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


    </filerInfo>
  </headerData>
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    <genInfo>
      <regName>Pear Tree Funds</regName>
      <regFileNumber>811-03790</regFileNumber>
      <regCik>0000722885</regCik>
      <regLei>549300NANVEIFBMHLV32</regLei>
      <regStreet1>55 OLD BEDFORD ROADSUITE 202</regStreet1>
      <regCity>Lincoln</regCity>
      <regStateConditional regCountry="US" regState="US-MA"/>
      <regZipOrPostalCode>01773</regZipOrPostalCode>
      <regPhone>8003311244</regPhone>
      <seriesName>Pear tree polaris international opportunities fund</seriesName>
      <seriesId>S000064782</seriesId>
      <seriesLei>549300IESHKEPMUBBX72</seriesLei>
      <repPdEnd>2025-03-31</repPdEnd>
      <repPdDate>2024-12-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>68631786.34</totAssets>
      <totLiabs>123616.39</totLiabs>
      <netAssets>68508169.95</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>7493.93</cshNotRptdInCorD>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000209788" rtn1="-6.29" rtn2="-2.18" rtn3="-2.56"/>
          <monthlyTotReturn classId="C000209789" rtn1="-6.38" rtn2="-2.14" rtn3="-2.68"/>
          <monthlyTotReturn classId="C000209787" rtn1="-6.29" rtn2="-2.1" rtn3="-2.63"/>
        </monthlyTotReturns>
        <othMon1 netRealizedGain="645335.31" netUnrealizedAppr="-6190977.45"/>
        <othMon2 netRealizedGain="971804.36" netUnrealizedAppr="-2702881.32"/>
        <othMon3 netRealizedGain="370257.27" netUnrealizedAppr="-3087885.61"/>
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      <mon1Flow redemption="21027448.02" reinvestment="N/A" sales="20250426.88"/>
      <mon2Flow redemption="4733198.27" reinvestment="N/A" sales="1420170.02"/>
      <mon3Flow redemption="6328077.77" reinvestment="2107933.14" sales="470086.88"/>

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    <invstOrSecs>
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        <name>Aalberts N.V.</name>
        <lei>N/A</lei>
        <title>Aalberts N.V.</title>
        <cusip>N/A</cusip>
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          <ticker value="AALB NA"/>
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        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Alibaba Group Holding Ltd.</name>
        <lei>N/A</lei>
        <title>Alibaba Group Holding Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="9988 HK"/>
          <other otherDesc="SEDOL" value="BK6YZP5"/>
        </identifiers>
        <balance>125200</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.768"/>
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        <pctVal>1.938563168</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>Alimentation Couche-Tard Inc.</name>
        <lei>N/A</lei>
        <title>Alimentation Couche-Tard Inc.</title>
        <cusip>01626P965</cusip>
        <identifiers>
          <ticker value="ATD CN"/>
        </identifiers>
        <balance>31100</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.4382"/>
        <valUSD>1723885.41</valUSD>
        <pctVal>2.516320917</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>ALSO Holding AG</name>
        <lei>N/A</lei>
        <title>ALSO Holding AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="ALSN SW"/>
          <other otherDesc="SEDOL" value="B11TD81"/>
        </identifiers>
        <balance>6800</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.9063"/>
        <valUSD>1680679.69</valUSD>
        <pctVal>2.453254395</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>Alten S.A.</name>
        <lei>N/A</lei>
        <title>Alten S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="ATE FP"/>
          <other otherDesc="SEDOL" value="5608915"/>
        </identifiers>
        <balance>8700</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9657"/>
        <valUSD>712162.16</valUSD>
        <pctVal>1.039528804</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>AVI Limited</name>
        <lei>N/A</lei>
        <title>AVI Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="AVI SJ"/>
          <other otherDesc="SEDOL" value="6040958"/>
        </identifiers>
        <balance>206174</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.87"/>
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        <pctVal>1.749868564</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>1110</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.9063"/>
        <valUSD>1474611.06</valUSD>
        <pctVal>2.152460153</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Bechtle AG</name>
        <lei>N/A</lei>
        <title>Bechtle AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="BC8 GR"/>
          <other otherDesc="SEDOL" value="5932409"/>
