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

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


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


    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <regName>Pear Tree Funds</regName>
      <regFileNumber>811-03790</regFileNumber>
      <regCik>0000722885</regCik>
      <regLei>549300NANVEIFBMHLV32</regLei>
      <regStreet1>55 OLD BEDFORD ROADSUITE 202</regStreet1>
      <regCity>Lincoln</regCity>
      <regStateConditional regCountry="US" regState="US-MA"/>
      <regZipOrPostalCode>01773</regZipOrPostalCode>
      <regPhone>8003311244</regPhone>
      <seriesName>Pear tree polaris foreign value fund</seriesName>
      <seriesId>S000009491</seriesId>
      <seriesLei>549300LCWV2CSU11V931</seriesLei>
      <repPdEnd>2026-03-31</repPdEnd>
      <repPdDate>2025-06-30</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>1804052650.54</totAssets>
      <totLiabs>5184913.89</totLiabs>
      <netAssets>1798867736.65</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>1585791.72</cshNotRptdInCorD>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000025967" rtn1="2.33" rtn2="6.22" rtn3="3.59"/>
          <monthlyTotReturn classId="C000025966" rtn1="2.32" rtn2="6.14" rtn3="3.57"/>
          <monthlyTotReturn classId="C000177797" rtn1="2.42" rtn2="6.13" rtn3="3.63"/>
        </monthlyTotReturns>
        <othMon1 netRealizedGain="78178005.94" netUnrealizedAppr="-52555137.87"/>
        <othMon2 netRealizedGain="-291359.42" netUnrealizedAppr="104518508.08"/>
        <othMon3 netRealizedGain="30396779.98" netUnrealizedAppr="37976130.22"/>
      </returnInfo>
      <mon1Flow redemption="375600591.02" reinvestment="0" sales="8385358.21"/>
      <mon2Flow redemption="43085692.51" reinvestment="0" sales="38827495.2"/>
      <mon3Flow redemption="286670369.72" reinvestment="0" sales="6684945.75"/>

    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>ALROSA Company PJSC</name>
        <lei>N/A</lei>
        <title>ALROSA Company PJSC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="ALRS RM"/>
          <other otherDesc="SEDOL" value="B6QPBP2"/>
        </identifiers>
        <balance>41136300</balance>
        <units>NS</units>
        <currencyConditional curCd="RUB" exchangeRt="78.2"/>
        <valUSD>5260.4</valUSD>
        <pctVal>0.000292428</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bankinter, S.A.</name>
        <lei>N/A</lei>
        <title>Bankinter, S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="BKT SM"/>
          <other otherDesc="SEDOL" value="5474008"/>
        </identifiers>
        <balance>1464800</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8519"/>
        <valUSD>19051513.09</valUSD>
        <pctVal>1.059083595</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Barry Callebaut AG</name>
        <lei>N/A</lei>
        <title>Barry Callebaut AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="BARN SW"/>
          <other otherDesc="SEDOL" value="5476929"/>
        </identifiers>
        <balance>27407</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.796"/>
        <valUSD>29748301.51</valUSD>
        <pctVal>1.653723668</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Canadian Tire Corporation</name>
        <lei>N/A</lei>
        <title>Canadian Tire Corporation</title>
        <cusip>136681954</cusip>
        <identifiers>
          <ticker value="CTC/A CN"/>
        </identifiers>
        <balance>299615</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3645"/>
        <valUSD>40707676.69</valUSD>
        <pctVal>2.262961076</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>Capgemini SE</name>
        <lei>N/A</lei>
        <title>Capgemini SE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="CAP FP"/>
          <other otherDesc="SEDOL" value="4163437"/>
        </identifiers>
        <balance>216900</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8519"/>
        <valUSD>36930795.87</valUSD>
        <pctVal>2.053002292</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chailease Holding Co., Ltd.</name>
        <lei>N/A</lei>
        <title>Chailease Holding Co., Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="5871 TT"/>
          <other otherDesc="SEDOL" value="B58J1S8"/>
        </identifiers>
        <balance>6796000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="29.212"/>
        <valUSD>29429481.04</valUSD>
        <pctVal>1.636000271</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Daicel Corporation</name>
        <lei>N/A</lei>
        <title>Daicel Corporation</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="4202 JP"/>
          <other otherDesc="SEDOL" value="6250542"/>
        </identifiers>
        <balance>1654300</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="144.445"/>
        <valUSD>13852164.15</valUSD>
        <pctVal>0.770049063</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>Daimler Truck Holding AG</name>
        <lei>N/A</lei>
        <title>Daimler Truck Holding AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="DTG GR"/>
          <other otherDesc="SEDOL" value="BP6VLQ4"/>
        </identifiers>
        <balance>811900</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8519"/>
        <valUSD>38283863.13</valUSD>
        <pctVal>2.12822001</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>Deutsche Telekom AG</name>
        <lei>N/A</lei>
        <title>Deutsche Telekom AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="DTE GR"/>
          <other otherDesc="SEDOL" value="5842359"/>
