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


    </filerInfo>
  </headerData>
  <formData>
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      <regName>Pear Tree Funds</regName>
      <regFileNumber>811-03790</regFileNumber>
      <regCik>0000722885</regCik>
      <regLei>549300NANVEIFBMHLV32</regLei>
      <regStreet1>55 OLD BEDFORD ROADSUITE 202</regStreet1>
      <regCity>Lincoln</regCity>
      <regStateConditional regCountry="US" regState="US-MA"/>
      <regZipOrPostalCode>01773</regZipOrPostalCode>
      <regPhone>8003311244</regPhone>
      <seriesName>Pear tree polaris foreign value small cap fund</seriesName>
      <seriesId>S000021993</seriesId>
      <seriesLei>549300AVE8SR25FLIW19</seriesLei>
      <repPdEnd>2026-03-31</repPdEnd>
      <repPdDate>2026-03-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>618375952</totAssets>
      <totLiabs>1294116</totLiabs>
      <netAssets>617081836</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>458466</cshNotRptdInCorD>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000063164" rtn1="5.25" rtn2="4" rtn3="-11.34"/>
          <monthlyTotReturn classId="C000063163" rtn1="5.17" rtn2="3.98" rtn3="-11.39"/>
          <monthlyTotReturn classId="C000177800" rtn1="5.23" rtn2="4.04" rtn3="-11.35"/>
        </monthlyTotReturns>
        <othMon1 netRealizedGain="380368.49" netUnrealizedAppr="34720730.95"/>
        <othMon2 netRealizedGain="6347684.76" netUnrealizedAppr="21713698.62"/>
        <othMon3 netRealizedGain="12077456.61" netUnrealizedAppr="-96260539.29"/>
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      <mon1Flow redemption="12206653.41" reinvestment="0" sales="5994559.65"/>
      <mon2Flow redemption="19737856.52" reinvestment="0" sales="9666111.1"/>
      <mon3Flow redemption="21375833.51" reinvestment="0" sales="5933449.7"/>

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        <name>Aalberts N.V.</name>
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        <title>Aalberts N.V.</title>
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          <ticker value="AALB NA"/>
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        <fairValLevel>1</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>AcadeMedia AB</name>
        <lei>N/A</lei>
        <title>AcadeMedia AB</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="ACAD SS"/>
          <other otherDesc="SEDOL" value="BDHFV61"/>
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        <assetCat>EC</assetCat>
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        <invCountry>SE</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Arkema</name>
        <lei>N/A</lei>
        <title>Arkema</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="AKE FP"/>
          <other otherDesc="SEDOL" value="B0Z5YZ2"/>
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        <balance>208400</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.8679"/>
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        <assetCat>EC</assetCat>
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        <invCountry>FR</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Berkeley Group Holdings plc</name>
        <lei>N/A</lei>
        <title>Berkeley Group Holdings plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="BKG LN"/>
          <other otherDesc="SEDOL" value="BP0RGD0"/>
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        <balance>145993</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>China MeiDong Auto Holdings Limited</name>
        <lei>N/A</lei>
        <title>China MeiDong Auto Holdings Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="1268 HK"/>
          <other otherDesc="SEDOL" value="BH0VXF7"/>
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        <balance>15376000</balance>
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        <currencyConditional curCd="HKD" exchangeRt="7.8402"/>
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        <pctVal>0.444940052</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CIE Automotive</name>
        <lei>N/A</lei>
        <title>CIE Automotive</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="CIE SM"/>
          <other otherDesc="SEDOL" value="B15CL93"/>
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        <balance>99200</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Coats Group plc</name>
        <lei>N/A</lei>
        <title>Coats Group plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="COA LN"/>
          <other otherDesc="SEDOL" value="B4YZN32"/>
        </identifiers>
        <balance>6426000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.7583"/>
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        <pctVal>1.101364998</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
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        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Computacenter plc</name>
        <lei>N/A</lei>
        <title>Computacenter plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="CCC LN"/>
          <other otherDesc="SEDOL" value="BV9FP30"/>
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        <balance>142000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7583"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Daicel Corporation</name>