        </identifiers>
        <balance>16800</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9657"/>
        <valUSD>541037.59</valUSD>
        <pctVal>0.789741706</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>Capgemini SE</name>
        <lei>N/A</lei>
        <title>Capgemini SE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="CAP FP"/>
          <other otherDesc="SEDOL" value="4163437"/>
        </identifiers>
        <balance>3500</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9657"/>
        <valUSD>573185.25</valUSD>
        <pctVal>0.836667</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>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>450914</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="32.7845"/>
        <valUSD>1554188.17</valUSD>
        <pctVal>2.268617263</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>China MeiDong Auto Holdings Limited</name>
        <lei>N/A</lei>
        <title>China MeiDong Auto Holdings Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="1268 HK"/>
          <other otherDesc="SEDOL" value="BH0VXF7"/>
        </identifiers>
        <balance>2950000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.768"/>
        <valUSD>877252.83</valUSD>
        <pctVal>1.28050834</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>CIE Automotive</name>
        <lei>N/A</lei>
        <title>CIE Automotive</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="CIE SM"/>
          <other otherDesc="SEDOL" value="B15CL93"/>
        </identifiers>
        <balance>23145</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9657"/>
        <valUSD>608763.59</valUSD>
        <pctVal>0.888599988</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Collins Foods Limited</name>
        <lei>N/A</lei>
        <title>Collins Foods Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="CKF AU"/>
          <other otherDesc="SEDOL" value="B6QCFP1"/>
        </identifiers>
        <balance>257512</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.6151"/>
        <valUSD>1157536.45</valUSD>
        <pctVal>1.689632712</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Computacenter plc</name>
        <lei>N/A</lei>
        <title>Computacenter plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="CCC LN"/>
          <other otherDesc="SEDOL" value="BV9FP30"/>
        </identifiers>
        <balance>20700</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7985"/>
        <valUSD>550617.41</valUSD>
        <pctVal>0.803725177</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>Cranswick plc</name>
        <lei>N/A</lei>
        <title>Cranswick plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="CWK LN"/>
          <other otherDesc="SEDOL" value="0231888"/>
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        <balance>39440</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7985"/>
        <valUSD>2402950.53</valUSD>
        <pctVal>3.507538636</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Credicorp Ltd.</name>
        <lei>N/A</lei>
        <title>Credicorp Ltd.</title>
        <cusip>G2519Y108</cusip>
        <identifiers>
          <ticker value="BAP"/>
        </identifiers>
        <balance>3600</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>659952</valUSD>
        <pctVal>0.963318682</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>De'Longhi S.p.A.</name>
        <lei>N/A</lei>
        <title>De'Longhi S.p.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="DLG IM"/>
          <other otherDesc="SEDOL" value="7169517"/>
        </identifiers>
        <balance>26700</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9657"/>
        <valUSD>832767.94</valUSD>
        <pctVal>1.21557464</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>DFDS A/S</name>
        <lei>N/A</lei>
        <title>DFDS A/S</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="DFDS DC"/>
          <other otherDesc="SEDOL" value="BYSS4Q7"/>
        </identifiers>
        <balance>34300</balance>
        <units>NS</units>
        <currencyConditional curCd="DKK" exchangeRt="7.2016"/>
        <valUSD>635837.87</valUSD>
        <pctVal>0.928119771</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</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>10700</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9657"/>
        <valUSD>1780563.32</valUSD>
        <pctVal>2.599052524</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>EQB Inc.</name>
        <lei>N/A</lei>
        <title>EQB Inc.</title>
        <cusip>26886R955</cusip>
        <identifiers>
          <ticker value="EQB CN"/>
        </identifiers>
        <balance>25877</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.4382"/>
        <valUSD>1780730.56</valUSD>
