0002000324-24-001703.txt : 20240611 0002000324-24-001703.hdr.sgml : 20240611 20240611151015 ACCESSION NUMBER: 0002000324-24-001703 CONFORMED SUBMISSION TYPE: N-CEN PUBLIC DOCUMENT COUNT: 6 CONFORMED PERIOD OF REPORT: 20240331 FILED AS OF DATE: 20240611 DATE AS OF CHANGE: 20240611 EFFECTIVENESS DATE: 20240611 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Pear Tree Funds CENTRAL INDEX KEY: 0000722885 ORGANIZATION NAME: IRS NUMBER: 000000000 FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: N-CEN SEC ACT: 1940 Act SEC FILE NUMBER: 811-03790 FILM NUMBER: 241035505 BUSINESS ADDRESS: STREET 1: 55 OLD BEDFORD ROAD STREET 2: SUITE 202 CITY: LINCOLN STATE: MA ZIP: 01773 BUSINESS PHONE: 8003311244 MAIL ADDRESS: STREET 1: 55 OLD BEDFORD ROAD STREET 2: SUITE 202 CITY: LINCOLN STATE: MA ZIP: 01773 FORMER COMPANY: FORMER CONFORMED NAME: QUANTITATIVE GROUP OF FUNDS DATE OF NAME CHANGE: 19940127 FORMER COMPANY: FORMER CONFORMED NAME: U S BOSTON INVESTMENT CO DATE OF NAME CHANGE: 19920703 0000722885 S000009491 Pear Tree Polaris Foreign Value Fund C000025966 Ordinary Shares QFVOX C000025967 Institutional Shares QFVIX C000177797 R6 Shares QFVRX 0000722885 S000009492 Pear Tree Quality Fund C000025969 Ordinary Shares USBOX C000025970 Institutional Shares QGIAX C000177798 R6 Shares QGIRX 0000722885 S000009493 Pear Tree Polaris Small Cap Fund C000025972 Ordinary Shares USBNX C000025973 Institutional Shares QBNAX C000177799 R6 Shares QBNRX 0000722885 S000021993 Pear Tree Polaris Foreign Value Small Cap Fund C000063163 Ordinary Shares QUSOX C000063164 Institutional Shares QUSIX C000177800 R6 Shares QUSRX 0000722885 S000064782 Pear Tree Polaris International Opportunities Fund C000209787 R6 Shares QISRX C000209788 Institutional Shares QISIX C000209789 Ordinary Shares QISOX 0000722885 S000072022 Pear Tree Essex Environmental Opportunities Fund C000227702 Institutional Shares GEOSX C000227703 Ordinary Shares EEOFX C000227704 R6 Shares GEORX N-CEN 1 primary_doc.xml X0404 N-CEN LIVE 0000722885 XXXXXXXX false false false N-1A S000009491 true S000009492 true S000009493 true S000021993 true S000064782 true S000072022 true Pear Tree Funds 811-03790 0000722885 549300NANVEIFBMHLV32 55 Old Bedford Road Lincoln 01773 US-MA US 781 259 1144 Pear Tree Advisors 55 Old Bedford Road Lincoln 01773 781 259 1144 Books and records are stored on site at the firms principal office in physical and or electronic form. 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Marshall N/A N Deborah Kessinger 001801530 55 Old Bedford Road Lincoln 01773 XXXXXX N N N N N N U.S. Boston Capital Corporation 8-15885 000005251 N/A Y N Tait, Weller & Baker LLP 445 N/A N N N N N N Pear Tree Quality Fund S000009492 549300ODZXI9J0UJJ525 N 3 0 0 N/A Y N N N N/A N/A N/A N/A Y Y N N Pear Tree Advisors Inc. 801-19222 000104576 N/A N Chartwell Investment Partners, LLC 801-79127 000170335 N/A N N Pear Tree Institutional Services 84-01801 N/A Y N N UMB