        </identifiers>
        <balance>844337</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8519"/>
        <valUSD>30695054.45</valUSD>
        <pctVal>1.70635416</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>D'Ieteren S.A.</name>
        <lei>N/A</lei>
        <title>D'Ieteren S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="DIE BB"/>
          <other otherDesc="SEDOL" value="4247494"/>
        </identifiers>
        <balance>104278</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8519"/>
        <valUSD>22326924.76</valUSD>
        <pctVal>1.241165446</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DNB Bank ASA</name>
        <lei>N/A</lei>
        <title>DNB Bank ASA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="DNB NO"/>
          <other otherDesc="SEDOL" value="BNG7113"/>
        </identifiers>
        <balance>1305530</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="10.1197"/>
        <valUSD>35941841.95</valUSD>
        <pctVal>1.998025826</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>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>1051700</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.5304"/>
        <valUSD>10295854.32</valUSD>
        <pctVal>0.572351936</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>Endesa, S.A.</name>
        <lei>N/A</lei>
        <title>Endesa, S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="ELE SM"/>
          <other otherDesc="SEDOL" value="5271782"/>
        </identifiers>
        <balance>1108000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8519"/>
        <valUSD>34973729.31</valUSD>
        <pctVal>1.944207937</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Eni S.p.A.</name>
        <lei>N/A</lei>
        <title>Eni S.p.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="ENI IM"/>
          <other otherDesc="SEDOL" value="7145056"/>
        </identifiers>
        <balance>2233100</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8519"/>
        <valUSD>36069322.69</valUSD>
        <pctVal>2.005112547</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>F&amp;F Co., Ltd.</name>
        <lei>N/A</lei>
        <title>F&amp;F Co., Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="383220KS"/>
          <other otherDesc="SEDOL" value="BP2NF51"/>
        </identifiers>
        <balance>204631</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1349.6"/>
        <valUSD>11978252.07</valUSD>
        <pctVal>0.665877309</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>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>7319868</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7297"/>
        <valUSD>23423176.35</valUSD>
        <pctVal>1.302106646</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hannover Rueck SE</name>
        <lei>N/A</lei>
        <title>Hannover Rueck SE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="HNR1 GR"/>
          <other otherDesc="SEDOL" value="4511809"/>
        </identifiers>
        <balance>108000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8519"/>
        <valUSD>33874398.4</valUSD>
        <pctVal>1.883095556</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>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>2090203</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7297"/>
        <valUSD>20796044.65</valUSD>
        <pctVal>1.156063018</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>International Consolidated Airlines Group S.A.</name>
        <lei>N/A</lei>
        <title>International Consolidated Airlines Group S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="IAG LN"/>
          <other otherDesc="SEDOL" value="B5M6XQ7"/>
        </identifiers>
        <balance>7731400</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7297"/>
        <valUSD>36151208.44</valUSD>
        <pctVal>2.009664619</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>284041</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8519"/>
        <valUSD>15170636.81</valUSD>
        <pctVal>0.843343649</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Itochu Corporation</name>
        <lei>N/A</lei>
        <title>Itochu Corporation</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="8001 JP"/>
          <other otherDesc="SEDOL" value="6467803"/>
        </identifiers>
        <balance>702200</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="144.445"/>
        <valUSD>36732480.88</valUSD>
        <pctVal>2.041977858</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>Jazz Pharmaceuticals plc</name>
        <lei>N/A</lei>
        <title>Jazz Pharmaceuticals plc</title>
        <cusip>G50871105</cusip>
        <identifiers>
          <ticker value="JAZZ"/>
        </identifiers>
        <balance>267700</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>28408324</valUSD>
        <pctVal>1.579233616</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>JDE Peet's N.V.</name>
        <lei>N/A</lei>
        <title>JDE Peet's N.V.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="JDEP NA"/>
          <other otherDesc="SEDOL" value="BMC4ZZ3"/>
        </identifiers>
        <balance>683000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8519"/>
        <valUSD>19434111.98</valUSD>
        <pctVal>1.080352468</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>KDDI Corporation</name>
        <lei>N/A</lei>
        <title>KDDI Corporation</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="9433 JP"/>
          <other otherDesc="SEDOL" value="6248990"/>
