<?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>2025-03-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>88980888</totAssets>
      <totLiabs>824854</totLiabs>
      <netAssets>88156034</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="3.98" rtn2="-3.61" rtn3="-2.92"/>
          <monthlyTotReturn classId="C000025972" rtn1="3.92" rtn2="-3.63" rtn3="-2.96"/>
          <monthlyTotReturn classId="C000177799" rtn1="3.95" rtn2="-3.69" rtn3="-2.82"/>
        </monthlyTotReturns>
        <othMon1 netRealizedGain="3074877.7" netUnrealizedAppr="625426.7"/>
        <othMon2 netRealizedGain="1149099.22" netUnrealizedAppr="-4697615.56"/>
        <othMon3 netRealizedGain="-440720.43" netUnrealizedAppr="-2310714.67"/>
      </returnInfo>
      <mon1Flow redemption="3216835.97" reinvestment="0" sales="575792"/>
      <mon2Flow redemption="2544457.05" reinvestment="0" sales="1333703.45"/>
      <mon3Flow redemption="554431.67" reinvestment="0" sales="131115.62"/>

    </fundInfo>
    <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>4700</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1237745</valUSD>
        <pctVal>1.404038888</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>37900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1830949</valUSD>
        <pctVal>2.076941211</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>13600</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1301112</valUSD>
        <pctVal>1.475919391</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>82400</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>957488</valUSD>
        <pctVal>1.086128716</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>30800</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>892892</valUSD>
        <pctVal>1.012854094</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>1577380</valUSD>
        <pctVal>1.789304632</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>
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      </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>12700</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1318641</valUSD>
        <pctVal>1.495803452</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>49800</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2049270</valUSD>
        <pctVal>2.324594139</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>1891780.6</valUSD>
        <pctVal>2.145945676</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>29300</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1122776</valUSD>
        <pctVal>1.273623539</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>20973</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1743695.22</valUSD>
        <pctVal>1.977964685</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>
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      </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>3500</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1191750</valUSD>
        <pctVal>1.351864354</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>122079</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1971575.85</valUSD>
        <pctVal>2.236461601</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>Covenant Logistics Group, Inc.</name>
        <lei>N/A</lei>
        <title>Covenant Logistics Group, Inc.</title>
        <cusip>22284P105</cusip>
        <identifiers>
          <ticker value="CVLG"/>
        </identifiers>
        <balance>106400</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2362080</valUSD>
        <pctVal>2.679430882</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>11010</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1169262</valUSD>
        <pctVal>1.32635504</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>
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      </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>29000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1753630</valUSD>
        <pctVal>1.989234225</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>
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      </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>1915560</valUSD>
        <pctVal>2.172919893</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>67000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1299800</valUSD>
        <pctVal>1.47443112</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>1705919.6</valUSD>
        <pctVal>1.935113823</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>1737036</valUSD>
        <pctVal>1.970410783</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>1553510</valUSD>
        <pctVal>1.762227643</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>86800</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1743812</valUSD>
        <pctVal>1.978097154</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>ePlus, Inc.</name>
        <lei>N/A</lei>
        <title>ePlus, Inc.</title>
        <cusip>294268107</cusip>
        <identifiers>
          <ticker value="PLUS"/>
        </identifiers>
        <balance>27600</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1684428</valUSD>
        <pctVal>1.910734777</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>60700</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1981248</valUSD>
        <pctVal>2.247433227</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>53900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1981903</valUSD>
        <pctVal>2.248176228</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>42100</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1554332</valUSD>
        <pctVal>1.76316008</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>76600</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>670250</valUSD>
        <pctVal>0.76029963</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>1523852</valUSD>
        <pctVal>1.728585022</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>36100</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1198159</valUSD>
        <pctVal>1.359134418</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="HTB"/>
        </identifiers>
        <balance>62700</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2149356</valUSD>
        <pctVal>2.438126924</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>56283</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3665711.79</valUSD>
        <pctVal>4.158208603</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>1960545</valUSD>
        <pctVal>2.223948731</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>31900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2011614</valUSD>
        <pctVal>2.281878969</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>22894</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1119287.66</valUSD>
        <pctVal>1.269666532</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>15500</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>254975</valUSD>
        <pctVal>0.289231478</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>Laureate Education, Inc.</name>
        <lei>N/A</lei>
        <title>Laureate Education, Inc.</title>
        <cusip>518613203</cusip>
        <identifiers>
          <ticker value="LAUR"/>
        </identifiers>
        <balance>68600</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1402870</valUSD>
        <pctVal>1.591348812</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>148400</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.4393"/>
        <valUSD>1202212.19</valUSD>
        <pctVal>1.363732164</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>12700</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>866013</valUSD>
        <pctVal>0.982363839</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>913710</valUSD>
        <pctVal>1.036469041</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>1990760</valUSD>
        <pctVal>2.258223186</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>23400</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2142036</valUSD>
        <pctVal>2.429823465</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>487040</valUSD>
        <pctVal>0.552474945</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>46700</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1868934</valUSD>
        <pctVal>2.120029583</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>71200</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1792816</valUSD>
        <pctVal>2.033684954</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>Progress Software Corporation</name>
        <lei>N/A</lei>
        <title>Progress Software Corporation</title>
        <cusip>743312100</cusip>
        <identifiers>
          <ticker value="PRGS"/>
        </identifiers>
        <balance>34600</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1782246</valUSD>
        <pctVal>2.021694851</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>772927.65</valUSD>
        <pctVal>0.876772258</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>1448283</valUSD>
        <pctVal>1.642863153</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>64800</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1903176</valUSD>
        <pctVal>2.158872074</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>57700</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1911024</valUSD>
        <pctVal>2.167774471</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>1781040</valUSD>
        <pctVal>2.020326822</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>43100</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1411525</valUSD>
        <pctVal>1.601166631</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>22500</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1609875</valUSD>
        <pctVal>1.82616541</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>54600</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2125032</valUSD>
        <pctVal>2.410534938</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>21400</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1049670</valUSD>
        <pctVal>1.190695579</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>1080690</valUSD>
        <pctVal>1.225883188</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>1256652.82</valUSD>
        <pctVal>1.425487018</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>494565</balance>
        <units>OU</units>
        <descOthUnits>Par Value</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>494564.6</valUSD>
        <pctVal>0.561010492</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>2025-05-01</ncom:dateSigned>
      <ncom:nameOfApplicant>Pear Tree Funds</ncom:nameOfApplicant>
      <ncom:signature>Diane Hunt</ncom:signature>
      <ncom:signerName>Diane Hunt</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
