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

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


      <seriesClassInfo>
        <seriesId>S000009491</seriesId>
        <classId>C000025966</classId>
        <classId>C000025967</classId>
        <classId>C000177797</classId>
      </seriesClassInfo>


    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <regName>Pear Tree Funds</regName>
      <regFileNumber>811-03790</regFileNumber>
      <regCik>0000722885</regCik>
      <regLei>549300NANVEIFBMHLV32</regLei>
      <regStreet1>55 OLD BEDFORD ROADSUITE 202</regStreet1>
      <regCity>Lincoln</regCity>
      <regStateConditional regCountry="US" regState="US-MA"/>
      <regZipOrPostalCode>01773</regZipOrPostalCode>
      <regPhone>8003311244</regPhone>
      <seriesName>Pear tree polaris foreign value fund</seriesName>
      <seriesId>S000009491</seriesId>
      <seriesLei>549300LCWV2CSU11V931</seriesLei>
      <repPdEnd>2025-03-31</repPdEnd>
      <repPdDate>2024-12-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>2557953314.18</totAssets>
      <totLiabs>4302632.25</totLiabs>
      <netAssets>2553650681.93</netAssets>
      <assetsAttrMiscSec>0</assetsAttrMiscSec>
      <assetsInvested>0</assetsInvested>
      <amtPayOneYrBanksBorr>0</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0</amtPayAftOneYrOther>
      <delayDeliv>0</delayDeliv>
      <standByCommit>0</standByCommit>
      <liquidPref>0</liquidPref>
      <cshNotRptdInCorD>0</cshNotRptdInCorD>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000025967" rtn1="-5.68" rtn2="-0.51" rtn3="-3.13"/>
          <monthlyTotReturn classId="C000025966" rtn1="-5.7" rtn2="-0.55" rtn3="-3.12"/>
          <monthlyTotReturn classId="C000177797" rtn1="-5.65" rtn2="-0.52" rtn3="-3.14"/>
        </monthlyTotReturns>
        <othMon1 netRealizedGain="-15261428.97" netUnrealizedAppr="-150890882.84"/>
        <othMon2 netRealizedGain="28431860.67" netUnrealizedAppr="-43126064.21"/>
        <othMon3 netRealizedGain="34936309.3" netUnrealizedAppr="-128768743.38"/>
      </returnInfo>
      <mon1Flow redemption="59465977.93" reinvestment="N/A" sales="45417620.42"/>
      <mon2Flow redemption="90060076.4" reinvestment="N/A" sales="16624363.43"/>
      <mon3Flow redemption="92014752.18" reinvestment="61888363.64" sales="42304186.77"/>

    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>ALROSA Company PJSC</name>
        <lei>N/A</lei>
        <title>ALROSA Company PJSC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="ALRS RM"/>
          <other otherDesc="SEDOL" value="B6QPBP2"/>
        </identifiers>
        <balance>41136300</balance>
        <units>NS</units>
        <currencyConditional curCd="RUB" exchangeRt="109.75"/>
        <valUSD>3748.18</valUSD>
        <pctVal>0.000146777</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Barry Callebaut AG</name>
        <lei>N/A</lei>
        <title>Barry Callebaut AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="BARN SW"/>
          <other otherDesc="SEDOL" value="5476929"/>
        </identifiers>
        <balance>33328</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.9063"/>
        <valUSD>44275529.07</valUSD>
        <pctVal>1.733813062</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Canadian Tire Corporation</name>
        <lei>N/A</lei>
        <title>Canadian Tire Corporation</title>
        <cusip>136681954</cusip>
        <identifiers>
          <ticker value="CTC/A CN"/>
        </identifiers>
        <balance>485981</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.4382"/>
        <valUSD>51098628.02</valUSD>
        <pctVal>2.00100305</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chailease Holding Co., Ltd.</name>
        <lei>N/A</lei>
        <title>Chailease Holding Co., Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="5871 TT"/>
          <other otherDesc="SEDOL" value="B58J1S8"/>
        </identifiers>
        <balance>11670000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="32.7845"/>
        <valUSD>40223581.27</valUSD>
        <pctVal>1.57514031</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>Daicel Corporation</name>
        <lei>N/A</lei>
        <title>Daicel Corporation</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="4202 JP"/>
          <other otherDesc="SEDOL" value="6250542"/>
        </identifiers>
        <balance>3179200</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="157.16"/>
        <valUSD>28452181.22</valUSD>
        <pctVal>1.114176713</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Daimler Truck Holding AG</name>
        <lei>N/A</lei>
        <title>Daimler Truck Holding AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="DTG GR"/>
          <other otherDesc="SEDOL" value="BP6VLQ4"/>
        </identifiers>
        <balance>1346800</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9657"/>
        <valUSD>51392337.16</valUSD>
        <pctVal>2.012504589</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Deutsche Telekom AG</name>
        <lei>N/A</lei>
        <title>Deutsche Telekom AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="DTE GR"/>
          <other otherDesc="SEDOL" value="5842359"/>
        </identifiers>
        <balance>1677543</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9657"/>
        <valUSD>50185582.76</valUSD>