        </identifiers>
        <balance>1910800</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="144.445"/>
        <valUSD>32806839.97</valUSD>
        <pctVal>1.823749423</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>Kia Motors Corporation</name>
        <lei>N/A</lei>
        <title>Kia Motors Corporation</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="000270KS"/>
          <other otherDesc="SEDOL" value="6490928"/>
        </identifiers>
        <balance>423800</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1349.6"/>
        <valUSD>30428438.06</valUSD>
        <pctVal>1.691532815</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>Koninklijke Ahold Delhaize N.V.</name>
        <lei>N/A</lei>
        <title>Koninklijke Ahold Delhaize N.V.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="AD NA"/>
          <other otherDesc="SEDOL" value="BD0Q398"/>
        </identifiers>
        <balance>916900</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8519"/>
        <valUSD>38208651.25</valUSD>
        <pctVal>2.124038942</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LATAM Airlines Group</name>
        <lei>N/A</lei>
        <title>LATAM Airlines Group</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="LTM CI"/>
          <other otherDesc="SEDOL" value="2518932"/>
        </identifiers>
        <balance>712579800</balance>
        <units>NS</units>
        <currencyConditional curCd="CLP" exchangeRt="933.425"/>
        <valUSD>14397787.75</valUSD>
        <pctVal>0.800380565</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Linde plc</name>
        <lei>N/A</lei>
        <title>Linde plc</title>
        <cusip>G54950103</cusip>
        <identifiers>
          <ticker value="LIN"/>
        </identifiers>
        <balance>68144</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>31971801.92</valUSD>
        <pctVal>1.77732922</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Loomis AB, Class B</name>
        <lei>N/A</lei>
        <title>Loomis AB, Class B</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="LOOMISSS"/>
          <other otherDesc="SEDOL" value="BMVB566"/>
        </identifiers>
        <balance>551319</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.5304"/>
        <valUSD>23000549.23</valUSD>
        <pctVal>1.278612583</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>Lundin Mining Corporation</name>
        <lei>N/A</lei>
        <title>Lundin Mining Corporation</title>
        <cusip>550372957</cusip>
        <identifiers>
          <ticker value="LUN CN"/>
        </identifiers>
        <balance>3383700</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3645"/>
        <valUSD>35510871.38</valUSD>
        <pctVal>1.974067946</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Macnica Fuji Electronics Holdings Inc.</name>
        <lei>N/A</lei>
        <title>Macnica Fuji Electronics Holdings Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="3132 JP"/>
          <other otherDesc="SEDOL" value="BVVQ8X2"/>
        </identifiers>
        <balance>423400</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="144.445"/>
        <valUSD>5689497.04</valUSD>
        <pctVal>0.316282121</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>Magna International Inc.</name>
        <lei>N/A</lei>
        <title>Magna International Inc.</title>
        <cusip>559222955</cusip>
        <identifiers>
          <ticker value="MG CN"/>
        </identifiers>
        <balance>661291</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3645"/>
        <valUSD>25511438.8</valUSD>
        <pctVal>1.41819425</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Marubeni Corporation</name>
        <lei>N/A</lei>
        <title>Marubeni Corporation</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="8002 JP"/>
          <other otherDesc="SEDOL" value="6569464"/>
        </identifiers>
        <balance>1998000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="144.445"/>
        <valUSD>40293357.33</valUSD>
        <pctVal>2.239928846</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>Methanex Corporation</name>
        <lei>N/A</lei>
        <title>Methanex Corporation</title>
        <cusip>59151K959</cusip>
        <identifiers>
          <ticker value="MX CN"/>
        </identifiers>
        <balance>697993</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3645"/>
        <valUSD>23065228.56</valUSD>
        <pctVal>1.282208141</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Michelin (CGDE)</name>
        <lei>N/A</lei>
        <title>Michelin (CGDE)</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="ML FP"/>
          <other otherDesc="SEDOL" value="BPBPJ01"/>
        </identifiers>
        <balance>877500</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8519"/>
        <valUSD>32487791.99</valUSD>
        <pctVal>1.806013379</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>Mitsubishi UFJ Financial Group, Inc.</name>
        <lei>N/A</lei>
        <title>Mitsubishi UFJ Financial Group, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="8306 JP"/>
          <other otherDesc="SEDOL" value="6335171"/>
        </identifiers>
        <balance>2549300</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="144.445"/>
        <valUSD>34997832.39</valUSD>
        <pctVal>1.94554784</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>Mondi plc</name>
        <lei>N/A</lei>
        <title>Mondi plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="MNP SJ"/>
          <other otherDesc="SEDOL" value="BR4W2K4"/>
