0000722885
2013-08-01
2013-08-01
0000722885
PTF:S000009493Member
2013-08-01
2013-08-01
0000722885
PTF:S000009493Member
PTF:Russell2000IndexMember
2013-08-01
2013-08-01
0000722885
PTF:S000009493Member
PTF:C000025972Member
2013-08-01
2013-08-01
0000722885
PTF:S000009493Member
PTF:C000025972Member
rr:AfterTaxesOnDistributionsMember
2013-08-01
2013-08-01
0000722885
PTF:S000009493Member
PTF:C000025972Member
rr:AfterTaxesOnDistributionsAndSalesMember
2013-08-01
2013-08-01
0000722885
PTF:S000009493Member
PTF:C000025973Member
2013-08-01
2013-08-01
0000722885
PTF:S000009492Member
2013-08-01
2013-08-01
0000722885
PTF:S000009492Member
PTF:SnP500IndexMember
2013-08-01
2013-08-01
0000722885
PTF:S000009492Member
PTF:C000025969Member
2013-08-01
2013-08-01
0000722885
PTF:S000009492Member
PTF:C000025969Member
rr:AfterTaxesOnDistributionsMember
2013-08-01
2013-08-01
0000722885
PTF:S000009492Member
PTF:C000025969Member
rr:AfterTaxesOnDistributionsAndSalesMember
2013-08-01
2013-08-01
0000722885
PTF:S000009492Member
PTF:C000025970Member
2013-08-01
2013-08-01
0000722885
PTF:S000009490Member
2013-08-01
2013-08-01
0000722885
PTF:S000009490Member
PTF:MSCIEMIndexMember
2013-08-01
2013-08-01
0000722885
PTF:S000009490Member
PTF:C000025963Member
2013-08-01
2013-08-01
0000722885
PTF:S000009490Member
PTF:C000025963Member
rr:AfterTaxesOnDistributionsMember
2013-08-01
2013-08-01
0000722885
PTF:S000009490Member
PTF:C000025963Member
rr:AfterTaxesOnDistributionsAndSalesMember
2013-08-01
2013-08-01
0000722885
PTF:S000009490Member
PTF:C000025964Member
2013-08-01
2013-08-01
0000722885
PTF:S000009491Member
2013-08-01
2013-08-01
0000722885
PTF:S000009491Member
PTF:MSCIEAFEIndexMember
2013-08-01
2013-08-01
0000722885
PTF:S000009491Member
PTF:C000025966Member
2013-08-01
2013-08-01
0000722885
PTF:S000009491Member
PTF:C000025966Member
rr:AfterTaxesOnDistributionsMember
2013-08-01
2013-08-01
0000722885
PTF:S000009491Member
PTF:C000025966Member
rr:AfterTaxesOnDistributionsAndSalesMember
2013-08-01
2013-08-01
0000722885
PTF:S000009491Member
PTF:C000025967Member
2013-08-01
2013-08-01
0000722885
PTF:S000021993Member
2013-08-01
2013-08-01
0000722885
PTF:S000021993Member
PTF:SnPEPACIndexMember
2013-08-01
2013-08-01
0000722885
PTF:S000021993Member
PTF:C000063163Member
2013-08-01
2013-08-01
0000722885
PTF:S000021993Member
PTF:C000063163Member
rr:AfterTaxesOnDistributionsMember
2013-08-01
2013-08-01
0000722885
PTF:S000021993Member
PTF:C000063163Member
rr:AfterTaxesOnDistributionsAndSalesMember
2013-08-01
2013-08-01
0000722885
PTF:S000021993Member
PTF:C000063164Member
2013-08-01
2013-08-01
0000722885
PTF:S000040937Member
2013-08-01
2013-08-01
0000722885
PTF:S000040937Member
PTF:C000126971Member
2013-08-01
2013-08-01
0000722885
PTF:S000040937Member
PTF:C000127027Member
2013-08-01
2013-08-01
0000722885
PTF:S000021993Member
PTF:MSCIACWIMember
2013-08-01
2013-08-01
iso4217:USD
xbrli:pure
485BPOS
2013-03-31
Pear Tree Funds
0000722885
false
2013-08-01
0.0100
0.0100
0.0100
0.0100
0.0100
0.0100
0.0100
0.0100
0.0100
0.0100
0.0060
0.0060
0.0025
0
0.0025
0
0.0025
0
0.0025
0
0.0025
0
0.0025
0
0.0038
0.0038
0.0037
0.0035
0.0051
0.0049
0.0034
0.0033
0.0041
0.0041
0.0163
0.0138
0.0162
0.0135
0.0192
0.0165
0.0159
0.0133
0.0166
0.0141
0.4308
0.1824
0.8075
0.4841
0.2287
0.0863
0.2674
0.2825
0.0908
0.1056
0.2956
0.1537
0.2103
0.1638
0.3150
0.3103
0.0018
-0.0209
0.4544
-0.0185
-0.4930
-0.4152
-0.5920
-0.5240
0.3335
0.2075
0.7037
0.5804
0.8313
0.2693
0.0710
0.1976
0.2001
0.2070
-0.0453
0.1278
-0.1800
-0.1552
-0.2002
0.54
0.40
0.25
0.10
0.09
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Under normal market conditions, Small Cap Fund invests at least
80 percent of its net assets (plus borrowings for investment purposes) in equity securities of small-cap companies.  Small
Cap Fund considers a small-cap company to be a company having at time of purchase a market capitalization of an issuer in the Russell
2000® Index (at the time of the index’s most recent rebalancing, stocks with capitalizations of approximately $100 million
to $3 billion).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Under normal market conditions, Quality Fund invests at least 80
percent of its net assets (plus any borrowings for investment purposes) in equity securities of U.S. issuers. Quality Fund principally
invests in equity securities of large companies, that is, companies with a market capitalization of greater than $5 billion at
time of purchase. However, there is no minimum market capitalization for companies whose securities Quality Fund may purchase.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Under normal market conditions, Emerging Markets Fund invests at
least 80 percent of its net assets (plus borrowings for investment purposes) in equity securities, including depository receipts,
warrants and rights, of emerging markets issuers, that is, an issuer having a country classification assigned by MSCI from a country
included in the MSCI Emerging Markets Index (“MSCI EM”).  Emerging Markets Fund generally invests in at least
eight countries and three or more broad geographic regions, such as Latin America, Asia or Europe. Emerging Markets Fund may invest
greater than 25 percent of its assets in a particular region, but not in a single country in that region. Emerging Markets Fund
may invest in companies of any capitalization.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Under normal market conditions, Foreign Value Fund invests at least
80 percent of its net assets (plus borrowings for investment purposes) in equity securities, warrants, and rights derivative of
or convertible into common stocks, in each case issued by foreign markets issuers.  Foreign Value Fund defines a foreign
markets issuer to be an issuer that derives at least 50 percent of its gross revenues or profits from goods or services produced
in non-U.S. markets or from sales made in non-U.S. markets. Foreign Value Fund generally will be invested in issuers in ten or
more foreign countries. Foreign Value Fund may invest in companies of any capitalization.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Under normal market conditions, Foreign Value Small Cap Fund invests
at least 80 percent of its net assets (plus borrowings for investment purposes) in equity securities, warrants, and rights derivative
of or convertible into common stocks, in each case issued by small cap foreign markets issuers.  Foreign Value Small
Cap Fund defines a foreign markets issuer to be an issuer that derives at least 50 percent of its gross revenues or profits from
goods or services produced in non-U.S. markets or from sales made in non-U.S. markets.  Foreign Value Small Cap Fund
generally will be invested in issuers in ten or more foreign countries.  Foreign Value Small Cap Fund considers a small-cap
company to be a company having a market capitalization at time of purchase between $50 million to $2 billion.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Under normal market conditions, Risk Parity Fund invests at least
80 percent of its net assets (plus borrowings for investment purposes) in equity securities, including depository receipts, warrants
and rights, of emerging markets issuers, that is, an issuer having a country classification assigned by MSCI from a country included
in the MSCI Emerging Markets IndexSM (“MSCI EM”).  Risk Parity Fund generally invests in at least eight countries
and three or more broad geographic regions, such as Latin America, Asia or Europe. Risk Parity Fund may invest greater than 25
percent of its assets in a particular region, but not in a single country in that region. Risk Parity Fund may invest in companies
of any capitalization.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">It is possible to lose money by investing in Small Cap Fund. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">It is possible to lose money by investing in Quality Fund. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">It is possible to lose money by investing in Emerging Markets Fund. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">It is possible to lose money by investing in Foreign Value Fund. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">It is possible to lose money by investing in Foreign Value Small
Cap Fund. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">It is possible to lose money by investing
in Risk Parity Fund.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">An
investment in Small Cap Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation
or any other government agency.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">An
investment in Quality Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation
or any other government agency.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">An
investment in Emerging Markets Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance
Corporation or any other government agency.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">An
investment in Emerging Markets Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance
Corporation or any other government agency.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">An investment in Foreign Value Small Cap Fund is not a deposit of a bank and is not insured or guaranteed
by the Federal Deposit Insurance Corporation or any other government agency.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">An investment in Risk Parity Fund is not a deposit of a bank and is not insured or guaranteed by the Federal
Deposit Insurance Corporation or any other government agency.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Non-Diversification.  </i>Small Cap Fund is “non-diversified,”which means that it may invest a higher percentage of its assets in a small number of issuers.  When Small Cap Fund is
not diversified, a decline in the value of the securities of one issuer could have a significant negative effect on the value of
Small Cap Fund’s portfolio.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Non-Diversification</i>.  Quality Fund is “non-diversified,”
which means that it may invest a higher percentage of its assets in a smaller number of issuers.  As a result, a decline
in the value of the securities of one issuer could have a significant negative effect on Quality Fund.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Non-Diversification</i>.  Emerging Markets Fund is
“non-diversified,” which means that it may invest a higher percentage of its assets in a smaller number of issuers.  As
a result, a decline in the value of the securities of one issuer could have a significant negative effect on Emerging Markets Fund.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Non-Diversification</i>.  Foreign Value Fund is “non-diversified,”
which means that it may invest a higher percentage of its assets in a smaller number of issuers.  As a result, a decline
