PROSPECTUS. May 1, 2015

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1 PAX WORLD BALANCED FUND Individual Investor Class (PAXWX) Institutional Class (PAXIX) Class R (PAXRX) PAX WORLD GROWTH FUND Individual Investor Class (PXWGX) Class A (PXGAX) Institutional Class (PWGIX) Class R (PXGRX) PAX WORLD SMALL CAP FUND Individual Investor Class (PXSCX) Class A (PXSAX) Institutional Class (PXSIX) Class R (PXSRX) PAX WORLD HIGH YIELD BOND FUND Individual Investor Class (PAXHX) Class A (PXHAX) Institutional Class (PXHIX) Class R (PXHRX) PAX WORLD GLOBAL ENVIRONMENTAL MARKETS FUND Individual Investor Class (PGRNX) Class A (PXEAX) Institutional Class (PGINX) Class R (PGRGX) PAX MSCI INTERNATIONAL ESG INDEX FUND Individual Investor Class (PXINX) Institutional Class (PXNIX) Class R (PXIRX) PAX ELLEVATE GLOBAL WOMEN S INDEX FUND Individual Investor Class (PXWEX) Institutional Class (PXWIX) PROSPECTUS May 1, 2015 The prospectus explains what you should know about the funds before you invest. Please read it carefully. The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy or accuracy of this Prospectus. Any representation to the contrary is a criminal offense.

2 Pax World Funds Series Trust I Supplement Dated October 19, 2015 to the Prospectuses Dated May 1, 2015 Effective October 26, 2015, the Prospectus and Statement of Additional Information for the Pax World High Yield Bond Fund are amended, as follows: Prospectus Page 33 The section entitled Portfolio Managers is replaced in its entirety with the following: The following provides additional information about the individual portfolio managers who have primary responsibility for managing the High Yield Bond Fund s investments. Portfolio Manager Since Title Peter Schwab 2015 Portfolio Manager Kent Siefers 2009 Portfolio Manager (Analyst prior to 2015) Page 86 The first full paragraph is replaced in its entirety with the following: Peter Schwab is Portfolio Manager of the Pax World High Yield Bond Fund. Mr. Schwab joined Pax World in Prior to joining Pax World, Peter was a Managing Director on the High Yield Bond and Loan Team at Goldman Sachs Asset Management. Peter joined Goldman Sachs Asset Management as a Senior Sector Analyst in 2000 and was promoted to Director of High Yield Research in Prior to joining Goldman Sachs Asset Management, Peter was an Investment Associate in the High Yield Group at Putnam Investments and a member of the High Yield Research Group at Donaldson, Lufkin and Jenrette. Peter has a Bachelor of Arts in History and Economics from Union College and a Master of Business Administration in Finance from Columbia Business School. He is a CFA charter holder, a member of the New York Society of Security Analysts and holds the Series 7 and 63 registrations.

3 Statement of Additional Information Page 51 The table entitled Portfolio Managers under Other Accounts Managed is replaced with the following: Number of Assets of Other Other Registered Registered Other Pooled Other Investment Investment Vehicles Accounts Companies Companies Portfolio Manager AUM ($ million) AUM $ (million) Managed AUM $ (million) Christopher H. Brown $0 $ $65.4 Anthony Trzcinka $0 $ $ 0 Peter Schwab $0 $ 0 0 $ 0 Scott LaBreche $0 $ 0 0 $ 0 Heather Smith $0 $ 0 0 $ 0 Julie Gorte $0 $ 0 0 $ 0 Nathan Moser $0 $ 0 4 $65.4 Greg Hasevlat $0 $ 0 0 $ 0 Kent Siefers $0 $ $ 0 Page 52 The section entitled Ownership of Securities is replaced in its entirety with the following: As of December 31, 2014 (i) the dollar value of shares of the Balanced Fund owned beneficially by Christopher H. Brown was $100,001-$500,000; by Anthony Trzcinka was $50,001-$100,000; and by Nathan Moser was $10,001- $50,000, (ii) the dollar value of shares of the Growth Fund owned beneficially by Anthony Trzcinka was $100,001-$500,000, (iii) the dollar value of shares of the Small Cap Fund owned beneficially by Nathan Moser was $50,001- $100,000, (iv) the dollar value of shares of the High Yield Bond Fund owned beneficially by Peter Schwab was $0; and by Kent Siefers was $0 (v) the dollar value of shares of the Global Environmental Markets Fund owned beneficially by Bruce Jenkyn-Jones was $0; and by Hubert Aarts was $0 (vi) the dollar value of shares of the International Index Fund owned beneficially by Christopher H. Brown was $10,001-$50,000; by Scott LaBreche was $1-$10,000; and by Greg Hasevlat was $0, (vii) the dollar value of shares of the Global Women s Index Fund owned beneficially by Julie Gorte was $0; by Scott LaBreche was $1-$10,000; and by Heather Smith was $0.

