Common use of SERVICES TO BE RENDERED BY THE MANAGER Clause in Contracts

SERVICES TO BE RENDERED BY THE MANAGER. (a) The Manager, at its expense, will furnish continuously an investment program for each of Pax Balanced Fund, Pax ESG Beta Quality Fund, Pax High Yield Bond Fund, Pax Global Environmental Markets Fund, Pax Small Cap Fund, Pax Mid Cap Fund, Pax MSCI International ESG Index Fund, Pax Sustainable Managers Capital Appreciation Fund, Pax Sustainable Managers Capital Appreciation Fund, Pax ESG Beta Dividend Fund, Pax Core Bond Fund and Pax Large Cap Fund (each a “Fund”), each a series of the Trust, will determine what investments shall be purchased, held, sold or exchanged by each Fund and what portion, if any, of the assets of each Fund shall be held uninvested and shall, on behalf of each Fund, make changes in such investments. Subject always to the control of the trustees of the Trust (collectively, the "Trustees"), the Manager will also manage, supervise and conduct the other affairs and business of each Fund, and matters incidental thereto. In the performance of its duties, the Manager will comply with the provisions of applicable law, the Agreement and Declaration of Trust and Bylaws of the Trust and the stated investment objectives and policies of each Fund, and will use its best efforts to safeguard and promote the welfare of each Fund and to comply with other policies which the Trustees may from time to time determine and shall exercise the same care and diligence expected of the Trustees.

SERVICES TO BE RENDERED BY THE MANAGER. (a) The Manager, at its expense, will furnish continuously an investment program for each of Pax Balanced Fund, Pax ESG Beta Quality Fund, Pax High Yield Bond Fund, Pax Global Environmental Markets Fund, Pax Small Cap Fund, Pax Mid Cap Fund, Pax MSCI International EAFE ESG Leaders Index Fund, Pax Sustainable Managers Capital Appreciation Fund, Pax Sustainable Managers Capital Appreciation Fund, Pax ESG Beta Dividend Fund, Pax Core Bond Fund and Pax Large Cap Fund (each a “Fund”), each a series of the Trust, will determine what investments shall be purchased, held, sold or exchanged by each Fund and what portion, if any, of the assets of each Fund shall be held uninvested and shall, on behalf of each Fund, make changes in such investments. Subject always to the control of the trustees of the Trust (collectively, the "Trustees"), the Manager will also manage, supervise and conduct the other affairs and business of each Fund, and matters incidental thereto. In the performance of its duties, the Manager will comply with the provisions of applicable law, the Agreement and Declaration of Trust and Bylaws of the Trust and the stated investment objectives and policies of each Fund, and will use its best efforts to safeguard and promote the welfare of each Fund and to comply with other policies which the Trustees may from time to time determine and shall exercise the same care and diligence expected of the Trustees.

SERVICES TO BE RENDERED BY THE MANAGER. (a) The Manager, at its expense, will furnish continuously an investment program for each of Pax Balanced Impax Sustainable Allocation Fund, Pax ESG Beta Quality Impax Global Sustainable infrastructure Fund, Pax Impax High Yield Bond Fund, Pax Impax Global Environmental Markets Fund, Pax Impax Global Opportunities Fund, Impax Small Cap Fund, Pax Mid Cap Impax International Sustainable Economy Fund, Pax MSCI International ESG Index Impax US Sustainable Economy Fund, Pax Sustainable Managers Capital Appreciation Fund, Pax Sustainable Managers Capital Appreciation Fund, Pax ESG Beta Dividend Fund, Pax Impax Core Bond Fund and Pax Impax Large Cap Fund (each a “Fund”), each a series of the Trust, will determine what investments shall be purchased, held, sold or exchanged by each Fund and what portion, if any, of the assets of each Fund shall be held uninvested and shall, on behalf of each Fund, make changes in such investments. Subject always to the control of the trustees of the Trust (collectively, the "“Trustees"”), the Manager will also manage, supervise and conduct the other affairs and business of each Fund, and matters incidental thereto. In the performance of its duties, the Manager will comply with the provisions of applicable law, the Agreement and Declaration of Trust and Bylaws of the Trust and the stated investment objectives and policies of each Fund, and will use its best efforts to safeguard and promote the welfare of each Fund and to comply with other policies which the Trustees may from time to time determine and shall exercise the same care and diligence expected of the Trustees.

SERVICES TO BE RENDERED BY THE MANAGER. (a) The Manager, at its expense, will furnish continuously an investment program for each of Pax Balanced Impax Sustainable Allocation Fund, Pax ESG Beta Quality Impax Global Sustainable infrastructure Fund, Pax Impax High Yield Bond Fund, Pax Impax Global Environmental Markets Fund, Pax Impax Global Opportunities Fund, Impax Small Cap Fund, Pax Mid Cap Impax International Sustainable Economy Fund, Pax MSCI International ESG Index Impax US Sustainable Economy Fund, Pax Sustainable Managers Capital Appreciation Fund, Pax Sustainable Managers Capital Appreciation Fund, Pax ESG Beta Dividend Fund, Pax Impax Core Bond Fund and Pax Impax Large Cap Fund (each a “Fund”), each a series of the Trust, will determine what investments shall be purchased, held, sold or exchanged by each Fund and what portion, if any, of the assets of each Fund shall be held uninvested and shall, on behalf of each Fund, make changes in such investments. Subject always to the control of the trustees of the Trust (collectively, the "Trustees"), the Manager will also manage, supervise and conduct the other affairs and business of each Fund, and matters incidental thereto. In the performance of its duties, the Manager will comply with the provisions of applicable law, the Agreement and Declaration of Trust and Bylaws of the Trust and the stated investment objectives and policies of each Fund, and will use its best efforts to safeguard and promote the welfare of each Fund and to comply with other policies which the Trustees may from time to time determine and shall exercise the same care and diligence expected of the Trustees.

SERVICES TO BE RENDERED BY THE MANAGER. (a) The Manager, at its expense, will furnish continuously an investment program for each of Pax Balanced Sustainable Allocation Fund, Pax ESG Beta Quality Fund, Pax High Yield Bond Fund, Pax Global Environmental Markets Fund, Pax Global Opportunities Fund, Pax Small Cap Fund, Pax Mid Cap Fund, Pax MSCI International EAFE ESG Leaders Index Fund, Pax Sustainable Managers Capital Appreciation Fund, Pax Sustainable Managers Capital Appreciation Fund, Pax ESG Beta Dividend Fund, Pax Core Bond Fund and Pax Large Cap Fund (each a “Fund”), each a series of the Trust, will determine what investments shall be purchased, held, sold or exchanged by each Fund and what portion, if any, of the assets of each Fund shall be held uninvested and shall, on behalf of each Fund, make changes in such investments. Subject always to the control of the trustees of the Trust (collectively, the "Trustees"), the Manager will also manage, supervise and conduct the other affairs and business of each Fund, and matters incidental thereto. In the performance of its duties, the Manager will comply with the provisions of applicable law, the Agreement and Declaration of Trust and Bylaws of the Trust and the stated investment objectives and policies of each Fund, and will use its best efforts to safeguard and promote the welfare of each Fund and to comply with other policies which the Trustees may from time to time determine and shall exercise the same care and diligence expected of the Trustees.