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

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


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


    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <regName>Pear Tree Funds</regName>
      <regFileNumber>811-03790</regFileNumber>
      <regCik>0000722885</regCik>
      <regLei>549300NANVEIFBMHLV32</regLei>
      <regStreet1>55 OLD BEDFORD ROADSUITE 202</regStreet1>
      <regCity>Lincoln</regCity>
      <regStateConditional regCountry="US" regState="US-MA"/>
      <regZipOrPostalCode>01773</regZipOrPostalCode>
      <regPhone>8003311244</regPhone>
      <seriesName>Pear tree polaris foreign value small cap fund</seriesName>
      <seriesId>S000021993</seriesId>
      <seriesLei>549300AVE8SR25FLIW19</seriesLei>
      <repPdEnd>2026-03-31</repPdEnd>
      <repPdDate>2025-12-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>668444334.55</totAssets>
      <totLiabs>1382427.35</totLiabs>
      <netAssets>667061907.2</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>71969.06</cshNotRptdInCorD>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000063164" rtn1="-3.39" rtn2="0.22" rtn3="2.93"/>
          <monthlyTotReturn classId="C000063163" rtn1="-3.43" rtn2="0.22" rtn3="2.92"/>
          <monthlyTotReturn classId="C000177800" rtn1="-3.4" rtn2="0.23" rtn3="3.15"/>
        </monthlyTotReturns>
        <othMon1 netRealizedGain="15987005.63" netUnrealizedAppr="-39572915.36"/>
        <othMon2 netRealizedGain="9031636.07" netUnrealizedAppr="-8238823.38"/>
        <othMon3 netRealizedGain="4086100.59" netUnrealizedAppr="15271587.07"/>
      </returnInfo>
      <mon1Flow redemption="21523491.97" reinvestment="0" sales="3748393.71"/>
      <mon2Flow redemption="15702609.86" reinvestment="0" sales="2905241.93"/>
      <mon3Flow redemption="17961598.27" reinvestment="17675790.61" sales="3061495.2"/>

    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>Aalberts N.V.</name>
        <lei>N/A</lei>
        <title>Aalberts N.V.</title>
        <cusip>N/A</cusip>
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          <ticker value="AALB NA"/>
          <other otherDesc="SEDOL" value="B1W8P14"/>
        </identifiers>
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        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AcadeMedia AB</name>
        <lei>N/A</lei>
        <title>AcadeMedia AB</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="ACAD SS"/>
          <other otherDesc="SEDOL" value="BDHFV61"/>
        </identifiers>
        <balance>675200</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.2188"/>
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        <pctVal>1.085895895</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Amundi</name>
        <lei>N/A</lei>
        <title>Amundi</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="AMUN FP"/>
          <other otherDesc="SEDOL" value="BYZR014"/>
        </identifiers>
        <balance>181100</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8515"/>
        <valUSD>15015455.08</valUSD>
        <pctVal>2.250983742</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>Berkeley Group Holdings plc</name>
        <lei>N/A</lei>
        <title>Berkeley Group Holdings plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="BKG LN"/>
          <other otherDesc="SEDOL" value="BP0RGD0"/>
        </identifiers>
        <balance>145993</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7435"/>
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        <pctVal>1.149197647</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>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>15376000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7835"/>
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        <pctVal>0.376102328</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>CIE Automotive</name>
        <lei>N/A</lei>
        <title>CIE Automotive</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="CIE SM"/>
          <other otherDesc="SEDOL" value="B15CL93"/>
        </identifiers>
        <balance>99200</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8515"/>
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        <pctVal>0.519574524</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Coats Group plc</name>
        <lei>N/A</lei>
        <title>Coats Group plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="COA LN"/>
          <other otherDesc="SEDOL" value="B4YZN32"/>
        </identifiers>
        <balance>7274470</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7435"/>
        <valUSD>8267555.01</valUSD>
        <pctVal>1.239398461</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Computacenter plc</name>
        <lei>N/A</lei>
        <title>Computacenter plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="CCC LN"/>
          <other otherDesc="SEDOL" value="BV9FP30"/>
        </identifiers>
        <balance>142000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7435"/>
        <valUSD>5595965.03</valUSD>
        <pctVal>0.838897405</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>Daicel Corporation</name>
        <lei>N/A</lei>
        <title>Daicel Corporation</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="4202 JP"/>
          <other otherDesc="SEDOL" value="6250542"/>
        </identifiers>
        <balance>1746400</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.745"/>
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        <pctVal>2.336692691</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>De'Longhi S.p.A.</name>
        <lei>N/A</lei>
        <title>De'Longhi S.p.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="DLG IM"/>
          <other otherDesc="SEDOL" value="7169517"/>
        </identifiers>
        <balance>331836</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8515"/>
        <valUSD>14224326.48</valUSD>
        <pctVal>2.132384765</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <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>130055</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8515"/>