in the value of the securities of one issuer could have a significant negative effect on Foreign Value Fund.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Non-Diversification</i>.  Foreign Value Small Cap Fund
is “non-diversified,” which means that it may invest a higher percentage of its assets in a smaller number of issuers.  As
a result, a decline in the value of the securities of one issuer could have a significant negative effect on Foreign Value Small
Cap Fund.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Non-Diversification. </i>Risk Parity Fund is “non-diversified,”
which means that it may from time to time invest a higher percentage of its assets in a smaller number of issuers. As a result,
a decline in the value of the securities of one issuer could have a significant negative effect on Risk Parity Fund.  It
also may be considered more risky for Risk Parity Fund to hold large positions in a single issuer because of the possibility of
exercising control over the issuer.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The following bar charts and tables provide some indication of the
risks of investing in Small Cap Fund by showing changes in the Fund’s performance over time. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The following bar charts and tables provide some indication of the
risks of investing in Quality Fund by showing changes in Quality Fund’s performance over time. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The following bar charts and tables provide some indication of the
risks of investing in Emerging Markets Fund by showing changes in Emerging Markets Fund’s performance over time. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The following bar charts and tables provide some indication of the
risks of investing in Foreign Value Fund by showing changes in Foreign Value Fund’s performance over time. </p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The following bar charts and tables indicate some of the risks of
investing in Foreign Value Small Cap Fund by showing changes in Foreign Value Small Cap Fund’s performance over time. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The tables also compare Small Cap Funds performance to a broad measure of market performance that reflects the type of securities in which Small Cap Fund invests. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The tables also compare Quality Funds
performance to a broad measure of market performance that reflects the type of s<b>e</b>curities in which Quality Fund invests.
</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The tables also
compare Emerging Markets Funds performance to a broad measure of market performance that reflects the type of securities in which
Emerging Markets Fund invests. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The tables also compare
Foreign Value Funds performance to a broad measure of market performance that reflects the type of securities in which Foreign
Value Fund invests. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The tables also
compare Foreign Value Small Cap Funds performance to a broad measure of market performance that reflects the type of securities
in which Foreign Value Small Cap Fund invests. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Past
performance does not necessarily indicate how Small Cap Fund will perform (before and after taxes) in the future. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Past performance does not necessarily indicate how Quality Fund will perform (before and after taxes) in the future. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Past performance does not necessarily indicate how Emerging Markets Fund will perform (before and
after taxes) in the future. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Past performance does not necessarily indicate how Foreign Value Fund will perform (before and after taxes)
in the future.  <i></i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Of course, past performance does not necessarily indicate how Foreign Value Small
Cap Fund will perform (before and after taxes) in the future.  </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i></i>www.peartreefunds.com</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i></i>www.peartreefunds.com</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i></i>www.peartreefunds.com</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i></i>www.peartreefunds.com</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i></i>www.peartreefunds.com</p>
2013-06-30
2013-06-30
2013-06-30
2013-06-30
2013-06-30
0.1491
0.1239
-0.0911
0.0606
0.0521
Best Quarter
Best Quarter
Best Quarter
Best Quarter
Best Quarter
Worst Quarter
Worst Quarter
Worst Quarter
Worst Quarter
Worst Quarter
2009-09-30
2009-06-30
2003-12-31
2009-06-30
2009-06-30
0.1775
0.1553
0.3205
0.3687
0.5373
-0.3347
-0.2384
-0.3262
-0.2653
-0.2849
2008-12-31
2008-12-31
2008-12-31
2008-12-31
2008-12-31
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">After-tax returns are calculated using
the historical highest individual federal marginal income tax rates and do not reflect the impact of state or local taxes. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">After-tax returns are calculated using
the historical highest individual federal marginal income tax rates and do not reflect the impact of state or local taxes. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">After-tax returns are calculated using
the historical highest individual federal marginal income tax rates and do not reflect the impact of state or local taxes. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">After-tax returns are calculated using
the historical highest individual federal marginal income tax rates and do not reflect the impact of state or local taxes. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">After-tax returns are calculated using
the historical highest individual federal marginal income tax rates and do not reflect the impact of state or local taxes. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The after-tax returns
shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The after-tax returns
shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The after-tax returns
shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The after-tax returns
shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The after-tax returns
shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> After-tax returns
are shown only for Ordinary Shares and after-tax returns for Institutional Shares may vary. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> After-tax returns
are shown only for Ordinary Shares and after-tax returns for Institutional Shares may vary. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> After-tax returns
are shown only for Ordinary Shares and after-tax returns for Institutional Shares may vary. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> After-tax returns
are shown only for Ordinary Shares and after-tax returns for Institutional Shares may vary. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> After-tax returns
are shown only for Ordinary Shares and after-tax returns for Institutional Shares may vary. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Actual
after-tax returns may differ depending on your individual circumstances. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Actual
after-tax returns may differ depending on your individual circumstances. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Actual
after-tax returns may differ depending on your individual circumstances. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Actual
after-tax returns may differ depending on your individual circumstances. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Actual
after-tax returns may differ depending on your individual circumstances. </p>
Russell 2000 Index
Before Taxes
After Taxes on Distributions
After Taxes on Distributions and Sales
Before Taxes
S&P 500 Index
Before Taxes
After Taxes on Distributions
After Taxes on Distributions and Sales
Before Taxes
MSCI EM Index
Before Taxes
After Taxes on Distributions
After Taxes on Distributions and Sales
Before Taxes
MSCI EAFE Index
Before Taxes
After Taxes on Distributions
After Taxes on Distributions and Sales
Before Taxes
S&P EPAC Index
Before Taxes
After Taxes on Distributions
After Taxes on Distributions and Sales
Before Taxes
2013-08-01
2013-08-01
USBNX
QBNAX
USBOX
QGIAX
QFFOX
QEMAX
QFVOX
QFVIX
QUSOX
QUSIX
RPEMX
EMRPX
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Example</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Example</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Example</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Example</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Example</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Example</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">This example is intended to help you compare the cost of investing
in Small Cap Fund with the cost of investing in other mutual funds.  The Example assumes that you invest $10,000 in Small
Cap Fund for the time periods indicated and then redeem all of your shares at the end of those periods.  The Example
also assumes that your investment has a 5 percent return each year and that Small Cap Fund’s operating expenses remain the
same as set forth in the table above.  Although your actual costs may be higher or lower, based on these assumptions
your costs would be:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">This example is intended to help you compare the cost of investing
in Quality Fund with the cost of investing in other mutual funds.  The Example assumes that you invest $10,000 in Quality
Fund for the time periods indicated and then redeem all of your shares at the end of those periods.  The Example also
assumes that your investment has a 5 percent return each year and that Quality Fund’s operating expenses remain the same
as set forth in the table above.  Although your actual costs may be higher or lower, based on these assumptions your
costs would be:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">This example is intended to help you compare the cost of investing
in Emerging Markets Fund with the cost of investing in other mutual funds.  The Example assumes that you invest $10,000
in Emerging Markets Fund for the time periods indicated and then redeem all of your shares at the end of those periods.  The
Example also assumes that your investment has a 5 percent return each year and that Emerging Markets Fund’s operating expenses
remain the same as set forth in the table above.  Although your actual costs may be higher or lower, based on these assumptions
your costs would be:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">This example is intended to help you compare the cost of investing