Bank, National Association VNOO6EITDJ2YUEBMSZ83 N/A N N UMB Bank, National Association VNOO6EITDJ2YUEBMSZ83 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N/A N Pear Tree Institutional Services 84-01801 SEC File No Y N N Pear Tree Advisors Inc. 801-19222 SEC File No. Y N N U.S. Boston Capital Corporation 8-15885 000005251 N/A 0 AMERICAN VETERANS GROUP, PBC 8-70063 000291933 N/A 48970 INSTINET 8-23669 000007897 N/A 12922 RAYMOND JAMES 8-10999 000000705 N/A 12124 RBC CAPITAL MARKETS 8-45411 000031194 N/A 98 KEYBANC CAPITAL MKTS 8-30177 000000566 N/A 85 JANNEY MONTGOMERY 8-462 000000463 N/A 27 74227 AMERICAN VETERANS GROUP, PBC 8-70063 000291933 N/A 135017198 INSTINET 8-23669 000007897 N/A 31941906 RAYMOND JAMES 8-10999 000000705 N/A 30376433 RBC CAPITAL MARKETS 8-45411 000031194 N/A 1217572 KEYBANC CAPITAL MKTS 8-30177 000000566 N/A 1062152 UMB 8-42106 000025938 N/A 828395 JANNEY MONTGOMERY 8-462 000000463 N/A 526068 200969726 N 247853954.3 N N N N Pear Tree Polaris Small Cap Fund S000009493 549300B7DSOCWNFGCQ51 N 3 0 0 N/A Y N N N N/A N/A N/A N/A Y Y N N Pear Tree Advisors Inc. 801-19222 000104576 N/A N Polaris Capital Management, LLC 801-43216 000106278 N/A N N Pear Tree Institutional Services 84-01801 N/A Y N N UMB Bank, National Association VNOO6EITDJ2YUEBMSZ83 N/A N N UMB Bank, National Association VNOO6EITDJ2YUEBMSZ83 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N/A N Pear Tree Institutional Services 84-01801 SEC File No Y N N Pear Tree Advisors Inc. 801-19222 SEC File No. Y N N U.S. Boston Capital Corporation 8-15885 000005251 N/A 0 OPPENHEIMER 8-4077 000000249 N/A 3835 RAYMOND JAMES 8-10999 000000705 N/A 3429 STEPHENS INC 8-1927 000003496 N/A 3045 KBW 8-10888 000000481 N/A 2771 PIPER JAFFRAY 8-68637 000145876 N/A 2556 COWEN & COMPANY 8-22522 000007616 N/A 2406 LIQUIDNET 8-52461 000103987 N/A 1339 JANNEY MONTGOMERY 8-462 000000463 N/A 939 BARRINGTON RESEARCH 8-29831 000013820 N/A 669 RBC CAPITAL MARKETS 8-45411 000031194 N/A 578 22919 LIQUIDNET 8-52461 000103987 N/A 5266939 RAYMOND JAMES 8-10999 000000705 N/A 4876365 OPPENHEIMER 8-4077 000000249 N/A 3119233 KBW 8-10888 000000481 N/A 2255447 STEPHENS INC 8-1927 000003496 N/A 1598243 COWEN & COMPANY 8-22522 000007616 N/A 3078334 PIPER JAFFRAY 8-68637 000145876 N/A 1288274 KEEFE BRUYETTE 8-10888 000000481 N/A 1169427 JANNEY MONTGOMERY 8-462 000000463 N/A 806556 BARRINGTON RESEARCH 8-29831 000013820 N/A 801023 24837307 N 79344763.62 N N N N Pear Tree Polaris Foreign Value Fund S000009491 549300LCWV2CSU11V931 N 3 0 0 N/A Y N N N N/A N/A N/A Rule 12d1-4 (17 CFR 270.12d1-4) Y Y N N Pear Tree Advisors Inc. 801-19222 000104576 N/A N Polaris Capital Management, LLC 801-43216 000106278 N/A N N Pear Tree Institutional Services 84-01801 N/A Y N N UMB Bank, National Association VNOO6EITDJ2YUEBMSZ83 N/A N N UMB Bank, National Association VNOO6EITDJ2YUEBMSZ83 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N/A N Pear Tree Institutional