Imfino News

PORTSMOUTH, N.H. January 24, 2018 – Pax Ellevate Management LLC, a gender lens investing pioneer and investment adviser to the Pax Ellevate Global Women’s Index Fund (PXWEX)† (the Fund), today announced that the Fund outperformed its benchmark, the MSCI World Index,* for the calendar year 2017. The Fund’s institutional class shares returned 25.14% and its individual class shares returned 24.86%, outpacing the MSCI World Index return of 22.40%.¹

The Fund’s relative outperformance in 2017 was primarily driven by the highest-rated companies for advancing women’s leadership, those with more women on their boards and in senior management, according to Pax’s Gender Leadership Ratings.²

“It has been a banner year for global equity markets and for companies that demonstrate strong gender leadership,” said Joe Keefe, CEO of Pax Ellevate. “By targeting the best companies in the world when it comes to advancing gender diverse leadership, the Fund is capturing the positive contribution that women make to business success over time.”

In 2017, Pax also filed seven shareholder resolutions with companies on gender pay equity reporting. This effort has opened dialogues at several companies, six of which have enhanced their pay equity disclosure. Notably, a pay equity reporting resolution at Oracle went to shareholder vote and received support of 38.7%, garnering a majority of Oracle’s non-inside shareholders.

“In 2017, sexual harassment in the workplace brought into better view the ongoing economic costs of poor corporate culture,” said Sallie Krawcheck, Chair of Pax Ellevate. “One way to develop a culture that supports women is to improve gender diversity at the top. Gender lens investing and shareholder engagement encourages companies to do just that.”

The Fund invests in the Pax Global Women’s Leadership Index (the Index), the first index of the top-rated companies in the world for advancing women onto their boards and into executive management, as rated by Pax World Gender Analytics.³ For calendar year 2017, the Index return of 22.78% outperformed its comparable broad market benchmark, the MSCI World Index, return of 22.40%.¹

Pax Ellevate Management LLC

Pax Ellevate Management LLC, investment adviser to the Pax Ellevate Global Women’s Index Fund, is the result of a partnership between Impax Asset Management LLC, formerly Pax World Management LLC (“Pax”), and Ellevate Asset Management LLC, whose principal is Sallie Krawcheck. Pax Ellevate was founded on the principle that gender diversity plays a critical role in business success over time and that investors can benefit from investing in companies that advance women. Pax has long been a recognized leader in investing in women and advocating for greater representation of women in business leadership. Ms. Krawcheck, who serves as Chair of Pax Ellevate and a trustee of the Fund, is one of the most powerful advocates for women in the financial services industry.

¹The annualized returns for the Pax Ellevate Global Women’s Index Fund – Individual Investor class as of 12/31/2017 were, 1 year: 24.86%, 3 year: 9.41%, 5 year: 11.57%, 10 year: 4.08%. The annualized returns for the Pax Ellevate Global Women’s Index Fund – Institutional class as of 12/31/2017 were, 1 year: 25.14%, 3 year: 9.67%, 5: year 11.84%, 10 year: 4.34%. The returns for the MSCI World Index as of 12/31/2017 were, 1 year: 22.40%, 3 year: 9.26%, 5 year: 11.64%, 10 year: 5.03%. The returns for the Pax Global Women’s Leadership Index as of 12/31/2017 were, 1 year: 22.78% and 3 year: 10.02%.

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 www.paxworld.com. Total annual Pax Ellevate Global Women’s Index Fund operating expenses, gross of any fee waivers or reimbursements, for Institutional Class and Individual Investor Class shares are 0.65% and 0.90%, respectively, as of 5/1/2017 prospectus.

²To measure and analyze the Gender Leadership contribution to relative performance, Pax groups stocks into four quartiles based on their Gender Leadership rank calculated by the Pax Gender Analytics team.† For the 2017 period, companies ranked in the top quartile, or the highest-rated gender leadership group, added the most to relative performance.

³The Pax Global Women’s Leadership Index is a custom index calculated by MSCI. One cannot invest directly in an index.

^†On 6/4/2014, the Pax World Global Women’s Equality Fund merged into the Pax Ellevate Global Women’s Index 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 World 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.

*The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The MSCI World Index consists of the following 23 developed market country indexes: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States. One cannot invest directly in an index. Returns are shown net which includes dividend reinvestments after deduction of foreign withholding tax.

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. 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. Investments in emerging markets and non-U.S. securities are generally less liquid and less efficient than investments in developed markets and are subject to additional risks, such as risks of adverse governmental regulation, intervention and political developments. There is no guarantee that the objective will be met and diversification does not eliminate risk.

Distributed by ALPS Distributors, Inc. ALPS is not affiliated with Ellevate Asset Management or MSCI.

Pax Ellevate

Pax Ellevate Management LLC, investment adviser to the Pax Ellevate Global Women’s Index Fund, is the result of a partnership between Impax Asset Management LLC, formerly Pax World Management LLC (“Pax”), and Ellevate Asset Management LLC, whose principal is Sallie Krawcheck. Pax Ellevate was founded on the principle that gender diversity plays a critical role in business success over time and that investors can benefit from investing in companies that advance women. Pax has long been a recognized leader in investing in women and advocating for greater representation of women in business leadership. Ms. Krawcheck, who serves as Chair of Pax Ellevate and a trustee of the Fund, is one of the most powerful advocates for women in the financial services industry.