        </identifiers>
        <balance>1646444</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.7713"/>
        <valUSD>26967465.49</valUSD>
        <pctVal>1.499135536</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Muenchener Rueckversicherungs-Gesellschaft</name>
        <lei>N/A</lei>
        <title>Muenchener Rueckversicherungs-Gesellschaft</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="MUV2 GR"/>
          <other otherDesc="SEDOL" value="5294121"/>
        </identifiers>
        <balance>50030</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8519"/>
        <valUSD>32335389.13</valUSD>
        <pctVal>1.797541224</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>Next plc</name>
        <lei>N/A</lei>
        <title>Next plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="NXT LN"/>
          <other otherDesc="SEDOL" value="3208986"/>
        </identifiers>
        <balance>214650</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7297"/>
        <valUSD>36593750.86</valUSD>
        <pctVal>2.034265784</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nomad Foods Limited</name>
        <lei>N/A</lei>
        <title>Nomad Foods Limited</title>
        <cusip>G6564A105</cusip>
        <identifiers>
          <ticker value="NOMD"/>
        </identifiers>
        <balance>610400</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10370696</valUSD>
        <pctVal>0.576512424</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Novartis AG</name>
        <lei>N/A</lei>
        <title>Novartis AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="NOVN SW"/>
          <other otherDesc="SEDOL" value="7103065"/>
        </identifiers>
        <balance>300650</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.796"/>
        <valUSD>36323505.65</valUSD>
        <pctVal>2.019242711</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ORIX Corporation</name>
        <lei>N/A</lei>
        <title>ORIX Corporation</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="8591 JP"/>
          <other otherDesc="SEDOL" value="6661144"/>
        </identifiers>
        <balance>1477000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="144.445"/>
        <valUSD>33334625.64</valUSD>
        <pctVal>1.853089305</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>Popular, Inc.</name>
        <lei>N/A</lei>
        <title>Popular, Inc.</title>
        <cusip>733174700</cusip>
        <identifiers>
          <ticker value="BPOP"/>
        </identifiers>
        <balance>349050</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>38468800.5</valUSD>
        <pctVal>2.138500776</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Publicis Groupe</name>
        <lei>N/A</lei>
        <title>Publicis Groupe</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="PUB FP"/>
          <other otherDesc="SEDOL" value="4380429"/>
        </identifiers>
        <balance>325147</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8519"/>
        <valUSD>36518446.95</valUSD>
        <pctVal>2.0300796</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Samsung Electronics Company Limited</name>
        <lei>N/A</lei>
        <title>Samsung Electronics Company Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="005930KS"/>
          <other otherDesc="SEDOL" value="6771720"/>
        </identifiers>
        <balance>818970</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1349.6"/>
        <valUSD>36288089.8</valUSD>
        <pctVal>2.017273925</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>Sanofi S.A.</name>
        <lei>N/A</lei>
        <title>Sanofi S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SAN FP"/>
          <other otherDesc="SEDOL" value="5671735"/>
        </identifiers>
        <balance>295700</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8519"/>
        <valUSD>28535622.73</valUSD>
        <pctVal>1.586310219</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Shinhan Financial Group Co., Limited</name>
        <lei>N/A</lei>
        <title>Shinhan Financial Group Co., Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="055550KS"/>
          <other otherDesc="SEDOL" value="6397502"/>
        </identifiers>
        <balance>906300</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1349.6"/>
        <valUSD>41232083.58</valUSD>
        <pctVal>2.29211313</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>SK Hynix, Inc.</name>
        <lei>N/A</lei>
        <title>SK Hynix, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="000660KS"/>
          <other otherDesc="SEDOL" value="6450267"/>
        </identifiers>
        <balance>218100</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1349.6"/>
        <valUSD>47188203.91</valUSD>
        <pctVal>2.62321698</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>SKF AB-B</name>
        <lei>N/A</lei>
        <title>SKF AB-B</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SKFB SS"/>
          <other otherDesc="SEDOL" value="B1Q3J35"/>
        </identifiers>
        <balance>1582000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.5304"/>
        <valUSD>36037543.02</valUSD>
        <pctVal>2.003345898</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>Smurfit Westrock plc</name>
        <lei>N/A</lei>
        <title>Smurfit Westrock plc</title>
        <cusip>G8267P108</cusip>
        <identifiers>
          <ticker value="SW"/>
        </identifiers>
        <balance>685546</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>29581309.9</valUSD>
