Pear Tree Polaris Small Cap Fund

Under typical market conditions, the Pear Tree Polaris Small Cap Fund allocates a minimum of 80% of its investable assets (which include net assets plus any funds borrowed for investment) to the equity holdings of small-capitalization companies. These holdings consist of common stocks, warrants, and other securities that are either derived from or convertible into common shares. Furthermore, as a core part of its investment approach, the fund has the flexibility to dedicate up to 15% of its net assets (as valued at the time of investment) to foreign company securities. This can include stocks traded on non-U.S. exchanges, American Depositary Receipts (ADRs), and international securities listed on U.S. exchanges.