<?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>S000009493</seriesId>
        <classId>C000025972</classId>
        <classId>C000025973</classId>
        <classId>C000177799</classId>
      </seriesClassInfo>


    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <regName>Pear Tree Funds</regName>
      <regFileNumber>811-03790</regFileNumber>
      <regCik>0000722885</regCik>
      <regLei>549300NANVEIFBMHLV32</regLei>
      <regStreet1>55 OLD BEDFORD ROADSUITE 202</regStreet1>
      <regCity>Lincoln</regCity>
      <regStateConditional regCountry="US" regState="US-MA"/>
      <regZipOrPostalCode>01773</regZipOrPostalCode>
      <regPhone>8003311244</regPhone>
      <seriesName>Pear tree polaris small cap fund</seriesName>
      <seriesId>S000009493</seriesId>
      <seriesLei>549300B7DSOCWNFGCQ51</seriesLei>
      <repPdEnd>2026-03-31</repPdEnd>
      <repPdDate>2025-09-30</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>93680602</totAssets>
      <totLiabs>171724</totLiabs>
      <netAssets>93508878</netAssets>
      <assetsAttrMiscSec>0</assetsAttrMiscSec>
      <assetsInvested>0</assetsInvested>
      <amtPayOneYrBanksBorr>0</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0</amtPayAftOneYrOther>
      <delayDeliv>0</delayDeliv>
      <standByCommit>0</standByCommit>
      <liquidPref>0</liquidPref>
      <cshNotRptdInCorD>0</cshNotRptdInCorD>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000025973" rtn1="-0.17" rtn2="6.27" rtn3="-1.39"/>
          <monthlyTotReturn classId="C000025972" rtn1="-0.22" rtn2="6.25" rtn3="-1.42"/>
          <monthlyTotReturn classId="C000177799" rtn1="-0.11" rtn2="6.26" rtn3="-1.37"/>
        </monthlyTotReturns>
        <othMon1 netRealizedGain="775556.82" netUnrealizedAppr="-947265.15"/>
        <othMon2 netRealizedGain="94541.32" netUnrealizedAppr="5448164.39"/>
        <othMon3 netRealizedGain="625120.54" netUnrealizedAppr="-2021429.36"/>
      </returnInfo>
      <mon1Flow redemption="253592.9" reinvestment="0" sales="44504.18"/>
      <mon2Flow redemption="478483.2" reinvestment="0" sales="9555.25"/>
      <mon3Flow redemption="1341391.43" reinvestment="0" sales="8546.54"/>

    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>Abercrombie &amp; Fitch Co.</name>
        <lei>N/A</lei>
        <title>Abercrombie &amp; Fitch Co.</title>
        <cusip>002896207</cusip>
        <identifiers>
          <ticker value="ANF"/>
        </identifiers>
        <balance>12500</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1069375</valUSD>
        <pctVal>1.143607989</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>Acuity Brands, Inc.</name>
        <lei>N/A</lei>
        <title>Acuity Brands, Inc.</title>
        <cusip>00508Y102</cusip>
        <identifiers>
          <ticker value="AYI"/>
        </identifiers>
        <balance>4700</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1618633</valUSD>
        <pctVal>1.730993927</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Allison Transmission Holdings, Inc.</name>
        <lei>N/A</lei>
        <title>Allison Transmission Holdings, Inc.</title>
        <cusip>01973R101</cusip>
        <identifiers>
          <ticker value="ALSN"/>
        </identifiers>
        <balance>13600</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1154368</valUSD>
        <pctVal>1.234500963</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>American Eagle Outfitters, Inc.</name>
        <lei>N/A</lei>
        <title>American Eagle Outfitters, Inc.</title>
        <cusip>02553E106</cusip>
        <identifiers>
          <ticker value="AEO"/>
        </identifiers>
        <balance>52700</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>901697</valUSD>
        <pctVal>0.964290257</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Amphastar Pharmaceuticals, Inc.</name>
        <lei>N/A</lei>
        <title>Amphastar Pharmaceuticals, Inc.</title>
        <cusip>03209R103</cusip>
        <identifiers>
          <ticker value="AMPH"/>
        </identifiers>
        <balance>13100</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>349115</valUSD>
        <pctVal>0.373349576</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>ANI Pharmaceuticals, Inc.</name>
        <lei>N/A</lei>
        <title>ANI Pharmaceuticals, Inc.</title>
        <cusip>00182C103</cusip>
        <identifiers>
          <ticker value="ANIP"/>
        </identifiers>
        <balance>9700</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>888520</valUSD>
        <pctVal>0.950198547</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Applied Industrial Technologies, Inc.</name>
        <lei>N/A</lei>
        <title>Applied Industrial Technologies, Inc.</title>
        <cusip>03820C105</cusip>
        <identifiers>
          <ticker value="AIT"/>
        </identifiers>
