Form NPORT-P PAX WORLD FUNDS SERIES For: Mar 31

	
		NPORT-P
		false
		
			
			
				
					0000076721
					XXXXXXXX
				
			
			
			
				S000021459
				C000061360
				C000061361
				C000128850
			
			
			
		
	
	
		
			PAX WORLD FUNDS SERIES TRUST I
			811-02064
			0000076721
			549300TD5R23SWU72456
			30 Penhallow St.
			Suite 400
			Portsmouth
			
			03801
			800-767-1729
			Pax Small Cap Fund
			S000021459
			549300GOOKRMB3XGNR17
			2022-12-31
			2022-03-31
			N
		
		
			720144377.65
			572050.6
			719572327.05
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			
				
				
				
				
			
			
				
					
						UST
					
				
			
			
				
					
					
					
				
				
				
				
				
			
			
			
			
		
		
			
				8X8 INC
				N/A
				
				282914100
				
					
					
				
				373491
				NS
				USD
				4702251.69
				0.6534786724
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				A10 NETWORKS INC
				N/A
				
				002121101
				
					
					
				
				250000
				NS
				USD
				3487500
				0.484662885
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				ADVANCED DRAINAGE SYSTEMS IN
				N/A
				
				00790R104
				
					
					
				
				94433
				NS
				USD
				11219584.73
				1.5592018076
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				ALTUS GROUP LTD
				N/A
				
				02215R958
				
					
					
				
				282910
				NS
				
				11428192.62
				1.5881923457
				Long
				EC
				CORP
				CA
				
				N
				
				1
				
					N
					N
					N
				
			
			
				AZEK CO INC/THE
				N/A
				
				05478C105
				
					
					
				
				419349
				NS
				USD
				10416629.16
				1.4476139185
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				BELDEN INC
				N/A
				
				077454106
				
					
					
				
				190000
				NS
				USD
				10526000
				1.4628133412
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				BJ S WHOLESALE CLUB HOLDINGS
				N/A
				
				05550J101
				
					
					
				
				119955
				NS
				USD
				8110157.55
				1.1270802455
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				BRIGHTSPHERE INVESTMENT GROU
				N/A
				
				10948W103
				
					
					
				
				823745
				NS
				USD
				19975816.25
				2.7760678807
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				CARTER S INC
				N/A
				
				146229109
				
					
					
				
				89826
				NS
				USD
				8263093.74
				1.1483340075
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				CATCHMARK TIMBER TRUST INC A
				N/A
				
				14912Y202
				
					
					
				
				1196169
				NS
				USD
				9808585.8
				1.3631132593
				Long
				RE
				RF
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				CIENA CORP
				N/A
				
				171779309
				
					
					
				
				223064
				NS
				USD
				13524370.32
				1.879501172
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				COLUMBIA SPORTSWEAR CO
				N/A
				
				198516106
				
					
					
				
				95515
				NS
				USD
				8646972.95
				1.2016822528
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				COMFORT SYSTEMS USA INC
				N/A
				
				199908104
				
					
					
				
				75695
				NS
				USD
				6737611.95
				0.9363356117
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				CRYOPORT INC
				N/A
				
				229050307
				
					
					
				
				237375
				NS
				USD
				8286761.25
				1.1516231154
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					
					
				
			
			
				DARLING INGREDIENTS INC
				N/A
				
				237266101
				
					
					
				
				183294
				NS
				USD
				14733171.72
				2.047490039
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				DECKERS OUTDOOR CORP
				N/A
				
				243537107
				
					
					
				
				28000
				NS
				USD
				7665560
				1.0652938852
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				EASTERN BANKSHARES INC
				N/A
				
				27627N105
				
					
					
				
				665000
				NS
				USD
				14324100
				1.9906407544
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				ELEMENT SOLUTIONS INC
				N/A
				
				28618M106
				
					
					
				
				586946
				NS
				USD
				12854117.4
				1.7863551608
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				ENOVIS CORP
				N/A
				
				194014106
				
					
					
