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

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


      <seriesClassInfo>
        <seriesId>S000009493</seriesId>
        <classId>C000025972</classId>
        <classId>C000025973</classId>
        <classId>C000177799</classId>
      </seriesClassInfo>


    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <regName>Pear Tree Funds</regName>
      <regFileNumber>811-03790</regFileNumber>
      <regCik>0000722885</regCik>
      <regLei>549300NANVEIFBMHLV32</regLei>
      <regStreet1>55 OLD BEDFORD ROADSUITE 202</regStreet1>
      <regCity>Lincoln</regCity>
      <regStateConditional regCountry="US" regState="US-MA"/>
      <regZipOrPostalCode>01773</regZipOrPostalCode>
      <regPhone>8003311244</regPhone>
      <seriesName>Pear tree polaris small cap fund</seriesName>
      <seriesId>S000009493</seriesId>
      <seriesLei>549300B7DSOCWNFGCQ51</seriesLei>
      <repPdEnd>2025-03-31</repPdEnd>
      <repPdDate>2024-12-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>94892594.76</totAssets>
      <totLiabs>92867.67</totLiabs>
      <netAssets>94799727.09</netAssets>
      <assetsAttrMiscSec>0</assetsAttrMiscSec>
      <assetsInvested>0</assetsInvested>
      <amtPayOneYrBanksBorr>0</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0</amtPayAftOneYrOther>
      <delayDeliv>0</delayDeliv>
      <standByCommit>0</standByCommit>
      <liquidPref>0</liquidPref>
      <cshNotRptdInCorD>0</cshNotRptdInCorD>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000025973" rtn1="-2.44" rtn2="9.31" rtn3="-8.46"/>
          <monthlyTotReturn classId="C000025972" rtn1="-2.48" rtn2="9.29" rtn3="-8.48"/>
          <monthlyTotReturn classId="C000177799" rtn1="N/A" rtn2="N/A" rtn3="-8.43"/>
        </monthlyTotReturns>
        <othMon1 netRealizedGain="282873.96" netUnrealizedAppr="-2986632.16"/>
        <othMon2 netRealizedGain="837926.57" netUnrealizedAppr="8303102.1"/>
        <othMon3 netRealizedGain="2625103.53" netUnrealizedAppr="-11620949.85"/>
      </returnInfo>
      <mon1Flow redemption="29210471.81" reinvestment="N/A" sales="28938820.4"/>
      <mon2Flow redemption="6250250.01" reinvestment="N/A" sales="5059413.84"/>
      <mon3Flow redemption="4962440.72" reinvestment="2998405.36" sales="1391135.23"/>

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    <invstOrSecs>
      <invstOrSec>
        <name>Acuity Brands, Inc.</name>
        <lei>N/A</lei>
        <title>Acuity Brands, Inc.</title>
        <cusip>00508Y102</cusip>
        <identifiers>
          <ticker value="AYI"/>
        </identifiers>
        <balance>5000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1460650</valUSD>
        <pctVal>1.540774478</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Air Lease Corporation</name>
        <lei>N/A</lei>
        <title>Air Lease Corporation</title>
        <cusip>00912X302</cusip>
        <identifiers>
          <ticker value="AL"/>
        </identifiers>
        <balance>44400</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2140524</valUSD>
        <pctVal>2.257943209</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Allison Transmission Holdings, Inc.</name>
        <lei>N/A</lei>
        <title>Allison Transmission Holdings, Inc.</title>
        <cusip>01973R101</cusip>
        <identifiers>
          <ticker value="ALSN"/>
        </identifiers>
        <balance>15800</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1707348</valUSD>
        <pctVal>1.801005185</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>American Eagle Outfitters, Inc.</name>
        <lei>N/A</lei>
        <title>American Eagle Outfitters, Inc.</title>
        <cusip>02553E106</cusip>
        <identifiers>
          <ticker value="AEO"/>
        </identifiers>
        <balance>62400</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1040208</valUSD>
        <pctVal>1.097268982</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>Amphastar Pharmaceuticals, Inc.</name>
        <lei>N/A</lei>
        <title>Amphastar Pharmaceuticals, Inc.</title>
        <cusip>03209R103</cusip>
        <identifiers>
          <ticker value="AMPH"/>
        </identifiers>
        <balance>24500</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>909685</valUSD>
        <pctVal>0.959586096</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Applied Industrial Technologies, Inc.</name>
        <lei>N/A</lei>
        <title>Applied Industrial Technologies, Inc.</title>
        <cusip>03820C105</cusip>
        <identifiers>
          <ticker value="AIT"/>
        </identifiers>
        <balance>7000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1676290</valUSD>
        <pctVal>1.768243487</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Arrow Electronics, Inc.</name>
        <lei>N/A</lei>
        <title>Arrow Electronics, Inc.</title>
