Pax Ellevate Global Women's Leadership Fund USD 7/31/2021 Port

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Pax Ellevate Global Women's Leadership Fund USD 7/31/2021 Port. Ending Market Value Portfolio Weight Microsoft Corporation 48,079,132.32 5.2 Amazon.com, Inc. 38,932,803.00 4.2 Estee Lauder Companies Inc. Class A 20,886,741.61 2.2 Lululemon Athletica Inc 20,634,766.05 2.2 American Water Works Company, Inc. 20,286,978.38 2.2 L'Oreal SA 19,333,667.08 2.1 Principal Financial Group, Inc. 18,029,007.66 1.9 Starbucks Corporation 17,864,538.74 1.9 Ulta Beauty Inc 17,640,245.60 1.9 Procter & Gamble Company 15,528,386.94 1.7 Koninklijke DSM N.V. 15,145,514.30 1.6 Sunrun Inc. 14,651,502.00 1.6 JPMorgan Chase & Co. 14,070,006.00 1.5 Autodesk, Inc. 13,980,073.42 1.5 Johnson & Johnson 13,785,126.60 1.5 Coca-Cola Company 13,357,794.72 1.4 Visa Inc. Class A 12,631,429.74 1.4 Wolters Kluwer NV 12,619,605.13 1.4 Air Liquide SA 11,906,475.56 1.3 Stryker Corporation 11,226,669.84 1.2 Celanese Corporation 10,358,705.00 1.1 Newmont Corporation 9,928,889.46 1.1 Canadian Imperial Bank of Commerce 9,715,105.84 1.0 Walt Disney Company 9,680,747.96 1.0 Twilio, Inc. Class A 9,440,245.71 1.0 PayPal Holdings Inc 9,340,742.53 1.0 Bank of America Corp 9,092,585.88 1.0 Best Buy Co., Inc. 8,086,840.65 0.9 Ritchie Bros. Auctioneers Incorporated 8,042,539.78 0.9 Voya Financial, Inc. 7,437,620.40 0.8 Quest Diagnostics Incorporated 7,295,326.40 0.8 Pfizer Inc. 7,230,609.00 0.8 Kellogg Company 7,177,864.32 0.8 Cisco Systems, Inc. 7,108,123.75 0.8 Kering SA 7,063,187.35 0.8 Verizon Communications Inc. 7,016,845.10 0.8 Netflix, Inc. 6,944,236.69 0.7 Anthem, Inc. 6,939,828.72 0.7 salesforce.com, inc. 6,926,939.76 0.7 LVMH Moet Hennessy Louis Vuitton SE 6,752,668.12 0.7 Abbott Laboratories 6,519,128.28 0.7 Eli Lilly and Company 6,374,099.50 0.7 AbbVie, Inc. 6,245,310.00 0.7 Accenture Plc Class A 6,156,956.08 0.7 Merck & Co., Inc. 5,911,303.00 0.6 AstraZeneca PLC 5,396,718.47 0.6 Texas Instruments Incorporated 5,307,051.42 0.6 Avalara Inc 5,299,289.00 0.6 Danone SA 5,253,920.94 0.6 Pinterest, Inc. Class A 5,183,200.00 0.6 Shopify, Inc. Class A 4,951,255.65 0.5 Novo Nordisk A/S Class B 4,842,602.45 0.5 Unilever PLC 4,679,887.97 0.5 SAP SE 4,552,316.54 0.5 Lowe's Companies, Inc. 4,430,328.48 0.5 Pax Ellevate Global Women's Leadership Fund USD 7/31/2021 Port. Ending Market Value Portfolio Weight