4 Effective October 26, 2015, the Prospectus and Statement of Additional Information for the ESG Managers Portfolios are amended, as follows: Prospectus The table in the section entitled Portfolio Managers is replaced in its entirety with the following, in each instance: Pages 20, 29 and 38 Since Title Shannon Zimmerman, Ph.D Senior Investment Consultant for Morningstar Investment Management Peter DiTeresa 2009 Director of Manager Selection for Morningstar Investment Management Christopher H. Brown 2009 Chief Investment Strategist for the Adviser Peter Schwab, CFA 2015 Portfolio Manager for the Adviser Nathan Moser, CFA 2009 Portfolio Manager for the Adviser Page 57 The third paragraph is replaced in its entirety with the following: Peter Schwab is Portfolio Manager of the Pax World High Yield Bond Fund. Mr. Schwab joined Pax World in Prior to joining Pax World, Peter was a Managing Director on the High Yield Bond and Loan Team at Goldman Sachs Asset Management. Peter joined Goldman Sachs Asset Management as a Senior Sector Analyst in 2000 and was promoted to Director of High Yield Research in Prior to joining Goldman Sachs Asset Management, Peter was an Investment Associate in the High Yield Group at Putnam Investments and a member of the High Yield Research Group at Donaldson, Lufkin and Jenrette. Peter has a Bachelor of Arts in History and Economics from Union College and a Master of Business Administration in Finance from Columbia Business School. He is a CFA charter holder, a member of the New York Society of Security Analysts and holds the Series 7 and 63 registrations.

5 Statement of Additional Information Page 48 The table entitled Other Accounts Managed under Portfolio Managers is replaced with the following: Number of Other Other Registered Registered Other Pooled Other Investment Investment Vehicles Accounts Companies Companies Portfolio Manager AUM ($ million) AUM $ (million) Managed AUM $ (million) Christopher H. Brown $0 $ $2,122.2 Peter Schwab $0 $ 0 0 $ 0 Nathan Moser $0 $ 0 1 $ Peter DiTeresa $0 $ 0 0 $ 0 Shannon Zimmerman $0 $ 0 0 $ 0 Page 49 The table entitled Ownership of Securities under Portfolio Managers is replaced in its entirety with the following: Growth and Growth Income Balanced Income Portfolio Manager Portfolio Portfolio Portfolio Portfolio Christopher H. Brown $0 $0 $0 $0 Peter Schwab $0 $0 $0 $0 Nathan Moser $0 $0 $0 $0 Peter DiTeresa $10,001-$50,000 $0 $0 $0 Shannon Zimmerman $0 $0 $0 $0

6 Effective October 26, 2015, the Prospectus for the Pax World Mutual Funds is amended, as follows: Page 94 The section entitled Contingent Deferred Sales Charges (Certain Class A Shares) is replaced in its entirety with the following: Unless otherwise agreed with the Advisers, Class A shares that are part of a purchase of $1 million or more (other than by a qualified retirement plan) will be subject to a 1.00% deferred sales charge if redeemed within 18 months of purchase. Please see the Funds Statement of Additional Information for more information. Deferred sales charges will be based on the lower of the shares original purchase price and current NAV. Shares not subject to any charge will be redeemed first, followed by shares held longest. You may sell shares acquired by reinvestment of distributions without a charge at any time. Page 106 The first paragraph in the section entitled How to Exchange Shares is replaced in its entirety with the following: In General A shareholder may exchange Institutional Class, Individual Investor Class or Class A shares of any Fund for shares of the same class of any other Pax World Fund, or Individual Investor Class shares of any Fund for Institutional Class shares of any other Pax World Fund; or Institutional Class shares of any Fund for Individual Investor Class shares of any other Pax World Fund, subject to the minimum investment requirements of such classes and to the frequent purchase and redemptions policies described below. A shareholder may also exchange Class A shares of any Fund for Individual Investor Class or Institutional Class shares of any other Pax World Fund that does not offer Class A shares, subject to the minimum investment requirements of such classes and to the frequent purchase and redemptions policies described below. In addition, an exchange generally will be treated as a redemption and purchase for tax purposes and any gain on such transaction may be subject to federal income tax, except that an exchange of shares between two classes of the same Pax World Fund generally is not a taxable exchange. Shares are exchanged on the basis of their respective net asset values, next determined after the transfer agent receives the exchange request in proper form. Page 107 The two paragraph Section entitled Pax World Money Market Account is deleted in its entirety. Shareholders should retain this Supplement for future reference.

7 Pax World Funds Series Trust I Pax World Global Environmental Markets Fund Supplement Dated September 28, 2015 to the Prospectus and Statement of Additional information Dated May 1, 2015 Effective September 28, 2015, the Prospectus and Statement of Additional Information are amended, as follows: Prospectus Page 40 The section entitled Portfolio Managers is replaced in its entirety with the following: Portfolio Managers The following provides additional information about the individual portfolio managers who have primary responsibility for managing the Global Environmental Markets Fund s investments. Portfolio Manager Since Title Bruce Jenkyn-Jones 2008 Portfolio Manager Hubert Aarts 2013 Portfolio Manager Page 86 The sixth portfolio manager description under Portfolio Managers is deleted in its entirety.