				
				181892
				NS
				USD
				7237482.68
				1.0058033651
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				ENPRO INDUSTRIES INC
				N/A
				
				29355X107
				
					
					
				
				100000
				NS
				USD
				9773000
				1.3581678495
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				EVOQUA WATER TECHNOLOGIES CO
				N/A
				
				30057T105
				
					
					
				
				314343
				NS
				USD
				14767834.14
				2.0523071253
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				EXTREME NETWORKS INC
				N/A
				
				30226D106
				
					
					
				
				1105178
				NS
				USD
				13494223.38
				1.8753116084
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				FOX FACTORY HOLDING CORP
				N/A
				
				35138V102
				
					
					
				
				83331
				NS
				USD
				8162271.45
				1.134322589
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				GATES INDUSTRIAL CORP PLC
				N/A
				
				G39108108
				
					
					
				
				427713
				NS
				USD
				6441357.78
				0.8951647441
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				GRAFTECH INTERNATIONAL LTD
				N/A
				
				384313508
				
					
					
				
				800000
				NS
				USD
				7696000
				1.0695241758
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				GRAPHIC PACKAGING HOLDING CO
				N/A
				
				388689101
				
					
					
				
				833585
				NS
				USD
				16705043.4
				2.3215238791
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				HANNON ARMSTRONG SUSTAINABLE
				N/A
				
				41068X100
				
					
					
				
				253505
				NS
				USD
				12023742.15
				1.6709567194
				Long
				RE
				RF
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				HEALTH CATALYST INC
				N/A
				
				42225T107
				
					
					
				
				385056
				NS
				USD
				10061513.28
				1.3982629545
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				HEALTHCARE REALTY TRUST INC
				N/A
				
				421946104
				
					
					
				
				556352
				NS
				USD
				15288552.96
				2.1246721678
				Long
				RE
				RF
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				HERC HOLDINGS INC
				N/A
				
				42704L104
				
					
					
				
				45000
				NS
				USD
				7519050
				1.0449331801
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				HOMETRUST BANCSHARES INC
				N/A
				
				437872104
				
					
					
				
				732236
				NS
				USD
				21622929.08
				3.0049695169
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				INDEPENDENT BANK CORP/MA
				N/A
				
				453836108
				
					
					
				
				275000
				NS
				USD
				22464750
				3.1219585795
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				KARUNA THERAPEUTICS INC
				N/A
				
				48576A100
				
					
					
				
				99463
				NS
				USD
				12610913.77
				1.752556803
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				LESLIE S INC
				N/A
				
				527064109
				
					
					
				
				446021
				NS
				USD
				8634966.56
				1.2000137075
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					
					
					
				
			
			
				LIGAND PHARMACEUTICALS
				N/A
				
				53220K504
				
					
					
				
				164320
				NS
				USD
				18484356.8
				2.5687976184
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				MITEK SYSTEMS INC
				N/A
				
				606710200
				
					
					
				
				452579
				NS
				USD
				6639333.93
				0.9226777741
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					
					
				
			
			
				MSA SAFETY INC
				N/A
				
				553498106
				
					
					
				
				60089
				NS
				USD
				7973810.3
				1.1081318723
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				NAPCO SECURITY TECHNOLOGIES
				N/A
				
				630402105
				
					
					
				
				450000
				NS
				USD
				9234000
				1.2832622452
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				NATIONAL VISION HOLDINGS INC
				N/A
				
				63845R107
				
					
					
				
				255669
				NS
				USD
				11139498.33
				1.5480720855
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				NATUS MEDICAL INC
				N/A
				
				639050103
				
					
					
				
				456049
				NS
				USD
				11984967.72
				1.6655681812
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				OMNICELL INC
				N/A
				
				68213N109
				
					
					
				
				113163
				NS
				USD
				14653476.87
				2.0364147312
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				ONTO INNOVATION INC
				N/A
				
				683344105
				
					
					
				
				177557
				NS
				USD
				15427927.73
				2.1440412798
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				PACIRA BIOSCIENCES INC
				N/A
				