Royal Bank of Canada 4,414,556.32 0.5 Citigroup Inc. 4,278,182.16 0.5 Intuit Inc. 4,206,371.89 0.5 United Parcel Service, Inc. Class B 4,114,240.00 0.4 Commonwealth Bank of Australia 4,016,580.93 0.4 Target Corporation 3,996,414.45 0.4 Investor AB Class B 3,950,725.62 0.4 McKesson Corporation 3,868,081.91 0.4 International Business Machines Corporation 3,822,835.20 0.4 Goldman Sachs Group, Inc. 3,748,800.00 0.4 Toronto-Dominion Bank 3,680,139.97 0.4 Siemens AG 3,626,080.99 0.4 Diageo plc 3,579,588.50 0.4 Sanofi 3,547,672.20 0.4 American Express Company 3,547,024.00 0.4 CVS Health Corporation 3,280,151.72 0.4 S&P Global, Inc. 3,175,529.04 0.3 Allianz SE 3,150,092.01 0.3 GlaxoSmithKline plc 3,102,337.42 0.3 Zoetis, Inc. Class A 2,933,879.80 0.3 Yara International ASA 2,863,829.41 0.3 Publicis Groupe SA 2,831,345.20 0.3 Square, Inc. Class A 2,794,779.78 0.3 Alnylam Pharmaceuticals, Inc 2,768,917.56 0.3 H&M Hennes & Mauritz AB Class B 2,752,322.54 0.3 Schneider Electric SE 2,740,912.55 0.3 Gilead Sciences, Inc. 2,605,536.66 0.3 TJX Companies Inc 2,508,399.74 0.3 PNC Financial Services Group, Inc. 2,364,580.83 0.3 Canadian National Railway Company 2,344,487.03 0.3 Bank of Nova Scotia 2,327,647.76 0.3 Daimler AG 2,320,148.71 0.2 CME Group Inc. Class A 2,312,217.00 0.2 U.S. Bancorp 2,292,524.58 0.2 Becton, Dickinson and Company 2,270,804.25 0.2 Illumina, Inc. 2,230,875.00 0.2 Kinnevik AB Class B 2,138,744.81 0.2 FedEx Corporation 2,127,620.00 0.2 Deutsche Telekom AG 2,101,308.12 0.2 BNP Paribas SA Class A 2,083,598.95 0.2 Intercontinental Exchange, Inc. 1,983,426.16 0.2 Bank of Montreal 1,957,124.47 0.2 Moody's Corporation 1,942,040.00 0.2 Banco Santander, S.A. 1,929,596.15 0.2 National Australia Bank Limited 1,909,748.18 0.2 Aon Plc Class A 1,854,273.93 0.2 Zurich Insurance Group Ltd 1,842,802.48 0.2 IDEXX Laboratories, Inc. 1,804,211.27 0.2 Australia and New Zealand Banking Group Limited 1,801,600.70 0.2 Dollar General Corporation 1,777,369.60 0.2 Ecolab Inc. 1,733,736.33 0.2 RELX PLC 1,725,966.23 0.2 Pax Ellevate Global Women's Leadership Fund USD 7/31/2021 Port. Ending Market Value Portfolio Weight

Progressive Corporation 1,693,467.36 0.2 Legrand SA 1,633,245.66 0.2 Vertex Pharmaceuticals Incorporated 1,605,383.12 0.2 DocuSign, Inc. 1,583,486.52 0.2 Wesfarmers Limited 1,582,057.73 0.2 VICI Properties Inc 1,559,500.00 0.2 DNB Bank ASA 1,532,670.12 0.2 AXA SA 1,521,598.61 0.2 ING Groep NV 1,520,309.88 0.2 Hermes International SCA 1,471,653.42 0.2 eBay Inc. 1,451,235.96 0.2 Kimberly-Clark Corporation 1,418,138.28 0.2 T. Rowe Price Group 1,408,704.00 0.2 Pernod Ricard SA 1,404,705.88 0.2 Dow, Inc. 1,400,837.76 0.2 National Grid plc 1,368,125.57 0.1 SUEZ SA 1,362,946.33 0.1 MetLife, Inc. 1,356,469.30 0.1 Vodafone Group Plc 1,311,041.25 0.1 Koninklijke Philips N.V. 1,299,747.32 0.1 HP Inc. 1,257,028.67 0.1 Allstate Corporation 1,247,179.50 0.1 American International Group, Inc. 1,241,659.05 0.1 Macquarie Group Limited 1,234,062.64 0.1 Marriott International, Inc. Class A 1,231,049.34 0.1 Match Group, Inc. 1,210,452.00 0.1 PPG Industries, Inc. 1,184,211.84 0.1 Manulife Financial Corporation 1,165,395.90 0.1 Discover