8 Statement of Additional Information Page 51 In the section entitled Portfolio Managers Other Accounts Managed, the table summarizing information regarding other accounts managed by the coportfolio managers of the Global Environmental Markets Fund is replaced in its entirety with the following table: Other Pooled Vehicles AUM ($ million) Other Accounts AUM $ (million) Number of Other Registered Investment Companies Managed Other Registered Investment Companies AUM $ (million) Portfolio Manager Bruce Jenkyn-Jones $ 3,005 $ $ 0 Hubert Aarts $ 2,015 $ $ 0 Page 52 The section entitled Portfolio Managers Ownership of Securities is replaced in its entirety with the following: As of December 31, 2014 (i) the dollar value of shares of the Balanced Fund owned beneficially by Christopher H. Brown was $100,001- $500,000; by Anthony Trzcinka was $50,001-$100,000; and by Nathan Moser was $10,001-$50,000, (ii) the dollar value of shares of the Growth Fund owned beneficially by Anthony Trzcinka was $100,001- $500,000, (iii) the dollar value of shares of the Small Cap Fund owned beneficially by Nathan Moser was $50,001-$100,000, (iv) the dollar value of shares of the High Yield Bond Fund owned beneficially by Mary V. Austin was $1-$10,000; and by Kent Siefers was $0 (v) the dollar value of shares of the Global Environmental Markets Fund owned beneficially by Bruce Jenkyn-Jones was $0; and by Hubert Aarts was $0 (vi) the dollar value of shares of the International Index Fund owned beneficially by Christopher H. Brown was $10,001-$50,000; by Scott LaBreche was $1-$10,000; and by Greg Hasevlat was $0, (vii) the dollar value of shares of the Global Women s Index Fund owned beneficially by Julie Gorte was $0; by Scott LaBreche was $1-$10,000; and by Heather Smith was $0.

9 Table of Contents Pax World Balanced Fund Summary of Key Information...6 Investment Objectives...6 Fees & Expenses...6 Example of Expenses...6 Portfolio Turnover...7 Principal Investment Strategies...7 Principal Risks...8 Performance Information...10 Investment Adviser...12 Portfolio Managers...12 Pax World Growth Fund Summary of Key Information...13 Investment Objective...13 Fees & Expenses...13 Example of Expenses...14 Portfolio Turnover...15 Principal Investment Strategies...15 Principal Risks...16 Performance Information...17 Investment Adviser...19 Portfolio Manager...19 Pax World Small Cap Fund Summary of Key Information...20 Investment Objective...20 Fees & Expenses...20 Example of Expenses...21 Portfolio Turnover...22 Principal Investment Strategies...22 Principal Risks...23 Performance Information...24 Investment Adviser...26 Portfolio Manager...26

10 Table of Contents, continued Pax World High Yield Bond Fund Summary of Key Information...27 Investment Objectives...27 Fees & Expenses...27 Example of Expenses...28 Portfolio Turnover...28 Principal Investment Strategies...29 Principal Risks...29 Performance Information...31 Investment Adviser...33 Portfolio Managers...33 Pax World Global Environmental Markets Fund Summary of Key Information...34 Investment Objective...34 Fees & Expenses...34 Example of Expenses...35 Portfolio Turnover...36 Principal Investment Strategies...36 Principal Risks...37 Performance Information...38 Investment Adviser...40 Portfolio Managers...40 Pax MSCI International ESG Index Fund Summary of Key Information...41 Investment Objective...41 Fees & Expenses...41 Example of Expenses...41 Portfolio Turnover...42 Principal Investment Strategies...42 Principal Risks...43 Performance Information...45 Investment Adviser...48 Portfolio Managers...48

11 Table of Contents, continued Pax Ellevate Global Women s Index Fund Summary of Key Information...49 Investment Objective...49 Fees & Expenses...49 Example of Expenses...50 Portfolio Turnover...50 Principal Investment Strategies...50 Principal Risks...52 Performance Information...54 Investment Adviser...57 Portfolio Managers...57 Important Additional Information About the Funds...58 Purchase and Sale of Fund Shares...58 Taxes...58 Payments to Broker-Dealers and Other Financial Intermediaries...58 About the Funds Investment Objectives and Strategies...59 Pax World Balanced Fund...59 Pax World Growth Fund...61 Pax World Small Cap Fund...63 Pax World High Yield Bond Fund...64 Pax World Global Environmental Markets Fund...66 Pax MSCI International ESG Index Fund...68 Pax Ellevate Global Women s Index Fund...69 Risks...71 Sustainable Investing...78 Portfolio Holdings...83 Management, Organization and Capital Structure...83 Investment Advisers...83 Sub-Adviser...84 Portfolio Managers...85 How Share Price is Determined...88 Shareholder Guide Choosing a Share Class...89

12 Table of Contents, continued Shareholder Guide, continued How to Purchase Shares...91 Sales Charges...93 Purchasing Additional Shares...98 How to Sell Shares How to Exchange Shares Frequent Purchases and Redemptions of Fund Shares Additional Information About Specified Benefit Plans (Class R Shareholders Only) Taxes, Dividends and Distributions Taxes Dividends and Distributions Important Note Regarding Lost Shareholders Shareholder Services Online Account Access Tax-Advantaged Retirement Plans Delivery of Shareholder Documents Global Citizen Program Voluntary Income Contribution to Foster Sustainable Development and Empower Women Distribution Arrangements Rule 12b-1 Plans Payment for Sub-Transfer Agency Services Additional Payments to Financial Intermediaries Financial Highlights Client Privacy Statement...132

