PEAR TREE QUALITY FUND HOLDINGS AS OF MAY 31, 2013 Security Name 3M CO ABBOTT LABORATORIES AMERISOURCEBERGEN CORP AMGEN INC ANHEUSER BUSCH INBEV SPN ADR APPLE INC ASTRAZENECA PLC SPONS ADR BAXTER INTERNATIONAL INC BECTON DICKINSON AND CO BP PLC SPONS ADR BRISTOL MYERS SQUIBB CO BRITISH AMERICAN TOB SP ADR CARDINAL HEALTH INC CHEVRON CORP CHURCH + DWIGHT CO INC CISCO SYSTEMS INC COCA COLA CO/THE COLGATE PALMOLIVE CO COSTCO WHOLESALE CORP CVS CAREMARK CORP ELI LILLY + CO EMC CORP/MA EXPRESS SCRIPTS HOLDING CO EXXON MOBIL CORP GENERAL MILLS INC GILEAD SCIENCES INC GLAXOSMITHKLINE PLC SPON ADR GOOGLE INC CL A HEWLETT PACKARD CO INTL BUSINESS MACHINES CORP JAPAN TOBACCO INC JOHNSON + JOHNSON KIMBERLY CLARK CORP LABORATORY CRP OF AMER HLDGS LORILLARD INC MASTERCARD INC CLASS A MCDONALD S CORP MCKESSON CORP MEDTRONIC INC MERCK + CO. INC. MICROSOFT CORP NESTLE SA SPONS ADR NIKE INC CL B NOVARTIS AG ADR NOVO NORDISK A/S SPONS ADR NTT DOCOMO INC SPON ADR

CUSIP Number '88579Y101 '002824100 '03073E105 '031162100 '03524A108 '037833100 '046353108 '071813109 '075887109 '055622104 '110122108 '110448107 '14149Y108 '166764100 '171340102 '17275R102 '191216100 '194162103 '22160K105 '126650100 '532457108 '268648102 '30219G108 '30231G102 '370334104 '375558103 '37733W105 '38259P508 '428236103 '459200101 'J27869106 '478160104 '494368103 '50540R409 '544147101 '57636Q104 '580135101 '58155Q103 '585055106 '58933Y105 '594918104 '641069406 '654106103 '66987V109 '670100205 '62942M201

Shares/Par Value Base Market Value 9,468 1,044,036 38,755 1,421,146 2,020 109,242 3,894 391,464 5,921 544,258 4,703 2,114,845 12,033 616,691 2,090 146,990 1,311 129,291 20,076 861,461 13,205 607,562 12,967 1,423,388 1,973 92,652 27,975 3,433,931 4,724 287,266 203,274 4,894,838 115,994 4,638,600 38,476 2,225,452 2,303 252,570 5,992 345,019 4,277 227,365 13,529 334,978 54,437 3,381,626 13,745 1,243,510 866 40,771 5,275 287,382 25,006 1,294,561 5,932 5,163,272 145,113 3,543,659 14,041 2,920,809 20,000 685,000 64,583 5,436,597 605 58,582 7,367 732,943 35,953 1,525,845 2,750 1,568,188 21,225 2,049,698 1,114 126,840 21,009 1,071,669 8,023 374,674 140,501 4,900,675 24,961 1,655,414 14,148 872,366 21,439 1,538,463 1,605 258,566 43,640 640,635

PEAR TREE QUALITY FUND HOLDINGS AS OF MAY 31, 2013 Security Name ORACLE CORP PEPSICO INC PFIZER INC PHILIP MORRIS INTERNATIONAL PROCTER + GAMBLE CO/THE QUALCOMM INC QUEST DIAGNOSTICS INC RECKITT BENCKISER GROUP PLC ROCHE HOLDINGS LTD SPONS ADR ROYAL DUTCH SHELL PLC ADR SANOFI ADR SAP AG SPONSORED ADR STRYKER CORP SYSCO CORP TAKEDA PHARMACEUTIC SP ADR TARGET CORP TESCO PLC SPONSORED ADR TJX COMPANIES INC TOTAL SA SPON ADR UNILEVER N V NY SHARES UNITEDHEALTH GROUP INC VISA INC CLASS A SHARES WAL MART STORES INC WALGREEN CO YAHOO INC YUM BRANDS INC ZIMMER HOLDINGS INC