Financial Services 1,164,008.16 0.1 Nordea Bank Abp 1,153,559.53 0.1 Munich Reinsurance Company 1,148,475.00 0.1 Travelers Companies, Inc. 1,146,684.00 0.1 Compass Group PLC 1,145,717.57 0.1 Otis Worldwide Corporation 1,128,330.00 0.1 Compagnie de Saint-Gobain SA 1,123,569.65 0.1 Woolworths Group Ltd 1,114,028.25 0.1 Hilton Worldwide Holdings Inc 1,110,095.25 0.1 Welltower, Inc. 1,108,594.18 0.1 Dassault Systemes SA 1,107,237.30 0.1 General Mills, Inc. 1,095,561.18 0.1 Alcon AG 1,087,296.16 0.1 Cummins Inc. 1,062,553.80 0.1 Walgreens Boots Alliance Inc 1,057,810.25 0.1 Capgemini SE 1,057,018.30 0.1 Nokia Oyj 1,055,283.58 0.1 Vonovia SE 1,054,609.87 0.1 International Flavors & Fragrances Inc. 1,039,416.00 0.1 Nutrien Ltd. 1,028,008.14 0.1 First Republic Bank 1,020,149.62 0.1 Fortescue Metals Group Ltd 1,002,243.75 0.1 Hexagon AB Class B 991,575.72 0.1 ANSYS, Inc. 985,630.50 0.1 ASSA ABLOY AB Class B 977,499.49 0.1 Pax Ellevate Global Women's Leadership Fund USD 7/31/2021 Port. Ending Market Value Portfolio Weight

Kroger Co. 964,386.50 0.1 Equifax Inc. 964,220.00 0.1 Deutsche Boerse AG 963,107.36 0.1 Sun Life Financial Inc. 945,745.69 0.1 State Street Corporation 939,456.34 0.1 Okta, Inc. Class A 917,070.79 0.1 Heineken NV 916,942.67 0.1 Genmab A/S 898,713.64 0.1 Verisk Analytics Inc 892,718.00 0.1 Transurban Group Ltd. 878,482.41 0.1 Orsted 852,434.12 0.1 Compagnie Generale des Etablissements Michelin SCA 842,200.46 0.1 Willis Towers Watson Public Limited Company 825,968.64 0.1 Shiseido Company,Limited 815,060.89 0.1 V.F. Corporation 810,020.00 0.1 Hershey Company 807,643.20 0.1 Republic Services, Inc. 806,386.68 0.1 CDW Corp. 804,356.45 0.1 Merck KGaA 803,772.62 0.1 National Bank of Canada 792,161.16 0.1 Fifth Third Bancorp 787,493.00 0.1 Tesco PLC 780,630.18 0.1 Weyerhaeuser Company 766,919.01 0.1 Waters Corporation 761,688.74 0.1 Synchrony Financial 753,119.34 0.1 Teleperformance SA 752,621.65 0.1 Cerner Corporation 747,627.00 0.1 ENGIE SA. 739,882.36 0.1 Akzo Nobel N.V. 724,089.18 0.1 Societe Generale S.A. Class A 721,238.39 0.1 Peloton Interactive, Inc. Class A 708,300.00 0.1 Clorox Company 707,641.68 0.1 Hartford Financial Services Group, Inc. 698,165.88 0.1 Burlington Stores, Inc. 687,679.20 0.1 Legal & General Group Plc 685,919.82 0.1 Splunk Inc. 685,621.42 0.1 Arista Networks, Inc. 684,702.00 0.1 Ventas, Inc. 681,492.00 0.1 Worldline SA 680,775.67 0.1 Expedia Group, Inc. 675,654.00 0.1 Orange SA 674,470.28 0.1 Skandinaviska Enskilda Banken AB Class A 669,250.72 0.1 Assicurazioni Generali S.p.A. 668,192.63 0.1 Aviva plc 662,924.68 0.1 BT Group plc 653,480.58 0.1 McCormick & Company, Incorporated 634,978.48 0.1 Edison International 626,695.50 0.1 Healthpeak Properties, Inc. 606,308.00 0.1 Essity AB Class B 605,383.89 0.1 Intact Financial Corporation 603,276.29 0.1 Link Real Estate Investment Trust 600,937.55 0.1 Hologic, Inc. 590,639.84 0.1 Sun Communities, Inc. 588,330.00 0.1 Pax Ellevate Global Women's Leadership Fund USD 7/31/2021 Port. Ending Market Value Portfolio Weight

