<?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">
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    <isConfidential>false</isConfidential>
    <filerInfo>

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


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


    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <regName>Pear Tree Funds</regName>
      <regFileNumber>811-03790</regFileNumber>
      <regCik>0000722885</regCik>
      <regLei>549300NANVEIFBMHLV32</regLei>
      <regStreet1>55 OLD BEDFORD ROADSUITE 202</regStreet1>
      <regCity>Lincoln</regCity>
      <regStateConditional regCountry="US" regState="US-MA"/>
      <regZipOrPostalCode>01773</regZipOrPostalCode>
      <regPhone>8003311244</regPhone>
      <seriesName>Pear tree polaris small cap fund</seriesName>
      <seriesId>S000009493</seriesId>
      <seriesLei>549300B7DSOCWNFGCQ51</seriesLei>
      <repPdEnd>2026-03-31</repPdEnd>
      <repPdDate>2026-03-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>92131789</totAssets>
      <totLiabs>79452</totLiabs>
      <netAssets>92052337</netAssets>
      <assetsAttrMiscSec>0</assetsAttrMiscSec>
      <assetsInvested>0</assetsInvested>
      <amtPayOneYrBanksBorr>0</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0</amtPayAftOneYrOther>
      <delayDeliv>0</delayDeliv>
      <standByCommit>0</standByCommit>
      <liquidPref>0</liquidPref>
      <cshNotRptdInCorD>0</cshNotRptdInCorD>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000025973" rtn1="5.89" rtn2="0.23" rtn3="-2.9"/>
          <monthlyTotReturn classId="C000025972" rtn1="5.87" rtn2="0.18" rtn3="-2.9"/>
          <monthlyTotReturn classId="C000177799" rtn1="5.9" rtn2="0.22" rtn3="-2.88"/>
        </monthlyTotReturns>
        <othMon1 netRealizedGain="1248323.71" netUnrealizedAppr="4002483.21"/>
        <othMon2 netRealizedGain="2679944.02" netUnrealizedAppr="-2587142.47"/>
        <othMon3 netRealizedGain="-404083.86" netUnrealizedAppr="-2409704.66"/>
      </returnInfo>
      <mon1Flow redemption="483886.03" reinvestment="0" sales="61666.02"/>
      <mon2Flow redemption="928313.56" reinvestment="0" sales="579257.23"/>
      <mon3Flow redemption="113365.37" reinvestment="0" sales="249822.3"/>

    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>Acuity Brands, Inc.</name>
        <lei>N/A</lei>
        <title>Acuity Brands, Inc.</title>
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        <identifiers>
          <ticker value="AYI"/>
        </identifiers>
        <balance>6200</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1737364</valUSD>
        <pctVal>1.887365447</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Allison Transmission Holdings, Inc.</name>
        <lei>N/A</lei>
        <title>Allison Transmission Holdings, Inc.</title>
        <cusip>01973R101</cusip>
        <identifiers>
          <ticker value="ALSN"/>
        </identifiers>
        <balance>17200</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2013432</valUSD>
        <pctVal>2.187268752</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Amphastar Pharmaceuticals, Inc.</name>
        <lei>N/A</lei>
        <title>Amphastar Pharmaceuticals, Inc.</title>
        <cusip>03209R103</cusip>
        <identifiers>
          <ticker value="AMPH"/>
        </identifiers>
        <balance>43232</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>846914.88</valUSD>
        <pctVal>0.920036263</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ANI Pharmaceuticals, Inc.</name>
        <lei>N/A</lei>
        <title>ANI Pharmaceuticals, Inc.</title>
        <cusip>00182C103</cusip>
        <identifiers>
          <ticker value="ANIP"/>
        </identifiers>
        <balance>15600</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1199640</valUSD>
        <pctVal>1.30321515</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Applied Industrial Technologies, Inc.</name>
        <lei>N/A</lei>
        <title>Applied Industrial Technologies, Inc.</title>
        <cusip>03820C105</cusip>
        <identifiers>
          <ticker value="AIT"/>
        </identifiers>
        <balance>7600</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2016432</valUSD>
        <pctVal>2.190527767</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Arrow Electronics, Inc.</name>
        <lei>N/A</lei>
        <title>Arrow Electronics, Inc.</title>
        <cusip>042735100</cusip>
        <identifiers>
          <ticker value="ARW"/>
        </identifiers>
        <balance>13700</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1964717</valUSD>
        <pctVal>2.13434777</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Avnet, Inc.</name>
        <lei>N/A</lei>
        <title>Avnet, Inc.</title>
        <cusip>053807103</cusip>
        <identifiers>
          <ticker value="AVT"/>
        </identifiers>
        <balance>32200</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1984164</valUSD>
        <pctVal>2.155473796</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Barrett Business Services, Inc.</name>
        <lei>N/A</lei>
        <title>Barrett Business Services, Inc.</title>
        <cusip>068463108</cusip>
        <identifiers>
          <ticker value="BBSI"/>
        </identifiers>
        <balance>30800</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>898744</valUSD>
        <pctVal>0.976340232</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Black Hills Corporation</name>
        <lei>N/A</lei>
        <title>Black Hills Corporation</title>