				695127100
				
					
					
				
				285027
				NS
				USD
				21753260.64
				3.023081881
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				PLANET FITNESS INC   CL A
				N/A
				
				72703H101
				
					
					
				
				134271
				NS
				USD
				11343214.08
				1.5763827559
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				QUINSTREET INC
				N/A
				
				74874Q100
				
					
					
				
				1021390
				NS
				USD
				11848124
				1.6465508128
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				R1 RCM INC
				N/A
				
				749397105
				
					
					
				
				156711
				NS
				USD
				4193586.36
				0.5827887208
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				RAYONIER INC
				N/A
				
				754907103
				
					
					
				
				561676
				NS
				USD
				23096117.12
				3.2097005752
				Long
				RE
				RF
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				SI BONE INC
				N/A
				
				825704109
				
					
					
				
				645343
				NS
				USD
				14584751.8
				2.0268639095
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				SIMPLY GOOD FOODS CO/THE
				N/A
				
				82900L102
				
					
					
				
				258620
				NS
				USD
				9814629
				1.3639530914
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				SPROUT SOCIAL INC   CLASS A
				N/A
				
				85209W109
				
					
					
				
				86724
				NS
				USD
				6948326.88
				0.9656189682
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				SSC GOVERNMENT MM GVMXX
				N/A
				
				7839989D1
				
					
				
				32358247.13
				NS
				USD
				32358247.13
				4.4968720883
				Long
				STIV
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				STERICYCLE INC
				N/A
				
				858912108
				
					
					
				
				167906
				NS
				USD
				9893021.52
				1.3748474126
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				SURO CAPITAL CORP
				N/A
				
				86887Q109
				
					
					
				
				708398
				NS
				USD
				6113474.74
				0.849598367
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				TECHTARGET
				N/A
				
				87874R100
				
					
					
				
				139500
				NS
				USD
				11338560
				1.5757359717
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				VERRA MOBILITY CORP
				N/A
				
				92511U102
				
					
					
				
				449578
				NS
				USD
				7319129.84
				1.0171499882
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				VERTIV HOLDINGS CO
				N/A
				
				92537N108
				
					
					
				
				561461
				NS
				USD
				7860454
				1.0923785844
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				VICTORY CAPITAL HOLDING   A
				N/A
				
				92645B103
				
					
					
				
				972198
				NS
				USD
				28067356.26
				3.9005608199
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				VISTEON CORP
				N/A
				
				92839U206
				
					
					
				
				57500
				NS
				USD
				6274975
				0.8720422901
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				VOYA FINANCIAL INC
				N/A
				
				929089100
				
					
					
				
				246040
				NS
				USD
				16324754
				2.2686745149
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				WORKIVA INC
				N/A
				
				98139A105
				
					
					
				
				114314
				NS
				USD
				13489052
				1.8745929343
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
		
		
			2022-05-26
			PAX WORLD FUNDS SERIES TRUST I
			/s/ Alicia DuBois
			Alicia DuBois
			Treasurer
		
	
	XXXX

			Schedules of Investments (Unaudited)
Pax Small Cap Fund		March 31, 2022

 

