Sallie Krawcheck, Pax World to Partner on Pax Ellevate Global Women’s Index Fund (PXWEX)

  Sallie Krawcheck, Pax World to Partner on Pax Ellevate Global Women’s Index
  Fund (PXWEX)

           Fund Will Track New Pax Global Women’s Leadership Index

Business Wire

PORTSMOUTH, N.H. -- June 4, 2014

Pax World Management LLC and Ellevate Asset Management LLC announced today
that they have entered into a partnership agreement to manage and distribute
the Pax Ellevate Global Women’s Index Fund (, which is a
successor fund to the Pax World Global Women’s Equality Fund, following a
shareholder-approved merger. The Fund is the first and only mutual fund in the
United States that focuses on investing in companies that are global leaders
in advancing women.

Sallie Krawcheck is a principal of Ellevate Asset Management, which has
acquired an ownership interest in Pax Ellevate Management LLC (“Pax
Ellevate”), the investment adviser to the Fund, where Ms. Krawcheck will serve
as Chair. Ms. Krawcheck has also been elected to the board of trustees of the

The Pax Ellevate Global Women’s Index Fund will seek investment returns that
closely correspond to or exceed the price and yield performance, before fees
and expenses, of the Pax Global Women’s Leadership Index (“the Global Women’s
Leadership Index”).*

The Global Women’s Leadership Index, the first index of its kind, consists of
equity securities of companies around the world that demonstrate a commitment
to advancing women through gender diversity on their board, in executive
management and through other policies and programs, as rated by Pax World
Gender Analytics. Companies in the Index also meet key environmental, social
and governance (ESG) standards, as rated by MSCI ESG Research.

Women hold 31 % of board seats in companies held in the new Fund, and 24 % of
senior management positions, as compared to global averages of only 11 % in
each case.^1 Fully 97 % of companies in the Fund have two or more women on
their board and nearly 70 % have three or more women on their board.

“I am pleased to be partnering with Pax World to introduce the Pax Ellevate
Global Women’s Index Fund,” said Ms. Krawcheck. “This is a major step forward
in directing investor capital to the highest-rated companies in the world in
advancing women’s leadership. We believe that it is simply smart business to
invest in women and that this investment case will be borne out over time by
the performance of this global index fund.”

The Pax partnership represents the first investment initiative undertaken by
Ms. Krawcheck since she purchased the Ellevate women’s network (formerly named
“85 Broads”) last year. She is the former president of the Global Wealth &
Investment Management division of Bank of America, which includes Merrill
Lynch and U.S. Trust; former CEO of Citigroup’s wealth management business,
including Smith Barney and the Citi Private Bank; and former Director of
Research and then chairman and CEO of sell-side research firm Sanford

“Sallie is one of the most respected individuals in financial services, and
her interest in partnering on the Pax Ellevate Global Women’s Index Fund
speaks to the gathering momentum around investing in women, and in companies
that invest in women,” said Pax World President and CEO Joe Keefe. “This is
the first fund of its kind investing in the first broad-market, global index
where the universe of companies is distinguished, vis-a-vis the market as a
whole, by its gender leadership. We hope to measure the contributions and
capture the returns associated with women’s leadership and to deliver market
or above-market returns over the long term. We therefore believe the Fund can
be considered as a core holding in many investor portfolios.”

“I can think of no better way to invest in women than to invest in those
companies around the world that have distinguished themselves by both their
business performance and their leadership in advancing women,” said Krawcheck
today of her decision to partner on the Pax Ellevate Global Women’s Index
Fund. “This Fund represents a market solution to a global business challenge –
the need to increase the number of women on boards and in management. The
business edge that often comes from more diverse leadership teams is an
investment idea whose time has come. These are not niche companies. Many are
widely-recognized brands in their fields, and I look forward to shining a
spotlight on – and helping putting capital behind –the kind of progressive
thinking that can yield strong company performance.”


* A custom index calculated by MSCI. One cannot invest directly in an index.

^1 Women on Boards Survey, Governance Metrics International, ^ April 2013

About Pax World Management LLC

Pax World Management LLC, investment adviser to Pax World Funds
(, is a recognized leader in Sustainable Investing, the full
integration of environmental, social and governance (ESG) factors into
investment analysis and decision making. Pax World Funds include the Pax
Ellevate Global Women’s Index Fund (PXWEX), the only mutual fund in America
focused on investing in companies that are global leaders in advancing women.
Across all of its funds, Pax World withholds support from all-male corporate
board slates, and working with other institutional investors, actively engages
with companies to embrace gender diversity on their boards.

About Ellevate Asset Management LLC

Ellevate Asset Management LLC was formed by Sallie Krawcheck and business
partner Allyson McDonald to provide investors with a means of directing
capital to companies that actively embrace gender diversity and female
leadership as a lever for business success. Krawcheck also owns Ellevate
Network (formerly 85 Broads), the global professional women's network. Both of
these organizations are dedicated to the economic engagement of women

About MSCI

MSCI is a leading provider of investment decision support tools toclients
ranging from large pension plans to boutique hedge funds. Located in 24
countries around the world, MSCI is dedicated to supporting the increasingly
complex needs of the investment community with groundbreaking new products,
high quality data, superior distribution and dedicated client support. Since
the MSCI indices were launched over 40 years ago, the company has grown to
become one of the world’s leading players in the provision of products and
services to institutional investors.

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

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.


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prospectus by calling 800.767.1729 or visiting Please read
it carefully before investing. Distributor: ALPS Distributors, Inc., Member:

Past performance does not guarantee future results. Index returns do not
represent fund returns.


Solomon McCown
Marisa Connolly, 617-620-5648
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