Services 84-01801 SEC File No Y N N Pear Tree Advisors Inc. 801-19222 SEC File No. Y N N U.S. Boston Capital Corporation 8-15885 000005251 N/A 0 COWEN AND COMPANY 8-22522 000007616 N/A 102908 JEFFERIES & CO., INC 8-15074 000002347 N/A 97921 MIRAE ASSET SEC 8-45034 000030679 N/A 76372 Barclays Capital Inc. 8-41342 000019714 N/A 73179 Sanford C. Bernstein & Co. 8-52942 000104474 N/A 60022 Instinet LLC 8-23669 000007897 N/A 52844 ODDO BHF New York Corporation 8-50975 000045104 N/A 51203 Auerbach Grayson 8-45136 000030761 N/A 49339 BOFA 8-69787 000283942 N/A 47794 Stifel, Nicolaus & company, Inc. 8-1447 000000793 N/A 43620 1354217 UMB 8-42106 000025938 N/A 1310010286 Barclays Capital Inc 8-41342 000019714 N/A 242606450 INSTINET CORPORATION 8-23669 000007897 N/A 222344510 JEFFERIES & CO., INC 8-15074 000002347 N/A 184544289 MIRAE ASSET SEC 8-45034 000030679 N/A 152473121 BOFA 8-69787 000283942 N/A 139474901 BROWN BROTHERS 8-69731 000282732 N/A 128836517 Sanford Group 8-52942 000104474 N/A 120100370 LIQUIDNET 8-52461 000103987 N/A 111129866 Auerbach Grayson 8-45136 000030761 N/A 104503564 6195348139 N 3056342835 N N N N Pear Tree Polaris Foreign Value Small Cap Fund S000021993 549300AVE8SR25FLIW19 N 3 0 0 N/A Y N N N N/A N/A N/A N/A Y Y N N Pear Tree Advisors Inc. 801-19222 000104576 N/A N Polaris Capital Management, LLC 801-43216 000106278 N/A N N Pear Tree Institutional Services 84-01801 N/A Y N N UMB Bank, National Association VNOO6EITDJ2YUEBMSZ83 N/A N N UMB Bank, National Association VNOO6EITDJ2YUEBMSZ83 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N/A N Pear Tree Institutional Services 84-01801 SEC File No Y N N Pear Tree Advisors Inc. 801-19222 SEC File No. Y N N U.S. Boston Capital Corporation 8-15885 000005251 N/A 0 SAMSUNG 8-50272 000043432 N/A 40352 WEDBUSH SECURITIES 8-12987 000000877 N/A 38663 BERENBERG CAPITAL MARKETS LLC 8-68821 000156757 N/A 33631 ODDO BHF New York Corporation 8-50975 000045104 N/A 28349 MUFG SECURITIES AMER 8-43026 000019685 N/A 25652 LIBERUM 8-67976 000148135 N/A 25327 Auerbach Grayson 8-45136 000030761 N/A 22582 Redburn LLC 8-67320 000140564 N/A 19226 DAIWA Securities 8-12242 000001576 N/A 18592 GOODBODY STOCKBROKER 8-66955 000135790 N/A IR 14883 417596 BROWN BROTHERS 8-69731 000282732 N/A 421718021 SAMSUNG 8-50272 000043432 N/A 80757761 BERENBERG BANK 8-68821 000156757 N/A 79526394 WEDBUSH SECURITIES 8-12987 000000877 N/A 77008213 LIBERUM CAPITAL INC 8-67976 000148135 N/A 75905272 ODDO NEW YORK CORPOR 8-50975 000045104 N/A 56270928 MUFG SECURITIES AMER 8-43026 000019685 N/A 51235838 GOODBODY STOCKBROKER 8-66955 000135790 N/A IR 45035146 Auerbach Grayson 8-45136 000030761 N/A 44068503 REDBURN 8-67320 000140564 N/A 38457344 1886066072 N 975529749.9 N N N N Pear Tree Polaris International Opportunities Fund S000064782 549300IESHKEPMUBBX72 N 3 0 0 N/A Y N N N N/A N/A N/A N/A Y Y N N Pear Tree Advisors Inc. 801-19222 000104576 N/A N Polaris Capital