        <pctVal>2.599296641</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Equatorial Energia S.A.</name>
        <lei>N/A</lei>
        <title>Equatorial Energia S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="EQTL3 BZ"/>
          <other otherDesc="SEDOL" value="B128R96"/>
        </identifiers>
        <balance>349269</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="6.1779"/>
        <valUSD>1549065.31</valUSD>
        <pctVal>2.261139527</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Euronet Worldwide, Inc.</name>
        <lei>N/A</lei>
        <title>Euronet Worldwide, Inc.</title>
        <cusip>298736109</cusip>
        <identifiers>
          <ticker value="EEFT"/>
        </identifiers>
        <balance>5400</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>555336</valUSD>
        <pctVal>0.810612808</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FirstRand Limited</name>
        <lei>N/A</lei>
        <title>FirstRand Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="FSR SJ"/>
          <other otherDesc="SEDOL" value="6606996"/>
        </identifiers>
        <balance>180600</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.87"/>
        <valUSD>726993.96</valUSD>
        <pctVal>1.061178485</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FULLCAST HOLDINGS Co., Ltd.</name>
        <lei>N/A</lei>
        <title>FULLCAST HOLDINGS Co., Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="4848 JP"/>
          <other otherDesc="SEDOL" value="6352404"/>
        </identifiers>
        <balance>85200</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="157.16"/>
        <valUSD>803967.93</valUSD>
        <pctVal>1.173535843</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>Games Workshop Group PLC</name>
        <lei>N/A</lei>
        <title>Games Workshop Group PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="GAW LN"/>
          <other otherDesc="SEDOL" value="0371847"/>
        </identifiers>
        <balance>5250</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7985"/>
        <valUSD>875109.58</valUSD>
        <pctVal>1.277379881</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Genuit Group plc</name>
        <lei>N/A</lei>
        <title>Genuit Group plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="GEN LN"/>
          <other otherDesc="SEDOL" value="BKRC5K3"/>
        </identifiers>
        <balance>68300</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7985"/>
        <valUSD>333160.3</valUSD>
        <pctVal>0.4863074</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>goeasy Ltd.</name>
        <lei>N/A</lei>
        <title>goeasy Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="GSY CN"/>
          <other otherDesc="SEDOL" value="BYR11M2"/>
        </identifiers>
        <balance>14874</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.4382"/>
        <valUSD>1724130.54</valUSD>
        <pctVal>2.516678728</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>Hexpol AB</name>
        <lei>N/A</lei>
        <title>Hexpol AB</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="HPOLB SS"/>
          <other otherDesc="SEDOL" value="BXBZB01"/>
        </identifiers>
        <balance>75300</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="11.0493"/>
        <valUSD>700572.89</valUSD>
        <pctVal>1.02261218</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>JAC Recruitment Co., Ltd.</name>
        <lei>N/A</lei>
        <title>JAC Recruitment Co., Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="2124 JP"/>
          <other otherDesc="SEDOL" value="B1CC1X0"/>
        </identifiers>
        <balance>154100</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="157.16"/>
        <valUSD>691273.22</valUSD>
        <pctVal>1.009037638</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>Kingboard Laminates Holdings, Ltd.</name>
        <lei>N/A</lei>
        <title>Kingboard Laminates Holdings, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="1888 HK"/>
          <other otherDesc="SEDOL" value="B1HHFV6"/>
        </identifiers>
        <balance>426500</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.768"/>
        <valUSD>395863.16</valUSD>
        <pctVal>0.577833506</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Knowit AB</name>
        <lei>N/A</lei>
        <title>Knowit AB</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="KNOW SS"/>
          <other otherDesc="SEDOL" value="5364886"/>
        </identifiers>
        <balance>34058</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="11.0493"/>
        <valUSD>425366.67</valUSD>
        <pctVal>0.620899187</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>Krungthai Card Public Company Limited</name>
        <lei>N/A</lei>
