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

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


      <seriesClassInfo>
        <seriesId>S000021993</seriesId>
        <classId>C000063163</classId>
        <classId>C000063164</classId>
        <classId>C000177800</classId>
      </seriesClassInfo>


    </filerInfo>
  </headerData>
  <formData>
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      <regName>Pear Tree Funds</regName>
      <regFileNumber>811-03790</regFileNumber>
      <regCik>0000722885</regCik>
      <regLei>549300NANVEIFBMHLV32</regLei>
      <regStreet1>55 OLD BEDFORD ROADSUITE 202</regStreet1>
      <regCity>Lincoln</regCity>
      <regStateConditional regCountry="US" regState="US-MA"/>
      <regZipOrPostalCode>01773</regZipOrPostalCode>
      <regPhone>8003311244</regPhone>
      <seriesName>Pear tree polaris foreign value small cap fund</seriesName>
      <seriesId>S000021993</seriesId>
      <seriesLei>549300AVE8SR25FLIW19</seriesLei>
      <repPdEnd>2025-03-31</repPdEnd>
      <repPdDate>2025-03-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>777994964</totAssets>
      <totLiabs>1713943</totLiabs>
      <netAssets>776281021</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>1008490</cshNotRptdInCorD>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000063164" rtn1="2.62" rtn2="-0.65" rtn3="3.03"/>
          <monthlyTotReturn classId="C000063163" rtn1="2.61" rtn2="-0.72" rtn3="2.95"/>
          <monthlyTotReturn classId="C000177800" rtn1="2.68" rtn2="-0.75" rtn3="3.1"/>
        </monthlyTotReturns>
        <othMon1 netRealizedGain="-4499742.37" netUnrealizedAppr="25919156.48"/>
        <othMon2 netRealizedGain="-10406072.59" netUnrealizedAppr="4948221.29"/>
        <othMon3 netRealizedGain="10785373.63" netUnrealizedAppr="9227168.61"/>
      </returnInfo>
      <mon1Flow redemption="102030430.37" reinvestment="0" sales="11260568.36"/>
      <mon2Flow redemption="25941054.93" reinvestment="0" sales="8468076.74"/>
      <mon3Flow redemption="41470709.69" reinvestment="0" sales="5522941.36"/>

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

        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Amundi</name>
        <lei>N/A</lei>
        <title>Amundi</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="AMUN FP"/>
          <other otherDesc="SEDOL" value="BYZR014"/>
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        <balance>219700</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>FR</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Berkeley Group Holdings plc</name>
        <lei>N/A</lei>
        <title>Berkeley Group Holdings plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="BKG LN"/>
          <other otherDesc="SEDOL" value="BP0RGD0"/>
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        <pctVal>1.180550599</pctVal>
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        <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>China MeiDong Auto Holdings Limited</name>
        <lei>N/A</lei>
        <title>China MeiDong Auto Holdings Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="1268 HK"/>
          <other otherDesc="SEDOL" value="BH0VXF7"/>
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        <balance>16078000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7803"/>
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        <pctVal>0.559031149</pctVal>
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        <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>206600</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9258"/>
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        <assetCat>EC</assetCat>
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        <invCountry>ES</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Coats Group plc</name>
        <lei>N/A</lei>
        <title>Coats Group plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="COA LN"/>
          <other otherDesc="SEDOL" value="B4YZN32"/>
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        <balance>5811700</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.7747"/>
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        <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>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>727200</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7747"/>
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        <pctVal>2.955306627</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Daicel Corporation</name>
        <lei>N/A</lei>
        <title>Daicel Corporation</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="4202 JP"/>
          <other otherDesc="SEDOL" value="6250542"/>
        </identifiers>
        <balance>2055600</balance>
        <units>NS</units>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>De'Longhi S.p.A.</name>
        <lei>N/A</lei>
        <title>De'Longhi S.p.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="DLG IM"/>
          <other otherDesc="SEDOL" value="7169517"/>
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        <balance>505636</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9258"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        </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"/>
