<?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>S000064782</seriesId>
        <classId>C000209789</classId>
        <classId>C000209788</classId>
        <classId>C000209787</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 international opportunities fund</seriesName>
      <seriesId>S000064782</seriesId>
      <seriesLei>549300IESHKEPMUBBX72</seriesLei>
      <repPdEnd>2026-03-31</repPdEnd>
      <repPdDate>2025-06-30</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>68611995.91</totAssets>
      <totLiabs>330021.52</totLiabs>
      <netAssets>68281974.39</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>40643.28</cshNotRptdInCorD>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000209788" rtn1="4.07" rtn2="4.64" rtn3="2.88"/>
          <monthlyTotReturn classId="C000209789" rtn1="4.09" rtn2="4.5" rtn3="2.9"/>
          <monthlyTotReturn classId="C000209787" rtn1="4.16" rtn2="4.56" rtn3="2.88"/>
        </monthlyTotReturns>
        <othMon1 netRealizedGain="126592.06" netUnrealizedAppr="2214133.52"/>
        <othMon2 netRealizedGain="415722.88" netUnrealizedAppr="2268330.64"/>
        <othMon3 netRealizedGain="164975.15" netUnrealizedAppr="1400969.6"/>
      </returnInfo>
      <mon1Flow redemption="1938816.39" reinvestment="0" sales="330304.04"/>
      <mon2Flow redemption="720705.99" reinvestment="0" sales="519478.39"/>
      <mon3Flow redemption="881332.02" reinvestment="0" sales="341116.4"/>

    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>Accent Group Limited</name>
        <lei>N/A</lei>
        <title>Accent Group Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="AX1 AU"/>
          <other otherDesc="SEDOL" value="BD20RS5"/>
        </identifiers>
        <balance>261100</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.5259"/>
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        <pctVal>0.349581895</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Alibaba Group Holding Ltd.</name>
        <lei>N/A</lei>
        <title>Alibaba Group Holding Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="9988 HK"/>
          <other otherDesc="SEDOL" value="BK6YZP5"/>
        </identifiers>
        <balance>125200</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.85"/>
        <valUSD>1751205.1</valUSD>
        <pctVal>2.56466676</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Alimentation Couche-Tard Inc.</name>
        <lei>N/A</lei>
        <title>Alimentation Couche-Tard Inc.</title>
        <cusip>01626P965</cusip>
        <identifiers>
          <ticker value="ATD CN"/>
        </identifiers>
        <balance>31100</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3645"/>
        <valUSD>1542806.16</valUSD>
        <pctVal>2.259463312</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALSO Holding AG</name>
        <lei>N/A</lei>
        <title>ALSO Holding AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="ALSN SW"/>
          <other otherDesc="SEDOL" value="B11TD81"/>
        </identifiers>
        <balance>7900</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.796"/>
        <valUSD>2664761.31</valUSD>
        <pctVal>3.902583857</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>Anheuser-Busch InBev SA/NV</name>
        <lei>N/A</lei>
        <title>Anheuser-Busch InBev SA/NV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="ABI BB"/>
          <other otherDesc="SEDOL" value="BYYHL23"/>
        </identifiers>
        <balance>4900</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8519"/>
        <valUSD>334987.67</valUSD>
        <pctVal>0.490594587</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>AVI Limited</name>
        <lei>N/A</lei>
        <title>AVI Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="AVI SJ"/>
          <other otherDesc="SEDOL" value="6040958"/>
        </identifiers>
        <balance>206174</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.7713"/>
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        <pctVal>1.599324858</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Barry Callebaut AG</name>
        <lei>N/A</lei>
        <title>Barry Callebaut AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="BARN SW"/>
          <other otherDesc="SEDOL" value="5476929"/>
        </identifiers>
        <balance>1110</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.796"/>
        <valUSD>1204824.12</valUSD>
        <pctVal>1.764483424</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>Bechtle AG</name>
        <lei>N/A</lei>
        <title>Bechtle AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="BC8 GR"/>
          <other otherDesc="SEDOL" value="5932409"/>
        </identifiers>
        <balance>11100</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8519"/>
        <valUSD>518321.4</valUSD>
        <pctVal>0.759089649</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>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>11100</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8519"/>
        <valUSD>1889957.74</valUSD>