Ally Financial Inc 585,966.24 0.1 KeyCorp 583,469.48 0.1 AmerisourceBergen Corporation 572,732.96 0.1 Insulet Corporation 559,380.00 0.1 Smith & Nephew PLC 548,978.13 0.1 Henkel AG & Co. KGaA Pref 548,789.51 0.1 Swedbank AB Class A 536,201.28 0.1 Aristocrat Leisure Limited 536,093.29 0.1 Coles Group Ltd. 533,167.28 0.1 Svenska Handelsbanken AB Class A 533,078.93 0.1 Cardinal Health, Inc. 529,966.50 0.1 Credit Agricole SA 514,209.20 0.1 Novozymes A/S Class B 496,771.76 0.1 Standard Chartered PLC 488,855.25 0.1 WPP Plc 481,708.22 0.1 Omnicom Group Inc 476,388.44 0.1 Zillow Group, Inc. Class C 467,544.00 0.1 Halma plc 463,262.95 0.0 J.M. Smucker Company 461,507.20 0.0 Hang Seng Bank, Limited 446,225.87 0.0 Camden Property Trust 444,734.03 0.0 Next plc 442,776.65 0.0 Equity LifeStyle Properties, Inc. 442,547.80 0.0 Huntington Bancshares Incorporated 436,240.64 0.0 Interpublic Group of Companies, Inc. 420,784.00 0.0 WSP Global Inc. 418,521.65 0.0 Mondi plc 416,737.12 0.0 Singapore Telecommunications Limited 416,234.03 0.0 UCB S.A. 415,382.86 0.0 NatWest Group Plc 413,771.74 0.0 Booz Allen Hamilton Holding Corporation Class A 411,888.00 0.0 Moncler SpA 404,319.07 0.0 Alfa Laval AB 399,475.46 0.0 Metro Inc. 399,441.56 0.0 Groupe Bruxelles Lambert SA 399,275.46 0.0 Allegion PLC 389,583.20 0.0 Vail Resorts, Inc. 386,383.20 0.0 Iron Mountain, Inc. 385,350.56 0.0 Cable One, Inc. 377,598.00 0.0 Pentair plc 372,401.85 0.0 Loblaw Companies Limited 369,552.13 0.0 Telenor ASA 369,201.74 0.0 Lincoln National Corporation 367,994.64 0.0 Danske Bank A/S 367,251.43 0.0 Beiersdorf AG 363,784.61 0.0 Telstra Corporation Limited 361,609.02 0.0 Covestro AG 359,205.24 0.0 Burberry Group plc 352,867.04 0.0 Unibail-Rodamco-Westfield SE Stapled Secs Cons of 1 Sh Unibail Rodamco + 1 Sh WFD Unib Rod 350,123.50 0.0 Stora Enso Oyj Class R 349,941.20 0.0 InterContinental Hotels Group PLC 348,401.60 0.0 Carrefour SA 346,000.37 0.0 Pax Ellevate Global Women's Leadership Fund USD 7/31/2021 Port. Ending Market Value Portfolio Weight

Heineken Holding N.V. 344,371.46 0.0 Svenska Cellulosa Aktiebolaget Class B 342,636.94 0.0 Host Hotels & Resorts, Inc. 342,303.84 0.0 GN Store Nord A/S 340,878.18 0.0 Mowi ASA 340,354.96 0.0 Suncorp Group Limited 338,832.12 0.0 Bank Leumi Le-Israel Ltd. 337,987.73 0.0 FinecoBank SpA 331,572.84 0.0 Telia Company AB 327,237.23 0.0 Boliden AB 324,096.82 0.0 CaixaBank SA 323,778.49 0.0 Sage Group plc 323,226.63 0.0 Alstom SA 315,847.04 0.0 United Utilities Group PLC 308,617.47 0.0 Barratt Developments