The Wall Street Journal The Pax Ellevate Global Women’s Leadership Fund is highlighted in this article about options for investors who want to support the advancement of women.

The annualized returns for the Pax Ellevate Global Women’s Leadership Fund – Investor class as of 10/31/2021 were, 1 year: 36.30%, 3 year: 16.54%, 5 year: 14.89%, 10 year: 11.43% and Since Reorganization (6/4/2014): 10.28%. The annualized returns for the Impax Global Women’s Leadership (Net) Index as of 10/31/2021 were, 1 year: 39.82%, 3 year: 17.55%, 5 year: 15.40% and Since Reorganization (6/4/2014): 10.99%.

The annualized returns for the Pax Ellevate Global Women’s Leadership Fund – Investor class as of 9/30/2021 were, 1 year: 25.12%, 3 year: 11.55%, 5 year: 13.05%, 10 year: 11.98% and Since Reorganization (6/4/2014): 9.53%. The annualized returns for the Impax Global Women’s Leadership (Net) Index as of 9/30/2021 were, 1 year: 26.65%, 3 year: 12.60%, 5 year: 13.61% and Since Reorganization (6/4/2014): 10.23%.

Performance data quoted represent 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. For most recent month-end performance information, visit

On 6/4/2014, the Pax Global Women’s Equality Fund merged into the Pax Ellevate Global Women’s Leadership Fund (the Fund), pursuant to an Agreement and Plan of Reorganization dated March 4, 2014 (the “Reorganization”). Because the Fund had no investment operations prior to the closing of the Reorganization, Pax 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. 10 year performance data pre-dates fund reorganization.

Investments involve risk, including potential loss of principal.

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. 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. 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. There is no guarantee that the objective will be met and diversification does not eliminate risk. The investment techniques and decisions of the investment adviser and the Fund’s portfolio manager(s), including the investment adviser’s assessment of a company’s ESG (Environmental, Social and Governance) profile when selecting investments for the Fund, may not produce the desired results and may adversely impact the Fund’s performance, including relative to other Funds that do not consider ESG factors or come to different conclusions regarding such factors.

Environmental, social, and governance (ESG) criteria are a set of standards for a company’s operations that socially conscious investors use to screen potential investments. Environmental criteria consider how a company performs as a steward of nature. Social criteria examine how it manages relationships with employees, suppliers, customers, and the communities where it operates. Governance deals with a company’s leadership, executive pay, audits, internal controls, and shareholder rights.

The Impax Global Women’s Leadership Index is a customized market capitalization-weighted index created and licensed by Impax Asset Management (“IAM”) 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 the IAM Gender Analytics team, with final approval by the IAM Women’s Index Committee. In addition, the companies comprising the Women’s Index meet certain environmental, social and governance (ESG) or sustainability thresholds, as rated by MSCI ESG Research.

The S&P 500 Index is an unmanaged index of large capitalization common stocks.

One cannot invest directly in an index.

About Expenses

Total annual Pax Ellevate Global Women’s Leadership Fund operating expenses, gross of any fee waivers or reimbursements, for Institutional Class and Investor Class shares are 0.53% and 0.78% respectively as of the 5/1/2021 prospectus.

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, Fund legal fees and other expenses.

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