in Foreign Value Fund with the cost of investing in other mutual funds.  The Example assumes that you invest $10,000
in Foreign Value Fund for the time periods indicated and then redeem all of your shares at the end of those periods.  The
Example also assumes that your investment has a 5 percent return each year and that Foreign Value Fund’s operating expenses
remain the same as set forth in the table above.  Although your actual costs may be higher or lower, based on these assumptions
your costs would be:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">This example is intended to help you compare the cost of investing
in Foreign Value Small Cap Fund with the cost of investing in other mutual funds.  The Example assumes that you invest
$10,000 in Foreign Value Small Cap Fund for the time periods indicated and then redeem all of your shares at the end of those periods.  The
Example also assumes that your investment has a 5 percent return each year and that Foreign Value Small Cap Fund’s operating
expenses remain the same as set forth in the table above.  Although your actual costs may be higher or lower, based on
these assumptions your costs would be:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">This example is intended to help you compare the cost of investing
in Risk Parity Fund with the cost of investing in other mutual funds.  The Example assumes that you invest $10,000 in
Risk Parity Fund for the time periods indicated and then redeem all of your shares at the end of those periods.  The
Example also assumes that your investment has a 5 percent return each year and that Risk Parity Fund’s operating expenses
remain the same as set forth in the table above.  Although your actual costs may be higher or lower, based on these assumptions
your costs would be:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Portfolio Turnover</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Portfolio Turnover</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Portfolio Turnover</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Portfolio Turnover</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Portfolio Turnover</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Portfolio Turnover</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Small Cap Fund pays transaction costs, such as commissions, when
it buys and sells securities (or “turns over” its portfolio).  A higher portfolio turnover rate may indicate
higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs,
which are not reflected in annual fund operating expenses or in the example, affect Small Cap Fund’s performance.  During
the most recent fiscal year, Small Cap Fund’s portfolio turnover rate was 54 percent of the average value of its portfolio.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Quality Fund pays transaction costs, such as commissions, when it
buys and sells securities (or “turns over” its portfolio).  A higher portfolio turnover rate may indicate
higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs,
which are not reflected in annual fund operating expenses or in the example, affect Quality Fund’s performance.  During
the most recent fiscal year, Quality Fund’s portfolio turnover rate was 40 percent of the average value of its portfolio.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Emerging Markets Fund pays transaction costs, such as commissions,
when it buys and sells securities (or “turns over” its portfolio).  A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These
costs, which are not reflected in annual fund operating expenses or in the example, affect Emerging Markets Fund’s performance.  During
the most recent fiscal year, Emerging Markets Fund’s portfolio turnover rate was 25 percent of the average value of its portfolio.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Foreign Value Fund pays transaction costs, such as commissions,
when it buys and sells securities (or “turns over” its portfolio).  A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These
costs, which are not reflected in annual fund operating expenses or in the example, affect Foreign Value Fund’s performance.  During
the most recent fiscal year, Foreign Value Fund’s portfolio turnover rate was 10 percent of the average value of its portfolio.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Foreign Value Small Cap Fund pays transaction costs, such as commissions,
when it buys and sells securities (or “turns over” its portfolio).  A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These
costs, which are not reflected in annual fund operating expenses or in the example, affect Foreign Value Small Cap Fund’s
performance.  During the most recent fiscal year, Foreign Value Small Cap Fund’s portfolio turnover rate was 9
percent of the average value of its portfolio.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Risk Parity Fund pays transaction costs, such as commissions, when
it buys and sells securities (or “turns over” its portfolio).  A higher portfolio turnover rate may indicate
higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs,
which are not reflected in annual fund operating expenses or in the example, affect Risk Parity Fund’s performance.  Risk
Parity Fund only recently commenced operations, and thus, there is no annual portfolio turnover rate information included.  Risk
Parity Fund does not expect to have high portfolio turnover as compared to other equity mutual funds.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Principal Investment Strategies</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Principal Investment Strategies</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Principal Investment Strategies</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Principal Investment Strategies</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Principal Investment Strategies</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Principal Investment Strategies</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Under normal market conditions, Small Cap Fund invests at least
80 percent of its net assets (plus borrowings for investment purposes) in equity securities of small-cap companies.  Small
Cap Fund considers a small-cap company to be a company having at time of purchase a market capitalization of an issuer in the Russell
2000® Index (at the time of the index’s most recent rebalancing, stocks with capitalizations of approximately $100 million
to $3 billion).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The sub-adviser to Small Cap Fund utilizes a series of well-defined,
established processes in order to select and reevaluate securities in the growth and value categories.  The sub-adviser
begins with a universe of securities.  Each security in that universe is then evaluated using a series of proprietary
screens involving fundamental, quantitative, qualitative and technical analysis.  Once a security has been subjected
to those analytical filters, the sub-adviser performs a detailed assessment; develops an investment thesis; sets a price target
and initiates a portfolio position.  From time to time, holdings may be diversified by company and industry, although
Small Cap Fund is not obligated to remain diversified.  While most assets are typically invested in U.S. common stocks,
Small Cap Fund may invest in American Depositary Receipts, or ADRs, and other foreign stocks traded on U.S. exchanges in keeping
with Small Cap Fund’s objectives.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The sub-adviser generally considers growth stocks to be equity securities
issued by companies that have sustainable competitive advantages and products or services that potentially could generate significantly
greater-than-average revenue and earnings growth.  The sub-adviser generally considers value stocks to be equity securities
issued by companies that have underappreciated but stable earnings and cash flow and where there are visible and imminent inflection
points and catalysts that will result in increased earnings and cash flow, driving stock appreciation.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Small Cap Fund may lend its securities.  Small Cap Fund
may hold cash, or it may manage its cash by investing in cash equivalents and money market funds.  Small Cap Fund also
may take temporary defensive positions that are inconsistent with its principal investment strategies.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Under normal market conditions, Quality Fund invests at least 80
percent of its net assets (plus any borrowings for investment purposes) in equity securities of U.S. issuers. Quality Fund principally
invests in equity securities of large companies, that is, companies with a market capitalization of greater than $5 billion at
time of purchase. However, there is no minimum market capitalization for companies whose securities Quality Fund may purchase.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">To manage Quality Fund’s portfolio, Quality Fund’s investment
manager, in consultation with its sub-adviser, periodically selects what it believes is a well-managed mutual fund (the “target
portfolio”) and then purchases and sells Quality Fund assets such that Quality Fund’s portfolio generally holds the
same securities and in the same percentages as the target portfolio as of the end of the target portfolio’s most recent fiscal
quarter.  If Quality Fund’s assets significantly increase, Quality Fund may select more than one target portfolio.  Among
the criteria used to select the target portfolio are the limited availability of the target portfolio to retail investors and the
target portfolio’s historical performance.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">From time to time, a target portfolio may invest in non-U.S. securities.  In
such cases, Quality Fund typically invests in American Depositary Receipts (or ADRs), which represent interests in such securities.   Quality
Fund also may invest in derivatives, that is, a security or instrument whose value is determined by reference to the value or the
change in value of one or more securities, currencies, indices or other financial instruments.  Quality Fund also may
lend its securities.  Quality Fund may hold cash, or it may manage its cash by investing in cash equivalents and money
market funds.  Quality Fund also may take temporary defensive positions that are inconsistent with its principal investment
strategies.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Under normal market conditions, Emerging Markets Fund invests at
least 80 percent of its net assets (plus borrowings for investment purposes) in equity securities, including depository receipts,
warrants and rights, of emerging markets issuers, that is, an issuer having a country classification assigned by MSCI from a country