PLC 305,325.75 0.0 Dropbox, Inc. Class A 304,382.34 0.0 Solvay SA 300,788.77 0.0 DaVita Inc. 300,625.00 0.0 Assurant, Inc. 297,314.04 0.0 Bureau Veritas SA 294,691.19 0.0 TELUS Corporation 292,782.39 0.0 Skanska AB Class B 291,984.00 0.0 Western Union Company 290,983.77 0.0 Globe Life Inc. 289,106.55 0.0 Severn Trent Plc 288,460.60 0.0 Chr. Hansen Holding A/S 288,253.29 0.0 Henkel AG & Co. KGaA 287,032.14 0.0 Nexi S.p.A. 286,026.17 0.0 Admiral Group plc 282,084.85 0.0 Pearson PLC 279,906.24 0.0 Elisa Oyj Class A 277,739.05 0.0 Abrdn plc 276,021.36 0.0 Norsk Hydro ASA 271,898.08 0.0 Bluescope Steel Limited 271,319.32 0.0 EXOR N.V. 270,682.71 0.0 Insurance Australia Group Limited 268,173.74 0.0 Arkema SA 267,068.76 0.0 Auto Trader Group PLC 266,009.65 0.0 Randstad NV 262,606.12 0.0 Smiths Group Plc 262,129.49 0.0 M&G Plc 260,803.94 0.0 Red Electrica Corp. SA 260,485.43 0.0 Whitbread PLC 259,323.25 0.0 Taylor Wimpey plc 259,112.77 0.0 George Weston Limited 252,261.73 0.0 Hydro One Limited 252,030.27 0.0 Mirvac Group 251,525.17 0.0 Dexus 250,909.42 0.0 Kinross Gold Corporation 250,633.48 0.0 Northern Star Resources Ltd 249,410.27 0.0 Johnson Matthey Plc 243,189.35 0.0 Aegon NV 235,347.50 0.0 Stockland 234,775.82 0.0 Pax Ellevate Global Women's Leadership Fund USD 7/31/2021 Port. Ending Market Value Portfolio Weight

KION GROUP AG 232,901.28 0.0 Electricite de France SA 232,214.25 0.0 Reinsurance Group of America, Incorporated 230,937.28 0.0 Hargreaves Lansdown plc 228,906.33 0.0 Tele2 AB Class B 223,031.79 0.0 Renault SA 221,798.82 0.0 Evonik Industries AG 221,505.95 0.0 Gecina SA 221,150.65 0.0 Saputo Inc. 216,746.90 0.0 Land Securities Group PLC 214,253.45 0.0 Getlink SE 214,103.35 0.0 Poste Italiane SpA 210,012.46 0.0 Orkla ASA 207,303.43 0.0 GEA Group AG 206,680.69 0.0 Medibank Private Ltd. 204,446.31 0.0 GPT Group 203,293.99 0.0 Valeo SE 201,148.93 0.0 Recordati Industria Chimica e Farmaceutica S.p.A. 196,490.04 0.0 Commerzbank AG 195,996.19 0.0 Schroders PLC 195,872.84 0.0 Accor SA 194,925.54 0.0 Onex Corporation 194,412.79 0.0 Auckland International Airport Limited 192,254.27 0.0 REA Group Ltd 191,148.37 0.0 Spark New Zealand Limited 190,448.79 0.0 Endeavour Group Ltd 189,477.08 0.0 British Land Company PLC 189,457.04 0.0 Industrivarden AB Class C 185,865.48 0.0 Lundin Mining Corporation 183,071.26 0.0 iA Financial Corporation Inc. 182,508.92 0.0 Electrolux AB Class B 180,125.22 0.0 Direct Line Insurance Group Plc 179,837.51 0.0 Husqvarna AB Class B 177,849.93 0.0 Empire Co. Ltd. Class A 171,513.77 0.0 Amundi SA 170,235.13 0.0 Securitas AB Class B 167,883.55 0.0 Sarepta Therapeutics, Inc. 155,894.00 0.0 Jeronimo Martins, SGPS S.A. 155,800.79 0.0 ICA Gruppen AB 151,178.33 0.0 Remy Cointreau SA 150,637.21 0.0 Covivio SA 148,371.24 