THE VALUE OF PARTNERING WITH PAX WORLD

Pax World pioneered an investment approach known as sustainable investing – the full

integration of rigorous financial analysis with equally rigorous environmental, social and

governance (ESG) analysis. By pursuing this approach, we seek to deliver superior risk-

adjusted performance for our shareholders.

Research shows that investing in companies with strong financial and ESG

characteristics can help mitigate risk and improve return over the long-term.1 We favor

companies that:

• Meet positive standards of corporate responsibility

• Demonstrate strong management, industry leadership, and a long-term focus

• Promote gender diversity and women’s leadership

At the same time, we pursue shareholder advocacy and public policy engagement

to encourage companies to improve their ESG performance. We also seek to create

positive impact by investing in institutions and companies developing innovative

solutions to global sustainability challenges.

In our view, sustainable investing is simply a better, smarter way to invest. Through

Pax World’s distinct lineup of funds, advisors have a wide array of options to meet a

variety of client objectives, including active, smart beta, thematic, and asset allocation

strategies.

INVESTING FOR RETURNS, INVESTING FOR IMPACT

1 Morgan Stanley Institute for Sustainable Investing, Sustainable Reality: Understanding the Performance of Sustainable Investment Strategies, 2015.2

Pax World partners with financial professionals like you to deepen your relationships with

existing clients and attract prospects. Increasingly, forward-thinking and highly educated

investors view investing as a way to express their values. Approximately one in three

high-net-worth investors either owns or is interested in social impact investments.1 In

addition, studies show that women and Millennials are driven by considerations other

than financial returns. Women, for example, may be interested in investing in companies

that promote diversity and women’s advancement.2

Our areas of expertise include:

As a leader in sustainable investing, we can help financial professionals address the subject when clients and prospects show an interest.

In partnership with Impax Asset Management, subadviser to the Pax Global Environmental Markets Fund, we offer thought leadership on the environmental markets – energy, water, waste and sustainable food and agriculture.

Our Women & Wealth platform gives financial professionals access to a wide array of resources to help them better serve female clients.

Millennials & Money is a platform that provides insight into the habits, mind set and lifestyle of a generation that is poised to inherit as much as $30 trillion.3

PAX WORLD CAN HELP YOU REACH FORWARD-THINKING INVESTORS.

1 2015 U.S. Trust Insights on Wealth and Worth.2 Harnessing the Power of the Purse: Female Investors and Global Opportunity for Growth, Sylvia Ann Hewlett and Andrea Turner Moffitt, May 2014.3 The “Greater” Wealth Transfer: Capitalizing on the Intergenerational Shift in Wealth, Accenture, 2012.

Women & Wealth Logo CMYKBright Blue: 91, 21, 6, 0Green: 20, 0, 100, 19Yellow: 0, 28, 100, 0Dark Teal: 93, 11, 14, 50Smoke Blue: 61, 27, 14, 0

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Between 2014 and 2016, total U.S.-domiciled assets under

management in sustainable and responsible investing strategies

expanded from $6.57 trillion to $8.72 trillion – a 33% increase.1

Pax World can help you participate in this growing opportunity.

The Pax World Sustainability Research team helps advisors keep

pace with the latest ESG issues. Tap into thought leadership,

literature and webinars that cover trends and best practices.

Discover our practice management tools:

• Client presentations to introduce sustainable investing

• Tools to help identify which clients may be interested in a

sustainable investing approach

• One-on-one consulting

As global population grows and consumption increases, we

are approaching a tipping point in the readily available natural

resources required to satisfy the world’s demand.

We define Environmental Markets as a diverse sector that

consists of an increasing number of companies that are

seeking to address challenges associated with resource

availability and consumption, specifically in the areas of:

• Energy: energy efficiency and renewable/alternative

energy

• Water: water infrastructure, pollution control and

related technologies

• Waste: waste management, environmental support

services and related technologies

• Food & Agriculture: sustainable food, agriculture

and forestry

In partnership with Impax Asset Management, subadviser

to the Pax Global Environmental Markets Fund,

we offer thought leadership and content focused on the

opportunity and growth potential that has yet to be fully

recognized in this sector.

SUSTAINABLE INVESTING ENVIRONMENTAL MARKETS

1 SIF Foundation; 2016 Report on Sustainable and Responsible Investing Trends in the United States.4

Women & Wealth is a platform designed to provide financial

advisors the tools and resources you need to help cultivate

and serve female clients.

In the U.S. alone, women exercise decision-making control

over $11.2 trillion — 39% of the nation’s estimated $28.6

trillion of investable assets.1

To help advisors strengthen their client relationships

and become more responsive to women’s issues,

Women & Wealth offers:

• Client presentations for female investors

• Tools to organize and assess your book of business

• One-on-one consulting

• Investing in Women Newsletter, a quarterly

compilation of the latest research, statistics and tips

pertinent to your female clients

Millennials stand to inherit $30 trillion in wealth over the

next 30-40 years,2 but who are these new investors?

Millennials & Money is a presentation with supporting

materials that provides insight into the habits, mindset

and lifestyle of the next generation of investors.