13 Pax World Balanced Fund (the Balanced Fund ) Summary of Key Information Investment Objectives The Balanced Fund s primary investment objective is to seek income and conservation of principal 1. As a secondary investment objective, the Balanced Fund seeks long-term growth of capital. Fees & Expenses The tables below describe the fees and expenses that you may pay if you buy and hold Institutional Class, Individual Investor Class or Class R shares of the Balanced Fund. Shareholder Fees (Fees Paid Directly From Your Investment) Institutional Individual Class Investor Class Class R Wire Redemption Fee 2... $10.00 $10.00 $10.00 Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment): Management Fee % 0.50% 0.50% Distribution and/or Service (12b-1) Fees % 0.25% 0.50% Acquired Fund Fees % 0.01% 0.01% Other Expenses % 0.17% 0.17% Total Annual Fund Operating Expenses % 0.93% 1.18% Example of Expenses This example is intended to help you compare the cost of investing in Institutional Class, Individual Investor Class and Class R shares of the Balanced Fund with the cost of investing in other mutual funds. The table assumes that an investor invests $10,000 in Institutional Class, Individual Investor Class or Class R shares of the Balanced Fund for the time periods indicated 1 Although the Balanced Fund seeks conservation of principal, no assurance can be given that the Fund will achieve this objective, and an investment in the Fund involves the risk of loss. 2 The Fund charges a fee of $10.00 for each wire redemption, subject to change without notice. 6

14 and then redeems all of his or her shares at the end of those periods. The table also assumes that the investment has a 5% return each year, that all dividends and distributions are reinvested and that the Balanced Fund s operating expenses remain the same throughout those periods. Although an investor s actual expenses may be higher or lower than those shown in the table, based on these assumptions his or her expenses would be: 1 year 3 years 5 years 10 years Institutional Class $69 $218 $379 $847 Individual Investor Class $95 $296 $515 $1,143 Class R $120 $375 $649 $1,432 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These transaction costs, which are not reflected in Annual Fund Operating Expenses or in the Example of Expenses, affect the Balanced Fund s performance. During the Balanced Fund s most recent fiscal year, the Balanced Fund s portfolio turnover rate was 52% of the average value of its portfolio. Principal Investment Strategies The Balanced Fund follows a sustainable investing approach, combining rigorous financial analysis with equally rigorous environmental, social and governance (ESG) analysis in order to identify investments. The Balanced Fund normally expects to invest approximately 60 75% of its assets in equity securities and approximately 25 40% of its assets in debt securities, though this allocation may vary somewhat depending on market conditions. With respect to the equity portion of its portfolio, the Balanced Fund s portfolio managers intend to use a team approach to manage a high conviction, core growth portfolio of primarily large cap securities and a smaller allocation to core, mid- and small-cap securities of high quality, attractively valued companies. The portfolio managers utilize an investment process combining fundamental analysis with a focus on valuation and volatility reduction. With respect to the debt portion of the portfolio, the Balanced Fund intends to invest primarily in obligations, including mortgage-related securities, issued or guaranteed by the United States government or its agencies and instrumentalities and corporate bonds that are, at the time of purchase, rated at least investment grade (rated BBB- or higher by Standard & Poor s Ratings Group or Baa or higher by Moody s Investors Service) or unrated and determined by the Adviser to be of 7

15 comparable quality. Although the Fund is not constrained with respect to duration, the debt portion of the Fund is normally intended to be managed with only moderate deviation in duration from the broad market. The Balanced Fund s portfolio managers use both qualitative analysis and quantitative techniques when allocating the Balanced Fund s assets between equity securities and debt securities. The Balanced Fund may invest up to 45% of its assets in securities of non-u.s. issuers, including emerging market investments and American Depositary Receipts ( ADRs ), but may invest no more than 25% of its assets in securities of non-u.s. issuers other than ADRs. The Balanced Fund may utilize derivatives for hedging and for investment purposes. Principal Risks Market Risk Conditions in a broad or specialized market, a sector thereof or an individual industry may adversely affect security prices, thereby reducing the value of the Fund s investments. Derivatives Risk Derivatives involve special risks and may result in losses. The values of derivatives can be very volatile, especially in unusual market conditions, and that volatility can be exacerbated by the use of leverage, which is common for derivative strategies. Derivatives may be illiquid, and may also be subject to the risk of nonperformance by a transaction counterparty. The Fund may not be able to enter into, or terminate, a derivatives position when desired. Derivatives are also subject to mispricing and improper valuation, and may increase the amount of taxes payable by shareholders. Non-U. S. Securities Risk Non-U.S. securities may have less liquidity and more volatile prices than domestic securities, which can make it difficult for the Fund to sell such securities at desired times or prices. Non-U.S. markets may differ from U.S. markets in material and adverse ways. For example, securities transaction expenses generally are higher, transaction settlement may be slower, recourse in the event of default may be more limited and taxes and currency exchange controls may limit amounts available for distribution to shareholders. Non-U.S. investments are also subject to the effects of local political, social, diplomatic or economic events. Interest Rate Risk The value of debt securities tends to decrease when nominal interest rates rise. Longer-duration securities tend to be more sensitive to interest rate changes, and thus more volatile, than shorter-duration securities. A period of rising interest rates may negatively affect the Fund s performance. 8

