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

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


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


    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <regName>Pear Tree Funds</regName>
      <regFileNumber>811-03790</regFileNumber>
      <regCik>0000722885</regCik>
      <regLei>549300NANVEIFBMHLV32</regLei>
      <regStreet1>55 OLD BEDFORD ROADSUITE 202</regStreet1>
      <regCity>Lincoln</regCity>
      <regStateConditional regCountry="US" regState="US-MA"/>
      <regZipOrPostalCode>01773</regZipOrPostalCode>
      <regPhone>8003311244</regPhone>
      <seriesName>Pear tree polaris foreign value fund</seriesName>
      <seriesId>S000009491</seriesId>
      <seriesLei>549300LCWV2CSU11V931</seriesLei>
      <repPdEnd>2026-03-31</repPdEnd>
      <repPdDate>2026-03-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>1403564499</totAssets>
      <totLiabs>4849539</totLiabs>
      <netAssets>1398714960</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>2722787</cshNotRptdInCorD>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000025967" rtn1="7.95" rtn2="7.73" rtn3="-10.3"/>
          <monthlyTotReturn classId="C000025966" rtn1="7.9" rtn2="7.71" rtn3="-10.36"/>
          <monthlyTotReturn classId="C000177797" rtn1="7.98" rtn2="7.71" rtn3="-10.32"/>
        </monthlyTotReturns>
        <othMon1 netRealizedGain="32749542.94" netUnrealizedAppr="78536423.19"/>
        <othMon2 netRealizedGain="19524560.96" netUnrealizedAppr="95928597.42"/>
        <othMon3 netRealizedGain="36557080.88" netUnrealizedAppr="-203193974.9"/>
      </returnInfo>
      <mon1Flow redemption="80608017.64" reinvestment="0" sales="12695448.93"/>
      <mon2Flow redemption="39122550.74" reinvestment="0" sales="8194877.97"/>
      <mon3Flow redemption="22546418.59" reinvestment="0" sales="4303957.67"/>

    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>AIA Group Ltd.</name>
        <lei>N/A</lei>
        <title>AIA Group Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="1299 HK"/>
          <other otherDesc="SEDOL" value="B4TX8S1"/>
        </identifiers>
        <balance>2614800</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8402"/>
        <valUSD>28298484.73</valUSD>
        <pctVal>2.023177384</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>Alibaba Group Holding Ltd.</name>
        <lei>N/A</lei>
        <title>Alibaba Group Holding Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="9988 HK"/>
          <other otherDesc="SEDOL" value="BK6YZP5"/>
        </identifiers>
        <balance>1308600</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8402"/>
        <valUSD>19862171.88</valUSD>
        <pctVal>1.420029988</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>ALROSA Company PJSC</name>
        <lei>N/A</lei>
        <title>ALROSA Company PJSC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="ALRS RM"/>
          <other otherDesc="SEDOL" value="B6QPBP2"/>
        </identifiers>
        <balance>41136300</balance>
        <units>NS</units>
        <currencyConditional curCd="RUB" exchangeRt="81.3"/>
        <valUSD>5059.82</valUSD>
        <pctVal>0.000361748</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bankinter, S.A.</name>
        <lei>N/A</lei>
        <title>Bankinter, S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="BKT SM"/>
          <other otherDesc="SEDOL" value="5474008"/>
        </identifiers>
        <balance>1123200</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8679"/>
        <valUSD>17309367.44</valUSD>
        <pctVal>1.23751929</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Barry Callebaut AG</name>
        <lei>N/A</lei>
        <title>Barry Callebaut AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="BARN SW"/>
          <other otherDesc="SEDOL" value="5476929"/>
        </identifiers>
        <balance>17528</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.8036"/>
        <valUSD>30209407.67</valUSD>
        <pctVal>2.159797281</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chailease Holding Co., Ltd.</name>
        <lei>N/A</lei>
        <title>Chailease Holding Co., Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="5871 TT"/>
          <other otherDesc="SEDOL" value="B58J1S8"/>
        </identifiers>
        <balance>4953720</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.97"/>
        <valUSD>16966917.11</valUSD>
        <pctVal>1.21303608</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Daicel Corporation</name>
        <lei>N/A</lei>
        <title>Daicel Corporation</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="4202 JP"/>
          <other otherDesc="SEDOL" value="6250542"/>
        </identifiers>
        <balance>911100</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.09"/>
        <valUSD>7018373.56</valUSD>
        <pctVal>0.501772968</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Daimler Truck Holding AG</name>
        <lei>N/A</lei>
        <title>Daimler Truck Holding AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="DTG GR"/>
          <other otherDesc="SEDOL" value="BP6VLQ4"/>
        </identifiers>
        <balance>554100</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8679"/>
        <valUSD>26476007.6</valUSD>
        <pctVal>1.892880849</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Deutsche Post AG</name>
        <lei>N/A</lei>
        <title>Deutsche Post AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="DHL GR"/>