CUSIP Number '68389X105 '713448108 '717081103 '718172109 '742718109 '747525103 '74834L100 'G74079107 '771195104 '780259206 '80105N105 '803054204 '863667101 '871829107 '874060205 '87612E106 '881575302 '872540109 '89151E109 '904784709 '91324P102 '92826C839 '931142103 '931422109 '984332106 '988498101 '98956P102

POUND STERLING

'GBP

STATE STREET REPO

'85799F003

Other Assets - Liabilities Total Net Assets

Shares/Par Value Base Market Value 141,172 4,765,967 37,521 3,030,571 144,282 3,928,799 39,291 3,571,945 39,925 3,064,643 12,725 807,783 7,663 473,880 1,825 130,853 25,600 1,595,904 17,855 1,185,036 26,065 1,383,791 10,464 768,476 672 44,614 12,555 424,359 9,796 217,177 32,788 2,278,766 37,425 627,992 5,127 259,477 18,012 897,898 41,745 1,702,361 11,423 715,422 7,009 1,248,583 38,706 2,896,757 1,492 71,258 6,087 160,088 2,510 170,053 13,406 1,052,505 104,989,748.79 835

1,266.96

863,831

863,831 262,405 106,117,251.87

IMPORTANT LEGAL INFORMATION:

Investors should read the prospectus carefully before investing because it contains more complete information on the Pear Tree Funds’ investment objectives, risks, charges and expenses. Please consider this information carefully. For a prospectus and other information, visit www.peartreefunds.com or call (800) 326-2151. The Portfolio is actively managed and holdings are subject to change without notice and may not represent current or future portfolio composition.

PEAR TREE QUALITY FUND HOLDINGS AS OF MAY 31, 2013 Security Name

CUSIP Number

Shares/Par Value

Base Market Value

The portfolio data is “as of” the date indicated and we disclaim any responsibility to update the information. Unlike the fund’s regulatory filings, the portfolio data and its presentation in this document are not required to conform to Generally Accepted Accounting Principles (GAAP) and Securities and Exchange Commission (SEC) presentation requirements. Therefore, it differs from that in the complete statement of investments in the annual and semiannual report to shareholders filed with the SEC on Form N-CSR, and the complete statement of investments provided in the first and third quarter SEC Form N-Q filings for each fiscal year. Forms N-CSR and N-Q for the Fund are available on the SEC website at www.sec.gov.

The portfolio data is for information only. It does not constitute a recommendation or an offer for a particular security or fund. Reference to specific securities or holdings should not be considered recommendations for action by investors.

Pear Tree Columbia Small Cap Fund Holdings as of May 31, 2013 Security Name 8X8 INC ACACIA RESEARCH CORP ACCURAY INC ACTUANT CORP A ALLIANCE DATA SYSTEMS CORP AMERICAN CAMPUS COMMUNITIES BEACON ROOFING SUPPLY INC BIO REFERENCE LABS INC BRANDYWINE REALTY TRUST BUILDERS FIRSTSOURCE INC CALLAWAY GOLF COMPANY CAMPUS CREST COMMUNITIES INC CARDTRONICS INC CATAMARAN CORP CINEMARK HOLDINGS INC CIRRUS LOGIC INC COBIZ FINANCIAL INC CORE LABORATORIES N.V. DAWSON GEOPHYSICAL CO EDUCATION REALTY TRUST INC EGAIN COMMUNICATIONS CORP EPR PROPERTIES EXTRA SPACE STORAGE INC FERRO CORP FIFTH + PACIFIC COS INC FINISAR CORPORATION FNB CORP HAIN CELESTIAL GROUP INC HEALTHWAYS INC HEARTLAND PAYMENT SYSTEMS IN HENRY SCHEIN INC HERCULES TECHNOLOGY GROWTH HERSHA HOSPITALITY TRUST HMS HOLDINGS CORP HORNBECK OFFSHORE SERVICES ICG GROUP INC IMAX CORP INTERNAP NETWORK SERVICES KFORCE INC LEAPFROG ENTERPRISES INC LINN CO LLC MDC HOLDINGS INC MEDASSETS INC NATIONAL CINEMEDIA INC NATUS MEDICAL INC NCI BUILDING SYSTEMS INC