        <pctVal>1.965248541</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>D'Ieteren S.A.</name>
        <lei>N/A</lei>
        <title>D'Ieteren S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="DIE BB"/>
          <other otherDesc="SEDOL" value="4247494"/>
        </identifiers>
        <balance>165878</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9657"/>
        <valUSD>27603390.91</valUSD>
        <pctVal>1.080938403</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>DNB Bank ASA</name>
        <lei>N/A</lei>
        <title>DNB Bank ASA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="DNB NO"/>
          <other otherDesc="SEDOL" value="BNG7113"/>
        </identifiers>
        <balance>2587030</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="11.3574"/>
        <valUSD>51684109.66</valUSD>
        <pctVal>2.02393029</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Duni AB</name>
        <lei>N/A</lei>
        <title>Duni AB</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="DUNI SS"/>
          <other otherDesc="SEDOL" value="B03RSL4"/>
        </identifiers>
        <balance>1566400</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="11.0493"/>
        <valUSD>13368405.24</valUSD>
        <pctVal>0.52350172</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Eni S.p.A.</name>
        <lei>N/A</lei>
        <title>Eni S.p.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="ENI IM"/>
          <other otherDesc="SEDOL" value="7145056"/>
        </identifiers>
        <balance>3634400</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9657"/>
        <valUSD>49264053.02</valUSD>
        <pctVal>1.929161783</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>F&amp;F Co., Ltd.</name>
        <lei>N/A</lei>
        <title>F&amp;F Co., Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="383220KS"/>
          <other otherDesc="SEDOL" value="BP2NF51"/>
        </identifiers>
        <balance>275500</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1472.15"/>
        <valUSD>10161770.2</valUSD>
        <pctVal>0.397931098</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>988400</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9657"/>
        <valUSD>15122305.06</valUSD>
        <pctVal>0.592183777</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</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>12542739</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7985"/>
        <valUSD>30441863.72</valUSD>
        <pctVal>1.192091931</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>Hannover Rueck SE</name>
        <lei>N/A</lei>
        <title>Hannover Rueck SE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="HNR1 GR"/>
          <other otherDesc="SEDOL" value="4511809"/>
        </identifiers>
        <balance>199400</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9657"/>
        <valUSD>49844837.94</valUSD>
        <pctVal>1.951905102</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</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>3284054</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7985"/>
        <valUSD>31647834.1</valUSD>
        <pctVal>1.239317277</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>Ipsos</name>
        <lei>N/A</lei>
        <title>Ipsos</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="IPS FP"/>
          <other otherDesc="SEDOL" value="B188NJ2"/>
        </identifiers>
        <balance>347241</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9657"/>
        <valUSD>16511656.54</valUSD>
        <pctVal>0.646590258</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>Itochu Corporation</name>
        <lei>N/A</lei>
        <title>Itochu Corporation</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="8001 JP"/>
          <other otherDesc="SEDOL" value="6467803"/>
        </identifiers>
        <balance>1135700</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="157.16"/>
        <valUSD>56597113.77</valUSD>
        <pctVal>2.216321683</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Jazz Pharmaceuticals plc</name>
        <lei>N/A</lei>
        <title>Jazz Pharmaceuticals plc</title>
        <cusip>G50871105</cusip>
        <identifiers>
          <ticker value="JAZZ"/>
        </identifiers>
        <balance>439400</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>54112110</valUSD>
        <pctVal>2.11900987</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>KDDI Corporation</name>
        <lei>N/A</lei>
        <title>KDDI Corporation</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="9433 JP"/>
          <other otherDesc="SEDOL" value="6248990"/>
        </identifiers>
        <balance>1581800</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="157.16"/>
        <valUSD>50747235.94</valUSD>
        <pctVal>1.987242668</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kia Motors Corporation</name>
        <lei>N/A</lei>
        <title>Kia Motors Corporation</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="000270KS"/>
          <other otherDesc="SEDOL" value="6490928"/>
        </identifiers>
        <balance>697700</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1472.15"/>
        <valUSD>47725021.23</valUSD>
        <pctVal>1.868893877</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Koninklijke Ahold Delhaize N.V.</name>