PERCENT OF NET ASSETS		SHARES/
NAME OF ISSUER AND TITLE OF ISSUE		PRINCIPAL				VALUE
COMMON STOCKS: 96.3%
COMMUNICATION SERVICES: 3.3%
QuinStreet, Inc. (a)			1,021,390			$	11,848,124
TechTarget, Inc. (a)			139,500				11,338,560
							23,186,684
CONSUMER DISCRETIONARY: 9.8%
Carter's, Inc.			89,826				8,263,094
Columbia Sportswear Co.			95,515				8,646,973
Deckers Outdoor Corp. (a)			28,000				7,665,560
Fox Factory Holding Corp. (a)			83,331				8,162,271
Leslie's, Inc. (a)(b)			446,021				8,634,967
National Vision Holdings, Inc. (a)			255,669				11,139,498
Planet Fitness, Inc., Class A (a)			134,271				11,343,214
Visteon Corp. (a)			57,500				6,274,975
							70,130,552
CONSUMER STAPLES: 4.6%
BJ's Wholesale Club Holdings, Inc. (a)			119,955				8,110,158
Darling Ingredients, Inc. (a)			183,294				14,733,172
Simply Good Foods Co., The (a)			258,620				9,814,629
							32,657,959
FINANCIALS: 19.8%
Brightsphere Investment Group, Inc.			823,745				19,975,816
Eastern Bankshares, Inc.			665,000				14,324,100
Hannon Armstrong Sustainable Infrastructure Capital, Inc., REIT			253,505				12,023,742
HomeTrust Bancshares, Inc.			732,236				21,622,929
Independent Bank Corp.			275,000				22,464,750
SuRo Capital Corp.			708,398				6,113,475
Victory Capital Holdings, Inc., Class A			972,198				28,067,355
Voya Financial, Inc.			246,040				16,324,754
							140,916,921
HEALTH CARE: 17.4%
Colfax Corp. (a)			181,892				7,237,483
CryoPort, Inc. (a)(b)			237,375				8,286,761
Health Catalyst, Inc. (a)			385,056				10,061,513
Karuna Therapeutics, Inc. (a)			99,463				12,610,914
Ligand Pharmaceuticals, Inc. (a)			164,320				18,484,357
Natus Medical, Inc. (a)			456,049				11,984,968
Omnicell, Inc. (a)			113,163				14,653,477
Pacira BioSciences, Inc. (a)			285,027				21,753,261
R1 RCM, Inc. (a)			156,711				4,193,586
SI-BONE, Inc. (a)			645,343				14,584,752
							123,851,072
INDUSTRIALS: 14.1%
Advanced Drainage Systems, Inc.			94,433				11,219,585
AZEK Co Inc., The (a)			419,349				10,416,629
Comfort Systems USA, Inc.			75,695				6,737,612
EnPro Industries, Inc.			100,000				9,773,000
Evoqua Water Technologies Corp. (a)			314,343				14,767,834
Gates Industrial Corp., PLC (a)			427,713				6,441,358

GrafTech International, Ltd.			800,000				7,696,000
Herc Holdings, Inc.			45,000				7,519,050
MSA Safety, Inc.			60,089				7,973,810
Stericycle, Inc. (a)			167,906				9,893,022
Vertiv Holdings Co.			561,461				7,860,454
							100,298,354
INFORMATION TECHNOLOGY: 14.7%
8x8, Inc. (a)			373,491				4,702,252
A10 Networks, Inc.			250,000				3,487,500
Belden, Inc.			190,000				10,526,000
Ciena Corp. (a)			223,064				13,524,370
Extreme Networks, Inc. (a)			1,105,178				13,494,223
Mitek Systems, Inc. (a)(b)			452,579				6,639,334
Napco Security Technologies, Inc. (a)			450,000				9,234,000
Onto Innovation, Inc. (a)			177,557				15,427,928
Sprout Social, Inc., Class A (a)			86,724				6,948,327
Verra Mobility Corp. (a)			449,578				7,319,130
Workiva, Inc. (a)			114,314				13,489,052
							104,792,116
MATERIALS: 4.2%
Element Solutions, Inc.			586,946				12,854,117
Graphic Packaging Holding Co.			833,585				16,705,043
							29,559,160
REAL ESTATE: 8.4%
Altus Group, Ltd.			282,910				11,428,193
CatchMark Timber Trust, Inc, Class A, REIT			1,196,169				9,808,586
Healthcare Realty Trust, Inc., REIT			556,352				15,288,553
Rayonier, Inc., REIT			561,676				23,096,117
							59,621,449
TOTAL COMMON STOCKS							685,014,267
(Cost $616,620,396)							.
MONEY MARKET: 4.5%
State Street Institutional U.S. Government Money Market Fund, 0.250% (c)(d)			32,358,247				32,358,247
(Cost $32,358,247)
SECURITIES PURCHASED WITH CASH COLLATERAL FROM SECURITIES LENDING: 0.6%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.286% (c)(d)			4,420,725				4,420,725
(Cost $4,420,725)
TOTAL INVESTMENTS: 101.4%							721,793,239
(Cost $653,399,368)
PAYABLE UPON RETURN OF SECURITIES LOANED: -0.6%							(4,420,725	)
OTHER ASSETS AND LIABILITIES - (NET): -0.8%							(5,406,788	)
Net Assets: 100.0%						$	711,965,726

 

(a)

Non-income producing security.