        <cusip>042735100</cusip>
        <identifiers>
          <ticker value="ARW"/>
        </identifiers>
        <balance>15000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1696800</valUSD>
        <pctVal>1.78987857</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Barrett Business Services, Inc.</name>
        <lei>N/A</lei>
        <title>Barrett Business Services, Inc.</title>
        <cusip>068463108</cusip>
        <identifiers>
          <ticker value="BBSI"/>
        </identifiers>
        <balance>59000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2562960</valUSD>
        <pctVal>2.703552087</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BOK Financial Corporation</name>
        <lei>N/A</lei>
        <title>BOK Financial Corporation</title>
        <cusip>05561Q201</cusip>
        <identifiers>
          <ticker value="BOKF"/>
        </identifiers>
        <balance>18164</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1933557.8</valUSD>
        <pctVal>2.039623804</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Buckle, Inc.</name>
        <lei>N/A</lei>
        <title>Buckle, Inc.</title>
        <cusip>118440106</cusip>
        <identifiers>
          <ticker value="BKE"/>
        </identifiers>
        <balance>23500</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1194035</valUSD>
        <pctVal>1.259534217</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cabot Corporation</name>
        <lei>N/A</lei>
        <title>Cabot Corporation</title>
        <cusip>127055101</cusip>
        <identifiers>
          <ticker value="CBT"/>
        </identifiers>
        <balance>18273</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1668507.63</valUSD>
        <pctVal>1.760034212</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Carlisle Companies Incorporated</name>
        <lei>N/A</lei>
        <title>Carlisle Companies Incorporated</title>
        <cusip>142339100</cusip>
        <identifiers>
          <ticker value="CSL"/>
        </identifiers>
        <balance>4600</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1696664</valUSD>
        <pctVal>1.78973511</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Colony Bankcorp, Inc.</name>
        <lei>N/A</lei>
        <title>Colony Bankcorp, Inc.</title>
        <cusip>19623P101</cusip>
        <identifiers>
          <ticker value="CBAN"/>
        </identifiers>
        <balance>133179</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2149509.06</valUSD>
        <pctVal>2.267421148</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Crocs, Inc.</name>
        <lei>N/A</lei>
        <title>Crocs, Inc.</title>
        <cusip>227046109</cusip>
        <identifiers>
          <ticker value="CROX"/>
        </identifiers>
        <balance>7410</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>811617.3</valUSD>
        <pctVal>0.856138857</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CSG Systems International, Inc.</name>
        <lei>N/A</lei>
        <title>CSG Systems International, Inc.</title>
        <cusip>126349109</cusip>
        <identifiers>
          <ticker value="CSGS"/>
        </identifiers>
        <balance>33000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1686630</valUSD>
        <pctVal>1.779150691</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cullen/Frost Bankers, Inc.</name>
        <lei>N/A</lei>
        <title>Cullen/Frost Bankers, Inc.</title>
        <cusip>229899109</cusip>
        <identifiers>
          <ticker value="CFR"/>
        </identifiers>
        <balance>15300</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2054025</valUSD>
        <pctVal>2.166699275</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Curtiss-Wright Corporation</name>
        <lei>N/A</lei>
        <title>Curtiss-Wright Corporation</title>
        <cusip>231561101</cusip>
        <identifiers>
          <ticker value="CW"/>
        </identifiers>
        <balance>2800</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>993636</valUSD>
        <pctVal>1.048142258</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CVR Energy, Inc.</name>
        <lei>N/A</lei>
        <title>CVR Energy, Inc.</title>
        <cusip>12662P108</cusip>
        <identifiers>
          <ticker value="CVI"/>
        </identifiers>
        <balance>84500</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1583530</valUSD>
        <pctVal>1.670395104</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Diamondback Energy, Inc.</name>
        <lei>N/A</lei>
        <title>Diamondback Energy, Inc.</title>
        <cusip>25278X109</cusip>
        <identifiers>
          <ticker value="FANG"/>
        </identifiers>
        <balance>10670</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1748066.1</valUSD>
        <pctVal>1.843956891</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>DNOW Inc.</name>