        <cusip>092113109</cusip>
        <identifiers>
          <ticker value="BKH"/>
        </identifiers>
        <balance>33700</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2339117</valUSD>
        <pctVal>2.541072915</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BOK Financial Corporation</name>
        <lei>N/A</lei>
        <title>BOK Financial Corporation</title>
        <cusip>05561Q201</cusip>
        <identifiers>
          <ticker value="BOKF"/>
        </identifiers>
        <balance>18164</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2326081.84</valUSD>
        <pctVal>2.526912318</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Buckle, Inc.</name>
        <lei>N/A</lei>
        <title>Buckle, Inc.</title>
        <cusip>118440106</cusip>
        <identifiers>
          <ticker value="BKE"/>
        </identifiers>
        <balance>35683</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1796995.88</valUSD>
        <pctVal>1.952145856</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cabot Corporation</name>
        <lei>N/A</lei>
        <title>Cabot Corporation</title>
        <cusip>127055101</cusip>
        <identifiers>
          <ticker value="CBT"/>
        </identifiers>
        <balance>28473</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2144301.63</valUSD>
        <pctVal>2.329437473</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Carlisle Companies Incorporated</name>
        <lei>N/A</lei>
        <title>Carlisle Companies Incorporated</title>
        <cusip>142339100</cusip>
        <identifiers>
          <ticker value="CSL"/>
        </identifiers>
        <balance>4926</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1643414.46</valUSD>
        <pctVal>1.785304443</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Covenant Logistics Group, Inc.</name>
        <lei>N/A</lei>
        <title>Covenant Logistics Group, Inc.</title>
        <cusip>22284P105</cusip>
        <identifiers>
          <ticker value="CVLG"/>
        </identifiers>
        <balance>76482</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2076486.3</valUSD>
        <pctVal>2.255767067</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cullen/Frost Bankers, Inc.</name>
        <lei>N/A</lei>
        <title>Cullen/Frost Bankers, Inc.</title>
        <cusip>229899109</cusip>
        <identifiers>
          <ticker value="CFR"/>
        </identifiers>
        <balance>14600</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2001368</valUSD>
        <pctVal>2.174163164</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CVR Energy, Inc.</name>
        <lei>N/A</lei>
        <title>CVR Energy, Inc.</title>
        <cusip>12662P108</cusip>
        <identifiers>
          <ticker value="CVI"/>
        </identifiers>
        <balance>67000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2254550</valUSD>
        <pctVal>2.449204524</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Diamondback Energy, Inc.</name>
        <lei>N/A</lei>
        <title>Diamondback Energy, Inc.</title>
        <cusip>25278X109</cusip>
        <identifiers>
          <ticker value="FANG"/>
        </identifiers>
        <balance>10670</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2110419.3</valUSD>
        <pctVal>2.292629792</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DNOW Inc.</name>
        <lei>N/A</lei>
        <title>DNOW Inc.</title>
        <cusip>67011P100</cusip>
        <identifiers>
          <ticker value="DNOW"/>
        </identifiers>
        <balance>121000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1441110</valUSD>
        <pctVal>1.565533314</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Eagle Materials Inc.</name>
        <lei>N/A</lei>
        <title>Eagle Materials Inc.</title>
        <cusip>26969P108</cusip>
        <identifiers>
          <ticker value="EXP"/>
        </identifiers>
        <balance>8900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1686105</valUSD>
        <pctVal>1.831680821</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ennis, Inc.</name>
        <lei>N/A</lei>
        <title>Ennis, Inc.</title>
        <cusip>293389102</cusip>
        <identifiers>
          <ticker value="EBF"/>
        </identifiers>
        <balance>105100</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2251242</valUSD>
        <pctVal>2.445610917</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ePlus, Inc.</name>
        <lei>N/A</lei>
        <title>ePlus, Inc.</title>
        <cusip>294268107</cusip>
        <identifiers>
          <ticker value="PLUS"/>
        </identifiers>
        <balance>27700</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2084425</valUSD>
        <pctVal>2.264391183</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Essential Properties Realty Trust, Inc.</name>
        <lei>N/A</lei>
        <title>Essential Properties Realty Trust, Inc.</title>
        <cusip>29670E107</cusip>
        <identifiers>
          <ticker value="EPRT"/>
        </identifiers>
        <balance>63200</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1918752</valUSD>
        <pctVal>2.08441422</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Exelixis, Inc.</name>
        <lei>N/A</lei>
        <title>Exelixis, Inc.</title>
        <cusip>30161Q104</cusip>
        <identifiers>
          <ticker value="EXEL"/>
        </identifiers>
        <balance>26300</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1128007</valUSD>
