A few notes regarding 2021 Fund distributions:

Why are some Funds’ capital gains so large?  Each Fund is required to distribute 98.2% of its net profits (capital gains) annually in accordance with federal tax guidelines. For Fiscal Year 2021, the mutual fund industry as a whole is experiencing large capital gains requirements driven by the strong market performance of underlying investments. Capital gains will fluctuate from year to year, and a capital gain distribution may not be a reflection of the Fund’s performance.

Why did some Funds’ NAVs drop? When a mutual fund pays a distribution, the value of each share is reduced proportionately. For example, if a fund has a net asset value (NAV) of $11 per share on the record date and pays out a distribution of $1 per share, the NAV on the ex-dividend date would be reduced to $10 (not accounting for any market fluctuations). If a shareholder holds 1,000 shares at $11 per share for an account value of $11,000 and the $1,000 distribution is reinvested, the shareholder now will hold 1,100 shares at $10 per share for the same account value of $11,000. If the shareholder takes the distribution in cash, they will receive $1,000, and $10,000 will remain in their account.

A distribution does not result in a loss to the shareholder.  The total value is unaffected by the distribution.

The record date for distributions for all Funds excluding the Pax Sustainable Allocation Fund is December 21, 2021. The ex-dividend and reinvestment date is December 22, 2021. The payment date is December 23, 2021. The record date for distributions for the Pax Sustainable Allocation Fund is December 27, 2021. The ex-dividend and reinvestment date is December 28, 2021. The payment date is December 29, 2021.


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. To obtain performance for the most recent quarter- and month-end, visit our performance page.

To view historical NAV data, please choose the Fund and then the year that you wish to view.

Net Asset Values

(As of 12/01/2022)
 N.A.V.% Change
Pax US Sustainable Economy Fund – Investor Class $21.79 0.23
Pax US Sustainable Economy Fund – Institutional Class $22.66 0.27
Pax US Sustainable Economy Fund – Class A $21.71 0.23
Pax High Yield Bond Fund – Investor Class $5.85 0.86
Pax High Yield Bond Fund – Institutional Class $5.83 0.87
Pax High Yield Bond Fund – Class A $5.87 1.03
Pax Ellevate Global Women’s Leadership Fund – Investor Class $29.37 0.27
Pax Ellevate Global Women’s Leadership Fund – Institutional Class $29.56 0.31
Pax Small Cap Fund – Investor Class $15.14 0.13
Pax Small Cap Fund – Institutional Class $15.38 0.20
Pax Small Cap Fund – Class A $15.09 0.13
Pax Global Environmental Markets Fund – Investor Class $20.52 0.93
Pax Global Environmental Markets Fund – Institutional Class $20.69 0.93
Pax Global Environmental Markets Fund – Class A $20.49 0.94
Pax International Sustainable Economy Fund – Investor Class $9.11 1.00
Pax International Sustainable Economy Fund – Institutional Class $8.92 0.90
Pax Sustainable Allocation Fund – Investor Class $24.97 0.44
Pax Sustainable Allocation Fund – Institutional Class $25.47 0.43
Pax Core Bond Fund – Investor Class $8.83 0.91
Pax Core Bond Fund – Institutional Class $8.83 0.91
Pax Large Cap Fund – Investor Class $12.63 -0.16
Pax Large Cap Fund – Institutional Class $12.69 -0.08
Pax Global Sustainable Infrastructure Fund – Investor Class $8.98 0.56
Pax Global Sustainable Infrastructure Fund – Institutional Class $9.04 0.56
Pax Global Opportunities Fund – Investor Class $14.45 0.98
Pax Global Opportunities Fund – Institutional Class $14.52 0.97

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