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.