Pear Tree Quality Institutional (Pear Tree Quality Fund Institut) fond

Under normal market conditions, the fund invests at least 80 percent of its net assets (plus any borrowings for investment purposes) in equity securities of U.S. issuers. It principally invests in equity securities of large companies, that is, companies with a market capitalization of greater than $5 billion at time of purchase. It also may invest in derivatives (i.e., 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). The fund is non-diversified.