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        <pctVal>3.523829445</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>Doosan Bobcat</name>
        <lei>N/A</lei>
        <title>Doosan Bobcat</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="241560KS"/>
          <other otherDesc="SEDOL" value="BYX9GP8"/>
        </identifiers>
        <balance>119700</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1440.55"/>
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        <pctVal>0.718746074</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Elis S.A.</name>
        <lei>N/A</lei>
        <title>Elis S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="ELIS FP"/>
          <other otherDesc="SEDOL" value="BVSS790"/>
        </identifiers>
        <balance>551998</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8515"/>
        <valUSD>15726918.94</valUSD>
        <pctVal>2.357640089</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>EQB Inc.</name>
        <lei>N/A</lei>
        <title>EQB Inc.</title>
        <cusip>26886R955</cusip>
        <identifiers>
          <ticker value="EQB CN"/>
        </identifiers>
        <balance>203627</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3708"/>
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        <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"/>
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        <balance>3842326</balance>
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        <currencyConditional curCd="BRL" exchangeRt="5.4798"/>
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        <pctVal>4.04691507</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Glanbia plc</name>
        <lei>N/A</lei>
        <title>Glanbia plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="GLB ID"/>
          <other otherDesc="SEDOL" value="4058629"/>
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        <balance>1193800</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.8515"/>
        <valUSD>20455128.6</valUSD>
        <pctVal>3.066451311</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <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"/>
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        <balance>146037</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.3708"/>
        <valUSD>13986867.33</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hexpol AB</name>
        <lei>N/A</lei>
        <title>Hexpol AB</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="HPOLB SS"/>
          <other otherDesc="SEDOL" value="BXBZB01"/>
        </identifiers>
        <balance>1567100</balance>
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        <currencyConditional curCd="SEK" exchangeRt="9.2188"/>
        <valUSD>14950584.13</valUSD>
        <pctVal>2.241258865</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hikma Pharmaceuticals plc</name>
        <lei>N/A</lei>
        <title>Hikma Pharmaceuticals plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="HIK LN"/>
          <other otherDesc="SEDOL" value="B0LCW08"/>
        </identifiers>
        <balance>457000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7435"/>
        <valUSD>9527236.05</valUSD>
        <pctVal>1.428238661</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>Inchcape plc</name>
        <lei>N/A</lei>
        <title>Inchcape plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="INCH LN"/>
          <other otherDesc="SEDOL" value="B61TVQ0"/>
        </identifiers>
        <balance>502118</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7435"/>
        <valUSD>5193392.63</valUSD>
        <pctVal>0.778547324</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ipsos</name>
        <lei>N/A</lei>
        <title>Ipsos</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="IPS FP"/>
          <other otherDesc="SEDOL" value="B188NJ2"/>
        </identifiers>
        <balance>391400</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8515"/>
        <valUSD>15747931.88</valUSD>
        <pctVal>2.360790162</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kanematsu Corporation</name>
        <lei>N/A</lei>
        <title>Kanematsu Corporation</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="8020 JP"/>
          <other otherDesc="SEDOL" value="6483467"/>
        </identifiers>
        <balance>1327800</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.745"/>
        <valUSD>15239479.41</valUSD>
        <pctVal>2.284567481</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Karnataka Bank Limited</name>
        <lei>N/A</lei>
        <title>Karnataka Bank Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="KBL IN"/>
          <other otherDesc="SEDOL" value="6130064"/>
        </identifiers>
        <balance>3144900</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="89.8794"/>
        <valUSD>7190490.26</valUSD>
        <pctVal>1.077934474</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>Karur Vysya Bank Ltd.</name>
        <lei>N/A</lei>
        <title>Karur Vysya Bank Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="KVB IN"/>
          <other otherDesc="SEDOL" value="BZ7PLF4"/>
        </identifiers>
        <balance>2693340</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="89.8794"/>
        <valUSD>7905970.58</valUSD>
        <pctVal>1.185192933</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>KITZ Corporation</name>
        <lei>N/A</lei>
        <title>KITZ Corporation</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="6498 JP"/>
          <other otherDesc="SEDOL" value="6494276"/>
        </identifiers>
        <balance>1294200</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.745"/>
        <valUSD>14358440.78</valUSD>
        <pctVal>2.15248999</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Krones AG</name>
        <lei>N/A</lei>
        <title>Krones AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="KRN GR"/>
          <other otherDesc="SEDOL" value="5523881"/>
        </identifiers>
