/>
          <other otherDesc="SEDOL" value="6916781"/>
        </identifiers>
        <balance>54000</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.282"/>
        <valUSD>1355054.6</valUSD>
        <pctVal>1.546430866</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Valmet OYJ</name>
        <lei>N/A</lei>
        <title>Valmet OYJ</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="VALMT FH"/>
          <other otherDesc="SEDOL" value="BH6XZT5"/>
        </identifiers>
        <balance>19600</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.896"/>
        <valUSD>629125</valUSD>
        <pctVal>0.717977208</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>328000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7675"/>
        <valUSD>197623.43</valUSD>
        <pctVal>0.225534065</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>Wal-Mart de Mexico, S.A.B. de C.V.</name>
        <lei>N/A</lei>
        <title>Wal-Mart de Mexico, S.A.B. de C.V.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="WALMEX*"/>
          <other otherDesc="SEDOL" value="BW1YVH8"/>
        </identifiers>
        <balance>263000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="19.602"/>
        <valUSD>793883.79</valUSD>
        <pctVal>0.906005113</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Yageo Corporation</name>
        <lei>N/A</lei>
        <title>Yageo Corporation</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="2327 TT"/>
          <other otherDesc="SEDOL" value="6984380"/>
        </identifiers>
        <balance>61546</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.6465"/>
        <valUSD>1211608.17</valUSD>
        <pctVal>1.382725295</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Zhejiang Supor Co.</name>
        <lei>N/A</lei>
        <title>Zhejiang Supor Co.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="002032C2"/>
          <other otherDesc="SEDOL" value="BD5M227"/>
        </identifiers>
        <balance>166800</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.0161"/>
        <valUSD>1391248.13</valUSD>
        <pctVal>1.587736059</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Zhongsheng Group Holdings</name>
        <lei>N/A</lei>
        <title>Zhongsheng Group Holdings</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="881 HK"/>
          <other otherDesc="SEDOL" value="B633D97"/>
        </identifiers>
        <balance>543000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7675"/>
        <valUSD>1008054.07</valUSD>
        <pctVal>1.150422963</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>3989883</balance>
        <units>OU</units>
        <descOthUnits>Par Value</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>3989882.9</valUSD>
        <pctVal>4.55337967</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>
