Overall Morningstar RatingTM†
Individual Investor Class (PXINX)

★★★★

Out of 651 Foreign Large Blend Funds
based on risk adjusted returns as of 4/30/15

Pax MSCI International
ESG Index Fund
Inception Date: March 31, 2014
Type of Fund: International
Symbol: PXINX
CUSIP: 704223759
Minimum Investment: $1000
Fund ExpensesMore info
(05/01/2015):
Expense Ratio

Total expenses include a management fee of 0.55%. 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 and extraordinary expenses), including accounting expenses, administrator, transfer agent and custodian fees, Fund legal fees and other expenses. (For this purpose, Pax World Management does not consider acquired fund fees and expenses to be operating costs and expenses of the Fund.)

Management Fee: 0.55%
12-b1 Fees: 0.25%
Total expenses: 0.80%
Inception Date: January 27, 2011
Type of Fund: International
Symbol: PXNIX
CUSIP: 704223742
Minimum Investment: $250,000
Fund ExpensesMore info
(05/01/2015):
Management Fee: 0.55%
12-b1 Fees:
Total expenses: 0.55%
Inception Date: March 31, 2014
Type of Fund: International
Symbol: PXIRX
CUSIP: 704223734
Minimum Investment: No Minimum
Fund ExpensesMore info
(05/01/2015):
Management Fee: 0.55%
12-b1 Fees: 0.50%
Total expenses: 1.05%

The Fund is a passively-managed equity fund that seeks investment returns that closely correspond to the price and yield performance, before fees and expenses, of the MSCI EAFE ESG Index.

Index Performance and Risk - Since Index Inception 10/1/2007

The MSCI EAFE ESG Index has outperformed the MSCI EAFE Index by 5.16% cumulative from 10/01/07 to 03/31/2015. Comparable returns since index inception are shown gross which include dividend reinvestment without a reduction for tax. Past performance is no guarantee of future results. Index performance is not necessarily representative of fund performance; one cannot invest directly in an index. Standard Deviation measures a Fund's variation around its mean performance; a high standard deviation implies greater volatility.

Strategy:

About MSCI ESG Research Methodology


MSCI’s ESG research framework generates an analysis and rating of each company’s management of its environmental, social and governance performance. The rating criteria address a company’s ESG performance in the context of five categories, covering key corporate stakeholders. The categories are: 1) environment, 2) community and society, 3) employees and supply chain, 4) customers – including the quality and safety record of a company’s products, and 5) governance and ethics. MSCI applies its proprietary ESG rating framework to each company by selecting the ESG rating criteria most relevant to each firm. To evaluate a company, analysts review more than 500 data points and score more than 100 indicators.

 

On 3/31/2014 Pax World International Fund and Pax MSCI EAFE ESG Index ETF merged into the Pax MSCI International ESG Index Fund (the Fund), a passively managed index fund which seeks investment returns that closely correspond to the price and yield performance, before fees and expenses, of the MSCI EAFE ESG Index. Based on the similarity of the Fund to Pax MSCI EAFE ESG Index ETF, Pax MSCI EAFE ESG Index ETF (the Predecessor Fund) is treated as the survivor of the mergers for accounting and performance reporting purposes. Accordingly, all performance and other information shown for the Fund for periods prior to 3/31/2014 is that of the Predecessor Fund.

About the Indexes

The MSCI EAFE ESG Index is designed to measure the performance of equity securities of issuers of developed countries around the world excluding the U.S. and Canada that have high Environmental, Social and Governance (ESG) ratings relative to their sector and industry peers, as rated by MSCI ESG Research annually.

The MSCI EAFE (Europe, Australasia, Far East) Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The MSCI EAFE Index consists of the following 21 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. Performance for the MSCI EAFE Index is shown “net”, which includes dividend reinvestments after deduction of foreign withholding tax. Investors cannot invest directly in any index.

Source: MSCI

MSCI is not affiliated with ALPS Distributors, Inc.

 

 

The Morningstar RatingsTM shown are as of 4/30/15 and are based on risk-adjusted 3-, 5-, and 10-year (if applicable) returns, and past performance is no guarantee of future results. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each 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. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.)

The Pax MSCI International ESG Index Fund Individual Investor Class (PXINX) Morningstar ratings were 4 stars out of 651 funds overall, 4 stars out of 651 funds for 3-years. Ratings are subject to change every month. The Pax MSCI International ESG Index Fund Institutional Class (PXNIX) Morningstar ratings were 4 stars out of 651 funds overall, 4 stars out of 651 funds for 3-years.