CUSIP Number '282914100 '003881307 '004397105 '00508X203 '018581108 '024835100 '073685109 '09057G602 '105368203 '12008R107 '131193104 '13466Y105 '14161H108 '148887102 '17243V102 '172755100 '190897108 'N22717107 '239359102 '28140H104 '28225C806 '26884U109 '30225T102 '315405100 '316645100 '31787A507 '302520101 '405217100 '422245100 '42235N108 '806407102 '427096508 '427825104 '40425J101 '440543106 '44928D108 '45245E109 '45885A300 '493732101 '52186N106 '535782106 '552676108 '584045108 '635309107 '639050103 '628852204

Shares/Par Value Base Market Value 120,986 1,000,554 142,906 3,572,650 118,896 638,472 20,639 701,726 23,402 4,144,260 32,821 1,340,081 28,727 1,184,127 42,061 1,297,582 89,407 1,266,003 157,469 1,061,341 43,517 298,091 44,014 556,777 43,181 1,231,954 32,022 1,576,123 87,852 2,577,578 24,597 448,895 123,546 1,068,673 20,191 2,781,512 31,246 1,122,044 84,450 883,347 31,722 254,728 95,052 4,982,626 22,542 944,284 181,551 1,245,440 63,437 1,363,261 51,484 674,440 170,575 1,961,613 18,632 1,241,264 88,610 1,191,805 44,922 1,440,199 20,508 1,974,715 95,159 1,275,131 814,523 4,659,072 45,945 1,144,031 40,912 2,128,242 152,498 1,694,253 85,093 2,204,760 178,262 1,422,531 145,476 2,166,138 51,318 491,113 26,577 964,612 13,292 493,266 60,235 987,854 60,678 1,007,862 98,782 1,391,838 44,816 647,591

Pear Tree Columbia Small Cap Fund Holdings as of May 31, 2013 Security Name NEXSTAR BROADCASTING GROUP A NICE SYSTEMS LTD SPONS ADR NU SKIN ENTERPRISES INC A OSI SYSTEMS INC PIER 1 IMPORTS INC PINNACLE FINANCIAL PARTNERS POLYPORE INTERNATIONAL INC POPULAR INC PROTO LABS INC RALLY SOFTWARE DEVELOPMENT C REGAL ENTERTAINMENT GROUP A RESTORATION HARDWARE HOLDING SBA COMMUNICATIONS CORP CL A SINCLAIR BROADCAST GROUP A SMITH + WESSON HOLDING CORP SODASTREAM INTERNATIONAL LTD SPECTRANETICS CORP SPIRIT AIRLINES INC STANDARD PACIFIC CORP SUSQUEHANNA BANCSHARES INC TIVO INC TREE.COM INC TREX COMPANY INC UBIQUITI NETWORKS INC UNITED BANKSHARES INC UNITED NATURAL FOODS INC VERA BRADLEY INC VERINT SYSTEMS INC WASTE CONNECTIONS INC

CUSIP Number '65336K103 '653656108 '67018T105 '671044105 '720279108 '72346Q104 '73179V103 '733174700 '743713109 '751198102 '758766109 '761283100 '78388J106 '829226109 '831756101 'M9068E105 '84760C107 '848577102 '85375C101 '869099101 '888706108 '894675107 '89531P105 '90347A100 '909907107 '911163103 '92335C106 '92343X100 '941053100

STATE STREET REPO

'85799F003

Other Assets - Liabilities Total Net Assets

Shares/Par Value Base Market Value 43,397 1,215,116 44,464 1,640,722 69,905 4,110,414 14,587 843,712 85,888 1,991,743 33,755 847,251 11,030 414,949 39,053 1,171,590 52,447 2,897,172 8,124 178,159 141,800 2,509,860 21,921 1,224,726 14,904 1,121,824 23,312 630,123 56,048 510,597 69,905 4,459,939 60,130 1,124,431 45,185 1,374,980 251,617 2,226,810 60,631 728,178 86,264 1,116,256 7,468 147,194 39,547 2,197,627 22,923 433,474 17,750 461,678 24,313 1,286,644 80,868 1,900,398 13,436 451,047 41,508 1,670,282 109,591,353 2,376,572

2,376,572 (212,107) 111,755,819

IMPORTANT LEGAL INFORMATION:

Investors should read the prospectus carefully before investing because it contains more complete information on the Pear Tree Funds’ investment objectives, risks, charges and expenses. Please consider this information carefully. For a prospectus and other information, visit www.peartreefunds.com or call (800) 326-2151. The Portfolio is actively managed and holdings are subject to change without notice and may not represent current or future portfolio composition.