16 Liquidity Risk Liquidity risk is the risk associated with a lack of marketability of investments, which may make it difficult to sell an investment at a desirable time or price. A lack of liquidity may cause the value of an investment to decline. The Fund may have to lower the selling price, sell other investments, or forego another, more appealing investment opportunity. Changing regulatory and market conditions, including a decline in the number or capacity of financial institutions to make markets in the Fund s investments, as well as increases in interest rates or credit spreads, may adversely affect the liquidity of the Fund s investments. Illiquid investments may also be more difficult to value, and judgment plays a larger role in valuing these investments as compared to valuing more liquid investments. Credit Risk Changing economic conditions may adversely affect an obligated entity s actual or perceived ability to pay interest or principal on a fixed income security when due, which in turn can adversely affect the price of or income derived from the security. Allocation Risk The allocation techniques and decisions of the investment adviser may not produce the desired results. U.S. Government Securities Risk U.S. government securities that are not issued or guaranteed by the U.S. Treasury are generally more susceptible to loss than are securities that are so issued or guaranteed. Mortgage Risk Mortgage related securities tend to become more sensitive to interest rate changes as interest rates rise, increasing their volatility. When interest rates decline, underlying borrowers may pay off their loans sooner than expected, forcing the Fund to reinvest disposition proceeds at lower prevailing interest rates. Reinvestment Risk Income from the Fund s investments may decline if the Fund is forced to invest the proceeds from matured, called or otherwise disposed of debt securities or convertible securities at interest rates that are below the Fund s earnings rate at that time. Growth Securities Risk Growth securities typically trade at higher multiples of current earnings than other securities. Therefore, the values of growth securities may be more sensitive to changes in current or expected earnings than the values of other securities. Small- and Medium-Sized Capitalization Company Risk Securities of smalland medium-sized companies may have less liquidity and more volatile prices 9

17 than securities of larger companies, which can make it difficult for the Fund to sell such securities at desired times or prices. Value Securities Risk Value securities are securities the investment adviser believes are selling at a price lower than their true value, perhaps due to adverse business developments or special risks. If that belief is wrong or remains unrecognized by the market, the price of the securities may decline or may not appreciate as anticipated. As with all mutual funds, investors may lose money by investing in the Balanced Fund. The foregoing descriptions are only summaries. Please see About the Funds Risks on page 71 for more detailed descriptions of the foregoing risks. Performance Information The bar chart below presents the calendar year total returns for Individual Investor Class shares of the Balanced Fund before taxes. The bar chart is intended to provide some indication of the risk of investing in the Balanced Fund by showing changes in the Balanced Fund s performance from year to year. As with all mutual funds, past performance (before and after taxes) is not necessarily an indication of future performance. Individual Investor Class 30 Annual Return (%) % 10.71% 9.44% 21.41% 11.83% -1.83% 11.28% 16.34% 8.00% % Calendar Year End For the periods shown in the bar chart: Best quarter: 2nd quarter 2009, 10.74% Worst quarter: 4th quarter 2008, % 10

18 Average Annual Total Returns The performance table below presents the average annual total returns for Individual Investor Class, Institutional Class and Class R shares of the Balanced Fund. The performance table is intended to provide some indication of the risks of investment in the Balanced Fund by showing how the Balanced Fund s average annual total returns compare with the returns of a broad-based securities market index and a performance average of other similar mutual funds, each over a one-year, five-year and ten-year period. After-tax performance is presented only for Individual Investor Class shares of the Fund. After-tax returns for Institutional Class and Class R shares may vary. After-tax returns are estimated using the highest historical individual federal marginal income tax rates and do not reflect the effect of local, state or foreign taxes. Actual after-tax returns will depend on a shareholder s own tax situation and may differ from those shown. After-tax returns may not be relevant to shareholders who hold their shares through tax-advantaged arrangements (such as 401(k) plans and individual retirement accounts). As with all mutual funds, past performance (before and after taxes) is not necessarily an indication of future performance. Period ended December 31, 2014 Share class Ticker Symbol 1 year 5 years 10 years Individual Investor Class 1 PAXWX Return Before Taxes % 8.94% 5.12% Return After Taxes % 7.56% 4.00% Return After Taxes and Distributions % 6.97% 3.97% Institutional Class 1, 2 PAXIX Return Before Taxes % 9.22% 5.33% Class R 1, 3 PAXRX Return Before Taxes % 8.67% 4.93% S&P 500 Index 4, % 15.45% 7.67% Blended Index 5, 6, % 11.18% 6.77% Lipper Balanced Funds Index 7, % 9.51% 6.01% 1 Total return figures include reinvested dividends and capital gains distributions, and changes in principal value, and, other than for Individual Investor Class shares, do not reflect the taxes that a shareholder might pay on Fund distributions or on the redemption of Fund shares. These figures represent past performance, which is no guarantee of 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 more recent month-end performance data, please visit or call us at Inception of Institutional Class shares is April 2, The performance information shown for Institutional Class shares includes the performance of Individual Investor Class shares for the period prior to Institutional Class inception. Expenses have not been adjusted to reflect the expenses allocable to Institutional Class shares. If such expenses were reflected, the returns would be higher than those shown. 3 Inception of Class R shares is April 2, The performance information shown for Class R shares includes the performance of Individual Investor Class shares for the period prior to Class R inception. Expenses have not been adjusted to reflect the expenses allocable to Class R shares. If such expenses were reflected, the returns would be lower than those shown. 4 The S&P 500 Index is an index of large capitalization common stocks. 11