        <lei>N/A</lei>
        <title>Daicel Corporation</title>
        <cusip>N/A</cusip>
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          <ticker value="4202 JP"/>
          <other otherDesc="SEDOL" value="6250542"/>
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        <balance>1602100</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.09"/>
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        <pctVal>1.999941494</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>De'Longhi S.p.A.</name>
        <lei>N/A</lei>
        <title>De'Longhi S.p.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="DLG IM"/>
          <other otherDesc="SEDOL" value="7169517"/>
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        <balance>331836</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8679"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>D'Ieteren S.A.</name>
        <lei>N/A</lei>
        <title>D'Ieteren S.A.</title>
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          <ticker value="DIE BB"/>
          <other otherDesc="SEDOL" value="4247494"/>
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        <balance>122655</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.8679"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BE</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Doosan Bobcat</name>
        <lei>N/A</lei>
        <title>Doosan Bobcat</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="241560KS"/>
          <other otherDesc="SEDOL" value="BYX9GP8"/>
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        <balance>119700</balance>
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        <currencyConditional curCd="KRW" exchangeRt="1531.65"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Elis S.A.</name>
        <lei>N/A</lei>
        <title>Elis S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="ELIS FP"/>
          <other otherDesc="SEDOL" value="BVSS790"/>
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        <balance>530698</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8679"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>EQB Inc.</name>
        <lei>N/A</lei>
        <title>EQB Inc.</title>
        <cusip>26886R955</cusip>
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          <ticker value="EQB CN"/>
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        <balance>173127</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3956"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Equatorial Energia S.A.</name>
        <lei>N/A</lei>
        <title>Equatorial Energia S.A.</title>
        <cusip>N/A</cusip>
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          <ticker value="EQTL3 BZ"/>
          <other otherDesc="SEDOL" value="B128R96"/>
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        <currencyConditional curCd="BRL" exchangeRt="5.222"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
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        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Glanbia plc</name>
        <lei>N/A</lei>
        <title>Glanbia plc</title>
        <cusip>N/A</cusip>
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          <ticker value="GLB ID"/>
          <other otherDesc="SEDOL" value="4058629"/>
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        <balance>738400</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.8679"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>goeasy Ltd.</name>
        <lei>N/A</lei>
        <title>goeasy Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="GSY CN"/>
          <other otherDesc="SEDOL" value="BYR11M2"/>
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        <balance>147626</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.3956"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Hexpol AB</name>
        <lei>N/A</lei>
        <title>Hexpol AB</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="HPOLB SS"/>
          <other otherDesc="SEDOL" value="BXBZB01"/>
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        <balance>1567100</balance>
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        <currencyConditional curCd="SEK" exchangeRt="9.5263"/>
        <valUSD>11786602.88</valUSD>
        <pctVal>1.910055068</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hikma Pharmaceuticals plc</name>
        <lei>N/A</lei>
        <title>Hikma Pharmaceuticals plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="HIK LN"/>
          <other otherDesc="SEDOL" value="B0LCW08"/>
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        <balance>457000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.7583"/>
        <valUSD>7599591.19</valUSD>
        <pctVal>1.23153701</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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"/>
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        <balance>502118</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.7583"/>
        <valUSD>4966220.49</valUSD>
        <pctVal>0.804791229</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ipsos</name>