        <title>Krungthai Card Public Company Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="KTC/F TB"/>
          <other otherDesc="SEDOL" value="BF2LWT8"/>
        </identifiers>
        <balance>545100</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="34.095"/>
        <valUSD>799384.07</valUSD>
        <pctVal>1.166844875</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LVMH Moet Hennessy Louis Vuitton SE</name>
        <lei>N/A</lei>
        <title>LVMH Moet Hennessy Louis Vuitton SE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="MC FP"/>
          <other otherDesc="SEDOL" value="4061412"/>
        </identifiers>
        <balance>1295</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9657"/>
        <valUSD>852203.07</valUSD>
        <pctVal>1.243943709</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Macquarie Group Limited</name>
        <lei>N/A</lei>
        <title>Macquarie Group Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="MQG AU"/>
          <other otherDesc="SEDOL" value="B28YTC2"/>
        </identifiers>
        <balance>10812</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.6151"/>
        <valUSD>1483796.55</valUSD>
        <pctVal>2.165868029</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Midea Group Co., Ltd.</name>
        <lei>N/A</lei>
        <title>Midea Group Co., Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="000333C2"/>
          <other otherDesc="SEDOL" value="BD5CPP1"/>
        </identifiers>
        <balance>131600</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.2993"/>
        <valUSD>1356150.86</valUSD>
        <pctVal>1.979546178</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mondi plc</name>
        <lei>N/A</lei>
        <title>Mondi plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="MNP SJ"/>
          <other otherDesc="SEDOL" value="BR4W2K4"/>
        </identifiers>
        <balance>96794</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.87"/>
        <valUSD>1423441.18</valUSD>
        <pctVal>2.077768507</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Muangthai Capital Public Company Limited</name>
        <lei>N/A</lei>
        <title>Muangthai Capital Public Company Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="MTC/F TB"/>
          <other otherDesc="SEDOL" value="BFXP664"/>
        </identifiers>
        <balance>1064000</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="34.095"/>
        <valUSD>1497932.25</valUSD>
        <pctVal>2.186501626</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Muthoot Finance Ltd.</name>
        <lei>N/A</lei>
        <title>Muthoot Finance Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="MUTH IN"/>
          <other otherDesc="SEDOL" value="B40MFF3"/>
        </identifiers>
        <balance>37594</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="85.6138"/>
        <valUSD>938007.93</valUSD>
        <pctVal>1.36919134</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Neurones S.A.</name>
        <lei>N/A</lei>
        <title>Neurones S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="NRO FP"/>
          <other otherDesc="SEDOL" value="5972676"/>
        </identifiers>
        <balance>43855</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9657"/>
        <valUSD>1995886.14</valUSD>
        <pctVal>2.91335492</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEXTAGE Co., Ltd.</name>
        <lei>N/A</lei>
        <title>NEXTAGE Co., Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="3186 JP"/>
          <other otherDesc="SEDOL" value="BBQ2ZC3"/>
        </identifiers>
        <balance>139100</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="157.16"/>
        <valUSD>1255935.99</valUSD>
        <pctVal>1.833264545</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>Open Up Group Inc.</name>
        <lei>N/A</lei>
        <title>Open Up Group Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="2154 JP"/>
          <other otherDesc="SEDOL" value="B1XC021"/>
        </identifiers>
        <balance>56900</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="157.16"/>
        <valUSD>648796.13</valUSD>
        <pctVal>0.947034683</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>Oxford Instruments plc</name>
        <lei>N/A</lei>
        <title>Oxford Instruments plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="OXIG LN"/>
          <other otherDesc="SEDOL" value="0665045"/>
        </identifiers>
        <balance>33467</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7985"/>
        <valUSD>903210.83</valUSD>
        <pctVal>1.318398712</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>POYA International Co., Ltd.</name>
        <lei>N/A</lei>
        <title>POYA International Co., Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="5904 TT"/>