Management, LLC 801-43216 000106278 N/A N N Pear Tree Institutional Services 84-01801 N/A Y N N UMB Bank, National Association VNOO6EITDJ2YUEBMSZ83 N/A N N UMB Bank, National Association VNOO6EITDJ2YUEBMSZ83 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N/A N Pear Tree Institutional Services 84-01801 SEC File No Y N N Pear Tree Advisors Inc. 801-19222 SEC File No. Y N N U.S. Boston Capital Corporation 8-15885 000005251 N/A 0 HSBC SECURITIES 8-41562 000019585 N/A 42216 China Intl Cap Corp 8-68238 000150251 N/A 3247 Auerbach Grayson 8-45136 000030761 N/A 2753 MEDIOBANCO S.P.A. 8-67538 000143189 N/A 2487 MACQUAIRE SECUEITIES 8-47198 000036368 N/A 1618 BOFA 8-69787 000283942 N/A 1291 Sparebank 8-68611 000154132 N/A 1187 BAADER HELVEA INC. 8-66540 000132007 N/A 1149 Peel Hunt 8-68845 000157321 N/A GB 1107 JP MORGAN 8-35008 000000079 N/A 1079 72635 UMB 8-42106 000025938 N/A 155614752 HSBC SECURITIES 8-41562 000019585 N/A 99410288 BROWN BROTHERS 8-69731 000282732 N/A 7932919 CHINA INTL CAP CORP 8-67544 000143221 N/A 6504338 LIQUIDNET 8-52461 000103987 N/A 5793319 Auerbach Grayson 8-45136 000030761 N/A 5549383 MACQUARIE SECUEITIES 8-47198 000036368 N/A 5028312 MEDIOBANCO S.P.A. 8-67538 000143189 N/A 5001380 BOFA 8-69787 000283942 N/A 3761410 JEFFERIES & CO., INC 8-15074 000002347 N/A 3692261 704889435 N 53101788.61 N N N N Pear Tree Essex Environmental Opportunities Fund S000072022 549300DFLDIEFJUH3S51 N 3 0 0 N/A N N N N N/A N/A N/A N/A Y Y N N Pear Tree Advisors Inc. 801-19222 000104576 N/A N Essex Investment Management Co., LLC 801-55496 000109962 N/A N N Pear Tree Institutional Services 84-01801 N/A Y N N UMB Bank, National Association VNOO6EITDJ2YUEBMSZ83 N/A N N UMB Bank, National Association VNOO6EITDJ2YUEBMSZ83 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N/A N Pear Tree Institutional Services 84-01801 SEC File No Y N N Pear Tree Advisors Inc. 801-19222 N/A Y N N U.S. Boston Capital Corporation 8-15885 000005251 N/A 0 MORGAN STANLEY & CO 8-68191 000149777 N/A 31165 LIQUIDNET 8-52461 000103987 N/A 15437 ADAMS HARKNESS & HIL 8-3271 000001020 N/A 8982 WEEDEN & CO. 8-37267 000016835 N/A 8511 Baird Capital 8-497 000008158 N/A 7940 JEFFERIES & CO., INC 8-15074 000002347 N/A 7383 STRATEGAS 8-68138 000149326 N/A 5484 JONES TRADING INST 8-26089 000006888 N/A 5264 STATE STREET 8-69862 000285852 N/A 3404 GOLDMAN SACHS & CO. 8-129 000000361 N/A 3363 123971 MORGAN STANLEY & CO 8-68191 000149777 N/A 16649228 WEEDEN & CO. 8-37267 000016835 N/A 7983785 Baird Capital 8-497 000008158 N/A 7446941 EDGETRADE 8-49684 000042071 N/A 4184787 JEFFERIES & CO., INC 8-15074 000002347 N/A 3472727 LIQUIDNET 8-52461 000103987 N/A 3385011 STRATEGAS 8-68138 000149326 N/A 2987568 WILLIAM BLAIR 8-2698 000001252 N/A 2753939 COWEN & CO 8-22522 000007616 N/A 2687576 STATE STREET 8-69862 000285852 N/A 2668681 80113562 N 64372215.33 N N N N true true INTERNAL CONTROL RPT 2 itemg1_report.htm INTERNAL CONTROL REPORT
 

