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AROUND THE WORLD, INNOVATIVE COMPANIES ARE WORKING TO SOLVE CRITICAL ENVIRONM

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THE PAX WORLD GLOBAL ENVIRONMENTAL MARKETS FUND (PGR

INVESTS IN THEM.

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Resource scarcity, rising demand and the need fo

efficiency solutions: the case for environmental inve

Energy

The rate of global demand isgrowing at an accelerating pace.

Since 1900, while the worlds population has

quadrupled, primary energy consumption hasincreased by a factor of more than five times that

amount1. Low-cost fossil fuel supplies are dwindling,

and more costly new discoveries are falling short of

burgeoning worldwide demand, leading to continued

upward pricing pressures and volatility. At the same

time, concerns about rising greenhouse gas emissions

and energy security are escalating across the globe,

and industries, governments and societies are underpressure to find alternative ways of accessing secure,

cleaner energy resources.

Water

Its scarce now, and itsgetting scarcer.

Water scarcity is set to become a critical global

resource problem in the next two decades, with 50%of the worlds population predicted to be living in

areas of high water stress by 20302. To meet fresh

water demand, the World Bank estimates that $180

billion3 of water infrastructure investment will be

needed each year until 2030, while the EPA

estimates the United States alone needs to spend a

total of $298 billion to update its water

infrastructure to acceptable levels4

. We believe thisurgent need for vast amounts of capital investment

creates an array of opportunities for investors.

Waste

If global expansioby-product, this se

An estimated 10 mill

every day on a worldmanage increasing gl

sustainable way that

economic expansion

the waste manageme

services sectors.

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Environmental Markets include

a variety of subcategories*

Energy

Renewable & Alternative Energy

Renewable energy developers andIndependent power producers

Solar energy generation equipment

Wind power generation equipment

Biofuels

Other renewable equipment

Energy Efficiency

Power network efficiency

Industrial energy efficiency

Buildings energy efficiency Transport energy efficiency

Energy storage

Water

Water Infrastructure & Technologies

Water infrastructure

Water treatment equipment Water utilities

Pollution Control

Pollution control solutions

Environmental testing and gas sensing

Waste

Waste Manageme

Waste technology e

Recycling & value Hazardous waste m

General waste man

Environmental Sup

Environmental con

Carbon & other en

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We believe an efficiencyrevolution is already underway.

While the investment community has long focused on supply expansion,

in our view efficiency solutions are becoming just as important, if notmore so, for a host of reasons:

We can no longer take scarce natural resources for granted.

Resource scarcity is exacerbated by changing demographics,

urbanization, rising consumption and climate change.

Replenishing reserves of our resources is becomingincreasingly difficult and expensive.

Efficiency gains offer compelling solutions to the high cost

and increasing scarcity of energy, water, food and materials.

The Pax World Global Environmental Markets Fund invests in a diverse

group of companies around the globe that are developing and

delivering efficiency solutions that address critical resource and

environmental challenges.

Water Infrastructure25%

Pollution Control16%

WasteManagement

10%

Renewable &

Alternative Energy4%

Global Environmental Markets Fund Por

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Impax Asset Management, Ltd. and Morningstar Associates, LLC are not affiliated with ALPS Distributors, Inc. Distributed by: ALPS Distributors, Inc. Member FINRA

1 ESG Managers Portfolios are multi-manager funds, which are a mix of underlying mutual funds, ETFs and sleeve subadviser portfolios. The Funds'allocations may change due to market fluctuationsand other factors. Emerging market and international investments involve risk of capital loss from unfavorable fluctuations in currency values, differences in generally accepted accountingprinciples, economic or political instability in other nations or increased volatility and lower trading volume.

2 Separately managed accounts and related advisory services are provided by Pax World Management LLC, a federally registered investment adviser. ALPS Distributors, Inc. is not the distributor forPax World's separately managed accounts.

PAX004288(7/14)

Pax World Investments

30 Penhallow Street, Suite 400Portsmouth, NH 03801800.767.1729info@paxworld.com

www.paxworld.com

ABOUT PAX WORLD

For General Inquiries

Phone: 800.767.1729E-mail: info@paxworld.com

Pax World Management LLC, investment adviser to Pax World Funds, is a SEC-registered investment adviser offering acomprehensive platform of sustainable investing solutions:

Pax World Funds A family of mutual funds

ESG Managers Portfolios A series of multi-manager asset allocation funds with asset allocation, manager selection and

portfolio construction by Morningstar Associates, LLC1

Separately managed accounts Pax World also provides separately managed accounts for institutional investors.2

Pax World is a leader in sustainable investing, the full integration of environmental, social and governance (ESG) factors intoinvestment analysis, security selection, portfolio construction and risk management. Pax World combines rigorous ESG analysis withequally rigorous financial analysis in seeking to identify better-managed, industry leading companies that meet positive corporateresponsibility standards, have a clear vision for managing risk, and are focused on delivering long-term value to shareholders. PaxWorld launched the first socially responsible mutual fund in 1971.

Headquartered in Portsmouth, NH, Pax World serves the investment needs of individuals, financial advisors and institutional investors.