(b)

Security or partial position of this security was on loan as of March 31, 2022. The total market value of securities on loan as of March 31, 2022 was $11,855,520.

(c)

Rate shown represents annualized 7-day yield as of March 31, 2022.

(d)

Premier Class shares

REIT - Real Estate Investment Trust

 

March 31, 2022

Notes to Schedules of Investments

 

Pax World Funds Series Trust I and Pax World Fund Series Trust III

 

Valuation of Investments For purposes of calculating the net asset value (“NAV”), determined ordinarily as of the close of regular trading (normally 4:00 p.m. Eastern time) (the “NYSE Close”) on the New York Stock Exchange (“NYSE”) on each day that the NYSE is open for trading, the Funds normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close. U.S. fixed income and non-U.S. securities are normally priced using data reflecting the earlier closing of the principal markets for those securities, subject to possible fair value adjustments. Information that becomes known to the Funds or their agents after NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or NAV determined earlier that day.

 

For the purpose of these financial statements, fair values for various types of securities and other instruments are determined on the basis of closing prices or last sales prices on an exchange or other market, or based on quotes or other market information obtained from quotation reporting systems, established market makers or pricing services. Short-term investments having a maturity of 60 days or less are generally valued at amortized cost, which approximates fair value.

 

Investments denominated in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services. As a result, the NAV of a Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar.

 

If market quotations are not readily available (including in cases when available market quotations are deemed to be unreliable), the Funds’ investments will be valued as determined in good faith pursuant to policies and procedures approved by the Boards of Trustees of the Trusts (the “Boards” or “Boards of Trustees”)(so called “fair value pricing”). Fair value pricing may require subjective determinations about the value of a security or other asset, and fair values used to determine a Fund’s NAV may differ from quoted or published prices, or from prices that are used by others, for the same investments. Also, the use of fair value pricing may not always result in adjustments to the prices of securities or other assets held by a Fund. The Boards have delegated to the Adviser’s Best Execution and Valuation Committee the day-to-day responsibility for making fair value pricing determinations with respect to Fund holdings.

 

The Funds may determine that market quotations are not readily available due to events relating to a single issuer (e.g., corporate actions or announcements) or events relating to multiple issuers (e.g., governmental actions or natural disasters). The Funds may determine the fair value of investments based on information provided by pricing services and other third-party vendors, which may recommend fair value prices or adjustments with reference to other securities, indices or assets. In considering whether fair value pricing is required and in determining fair values, the Funds may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indices) that occur after the close of the relevant market and the usual time of valuation. At March 31, 2022, three securities were fair valued in good faith pursuant to policies and procedures approved by the Boards of Trustees. The Core Bond Fund held one security fair valued at $298,550, representing 0.04% of the Fund’s net asset value and the High Yield Bond Fund held three securities fair valued at $510,838, representing 0.07% of the Fund’s net asset value.

 

For those Funds that invest in non-U.S. securities, investors should be aware that many securities markets and exchanges outside the U.S. close prior to the close of the NYSE, and the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the NYSE. As a result, the Funds’ fair value pricing procedures require the Funds to consider changes in the fair value of non-U.S. securities between the time of the closing of the local market’s exchange and the close of the NYSE. Generally, if there has been a movement in the U.S. market that exceeds a specified threshold, the Funds will assess whether the closing price on the local exchange is still appropriate. Although the threshold may be revised from time to time and the number of days on which fair value prices will be used will depend on market activity, it is possible that fair value prices will be used by the Funds to a significant extent. The value determined for an investment using the Funds’ fair value pricing procedures may differ from recent market prices for the investment.