        <lei>N/A</lei>
        <title>Koninklijke Ahold Delhaize N.V.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="AD NA"/>
          <other otherDesc="SEDOL" value="BD0Q398"/>
        </identifiers>
        <balance>1664200</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9657"/>
        <valUSD>54267016.67</valUSD>
        <pctVal>2.125075957</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>LATAM Airlines Group</name>
        <lei>N/A</lei>
        <title>LATAM Airlines Group</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="LTM CI"/>
          <other otherDesc="SEDOL" value="2518932"/>
        </identifiers>
        <balance>1201956000</balance>
        <units>NS</units>
        <currencyConditional curCd="CLP" exchangeRt="994.525"/>
        <valUSD>16593706.42</valUSD>
        <pctVal>0.649803301</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LG Electronics Inc.</name>
        <lei>N/A</lei>
        <title>LG Electronics Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="066570KS"/>
          <other otherDesc="SEDOL" value="6520739"/>
        </identifiers>
        <balance>736300</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1472.15"/>
        <valUSD>41762761.95</valUSD>
        <pctVal>1.635414046</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Linde plc</name>
        <lei>N/A</lei>
        <title>Linde plc</title>
        <cusip>G54950103</cusip>
        <identifiers>
          <ticker value="LIN"/>
        </identifiers>
        <balance>128044</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>53608181.48</valUSD>
        <pctVal>2.099276219</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>1045419</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="11.0493"/>
        <valUSD>31828165.73</valUSD>
        <pctVal>1.246378996</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lundin Mining Corporation</name>
        <lei>N/A</lei>
        <title>Lundin Mining Corporation</title>
        <cusip>550372957</cusip>
        <identifiers>
          <ticker value="LUN CN"/>
        </identifiers>
        <balance>5931100</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.4382"/>
        <valUSD>51013563.48</valUSD>
        <pctVal>1.997671954</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>Macnica Fuji Electronics Holdings Inc.</name>
        <lei>N/A</lei>
        <title>Macnica Fuji Electronics Holdings Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="3132 JP"/>
          <other otherDesc="SEDOL" value="BVVQ8X2"/>
        </identifiers>
        <balance>675000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="157.16"/>
        <valUSD>7926396.67</valUSD>
        <pctVal>0.310394712</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Magna International Inc.</name>
        <lei>N/A</lei>
        <title>Magna International Inc.</title>
        <cusip>559222955</cusip>
        <identifiers>
          <ticker value="MG CN"/>
        </identifiers>
        <balance>1128302</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.4382"/>
        <valUSD>47134184.51</valUSD>
        <pctVal>1.845756933</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>Marubeni Corporation</name>
        <lei>N/A</lei>
        <title>Marubeni Corporation</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="8002 JP"/>
          <other otherDesc="SEDOL" value="6569464"/>
        </identifiers>
        <balance>3339900</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="157.16"/>
        <valUSD>50844430.83</valUSD>
        <pctVal>1.991048783</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Methanex Corporation</name>
        <lei>N/A</lei>
        <title>Methanex Corporation</title>
        <cusip>59151K959</cusip>
        <identifiers>
          <ticker value="MX CN"/>
        </identifiers>
        <balance>1027393</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.4382"/>
        <valUSD>51312501.18</valUSD>
        <pctVal>2.009378242</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>Michelin (CGDE)</name>
        <lei>N/A</lei>
        <title>Michelin (CGDE)</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="ML FP"/>
          <other otherDesc="SEDOL" value="BPBPJ01"/>
        </identifiers>
        <balance>1482000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9657"/>
        <valUSD>48801491.15</valUSD>
        <pctVal>1.911048034</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>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>3030726</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.87"/>
        <valUSD>44569500</valUSD>
        <pctVal>1.745324853</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>Muenchener Rueckversicherungs-Gesellschaft</name>
        <lei>N/A</lei>
        <title>Muenchener Rueckversicherungs-Gesellschaft</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="MUV2 GR"/>
          <other otherDesc="SEDOL" value="5294121"/>
        </identifiers>
        <balance>101030</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9657"/>
        <valUSD>50959628.25</valUSD>
        <pctVal>1.995559871</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Next plc</name>
        <lei>N/A</lei>
        <title>Next plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="NXT LN"/>
          <other otherDesc="SEDOL" value="3208986"/>