included in the MSCI Emerging Markets Index (“MSCI EM”).  Emerging Markets Fund generally invests in at least
eight countries and three or more broad geographic regions, such as Latin America, Asia or Europe. Emerging Markets Fund may invest
greater than 25 percent of its assets in a particular region, but not in a single country in that region. Emerging Markets Fund
may invest in companies of any capitalization.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">To manage Emerging Markets Fund’s assets, the fund allocates
its assets between two proprietary strategies: an alpha modeling strategy and a risk-parity strategy.  The alpha modeling
strategy integrates a variety of measures including firm-specific, sector-specific and region-specific factors using a quantitative
framework to build custom-tailored alpha models for a universe of emerging markets securities. The risk-parity strategy deploys
a proprietary portfolio construction process in an attempt to balance risk across the countries, sectors and issuers represented
in the MSCI EM.  The sub-adviser seeks to identify the contribution to a portfolio’s risk from exposures to various
countries, sectors, and issuers then attempts to balance risk across these dimensions to improve diversification, rather than rely
on the securities’ market weights reflected in the MSCI EM.    The Emerging Markets Fund currently invests
in Pear Tree PanAgora Risk Parity Emerging Markets Fund to achieve it risk-parity exposure.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">In addition to emerging markets securities, Emerging Markets Fund
also may invest in forward foreign currency exchange contracts as well as other types of derivatives, that is, a security or instrument
whose value is determined by reference to the value or the change in value of one or more securities, currencies, indices or other
financial instruments. Emerging Markets Fund also may lend its securities. Emerging Markets Fund may hold cash, or it may manage
its cash by investing in cash equivalents and money market funds. Emerging Markets Fund also may take temporary defensive positions
that are inconsistent with its principal investment strategies.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Under normal market conditions, Foreign Value Fund invests at least
80 percent of its net assets (plus borrowings for investment purposes) in equity securities, warrants, and rights derivative of
or convertible into common stocks, in each case issued by foreign markets issuers.  Foreign Value Fund defines a foreign
markets issuer to be an issuer that derives at least 50 percent of its gross revenues or profits from goods or services produced
in non-U.S. markets or from sales made in non-U.S. markets. Foreign Value Fund generally will be invested in issuers in ten or
more foreign countries. Foreign Value Fund may invest in companies of any capitalization.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Foreign Value Fund’s sub-adviser uses a three-step investment
decision making process, with the objective to identify companies with the most undervalued streams of sustainable cash flow.  First,
it employs proprietary quantitative investment technology to evaluate data, such as cash flow and interest rates, to produce a
ranking of country and industry sectors.  Second, it uses traditional valuation criteria to regularly screen a database
of more than 29,000 companies worldwide to identify a pool of approximately 500 or more securities with the greatest potential
for undervalued streams of sustainable cash flow or assets.  Third, the sub-adviser conducts rigorous fundamental research
on the pool of companies identified by the first two steps of the investment process. The sub-adviser also maintains a “watch-list”
of companies which may be used if the valuation of a company held in Foreign Value Fund’s portfolio falls below established
limits.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Foreign Value Fund’s sub-adviser may utilize options. The
extent of the sub-adviser’s use of options may vary over time based on the sub-adviser’s assessment of market conditions
and other factors.  Foreign Value Fund may also buy and sell forward foreign currency exchange contracts in connection
with its investments.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Foreign Value Fund may invest in other derivatives, that is, a security
or instrument whose value is determined by reference to the value or the change in value of one or more securities, currencies,
indices or other financial instruments.  Foreign Value Fund also may lend its securities.  Foreign Value Fund
may hold cash, or it may manage its cash by investing in cash equivalents and money market funds.  Foreign Value Fund
also may take temporary defensive positions that are inconsistent with its principal investment strategies.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Under normal market conditions, Foreign Value Small Cap Fund invests
at least 80 percent of its net assets (plus borrowings for investment purposes) in equity securities, warrants, and rights derivative
of or convertible into common stocks, in each case issued by small cap foreign markets issuers.  Foreign Value Small
Cap Fund defines a foreign markets issuer to be an issuer that derives at least 50 percent of its gross revenues or profits from
goods or services produced in non-U.S. markets or from sales made in non-U.S. markets.  Foreign Value Small Cap Fund
generally will be invested in issuers in ten or more foreign countries.  Foreign Value Small Cap Fund considers a small-cap
company to be a company having a market capitalization at time of purchase between $50 million to $2 billion.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Foreign Value Small Cap Fund’s sub-adviser uses a three-step
investment decision making process, with the objective to identify companies with the most undervalued streams of sustainable cash
flow.  First, it employs proprietary quantitative investment technology to evaluate data, such as cash flow and interest
rates, to produce a ranking of country and industry sectors.  Second, it uses traditional valuation criteria to regularly
screen a database of more than 16,000 companies worldwide to identify a pool of approximately 250 or more securities with the greatest
potential for undervalued streams of sustainable cash flow or assets.  Third, the sub-adviser conducts rigorous fundamental
research on the pool of companies identified by the first two steps of the investment process. The sub-adviser also maintains a
“watch-list” of companies which may be used if the valuation of a company held in Foreign Value Small Cap Fund’s
portfolio falls below established limits.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Foreign Value Small Cap Fund’s sub-adviser may utilize options.
The extent of the sub-adviser’s use of options may vary over time based on the sub-adviser’s assessment of market conditions
and other factors.  Foreign Value Small Cap Fund may also buy and sell forward foreign currency exchange contracts in
connection with its investments.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Foreign Value Small Cap Fund may invest in other derivatives, that
is, a security or instrument whose value is determined by reference to the value or the change in value of one or more securities,
currencies, indices or other financial instruments.  Foreign Value Small Cap Fund also may lend its securities.  Foreign
Value Small Cap Fund may hold cash, or it may manage its cash by investing in cash equivalents and money market funds.  Foreign
Value Small Cap Fund also may take temporary defensive positions that are inconsistent with its principal investment strategies.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Under normal market conditions, Risk Parity Fund invests at least
80 percent of its net assets (plus borrowings for investment purposes) in equity securities, including depository receipts, warrants
and rights, of emerging markets issuers, that is, an issuer having a country classification assigned by MSCI from a country included
in the MSCI Emerging Markets IndexSM (“MSCI EM”).  Risk Parity Fund generally invests in at least eight countries
and three or more broad geographic regions, such as Latin America, Asia or Europe. Risk Parity Fund may invest greater than 25
percent of its assets in a particular region, but not in a single country in that region. Risk Parity Fund may invest in companies
of any capitalization.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">To manage Risk Parity Fund’s assets, its sub-adviser uses its proprietary risk parity strategy.  Its
risk parity strategy uses an investment model that assigns a country-, sector-, and issuer-risk value to each security in the
MSCI EM, and then builds a portfolio of some of those securities that attempts to balance those risks.  In addition
to emerging markets securities, Risk Parity Fund also may invest in forward foreign currency exchange contracts as well as other
types of derivatives (that is, a security or instrument whose value is determined by reference to the value or the change in value
of one or more securities, currencies, indices or other financial instruments) in order to attempt to mitigate the adverse effects
of foreign currency fluctuations. Risk Parity Fund also may lend its securities.  Risk Parity Fund may hold cash, or
it may manage its cash by investing in cash equivalents and money market funds.  In unusual market conditions, Risk
Parity Fund also may take temporary defensive positions, such as large investments in cash, which are inconsistent with its principal
investment strategy.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Principal Investment Risks</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Principal Investment Risks</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Principal Investment Risks</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Principal Investment Risks</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Principal Investment Risks</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> <b>Principal Investment Risks</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">It is possible to lose money by investing in Small Cap Fund.  An
investment in Small Cap Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation
or any other government agency.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Market, Industry and Specific Holdings.  </i>The share
price of Small Cap Fund may fall because of weakness in the stock markets, generally, weaknesses with respect to a particular industry
in which Small Cap Fund has significant holdings, or weaknesses associated with one or more specific companies in which Small Cap