Pear Tree Columbia Small Cap Fund Holdings as of May 31, 2013 Security Name

CUSIP Number

Shares/Par Value

Base Market Value

The portfolio data is “as of” the date indicated and we disclaim any responsibility to update the information. Unlike the fund’s regulatory filings, the portfolio data and its presentation in this document are not required to conform to Generally Accepted Accounting Principles (GAAP) and Securities and Exchange Commission (SEC) presentation requirements. Therefore, it differs from that in the complete statement of investments in the annual and semiannual report to shareholders filed with the SEC on Form N-CSR, and the complete statement of investments provided in the first and third quarter SEC Form N-Q filings for each fiscal year. Forms N-CSR and N-Q for the Fund are available on the SEC website at www.sec.gov.

The portfolio data is for information only. It does not constitute a recommendation or an offer for a particular security or fund. Reference to specific securities or holdings should not be considered recommendations for action by investors.

Pear Tree Polaris Foreign Value Fund Holdings as of May 31, 2013 Security Name ASAHI GROUP HOLDINGS LTD BARRATT DEVELOPMENTS PLC BASF SE BBA AVIATION PLC BELLWAY PLC BHP BILLITON PLC ADR CHRISTIAN DIOR CRH PLC DEUTSCHE TELEKOM AG REG DNB ASA DUNI AB FREENET AG GREENCORE GROUP PLC GTECH SPA GUANGDONG INVESTMENT LTD HANNOVER RUECKVERSICHERU REG IMERYS SA INFOSYS LTD SP ADR INVESTOR AB B SHS IPSOS IRISH BANK RESOLUTION CORP KDDI CORP KONE OYJ B KONECRANES OYJ LOOMIS AB B MAUREL ET PROM MEIJI HOLDINGS CO LTD METHANEX CORP METHANEX CORP MUENCHENER RUECKVER AG REG NOVARTIS AG REG PERSIMMON PLC REXAM PLC SAMSUNG ELECTRONICS CO LTD SASOL LTD SHOWA DENKO K K SOLVAY SA STANDARD CHARTERED PLC SVENSKA HANDELSBANKEN A SHS SYMRISE AG TAYLOR WIMPEY PLC TEVA PHARMACEUTICAL SP ADR THAI OIL PCL FRGN TRANSGENE SA TREVI FINANZIARIA INDUSTRIAL WINCOR NIXDORF AG

SEDOL Number '6054409 '0081180 '5086577 'B1FP891 '0090498 '2878993 '4061393 '4182249 '5842359 '4263304 'B03RSL4 'B1SK0S6 '0386410 'B0V3WR8 '6913168 '4511809 'B011GL4 '2398822 '5679591 'B188NJ2 'B076LH4 '6248990 'B09M9D2 'B11WFP1 'B3K7KL2 'B05DY78 'B60DQV3 '2578378 '2654416 '5294121 '7103065 '0682538 'B943Z35 '6771720 '6777450 '6805469 '4821100 '0408284 '5703661 'B1JB4K8 '0878230 '2883878 'B0305J0 '5429075 '5731446 'B012VF6

Shares/Par Value Base Market Value 925,700 22,433,424 5,339,856 25,923,520 243,200 23,751,794 1,524,038 6,487,237 966,606 18,738,134 371,600 21,352,136 132,273 24,323,697 880,493 18,631,821 1,989,515 22,826,694 1,505,992 24,509,282 1,179,500 10,239,102 917,639 19,703,762 10,041,423 19,816,392 893,165 24,106,157 17,259,800 15,141,541 276,100 20,903,823 327,883 20,552,892 455,045 18,998,129 634,256 18,384,926 4,561 164,340 374,908 543,200 24,830,461 281,900 24,940,361 455,280 15,822,268 305,900 5,934,425 1,198,106 20,678,802 370,400 16,380,605 170,817 7,550,111 364,490 16,171,743 114,730 21,544,540 309,750 22,295,796 1,244,373 23,046,043 2,803,868 22,558,977 16,285 22,170,780 486,935 21,906,695 14,685,000 22,861,130 116,647 16,884,579 853,947 19,924,652 509,900 22,054,931 556,950 22,786,379 17,895,270 26,934,997 544,919 20,815,906 9,663,100 20,427,363 142,827 1,958,015 1,131,526 9,915,397 448,050 25,482,470