19 5 The Blended Index is composed of 60% S&P 500 Index/40% Barclays U.S. Aggregate Bond Index. 6 The Barclays U.S. Aggregate Bond Index represents securities that are U.S. domestic, taxable and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities and asset-backed securities. 7 The Lipper Balanced Funds Index tracks the results of the 30 largest mutual funds in the Lipper Balanced Funds Average, which is a total return performance average of mutual funds tracked by Lipper, Inc. whose primary objective is to conserve principal by maintaining, at all times, a balanced portfolio of both stocks and bonds. The Lipper Balanced Funds Index is not what is typically considered to be an index because it tracks the performance of other mutual funds rather than changes in the value of a group of securities, a securities index or some other traditional economic indicator. 8 Unlike the Balanced Fund, the S&P 500 Index, the Barclays U.S. Aggregate Bond Index and the Lipper Balanced Funds Index are not investments, are not professionally managed, have no policy of sustainable investing and (with the exception of the Lipper Balanced Funds Index) do not reflect deductions for fees, expenses or taxes. One cannot invest directly in any index. Investment Adviser Pax World Management LLC ( PWM ) is the investment adviser for the Balanced Fund. Portfolio Managers The following provides additional information about the individual portfolio managers who have primary responsibility for managing the Balanced Fund s investments. Portfolio Managers Since Title Christopher H. Brown 1998 Portfolio Manager and Chief Investment Strategist, PWM Anthony Trzcinka 2005 Portfolio Manager Nathan Moser 2015 Portfolio Manager For important information about the purchase and sale of fund shares, taxes and financial intermediary compensation, please turn to Important Additional Information About the Funds on page

20 Pax World Growth Fund (the Growth Fund ) Summary of Key Information Investment Objective The Growth Fund s investment objective is to seek long-term growth of capital. Fees & Expenses The tables below describe the fees and expenses that you may pay if you buy and hold Institutional Class, Individual Investor Class, Class A or Class R shares of the Growth Fund. You may qualify for sales charge discounts for Class A shares if you and your spouse or minor children invest, or agree to invest in the future, at least $50,000 in Class A shares of the Growth Fund. More information about these and other discounts is available from your financial intermediary, under Shareholder Guide Sales Charges on page 93 of this Prospectus and under Distribution and Shareholder Services Sales Charge Reductions and Waivers in the Statement of Additional Information. Shareholder Fees (Fees Paid Directly From Your Investment) Institutional Class, Indiv. Investor Class and Class R Class A Maximum sales charge (load) imposed on purchases (as a % of offering price)... None 5.50% Maximum deferred sales charge (load) imposed on redemptions (as a % of the lower of original purchase price or net asset value)... None 1.00% 1 Wire Redemption Fee 2... $10.00 $

21 Annual Fund Operating Expenses Institutional Indiv. Class Investor Class Class A Class R (expenses you pay each year as a percentage of the value of your investment): Management Fee % 0.75% 0.75% 0.75% Distribution and/or Service (12b-1) Fees % 0.25% 0.25% 0.50% Other Expenses % 0.32% 0.33% 0.32% Total Annual Fund Operating Expenses % 1.32% 1.33% 1.57% Contractual Reimbursements 3... (0.08)% (0.08)% (0.09)% (0.08)% Net Annual Fund Operating Expenses % 1.24% 1.24% 1.49% 1 This charge applies to investors who purchase $1 million or more of Class A shares without an initial sales charge and redeem them within 18 months of purchase, with certain exceptions. See Shareholder Guide Sales Charges. 2 The Fund charges a fee of $10.00 for each wire redemption, subject to change without notice. 3 The Growth Fund s investment adviser has contractually agreed to reimburse expenses (excluding acquired fund fees and expenses, if any) allocable to Institutional Class, Individual Investor Class, Class A and Class R shares of the Growth Fund to the extent such expenses exceed 0.99%, 1.24%, 1.24% and 1.49% of the average daily net assets of Institutional Class, Individual Investor Class, Class A and Class R shares of the Growth Fund, respectively. This reimbursement arrangement may not be amended or terminated without the approval of the Fund s Board of Trustees before December 31, Example of Expenses This example is intended to help you compare the cost of investing in Institutional Class, Individual Investor Class, Class A and Class R shares of the Growth Fund with the cost of investing in other mutual funds. The table assumes that an investor invests $10,000 in Institutional Class, Individual Investor Class, Class A or Class R shares of the Growth Fund for the time periods indicated and then redeems all of his or her shares at the end of those periods. The table also assumes that the investment has a 5% return each year, that all dividends and distributions are reinvested and that the Growth Fund s operating expenses remain the same throughout those periods. Although an investor s actual expenses may be higher or lower than those shown in the table, based on these assumptions his or her expenses would be: 1 year 3 years 5 years 10 years Institutional Class $101 $332 $582 $1,298 Individual Investor Class $126 $410 $716 $1,583 Class A $669 $940 $1,231 $2,056 Class R $152 $488 $848 $1,861 14

22 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These transaction costs, which are not reflected in Annual Fund Operating Expenses or in the Example of Expenses, affect the Growth Fund s performance. During the Growth Fund s most recent fiscal year, the Growth Fund s portfolio turnover rate was 29% of the average value of its portfolio. Principal Investment Strategies The Growth Fund follows a sustainable investing approach, combining rigorous financial analysis with equally rigorous environmental, social and governance (ESG) analysis in order to identify investments. The Fund avoids investing in companies that its investment adviser determines are significantly involved in the extraction and/or refining of fossil fuels (coal, oil and gas). Under normal market conditions, the Growth Fund invests primarily in equity securities (such as common stocks, preferred stocks and securities convertible into common or preferred stocks) of companies that the Growth Fund s portfolio manager believes will have above-average growth prospects. The Growth Fund s portfolio manager selects equity securities on a company-bycompany basis primarily through the use of fundamental analysis. The Growth Fund may invest in securities of companies with any market capitalization. The Growth Fund may invest up to 45% of its assets in securities of non-u.s. issuers, including emerging market investments and American Depositary Receipts ( ADRs ), but may invest no more than 25% of its assets in securities of non-u.s. issuers other than ADRs. The Growth Fund may utilize derivatives for hedging and for investment purposes. In addition, the Growth Fund strives to be fossil fuel-free (avoiding investing in companies that PWM determines are significantly involved in the extraction and/or refining of fossil fuels). Under normal circumstances the Growth Fund will therefore be underweight the energy sector vis-à-vis its benchmark index and will strive to substitute instead companies whose products, services or business strategies offer positive solutions to global sustainability challenges. 15

