Small Cap Fund
Inception Date: March 27, 2008
Type of Fund: Small Cap
Symbol: PXSCX
CUSIP: 704223825
Minimum Investment: $1000
Sales Charge: None, 12b-1: 0.25%
Expense Ratio (06/04/2014):
Net of FeesMore info 1.24%
Gross of Fees More info
Net of Fees

The net expense ratio is the expense ratio of the fund after applicable expense waivers or reimbursements. This is the actual expense ratio that investors paid during the fund’s most recent fiscal year.

Total annual Small Cap Fund operating expenses, gross of any fee waivers or reimbursements, for Individual Investor Class, Class A, Institutional Class and Class R shares are 1.66%, 1.66%, 1.41% and 1.91%, respectively, as of 5/1/2014 prospectus. The Small Cap Fund’s investment adviser has contractually agreed to reimburse expenses (excluding Acquired Fund Fees and Expenses) allocable to Individual Investor Class, Class A, Institutional Class and Class R shares of the Small Cap Fund to the extent such expenses exceed 1.24%, 1.24%, 0.99% and 1.49% of the average daily net assets of Individual Investor Class, Class A, Institutional Class and Class R shares, respectively. This reimbursement arrangement will remain in effect through at least December 31, 2015.

Gross of Fees

Gross Expense Ratio represents the total gross expenses (net expenses with waivers added back in) divided by the fund's average net assets. If it is not equal to the net expense ratio, the gross expense ratio portrays the fund's expenses had the fund not waived a portion, or all, of its fees.

1.66%
Inception Date: May 1, 2013
Type of Fund: Small Cap
Symbol: PXSAX
CUSIP: 704223569
Minimum Investment: $1000
Sales Charge: 5.50%, 12b-1: 0.25%
Expense Ratio (06/04/2014):
Net of FeesMore info 1.24%
Gross of Fees More info 1.66%
Inception Date: March 27, 2008
Type of Fund: Small Cap
Symbol: PXSIX
CUSIP: 704223817
Minimum Investment: $250,000
Sales Charge: None, 12b-1: 0.00%
Expense Ratio (06/04/2014):
Net of FeesMore info 0.99%
Gross of Fees More info 1.41%
Inception Date: March 27, 2008
Type of Fund: Small Cap
Symbol: PXSRX
CUSIP: 704223791
Minimum Investment: No Minimum
Sales Charge: None, 12b-1: 0.50%
Expense Ratio (06/04/2014):
Net of FeesMore info 1.49%
Gross of Fees More info 1.91%

The Fund is an equity fund that seeks to deliver long-term growth of capital by investing in a concentrated portfolio of small-cap companies with strong fundamentals and by exercising a disciplined selling strategy based on close examination of valuation changes in their share price.

Over time, the Fund has delivered
higher returns with lower volatility.
Data as of 03/31/11 to 06/30/14

Performance data quoted represent past performance, which does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. See the fund's performance tab for most recent month-end performance information.

Strategy:

Nathan Moser, CFA, is the Portfolio Manager of the Pax World Small Cap Fund. Mr. Moser has been responsible for management of the Fund since its inception in 2008. He joined Pax World in 2008 from Citizens Funds, where he worked for six years, first as an equity analyst and then as portfolio manager. He started his career with John Hancock Funds, where he was an equity analyst. Mr. Moser holds a Bachelor of Science from Babson College, is a CFA charterholder and member of the Boston Security Analysts Society.

CFA® is a trademark owned by the CFA Institute.

 

†Lipper Small Cap Core Average is the average return of the entire Lipper Small Cap Core classification. The Lipper Small Cap Core Funds Average is a total return performance average of the mutual funds tracked by Lipper, Inc. that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) below Lipper’s USDE small-cap ceiling. Small cap core funds have more latitude in the companies in which they invest. These funds typically have an average price-to-earnings ratio, price-to-book ratio, and three-year sales-pershare growth value, compared to the S&P Small Cap 600 Index. The Lipper Small Cap Core Funds Index is not what is typically considered to be an “index” because it tracks the performance of other mutual funds rather than the changes in the value of a group of securities, a securities index or some
other traditional economic indicator. Investors cannot invest directly in any index.

‡The Russell 2000 Index ("Benchmark") is an unmanaged index and measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 Index is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. One cannot invest directly in an index.

*As of March 31, 2013, the Russell 2000 Index included companies with market capitalization from approximately $10 million to $5.60 billion.