Pear Tree Polaris Foreign Value Fund Holdings as of May 31, 2013 Security Name YIT OYJ

SEDOL Number 'B11BQV1

EURO CURRENCY POUND STERLING

' '

17 4

21.64 5.42 27.06

SSGA FDS TOYOTA MOTOR CREDIT

' '

51,303,002 30,000,000

51,303,002 30,000,000 81,303,002

Other Assets - Liabilities Market to Market Total Net Assets

Shares/Par Value Base Market Value 840,216 16,459,702 869,325,929.58

4,624,166 (39,458) 955,213,667

IMPORTANT LEGAL INFORMATION:

Investors should read the prospectus carefully before investing because it contains more complete information on the Pear Tree Funds’ investment objectives, risks, charges and expenses. Please consider this information carefully. For a prospectus and other information, visit www.peartreefunds.com or call (800) 326-2151. The Portfolio is actively managed and holdings are subject to change without notice and may not represent current or future portfolio composition.

The portfolio data is “as of” the date indicated and we disclaim any responsibility to update the information. Unlike the fund’s regulatory filings, the portfolio data and its presentation in this document are not required to conform to Generally Accepted Accounting Principles (GAAP) and Securities and Exchange Commission (SEC) presentation requirements. Therefore, it differs from that in the complete statement of investments in the annual and semiannual report to shareholders filed with the SEC on Form N-CSR, and the complete statement of investments provided in the first and third quarter SEC Form N-Q filings for each fiscal year. Forms N-CSR and N-Q for the Fund are available on the SEC website at www.sec.gov.

The portfolio data is for information only. It does not constitute a recommendation or an offer for a particular security or fund. Reference to specific securities or holdings should not be considered recommendations for action by investors.

Pear Tree Polaris Foreign Value Small Cap Fund Holdings as of May 31, 2013 Security Name ABG SUNDAL COLLIER HOLDING ALTERNATIVE NETWORKS PLC ASTRAL MEDIA INC A AUSTAL LTD BBA AVIATION PLC BML INC BONDUELLE SCA BREADTALK GROUP LTD CHARACTER GROUP PLC CHINA HONGXING SPORTS LTD CHUGOKU MARINE PAINTS LTD CLARKSON PLC CLICKS GROUP LTD DAICEL CORP DAIICHIKOSHO CO LTD DE LONGHI SPA DRAEGERWERK AG PREF DUNI AB EQUATORIAL ENERGIA SA ORD FREENET AG GALLIFORD TRY PLC GLANBIA PLC GREENCORE GROUP PLC HALFORDS GROUP PLC HANA MICROELECTRONICS FOREIG HEXAWARE TECHNOLOGIES LTD HOLTEK SEMICONDUCTOR INC IFG GROUP PLC IPSOS JP MORGAN STRUCTURED PRDCT WTS JP MORGAN STRUCTURED PRODUCTS JP MORGAN STRUCTURED PRODUCTS JP MORGAN STRUCTURED PRS WTS JPMORGAN CHASE BANK KINEPOLIS KRBL LTD LIC HOUSING FINANCE LTD LOOMIS AB B M1 LTD MANILA WATER COMPANY NIIT TECHNOLOGIES LTD NOLATO AB B SHS PKC GROUP OYJ RATCHABURI ELEC GEN HODG FOR RESTAURANT GROUP PLC SAMSON HOLDING LTD

SEDOL Number '4333058 'B05KXX8 '2060273 '6137162 'B1FP891 '6197876 '5481989 '6630025 '0897611 'B1WN188 '6196000 '0201836 '6105578 '6250542 '6253132 '7169517 '5169218 'B03RSL4 'B128R96 'B1SK0S6 'B3Y2J50 '4058629 '0386410 'B012TP2 'B407NK9 'B07LTC0 '6548980 '4373355 'B188NJ2 'B5NNHN2 'B5NQB51 'B5NQ452 'B5MNH55 ' '5439524 'B02VC93 '6101026 'B3K7KL2 'B04KJ97 'B0684C7 'B02PD81 '4589710 '5222490 '6294249 'B0YG1K0 'B0LMBV2