        <lei>N/A</lei>
        <title>Ipsos</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="IPS FP"/>
          <other otherDesc="SEDOL" value="B188NJ2"/>
        </identifiers>
        <balance>376400</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8679"/>
        <valUSD>14589349</valUSD>
        <pctVal>2.364248654</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kanematsu Corporation</name>
        <lei>N/A</lei>
        <title>Kanematsu Corporation</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="8020 JP"/>
          <other otherDesc="SEDOL" value="6483467"/>
        </identifiers>
        <balance>1015000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.09"/>
        <valUSD>14071170.41</valUSD>
        <pctVal>2.280276228</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>Karnataka Bank Limited</name>
        <lei>N/A</lei>
        <title>Karnataka Bank Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="KBL IN"/>
          <other otherDesc="SEDOL" value="6130064"/>
        </identifiers>
        <balance>3144900</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.8488"/>
        <valUSD>7392680.81</valUSD>
        <pctVal>1.19800655</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Karur Vysya Bank Ltd.</name>
        <lei>N/A</lei>
        <title>Karur Vysya Bank Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="KVB IN"/>
          <other otherDesc="SEDOL" value="BZ7PLF4"/>
        </identifiers>
        <balance>2693340</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.8488"/>
        <valUSD>8217843.52</valUSD>
        <pctVal>1.331726692</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KITZ Corporation</name>
        <lei>N/A</lei>
        <title>KITZ Corporation</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="6498 JP"/>
          <other otherDesc="SEDOL" value="6494276"/>
        </identifiers>
        <balance>1219000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.09"/>
        <valUSD>13554660.88</valUSD>
        <pctVal>2.196574278</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>Krones AG</name>
        <lei>N/A</lei>
        <title>Krones AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="KRN GR"/>
          <other otherDesc="SEDOL" value="5523881"/>
        </identifiers>
        <balance>46600</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8679"/>
        <valUSD>6185413.07</valUSD>
        <pctVal>1.002365118</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>Krungthai Card Public Company Limited</name>
        <lei>N/A</lei>
        <title>Krungthai Card Public Company Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="KTC/F TB"/>
          <other otherDesc="SEDOL" value="BF2LWT8"/>
        </identifiers>
        <balance>17053800</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="32.98"/>
        <valUSD>15383582.47</valUSD>
        <pctVal>2.492956619</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Loomis AB, Class B</name>
        <lei>N/A</lei>
        <title>Loomis AB, Class B</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="LOOMISSS"/>
          <other otherDesc="SEDOL" value="BMVB566"/>
        </identifiers>
        <balance>182361</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.5263"/>
        <valUSD>8196989.41</valUSD>
        <pctVal>1.32834722</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>Mizuho Leasing Company, Limited</name>
        <lei>N/A</lei>
        <title>Mizuho Leasing Company, Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="8425 JP"/>
          <other otherDesc="SEDOL" value="B02QLW4"/>
        </identifiers>
        <balance>1659400</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.09"/>
        <valUSD>14477636.56</valUSD>
        <pctVal>2.346145311</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>Motus Holdings Limited</name>
        <lei>N/A</lei>
        <title>Motus Holdings Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="MTH SJ"/>
          <other otherDesc="SEDOL" value="BDRN3H0"/>
        </identifiers>
        <balance>1028400</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.1175"/>
        <valUSD>6968547.74</valUSD>
        <pctVal>1.129274488</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N.V. Bekaert S.A.</name>
        <lei>N/A</lei>
        <title>N.V. Bekaert S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="BEKB BB"/>
          <other otherDesc="SEDOL" value="5827431"/>
        </identifiers>
        <balance>75000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8679"/>
        <valUSD>3456619.43</valUSD>
        <pctVal>0.560155757</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Open House Group Co., Limited</name>
        <lei>N/A</lei>
        <title>Open House Group Co., Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="3288 JP"/>
          <other otherDesc="SEDOL" value="BD3D170"/>
        </identifiers>
        <balance>216500</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.09"/>
        <valUSD>13615453.52</valUSD>
        <pctVal>2.206425911</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>OSB Group PLC</name>
        <lei>N/A</lei>
        <title>OSB Group PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="OSB LN"/>