        <pctVal>2.767872132</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chailease Holding Co., Ltd.</name>
        <lei>N/A</lei>
        <title>Chailease Holding Co., Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="5871 TT"/>
          <other otherDesc="SEDOL" value="B58J1S8"/>
        </identifiers>
        <balance>450914</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="29.212"/>
        <valUSD>1952643.47</valUSD>
        <pctVal>2.859676346</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>China MeiDong Auto Holdings Limited</name>
        <lei>N/A</lei>
        <title>China MeiDong Auto Holdings Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="1268 HK"/>
          <other otherDesc="SEDOL" value="BH0VXF7"/>
        </identifiers>
        <balance>2950000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.85"/>
        <valUSD>853057.32</valUSD>
        <pctVal>1.249315544</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>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>14700</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7297"/>
        <valUSD>483486.36</valUSD>
        <pctVal>0.708073198</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cranswick plc</name>
        <lei>N/A</lei>
        <title>Cranswick plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="CWK LN"/>
          <other otherDesc="SEDOL" value="0231888"/>
        </identifiers>
        <balance>41940</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7297"/>
        <valUSD>3074948.61</valUSD>
        <pctVal>4.503309457</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>Credicorp Ltd.</name>
        <lei>N/A</lei>
        <title>Credicorp Ltd.</title>
        <cusip>G2519Y108</cusip>
        <identifiers>
          <ticker value="BAP"/>
        </identifiers>
        <balance>3600</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>804672</valUSD>
        <pctVal>1.1784545</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>D'Ieteren S.A.</name>
        <lei>N/A</lei>
        <title>D'Ieteren S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="DIE BB"/>
          <other otherDesc="SEDOL" value="4247494"/>
        </identifiers>
        <balance>10700</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8519"/>
        <valUSD>2290973.12</valUSD>
        <pctVal>3.355165313</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EQB Inc.</name>
        <lei>N/A</lei>
        <title>EQB Inc.</title>
        <cusip>26886R955</cusip>
        <identifiers>
          <ticker value="EQB CN"/>
        </identifiers>
        <balance>25877</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3645"/>
        <valUSD>1963959.05</valUSD>
        <pctVal>2.876248186</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Equatorial Energia S.A.</name>
        <lei>N/A</lei>
        <title>Equatorial Energia S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="EQTL3 BZ"/>
          <other otherDesc="SEDOL" value="B128R96"/>
        </identifiers>
        <balance>312217</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.4579"/>
        <valUSD>2057077.51</valUSD>
        <pctVal>3.012621601</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Euronet Worldwide, Inc.</name>
        <lei>N/A</lei>
        <title>Euronet Worldwide, Inc.</title>
        <cusip>298736109</cusip>
        <identifiers>
          <ticker value="EEFT"/>
        </identifiers>
        <balance>5400</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>547452</valUSD>
        <pctVal>0.80175186</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FirstRand Limited</name>
        <lei>N/A</lei>
        <title>FirstRand Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="FSR SJ"/>
          <other otherDesc="SEDOL" value="6606996"/>
        </identifiers>
        <balance>163800</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.7713"/>
        <valUSD>697642.94</valUSD>
        <pctVal>1.021708798</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FULLCAST HOLDINGS Co., Ltd.</name>
        <lei>N/A</lei>
        <title>FULLCAST HOLDINGS Co., Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="4848 JP"/>
          <other otherDesc="SEDOL" value="6352404"/>
        </identifiers>
        <balance>68400</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="144.445"/>
        <valUSD>807379.97</valUSD>
        <pctVal>1.182420364</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>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>12326</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3645"/>
        <valUSD>1516518.05</valUSD>
        <pctVal>2.220963971</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>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>14100</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8519"/>
        <valUSD>753081.35</valUSD>
        <pctVal>1.102899201</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>JAC Recruitment Co., Ltd.</name>
        <lei>N/A</lei>
        <title>JAC Recruitment Co., Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="2124 JP"/>
          <other otherDesc="SEDOL" value="B1CC1X0"/>