Fund may have substantial investments.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Liquidity Risk.  </i>Small Cap Fund may not be able
to sell some or all of its securities at desired prices or may be unable to sell the securities at all.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Active Management Risk.  </i>The sub-adviser’s
judgments about the attractiveness, value, or potential appreciation of Small Cap Fund’s investments may prove to be incorrect.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Small-Capitalization Securities.  </i>Investments in
small-capitalization companies typically present greater risks than investments in larger companies and, as a result, the performance
of Small Cap Fund may be more volatile than a fund that invests in large-cap stocks.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Growth and Value Stock Investing</i>.  Different investment
styles periodically come into and fall out of favor with investors. Growth stocks generally are more volatile than the overall
stock market.  Value stocks generally carry the risk that the market will not recognize their intrinsic value or that
they are actually appropriately priced at a low level.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Foreign Investing.  </i>Small Cap Fund’s investments
in foreign securities (including ADRs) may be adversely affected by political and economic conditions overseas, reduced liquidity,
or decreases in foreign currency values relative to the U.S. dollar.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Sector. </i>Small Cap Fund currently has significant investments
in one or more specific industry sectors, subjecting it to risks greater than general market risk.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Non-Diversification.  </i>Small Cap Fund is “non-diversified,”
which means that it may invest a higher percentage of its assets in a small number of issuers.  When Small Cap Fund is
not diversified, a decline in the value of the securities of one issuer could have a significant negative effect on the value of
Small Cap Fund’s portfolio.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Securities Lending</i>.  Securities lending involves
two primary risks: investment risk and borrower default risk. Investment risk is the risk that Small Cap Fund will lose money from
the investment of the cash collateral received from the borrower. Borrower default risk is the risk that Small Cap Fund will lose
money due to the failure of a borrower to return a borrowed security in a timely manner.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Please refer to “Fund Objectives, Strategies and Risks”
in the Prospectus for further details.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">It is possible to lose money by investing in Quality Fund.  An
investment in Quality Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation
or any other government agency.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Market, Industry and Specific Holdings.</i>  The share
price of Quality Fund may fall because of weakness in the stock markets, generally, weaknesses with respect to a particular industry
in which Quality Fund has significant holdings, or weaknesses associated with one or more specific companies in which Quality Fund
may have substantial investments.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Difficulty in Comparing Fund Performance with Target Portfolio
Performance</i>.  Quality Fund performance typically does not mirror the target portfolio’s performance.  Among
other things, the holdings of the target portfolio may change significantly during the period between the end of a quarter and
the time when those changes are publicly disclosed.  From time to time, Quality Fund may be purchasing specific securities
at the same time that the target portfolio is selling them.  In addition, the target portfolio may have lower expenses
relative to its assets than Quality Fund.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Inability to Conduct Due Diligence on Target Portfolio’s
Investment Adviser.  </i>Quality Fund’s investment manager and sub-adviser may be able to perform only limited
due diligence on the investment adviser to determine, among other things, whether the investment adviser is adhering to the target
portfolio’s investment guidelines and whether the risks disclosed in the target portfolio’s offering documents reflect
the risks of the target portfolio.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Potential Impact on Target Portfolio.  </i>Quality
Fund’s purchases and sales of securities for its own portfolio may adversely impact the management of a target portfolio
and thus, Quality Fund itself.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Accuracy of Target Portfolio Information.  </i>Any
failure by a target portfolio to file accurate and timely portfolio information could affect the performance of Quality Fund.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Large- and Mid-Capitalization Securities.  </i>Securities
issued by large- and mid-cap companies tend to be less volatile than securities issued by smaller companies.  Larger
companies, however, may not be able to attain the high growth rates of successful smaller companies, especially during strong economic
periods, and may be unable to respond as quickly to competitive challenges.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Foreign Investing.  </i>Quality Fund’s investments
in foreign securities (primarily through ADRs) may be adversely affected by political and economic conditions overseas, reduced
liquidity, or decreases in foreign currency values relative to the U.S. dollar.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Non-Diversification</i>.  Quality Fund is “non-diversified”,
which means that it may invest a higher percentage of its assets in a smaller number of issuers.  As a result, a decline
in the value of the securities of one issuer could have a significant negative effect on Quality Fund.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Sector. </i>Quality Fund may have significant investments in
one or more specific industry sectors, subjecting it to risks greater than general market risk.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Liquidity Risk.  </i>Quality Fund may not be able to
sell some or all of its securities at desired prices or may be unable to sell the securities at all.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Securities Lending</i>.  Securities lending involves
two primary risks: investment risk and borrower default risk. Investment risk is the risk that Quality Fund will lose money from
the investment of the cash collateral received from the borrower. Borrower default risk is the risk that Quality Fund will lose
money due to the failure of a borrower to return a borrowed security in a timely manner.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Derivatives. </i>Quality Fund’s investments in derivative
instruments are subject to a number of risks, such as counterparty risk, the risk of mispricing or improper valuation, and the
risk that the value of the instrument may not increase or decrease as expected.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Please refer to “Fund Objectives, Strategies and Risks”
in the Prospectus for further details.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">It is possible to lose money by investing in Emerging Markets Fund.
An investment in Emerging Markets Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance
Corporation or any other government agency.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Market, Industry and Specific Holdings. </i>The share price of
Emerging Markets Fund may fall because of weakness in the stock markets, generally, weaknesses with respect to a particular industry
in which Emerging Markets Fund has significant holdings, or weaknesses associated with one or more specific companies in which
Emerging Markets Fund may have substantial investments. In addition, to the extent Emerging Markets Fund invests in the risk-parity
model, the fund is unlikely to benefit from market momentum preceding a market correction.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Foreign Investing. </i>Emerging Markets Fund’s investments
in foreign securities (including ADRs) may be adversely affected by political and economic conditions overseas, reduced liquidity,
or decreases in foreign currency values relative to the U.S. dollar. These risks are especially acute for emerging markets securities.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Emerging Markets Risk. </i>The risks of foreign investing are
heightened for securities of issuers in emerging market countries. Emerging market countries tend to have economic structures that
are less diverse and mature, political systems that are less stable, are more susceptible to governmental interference, and less
liquid and efficient trading markets than those of developed countries.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Liquidity Risk. </i>Emerging Markets Fund may not be able to
sell some or all of its securities at desired prices or may be unable to sell the securities at all.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Active Management Risk. </i>The sub-adviser’s judgments
about the attractiveness, value, or potential appreciation of Emerging Markets Fund’s investments may prove to be incorrect.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Investments in Another Mutual Fund</i>.  To the extent
that Emerging Markets Fund invests in another mutual fund, its investment performance would be directly related to the investment
performance of the other fund.  It also would indirectly bear its proportionate share of any management and other fees
paid by the other mutual fund, subjecting Emerging Markets Fund shareholders to some duplication of fees.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Large- and Mid-Capitalization Securities. </i>Securities issued
by large- and mid-cap companies tend to be less volatile than securities issued by smaller companies. Larger companies, however,
may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods, and
may be unable to respond as quickly to competitive challenges.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Small- and Micro-Capitalization Securities. </i>Investments in
small- and micro-capitalization companies typically present greater risks than investments in larger companies and, as a result,
2 the performance of Emerging Markets Fund may be more volatile than a fund that invests only in large- and mid-cap stocks.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Growth and Value Stock Investing. </i>Different investment styles
periodically come into and fall out of favor with investors. Growth stocks generally are more volatile than the overall stock market.