        <lei>N/A</lei>
        <title>DNOW Inc.</title>
        <cusip>67011P100</cusip>
        <identifiers>
          <ticker value="DNOW"/>
        </identifiers>
        <balance>101700</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1323117</valUSD>
        <pctVal>1.395697056</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Eagle Materials Inc.</name>
        <lei>N/A</lei>
        <title>Eagle Materials Inc.</title>
        <cusip>26969P108</cusip>
        <identifiers>
          <ticker value="EXP"/>
        </identifiers>
        <balance>7000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1727320</valUSD>
        <pctVal>1.822072756</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>Ennis, Inc.</name>
        <lei>N/A</lei>
        <title>Ennis, Inc.</title>
        <cusip>293389102</cusip>
        <identifiers>
          <ticker value="EBF"/>
        </identifiers>
        <balance>95500</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2014095</valUSD>
        <pctVal>2.124578901</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Essential Properties Realty Trust, Inc.</name>
        <lei>N/A</lei>
        <title>Essential Properties Realty Trust, Inc.</title>
        <cusip>29670E107</cusip>
        <identifiers>
          <ticker value="EPRT"/>
        </identifiers>
        <balance>58200</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1820496</valUSD>
        <pctVal>1.920359959</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EVERTEC Inc.</name>
        <lei>N/A</lei>
        <title>EVERTEC Inc.</title>
        <cusip>30040P103</cusip>
        <identifiers>
          <ticker value="EVTC"/>
        </identifiers>
        <balance>60500</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2089065</valUSD>
        <pctVal>2.203661407</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Exelixis, Inc.</name>
        <lei>N/A</lei>
        <title>Exelixis, Inc.</title>
        <cusip>30161Q104</cusip>
        <identifiers>
          <ticker value="EXEL"/>
        </identifiers>
        <balance>45000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1498500</valUSD>
        <pctVal>1.580700753</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Global Medical REIT Inc.</name>
        <lei>N/A</lei>
        <title>Global Medical REIT Inc.</title>
        <cusip>37954A204</cusip>
        <identifiers>
          <ticker value="GMRE"/>
        </identifiers>
        <balance>109200</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>843024</valUSD>
        <pctVal>0.889268383</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Graphic Packaging Holding Co.</name>
        <lei>N/A</lei>
        <title>Graphic Packaging Holding Co.</title>
        <cusip>388689101</cusip>
        <identifiers>
          <ticker value="GPK"/>
        </identifiers>
        <balance>58700</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1594292</valUSD>
        <pctVal>1.681747457</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>H&amp;E Equipment Services, Inc.</name>
        <lei>N/A</lei>
        <title>H&amp;E Equipment Services, Inc.</title>
        <cusip>404030108</cusip>
        <identifiers>
          <ticker value="HEES"/>
        </identifiers>
        <balance>37000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1811520</valUSD>
        <pctVal>1.910891577</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Harmony Biosciences Holdings, Inc.</name>
        <lei>N/A</lei>
        <title>Harmony Biosciences Holdings, Inc.</title>
        <cusip>413197104</cusip>
        <identifiers>
          <ticker value="HRMY"/>
        </identifiers>
        <balance>58300</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2006103</valUSD>
        <pctVal>2.116148497</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>HomeTrust Bancshares, Inc.</name>
        <lei>N/A</lei>
        <title>HomeTrust Bancshares, Inc.</title>
        <cusip>437872104</cusip>
        <identifiers>
          <ticker value="HTBI"/>
        </identifiers>
        <balance>65900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2219512</valUSD>
        <pctVal>2.341264124</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ingles Markets Inc.</name>
        <lei>N/A</lei>
        <title>Ingles Markets Inc.</title>
        <cusip>457030104</cusip>
        <identifiers>
          <ticker value="IMKTA"/>
        </identifiers>
        <balance>32800</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2113632</valUSD>
        <pctVal>2.229576039</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ingredion Incorporated</name>
        <lei>N/A</lei>
        <title>Ingredion Incorporated</title>
        <cusip>457187102</cusip>
        <identifiers>
          <ticker value="INGR"/>
        </identifiers>
