Pax Ellevate Global Women's Index Fund Year-End Distributions

Investors may note that the Pax Ellevate Global Women's Index Fund had a
significant drop in share price (NAV) on Monday, 12/22/2014. The drop in NAV
is directly related to the annual excise dividends that the Fund paid on Monday.
The Pax Ellevate Global Women's Index Fund paid $2.21 in capital gains per share plus a small income dividend (between $0.08 and $0.10 per share, depending on the share class). When a fund declares a dividend distribution, its NAV per share is reduced by the aggregate per-share distribution rate. Shareholders of the fund will either receive cash or additional shares (depending on whether or not they chose to reinvest distributions in their accounts). Therefore, there is no loss to shareholders or reduction in the value of their investment in the fund as a result of the capital gains and dividend distribution. In fact the Pax Ellevate Global Women's Index Fund’s performance was positive for the one day period on Monday, 12/22/2014. For complete information about Pax World Funds distributions, please visit the Distributions page.