          <other otherDesc="SEDOL" value="4617859"/>
        </identifiers>
        <balance>490000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8679"/>
        <valUSD>25265007.49</valUSD>
        <pctVal>1.806301371</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Deutsche Telekom AG</name>
        <lei>N/A</lei>
        <title>Deutsche Telekom AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="DTE GR"/>
          <other otherDesc="SEDOL" value="5842359"/>
        </identifiers>
        <balance>711956</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8679"/>
        <valUSD>26209234.01</valUSD>
        <pctVal>1.873808086</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>D'Ieteren S.A.</name>
        <lei>N/A</lei>
        <title>D'Ieteren S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="DIE BB"/>
          <other otherDesc="SEDOL" value="4247494"/>
        </identifiers>
        <balance>69478</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8679"/>
        <valUSD>12664384.84</valUSD>
        <pctVal>0.905429999</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DNB Bank ASA</name>
        <lei>N/A</lei>
        <title>DNB Bank ASA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="DNB NO"/>
          <other otherDesc="SEDOL" value="BNG7113"/>
        </identifiers>
        <balance>962830</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="9.741"/>
        <valUSD>29771522.02</valUSD>
        <pctVal>2.128490999</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Duni AB</name>
        <lei>N/A</lei>
        <title>Duni AB</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="DUNI SS"/>
          <other otherDesc="SEDOL" value="B03RSL4"/>
        </identifiers>
        <balance>786900</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.5263"/>
        <valUSD>7913357.76</valUSD>
        <pctVal>0.565759142</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Endesa, S.A.</name>
        <lei>N/A</lei>
        <title>Endesa, S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="ELE SM"/>
          <other otherDesc="SEDOL" value="5271782"/>
        </identifiers>
        <balance>764325</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8679"/>
        <valUSD>31774220.53</valUSD>
        <pctVal>2.271672317</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Eni S.p.A.</name>
        <lei>N/A</lei>
        <title>Eni S.p.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="ENI IM"/>
          <other otherDesc="SEDOL" value="7145056"/>
        </identifiers>
        <balance>977133</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8679"/>
        <valUSD>27977595.4</valUSD>
        <pctVal>2.00023566</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>F&amp;F Co., Ltd.</name>
        <lei>N/A</lei>
        <title>F&amp;F Co., Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="383220KS"/>
          <other otherDesc="SEDOL" value="BP2NF51"/>
        </identifiers>
        <balance>133874</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1531.65"/>
        <valUSD>5357931.77</valUSD>
        <pctVal>0.383061018</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Greencore Group plc</name>
        <lei>N/A</lei>
        <title>Greencore Group plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="GNC LN"/>
          <other otherDesc="SEDOL" value="0386410"/>
        </identifiers>
        <balance>4893468</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7583"/>
        <valUSD>15649030.59</valUSD>
        <pctVal>1.118814844</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hannover Rueck SE</name>
        <lei>N/A</lei>
        <title>Hannover Rueck SE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="HNR1 GR"/>
          <other otherDesc="SEDOL" value="4511809"/>
        </identifiers>
        <balance>79200</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8679"/>
        <valUSD>24438022.81</valUSD>
        <pctVal>1.747176767</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HD Hyundai Electric</name>
        <lei>N/A</lei>
        <title>HD Hyundai Electric</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="267260KS"/>
          <other otherDesc="SEDOL" value="BD4HFR9"/>
        </identifiers>
        <balance>50300</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1531.65"/>
        <valUSD>27323213.53</valUSD>
        <pctVal>1.953451155</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>1631884</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7583"/>
        <valUSD>16140221.55</valUSD>
        <pctVal>1.153932146</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>International Consolidated Airlines Group S.A.</name>
        <lei>N/A</lei>
        <title>International Consolidated Airlines Group S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="IAG LN"/>
          <other otherDesc="SEDOL" value="B5M6XQ7"/>
        </identifiers>
        <balance>5174600</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7583"/>
        <valUSD>23870171.17</valUSD>
        <pctVal>1.706578671</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ipsos</name>
        <lei>N/A</lei>
        <title>Ipsos</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="IPS FP"/>
          <other otherDesc="SEDOL" value="B188NJ2"/>
        </identifiers>
        <balance>198041</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8679"/>
        <valUSD>7676113.88</valUSD>