        <pctVal>1.644440517</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sony Group Corporation</name>
        <lei>N/A</lei>
        <title>Sony Group Corporation</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="6758 JP"/>
          <other otherDesc="SEDOL" value="6821506"/>
        </identifiers>
        <balance>1429900</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="144.445"/>
        <valUSD>36924275.68</valUSD>
        <pctVal>2.052639832</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>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>1064668</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="10.1197"/>
        <valUSD>19505464.31</valUSD>
        <pctVal>1.084318981</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 Norge</name>
        <lei>N/A</lei>
        <title>Sparebanken Norge</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SBNOR NO"/>
          <other otherDesc="SEDOL" value="4780290"/>
        </identifiers>
        <balance>1121814</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="10.1197"/>
        <valUSD>17747800.96</valUSD>
        <pctVal>0.986609554</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>Takeda Pharmaceutical Company Limited</name>
        <lei>N/A</lei>
        <title>Takeda Pharmaceutical Company Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="4502 JP"/>
          <other otherDesc="SEDOL" value="6870445"/>
        </identifiers>
        <balance>1148000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="144.445"/>
        <valUSD>35168403.2</valUSD>
        <pctVal>1.95502996</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>Tecnoglass, Inc.</name>
        <lei>N/A</lei>
        <title>Tecnoglass, Inc.</title>
        <cusip>G87264100</cusip>
        <identifiers>
          <ticker value="TGLS"/>
        </identifiers>
        <balance>134400</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10397184</valUSD>
        <pctVal>0.577984906</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CO</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Teleperformance SE</name>
        <lei>N/A</lei>
        <title>Teleperformance SE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="TEP FP"/>
          <other otherDesc="SEDOL" value="5999330"/>
        </identifiers>
        <balance>264700</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8519"/>
        <valUSD>25578241.58</valUSD>
        <pctVal>1.421907851</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>TotalEnergies SE</name>
        <lei>N/A</lei>
        <title>TotalEnergies SE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="TTE FP"/>
          <other otherDesc="SEDOL" value="B15C557"/>
        </identifiers>
        <balance>502800</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8519"/>
        <valUSD>30749947.18</valUSD>
        <pctVal>1.709405675</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Trevi Finanziaria Industriale SpA</name>
        <lei>N/A</lei>
        <title>Trevi Finanziaria Industriale SpA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="TFIN IM"/>
          <other otherDesc="SEDOL" value="BMH5TM6"/>
        </identifiers>
        <balance>16519624</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8519"/>
        <valUSD>6370109.74</valUSD>
        <pctVal>0.354117738</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United Overseas Bank Limited</name>
        <lei>N/A</lei>
        <title>United Overseas Bank Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="UOB SP"/>
          <other otherDesc="SEDOL" value="6916781"/>
        </identifiers>
        <balance>1279247</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.2737"/>
        <valUSD>36156781.03</valUSD>
        <pctVal>2.009974402</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vinci SA</name>
        <lei>N/A</lei>
        <title>Vinci SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="DG FP"/>
          <other otherDesc="SEDOL" value="B1XH026"/>
        </identifiers>
        <balance>256998</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8519"/>
        <valUSD>37739699.26</valUSD>
        <pctVal>2.097969656</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vipshop Holdings Limited</name>
        <lei>N/A</lei>
        <title>Vipshop Holdings Limited</title>
        <cusip>92763W103</cusip>
        <identifiers>
          <ticker value="VIPS"/>
        </identifiers>
        <balance>2217700</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>33376385</valUSD>
        <pctVal>1.85541073</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Yara International ASA</name>
        <lei>N/A</lei>
        <title>Yara International ASA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="YAR NO"/>
          <other otherDesc="SEDOL" value="7751259"/>
        </identifiers>
        <balance>959700</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="10.1197"/>
        <valUSD>35278555.69</valUSD>
        <pctVal>1.961153395</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>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>1864884</balance>
        <units>OU</units>
        <descOthUnits>Par Value</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>1864884.38</valUSD>
        <pctVal>0.1036699</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>2025-08-26</ncom:dateSigned>
      <ncom:nameOfApplicant>Pear Tree Funds</ncom:nameOfApplicant>
      <ncom:signature>Diane Hunt</ncom:signature>
      <ncom:signerName>Diane Hunt</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