        </identifiers>
        <balance>154100</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="144.445"/>
        <valUSD>1080711</valUSD>
        <pctVal>1.582717854</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>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>21600</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8519"/>
        <valUSD>614607.35</valUSD>
        <pctVal>0.900101902</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>Jeronimo Martins SGPS, SA</name>
        <lei>N/A</lei>
        <title>Jeronimo Martins SGPS, SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="JMT PL"/>
          <other otherDesc="SEDOL" value="B1Y1SQ7"/>
        </identifiers>
        <balance>13600</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8519"/>
        <valUSD>342913.49</valUSD>
        <pctVal>0.502202072</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>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>330000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.85"/>
        <valUSD>401885.35</valUSD>
        <pctVal>0.588567266</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>Krungthai Card Public Company Limited</name>
        <lei>N/A</lei>
        <title>Krungthai Card Public Company Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="KTC/F TB"/>
          <other otherDesc="SEDOL" value="BF2LWT8"/>
        </identifiers>
        <balance>483300</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="32.5088"/>
        <valUSD>356801.85</valUSD>
        <pctVal>0.522541788</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>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>15100</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="144.445"/>
        <valUSD>624196.75</valUSD>
        <pctVal>0.914145725</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>Lundin Mining Corporation</name>
        <lei>N/A</lei>
        <title>Lundin Mining Corporation</title>
        <cusip>550372957</cusip>
        <identifiers>
          <ticker value="LUN CN"/>
        </identifiers>
        <balance>80200</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3645"/>
        <valUSD>841673.87</valUSD>
        <pctVal>1.232644307</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>LVMH Moet Hennessy Louis Vuitton SE</name>
        <lei>N/A</lei>
        <title>LVMH Moet Hennessy Louis Vuitton SE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="MC FP"/>
          <other otherDesc="SEDOL" value="4061412"/>
        </identifiers>
        <balance>1295</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8519"/>
        <valUSD>675850.45</valUSD>
        <pctVal>0.989793362</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Macquarie Group Limited</name>
        <lei>N/A</lei>
        <title>Macquarie Group Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="MQG AU"/>
          <other otherDesc="SEDOL" value="B28YTC2"/>
        </identifiers>
        <balance>12212</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.5259"/>
        <valUSD>1830559.51</valUSD>
        <pctVal>2.680882512</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Midea Group Co., Ltd.</name>
        <lei>N/A</lei>
        <title>Midea Group Co., Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="000333C2"/>
          <other otherDesc="SEDOL" value="BD5CPP1"/>
        </identifiers>
        <balance>131600</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.1655"/>
        <valUSD>1326009.35</valUSD>
        <pctVal>1.941961055</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>Muangthai Capital Public Company Limited</name>
        <lei>N/A</lei>
        <title>Muangthai Capital Public Company Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="MTC/F TB"/>
          <other otherDesc="SEDOL" value="BFXP664"/>
        </identifiers>
        <balance>577300</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="32.5088"/>
        <valUSD>625978.97</valUSD>
        <pctVal>0.916755814</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Muthoot Finance Ltd.</name>
        <lei>N/A</lei>
        <title>Muthoot Finance Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="MUTH IN"/>
          <other otherDesc="SEDOL" value="B40MFF3"/>
        </identifiers>
        <balance>26494</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="85.76"/>
        <valUSD>810606.42</valUSD>
        <pctVal>1.187145549</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nestle S.A.</name>
        <lei>N/A</lei>
        <title>Nestle S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="NESN SW"/>
          <other otherDesc="SEDOL" value="7123870"/>
        </identifiers>
        <balance>3200</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.796"/>
        <valUSD>316904.52</valUSD>
        <pctVal>0.464111536</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>Neurones S.A.</name>
        <lei>N/A</lei>
        <title>Neurones S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="NRO FP"/>
          <other otherDesc="SEDOL" value="5972676"/>
        </identifiers>