Shares/Par Value Base Market Value 1,859,000 1,271,030 488,200 2,556,836 22,800 1,071,800 552,530 360,880 419,011 1,783,567 98,700 2,398,748 55,600 1,374,306 2,815,100 2,104,061 496,900 961,757 10,258,400 81,136 445,600 2,032,484 64,500 1,680,208 232,300 1,379,045 312,500 2,540,902 83,600 2,131,240 118,910 1,836,991 16,900 2,117,170 156,400 1,357,690 296,237 2,926,849 127,700 2,742,005 193,828 2,812,939 189,900 2,613,200 1,416,344 2,795,105 266,687 1,331,937 2,059,080 1,462,270 1,006,000 1,429,256 1,508,600 1,941,213 829,985 1,509,559 1,169 42,121 1,679,000 743,125 807,100 319,369 276,900 1,306,442 2,535,250 1,124,383 204,200 930,887 15,900 2,125,237 1,475,200 652,917 146,600 668,310 82,300 1,596,611 987,300 2,451,949 4,081,170 3,915,104 83,400 393,487 129,700 2,124,544 68,800 1,702,367 1,220,000 2,216,350 250,600 1,972,494 10,475,800 1,956,782

Pear Tree Polaris Foreign Value Small Cap Fund Holdings as of May 31, 2013 Security Name SHANGHAI MECHANICAL AND EL B SOUTH INDIAN BANK LTD SPAREBANK 1 NORD NORGE SPAREBANK 1 SMN SPAREBANK 1 SR BANK ASA TEXWINCA HOLDINGS LTD THAI UNION FROZEN PROD FOREI TREVI FINANZIARIA INDUSTRIAL UNIPRES CORP UNITED DRUG PLC USHA MARTIN LTD VETROPACK HOLDING AG BR VITEC GROUP PLC/THE VST HOLDINGS LTD VTECH HOLDINGS LTD WETHERSPOON (J.D.) PLC XINHUA WINSHARE PUBLISHING H

SEDOL Number '6797436 '6349967 'B06T259 'B0LGG75 'B40JTQ3 '6039558 '6422716 '5731446 '6985695 '3302480 '6142854 '5166060 '0929666 '6527031 '6928560 '0163895 'B1XCJB3

SSGA FDS

'

10,282,319

10,282,319

POUND STERLING SINGAPORE DOLLAR

' '

8,706 22,521

13,216 17,812 31,028

Other Assets - Liabilities Market to Market Total Net Assets

Shares/Par Value Base Market Value 1,455,568 1,528,346 553,320 245,387 250,931 1,707,101 247,265 2,150,130 243,300 2,157,136 1,720,300 1,821,643 821,274 1,553,028 233,100 2,042,621 73,900 1,381,274 705,359 3,508,913 323,760 128,105 1,086 2,159,312 154,961 1,420,840 9,507,360 2,082,074 115,700 1,705,087 196,400 1,963,284 2,701,500 1,364,201 105,765,145

358,871 (8,735) 116,428,627

IMPORTANT LEGAL INFORMATION:

Investors should read the prospectus carefully before investing because it contains more complete information on the Pear Tree Funds’ investment objectives, risks, charges and expenses. Please consider this information carefully. For a prospectus and other information, visit www.peartreefunds.com or call (800) 326-2151. The Portfolio is actively managed and holdings are subject to change without notice and may not represent current or future portfolio composition.

Pear Tree Polaris Foreign Value Small Cap Fund Holdings as of May 31, 2013 Security Name

SEDOL Number

Shares/Par Value

Base Market Value

The portfolio data is “as of” the date indicated and we disclaim any responsibility to update the information. Unlike the fund’s regulatory filings, the portfolio data and its presentation in this document are not required to conform to Generally Accepted Accounting Principles (GAAP) and Securities and Exchange Commission (SEC) presentation requirements. Therefore, it differs from that in the complete statement of investments in the annual and semiannual report to shareholders filed with the SEC on Form N-CSR, and the complete statement of investments provided in the first and third quarter SEC Form N-Q filings for each fiscal year. Forms N-CSR and N-Q for the Fund are available on the SEC website at www.sec.gov.

The portfolio data is for information only. It does not constitute a recommendation or an offer for a particular security or fund. Reference to specific securities or holdings should not be considered recommendations for action by investors.