        <pctVal>0.548797582</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Itochu Corporation</name>
        <lei>N/A</lei>
        <title>Itochu Corporation</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="8001 JP"/>
          <other otherDesc="SEDOL" value="6467803"/>
        </identifiers>
        <balance>2140500</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.09"/>
        <valUSD>26566203.09</valUSD>
        <pctVal>1.899329303</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Jazz Pharmaceuticals plc</name>
        <lei>N/A</lei>
        <title>Jazz Pharmaceuticals plc</title>
        <cusip>G50871105</cusip>
        <identifiers>
          <ticker value="JAZZ"/>
        </identifiers>
        <balance>159206</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>30097894.3</valUSD>
        <pctVal>2.151824723</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KDDI Corporation</name>
        <lei>N/A</lei>
        <title>KDDI Corporation</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="9433 JP"/>
          <other otherDesc="SEDOL" value="6248990"/>
        </identifiers>
        <balance>1546500</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.09"/>
        <valUSD>26474905.71</valUSD>
        <pctVal>1.89280207</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kia Motors Corporation</name>
        <lei>N/A</lei>
        <title>Kia Motors Corporation</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="000270KS"/>
          <other otherDesc="SEDOL" value="6490928"/>
        </identifiers>
        <balance>255300</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1531.65"/>
        <valUSD>24202369.99</valUSD>
        <pctVal>1.730328958</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Koninklijke Ahold Delhaize N.V.</name>
        <lei>N/A</lei>
        <title>Koninklijke Ahold Delhaize N.V.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="AD NA"/>
          <other otherDesc="SEDOL" value="BD0Q398"/>
        </identifiers>
        <balance>647800</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8679"/>
        <valUSD>30072430</valUSD>
        <pctVal>2.150004173</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LATAM Airlines Group</name>
        <lei>N/A</lei>
        <title>LATAM Airlines Group</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="LTM CI"/>
          <other otherDesc="SEDOL" value="2518932"/>
        </identifiers>
        <balance>1118613600</balance>
        <units>NS</units>
        <currencyConditional curCd="CLP" exchangeRt="933.71"/>
        <valUSD>27327088.94</valUSD>
        <pctVal>1.953728224</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Linde plc</name>
        <lei>N/A</lei>
        <title>Linde plc</title>
        <cusip>G54950103</cusip>
        <identifiers>
          <ticker value="LIN"/>
        </identifiers>
        <balance>51444</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>25503877.44</valUSD>
        <pctVal>1.823379186</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Loomis AB, Class B</name>
        <lei>N/A</lei>
        <title>Loomis AB, Class B</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="LOOMISSS"/>
          <other otherDesc="SEDOL" value="BMVB566"/>
        </identifiers>
        <balance>391419</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.5263"/>
        <valUSD>17593988.83</valUSD>
        <pctVal>1.257868067</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lundin Mining Corporation</name>
        <lei>N/A</lei>
        <title>Lundin Mining Corporation</title>
        <cusip>550372957</cusip>
        <identifiers>
          <ticker value="LUN CN"/>
        </identifiers>
        <balance>576900</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3956"/>
        <valUSD>14339825.88</valUSD>
        <pctVal>1.025214307</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Macnica Fuji Electronics Holdings Inc.</name>
        <lei>N/A</lei>
        <title>Macnica Fuji Electronics Holdings Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="3132 JP"/>
          <other otherDesc="SEDOL" value="BVVQ8X2"/>
        </identifiers>
        <balance>237600</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.09"/>
        <valUSD>3450718.46</valUSD>
        <pctVal>0.246706338</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Marubeni Corporation</name>
        <lei>N/A</lei>
        <title>Marubeni Corporation</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="8002 JP"/>
          <other otherDesc="SEDOL" value="6569464"/>
        </identifiers>
        <balance>1012600</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.09"/>
        <valUSD>35758292.79</valUSD>
        <pctVal>2.556510356</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Michelin (CGDE)</name>
        <lei>N/A</lei>
        <title>Michelin (CGDE)</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="ML FP"/>
          <other otherDesc="SEDOL" value="BPBPJ01"/>
        </identifiers>
        <balance>720000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8679"/>
        <valUSD>24215693.05</valUSD>
        <pctVal>1.73128148</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mitsubishi UFJ Financial Group, Inc.</name>
        <lei>N/A</lei>
        <title>Mitsubishi UFJ Financial Group, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="8306 JP"/>
          <other otherDesc="SEDOL" value="6335171"/>
        </identifiers>