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        <balance>131655</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9258"/>
        <valUSD>22596651</valUSD>
        <pctVal>2.910885414</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Doosan Bobcat</name>
        <lei>N/A</lei>
        <title>Doosan Bobcat</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="241560KS"/>
          <other otherDesc="SEDOL" value="BYX9GP8"/>
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        <balance>181800</balance>
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        <currencyConditional curCd="KRW" exchangeRt="1472.5"/>
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        <pctVal>0.795224243</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Dowa Holdings Co., Limited</name>
        <lei>N/A</lei>
        <title>Dowa Holdings Co., Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="5714 JP"/>
          <other otherDesc="SEDOL" value="6278306"/>
        </identifiers>
        <balance>402400</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="149.54"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Duni AB</name>
        <lei>N/A</lei>
        <title>Duni AB</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="DUNI SS"/>
          <other otherDesc="SEDOL" value="B03RSL4"/>
        </identifiers>
        <balance>249247</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="10.0451"/>
        <valUSD>2476316.87</valUSD>
        <pctVal>0.318997477</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Elis S.A.</name>
        <lei>N/A</lei>
        <title>Elis S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="ELIS FP"/>
          <other otherDesc="SEDOL" value="BVSS790"/>
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        <balance>752098</balance>
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        <pctVal>2.14950633</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EQB Inc.</name>
        <lei>N/A</lei>
        <title>EQB Inc.</title>
        <cusip>26886R955</cusip>
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        <currencyConditional curCd="CAD" exchangeRt="1.4393"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Equatorial Energia S.A.</name>
        <lei>N/A</lei>
        <title>Equatorial Energia S.A.</title>
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        <identifiers>
          <ticker value="EQTL3 BZ"/>
          <other otherDesc="SEDOL" value="B128R96"/>
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        <currencyConditional curCd="BRL" exchangeRt="5.7277"/>
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        <pctVal>2.942132081</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Equatorial Energia S.A.</name>
        <lei>N/A</lei>
        <title>Equatorial Energia S.A.</title>
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          <ticker value="EQTL9 BZ"/>
          <other otherDesc="SEDOL" value="BT3N3X2"/>
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        <balance>14621</balance>
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        <currencyConditional curCd="BRL" exchangeRt="5.7277"/>
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        <pctVal>0.010522715</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
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        <fairValLevel>2</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fila Holdings Corporation</name>
        <lei>N/A</lei>
        <title>Fila Holdings Corporation</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="081660KS"/>
          <other otherDesc="SEDOL" value="B66CTX7"/>
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        <balance>163300</balance>
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        <currencyConditional curCd="KRW" exchangeRt="1472.5"/>
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        <pctVal>0.542155282</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>flatexDEGIRO AG</name>
        <lei>N/A</lei>
        <title>flatexDEGIRO AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="FTK GR"/>
          <other otherDesc="SEDOL" value="BYVQYG8"/>
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        <balance>84700</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.9258"/>
        <valUSD>1938640.1</valUSD>
        <pctVal>0.249734316</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Glanbia plc</name>
        <lei>N/A</lei>
        <title>Glanbia plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="GLB ID"/>
          <other otherDesc="SEDOL" value="4058629"/>
        </identifiers>
        <balance>1296500</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9258"/>
        <valUSD>14242174.34</valUSD>
        <pctVal>1.834667338</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>174357</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.4393"/>
        <valUSD>18282469.56</valUSD>
        <pctVal>2.355135456</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>Greencore Group plc</name>
        <lei>N/A</lei>
        <title>Greencore Group plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="GNC LN"/>