Value stocks generally carry the risk that the market will not recognize their intrinsic value or that they are actually appropriately
priced at a low level.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Sector. </i>Emerging Markets Fund may have significant investments
in one or more specific industry sectors, subjecting it to risks greater than general market risk.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Securities Lending. </i>Securities lending involves two primary
risks: investment risk and borrower default risk. Investment risk is the risk that Emerging Markets Fund will lose money from the
investment of the cash collateral received from the borrower. Borrower default risk is the risk that Emerging Markets Fund will
lose money due to the failure of a borrower to return a borrowed security in a timely manner.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Derivatives. </i>Emerging Markets Fund’s investments in
currency futures and other derivative instruments are subject to a number of risks, such as counterparty risk, the risk of mispricing
or improper valuation, and the risk that the value of the instrument may not increase or decrease as expected.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Please refer to “Fund Objectives, Strategies and Risks”
in the Prospectus for further details.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">It is possible to lose money by investing in Foreign Value Fund.  An
investment in Emerging Markets Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance
Corporation or any other government agency.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Market, Industry and Specific Holdings.</i>  The share
price of Foreign Value Fund may fall because of weakness in the stock markets, generally, weaknesses with respect to a particular
industry in which Foreign Value Fund has significant holdings, or weaknesses associated with one or more specific companies in
which Foreign Value Fund may have substantial investments.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Foreign Investing.  </i>Foreign Value Fund’s
investments in foreign securities (including ADRs) may be adversely affected by political and economic conditions overseas, reduced
liquidity, or decreases in foreign currency values relative to the U.S. dollar.  These risks are especially acute for
emerging markets securities.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Value Stock Investing</i>.  A value investment style
periodically comes into and falls out of favor with investors.  Value stocks generally carry the risk that the market
will not recognize their intrinsic value or that they are actually appropriately priced at a low level.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Liquidity Risk.  </i>Foreign Value Fund may not be
able to sell some or all of its securities at desired prices or may be unable to sell the securities at all.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Active Management Risk.  </i>The sub-adviser’s
judgments about the attractiveness, value, or potential appreciation of Foreign Value Fund’s investments may prove to be
incorrect.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Large- and Mid-Capitalization Securities.  </i>Securities
issued by large- and mid-cap companies tend to be less volatile than securities issued by smaller companies.  Larger
companies, however, may not be able to attain the high growth rates of successful smaller companies, especially during strong economic
periods, and may be unable to respond as quickly to competitive challenges.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Small- and Micro-Capitalization Securities.  </i>Investments
in small- and micro-capitalization companies typically present greater risks than investments in larger companies and, as a result,
the performance of Foreign Value Fund may be more volatile than a fund that invests only in large- and mid-cap stocks.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Non-Diversification</i>.  Foreign Value Fund is “non-diversified”,
which means that it may invest a higher percentage of its assets in a smaller number of issuers.  As a result, a decline
in the value of the securities of one issuer could have a significant negative effect on Foreign Value Fund.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Sector. </i>Foreign Value Fund may have significant investments
in one or more specific industry sectors, subjecting it to risks greater than general market risk.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Securities Lending</i>.  Securities lending involves
two primary risks: investment risk and borrower default risk. Investment risk is the risk that Foreign Value Fund will lose money
from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that Foreign Value Fund
will lose money due to the failure of a borrower to return a borrowed security in a timely manner.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Derivatives. </i>Foreign Value Fund’s investments in currency
futures, options and other derivative instruments are subject to a number of risks, such as counterparty risk, the risk of mispricing
or improper valuation, and the risk that the value of the instrument may not increase or decrease as expected.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Please refer to “Fund Objectives, Strategies and Risks”
in the Prospectus for further details.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">It is possible to lose money by investing in Foreign Value Small
Cap Fund.  An investment in Foreign Value Small Cap Fund is not a deposit of a bank and is not insured or guaranteed
by the Federal Deposit Insurance Corporation or any other government agency.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Market, Industry and Specific Holdings. </i>The share price of
Foreign Value Small Cap Fund may fall because of weakness in the stock markets, generally, weaknesses with respect to a particular
industry in which Foreign Value Small Cap Fund has significant holdings, or weaknesses associated with one or more specific companies
in which Foreign Value Small Cap Fund may have substantial investments.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Foreign Investing.  </i>Foreign Value Small Cap Fund’s
investments in foreign securities (including ADRs) may be adversely affected by political and economic conditions overseas, reduced
liquidity, or decreases in foreign currency values relative to the U.S. dollar.  These risks are especially acute for
emerging markets securities.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Value Stock Investing</i>.  A value investment style
periodically comes into and falls out of favor with investors.  Value stocks generally carry the risk that the market
will not recognize their intrinsic value or that they are actually appropriately priced at a low level.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Small-Capitalization Securities.  </i>Investments in
small-capitalization companies typically present greater risks than investments in larger companies and, as a result, the performance
of Foreign Value Small Cap Fund may be more volatile than a fund that invests only in large- and mid-cap stocks.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Liquidity Risk.  </i>Foreign Value Small Cap Fund may
not be able to sell some or all of its securities at desired prices or may be unable to sell the securities at all.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Active Management Risk.  </i>The sub-adviser’s
judgments about the attractiveness, value, or potential appreciation of Foreign Value Small Cap Fund’s investments may prove
to be incorrect.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Non-Diversification</i>.  Foreign Value Small Cap Fund
is “non-diversified”, which means that it may invest a higher percentage of its assets in a smaller number of issuers.  As
a result, a decline in the value of the securities of one issuer could have a significant negative effect on Foreign Value Small
Cap Fund.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Sector. </i>Foreign Value Small Cap Fund may have significant
investments in one or more specific industry sectors, subjecting it to risks greater than general market risk.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Securities Lending</i>.  Securities lending involves
two primary risks: investment risk and borrower default risk. Investment risk is the risk that Foreign Value Small Cap Fund will
lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that Foreign
Value Small Cap Fund will lose money due to the failure of a borrower to return a borrowed security in a timely manner.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Derivatives. </i>Foreign Value Small Cap Fund’s investments
in currency futures, options and other derivative instruments are subject to a number of risks, such as counterparty risk, the
risk of mispricing or improper valuation, and the risk that the value of the instrument may not increase or decrease as expected.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Please refer to “Fund Objectives, Strategies and Risks”
in the Prospectus for further details.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> It is possible to lose money by investing
in Risk Parity Fund. An investment in Risk Parity Fund is not a deposit of a bank and is not insured or guaranteed by the Federal
Deposit Insurance Corporation or any other government agency.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Market, Industry and Specific Holdings.  </i>The share
price of Risk Parity Fund may fall because of weakness in the stock markets, generally, weaknesses with respect to a particular
industry in which Risk Parity Fund has significant holdings, or weaknesses associated with one or more specific companies in which
Risk Parity Fund may have substantial investments.  In addition, Risk Parity Fund’s strategy, while attempting
to limit risks from sudden and substantial market corrections following market “bubbles,” is unlikely to benefit from
market momentum preceding a correction.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Foreign Investing.  </i>Risk Parity Fund’s investments
in foreign securities (including ADRs) may be adversely affected by political and economic conditions overseas, reduced liquidity,
or decreases in foreign currency values relative to the U.S. dollar. These risks are especially acute for emerging markets securities.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Emerging Markets Risk.  </i>The risks of foreign investing
are heightened for securities of issuers in emerging market countries. Emerging market countries tend to have economic structures
that are less diverse and mature, political systems that are less stable, are more susceptible to governmental interference, and
less liquid and efficient trading markets than those of developed countries.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Liquidity Risk. </i>Risk Parity Fund may not be able to sell
some or all of its securities at desired prices or may be unable to sell the securities at all.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Active Management Risk.  </i>The sub-adviser’s
judgments about the attractiveness, value, or potential appreciation of Risk Parity Fund’s investments may prove to be incorrect.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Large- and Mid-Capitalization Securities.  </i>Securities
issued by large- and mid-cap companies tend to be less volatile than securities issued by smaller companies. Larger companies,
however, may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods,
and may be unable to respond as quickly to competitive challenges.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Small- and Micro-Capitalization Securities.  </i>Investments