        <balance>7000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1827350</valUSD>
        <pctVal>1.954199471</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>Arrow Electronics, Inc.</name>
        <lei>N/A</lei>
        <title>Arrow Electronics, Inc.</title>
        <cusip>042735100</cusip>
        <identifiers>
          <ticker value="ARW"/>
        </identifiers>
        <balance>15300</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1851300</valUSD>
        <pctVal>1.979812012</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>Avnet, Inc.</name>
        <lei>N/A</lei>
        <title>Avnet, Inc.</title>
        <cusip>053807103</cusip>
        <identifiers>
          <ticker value="AVT"/>
        </identifiers>
        <balance>35600</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1861168</valUSD>
        <pctVal>1.990365021</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Barrett Business Services, Inc.</name>
        <lei>N/A</lei>
        <title>Barrett Business Services, Inc.</title>
        <cusip>068463108</cusip>
        <identifiers>
          <ticker value="BBSI"/>
        </identifiers>
        <balance>38800</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1719616</valUSD>
        <pctVal>1.838986881</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>Black Hills Corporation</name>
        <lei>N/A</lei>
        <title>Black Hills Corporation</title>
        <cusip>092113109</cusip>
        <identifiers>
          <ticker value="BKH"/>
        </identifiers>
        <balance>36400</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2241876</valUSD>
        <pctVal>2.397500694</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BOK Financial Corporation</name>
        <lei>N/A</lei>
        <title>BOK Financial Corporation</title>
        <cusip>05561Q201</cusip>
        <identifiers>
          <ticker value="BOKF"/>
        </identifiers>
        <balance>18164</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2024196.16</valUSD>
        <pctVal>2.164710135</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Buckle, Inc.</name>
        <lei>N/A</lei>
        <title>Buckle, Inc.</title>
        <cusip>118440106</cusip>
        <identifiers>
          <ticker value="BKE"/>
        </identifiers>
        <balance>24100</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1413706</valUSD>
        <pctVal>1.511841474</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cabot Corporation</name>
        <lei>N/A</lei>
        <title>Cabot Corporation</title>
        <cusip>127055101</cusip>
        <identifiers>
          <ticker value="CBT"/>
        </identifiers>
        <balance>23773</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1807936.65</valUSD>
        <pctVal>1.933438501</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>Carlisle Companies Incorporated</name>
        <lei>N/A</lei>
        <title>Carlisle Companies Incorporated</title>
        <cusip>142339100</cusip>
        <identifiers>
          <ticker value="CSL"/>
        </identifiers>
        <balance>3500</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1151360</valUSD>
        <pctVal>1.231284156</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Colony Bankcorp, Inc.</name>
        <lei>N/A</lei>
        <title>Colony Bankcorp, Inc.</title>
        <cusip>19623P101</cusip>
        <identifiers>
          <ticker value="CBAN"/>
        </identifiers>
        <balance>122079</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2076563.79</valUSD>
        <pctVal>2.220712978</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Covenant Logistics Group, Inc.</name>
        <lei>N/A</lei>
        <title>Covenant Logistics Group, Inc.</title>
        <cusip>22284P105</cusip>
        <identifiers>
          <ticker value="CVLG"/>
        </identifiers>
        <balance>4882</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>105744.12</valUSD>
        <pctVal>0.113084578</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>CSG Systems International, Inc.</name>
        <lei>N/A</lei>
        <title>CSG Systems International, Inc.</title>
        <cusip>126349109</cusip>
        <identifiers>
          <ticker value="CSGS"/>
        </identifiers>
        <balance>29000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1867020</valUSD>
        <pctVal>1.99662325</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>Cullen/Frost Bankers, Inc.</name>
        <lei>N/A</lei>
        <title>Cullen/Frost Bankers, Inc.</title>
        <cusip>229899109</cusip>
        <identifiers>
          <ticker value="CFR"/>
        </identifiers>
        <balance>14600</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1850842</valUSD>
        <pctVal>1.979322219</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CVR Energy, Inc.</name>
        <lei>N/A</lei>