        <balance>14500</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1994620</valUSD>
        <pctVal>2.104035593</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>International Bancshares Corporation</name>
        <lei>N/A</lei>
        <title>International Bancshares Corporation</title>
        <cusip>459044103</cusip>
        <identifiers>
          <ticker value="IBOC"/>
        </identifiers>
        <balance>35300</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2229548</valUSD>
        <pctVal>2.351850652</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kforce, Inc.</name>
        <lei>N/A</lei>
        <title>Kforce, Inc.</title>
        <cusip>493732101</cusip>
        <identifiers>
          <ticker value="KFRC"/>
        </identifiers>
        <balance>35694</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2023849.8</valUSD>
        <pctVal>2.134868804</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kimball Electronics, Inc.</name>
        <lei>N/A</lei>
        <title>Kimball Electronics, Inc.</title>
        <cusip>49428J109</cusip>
        <identifiers>
          <ticker value="KE"/>
        </identifiers>
        <balance>34935</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>654332.55</valUSD>
        <pctVal>0.690226196</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Knight-Swift Transportation Holdings, Inc.</name>
        <lei>N/A</lei>
        <title>Knight-Swift Transportation Holdings, Inc.</title>
        <cusip>499049104</cusip>
        <identifiers>
          <ticker value="KNX"/>
        </identifiers>
        <balance>23494</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1246121.76</valUSD>
        <pctVal>1.314478214</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lundin Mining Corporation</name>
        <lei>N/A</lei>
        <title>Lundin Mining Corporation</title>
        <cusip>550372957</cusip>
        <identifiers>
          <ticker value="LUN CN"/>
        </identifiers>
        <balance>203200</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.4382"/>
        <valUSD>1747729.11</valUSD>
        <pctVal>1.843601415</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Maximus Inc.</name>
        <lei>N/A</lei>
        <title>Maximus Inc.</title>
        <cusip>577933104</cusip>
        <identifiers>
          <ticker value="MMS"/>
        </identifiers>
        <balance>25200</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1881180</valUSD>
        <pctVal>1.984372801</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MKS Instruments, Inc.</name>
        <lei>N/A</lei>
        <title>MKS Instruments, Inc.</title>
        <cusip>55306N104</cusip>
        <identifiers>
          <ticker value="MKSI"/>
        </identifiers>
        <balance>11400</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1190046</valUSD>
        <pctVal>1.255326399</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>Netstreit Corporation</name>
        <lei>N/A</lei>
        <title>Netstreit Corporation</title>
        <cusip>64119V303</cusip>
        <identifiers>
          <ticker value="NTST"/>
        </identifiers>
        <balance>125600</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1777240</valUSD>
        <pctVal>1.874731135</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Northeast Bancorp</name>
        <lei>N/A</lei>
        <title>Northeast Bancorp</title>
        <cusip>66405S100</cusip>
        <identifiers>
          <ticker value="NBN"/>
        </identifiers>
        <balance>22400</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2054752</valUSD>
        <pctVal>2.167466155</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NOV Inc.</name>
        <lei>N/A</lei>
        <title>NOV Inc.</title>
        <cusip>62955J103</cusip>
        <identifiers>
          <ticker value="NOV"/>
        </identifiers>
        <balance>32000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>467200</valUSD>
        <pctVal>0.492828423</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OFG Bancorp</name>
        <lei>N/A</lei>
        <title>OFG Bancorp</title>
        <cusip>67103X102</cusip>
        <identifiers>
          <ticker value="OFG"/>
        </identifiers>
        <balance>56400</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2386848</valUSD>
        <pctVal>2.5177794</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Perdoceo Education Corporation</name>
        <lei>N/A</lei>
        <title>Perdoceo Education Corporation</title>
        <cusip>71363P106</cusip>
        <identifiers>
          <ticker value="PRDO"/>
        </identifiers>
        <balance>54800</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1450556</valUSD>
        <pctVal>1.530126768</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Regal Rexnord Corporation</name>
        <lei>N/A</lei>
        <title>Regal Rexnord Corporation</title>
