Investment return and principal value will fluctuate so that you may have a gain or a loss when you sell your shares. You shouldconsider a fund's investment objectives, risks and charges and expenses carefully before investing. For this and other importantinformation, please obtain a fund prospectus by calling 800.767.1729 or visiting www.paxworld.com. Please read it carefullybefore investing. Past performance is no guarantee of future results. Distributor: ALPS Distributors, Inc., Member: FINRA. ALPSDistributors, Inc. is not affiliated with Impax Asset Management LLC.

PEX000605 (7/18)

Invest in Women:The Business Case for Including Women in Corporate Leadership

Invest in Women:The Business Case for Including Women in Corporate Leadership

Anne GreenwoodImpax Asset Management LLC | Pax World Funds

The case for gender equality in 2018

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The gender gap isn’t a myth In a survey of nearly 22,000 firms globally:

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We cannot wait this long…

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The research is in:

Credit Suisse

Morgan Stanley

Harvard Business School

McKinsey

MSCI

Thomson/Reuters

Wells Fargo

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Women deliver results

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Investing in women isn’t just the right thing to do. It’s the smart thing to do.When women are at the table, companies simply perform better.

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Past performance does not guarantee future results. Source: Credit Suisse Research Institute, “The CS Gender 3000: Reward for Change,” September 2016.WoB indicates Women on Boards, or the number of female board members.

Invest in companies that invest in women

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Pax Ellevate Global Women’s Leadership Fund* Snapshot

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Overview- The first broadly diversified mutual fund that invests in the highest-rated companies in the world in advancing women’s leadership

Investment Objective - Long-term growth of capital

Investment Process- Quantitative, factor-based

Investment Style- Large Cap World Equity

Benchmark- MSCI World Index

Assets & Inception Dates- Assets Under Management: $204.5 million as of 3/31/18

- Institutional Class (PXWIX)- Inception Date: 4/19/06

- Investor Class (PXWEX)- Inception Date: 10/1/93

ƒ The Morningstar Ratings™ shown are as of 3/31/18. The Morningstar Rating for funds, or ‘star rating’, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange‐traded funds, closed end funds, and separate accounts) with at least a three‐year history. Exchange‐traded funds and open ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk‐Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product 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. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three‐, five‐ and ten‐ year (if applicable) Morningstar Rating metrics. The weights are 100% three‐year rating for 36‐59 months of total returns, 60% five‐year rating, 40% three‐year rating for 60‐119 months of total returns, and 50% ten‐year rating, 30% five‐year rating, 20% three‐year rating for 120 or more months of total returns. While the ten‐year overall rating formula seems to give the most weight to the ten‐year period, the most recent three‐year period actually has the greatest impact because it is included in all three rating periods. Ratings are subject to change every month. Pax Ellevate Global Women’s Leadership Fund Institutional Class (PXWIX) Morningstar ratings were 4 stars out of 717 funds overall, 4 stars out of 717 funds for 3‐years, 4 stars out of 591 funds for 5‐years. Pax EllevateGlobal Women’s Leadership Fund Investor Class (PXWEX) Morningstar ratings were 4 stars out of 717 funds overall, 4 stars out of 717 funds for 3‐years, 4 stars out of 591 funds for 5‐years.

MORNINGSTAR RATINGTM

*Effective February 26, 2018, the name of the Pax Ellevate Global Women’s Index Fund changed to the Pax Ellevate Global Women’s Leadership Fund.RISKS: Equity investments are subject to market fluctuations, the fund's share price can fall because of weakness in the broad market, a particular industry, or specific holdings. The Fund does not take defensive positions in declining markets. The Fund’s performance would likely be adversely affected by a decline in the Index. Investments in emerging markets and non-U.S. 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. There is no guarantee that the objective will be met and diversification does not eliminate risk.

Out of 717 World Large Stock Funds based on risk-adjusted returns as of 3/31/18

Where are the women?

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Why not more women in corporate leadership roles?

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Source: LeanIn.org and McKinsey & Company’s Women in the Workplace 2016 Report.

What are the top barriers to women in leadership?

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Source: “Navigating disruption without gender diversity? Think again.” EY, 2016. http://www.ey.com/Publication/vwLUAssets/EY‐women‐in‐industry/$FILE/EY‐women‐in‐industry.pdf

How to promote women’s leadership at your company

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Strategies that work

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• Break goals into bite-sized pieces

• Bring in a “change agent”

• Engage male champions of change

• Change must come from the top

Sponsorship not mentorship

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Sponsors

• Get you ‘in the room’

• Are plugged in

• Have the influence and confidence to recommend you

• Know you will deliver

“While mentors help you skill up, sponsors help you move up.”- Jo Miller of BeLeaderly

Why should this matter to you?

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"We're facing a retirement savings crisis in this country, and if you actually dig through the

numbers, it is, in large part, a women's crisis.”

– Sallie Krawcheck

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• Women live longer

• Women earn less

• Women take time off from work for family

• Women invest more conservatively

The retirement crisis is a women’s crisis

What can you do?

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Take ownership of your financial future --partnering with your Financial Advisor

• Take action

• Engage in planning and investing for your future

• Have confidence in you ability to reach your retirement goals

• Align your investments with your values

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Thank You

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Anne GreenwoodImpax Asset Management LLC | Pax World Funds

a.greenwood@impaxam.com

Anne Greenwood is a registered representative of ALPS Distributors, Inc.