          <other otherDesc="SEDOL" value="BLDRH36"/>
        </identifiers>
        <balance>952617</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7583"/>
        <valUSD>6532518</valUSD>
        <pctVal>1.058614534</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Poongsan Corporation</name>
        <lei>N/A</lei>
        <title>Poongsan Corporation</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="103140KS"/>
          <other otherDesc="SEDOL" value="B3BDFS1"/>
        </identifiers>
        <balance>61923</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1531.65"/>
        <valUSD>3505189.89</valUSD>
        <pctVal>0.568026749</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>Primax Electronics Limited</name>
        <lei>N/A</lei>
        <title>Primax Electronics Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="4915 TT"/>
          <other otherDesc="SEDOL" value="B5M70F8"/>
        </identifiers>
        <balance>5251800</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.97"/>
        <valUSD>11499092.9</valUSD>
        <pctVal>1.863463196</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>QinetiQ</name>
        <lei>N/A</lei>
        <title>QinetiQ</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="QQ/ LN"/>
          <other otherDesc="SEDOL" value="B0WMWD0"/>
        </identifiers>
        <balance>1637700</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7583"/>
        <valUSD>9805034.95</valUSD>
        <pctVal>1.588935921</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Redes Energeticas Nacionais, SGPS, S.A.</name>
        <lei>N/A</lei>
        <title>Redes Energeticas Nacionais, SGPS, S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="RENE PL"/>
          <other otherDesc="SEDOL" value="B233HR5"/>
        </identifiers>
        <balance>3492805</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8679"/>
        <valUSD>15031255.53</valUSD>
        <pctVal>2.43586096</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ringkjoebing Landbobank A/S</name>
        <lei>N/A</lei>
        <title>Ringkjoebing Landbobank A/S</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="RILBA DC"/>
          <other otherDesc="SEDOL" value="BF1KD82"/>
        </identifiers>
        <balance>32300</balance>
        <units>NS</units>
        <currencyConditional curCd="DKK" exchangeRt="6.4854"/>
        <valUSD>7664862.61</valUSD>
        <pctVal>1.242114443</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Rubis</name>
        <lei>N/A</lei>
        <title>Rubis</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="RUI FP"/>
          <other otherDesc="SEDOL" value="BDT88L2"/>
        </identifiers>
        <balance>405300</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8679"/>
        <valUSD>16092450.74</valUSD>
        <pctVal>2.607830891</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sanyang Motor Co., Ltd.</name>
        <lei>N/A</lei>
        <title>Sanyang Motor Co., Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="2206 TT"/>
          <other otherDesc="SEDOL" value="6787084"/>
        </identifiers>
        <balance>7746000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.97"/>
        <valUSD>14125486.39</valUSD>
        <pctVal>2.289078299</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SEB SA</name>
        <lei>N/A</lei>
        <title>SEB SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SK FP"/>
          <other otherDesc="SEDOL" value="4792132"/>
        </identifiers>
        <balance>235600</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8679"/>
        <valUSD>11889941.24</valUSD>
        <pctVal>1.926801366</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sixt SE</name>
        <lei>N/A</lei>
        <title>Sixt SE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SIX2 GR"/>
          <other otherDesc="SEDOL" value="5260768"/>
        </identifiers>
        <balance>183625</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8679"/>
        <valUSD>13593623.98</valUSD>
        <pctVal>2.202888367</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>Sopra Steria</name>
        <lei>N/A</lei>
        <title>Sopra Steria</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SOP FP"/>
          <other otherDesc="SEDOL" value="5633616"/>
        </identifiers>
        <balance>100300</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8679"/>
        <valUSD>13833287.25</valUSD>
        <pctVal>2.241726534</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SpareBank 1 Oestlandet</name>
        <lei>N/A</lei>
        <title>SpareBank 1 Oestlandet</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SPOL NO"/>
          <other otherDesc="SEDOL" value="BZ12WQ9"/>
        </identifiers>
        <balance>217488</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="9.741"/>
        <valUSD>4427458.21</valUSD>
        <pctVal>0.717483153</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>Sparebank 1 SMN</name>
        <lei>N/A</lei>
        <title>Sparebank 1 SMN</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="MING NO"/>
          <other otherDesc="SEDOL" value="B0LGG75"/>
        </identifiers>