 

Fair Value Measurements Fair value is defined as the price that the Fund would receive upon selling an investment in an orderly transaction between market participants. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.

 

•

Level 1 – unadjusted quoted prices in active markets for identical investments

 

•

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

 

•

Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)

 

Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a general summary of valuation inputs and classifications for different categories of securities.

 

Equity Securities Equity securities, including common stocks, preferred stocks and exchange-traded funds, for which market quotations are readily available, valued at the last reported sale price or official closing price as reported by an independent pricing service, are generally categorized as Level 1 in the hierarchy. Non-U.S. equity securities may also be valued at official close, or may be valued based on the fair value pricing procedures noted above. When third-party fair value pricing of foreign securities methods are applied, they are generally categorized as Level 2. To the extent that inputs for equity securities are unobservable, values are categorized as Level 3 in the hierarchy.

 

Fixed Income Securities Fixed income securities, including Corporate Bonds (both investment-grade and high-yield), U.S. Treasury Obligations, Government Bonds, Mortgage-Backed and Asset-Backed Securities, Bank Loans and Municipal Bonds, are valued at evaluated prices received from independent pricing services, which are evaluated using various inputs and techniques which may include trade activity, broker-dealer quotes, yield curves, coupon rates, default rates, cash flows, models and other inputs, and are generally categorized as Level 2 in the hierarchy. To the extent that inputs for fixed income securities are unobservable, values are categorized as Level 3 in the hierarchy.

 

Affiliated and Unaffiliated Investment Companies Investments in mutual funds are valued at the Funds’ closing net asset value and are generally categorized as Level 1.

 

Short-term Investments Short-term securities, including repurchase agreements, with remaining maturities of 60 days or less, which are valued at amortized cost, are generally categorized as Level 2 in the hierarchy.

 

The following is a summary of the inputs used to value the Funds’ net assets as of March 31, 2022:

 

		Level 1				Level 2				Level 3*				Totals
Large Cap
Common Stocks		$	1,495,895,555			$	-			$	-			$	1,495,895,555
Cash Equivalents			26,113,972				-				-				26,113,972
Total		$	1,522,009,527			$	-			$	-			$	1,522,009,527
Small Cap
Common Stocks		$	685,014,267			$	-			$	-			$	685,014,267
Cash Equivalents			36,778,972				-				-				36,778,972
Total		$	721,793,239			$	-			$	-			$	721,793,239
US Sustainable Economy
Common Stocks		$	310,492,088			$	-			$	-			$	310,492,088
Cash Equivalents			2,417,539				-				-				3,417,539
Total		$	312,909,627			$	-			$	-			$	312,909,627
Global Sustainable Infrastructure
Common Stocks		$	50,855,525			$	48,152,589			$	-			$	99,008,114
Exchange-Traded Funds			-				9,384				-				9,384
Cash Equivalents			1,193,911				-				-				1,193,911
Total		$	52,049,436			$	48,161,973			$	-			$	100,211,409
Global Opportunities
Common Stocks		$	69,641,310			$	59,119,941			$	-			$	128,761,251
Cash Equivalents			740,193				-				-				740,193
Total		$	70,381,503			$	59,119,941			$	-			$	129,501,444
Global Environmental Markets
Common Stocks		$	1,466,864,196			$	992,841,518			$	-			$	2,459,705,714
Cash Equivalents			42,763,453				-				-				42,763,453
Total		$	1,509,627,649			$	992,841,518			$	-			$	2,502,469,167
Global Women’s Leadership
Common Stocks		$	698,657,695			$	241,955,656			$	-			$	940,613,351
Preferred Stocks			-				540,873				-				540,873
Cash Equivalents			4,414,041				-				-				4,414,041
Total		$	703,071,736			$	242,496,529			$	-			$	945,568,265
International Sustainable Economy
Common Stocks		$	5,034,704			$	852,019,280			$	-			$	857,053,984
Preferred Stocks			-				428,363				-				428,363
Cash Equivalents			13,162,327				-				-				13,162,327
Total		$	18,197,031			$	852,447,643			$	-			$	870,644,674
Core Bond
Community Investment Notes		$	-			$	-			$	298,550			$	298,550
Corporate Bonds			-				269,076,698				-				269,076,698
U.S. Gov't Agency Bonds			-				8,468,542				-				8,468,542
Government Bonds			-				2,775,280				-				2,775,280
Supranational Bonds			-				91,466,473				-				91,466,473
Municipal Bonds			-				14,013,832				-				14,013,832
U.S. Treasury Notes			-				104,952,220				-				104,952,220
Asset-Backed Securities			-				51,755,677				-				51,755,677
Mortgage-Backed Securities			-				181,315,108				-				181,315,108
Certificates of Deposit			-				252,132				-				252,132
Cash Equivalents			33,969,348				-				-				33,969,348
Total		$	33,969,348			$	724,075,962			$	298,550			$	758,343,860
High Yield Bond
Community Investment Notes		$	-			$	-			$	510,838			$	510,838
Common Stocks			-				-				0				0
Preferred Stocks			-				2,070,600				0				2,070,600
Corporate Bonds			-				648,216,137				-				648,216,137
Loans			-				13,735,980				-				13,735,980
Medium Term Certificates of Deposit			-				500,000				-				500,000
Certificates of Deposit			-				100,017				-				100,017
Cash Equivalents			18,239,077				-				-				18,239,077
Total		$	18,239,077			$	664,622,734			$	510,838			$	683,372,649
Sustainable Allocation
Affiliated Investment Companies		$	2,332,558,549			$	-			$	-			$	2,332,558,549
Cash Equivalents			130,512,421				-				-				130,512,421
Total		$	2,463,070,970			$	-			$	-			$	2,463,070,970

