Management Fee Breakpoints

Details of the management fee breakpoints are provided in the table below.

FUND	ASSETS	ANNUAL RATE
Pax ESG Beta® Quality Fund	0.65% for $1 - $225M AUM	0.65%*
	0.55% for $225M - $375M AUM
	0.50% for $375M - $500M AUM
	0.45% for AUM over $500M
Pax ESG Beta® Dividend Fund	0.65% for $1 - $150M AUM	0.65%*
	0.55% for $150M - $375M AUM
	0.50% for $375M - $500M AUM
	0.45% for AUM over $500M
Pax Ellevate Global Women’s Leadership Fund	0.55% for $1 - $375M AUM	0.55%*
	0.50% for $375M - $750M AUM
	0.45% for AUM over $750M
Pax MSCI EAFE ESG Leaders Index Fund	0.48% for $1 - $600M AUM	0.48%*
	0.45% for $600M - $750M AUM
	0.40% for AUM over $750M
Pax Global Environmental Markets Fund	0.80% for $1 - $1B AUM	0.80%
	0.75% for $1B - $1.5B AUM
	0.70% for $1.5B - $2B AUM
	0.65% for $2B - $3B AUM
	0.60% for AUM over $3B

For additional information on the breakpoints, as well as all charges and expenses, please see the Pax World Funds Prospectus and Statement of Additional Information.

*The management fee is a unified fee that includes all of the operating costs and expenses of the Fund (other than taxes, charges of governmental agencies, interest, brokerage commissions incurred in connection with portfolio transactions, distribution and/or service fees payable under a plan pursuant to Rule 12b-1 under the Investment Company Act of 1940, acquired fund fees and expenses and extraordinary expenses), including accounting expenses, administrator, transfer agent and custodian fees, legal fees and other expenses.