        <balance>43855</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8519"/>
        <valUSD>2313983.16</valUSD>
        <pctVal>3.38886387</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEXTAGE Co., Ltd.</name>
        <lei>N/A</lei>
        <title>NEXTAGE Co., Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="3186 JP"/>
          <other otherDesc="SEDOL" value="BBQ2ZC3"/>
        </identifiers>
        <balance>92900</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="144.445"/>
        <valUSD>1122942.3</valUSD>
        <pctVal>1.644566242</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>Oxford Instruments plc</name>
        <lei>N/A</lei>
        <title>Oxford Instruments plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="OXIG LN"/>
          <other otherDesc="SEDOL" value="0665045"/>
        </identifiers>
        <balance>14749</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7297"/>
        <valUSD>383227.41</valUSD>
        <pctVal>0.561242427</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>POYA International Co., Ltd.</name>
        <lei>N/A</lei>
        <title>POYA International Co., Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="5904 TT"/>
          <other otherDesc="SEDOL" value="6541826"/>
        </identifiers>
        <balance>40680</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="29.212"/>
        <valUSD>699074.35</valUSD>
        <pctVal>1.02380512</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PT Bank Central Asia Tbk</name>
        <lei>N/A</lei>
        <title>PT Bank Central Asia Tbk</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="BBCA IJ"/>
          <other otherDesc="SEDOL" value="B01C1P6"/>
        </identifiers>
        <balance>1034100</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="16235"/>
        <valUSD>552560.36</valUSD>
        <pctVal>0.809233132</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PT Bank Rakyat Indonesia Tbk</name>
        <lei>N/A</lei>
        <title>PT Bank Rakyat Indonesia Tbk</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="BBRI IJ"/>
          <other otherDesc="SEDOL" value="6709099"/>
        </identifiers>
        <balance>3480646</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="16235"/>
        <valUSD>801824.21</valUSD>
        <pctVal>1.174283868</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Public Bank Bhd</name>
        <lei>N/A</lei>
        <title>Public Bank Bhd</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="PBK MK"/>
          <other otherDesc="SEDOL" value="B012W42"/>
        </identifiers>
        <balance>676400</balance>
        <units>NS</units>
        <currencyConditional curCd="MYR" exchangeRt="4.2105"/>
        <valUSD>692384.28</valUSD>
        <pctVal>1.01400741</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Samsung Electronics Company Limited</name>
        <lei>N/A</lei>
        <title>Samsung Electronics Company Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="005930KS"/>
          <other otherDesc="SEDOL" value="6771720"/>
        </identifiers>
        <balance>8108</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1349.6"/>
        <valUSD>359260.82</valUSD>
        <pctVal>0.526142988</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>5000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8519"/>
        <valUSD>482509.68</valUSD>
        <pctVal>0.706642836</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sanyang Motor Co., Ltd.</name>
        <lei>N/A</lei>
        <title>Sanyang Motor Co., Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="2206 TT"/>
          <other otherDesc="SEDOL" value="6787084"/>
        </identifiers>
        <balance>219000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="29.212"/>
        <valUSD>465558.67</valUSD>
        <pctVal>0.681817821</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Scientex Berhad</name>
        <lei>N/A</lei>
        <title>Scientex Berhad</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SCI MK"/>
          <other otherDesc="SEDOL" value="B1VZ5G1"/>
        </identifiers>
        <balance>776600</balance>
        <units>NS</units>
        <currencyConditional curCd="MYR" exchangeRt="4.2105"/>
        <valUSD>616041.8</valUSD>
        <pctVal>0.902202676</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SeSa S.p.A.</name>
        <lei>N/A</lei>
        <title>SeSa S.p.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SES IM"/>
          <other otherDesc="SEDOL" value="B56RD66"/>
        </identifiers>
        <balance>3893</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8519"/>
        <valUSD>393686.99</valUSD>
        <pctVal>0.576560642</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>SINBON Electronics Co., Ltd.</name>
        <lei>N/A</lei>
        <title>SINBON Electronics Co., Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="3023 TT"/>
          <other otherDesc="SEDOL" value="6349354"/>
        </identifiers>
        <balance>173300</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="29.212"/>
        <valUSD>1296249.83</valUSD>