in small- and micro-capitalization companies typically present greater risks than investments in larger companies and, as a result,
the performance of Risk Parity Fund may be more volatile than a fund that invests only in large- and mid-cap stocks.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Growth and Value Stock Investing.  </i>Different investment
styles periodically come into and fall out of favor with investors. Growth stocks generally are more volatile than the overall
stock market. Value stocks generally carry the risk that the market will not recognize their intrinsic value or that they are actually
appropriately priced at a low level.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Non-Diversification. </i>Risk Parity Fund is “non-diversified,”
which means that it may from time to time invest a higher percentage of its assets in a smaller number of issuers. As a result,
a decline in the value of the securities of one issuer could have a significant negative effect on Risk Parity Fund.  It
also may be considered more risky for Risk Parity Fund to hold large positions in a single issuer because of the possibility of
exercising control over the issuer.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Sector. </i>Risk Parity Fund may have significant investments
in one or more specific industry sectors, subjecting it to risks greater than general market risk.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Securities Lending.  </i>Securities lending involves
two primary risks: investment risk and borrower default risk. Investment risk is the risk that Risk Parity Fund will lose money
from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that Risk Parity Fund
will lose money due to the failure of a borrower to return a borrowed security in a timely manner.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Derivatives. </i>Risk Parity Fund’s investments in forward
foreign currency exchange contracts and other derivative instruments are subject to a number of risks, such as counterparty risk,
the risk of mispricing or improper valuation, and the risk that the value of the instrument may not increase or decrease as expected.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Please refer to “Fund Objectives, Strategies and Risks”
in the Prospectus for further details.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Performance</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Performance</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Performance</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Performance</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Performance</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Performance</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The following bar charts and tables provide some indication of
the risks of investing in Small Cap Fund by showing changes in the Fund’s performance over time. The tables also compare
Small Cap Fund’s performance to a broad measure of market performance that reflects the type of securities in which Small
Cap Fund invests. Past performance does not necessarily indicate how Small Cap Fund will perform (before and after taxes) in the
future.  <i>Updated performance information is available at</i> www.peartreefunds.com.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The following bar charts and tables provide some indication of the
risks of investing in Quality Fund by showing changes in Quality Fund’s performance over time. The tables also compare Quality
Fund’s performance to a broad measure of market performance that reflects the type of s<b>e</b>curities in which Quality
Fund invests. Past performance does not necessarily indicate how Quality Fund will perform (before and after taxes) in the future.  On
January 27, 2011, Quality Fund changed its name to “Quant Quality Fund,” its investment strategy to its current strategy
and its sub-adviser to Columbia Partners, L.L.C., Investment Management.  Performance shown for periods prior to January
27, 2011 does not reflect the current investment strategy.  <i>Updated performance information is available at </i>www.peartreefunds.com<i>.*</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">*Prior to November 2006, Quality Fund was called “Quant Growth
and Income Fund” and SSgA Funds Management, Inc. served as its sub-adviser.  On November 1, 2006, Quality Fund
changed its name to “Quant Long/Short Fund,” and its principal investment strategy.  On January 2, 2008,
Quality Fund changed its sub-adviser to Analytic Investors, LLC.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The following bar charts and tables provide some indication of the
risks of investing in Emerging Markets Fund by showing changes in Emerging Markets Fund’s performance over time. The tables
also compare Emerging Markets Fund’s performance to a broad measure of market performance that reflects the type of securities
in which Emerging Markets Fund invests. Past performance does not necessarily indicate how Emerging Markets Fund will perform (before
and after taxes) in the future.  <i>Updated performance information is available at</i> www.peartreefunds.com.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The following bar charts and tables provide some indication of
the risks of investing in Foreign Value Fund by showing changes in Foreign Value Fund’s performance over time. The tables
also compare Foreign Value Fund’s performance to a broad measure of market performance that reflects the type of securities
in which Foreign Value Fund invests. Past performance does not necessarily indicate how Foreign Value Fund will perform (before
and after taxes) in the future.  <i>Updated performance information is available at</i> www.peartreefunds.com.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The following bar charts and tables indicate some of the risks
of investing in Foreign Value Small Cap Fund by showing changes in Foreign Value Small Cap Fund’s performance over time.
The tables also compare Foreign Value Small Cap Fund’s performance to a broad measure of market performance that reflects
the type of securities in which Foreign Value Small Cap Fund invests. Of course, past performance does not necessarily indicate
how Foreign Value Small Cap Fund will perform (before and after taxes) in the future.  <i>Updated performance information
is available at</i> www.peartreefunds.com.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Risk Parity Fund had not commenced operations as of December 31,
2012, and thus, there is no annual performance information included.  <i>Updated performance information is available
at</i> www.peartreefunds.com.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Fee Table and Expenses of Small Cap Fund</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Fee Table and Expenses of Quality Fund</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Fee Table and Expenses of Emerging Markets Fund</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Fee Table and Expenses of Foreign Value Fund</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Fee Table and Expenses of Foreign Value Small Cap Fund</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Fee Table and Expenses of Risk Parity Fund</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">This table describes the fees and expenses that you may pay if you buy and hold shares of Small Cap Fund.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">This table describes the fees and expenses that you may pay if
you buy and hold shares of Quality Fund.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">This table describes the fees and expenses that you may pay if you buy and hold shares of Emerging Markets Fund.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">This table describes the fees and expenses that you may pay if you
buy and hold shares of Foreign Value Fund.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">This table describes the fees and expenses that you may pay if you
buy and hold shares of Foreign Value Small Cap Fund.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">This table describes the fees and expenses that you may pay if you buy and hold shares of Risk Parity Fund.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>After-tax returns.</b> After-tax returns are calculated using
the historical highest individual federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual
after-tax returns may differ depending on your individual circumstances and may differ from those shown. The after-tax returns
shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. After-tax returns
are shown only for Ordinary Shares and after-tax returns for Institutional Shares may vary.  Actual after-tax returns
may differ depending on your individual circumstances.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>After-tax returns.</b> After-tax returns are calculated using
the historical highest individual federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual
after-tax returns may differ depending on your individual circumstances and may differ from those shown. The after-tax returns
shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. After-tax returns
are shown only for Ordinary Shares and after-tax returns for Institutional Shares may vary.  Actual after-tax returns
may differ depending on your individual circumstances.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>After-tax returns.</b> After-tax returns are calculated using
the historical highest individual federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual
after-tax returns may differ depending on your individual circumstances and may differ from those shown. The after-tax returns
shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. After-tax returns
are shown only for Ordinary Shares and after-tax returns for Institutional Shares may vary.  Actual after-tax returns
may differ depending on your individual circumstances.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>After-tax returns.</b> After-tax returns are calculated using
the historical highest individual federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual
after-tax returns may differ depending on your individual circumstances and may differ from those shown. The after-tax returns
shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. After-tax returns
are shown only for Ordinary Shares and after-tax returns for Institutional Shares may vary.  Actual after-tax returns
may differ depending on your individual circumstances.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>After-tax returns.</b>  After-tax returns are calculated
using the historical highest individual federal marginal income tax rates and do not reflect the impact of state or local taxes.  Actual
after-tax returns may differ depending on your individual circumstances and may differ from those shown.  The after-tax
returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement.  After-tax
returns are shown only for Ordinary Shares and after-tax returns for Institutional Shares may vary.  Actual after-tax
returns may differ depending on your individual circumstances.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Pear Tree Columbia Small Cap Fund</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Pear Tree Quality Fund</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Pear Tree PanAgora Dynamic Emerging Markets Fund</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Pear Tree Polaris Foreign Value Fund</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Pear Tree Polaris Foreign Value Small Cap Fund</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Pear Tree Panagora Risk Parity Emerging Markets Fund</b></p>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column period compact * column dei_LegalEntityAxis compact PTF_S000009493Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column period compact * column dei_LegalEntityAxis compact PTF_S000009492Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column period compact * column dei_LegalEntityAxis compact PTF_S000009490Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column period compact * column dei_LegalEntityAxis compact PTF_S000009491Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column period compact * column dei_LegalEntityAxis compact PTF_S000021993Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column period compact * column dei_LegalEntityAxis compact PTF_S000040937Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Annual Fund Operating Expenses</b> (expenses that you pay each