        <title>CVR Energy, Inc.</title>
        <cusip>12662P108</cusip>
        <identifiers>
          <ticker value="CVI"/>
        </identifiers>
        <balance>67000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2444160</valUSD>
        <pctVal>2.613826677</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Diamondback Energy, Inc.</name>
        <lei>N/A</lei>
        <title>Diamondback Energy, Inc.</title>
        <cusip>25278X109</cusip>
        <identifiers>
          <ticker value="FANG"/>
        </identifiers>
        <balance>10670</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1526877</valUSD>
        <pctVal>1.632868485</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DNOW Inc.</name>
        <lei>N/A</lei>
        <title>DNOW Inc.</title>
        <cusip>67011P100</cusip>
        <identifiers>
          <ticker value="DNOW"/>
        </identifiers>
        <balance>107800</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1643950</valUSD>
        <pctVal>1.758068361</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Eagle Materials Inc.</name>
        <lei>N/A</lei>
        <title>Eagle Materials Inc.</title>
        <cusip>26969P108</cusip>
        <identifiers>
          <ticker value="EXP"/>
        </identifiers>
        <balance>7000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1631280</valUSD>
        <pctVal>1.744518846</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ennis, Inc.</name>
        <lei>N/A</lei>
        <title>Ennis, Inc.</title>
        <cusip>293389102</cusip>
        <identifiers>
          <ticker value="EBF"/>
        </identifiers>
        <balance>105100</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1921228</valUSD>
        <pctVal>2.054594216</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ePlus, Inc.</name>
        <lei>N/A</lei>
        <title>ePlus, Inc.</title>
        <cusip>294268107</cusip>
        <identifiers>
          <ticker value="PLUS"/>
        </identifiers>
        <balance>30600</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2172906</valUSD>
        <pctVal>2.323742992</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Essential Properties Realty Trust, Inc.</name>
        <lei>N/A</lei>
        <title>Essential Properties Realty Trust, Inc.</title>
        <cusip>29670E107</cusip>
        <identifiers>
          <ticker value="EPRT"/>
        </identifiers>
        <balance>60700</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1806432</valUSD>
        <pctVal>1.931829403</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EVERTEC Inc.</name>
        <lei>N/A</lei>
        <title>EVERTEC Inc.</title>
        <cusip>30040P103</cusip>
        <identifiers>
          <ticker value="EVTC"/>
        </identifiers>
        <balance>64700</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2185566</valUSD>
        <pctVal>2.337281813</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Exelixis, Inc.</name>
        <lei>N/A</lei>
        <title>Exelixis, Inc.</title>
        <cusip>30161Q104</cusip>
        <identifiers>
          <ticker value="EXEL"/>
        </identifiers>
        <balance>26300</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1086190</valUSD>
        <pctVal>1.161590239</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Graphic Packaging Holding Co.</name>
        <lei>N/A</lei>
        <title>Graphic Packaging Holding Co.</title>
        <cusip>388689101</cusip>
        <identifiers>
          <ticker value="GPK"/>
        </identifiers>
        <balance>58700</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1148759</valUSD>
        <pctVal>1.228502602</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Harmony Biosciences Holdings, Inc.</name>
        <lei>N/A</lei>
        <title>Harmony Biosciences Holdings, Inc.</title>
        <cusip>413197104</cusip>
        <identifiers>
          <ticker value="HRMY"/>
        </identifiers>
        <balance>36100</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>994916</valUSD>
        <pctVal>1.063980256</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HomeTrust Bancshares, Inc.</name>
        <lei>N/A</lei>
        <title>HomeTrust Bancshares, Inc.</title>
        <cusip>437872104</cusip>
        <identifiers>
          <ticker value="HTB"/>
        </identifiers>
        <balance>48300</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1977402</valUSD>
        <pctVal>2.114667657</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ingles Markets Inc.</name>
        <lei>N/A</lei>
        <title>Ingles Markets Inc.</title>
        <cusip>457030104</cusip>
        <identifiers>
          <ticker value="IMKTA"/>
        </identifiers>
        <balance>32283</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2245605.48</valUSD>