          <other otherDesc="SEDOL" value="6541826"/>
        </identifiers>
        <balance>55680</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="32.7845"/>
        <valUSD>843237.51</valUSD>
        <pctVal>1.230856861</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PT Bank Rakyat Indonesia Tbk</name>
        <lei>N/A</lei>
        <title>PT Bank Rakyat Indonesia Tbk</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="BBRI IJ"/>
          <other otherDesc="SEDOL" value="6709099"/>
        </identifiers>
        <balance>3318746</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="16095"/>
        <valUSD>841285.1</valUSD>
        <pctVal>1.228006967</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Public Bank Bhd</name>
        <lei>N/A</lei>
        <title>Public Bank Bhd</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="PBK MK"/>
          <other otherDesc="SEDOL" value="B012W42"/>
        </identifiers>
        <balance>783900</balance>
        <units>NS</units>
        <currencyConditional curCd="MYR" exchangeRt="4.4715"/>
        <valUSD>799414.96</valUSD>
        <pctVal>1.166889964</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>26683</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1472.15"/>
        <valUSD>964260.16</valUSD>
        <pctVal>1.407511193</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>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>6900</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9657"/>
        <valUSD>669779.43</valUSD>
        <pctVal>0.977663584</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>Sanyang Motor Co., Ltd.</name>
        <lei>N/A</lei>
        <title>Sanyang Motor Co., Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="2206 TT"/>
          <other otherDesc="SEDOL" value="6787084"/>
        </identifiers>
        <balance>282000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="32.7845"/>
        <valUSD>594372.34</valUSD>
        <pctVal>0.867593369</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>Scientex Berhad</name>
        <lei>N/A</lei>
        <title>Scientex Berhad</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SCI MK"/>
          <other otherDesc="SEDOL" value="B1VZ5G1"/>
        </identifiers>
        <balance>410600</balance>
        <units>NS</units>
        <currencyConditional curCd="MYR" exchangeRt="4.4715"/>
        <valUSD>407707.48</valUSD>
        <pctVal>0.595122422</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SEB SA</name>
        <lei>N/A</lei>
        <title>SEB SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SK FP"/>
          <other otherDesc="SEDOL" value="4792132"/>
        </identifiers>
        <balance>12000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9657"/>
        <valUSD>1087294.19</valUSD>
        <pctVal>1.587101496</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SeSa S.p.A.</name>
        <lei>N/A</lei>
        <title>SeSa S.p.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SES IM"/>
          <other otherDesc="SEDOL" value="B56RD66"/>
        </identifiers>
        <balance>7793</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9657"/>
        <valUSD>502344.67</valUSD>
        <pctVal>0.733262427</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>SINBON Electronics Co., Ltd.</name>
        <lei>N/A</lei>
        <title>SINBON Electronics Co., Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="3023 TT"/>
          <other otherDesc="SEDOL" value="6349354"/>
        </identifiers>
        <balance>150300</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="32.7845"/>
        <valUSD>1201134.68</valUSD>
        <pctVal>1.753272173</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sixt SE</name>
        <lei>N/A</lei>
        <title>Sixt SE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SIX2 GR"/>
          <other otherDesc="SEDOL" value="5260768"/>
        </identifiers>
        <balance>18400</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9657"/>
        <valUSD>1497607.95</valUSD>
        <pctVal>2.186028252</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>SOL S.p.A.</name>
        <lei>N/A</lei>
        <title>SOL S.p.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SOL IM"/>
          <other otherDesc="SEDOL" value="5490684"/>
        </identifiers>
        <balance>64300</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9657"/>
        <valUSD>2473589.11</valUSD>
        <pctVal>3.610648353</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>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>29600</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="157.16"/>
        <valUSD>634527.87</valUSD>