0.0 Treasury Wine Estates Limited 144,293.41 0.0 Atos SE 143,843.96 0.0 Tryg A/S 143,746.93 0.0 Klepierre SA 143,401.35 0.0 Meridian Energy Limited 141,824.79 0.0 Adevinta ASA 140,089.18 0.0 La Francaise des Jeux SA 139,589.20 0.0 Gjensidige Forsikring ASA 139,081.92 0.0 Quebecor Inc. Class B 138,524.23 0.0 Schibsted ASA Class B 137,707.33 0.0 Orion Oyj Class B 136,966.34 0.0 Mapletree Logistics Trust 136,943.48 0.0 Pax Ellevate Global Women's Leadership Fund USD 7/31/2021 Port. Ending Market Value Portfolio Weight

Scor SE 134,527.40 0.0 Iliad 132,054.47 0.0 Canadian Apartment Properties Real Estate Investment Trust 131,557.57 0.0 Westpac Banking Corporation 126,914.24 0.0 SEB SA 125,734.07 0.0 Ipsen SA 122,522.49 0.0 Sydney Airport 118,562.65 0.0 Eurazeo SA 115,705.45 0.0 Infrastrutture Wireless Italiane S.p.A. 115,324.12 0.0 Wendel SE 114,354.02 0.0 Ryman Healthcare Ltd. 111,852.22 0.0 Elia Group SA/NV 110,939.19 0.0 Aeroports de Paris SA 109,417.04 0.0 Fuchs Petrolub SE Pref 105,247.74 0.0 MTR Corporation Limited 103,501.70 0.0 Azrieli Group Ltd. 102,926.10 0.0 Deutsche Lufthansa AG 102,547.90 0.0 Swire Properties Limited 101,251.30 0.0 Wisetech Global Ltd. 100,693.54 0.0 Air Canada 100,052.06 0.0 a2 Milk Company Ltd. 98,250.75 0.0 Etablissementen Franz Colruyt N.V. 95,655.08 0.0 Proximus SA de droit public 94,967.90 0.0 Qantas Airways Limited 94,826.59 0.0 Ascendas Real Estate Investment Trust 93,258.81 0.0 RioCan Real Estate Investment Trust 92,216.64 0.0 Brambles Limited 92,111.25 0.0 Telefonica Deutschland Holding AG 91,366.29 0.0 Aurizon Holdings Ltd. 91,345.16 0.0 Suntec Real Estate Investment Trust 89,268.01 0.0 Lendlease Group 88,933.77 0.0 CNP Assurances SA 88,645.91 0.0 CSL Limited 88,494.04 0.0 QBE Insurance Group Limited 86,844.15 0.0 ASX Limited 85,964.43 0.0 Tabcorp Holdings Limited 84,082.41 0.0 City Developments Limited 82,781.74 0.0 Vicinity Centres 81,979.96 0.0 Scentre Group 80,630.94 0.0 Computershare Limited 80,454.19 0.0 Seek Limited 78,478.97 0.0 Afterpay Limited 64,933.10 0.0 iShares Core S&P 500 ETF 5,136,825.60 0.6 iShares Core MSCI EAFE ETF 2,900,288.95 0.3 U.S. Dollar 5,942,187.09 0.6

Holdings are subject to change. Holdings are as of the period ended July 31, 2021 and are subject to change.

You should consider Pax World Funds’ investment objectives, risks, and charges and expenses carefully before investing. For this and other important information, please obtain a fund prospectus by calling 800.767.1729 or visit www.impaxam.com. Please read it carefully before investing. Copyright © 2021 Impax Asset Management LLC. All rights reserved. Pax World Funds are distributed by Foreside Financial Services, LLC. Foreside Financial Services, LLC is not affiliated with Impax Asset Management LLC. IMPX0655 (11/21)