Performance data quoted represents 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.

Pax World Women’s Equity Fund, a series of Pax World Funds Series Trust I, acquired the Women’s Equity Fund on October 29, 2007. Performance information shown for periods prior to the acquisition is the performance of the Retail Class shares of the acquired Women’s Equity Fund, which has not been adjusted to reflect any differences in expenses between the acquired Women’s Equity Fund and the Pax World Women’s Equity Fund; if such expense adjustments were reflected, the returns would be higher than those shown.

Inception of Institutional Class shares is April 19, 2006. The performance information shown for Institutional Class shares represents the performance of the Individual Investor Class shares for the period prior to Institutional Class inception. Expenses have not been adjusted to reflect the expenses allocable to Institutional Class shares. If such expenses were reflected, the returns would be higher than those shown. Institutional Class Inception date return since April 2, 2007 is -5.34% (annualized).

Total annual Women's Equity Fund operating expenses, gross of any fee waivers or reimbursements, are 1.86% as of 6/30/2009. Total Women's Equity Fund operating expenses , net of fee waivers, reimbursements and acquired fund fees and expenses, are 0.99% as of 6/30/2009.

The Women's Equity Fund's annual operating expenses likely will vary from year to year. in general, a fund's annual operating expenses as a percentage of the fund's assets increase as the fund's assets decrease.