 

taitweller.com

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

 

Shareholders and Board of Trustees

Pear Tree Funds

Lincoln, Massachusetts 01773

 

 

In planning and performing our audits of the financial statements of the Pear Tree Polaris Small Cap Fund, Pear Tree Quality Fund, Pear Tree Essex Environmental Opportunities Fund, Pear Tree Polaris Foreign Value Fund, Pear Tree Polaris Foreign Value Small Cap Fund, and Pear Tree Polaris International Opportunities Fund (the “Funds”), each a series of the Pear Tree Funds, as of and for the year ended March 31, 2024, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Funds’ internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

 

The management of the Funds is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company’s assets that could have a material effect on the financial statements.

 

Because of inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Funds’ annual or interim financial statements will not be prevented or detected on a timely basis.

 

 

 

 
 

Shareholders and Board of Trustees

Pear Tree Funds

Page Two

 

 

 

Our consideration of the Funds’ internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the Funds’ internal control over financial reporting and its operation, including controls over safeguarding securities that we consider to be material weaknesses as defined above as of March 31, 2024.

 

This report is intended solely for the information and use of management, the Board of Trustees of the Pear Tree Funds and the Securities and Exchange Commission, and is not intended to be and should not be used by anyone other than these specified parties.

TAIT, WELLER & BAKER LLP

Philadelphia, Pennsylvania

May 24, 2024

 

 
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We are pleased to enclose your 2023 Form 1099-DIV with respect to your investment in one or more of the Pear Tree Funds. This insert provides you with important tax information relating to the distributions you received or re-invested during the calendar year 2023. Because tax laws vary among states, you should consult your personal tax adviser about the specific rules in the state(s) in which you pay income taxes and how the enclosed information relates to the preparation of your tax return(s).

 

This letter is for informational purposes only and has not been furnished to the Internal Revenue Service. Please retain this information for preparation of your tax return(s).

 

Distributions of Ordinary Dividends

 

As a result of the Jobs and Growth Tax Relief Reconciliation Act of 2003 a portion of the total ordinary dividends (box la on Form 1099-DIV) paid by your fund during 2023 may be designated as qualified dividends (box lb on Form 1099 - DIV). Qualified dividends are dividends received by your fund (and paid to shareholders) from domestic corporations or qualified foreign corporations that the fund has also met the required holding period (the fund must hold the security for greater than 60 days during the 121 day period beginning 60 days before the ex-dividend date). The qualified dividends are subject to a maximum tax rate of 15% for most taxpayers (For 2023 you will not need to pay any taxes on qualified dividends as long as you have $41,675 or less of ordinary income. If you have between $41,676 and $459,750 of ordinary income, then you will pay a tax rate of 15% on qualified dividends. The rate for $459,751 or more is 20 %.). In order for the individual to report the amount of qualified dividends in box 1b as qualified dividend income the shareholder must also satisfy the holding period requirement mentioned above with respect to his/her mutual fund shares. If the holding period requirement is not satisfied, the qualified dividends will be taxed as ordinary dividend income.