        <pctVal>2.401489064</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ingredion Incorporated</name>
        <lei>N/A</lei>
        <title>Ingredion Incorporated</title>
        <cusip>457187102</cusip>
        <identifiers>
          <ticker value="INGR"/>
        </identifiers>
        <balance>14500</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1770595</valUSD>
        <pctVal>1.893504699</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>International Bancshares Corporation</name>
        <lei>N/A</lei>
        <title>International Bancshares Corporation</title>
        <cusip>459044103</cusip>
        <identifiers>
          <ticker value="IBOC"/>
        </identifiers>
        <balance>30200</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2076250</valUSD>
        <pctVal>2.220377405</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kforce, Inc.</name>
        <lei>N/A</lei>
        <title>Kforce, Inc.</title>
        <cusip>493732101</cusip>
        <identifiers>
          <ticker value="KFRC"/>
        </identifiers>
        <balance>22894</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>686362.12</valUSD>
        <pctVal>0.734007438</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>Lantheus Holdings, Inc.</name>
        <lei>N/A</lei>
        <title>Lantheus Holdings, Inc.</title>
        <cusip>516544103</cusip>
        <identifiers>
          <ticker value="LNTH"/>
        </identifiers>
        <balance>37900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1943891</valUSD>
        <pctVal>2.078830418</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Laureate Education, Inc.</name>
        <lei>N/A</lei>
        <title>Laureate Education, Inc.</title>
        <cusip>518613203</cusip>
        <identifiers>
          <ticker value="LAUR"/>
        </identifiers>
        <balance>75300</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2374962</valUSD>
        <pctVal>2.539825148</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lundin Mining Corporation</name>
        <lei>N/A</lei>
        <title>Lundin Mining Corporation</title>
        <cusip>550372957</cusip>
        <identifiers>
          <ticker value="LUN CN"/>
        </identifiers>
        <balance>80400</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3914"/>
        <valUSD>1199586.03</valUSD>
        <pctVal>1.282857901</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Maximus Inc.</name>
        <lei>N/A</lei>
        <title>Maximus Inc.</title>
        <cusip>577933104</cusip>
        <identifiers>
          <ticker value="MMS"/>
        </identifiers>
        <balance>10900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>995933</valUSD>
        <pctVal>1.065067853</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MKS Instruments, Inc.</name>
        <lei>N/A</lei>
        <title>MKS Instruments, Inc.</title>
        <cusip>55306N104</cusip>
        <identifiers>
          <ticker value="MKSI"/>
        </identifiers>
        <balance>18400</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2277368</valUSD>
        <pctVal>2.435456448</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Netstreit Corporation</name>
        <lei>N/A</lei>
        <title>Netstreit Corporation</title>
        <cusip>64119V303</cusip>
        <identifiers>
          <ticker value="NTST"/>
        </identifiers>
        <balance>116000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2094960</valUSD>
        <pctVal>2.240386201</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Northeast Bancorp</name>
        <lei>N/A</lei>
        <title>Northeast Bancorp</title>
        <cusip>66405S100</cusip>
        <identifiers>
          <ticker value="NBN"/>
        </identifiers>
        <balance>20800</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2083328</valUSD>
        <pctVal>2.22794674</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OFG Bancorp</name>
        <lei>N/A</lei>
        <title>OFG Bancorp</title>
        <cusip>67103X102</cusip>
        <identifiers>
          <ticker value="OFG"/>
        </identifiers>
        <balance>46700</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2030983</valUSD>
        <pctVal>2.171968098</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Perdoceo Education Corporation</name>
        <lei>N/A</lei>
        <title>Perdoceo Education Corporation</title>
        <cusip>71363P106</cusip>
        <identifiers>
          <ticker value="PRDO"/>
        </identifiers>
        <balance>60600</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2282196</valUSD>
        <pctVal>2.440619594</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>Phillips Edison &amp; Company, Inc.</name>
        <lei>N/A</lei>
        <title>Phillips Edison &amp; Company, Inc.</title>
        <cusip>71844V201</cusip>
        <identifiers>