        </identifiers>
        <balance>423350</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7985"/>
        <valUSD>50356647.46</valUSD>
        <pctVal>1.97194737</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>Nomad Foods Limited</name>
        <lei>N/A</lei>
        <title>Nomad Foods Limited</title>
        <cusip>G6564A105</cusip>
        <identifiers>
          <ticker value="NOMD"/>
        </identifiers>
        <balance>1164500</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>19540310</valUSD>
        <pctVal>0.765191188</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>Novartis AG</name>
        <lei>N/A</lei>
        <title>Novartis AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="NOVN SW"/>
          <other otherDesc="SEDOL" value="7103065"/>
        </identifiers>
        <balance>499550</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.9063"/>
        <valUSD>48891189.45</valUSD>
        <pctVal>1.914560586</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</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>1555901</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.4382"/>
        <valUSD>44009214.77</valUSD>
        <pctVal>1.723384294</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>ORIX Corporation</name>
        <lei>N/A</lei>
        <title>ORIX Corporation</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="8591 JP"/>
          <other otherDesc="SEDOL" value="6661144"/>
        </identifiers>
        <balance>2438800</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="157.16"/>
        <valUSD>52885151.44</valUSD>
        <pctVal>2.070962635</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Popular, Inc.</name>
        <lei>N/A</lei>
        <title>Popular, Inc.</title>
        <cusip>733174700</cusip>
        <identifiers>
          <ticker value="BPOP"/>
        </identifiers>
        <balance>535850</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>50402051</valUSD>
        <pctVal>1.973725355</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Publicis Groupe</name>
        <lei>N/A</lei>
        <title>Publicis Groupe</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="PUB FP"/>
          <other otherDesc="SEDOL" value="4380429"/>
        </identifiers>
        <balance>476147</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9657"/>
        <valUSD>50785068.86</valUSD>
        <pctVal>1.988724191</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>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>1374958</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1472.15"/>
        <valUSD>49687712.26</valUSD>
        <pctVal>1.945752119</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sandoz Group AG</name>
        <lei>N/A</lei>
        <title>Sandoz Group AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SDZ SW"/>
          <other otherDesc="SEDOL" value="BLPLD38"/>
        </identifiers>
        <balance>132470</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.9063"/>
        <valUSD>5432980.14</valUSD>
        <pctVal>0.212753458</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sanofi S.A.</name>
        <lei>N/A</lei>
        <title>Sanofi S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SAN FP"/>
          <other otherDesc="SEDOL" value="5671735"/>
        </identifiers>
        <balance>496200</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9657"/>
        <valUSD>48165877.6</valUSD>
        <pctVal>1.886157646</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>Shinhan Financial Group Co., Limited</name>
        <lei>N/A</lei>
        <title>Shinhan Financial Group Co., Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="055550KS"/>
          <other otherDesc="SEDOL" value="6397502"/>
        </identifiers>
        <balance>1521500</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1472.15"/>
        <valUSD>49247342.32</valUSD>
        <pctVal>1.928507398</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SK Hynix, Inc.</name>
        <lei>N/A</lei>
        <title>SK Hynix, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="000660KS"/>
          <other otherDesc="SEDOL" value="6450267"/>
        </identifiers>
        <balance>412800</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1472.15"/>
        <valUSD>48762639.68</valUSD>
        <pctVal>1.909526625</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SKF AB-B</name>
        <lei>N/A</lei>
        <title>SKF AB-B</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SKFB SS"/>
          <other otherDesc="SEDOL" value="B1Q3J35"/>
        </identifiers>
        <balance>2766400</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="11.0493"/>
        <valUSD>51976563.22</valUSD>
        <pctVal>2.035382662</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Smurfit Westrock plc</name>
        <lei>N/A</lei>
        <title>Smurfit Westrock plc</title>
        <cusip>G8267P108</cusip>
        <identifiers>
          <ticker value="SW"/>
        </identifiers>
        <balance>1077246</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>58020469.56</valUSD>
        <pctVal>2.27205976</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>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>2955200</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="157.16"/>