          <other otherDesc="SEDOL" value="0386410"/>
        </identifiers>
        <balance>921700</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7747"/>
        <valUSD>2013058.47</valUSD>
        <pctVal>0.259320841</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>1864800</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="10.0451"/>
        <valUSD>16243740.73</valUSD>
        <pctVal>2.092507777</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hikma Pharmaceuticals plc</name>
        <lei>N/A</lei>
        <title>Hikma Pharmaceuticals plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="HIK LN"/>
          <other otherDesc="SEDOL" value="B0LCW08"/>
        </identifiers>
        <balance>616300</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7747"/>
        <valUSD>15504952.88</valUSD>
        <pctVal>1.997337622</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JO</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Inchcape plc</name>
        <lei>N/A</lei>
        <title>Inchcape plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="INCH LN"/>
          <other otherDesc="SEDOL" value="B61TVQ0"/>
        </identifiers>
        <balance>1958309</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7747"/>
        <valUSD>16936453.21</valUSD>
        <pctVal>2.181742534</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ipsos</name>
        <lei>N/A</lei>
        <title>Ipsos</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="IPS FP"/>
          <other otherDesc="SEDOL" value="B188NJ2"/>
        </identifiers>
        <balance>185600</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9258"/>
        <valUSD>8351799.52</valUSD>
        <pctVal>1.075873208</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>Kanematsu Corporation</name>
        <lei>N/A</lei>
        <title>Kanematsu Corporation</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="8020 JP"/>
          <other otherDesc="SEDOL" value="6483467"/>
        </identifiers>
        <balance>746200</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="149.54"/>
        <valUSD>12564742.54</valUSD>
        <pctVal>1.6185817</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kingboard Laminates Holdings, Ltd.</name>
        <lei>N/A</lei>
        <title>Kingboard Laminates Holdings, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="1888 HK"/>
          <other otherDesc="SEDOL" value="B1HHFV6"/>
        </identifiers>
        <balance>5147500</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7803"/>
        <valUSD>5927997.64</valUSD>
        <pctVal>0.763640677</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>Krones AG</name>
        <lei>N/A</lei>
        <title>Krones AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="KRN GR"/>
          <other otherDesc="SEDOL" value="5523881"/>
        </identifiers>
        <balance>61000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9258"/>
        <valUSD>8262475.7</valUSD>
        <pctVal>1.064366573</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kyudenko Corporation</name>
        <lei>N/A</lei>
        <title>Kyudenko Corporation</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="1959 JP"/>
          <other otherDesc="SEDOL" value="6499969"/>
        </identifiers>
        <balance>561000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="149.54"/>
        <valUSD>18044737.19</valUSD>
        <pctVal>2.324510932</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Loomis AB, Class B</name>
        <lei>N/A</lei>
        <title>Loomis AB, Class B</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="LOOMISSS"/>
          <other otherDesc="SEDOL" value="BMVB566"/>
        </identifiers>
        <balance>243361</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="10.0451"/>
        <valUSD>9845786.54</valUSD>
        <pctVal>1.268327613</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mizuho Leasing Company, Limited</name>
        <lei>N/A</lei>
        <title>Mizuho Leasing Company, Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="8425 JP"/>
          <other otherDesc="SEDOL" value="B02QLW4"/>
        </identifiers>
        <balance>1352000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="149.54"/>
        <valUSD>9429824.8</valUSD>
        <pctVal>1.214743701</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Open House Group Co., Limited</name>
        <lei>N/A</lei>
        <title>Open House Group Co., Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="3288 JP"/>
          <other otherDesc="SEDOL" value="BD3D170"/>
        </identifiers>
        <balance>450700</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="149.54"/>
        <valUSD>16790488.83</valUSD>
        <pctVal>2.1629395</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Orion Corporation</name>
        <lei>N/A</lei>
        <title>Orion Corporation</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="271560KS"/>
          <other otherDesc="SEDOL" value="BDVLJ72"/>
        </identifiers>
        <balance>87300</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1472.5"/>
        <valUSD>6989928.69</valUSD>
