Compounds, compositions and methods are provided that are useful in the treatment or prevention of a condition or disorder mediated by PPAR.gamma. or PPAR.delta.. In particular, the compounds of the invention modulate the function of PPAR.gamma. or PPAR.delta.. The subject methods are particularly useful in the treatment and/or prevention of diabetes, obesity, hypercholesterolemia, rheumatoid arthritis and atherosclerosis.