The top 10 holdings of the Pax Global Environmental Markets Fund as of 03/31/2019 are as follows: Danaher Corp. 3.7%; Schneider Electric SE 3.4%; Ecolab, Inc. 3.3%; Xylem, Inc. 3.3%; Linde PLC 3.2%; Sealed Air Corp. 3.1%; Suez SA 3.1%; Waste Management, Inc. 3.1%; Siemens AG 3.0%; East Japan Railway Company 2.9%. Holdings are subject to change and are not a recommendation to buy or sell any security.
The annualized returns for the Pax Global Environmental Markets Fund – Investor class – as of 03/31/2019 were, 1 year: 0.96%, 3 year: 10.38%, 5 year: 5.60%, 10 year: 12.61%, since inception: 5.59. The annualized returns for the Pax Global Environmental Markets Fund – Institutional class – as of 03/31/2019 were, 1 year: 1.23%, 3 year: 10.66%, 5: year 5.86%, 10 year: 12.46%, since inception 5.85.
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.
Total annual Pax Global Environmental Markets Fund operating expenses, gross of any fee waivers or reimbursements, for Institutional Class, Individual Investor Class and Class A shares are 1.02%, 1.26% and 1.26%, respectively, as of 5/1/2018 prospectus. The Pax Global Environmental Markets 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 and Class A shares of the Pax Global Environmental Markets Fund to the extent such expenses exceed 0.98%, 1.23% and 1.23% of the average daily net assets of the Institutional Class, Individual Investor Class and Class A shares, respectively. This reimbursement arrangement may not be amended or terminated without the approval of the Fund’s Board of Trustees before December 31, 2018.
Investments involve risk, including potential loss of principal.
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 Impax Asset Management Ltd.