        <balance>46600</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8515"/>
        <valUSD>7431920.14</valUSD>
        <pctVal>1.114127498</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</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>17053800</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="31.505"/>
        <valUSD>14209244.56</valUSD>
        <pctVal>2.130123817</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>Kraftia Corporation</name>
        <lei>N/A</lei>
        <title>Kraftia Corporation</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="1959 JP"/>
          <other otherDesc="SEDOL" value="6499969"/>
        </identifiers>
        <balance>139500</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.745"/>
        <valUSD>6850180.23</valUSD>
        <pctVal>1.026918215</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Loomis AB, Class B</name>
        <lei>N/A</lei>
        <title>Loomis AB, Class B</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="LOOMISSS"/>
          <other otherDesc="SEDOL" value="BMVB566"/>
        </identifiers>
        <balance>182361</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.2188"/>
        <valUSD>7722668.29</valUSD>
        <pctVal>1.15771388</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mizuho Leasing Company, Limited</name>
        <lei>N/A</lei>
        <title>Mizuho Leasing Company, Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="8425 JP"/>
          <other otherDesc="SEDOL" value="B02QLW4"/>
        </identifiers>
        <balance>1659400</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.745"/>
        <valUSD>14958896.3</valUSD>
        <pctVal>2.242504952</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Motus Holdings Limited</name>
        <lei>N/A</lei>
        <title>Motus Holdings Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="MTH SJ"/>
          <other otherDesc="SEDOL" value="BDRN3H0"/>
        </identifiers>
        <balance>1028400</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.57"/>
        <valUSD>7567459.99</valUSD>
        <pctVal>1.13444643</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>N.V. Bekaert S.A.</name>
        <lei>N/A</lei>
        <title>N.V. Bekaert S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="BEKB BB"/>
          <other otherDesc="SEDOL" value="5827431"/>
        </identifiers>
        <balance>75000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8515"/>
        <valUSD>3338226.66</valUSD>
        <pctVal>0.500437309</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>Open House Group Co., Limited</name>
        <lei>N/A</lei>
        <title>Open House Group Co., Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="3288 JP"/>
          <other otherDesc="SEDOL" value="BD3D170"/>
        </identifiers>
        <balance>252300</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.745"/>
        <valUSD>14811729.88</valUSD>
        <pctVal>2.220443068</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OSB Group PLC</name>
        <lei>N/A</lei>
        <title>OSB Group PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="OSB LN"/>
          <other otherDesc="SEDOL" value="BLDRH36"/>
        </identifiers>
        <balance>952617</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7435"/>
        <valUSD>8168034.13</valUSD>
        <pctVal>1.224479174</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Poongsan Corporation</name>
        <lei>N/A</lei>
        <title>Poongsan Corporation</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="103140KS"/>
          <other otherDesc="SEDOL" value="B3BDFS1"/>
        </identifiers>
        <balance>190400</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1440.55"/>
        <valUSD>14076290.31</valUSD>
        <pctVal>2.110192496</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Primax Electronics Limited</name>
        <lei>N/A</lei>
        <title>Primax Electronics Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="4915 TT"/>
          <other otherDesc="SEDOL" value="B5M70F8"/>
        </identifiers>
        <balance>5251800</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.4205"/>
        <valUSD>12836786.17</valUSD>
        <pctVal>1.924377038</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>QinetiQ</name>
        <lei>N/A</lei>
        <title>QinetiQ</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="QQ/ LN"/>
          <other otherDesc="SEDOL" value="B0WMWD0"/>
        </identifiers>
        <balance>1637700</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7435"/>
        <valUSD>9727078.95</valUSD>
        <pctVal>1.458197334</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Redes Energeticas Nacionais, SGPS, S.A.</name>
        <lei>N/A</lei>
        <title>Redes Energeticas Nacionais, SGPS, S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="RENE PL"/>
          <other otherDesc="SEDOL" value="B233HR5"/>
        </identifiers>
        <balance>3774005</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8515"/>
        <valUSD>14249472.78</valUSD>
        <pctVal>2.136154475</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ringkjoebing Landbobank A/S</name>
        <lei>N/A</lei>
        <title>Ringkjoebing Landbobank A/S</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="RILBA DC"/>
          <other otherDesc="SEDOL" value="BF1KD82"/>
        </identifiers>
        <balance>32300</balance>
        <units>NS</units>
        <currencyConditional curCd="DKK" exchangeRt="6.3596"/>
        <valUSD>7811403.23</valUSD>
        <pctVal>1.171016235</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Rubis</name>
        <lei>N/A</lei>
        <title>Rubis</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="RUI FP"/>
          <other otherDesc="SEDOL" value="BDT88L2"/>
        </identifiers>
        <balance>405300</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8515"/>
        <valUSD>15260032.88</valUSD>
        <pctVal>2.287648675</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>7746000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.4205"/>