23 Principal Risks Market Risk Conditions in a broad or specialized market, a sector thereof or an individual industry may adversely affect security prices, thereby reducing the value of the Fund s investments. Derivatives Risk Derivatives involve special risks and may result in losses. The values of derivatives can be very volatile, especially in unusual market conditions, and that volatility can be exacerbated by the use of leverage, which is common for derivative strategies. Derivatives may be illiquid, and may also be subject to the risk of nonperformance by a transaction counterparty. The Fund may not be able to enter into, or terminate, a derivatives position when desired. Derivatives are also subject to mispricing and improper valuation, and may increase the amount of taxes payable by shareholders. Non-U. S. Securities Risk Non-U.S. securities may have less liquidity and more volatile prices than domestic securities, which can make it difficult for the Fund to sell such securities at desired times or prices. Non-U.S. markets may differ from U.S. markets in material and adverse ways. For example, securities transaction expenses generally are higher, transaction settlement may be slower, recourse in the event of default may be more limited and taxes and currency exchange controls may limit amounts available for distribution to shareholders. Non-U.S. investments are also subject to the effects of local political, social, diplomatic or economic events. Growth Securities Risk Growth securities typically trade at higher multiples of current earnings than other securities. Therefore, the values of growth securities may be more sensitive to changes in current or expected earnings than the values of other securities. Small- and Medium-Sized Capitalization Company Risk Securities of smalland medium-sized companies may have less liquidity and more volatile prices than securities of larger companies, which can make it difficult for the Fund to sell such securities at desired times or prices. As with all mutual funds, investors may lose money by investing in the Growth Fund. The foregoing descriptions are only summaries. Please see About the Funds Risks on page 71 for more detailed descriptions of the foregoing risks. 16

24 Performance Information Calendar Year Total Returns The bar chart below presents the calendar year total returns for Individual Investor Class shares of the Growth Fund before taxes. The bar chart is intended to provide some indication of the risk of investing in the Growth Fund by showing changes in the Growth Fund s performance from year to year. As with all mutual funds, past performance (before and after taxes) is not necessarily an indication of future performance. Individual Investor Class Annual Return (%) % 29.61% 22.22% 13.39% 13.08% 7.19% 11.66% -2.26% -2.05% % Calendar Year End For the periods shown in the bar chart: Best quarter: 2nd quarter 2009, 15.98% Worst quarter: 4th quarter 2008, % Average Annual Total Returns The performance table below presents the average annual total returns for Individual Investor Class, Class A, Institutional Class and Class R shares of the Growth Fund. The performance table is intended to provide some indication of the risks of investment in the Growth Fund by showing how the Growth Fund s average annual total returns compare with the returns of a broad-based securities market index and a performance average of other similar mutual funds over a one-year, five-year and ten-year period. After-tax performance is presented only for Individual Investor Class Shares of the Fund. After-tax returns for Class A, Institutional Class and Class R shares may vary. After-tax returns are estimated using the highest historical individual federal marginal income tax rates and do not reflect the effect of local, state or foreign taxes. Actual after-tax returns will depend on a shareholder s own tax situation and may differ from those shown. After-tax returns may not be relevant to shareholders who hold their shares through tax-advantaged arrangements (such as 401(k) plans and individual retirement accounts). 17

25 As with all mutual funds, past performance (before and after taxes) is not necessarily an indication of future performance. Period ended December 31, 2014 Share class Ticker Symbol 1 year 5 years 10 years Individual Investor Class 1 PXWGX Return Before Taxes % 14.39% 6.58% Return After Taxes % 13.96% 6.13% Return After Taxes and Distributions % 11.52% 5.27% Class A 1, 2 PXGAX Return Before Taxes % 13.11% 5.97% Institutional Class 1, 3 PWGIX Return Before Taxes % 14.67% 6.76% Class R 1, 4 PXGRX Return Before Taxes % 14.09% 6.39% Russell 1000 Growth Index 5, % 15.81% 8.49% Lipper Multi-Cap Growth Funds Index 6, % 15.22% 8.14% 1 The Fund s investment adviser assumed certain expenses during the period; total returns would have been lower had these expenses not been assumed. Total return figures include reinvested dividends and capital gains distributions, and changes in principal value, and, other than for Individual Investor Class shares, do not reflect the taxes that a shareholder might pay on Fund distributions or on the redemption of Fund shares. These figures represent past performance, which is no guarantee of 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 more recent month-end performance data, please visit or call Inception of Class A shares is May 1, The performance information shown for Class A shares includes the performance of Individual Investor Class shares, adjusted to reflect the sales charge applicable to Class A shares, for the period prior to Class A inception. 3 Inception of Institutional Class shares is April 2, The performance information shown for Institutional Class shares includes the performance of Individual Investor Class shares for the period prior to Institutional Class inception. Expenses have not been adjusted to reflect the expenses allocable to Institutional Class shares. If such expenses were reflected, the returns would be higher than those shown. 4 Inception of Class R shares is April 2, The performance information shown for Class R shares includes the performance of Class A shares for the period prior to Class R inception. Expenses have not been adjusted to reflect the expenses allocable to Class R shares. If such expenses were reflected, the returns would be lower than those shown. 5 The Russell 1000 Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those companies in the Russell 1000 Index with higher price-to-book ratios and higher forecasted growth values. The Russell 1000 Index measures the performance of the 1,000 largest U.S. companies, as measured by market capitalization. 6 The Lipper Multi-Cap Growth Funds Index tracks the results of the 30 largest mutual funds in the Lipper Multi-Cap Growth Funds Average. The Lipper Multi-Cap Growth Funds Average is a total return performance average of the mutual funds tracked by Lipper, Inc. that, by portfolio practice, invest at least 75% of their equity assets in any one market capitalization range over an extended period of time. Multi-Cap Growth Funds typically have an above-average price-to-earnings ratio, price-to-book ratio, and three-year sales per-share growth value, compared to the S&P SuperComposite 1500 Index. The Lipper Multi-Cap Growth Funds Index is not what is typically considered to be an index because it tracks the performance of other mutual funds rather than the changes in the value of a group of securities, a securities index or some other traditional economic indicator. 18