        <pctVal>0.900437922</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OSB Group PLC</name>
        <lei>N/A</lei>
        <title>OSB Group PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="OSB LN"/>
          <other otherDesc="SEDOL" value="BLDRH36"/>
        </identifiers>
        <balance>2224017</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7747"/>
        <valUSD>12321519.25</valUSD>
        <pctVal>1.587249839</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>Poongsan Corporation</name>
        <lei>N/A</lei>
        <title>Poongsan Corporation</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="103140KS"/>
          <other otherDesc="SEDOL" value="B3BDFS1"/>
        </identifiers>
        <balance>371300</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1472.5"/>
        <valUSD>15633684.21</valUSD>
        <pctVal>2.013920706</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Primax Electronics Limited</name>
        <lei>N/A</lei>
        <title>Primax Electronics Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="4915 TT"/>
          <other otherDesc="SEDOL" value="B5M70F8"/>
        </identifiers>
        <balance>3347800</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="33.2025"/>
        <valUSD>8358786.84</valUSD>
        <pctVal>1.07677331</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. Pakuwon Jati Tbk</name>
        <lei>N/A</lei>
        <title>PT. Pakuwon Jati Tbk</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="PWON IJ"/>
          <other otherDesc="SEDOL" value="B4KWQ72"/>
        </identifiers>
        <balance>170495300</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="16560"/>
        <valUSD>3500507.37</valUSD>
        <pctVal>0.45093301</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>QinetiQ</name>
        <lei>N/A</lei>
        <title>QinetiQ</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="QQ/ LN"/>
          <other otherDesc="SEDOL" value="B0WMWD0"/>
        </identifiers>
        <balance>3856400</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7747"/>
        <valUSD>19224753.84</valUSD>
        <pctVal>2.476519885</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>Redes Energeticas Nacionais, SGPS, S.A.</name>
        <lei>N/A</lei>
        <title>Redes Energeticas Nacionais, SGPS, S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="RENE PL"/>
          <other otherDesc="SEDOL" value="B233HR5"/>
        </identifiers>
        <balance>4848005</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9258"/>
        <valUSD>14374350.53</valUSD>
        <pctVal>1.851694186</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ringkjoebing Landbobank A/S</name>
        <lei>N/A</lei>
        <title>Ringkjoebing Landbobank A/S</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="RILBA DC"/>
          <other otherDesc="SEDOL" value="BF1KD82"/>
        </identifiers>
        <balance>81000</balance>
        <units>NS</units>
        <currencyConditional curCd="DKK" exchangeRt="6.9067"/>
        <valUSD>14389940.2</valUSD>
        <pctVal>1.853702437</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Rubis</name>
        <lei>N/A</lei>
        <title>Rubis</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="RUI FP"/>
          <other otherDesc="SEDOL" value="BDT88L2"/>
        </identifiers>
        <balance>674500</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9258"/>
        <valUSD>18971678.55</valUSD>
        <pctVal>2.443918896</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>Sankyu Inc.</name>
        <lei>N/A</lei>
        <title>Sankyu Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="9065 JP"/>
          <other otherDesc="SEDOL" value="6775380"/>
        </identifiers>
        <balance>311800</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="149.54"/>
        <valUSD>12785593.15</valUSD>
        <pctVal>1.647031527</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>9280000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="33.2025"/>
        <valUSD>19648640.92</valUSD>
        <pctVal>2.531124734</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>Signify N.V.,</name>
        <lei>N/A</lei>
        <title>Signify N.V.,</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="LIGHT NA"/>
          <other otherDesc="SEDOL" value="BYY7VY5"/>
        </identifiers>
        <balance>415700</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9258"/>
        <valUSD>8953400.3</valUSD>
        <pctVal>1.153371017</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>247825</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9258"/>
        <valUSD>21187458.14</valUSD>
        <pctVal>2.729354135</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sopra Steria</name>
        <lei>N/A</lei>
        <title>Sopra Steria</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SOP FP"/>
          <other otherDesc="SEDOL" value="5633616"/>
        </identifiers>
        <balance>101100</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9258"/>
        <valUSD>18684607.91</valUSD>
        <pctVal>2.406938649</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>SpareBank 1 Oestlandet</name>
        <lei>N/A</lei>