          <ticker value="PECO"/>
        </identifiers>
        <balance>59600</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2046068</valUSD>
        <pctVal>2.188100256</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Progress Software Corporation</name>
        <lei>N/A</lei>
        <title>Progress Software Corporation</title>
        <cusip>743312100</cusip>
        <identifiers>
          <ticker value="PRGS"/>
        </identifiers>
        <balance>44200</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1941706</valUSD>
        <pctVal>2.076493741</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>Sabra Health Care REIT, Inc.</name>
        <lei>N/A</lei>
        <title>Sabra Health Care REIT, Inc.</title>
        <cusip>78573L106</cusip>
        <identifiers>
          <ticker value="SBRA"/>
        </identifiers>
        <balance>101400</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1890096</valUSD>
        <pctVal>2.021301121</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SLM Corporation</name>
        <lei>N/A</lei>
        <title>SLM Corporation</title>
        <cusip>78442P106</cusip>
        <identifiers>
          <ticker value="SLM"/>
        </identifiers>
        <balance>74100</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2051088</valUSD>
        <pctVal>2.19346873</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>South Plains Financial, Inc.</name>
        <lei>N/A</lei>
        <title>South Plains Financial, Inc.</title>
        <cusip>83946P107</cusip>
        <identifiers>
          <ticker value="SPFI"/>
        </identifiers>
        <balance>54600</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2110290</valUSD>
        <pctVal>2.256780366</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Southside Bancshares, Inc.</name>
        <lei>N/A</lei>
        <title>Southside Bancshares, Inc.</title>
        <cusip>84470P109</cusip>
        <identifiers>
          <ticker value="SBSI"/>
        </identifiers>
        <balance>61500</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1737375</valUSD>
        <pctVal>1.857978661</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Supernus Pharmaceuticals, Inc.</name>
        <lei>N/A</lei>
        <title>Supernus Pharmaceuticals, Inc.</title>
        <cusip>868459108</cusip>
        <identifiers>
          <ticker value="SUPN"/>
        </identifiers>
        <balance>25800</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1232982</valUSD>
        <pctVal>1.318572125</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>The Bank of N.T. Butterfield &amp; Son Limited</name>
        <lei>N/A</lei>
        <title>The Bank of N.T. Butterfield &amp; Son Limited</title>
        <cusip>G0772R208</cusip>
        <identifiers>
          <ticker value="NTB"/>
        </identifiers>
        <balance>44000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1888480</valUSD>
        <pctVal>2.019572943</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>V2X, Inc.</name>
        <lei>N/A</lei>
        <title>V2X, Inc.</title>
        <cusip>92242T101</cusip>
        <identifiers>
          <ticker value="VVX"/>
        </identifiers>
        <balance>33800</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1963442</valUSD>
        <pctVal>2.099738593</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wabash National Corporation</name>
        <lei>N/A</lei>
        <title>Wabash National Corporation</title>
        <cusip>929566107</cusip>
        <identifiers>
          <ticker value="WNC"/>
        </identifiers>
        <balance>76870</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>758706.9</valUSD>
        <pctVal>0.811374188</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Winnebago Industries, Inc.</name>
        <lei>N/A</lei>
        <title>Winnebago Industries, Inc.</title>
        <cusip>974637100</cusip>
        <identifiers>
          <ticker value="WGO"/>
        </identifiers>
        <balance>18467</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>617536.48</valUSD>
        <pctVal>0.660404117</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UMB Money Market Special II</name>
        <lei>N/A</lei>
        <title>UMB Money Market Special II</title>
        <cusip>SF8888628</cusip>
        <identifiers>
          <ticker value="SMMFIDU"/>
        </identifiers>
        <balance>2975489</balance>
        <units>OU</units>
        <descOthUnits>Par Value</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>2975489.07</valUSD>
        <pctVal>3.182039109</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>2025-11-21</ncom:dateSigned>
      <ncom:nameOfApplicant>Pear Tree Funds</ncom:nameOfApplicant>
      <ncom:signature>Diane Hunt</ncom:signature>
      <ncom:signerName>Diane Hunt</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