26 7 Unlike the Growth Fund, the Russell 1000 Growth Index and the Lipper Multi-Cap Growth Funds Index are not investments, are not professionally managed, have no policy of sustainable investing and (with the exception of the Lipper Multi-Cap Growth Funds Index) do not reflect deductions for fees, expenses or taxes. One cannot invest directly in any index. Investment Adviser Pax World Management LLC ( PWM ) is the investment adviser for the Growth Fund. Portfolio Manager The following provides additional information about the individual portfolio manager who has primary responsibility for managing the Growth Fund s investments. Portfolio Manager Since Title Anthony Trzcinka 2006 Portfolio Manager For important information about the purchase and sale of fund shares, taxes and financial intermediary compensation, please turn to Important Additional Information About the Funds on page

27 Pax World Small Cap Fund (the Small Cap Fund ) Summary of Key Information Investment Objective The Small Cap Fund s investment objective is to seek long-term growth of capital. Fees & Expenses The tables below describe the fees and expenses that you may pay if you buy and hold Institutional Class, Individual Investor Class, Class A or Class R shares of the Small Cap Fund. You may qualify for sales charge discounts for Class A shares if you and your spouse or minor children invest, or agree to invest in the future, at least $50,000 in Class A shares of the Small Cap Fund. More information about these and other discounts is available from your financial intermediary, under Shareholder Guide Sales Charges on page 93 of this Prospectus and under Distribution and Shareholder Services Sales Charge Reductions and Waivers in the Statement of Additional Information. Shareholder Fees (Fees Paid Directly From Your Investment) Institutional Class, Indiv. Investor Class and Class R Class A Maximum sales charge (load) imposed on purchases (as a % of offering price)... None 5.50% Maximum deferred sales charge (load) imposed on redemptions (as a % of the lower of original purchase price or net asset value)... None 1.00% 1 Wire Redemption Fee 2... $10.00 $

28 Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment): Indiv. Institutional Investor Class Class and Class A Class R Management Fee % 0.75% 0.75% Distribution and/or Service (12b-1) Fees % 0.25% 0.50% Other Expenses % 0.37% 0.37% Total Annual Fund Operating Expenses % 1.37% 1.62% Contractual Reimbursements 3... (0.12)% (0.13)% (0.13)% Net Annual Fund Operating Expenses % 1.24% 1.49% 1 This charge applies to investors who purchase $1 million or more of Class A shares without an initial sales charge and redeem them within 18 months of purchase, with certain exceptions. See Shareholder Guide Sales Charges. 2 The Fund charges a fee of $10.00 for each wire redemption, subject to change without notice. 3 The Small Cap Fund s investment adviser has contractually agreed to reimburse expenses (excluding acquired fund fees and expenses, if any) allocable to Institutional Class, Individual Investor Class, Class A and Class R shares of the Small Cap Fund to the extent such expenses exceed 0.99%, 1.24%, 1.24% and 1.49% of the average daily net assets of Institutional Class, Individual Investor Class, Class A and Class R shares, respectively. This reimbursement arrangement may not be amended or terminated without the approval of the Fund s Board of Trustees before December 31, Example of Expenses This example is intended to help you compare the cost of investing in Institutional Class, Individual Investor Class, Class A and Class R shares of the Small Cap Fund with the cost of investing in other mutual funds. The table assumes that an investor invests $10,000 in Institutional Class, Individual Investor Class, Class A or Class R shares of the Small Cap Fund for the time periods indicated and then redeems all of his or her shares at the end of those periods. The table also assumes that the investment has a 5% return each year, that all dividends and distributions are reinvested and that the Small Cap Fund s operating expenses remain the same throughout those periods. Although an investor s actual expenses may be higher or lower than those shown in the table, based on these assumptions his or her expenses would be: 1 year 3 years 5 years 10 years Institutional Class $101 $341 $600 $1,341 Individual Investor Class $126 $421 $738 $1,635 Class A $669 $948 $1,247 $2,095 Class R $152 $498 $869 $1,911 21