 

*

Table includes securities valued at zero.

 

See Schedules of Investments for additional detailed industry classifications.

 

Significant unobservable inputs were used by two Funds for Level 3 fair value measurements. The High Yield Bond Fund holds two securities of the same issuer which are deemed to be valued at zero based on company financial statements, and one security based on broker valuation levels. The Core Bond Fund holds a position in a Community Investment note which is valued based on a general obligation by the parent entity to limit investment exposure on the note.

 

Affiliated Investments The term “affiliated company” includes other investment companies that are managed by a Fund’s Adviser. At March 31, 2022, the Sustainable Allocation Fund held the following investments in affiliated Funds:

 

Fund		Shares Held at 12/31/21				Gross Additions				Gross Reductions				Shares Held at  03/31/22				Value at 12/31/21				Dividend  Income				Realized Gains/Losses1				Net change in  Unrealized Appreciation/ Depreciation				Value at 03/31/22
Sustainable Allocation
Large Cap			76,137,343				-				-				76,137,343			$	1,132,162,284			$	-			$	-			$	135,599,532			$	1,064,400,049
Small Cap			4,377,966				-				-				4,377,966				83,137,569				-				-				1,978,331				73,593,604
Global Sustainable Infrastructure			7,758,860				-				-				7,758,860				78,752,429				-				-				(35,429,140	)			76,890,302
Global Opportunities			4,015,222				-				-				4,015,222				68,861,063				-				-				1,646,081				61,633,663
Global Environmental Markets			2,851,724				-				-				2,851,724				72,433,778				-				-				119,350				61,825,367
Global Women's Leadership			1,992,667				-				-				1,992,667				70,400,912				-				-				3,324,388				65,040,639
International Sustainable Economy			15,930,405				-				-				15,930,405				171,411,156				-				-				(4,662,890	)			157,551,704
Core Bond			71,152,536				337,700				-				71,490,236				726,467,396				3,307,038				-				(68,875,247	)			684,876,463
High Yield			13,284,046				144,245				-				13,428,291				91,394,238				945,649				-				(5,649,769	)			86,746,758
Total																		$	2,495,020,825			$	4,252,687			$	-			$	28,050,637			$	2,332,558,549

 

 

 

 

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