        <cusip>758750103</cusip>
        <identifiers>
          <ticker value="RRX"/>
        </identifiers>
        <balance>6789</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1053177.57</valUSD>
        <pctVal>1.110950002</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Science Applications International Corporation</name>
        <lei>N/A</lei>
        <title>Science Applications International Corporation</title>
        <cusip>808625107</cusip>
        <identifiers>
          <ticker value="SAIC"/>
        </identifiers>
        <balance>12900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1441962</valUSD>
        <pctVal>1.521061341</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SLM Corporation</name>
        <lei>N/A</lei>
        <title>SLM Corporation</title>
        <cusip>78442P106</cusip>
        <identifiers>
          <ticker value="SLM"/>
        </identifiers>
        <balance>90800</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2504264</valUSD>
        <pctVal>2.641636297</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>South Plains Financial, Inc.</name>
        <lei>N/A</lei>
        <title>South Plains Financial, Inc.</title>
        <cusip>83946P107</cusip>
        <identifiers>
          <ticker value="SPFI"/>
        </identifiers>
        <balance>65900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2290025</valUSD>
        <pctVal>2.41564514</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Southside Bancshares, Inc.</name>
        <lei>N/A</lei>
        <title>Southside Bancshares, Inc.</title>
        <cusip>84470P109</cusip>
        <identifiers>
          <ticker value="SBSI"/>
        </identifiers>
        <balance>61500</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1953240</valUSD>
        <pctVal>2.060385678</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Supernus Pharmaceuticals, Inc.</name>
        <lei>N/A</lei>
        <title>Supernus Pharmaceuticals, Inc.</title>
        <cusip>868459108</cusip>
        <identifiers>
          <ticker value="SUPN"/>
        </identifiers>
        <balance>47000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1699520</valUSD>
        <pctVal>1.792747777</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tecnoglass, Inc.</name>
        <lei>N/A</lei>
        <title>Tecnoglass, Inc.</title>
        <cusip>G87264100</cusip>
        <identifiers>
          <ticker value="TGLS"/>
        </identifiers>
        <balance>23900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1895748</valUSD>
        <pctVal>1.999739934</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>The Bank of N.T. Butterfield &amp; Son Limited</name>
        <lei>N/A</lei>
        <title>The Bank of N.T. Butterfield &amp; Son Limited</title>
        <cusip>G0772R208</cusip>
        <identifiers>
          <ticker value="NTB"/>
        </identifiers>
        <balance>55800</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2039490</valUSD>
        <pctVal>2.151366953</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TruBridge, Inc.</name>
        <lei>N/A</lei>
        <title>TruBridge, Inc.</title>
        <cusip>205306103</cusip>
        <identifiers>
          <ticker value="TBRG"/>
        </identifiers>
        <balance>57000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1124040</valUSD>
        <pctVal>1.185699616</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>V2X, Inc.</name>
        <lei>N/A</lei>
        <title>V2X, Inc.</title>
        <cusip>92242T101</cusip>
        <identifiers>
          <ticker value="VVX"/>
        </identifiers>
        <balance>37600</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1798408</valUSD>
        <pctVal>1.897060314</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wabash National Corporation</name>
        <lei>N/A</lei>
        <title>Wabash National Corporation</title>
        <cusip>929566107</cusip>
        <identifiers>
          <ticker value="WNC"/>
        </identifiers>
        <balance>97800</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1675314</valUSD>
        <pctVal>1.767213948</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Winnebago Industries, Inc.</name>
        <lei>N/A</lei>
        <title>Winnebago Industries, Inc.</title>
        <cusip>974637100</cusip>
        <identifiers>
          <ticker value="WGO"/>
        </identifiers>
        <balance>36467</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1742393.26</valUSD>
        <pctVal>1.837972865</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>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>690690</balance>
        <units>OU</units>
        <descOthUnits>Par Value</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>690689.98</valUSD>
        <pctVal>0.728578026</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>
