Pax Global Sustainable Infrastructure Fund USD 7/31/2021 Port. Ending Market Value Portfolio Weight Waste Management, Inc. 2,548,885.92 2.6 Iberdrola SA 2,393,786.25 2.4 Enel SpA 2,313,243.32 2.3 American Water Works Company, Inc. 2,028,731.86 2.1 Schneider Electric SE 1,970,255.87 2.0 Veolia Environnement SA 1,629,250.58 1.6 ENGIE SA. 1,627,357.29 1.6 AT&T Inc. 1,620,869.25 1.6 Orsted 1,607,154.89 1.6 SSE plc 1,564,249.50 1.6 Edison International 1,563,496.00 1.6 Inc. 1,554,588.60 1.6 Union Pacific Corporation 1,539,414.12 1.6 Brookfield Renewable Partners LP 1,463,153.15 1.5 Severn Trent Plc 1,397,667.24 1.4 United Utilities Group PLC 1,383,044.72 1.4 VERBUND AG Class A 1,366,255.04 1.4 EDP-Energias de Portugal SA 1,360,934.56 1.4 Xinjiang Goldwind Science & Technology Co., Ltd. Class H 1,347,481.97 1.4 SUEZ SA 1,239,362.21 1.3 Cisco Systems, Inc. 1,236,855.06 1.3 Norfolk Southern Corporation 1,175,962.63 1.2 BCE Inc. 1,170,726.88 1.2 Xylem Inc. 1,165,748.55 1.2 Healthpeak Properties, Inc. 1,106,142.40 1.1 SoftBank Corp. 1,103,219.24 1.1 Group Plc 1,102,218.82 1.1 MTR Corporation Limited 1,071,300.06 1.1 W. P. Carey Inc. 1,058,491.42 1.1 Guangdong Investment Limited 1,052,830.91 1.1 Meridian Energy Limited 1,051,787.98 1.1 Tele2 AB Class B 1,048,599.20 1.1 Telefonica SA 1,047,765.37 1.1 Singapore Limited 1,045,863.88 1.1 Orange SA 1,023,881.64 1.0 ASA 1,022,323.35 1.0 Telia Company AB 1,014,792.19 1.0 Covivio SA 999,909.49 1.0 CSX Corporation 983,950.08 1.0 Telefonica Deutschland Holding AG 983,489.11 1.0 HKT Trust and HKT Ltd 967,510.81 1.0 West Japan Railway Company 928,703.31 0.9 Ventas, Inc. 927,068.24 0.9 Welltower, Inc. 926,709.34 0.9 Acciona SA 926,586.08 0.9 Pentair plc 916,381.13 0.9 CVS Health Corporation 912,301.72 0.9 , Inc. 908,589.14 0.9 Telecom Italia Rsp 875,517.72 0.9 Proximus SA de droit public 859,456.45 0.9 Pennon Group Plc 853,441.28 0.9 Hubbell Incorporated Class B 852,155.46 0.9 Enel Americas S.A. 851,040.60 0.9 Omega Healthcare Investors, Inc. 850,620.88 0.9 Pax Global Sustainable Infrastructure Fund USD 7/31/2021 Port. Ending Market Value Portfolio Weight

Icade SA 847,786.62 0.9 Brambles Limited 841,624.63 0.9 Quanta Services, Inc. 817,918.20 0.8 STAG Industrial, Inc. 808,839.00 0.8 American Campus Communities, Inc. 768,585.87 0.8 Prysmian S.p.A. 740,384.39 0.7 Premier Inc. Class A 735,003.72 0.7 Limited 719,297.60 0.7 Advanced Drainage Systems, Inc. 713,860.23 0.7 ANDRITZ AG 704,327.19 0.7 Hannon Armstrong Sustainable Infrastructure Capital, Inc. 695,913.60 0.7 BKW AG 677,353.52 0.7 China Longyuan Power Group Corp. Ltd. Class H 659,558.37 0.7 SL Green Realty Corp. 644,674.68 0.7 iShares Core MSCI EAFE ETF 639,077.45 0.6 ENGIE Brasil Energia S.A. 622,697.26 0.6 PCCW Limited 619,047.29 0.6 Quest Diagnostics Incorporated 589,746.20 0.6 Sonic Healthcare Limited 565,800.81 0.6 Carlisle Companies Incorporated 537,958.40 0.5 China Conch Venture Holdings Ltd. 527,148.28 0.5 Juniper Networks, Inc. 526,696.38 0.5 Encompass Health Corporation 521,561.25 0.5 Xinyi Solar Holdings Ltd. 516,685.77 0.5 Generac Holdings Inc. 508,264.32 0.5 Watts Water Technologies, Inc. Class A 505,649.04 0.5 Enphase Energy, Inc. 499,596.00 0.5 Renewables Infrastructure Group Limited GBP Red.Shs 496,084.89 0.5 Ormat Technologies, Inc. 494,735.56 0.5 Innergex Renewable Energy Inc. 478,853.68 0.5 Sunnova Energy International Inc 473,925.90 0.5 Bangkok Dusit Medical Services Public Co. Ltd.(Alien Mkt) 472,336.83 0.5 iShares Core S&P 500 ETF 464,622.00 0.5 Sunrun Inc. 461,792.46 0.5 Enel Chile SA 459,468.79 0.5 Boralex Inc. Class A 452,076.06 0.5 First Solar, Inc. 448,096.32 0.5 Encavis AG 448,072.64 0.5 SolarEdge Technologies, Inc. 420,098.12 0.4 Canadian Pacific Railway Limited 400,362.68 0.4 AG 399,467.69 0.4 Shimizu Corporation 398,994.55 0.4 Bloom Energy Corporation Class A 369,248.40 0.4 Itron, Inc. 367,556.74 0.4 Motorola Solutions, Inc. 367,452.72 0.4 Plug Power Inc. 357,777.20 0.4 Clean Harbors, Inc. 356,060.00 0.4 SunPower Corporation 336,327.06 0.3 Hankyu Hanshin Holdings, Inc. 319,233.23 0.3 Corporation Limited 311,506.60 0.3 China Railway Signal & Communication Corp. Ltd. Class H 258,639.59 0.3 Mercury NZ Ltd. 237,185.44 0.2 Geberit AG 231,428.94 0.2 Globe Telecom Inc. 211,917.57 0.2 EDP Renovaveis SA 206,566.83 0.2 Beijing Enterprises Water Group Limited 206,107.15 0.2 Pax Global Sustainable Infrastructure Fund USD 7/31/2021 Port. Ending Market Value Portfolio Weight

Select Medical Holdings Corporation 204,074.85 0.2 Hellenic Telecommunications Organization SA 203,239.86 0.2 Boston Properties, Inc. 195,672.46 0.2 Cousins Properties Incorporated 195,342.96 0.2 Nexans SA 194,878.41 0.2 Kansas City Southern 188,531.20 0.2 Vestas Wind Systems A/S 186,712.97 0.2 Dexus 186,436.12 0.2 Douglas Emmett, Inc 180,794.20 0.2 ITM Power PLC 176,406.17 0.2 China Education Group Holdings Limited 172,122.70 0.2 Royal KPN NV 171,220.91 0.2 Stockland 170,402.38 0.2 Solaria Energia y Medio Ambiente, S.A. 169,590.92 0.2 Scatec ASA 138,568.02 0.1 NEL ASA 131,839.01 0.1

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

Effective March 31, 2021, the name of the Pax ESG Beta Dividend Fund changed to the Pax Global Sustainable Infrastructure Fund.

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)