 

Fund  Percentage 
Pear Tree Essex Environmental Opportunities Fund   0.00%
Pear Tree Quality Fund   100.00%
Pear Tree Polaris Foreign Value Fund   100.00%
Pear Tree Axiom Emerging Markets World Equity Fund   100.00%
Pear Tree Polaris International Opportunities Fund   100.00%
Pear Tree Polaris Small Cap Fund   100.00%
Pear Tree Polaris Foreign Value Small Cap Fund   100.00%

 

Distributions from Capital Gains

 

Long-term capital gain dividends paid by the funds during 2023 will be taxed at the 15% capital gain tax rate for most taxpayers (For 2023 you will not need to pay any taxes on qualified dividends as long as you have $41,675 or less of ordinary income. If you have between $41,676 and $459,750 of ordinary income, then you will pay a tax rate of 15% on qualified dividends. The rate for $459,751 or more is 20 %.). The amount of total capital gain distributions are shown in Box 2a of Form 1099-DIV.

 

If applicable, amounts taxed at 28% (gain on collectibles) are shown in Box 2d and amounts taxed at 25% (unrecaptured Section 1250 gain) are shown in Box 2b of Form 1099-DIV.

 

  

55 Old Bedford Road, Lincoln, MA 01773 800-326-2151 fax 781-676-5943 www.peartreefunds.com

Distributed by U.S. Boston Capital Corporation, Member FINRNSIPC

 

 

 

 

Foreign Taxes

 

You are allowed to claim a tax credit or an itemized deduction on your federal income tax return for your share of foreign taxes paid by a mutual fund during 2023. In most cases, you will receive more benefit by claiming a tax credit.

 

The amount reported in Box 7 of Form 1099-DIV represents the amount of creditable foreign taxes paid by the mutual fund. The information below will assist you in calculating the information necessary to claim either a credit or itemized deduction

 

To calculate your total foreign source income passed through from the mutual fund multiply your total ordinary dividends (Box la of Form 1099-DIV) by the foreign source income factor shown in the Total Foreign Source Income Factor column below for the appropriate fund (s).

  

Fund  Total Foreign Source Income Factor 
Pear Tree Polaris Foreign Value Fund   100.00%
Pear Tree Axiom Emerging Markets World Equity Fund   97.53%
Pear Tree Polaris Foreign Value Small Cap Fund   99.08%
Pear Tree Polaris International Opportunities Fund   99.72%

  

In order to claim a foreign tax credit shareholders must also satisfy certain holding period requirements with respect to his/her mutual fund shares. If the holding period requirements are not satisfied, the foreign taxes will qualify as itemized deductions. Please consult your tax adviser to determine whether the foreign taxes passed through to you by the fund are either creditable or qualify as an itemized deduction, and whether to make the election to exempt you from the foreign tax credit limitation and the filing requirement of Form 1116.

 

On December 2, 2019, the Internal Revenue Services issued final regulations (IR-2019-193) which included several foreign tax credit provisions changing as a result of The Tax Cut and Jobs Act (TCJA) passed in December 2017. Please review the instructions to Form 1116 and consult with your tax adviser.

 

Additional Information

 

Corporate Dividend Received Deduction

 

The following percentages of the ordinary dividends received during 2023 qualify for the 50% corporate dividend received deduction. To determine the amount of dividends that qualify, corporate shareholders should multiply the total ordinary dividends received during 2023 by the percentages noted below for each fund in which you are invested.

 

Fund  Percentage 
Pear Tree Axiom Emerging Markets World Equity Fund   7.83%
Pear Tree Polaris Small Cap Fund   100.00%
Pear Tree Quality Fund   100.00%

 

Nontaxable Distributions

 

The amount included in Box 3 of Form 1099-DIV represents amounts distributed as return capital, which for tax purposes, are nontaxable. The amount included in Box 3 as non-dividend distributions should reduce the cost basis of your shares. Once you have received return of capital distributions equivalent to your cost basis, any additional return of capital distributions received will be taxable to you as capital gain even though they will be reported as nontaxable distributions on Form 1099-DIV.

  

2

 

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