year as a percentage of the value of your investment)</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Annual Fund Operating Expenses</b> (expenses that you pay each
year as a percentage of the value of your investment)</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Annual Fund Operating Expenses</b> (expenses that you pay each
year as a percentage of the value of your investment)</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Annual Fund Operating Expenses</b> (expenses that you pay each
year as a percentage of the value of your investment)</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Annual Fund Operating Expenses</b> (expenses that you pay each
year as a percentage of the value of your investment)</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Annual Fund Operating Expenses</b> (expenses that you pay each
year as a percentage of the value of your investment)</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Investment Objective:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Investment Objective:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Investment Objective:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Investment Objective:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Investment Objective:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Investment Objective:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b></b>Maximum long-term capital appreciation.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b></b>Long-term growth of capital.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b></b>Long-term growth of capital.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b></b>Long-term growth of capital and income.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b></b>Long-term growth of capital and income.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b></b>Long-term growth of capital.</p>
165
141
139
112
195
167
162
135
169
144
139
114
514
437
487
403
602
519
502
421
523
446
434
356
887
755
858
715
1035
895
866
729
902
771
1933
1657
1901
1602
2239
1950
1889
1601
1965
1691
0.1339
0.1084
0.2182
0.2692
0.2711
0.1635
0.1339
0.1339
0.0871
0.1364
0.1600
0.1084
0.1066
0.0730
0.1141
0.1863
0.2182
0.2192
0.1486
0.2215
0.1896
0.2692
0.2704
0.1787
0.2724
0.2043
0.2711
0.2700
0.1822
0.2752
0.1896
0.0356
-0.0146
-0.0151
-0.0125
-0.0123
0.0166
-0.0112
-0.0122
-0.0096
-0.0097
-0.0061
-0.0362
-0.0373
-0.0295
-0.0339
-0.0321
-0.0065
-0.0132
-0.0077
-0.0046
0.0972
0.0801
0.0754
0.0708
0.0840
0.0710
0.0434
0.0423
0.0379
0.0465
0.1688
0.1679
0.1644
0.1530
0.1716
0.0870
0.1058
0.0993
0.0931
0.1083
2008-05-01
-0.0045
0.0390
0.0336
0.0334
0.0413
0.0100
<div style="display: none">~ http://xbrl.sec.gov/rr/role/PerformanceTableData column period compact * column dei_LegalEntityAxis compact PTF_S000009493Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/PerformanceTableData column period compact * column dei_LegalEntityAxis compact PTF_S000009492Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/PerformanceTableData column period compact * column dei_LegalEntityAxis compact PTF_S000009490Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/PerformanceTableData column period compact * column dei_LegalEntityAxis compact PTF_S000009491Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/PerformanceTableData column period compact * column dei_LegalEntityAxis compact PTF_S000021993Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/BarChartData column period compact * column dei_LegalEntityAxis compact PTF_S000009493Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/BarChartData column period compact * column dei_LegalEntityAxis compact PTF_S000009492Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/BarChartData column period compact * column dei_LegalEntityAxis compact PTF_S000009490Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/BarChartData column period compact * column dei_LegalEntityAxis compact PTF_S000009491Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/BarChartData column period compact * column dei_LegalEntityAxis compact PTF_S000021993Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/ExpenseExample column period compact * column dei_LegalEntityAxis compact PTF_S000009493Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/ExpenseExample column period compact * column dei_LegalEntityAxis compact PTF_S000009492Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/ExpenseExample column period compact * column dei_LegalEntityAxis compact PTF_S000009490Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/ExpenseExample column period compact * column dei_LegalEntityAxis compact PTF_S000009491Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/ExpenseExample column period compact * column dei_LegalEntityAxis compact PTF_S000021993Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/ExpenseExample column period compact * column dei_LegalEntityAxis compact PTF_S000040937Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 10pt">Foreign
Value Small Cap Fund replaced its benchmark with the MSCI ACWI (ex USA small cap) because it believes the new index represents
the emerging markets exposure in the Fund better than the S&P EPAC Index.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Annual Return Ordinary Class</b> (Calendar year ended December
31) Returns for Institutional Shares will differ from the Ordinary Share returns due to differences in expenses between the classes.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Annual Return Ordinary Class</b> (Calendar year ended December
31) Returns for Institutional Shares will differ from the Ordinary Share returns due to differences in expenses between the classes.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Annual Return Ordinary Class</b> (Calendar year ended December
31) Returns for Institutional Shares will differ from the Ordinary Share returns due to differences in expenses between the classes.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Annual Return Ordinary Class</b> (Calendar year ended December
31) Returns for Institutional Shares will differ from the Ordinary Share returns due to differences in expenses between the classes.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Annual Return Ordinary Class</b> (Calendar year ended December
31) Returns for Institutional Shares will differ from the Ordinary Share returns due to differences in expenses between the classes.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Calendar year-to-date return of the Ordinary Shares of Small Cap
Fund as of 6/30/2013 is 14.91%</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 25%; border-top: black 1pt solid; border-bottom: black 1.5pt solid"><font style="font-size: 10pt">Best Quarter:</font></td>
<td style="width: 40%; border-top: black 1pt solid; border-bottom: black 1.5pt solid"><font style="font-size: 10pt">Q3 2009</font></td>
<td style="width: 35%; border-top: black 1pt solid; border-bottom: black 1.5pt solid"><font style="font-size: 10pt">17.75%</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">Worst Quarter:</font></td>
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">Q4 2008</font></td>
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">(33.47)%</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Calendar year-to-date return of the Ordinary Shares of Quality Fund
as of 6/30/2013 is 12.39%</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 25%; border-top: black 1pt solid; border-bottom: black 1.5pt solid"><font style="font-size: 10pt">Best Quarter:</font></td>
<td style="width: 40%; border-top: black 1pt solid; border-bottom: black 1.5pt solid"><font style="font-size: 10pt">Q2 2009</font></td>
<td style="width: 35%; border-top: black 1pt solid; border-bottom: black 1.5pt solid"><font style="font-size: 10pt">15.53%</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">Worst Quarter:</font></td>
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">Q4 2008</font></td>
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">(23.84)%</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Calendar year-to-date return of the Ordinary Shares of Emerging
Markets Fund as of 6/30/2013 is -9.11%</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 25%; border-top: black 1pt solid; border-bottom: black 1.5pt solid"><font style="font-size: 10pt">Best Quarter:</font></td>
<td style="width: 40%; border-top: black 1pt solid; border-bottom: black 1.5pt solid"><font style="font-size: 10pt">Q4 2003</font></td>
<td style="width: 35%; border-top: black 1pt solid; border-bottom: black 1.5pt solid"><font style="font-size: 10pt">32.05%</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">Worst Quarter:</font></td>
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">Q4 2008</font></td>
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">(32.62)%</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Calendar year-to-date return of the Ordinary Shares of Foreign Value
Fund as of 6/30/2013 is 6.06%</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 25%; border-top: black 1pt solid; border-bottom: black 1.5pt solid"><font style="font-size: 10pt">Best Quarter:</font></td>
<td style="width: 40%; border-top: black 1pt solid; border-bottom: black 1.5pt solid"><font style="font-size: 10pt">Q2 2009</font></td>
<td style="width: 35%; border-top: black 1pt solid; border-bottom: black 1.5pt solid"><font style="font-size: 10pt">36.87</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">Worst Quarter:</font></td>
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">Q4 2008</font></td>
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">(26.53)</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Calendar year-to-date return of the Ordinary Shares of Foreign Value
Small Cap Fund as of 6/30/2013 is 5.21%</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 25%; border-top: black 1pt solid; border-bottom: black 1.5pt solid"><font style="font-size: 10pt">Best Quarter:</font></td>
<td style="width: 40%; border-top: black 1pt solid; border-bottom: black 1.5pt solid"><font style="font-size: 10pt">Q2 2009</font></td>
<td style="width: 35%; border-top: black 1pt solid; border-bottom: black 1.5pt solid"><font style="font-size: 10pt">53.73</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">Worst Quarter:</font></td>
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">Q4 2008</font></td>
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">-28.49</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
The Manager has agreed until July 31, 2014 to waive 0.15 percent of its management fee if Quality Fund's average daily net assets are up to $100 million and 0.25 percent of its management fee if Quality Fund's average daily net assets are $100 million or more. As of March 31, 2013, Quality Fund's net assets exceeded $100 million. This fee waiver only may be terminated with the approval of the Board.
Fees and expenses incurred indirectly by Emerging Markets Fund as a result of investment in shares of other investment funds.
"Other Expenses" is based on estimated amounts for the current fiscal year.
"Total Annual Fund Operating Expenses" includes "Other Expenses," which is based on estimated amounts for the current fiscal year.