        <pctVal>1.225397462</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Harmony Biosciences Holdings, Inc.</name>
        <lei>N/A</lei>
        <title>Harmony Biosciences Holdings, Inc.</title>
        <cusip>413197104</cusip>
        <identifiers>
          <ticker value="HRMY"/>
        </identifiers>
        <balance>36100</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1011161</valUSD>
        <pctVal>1.098463151</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HNI Corporation</name>
        <lei>N/A</lei>
        <title>HNI Corporation</title>
        <cusip>404251100</cusip>
        <identifiers>
          <ticker value="HNI"/>
        </identifiers>
        <balance>39400</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1315566</valUSD>
        <pctVal>1.42915003</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HomeTrust Bancshares, Inc.</name>
        <lei>N/A</lei>
        <title>HomeTrust Bancshares, Inc.</title>
        <cusip>437872104</cusip>
        <identifiers>
          <ticker value="HTB"/>
        </identifiers>
        <balance>48300</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2059995</valUSD>
        <pctVal>2.237851932</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ingles Markets Inc.</name>
        <lei>N/A</lei>
        <title>Ingles Markets Inc.</title>
        <cusip>457030104</cusip>
        <identifiers>
          <ticker value="IMKTA"/>
        </identifiers>
        <balance>26983</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2425501.87</valUSD>
        <pctVal>2.634916127</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ingredion Incorporated</name>
        <lei>N/A</lei>
        <title>Ingredion Incorporated</title>
        <cusip>457187102</cusip>
        <identifiers>
          <ticker value="INGR"/>
        </identifiers>
        <balance>18300</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2061678</valUSD>
        <pctVal>2.23968024</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>International Bancshares Corporation</name>
        <lei>N/A</lei>
        <title>International Bancshares Corporation</title>
        <cusip>459044103</cusip>
        <identifiers>
          <ticker value="IBOC"/>
        </identifiers>
        <balance>30200</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2032158</valUSD>
        <pctVal>2.207611527</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kforce, Inc.</name>
        <lei>N/A</lei>
        <title>Kforce, Inc.</title>
        <cusip>493732101</cusip>
        <identifiers>
          <ticker value="KFRC"/>
        </identifiers>
        <balance>16557</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>484126.68</valUSD>
        <pctVal>0.525925464</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lantheus Holdings, Inc.</name>
        <lei>N/A</lei>
        <title>Lantheus Holdings, Inc.</title>
        <cusip>516544103</cusip>
        <identifiers>
          <ticker value="LNTH"/>
        </identifiers>
        <balance>32900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2495465</valUSD>
        <pctVal>2.710919771</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Laureate Education, Inc.</name>
        <lei>N/A</lei>
        <title>Laureate Education, Inc.</title>
        <cusip>518613203</cusip>
        <identifiers>
          <ticker value="LAUR"/>
        </identifiers>
        <balance>71800</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2501512</valUSD>
        <pctVal>2.71748886</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lundin Mining Corporation</name>
        <lei>N/A</lei>
        <title>Lundin Mining Corporation</title>
        <cusip>550372957</cusip>
        <identifiers>
          <ticker value="LUN CN"/>
        </identifiers>
        <balance>37700</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3956"/>
        <valUSD>937097.31</valUSD>
        <pctVal>1.018004911</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>MKS Instruments, Inc.</name>
        <lei>N/A</lei>
        <title>MKS Instruments, Inc.</title>
        <cusip>55306N104</cusip>
        <identifiers>
          <ticker value="MKSI"/>
        </identifiers>
        <balance>8000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1838480</valUSD>
        <pctVal>1.997211654</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Netstreit Corporation</name>
        <lei>N/A</lei>
        <title>Netstreit Corporation</title>
        <cusip>64119V303</cusip>
        <identifiers>
          <ticker value="NTST"/>
        </identifiers>
        <balance>107900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2031757</valUSD>
        <pctVal>2.207175905</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NMI Holdings, Inc.</name>
        <lei>N/A</lei>
        <title>NMI Holdings, Inc.</title>
        <cusip>629209305</cusip>
        <identifiers>
          <ticker value="NMIH"/>
        </identifiers>
        <balance>48900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1834239</valUSD>
        <pctVal>1.992604492</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Northeast Bancorp</name>
        <lei>N/A</lei>
        <title>Northeast Bancorp</title>
        <cusip>66405S100</cusip>
        <identifiers>
          <ticker value="NBN"/>
        </identifiers>
        <balance>21600</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2427192</valUSD>
        <pctVal>2.63675218</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OFG Bancorp</name>
        <lei>N/A</lei>