        <balance>1744900</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.09"/>
        <valUSD>28516814.38</valUSD>
        <pctVal>2.038786687</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Muenchener Rueckversicherungs-Gesellschaft</name>
        <lei>N/A</lei>
        <title>Muenchener Rueckversicherungs-Gesellschaft</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="MUV2 GR"/>
          <other otherDesc="SEDOL" value="5294121"/>
        </identifiers>
        <balance>42130</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8679"/>
        <valUSD>26183802.28</valUSD>
        <pctVal>1.871989865</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Next plc</name>
        <lei>N/A</lei>
        <title>Next plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="NXT LN"/>
          <other otherDesc="SEDOL" value="3208986"/>
        </identifiers>
        <balance>137550</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7583"/>
        <valUSD>22991510.62</valUSD>
        <pctVal>1.643759542</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nomad Foods Limited</name>
        <lei>N/A</lei>
        <title>Nomad Foods Limited</title>
        <cusip>G6564A105</cusip>
        <identifiers>
          <ticker value="NOMD"/>
        </identifiers>
        <balance>909900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8744139</valUSD>
        <pctVal>0.625155178</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>ORIX Corporation</name>
        <lei>N/A</lei>
        <title>ORIX Corporation</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="8591 JP"/>
          <other otherDesc="SEDOL" value="6661144"/>
        </identifiers>
        <balance>1025900</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.09"/>
        <valUSD>29708475.08</valUSD>
        <pctVal>2.123983509</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ping An Insurance Group H Share</name>
        <lei>N/A</lei>
        <title>Ping An Insurance Group H Share</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="2318 HK"/>
          <other otherDesc="SEDOL" value="B01FLR7"/>
        </identifiers>
        <balance>3802000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8402"/>
        <valUSD>28829481.39</valUSD>
        <pctVal>2.061140563</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>Popular, Inc.</name>
        <lei>N/A</lei>
        <title>Popular, Inc.</title>
        <cusip>733174700</cusip>
        <identifiers>
          <ticker value="BPOP"/>
        </identifiers>
        <balance>219650</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>29470440.5</valUSD>
        <pctVal>2.106965418</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Publicis Groupe</name>
        <lei>N/A</lei>
        <title>Publicis Groupe</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="PUB FP"/>
          <other otherDesc="SEDOL" value="4380429"/>
        </identifiers>
        <balance>267147</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8679"/>
        <valUSD>21805154.37</valUSD>
        <pctVal>1.558941957</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>Ryanair Holdings plc</name>
        <lei>N/A</lei>
        <title>Ryanair Holdings plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="RYA ID"/>
          <other otherDesc="SEDOL" value="BYTBXV3"/>
        </identifiers>
        <balance>936400</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8679"/>
        <valUSD>25753967.05</valUSD>
        <pctVal>1.841259141</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Samsung Electronics Company Limited</name>
        <lei>N/A</lei>
        <title>Samsung Electronics Company Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="005930KS"/>
          <other otherDesc="SEDOL" value="6771720"/>
        </identifiers>
        <balance>490124</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1531.65"/>
        <valUSD>53503563.35</valUSD>
        <pctVal>3.825194188</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sanofi S.A.</name>
        <lei>N/A</lei>
        <title>Sanofi S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SAN FP"/>
          <other otherDesc="SEDOL" value="5671735"/>
        </identifiers>
        <balance>229300</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8679"/>
        <valUSD>21854702.15</valUSD>
        <pctVal>1.562484336</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Shinhan Financial Group Co., Limited</name>
        <lei>N/A</lei>
        <title>Shinhan Financial Group Co., Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="055550KS"/>
          <other otherDesc="SEDOL" value="6397502"/>
        </identifiers>
        <balance>494984</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1531.65"/>
        <valUSD>28342047.33</valUSD>
        <pctVal>2.026291857</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SK Hynix, Inc.</name>
        <lei>N/A</lei>
        <title>SK Hynix, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="000660KS"/>
          <other otherDesc="SEDOL" value="6450267"/>
        </identifiers>
        <balance>104100</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1531.65"/>
        <valUSD>54848496.72</valUSD>
        <pctVal>3.921349117</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SKF AB-B</name>
        <lei>N/A</lei>
        <title>SKF AB-B</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SKFB SS"/>
          <other otherDesc="SEDOL" value="B1Q3J35"/>
