Pax Ellevate Global Women’s Index Fund (PXWEX)

Performance

On 6/4/2014,the Pax World Global Women’s Equality Fund merged into the Pax Ellevate Global Women’s Index Fund (the Fund), pursuant to an Agreement and Plan of Reorganization dated May 28, 2014 (the “Reorganization”). Because the Fund had no investment operations prior to the closing of the Reorganization, Pax World Global Women’s Equality Fund (the “Predecessor Fund”) is treated as the survivor of the Reorganization for accounting and performance reporting purposes. Accordingly, all performance and other information shown for the Fund for periods prior to 6/4/2014 is that of the Predecessor Fund.

Data as of 11/28/2014.

Monthly Total Returns(as of 11/28/2014) CUMULATIVE RETURNS (%) AVERAGE ANNUAL RETURNS (%)
» Month end 1 Month 3 Month Year- To-Date 1 Year 3 Year 5 Year 10 Year Since
Inception2
Pax Ellevate Global Women's Index Fund - Individual Investor Class 2.71 1.05 7.82 10.25 14.02 9.49 3.66 6.69
Pax Ellevate Global Women's Index Fund - Institutional Class1 2.70 1.04 8.05 10.53 14.28 9.76 3.90 6.80
Pax Global Women's Leadership (Net) Index 2.62 0.74 - - - - -
MSCI World (Net) Index 2.00 -0.12 6.66 8.91 16.08 10.96 6.60
Lipper Global Large-Cap Core Funds Index 1.68 -0.74 5.91 7.99 16.18 11.42 7.19

1 Institutional Class Inception date return since April 19, 2006 is 3.65 (annualized).

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.

Total annual Pax Ellevate Global Women's Index Fund expenses, gross of any fee waivers or reimbursements for Individual Investor Class and Institutional Class are 0.99% and 0.74% respectively as of 5/21/2014 prospectus.

Morningstar Ratings (World Stock)
as of 11/28/2014
Overall 3 Year 5 Year 10 Year
Pax Ellevate Global Women's Index Fund - Individual Investor Class ★★★ ★★★ - -
Pax Ellevate Global Women's Index Fund - Institutional Class ★★★ ★★★ - -
# In Peer Group 833 833 - -

Morningstar Ratings are based on risk-adjusted returns.

Lipper Rankings
as of 11/28/2014
Global Large-Cap Core 1 year 3 Year 5 Year 10 Year
Pax Ellevate Global Women's Index Fund - Individual Investor Class Percentile Rank 15 74 60 97
Pax Ellevate Global Women's Index Fund - Individual Investor Class Prime Rank 8 33 25 30
Pax Ellevate Global Women's Index Fund - Individual Investor Class # In Peer Group 56 45 42 31
Pax Ellevate Global Women's Index Fund - Institutional Class Percentile Rank 11 72 53 91
Pax Ellevate Global Women's Index Fund - Institutional Class Prime Rank 6 32 22 28
Pax Ellevate Global Women's Index Fund - Institutional Class # In Peer Group 56 45 42 31

Lipper Rankings are based on total returns.

2About Inception Date

Inception of Individual Investor Class is 10/1/93.

Inception of Institutional Class shares is April 19, 2006. The Pax World Global Women’s Equality 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 represents the performance of the acquired Women’s Equity Fund. The performance information shown for Institutional Class shares represents the performance of the Retail Class shares of the acquired Women’s Equity Fund shares for the period prior to Institutional Class inception. Expenses have not been adjusted to reflect the expenses allocable to Institutional Class shares or to reflect any differences in expenses between the acquired Women’s Equity Fund and The Pax Ellevate Global Women’s Index Fund. If such expense adjustments and allocable expenses were reflected, the returns would be higher than those shown.

About the Indexes

The Pax Global Women's Leadership Index* is a customized market-weighted index consisting of equity securities of issuers organized or operating in countries around the world that demonstrate a commitment to advancing and empowering women through gender diversity on their boards, in management and through other policies and programs, and an understanding of the potential business advantages associated with greater gender diversity, as rated by Pax World Gender Analytics. In addition, the companies comprising the Index meet certain environmental, social and governance (ESG) or sustainability thresholds, as rated by MSCI ESG Research. No performance information is included here as the index is newly created.

The MSCI World (Net) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The MSCI World Index consists of the following 23 developed market country indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States. Performance for the MSCI World Index is shown “net,” which includes dividend reinvestments after deduction of foreign withholding taxes.

The Lipper Global Large-Cap Core Funds Index tracks the results of the 30 largest mutual funds in the Lipper Global Large-Cap Funds Average. The Lipper Global Large-Cap 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 both inside and outside of the U.S. with market capitalizations (on a three year weighted basis) above Lipper’s Global Large-Cap floor. Global Large-Cap Core funds typically have an average price-to-cash flow ratio, price-to-book ratio, and three-year sales-per-share growth value compared to their large-cap-specific subset of the S&P/Citigroup World BMI. The Lipper Global Large-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 changes in the value of a group of securities, a securities index or some other traditional economic indicator.

Unlike the Pax Ellevate Global Women’s Index Fund, the Pax Global Women’s Leadership Index, the MSCI World (Net) Index, and the Lipper Global Large-Cap Core Funds Index are not investments, are not professionally managed, have (with the exception of the Pax Global Women’s Leadership Index) no policy of sustainable investing and do not reflect deductions for fees, expenses or taxes.

One cannot invest directly in an index.

About Ratings and Rankings

Morningstar Ratings™ are based on risk-adjusted 3-, 5-, and 10-year (if applicable) returns, and past performance is no guarantee of future results. The Overall Morningstar Rating™ for a fund is derived from a weighted average of the performance figures associated with its 3-, 5, and 10-year Morningstar Rating™ metrics. Ratings are subject to change every month. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.)

Lipper rankings are based on total returns (not including sales charges) for the periods indicated and compare total return performance with that of other funds in the category


*A custom index calculated by MSCI. One cannot invest directly in an index.

RISKS: Investment in mutual funds involves risk, including possible loss of principal invested. You could lose money on your investment in the Fund or the Fund could underperform because of the following risks: the market prices of stocks held by the Fund may fall; individual investments of the Fund may not perform as expected; the Fund’s portfolio management practices may not achieve the desired result. The Fund does not take defensive positions in declining markets. Accordingly, the Fund’s performance would likely be adversely affected by a decline in the Index. Investments in emerging markets and non-US Securities are generally less liquid and less efficient than investments in developed markets and are subject to additional risks, such as risks of adverse governmental regulation, intervention and political developments. As this Fund can have a high concentration in some issuers the Fund can be adversely impacted by changes affecting issuers. There is no guarantee that the objective will be met and diversification does not eliminate risk.