By cutting through the noise and diving deep inside the

minds of Millennials, the presentation addresses:

• The scope of the Millennial client opportunity

• Strategies to best communicate with these new investors

• How advisors can prove their value to this new

demographic

Women & Wealth Logo CMYKBright Blue: 91, 21, 6, 0Green: 20, 0, 100, 19Yellow: 0, 28, 100, 0Dark Teal: 93, 11, 14, 50Smoke Blue: 61, 27, 14, 0

1 Harnessing the Power of the Purse: Female Investors and Global Opportunity for Growth, Sylvia Ann Hewlett and Andrea Turner Moffitt, May 2014.2 The “Greater” Wealth Transfer: Capitalizing on the Intergenerational Shift in Wealth, Accenture, 2012.

To learn more about advisor resources from Pax World,

contact us at 800.767.1729 or visit paxworld.com/advisors.

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An investment in the funds involves risk, including loss of principal. You should consider Pax World Funds’ investment objectives, risks, charges and expenses carefully before investing. For this and other important information, please obtain a fund prospectus by calling 800.767.1729 or visiting www.paxworld.com. Please read it carefully before investing.RISKS: Equity investments are subject to market fluctuations, a fund’s share price can fall because of weakness in the broad market, a particular industry, or specific holdings. Emerging market and international investments involve risk of capital loss from unfavorable fluctuations in currency values, differences in generally accepted accounting principles, economic or political instability in other nations or increased volatility and lower trading volume. Investments in high yield bonds generally are subjected to greater price volatility based on fluctuations in issuer and credit quality. When investing in bonds, you are subject, but not limited to, the same interest rate, inflation and credit risks associated with the underlying bonds owned by the Fund. Mortgage related securities tend to become more sensitive to interest rate changes as interest rates rise, increasing their volatility. Funds that emphasize investments in mid-size and smaller companies generally will experience greater price volatility. Investing in non-diversified funds generally will be more volatile and loss of principal could be greater than investing in more diversified funds. The Pax Mid Cap Fund, Large Cap Fund, Core Bond Fund and the ESG Beta® Dividend Fund are new and have a limited operating history.Distributed by ALPS Distributors, Inc. Member FINRA. ALPS Distributors, Inc. is not affiliated with Ellevate Asset Management, Aperio Group, LLC, Impax Asset Management or MSCI.

Copyright © 2017 Pax World Management LLC. All rights reserved. NOT FDIC INSURED - MAY LOSE VALUE - NO BANK GUARANTEE PAX007112 (5/18)

Pax World Management LLC30 Penhallow Street, Suite 400Portsmouth, NH 03801800.767.1729info@paxworld.com www.paxworld.comFAresources@paxworld.com

@PaxWorld

Pax World Investments

Pax World Partnerships

Sallie Krawcheck’s Ellevate Asset Management partners on the Pax Ellevate Global Women’s Index Fund

Impax Asset Management is subadviser to the Pax Global Environmental Markets Fund

Aperio Group is subadviser to the Pax ESG Beta® Funds

MSCI is index provider to the Pax MSCI EAFE ESG Leaders Index Fund

Pax World Funds

ACTIVE U.S. EQUITY

SMART BETA

ASSET ALLOCATIONPASSIVE INTERNATIONAL EQUITY

FIXED INCOME

Share Class Ticker

Pax Large Cap Fund Individual Investor PAXLX

Institutional PXLIX

Pax Mid Cap Fund Individual Investor PWMDX

Institutional PMIDX

Pax Small Cap Fund

Individual Investor PXSCX

Class A PXSAX

Institutional PXSIX

Share Class Ticker

Pax MSCI EAFE ESG Leaders Index Fund

Individual Investor PXINX

Institutional PXNIX

Share Class Ticker

Pax ESG Beta® Quality Fund Individual Investor PXWGX

Class A PXGAX

Institutional PWGIX

Pax ESG Beta® Dividend Fund Individual Investor PAXDX

Institutional PXDIX

Share Class Ticker

Pax Ellevate Global Women’sIndex Fund

Individual Investor PXWEX

Institutional PXWIX

Pax Global Environmental Markets Fund

Individual Investor PGRNX

Class A PXEAX

Institutional PGINX

Share Class Ticker

Pax Core Bond Fund Individual Investor PAXBX

Institutional PXBIX

Pax High Yield Bond Fund

Individual Investor PAXHX

Class A PXHAX

Institutional PXHIX

Share Class Ticker

Pax Balanced Fund Individual Investor PAXWX

Institutional PAXIX

ACTIVE U.S. EQUITY

SMART BETA U.S. EQUITY

ASSET ALLOCATIONPASSIVE INTERNATIONAL EQUITY

FIXED INCOMEGLOBAL THEMATIC EQUITY

Effective May 1, 2017, the name of the Pax MSCI International ESG Index Fund changed to the Pax MSCI EAFE ESG Leaders Index Fund.

Effective June 30, 2016 the Pax Growth Fund (the “Predecessor Fund”) was renamed the Pax ESG Beta Quality Fund (the Fund). The Predecessor Fund is treated as the survivor of the renaming for accounting and performance reporting purposes. Accordingly, all performance and other information shown for the Fund for periods prior to 6/30/2016 is that of the Predecessor Fund.