        </identifiers>
        <balance>1038000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.5263"/>
        <valUSD>24429169.77</valUSD>
        <pctVal>1.746543826</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Smurfit Westrock plc</name>
        <lei>N/A</lei>
        <title>Smurfit Westrock plc</title>
        <cusip>G8267P108</cusip>
        <identifiers>
          <ticker value="SW"/>
        </identifiers>
        <balance>503546</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20066308.1</valUSD>
        <pctVal>1.434624543</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sony Group Corporation</name>
        <lei>N/A</lei>
        <title>Sony Group Corporation</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="6758 JP"/>
          <other otherDesc="SEDOL" value="6821506"/>
        </identifiers>
        <balance>1000700</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.09"/>
        <valUSD>20185092.09</valUSD>
        <pctVal>1.443116909</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SpareBank 1 Sor-Norge ASA</name>
        <lei>N/A</lei>
        <title>SpareBank 1 Sor-Norge ASA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SB1NO NO"/>
          <other otherDesc="SEDOL" value="B40JTQ3"/>
        </identifiers>
        <balance>735068</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="9.741"/>
        <valUSD>15884592.34</valUSD>
        <pctVal>1.135656141</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sparebanken Norge</name>
        <lei>N/A</lei>
        <title>Sparebanken Norge</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SBNOR NO"/>
          <other otherDesc="SEDOL" value="4780290"/>
        </identifiers>
        <balance>667314</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="9.741"/>
        <valUSD>13668256.78</valUSD>
        <pctVal>0.977201015</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Takeda Pharmaceutical Company Limited</name>
        <lei>N/A</lei>
        <title>Takeda Pharmaceutical Company Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="4502 JP"/>
          <other otherDesc="SEDOL" value="6870445"/>
        </identifiers>
        <balance>625100</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.09"/>
        <valUSD>22255115.97</valUSD>
        <pctVal>1.5911116</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Teleperformance SE</name>
        <lei>N/A</lei>
        <title>Teleperformance SE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="TEP FP"/>
          <other otherDesc="SEDOL" value="5999330"/>
        </identifiers>
        <balance>262100</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8679"/>
        <valUSD>15184223.99</valUSD>
        <pctVal>1.08558387</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TotalEnergies SE</name>
        <lei>N/A</lei>
        <title>TotalEnergies SE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="TTE FP"/>
          <other otherDesc="SEDOL" value="B15C557"/>
        </identifiers>
        <balance>368000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8679"/>
        <valUSD>34306809.54</valUSD>
        <pctVal>2.452737729</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Trevi Finanziaria Industriale SpA</name>
        <lei>N/A</lei>
        <title>Trevi Finanziaria Industriale SpA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="TFIN IM"/>
          <other otherDesc="SEDOL" value="BMH5TM6"/>
        </identifiers>
        <balance>10523024</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8679"/>
        <valUSD>3964775.72</valUSD>
        <pctVal>0.283458448</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United Overseas Bank Limited</name>
        <lei>N/A</lei>
        <title>United Overseas Bank Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="UOB SP"/>
          <other otherDesc="SEDOL" value="6916781"/>
        </identifiers>
        <balance>996247</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.2902"/>
        <valUSD>28299839.21</valUSD>
        <pctVal>2.023274221</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vinci SA</name>
        <lei>N/A</lei>
        <title>Vinci SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="DG FP"/>
          <other otherDesc="SEDOL" value="B1XH026"/>
        </identifiers>
        <balance>189398</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8679"/>
        <valUSD>28009256.02</valUSD>
        <pctVal>2.00249921</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>Yara International ASA</name>
        <lei>N/A</lei>
        <title>Yara International ASA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="YAR NO"/>
          <other otherDesc="SEDOL" value="7751259"/>
        </identifiers>
        <balance>434253</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="9.741"/>
        <valUSD>25143074.84</valUSD>
        <pctVal>1.797583894</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UMB Money Market Special II</name>
        <lei>N/A</lei>
        <title>UMB Money Market Special II</title>
        <cusip>SF8888628</cusip>
        <identifiers>
          <ticker value="SMMFIDU"/>
        </identifiers>
        <balance>23969090</balance>
        <units>OU</units>
        <descOthUnits>Par Value</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>23969090.11</valUSD>
        <pctVal>1.713650801</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>2026-05-29</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>