        <pctVal>1.898377781</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sixt SE</name>
        <lei>N/A</lei>
        <title>Sixt SE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SIX2 GR"/>
          <other otherDesc="SEDOL" value="5260768"/>
        </identifiers>
        <balance>18400</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8519"/>
        <valUSD>1787298.98</valUSD>
        <pctVal>2.617526801</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>SOL S.p.A.</name>
        <lei>N/A</lei>
        <title>SOL S.p.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SOL IM"/>
          <other otherDesc="SEDOL" value="5490684"/>
        </identifiers>
        <balance>55600</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8519"/>
        <valUSD>3139288.65</valUSD>
        <pctVal>4.597536433</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>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>126582</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="10.1197"/>
        <valUSD>2002606.62</valUSD>
        <pctVal>2.932848146</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>17800</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="144.445"/>
        <valUSD>545294.06</valUSD>
        <pctVal>0.798591524</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>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>3000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8519"/>
        <valUSD>289893.18</valUSD>
        <pctVal>0.424553014</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tri Chemical Laboratories Inc.</name>
        <lei>N/A</lei>
        <title>Tri Chemical Laboratories Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="4369 JP"/>
          <other otherDesc="SEDOL" value="B1Z8XW8"/>
        </identifiers>
        <balance>50900</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="144.445"/>
        <valUSD>1171674.34</valUSD>
        <pctVal>1.715935063</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>United Overseas Bank Limited</name>
        <lei>N/A</lei>
        <title>United Overseas Bank Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="UOB SP"/>
          <other otherDesc="SEDOL" value="6916781"/>
        </identifiers>
        <balance>54000</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.2737"/>
        <valUSD>1526262.07</valUSD>
        <pctVal>2.235234238</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>Volution Group plc</name>
        <lei>N/A</lei>
        <title>Volution Group plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="FAN LN"/>
          <other otherDesc="SEDOL" value="BN3ZZ52"/>
        </identifiers>
        <balance>40700</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7297"/>
        <valUSD>329638.21</valUSD>
        <pctVal>0.48276022</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>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>976000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.85"/>
        <valUSD>966053.5</valUSD>
        <pctVal>1.414800185</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wal-Mart de Mexico, S.A.B. de C.V.</name>
        <lei>N/A</lei>
        <title>Wal-Mart de Mexico, S.A.B. de C.V.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="WALMEX*"/>
          <other otherDesc="SEDOL" value="BW1YVH8"/>
        </identifiers>
        <balance>388000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="18.892"/>
        <valUSD>1276423.88</valUSD>
        <pctVal>1.869342372</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Yageo Corporation</name>
        <lei>N/A</lei>
        <title>Yageo Corporation</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="2327 TT"/>
          <other otherDesc="SEDOL" value="6984380"/>
        </identifiers>
        <balance>84546</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="29.212"/>
        <valUSD>1403697.45</valUSD>
        <pctVal>2.05573647</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Zhejiang Supor Co.</name>
        <lei>N/A</lei>
        <title>Zhejiang Supor Co.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="002032C2"/>
          <other otherDesc="SEDOL" value="BD5M227"/>
        </identifiers>
        <balance>130100</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.1655"/>
        <valUSD>951216.1</valUSD>
        <pctVal>1.393070585</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Zhongsheng Group Holdings</name>
        <lei>N/A</lei>
        <title>Zhongsheng Group Holdings</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="881 HK"/>
          <other otherDesc="SEDOL" value="B633D97"/>
        </identifiers>
        <balance>543000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.85"/>
        <valUSD>836980.89</valUSD>
        <pctVal>1.225771366</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>2721354</balance>
        <units>OU</units>
        <descOthUnits>Par Value</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>2721353.95</valUSD>
        <pctVal>3.985464648</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>