        <title>OFG Bancorp</title>
        <cusip>67103X102</cusip>
        <identifiers>
          <ticker value="OFG"/>
        </identifiers>
        <balance>46700</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1889482</valUSD>
        <pctVal>2.052617091</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Perdoceo Education Corporation</name>
        <lei>N/A</lei>
        <title>Perdoceo Education Corporation</title>
        <cusip>71363P106</cusip>
        <identifiers>
          <ticker value="PRDO"/>
        </identifiers>
        <balance>60600</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2254926</valUSD>
        <pctVal>2.449612988</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Phillips Edison &amp; Company, Inc.</name>
        <lei>N/A</lei>
        <title>Phillips Edison &amp; Company, Inc.</title>
        <cusip>71844V201</cusip>
        <identifiers>
          <ticker value="PECO"/>
        </identifiers>
        <balance>53500</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2001970</valUSD>
        <pctVal>2.17481714</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Progress Software Corporation</name>
        <lei>N/A</lei>
        <title>Progress Software Corporation</title>
        <cusip>743312100</cusip>
        <identifiers>
          <ticker value="PRGS"/>
        </identifiers>
        <balance>23400</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>600210</valUSD>
        <pctVal>0.652031247</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sabra Health Care REIT, Inc.</name>
        <lei>N/A</lei>
        <title>Sabra Health Care REIT, Inc.</title>
        <cusip>78573L106</cusip>
        <identifiers>
          <ticker value="SBRA"/>
        </identifiers>
        <balance>105000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2019150</valUSD>
        <pctVal>2.193480435</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SLM Corporation</name>
        <lei>N/A</lei>
        <title>SLM Corporation</title>
        <cusip>78442P106</cusip>
        <identifiers>
          <ticker value="SLM"/>
        </identifiers>
        <balance>84500</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1809145</valUSD>
        <pctVal>1.965343913</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>South Plains Financial, Inc.</name>
        <lei>N/A</lei>
        <title>South Plains Financial, Inc.</title>
        <cusip>83946P107</cusip>
        <identifiers>
          <ticker value="SPFI"/>
        </identifiers>
        <balance>54600</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2287740</valUSD>
        <pctVal>2.4852601</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Southside Bancshares, Inc.</name>
        <lei>N/A</lei>
        <title>Southside Bancshares, Inc.</title>
        <cusip>84470P109</cusip>
        <identifiers>
          <ticker value="SBSI"/>
        </identifiers>
        <balance>62943</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1956912.05</valUSD>
        <pctVal>2.125868953</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Supernus Pharmaceuticals, Inc.</name>
        <lei>N/A</lei>
        <title>Supernus Pharmaceuticals, Inc.</title>
        <cusip>868459108</cusip>
        <identifiers>
          <ticker value="SUPN"/>
        </identifiers>
        <balance>22500</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1163025</valUSD>
        <pctVal>1.263438865</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>The Bank of N.T. Butterfield &amp; Son Limited</name>
        <lei>N/A</lei>
        <title>The Bank of N.T. Butterfield &amp; Son Limited</title>
        <cusip>G0772R208</cusip>
        <identifiers>
          <ticker value="NTB"/>
        </identifiers>
        <balance>45600</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2393088</valUSD>
        <pctVal>2.599703691</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>V2X, Inc.</name>
        <lei>N/A</lei>
        <title>V2X, Inc.</title>
        <cusip>92242T101</cusip>
        <identifiers>
          <ticker value="VVX"/>
        </identifiers>
        <balance>34200</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2342700</valUSD>
        <pctVal>2.544965266</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wabash National Corporation</name>
        <lei>N/A</lei>
        <title>Wabash National Corporation</title>
        <cusip>929566107</cusip>
        <identifiers>
          <ticker value="WNC"/>
        </identifiers>
        <balance>158070</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1362563.4</valUSD>
        <pctVal>1.480205116</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Winnebago Industries, Inc.</name>
        <lei>N/A</lei>
        <title>Winnebago Industries, Inc.</title>
        <cusip>974637100</cusip>
        <identifiers>
          <ticker value="WGO"/>
        </identifiers>
        <balance>38067</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1179696.33</valUSD>
        <pctVal>1.281549573</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UMB Money Market Special II</name>
        <lei>N/A</lei>
        <title>UMB Money Market Special II</title>
        <cusip>SF8888628</cusip>
        <identifiers>
          <ticker value="SMMFIDU"/>
        </identifiers>
        <balance>1392873</balance>
        <units>OU</units>
        <descOthUnits>Par Value</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>1392872.96</valUSD>
        <pctVal>1.513131559</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>