        <pctVal>0.92620759</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>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>126582</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="11.3574"/>
        <valUSD>1579293.62</valUSD>
        <pctVal>2.305263184</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>22200</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="157.16"/>
        <valUSD>590596.84</valUSD>
        <pctVal>0.862082348</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>Teleperformance SE</name>
        <lei>N/A</lei>
        <title>Teleperformance SE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="TEP FP"/>
          <other otherDesc="SEDOL" value="5999330"/>
        </identifiers>
        <balance>3700</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9657"/>
        <valUSD>318467.43</valUSD>
        <pctVal>0.464860513</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>Tri Chemical Laboratories Inc.</name>
        <lei>N/A</lei>
        <title>Tri Chemical Laboratories Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="4369 JP"/>
          <other otherDesc="SEDOL" value="B1Z8XW8"/>
        </identifiers>
        <balance>32000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="157.16"/>
        <valUSD>585797.91</valUSD>
        <pctVal>0.855077446</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>United Overseas Bank Limited</name>
        <lei>N/A</lei>
        <title>United Overseas Bank Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="UOB SP"/>
          <other otherDesc="SEDOL" value="6916781"/>
        </identifiers>
        <balance>54000</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.3642"/>
        <valUSD>1438073.6</valUSD>
        <pctVal>2.099127157</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>Valmet OYJ</name>
        <lei>N/A</lei>
        <title>Valmet OYJ</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="VALMT FH"/>
          <other otherDesc="SEDOL" value="BH6XZT5"/>
        </identifiers>
        <balance>32800</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9657"/>
        <valUSD>792403.44</valUSD>
        <pctVal>1.15665539</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VSTECS Holdings Limited</name>
        <lei>N/A</lei>
        <title>VSTECS Holdings Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="856 HK"/>
          <other otherDesc="SEDOL" value="6527031"/>
        </identifiers>
        <balance>734000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.768"/>
        <valUSD>491349.12</valUSD>
        <pctVal>0.717212444</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wal-Mart de Mexico, S.A.B. de C.V.</name>
        <lei>N/A</lei>
        <title>Wal-Mart de Mexico, S.A.B. de C.V.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="WALMEX*"/>
          <other otherDesc="SEDOL" value="BW1YVH8"/>
        </identifiers>
        <balance>388000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="20.7928"/>
        <valUSD>1024264.17</valUSD>
        <pctVal>1.495097841</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Yageo Corporation</name>
        <lei>N/A</lei>
        <title>Yageo Corporation</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="2327 TT"/>
          <other otherDesc="SEDOL" value="6984380"/>
        </identifiers>
        <balance>73546</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="32.7845"/>
        <valUSD>1213634.06</valUSD>
        <pctVal>1.771517267</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Zhejiang Supor Co.</name>
        <lei>N/A</lei>
        <title>Zhejiang Supor Co.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="002032C2"/>
          <other otherDesc="SEDOL" value="BD5M227"/>
        </identifiers>
        <balance>166800</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.2993"/>
        <valUSD>1215928.65</valUSD>
        <pctVal>1.774866634</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Zhongsheng Group Holdings</name>
        <lei>N/A</lei>
        <title>Zhongsheng Group Holdings</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="881 HK"/>
          <other otherDesc="SEDOL" value="B633D97"/>
        </identifiers>
        <balance>543000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.768"/>
        <valUSD>975834.19</valUSD>
        <pctVal>1.424405572</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UMB Money Market Special II</name>
        <lei>N/A</lei>
        <title>UMB Money Market Special II</title>
        <cusip>SF8888628</cusip>
        <identifiers>
          <ticker value="SMMFIDU"/>
        </identifiers>
        <balance>703463</balance>
        <units>OU</units>
        <descOthUnits>Par Value</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>703462.88</valUSD>
        <pctVal>1.02683064</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>