        <valUSD>63349890.56</valUSD>
        <pctVal>2.480757882</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SpareBank 1 Sor-Norge ASA</name>
        <lei>N/A</lei>
        <title>SpareBank 1 Sor-Norge ASA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SB1NO NO"/>
          <other otherDesc="SEDOL" value="B40JTQ3"/>
        </identifiers>
        <balance>3201568</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="11.3574"/>
        <valUSD>41325467.87</valUSD>
        <pctVal>1.618289775</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sparebanken Vest</name>
        <lei>N/A</lei>
        <title>Sparebanken Vest</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SVEG NO"/>
          <other otherDesc="SEDOL" value="4780290"/>
        </identifiers>
        <balance>1705514</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="11.3574"/>
        <valUSD>21278755.16</valUSD>
        <pctVal>0.833268047</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Takeda Pharmaceutical Company Limited</name>
        <lei>N/A</lei>
        <title>Takeda Pharmaceutical Company Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="4502 JP"/>
          <other otherDesc="SEDOL" value="6870445"/>
        </identifiers>
        <balance>1946800</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="157.16"/>
        <valUSD>51791618.73</valUSD>
        <pctVal>2.028140305</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</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>188800</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14975616</valUSD>
        <pctVal>0.586439489</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>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>434600</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9657"/>
        <valUSD>37407012.53</valUSD>
        <pctVal>1.464844538</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>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>5645800</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="34.095"/>
        <valUSD>16310640.86</valUSD>
        <pctVal>0.63871856</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>TotalEnergies SE</name>
        <lei>N/A</lei>
        <title>TotalEnergies SE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="TTE FP"/>
          <other otherDesc="SEDOL" value="B15C557"/>
        </identifiers>
        <balance>861100</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9657"/>
        <valUSD>47589217.15</valUSD>
        <pctVal>1.86357584</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>Trevi Finanziaria Industriale SpA</name>
        <lei>N/A</lei>
        <title>Trevi Finanziaria Industriale SpA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="TFIN IM"/>
          <other otherDesc="SEDOL" value="BMH5TM6"/>
        </identifiers>
        <balance>25608324</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9657"/>
        <valUSD>7305678.02</valUSD>
        <pctVal>0.286087603</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Trevi-Finanziaria Industriale SpA</name>
        <lei>N/A</lei>
        <title>Trevi-Finanziaria Industriale SpA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="WTFI25"/>
          <other otherDesc="SEDOL" value="BMDMGQ4"/>
        </identifiers>
        <balance>76022</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9657"/>
        <valUSD>78722.17</valUSD>
        <pctVal>0.003082731</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Warrants"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</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>2024347</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.3642"/>
        <valUSD>53910369.82</valUSD>
        <pctVal>2.111109801</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vinci SA</name>
        <lei>N/A</lei>
        <title>Vinci SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="DG FP"/>
          <other otherDesc="SEDOL" value="B1XH026"/>
        </identifiers>
        <balance>478098</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9657"/>
        <valUSD>49379201.12</valUSD>
        <pctVal>1.933670939</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>Vipshop Holdings Limited</name>
        <lei>N/A</lei>
        <title>Vipshop Holdings Limited</title>
        <cusip>92763W103</cusip>
        <identifiers>
          <ticker value="VIPS"/>
        </identifiers>
        <balance>1877000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>25283190</valUSD>
        <pctVal>0.990080209</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>Yara International ASA</name>
        <lei>N/A</lei>
        <title>Yara International ASA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="YAR NO"/>
          <other otherDesc="SEDOL" value="7751259"/>
        </identifiers>
        <balance>1812400</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="11.3574"/>
        <valUSD>48001296.07</valUSD>
        <pctVal>1.879712696</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>16542040</balance>
        <units>OU</units>
        <descOthUnits>Par Value</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>16542040.28</valUSD>
        <pctVal>0.647780074</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>2025-02-18</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>
  <documents>XXXX</documents>
</edgarSubmission>