        <valUSD>15136754.67</valUSD>
        <pctVal>2.2691679</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>SEB SA</name>
        <lei>N/A</lei>
        <title>SEB SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SK FP"/>
          <other otherDesc="SEDOL" value="4792132"/>
        </identifiers>
        <balance>235600</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8515"/>
        <valUSD>13640728.13</valUSD>
        <pctVal>2.04489688</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>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>231925</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8515"/>
        <valUSD>19283957.72</valUSD>
        <pctVal>2.890879769</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sopra Steria</name>
        <lei>N/A</lei>
        <title>Sopra Steria</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SOP FP"/>
          <other otherDesc="SEDOL" value="5633616"/>
        </identifiers>
        <balance>122600</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8515"/>
        <valUSD>22259495.01</valUSD>
        <pctVal>3.336945907</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SpareBank 1 Oestlandet</name>
        <lei>N/A</lei>
        <title>SpareBank 1 Oestlandet</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SPOL NO"/>
          <other otherDesc="SEDOL" value="BZ12WQ9"/>
        </identifiers>
        <balance>217488</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="10.0869"/>
        <valUSD>4438420.6</valUSD>
        <pctVal>0.665368619</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sparebank 1 SMN</name>
        <lei>N/A</lei>
        <title>Sparebank 1 SMN</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="MING NO"/>
          <other otherDesc="SEDOL" value="B0LGG75"/>
        </identifiers>
        <balance>446428</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="10.0869"/>
        <valUSD>9119401.34</valUSD>
        <pctVal>1.367099701</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SpareBank 1 Sor-Norge ASA</name>
        <lei>N/A</lei>
        <title>SpareBank 1 Sor-Norge ASA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SB1NO NO"/>
          <other otherDesc="SEDOL" value="B40JTQ3"/>
        </identifiers>
        <balance>489426</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="10.0869"/>
        <valUSD>9626557.06</valUSD>
        <pctVal>1.443127985</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SpareBank Nord-Norge</name>
        <lei>N/A</lei>
        <title>SpareBank Nord-Norge</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="NONG NO"/>
          <other otherDesc="SEDOL" value="B06T259"/>
        </identifiers>
        <balance>795289</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="10.0869"/>
        <valUSD>11976365.3</valUSD>
        <pctVal>1.795390378</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</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>631392</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="10.0869"/>
        <valUSD>12397614.68</valUSD>
        <pctVal>1.858540346</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Technip Energies N.V.</name>
        <lei>N/A</lei>
        <title>Technip Energies N.V.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="TE FP"/>
          <other otherDesc="SEDOL" value="BNC0116"/>
        </identifiers>
        <balance>163700</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8515"/>
        <valUSD>6244246.62</valUSD>
        <pctVal>0.936082027</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>Thanachart Capital PCL</name>
        <lei>N/A</lei>
        <title>Thanachart Capital PCL</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="TCAP/FTB"/>
          <other otherDesc="SEDOL" value="BF5DGN3"/>
        </identifiers>
        <balance>8063000</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="31.505"/>
        <valUSD>14907784.48</valUSD>
        <pctVal>2.234842721</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TISCO Financial Group</name>
        <lei>N/A</lei>
        <title>TISCO Financial Group</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="TISCO/FT"/>
          <other otherDesc="SEDOL" value="B3KFW76"/>
        </identifiers>
        <balance>4338700</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="31.505"/>
        <valUSD>15217468.66</valUSD>
        <pctVal>2.281267825</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Venture Corporation, Limited</name>
        <lei>N/A</lei>
        <title>Venture Corporation, Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="VMS SP"/>
          <other otherDesc="SEDOL" value="6927374"/>
        </identifiers>
        <balance>643900</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.286"/>
        <valUSD>7580595.65</valUSD>
        <pctVal>1.136415611</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>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>12705360</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7835"/>
        <valUSD>12732293.7</valUSD>
        <pctVal>1.908712454</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Xinhua Winshare Publishing and Media Co., Limited</name>
        <lei>N/A</lei>
        <title>Xinhua Winshare Publishing and Media Co., Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="811 HK"/>
          <other otherDesc="SEDOL" value="B1XCJB3"/>
        </identifiers>
        <balance>5510500</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7835"/>
        <valUSD>7249633.2</valUSD>
        <pctVal>1.086800658</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>9679000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7835"/>
        <valUSD>14449795.08</valUSD>
        <pctVal>2.166185016</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>1485251</balance>
        <units>OU</units>
        <descOthUnits>Par Value</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>1485251.34</valUSD>
        <pctVal>0.222655697</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>2026-02-19</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>