        <balance>446428</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="9.741"/>
        <valUSD>9470726.43</valUSD>
        <pctVal>1.534760202</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>SpareBank 1 Sor-Norge ASA</name>
        <lei>N/A</lei>
        <title>SpareBank 1 Sor-Norge ASA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SB1NO NO"/>
          <other otherDesc="SEDOL" value="B40JTQ3"/>
        </identifiers>
        <balance>489426</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="9.741"/>
        <valUSD>10576344.63</valUSD>
        <pctVal>1.713929015</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>SpareBank Nord-Norge</name>
        <lei>N/A</lei>
        <title>SpareBank Nord-Norge</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="NONG NO"/>
          <other otherDesc="SEDOL" value="B06T259"/>
        </identifiers>
        <balance>795289</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="9.741"/>
        <valUSD>12711887.62</valUSD>
        <pctVal>2.060000292</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>631392</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="9.741"/>
        <valUSD>12932484.53</valUSD>
        <pctVal>2.095748696</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>Technip Energies N.V.</name>
        <lei>N/A</lei>
        <title>Technip Energies N.V.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="TE FP"/>
          <other otherDesc="SEDOL" value="BNC0116"/>
        </identifiers>
        <balance>163700</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8679"/>
        <valUSD>6899580.6</valUSD>
        <pctVal>1.118098151</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Thanachart Capital PCL</name>
        <lei>N/A</lei>
        <title>Thanachart Capital PCL</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="TCAP/FTB"/>
          <other otherDesc="SEDOL" value="BF5DGN3"/>
        </identifiers>
        <balance>8063000</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="32.98"/>
        <valUSD>13874325.35</valUSD>
        <pctVal>2.248376884</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TISCO Financial Group</name>
        <lei>N/A</lei>
        <title>TISCO Financial Group</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="TISCO/FT"/>
          <other otherDesc="SEDOL" value="B3KFW76"/>
        </identifiers>
        <balance>4338700</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="32.98"/>
        <valUSD>14865770.16</valUSD>
        <pctVal>2.409043549</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Venture Corporation, Limited</name>
        <lei>N/A</lei>
        <title>Venture Corporation, Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="VMS SP"/>
          <other otherDesc="SEDOL" value="6927374"/>
        </identifiers>
        <balance>643900</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.2902"/>
        <valUSD>7685676.64</valUSD>
        <pctVal>1.245487421</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VSTECS Holdings Limited</name>
        <lei>N/A</lei>
        <title>VSTECS Holdings Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="856 HK"/>
          <other otherDesc="SEDOL" value="6527031"/>
        </identifiers>
        <balance>12705360</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8402"/>
        <valUSD>13790797.89</valUSD>
        <pctVal>2.234841003</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>Wah Lee Industrial Corporation</name>
        <lei>N/A</lei>
        <title>Wah Lee Industrial Corporation</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="3010 TT"/>
          <other otherDesc="SEDOL" value="6290355"/>
        </identifiers>
        <balance>3685000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.97"/>
        <valUSD>13370659.99</valUSD>
        <pctVal>2.166756371</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>Xinhua Winshare Publishing and Media Co., Limited</name>
        <lei>N/A</lei>
        <title>Xinhua Winshare Publishing and Media Co., Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="811 HK"/>
          <other otherDesc="SEDOL" value="B1XCJB3"/>
        </identifiers>
        <balance>5510500</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8402"/>
        <valUSD>7309660.47</valUSD>
        <pctVal>1.184552849</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Zhongsheng Group Holdings</name>
        <lei>N/A</lei>
        <title>Zhongsheng Group Holdings</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="881 HK"/>
          <other otherDesc="SEDOL" value="B633D97"/>
        </identifiers>
        <balance>9679000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8402"/>
        <valUSD>10147876.33</valUSD>
        <pctVal>1.644494416</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UMB Money Market Special II</name>
        <lei>N/A</lei>
        <title>UMB Money Market Special II</title>
        <cusip>SF8888628</cusip>
        <identifiers>
          <ticker value="SMMFIDU"/>
        </identifiers>
        <balance>10655895</balance>
        <units>OU</units>
        <descOthUnits>Par Value</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>10655894.98</valUSD>
        <pctVal>1.726820392</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>