        <title>SpareBank 1 Oestlandet</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SPOL NO"/>
          <other otherDesc="SEDOL" value="BZ12WQ9"/>
        </identifiers>
        <balance>271588</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="10.5347"/>
        <valUSD>4239832.41</valUSD>
        <pctVal>0.546172365</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sparebank 1 SMN</name>
        <lei>N/A</lei>
        <title>Sparebank 1 SMN</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="MING NO"/>
          <other otherDesc="SEDOL" value="B0LGG75"/>
        </identifiers>
        <balance>902328</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="10.5347"/>
        <valUSD>15653930.85</valUSD>
        <pctVal>2.016528864</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SpareBank 1 Sor-Norge ASA</name>
        <lei>N/A</lei>
        <title>SpareBank 1 Sor-Norge ASA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SB1NO NO"/>
          <other otherDesc="SEDOL" value="B40JTQ3"/>
        </identifiers>
        <balance>862826</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="10.5347"/>
        <valUSD>13874407.85</valUSD>
        <pctVal>1.787291906</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SpareBank Nord-Norge</name>
        <lei>N/A</lei>
        <title>SpareBank Nord-Norge</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="NONG NO"/>
          <other otherDesc="SEDOL" value="B06T259"/>
        </identifiers>
        <balance>735389</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="10.5347"/>
        <valUSD>9925067.45</valUSD>
        <pctVal>1.278540527</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sparebanken Vest</name>
        <lei>N/A</lei>
        <title>Sparebanken Vest</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SVEG NO"/>
          <other otherDesc="SEDOL" value="4780290"/>
        </identifiers>
        <balance>679492</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="10.5347"/>
        <valUSD>8875250.29</valUSD>
        <pctVal>1.143303785</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Technip Energies N.V.</name>
        <lei>N/A</lei>
        <title>Technip Energies N.V.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="TE FP"/>
          <other otherDesc="SEDOL" value="BNC0116"/>
        </identifiers>
        <balance>282700</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9258"/>
        <valUSD>9203475.91</valUSD>
        <pctVal>1.185585589</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>Tecnoglass, Inc.</name>
        <lei>N/A</lei>
        <title>Tecnoglass, Inc.</title>
        <cusip>G87264100</cusip>
        <identifiers>
          <ticker value="TGLS"/>
        </identifiers>
        <balance>339564</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>24295804.2</valUSD>
        <pctVal>3.129769188</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CO</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Thanachart Capital PCL</name>
        <lei>N/A</lei>
        <title>Thanachart Capital PCL</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="TCAP/FTB"/>
          <other otherDesc="SEDOL" value="BF5DGN3"/>
        </identifiers>
        <balance>15374600</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="33.925"/>
        <valUSD>22546392.04</valUSD>
        <pctVal>2.904411088</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>TISCO Financial Group</name>
        <lei>N/A</lei>
        <title>TISCO Financial Group</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="TISCO/FT"/>
          <other otherDesc="SEDOL" value="B3KFW76"/>
        </identifiers>
        <balance>7118600</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="33.925"/>
        <valUSD>20773512.16</valUSD>
        <pctVal>2.676029892</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>Venture Corporation, Limited</name>
        <lei>N/A</lei>
        <title>Venture Corporation, Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="VMS SP"/>
          <other otherDesc="SEDOL" value="6927374"/>
        </identifiers>
        <balance>963400</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.3441"/>
        <valUSD>8852012.5</valUSD>
        <pctVal>1.140310308</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>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>8587360</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7803"/>
        <valUSD>7350849.92</valUSD>
        <pctVal>0.946931552</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>Xinhua Winshare Publishing and Media Co., Limited</name>
        <lei>N/A</lei>
        <title>Xinhua Winshare Publishing and Media Co., Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="811 HK"/>
          <other otherDesc="SEDOL" value="B1XCJB3"/>
        </identifiers>
        <balance>6160500</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7803"/>
        <valUSD>8519848.85</valUSD>
        <pctVal>1.09752121</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>14599376</balance>
        <units>OU</units>
        <descOthUnits>Par Value</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>14599376</valUSD>
        <pctVal>1.880681816</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>
