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

	
		NPORT-P
		false
		
			
			
				
					0000076721
					XXXXXXXX
				
			
			
			
				S000062224
				C000201507
				C000201508
			
			
			
		
	
	
		
			PAX WORLD FUNDS SERIES TRUST I
			811-02064
			0000076721
			549300TD5R23SWU72456
			30 Penhallow St.
			Suite 400
			Portsmouth
			
			03801
			800-767-1729
			PAX GLOBAL OPPORTUNITIES FUND
			S000062224
			5493008PKSO3C54ZXR37
			2022-12-31
			2022-03-31
			N
		
		
			131956404.26
			1516709.78
			130439694.48
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			N
			
				
					
					
				
				
				
				
				
			
			
			
			
		
		
			
				AIA GROUP LTD
				N/A
				
				B4TX8S909
				
					
					
				
				518200
				NS
				
				5410980.79
				4.1482623917
				Long
				EC
				CORP
				HK
				
				N
				
				2
				
					N
					N
					N
				
			
			
				ALCON INC
				N/A
				
				ACI198PY5
				
					
					
				
				34718
				NS
				
				2750565.63
				2.1086875747
				Long
				EC
				CORP
				CH
				
				N
				
				2
				
					N
					N
					N
				
			
			
				ANALOG DEVICES INC
				N/A
				
				032654105
				
					
					
				
				24454
				NS
				USD
				4039311.72
				3.0966890379
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				APPLIED MATERIALS INC
				N/A
				
				038222105
				
					
					
				
				19114
				NS
				USD
				2519225.2
				1.9313332571
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				APTIV PLC
				N/A
				
				G6095L109
				
					
					
				
				28521
				NS
				USD
				3414248.91
				2.6174922623
				Long
				EC
				CORP
				IE
				
				N
				
				1
				
					N
					N
					N
				
			
			
				ASHTEAD GROUP PLC
				N/A
				
				005367008
				
					
					
				
				36695
				NS
				
				2310478.47
				1.7713001239
				Long
				EC
				CORP
				GB
				
				N
				
				2
				
					N
					N
					N
				
			
			
				ASML HOLDING NV
				N/A
				
				ACI02GTQ9
				
					
					
				
				3965
				NS
				
				2649498.09
				2.0312053785
				Long
				EC
				CORP
				NL
				
				N
				
				2
				
					N
					N
					N
				
			
			
				BECTON DICKINSON AND CO
				N/A
				
				075887109
				
					
					
				
				9550
				NS
				USD
				2540300
				1.9474899954
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				CADENCE DESIGN SYS INC
				N/A
				
				127387108
				
					
					
				
				15536
				NS
				USD
				2555050.56
				1.9587983322
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				CINTAS CORP
				N/A
				
				172908105
				
					
					
				
				8536
				NS
				USD
				3631129.04
				2.7837607674
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				COOPER COS INC/THE
				N/A
				
				216648402
				
					
					
				
				5099
				NS
				USD
				2129291.41
				1.6323952754
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				CRODA INTERNATIONAL PLC
				N/A
				
				BJFFLV908
				
					
					
				
				26202
				NS
				
				2695442.15
				2.0664278315
				Long
				EC
				CORP
				GB
				
				N
				
				2
				
					N
					N
					N
				
			
			
				DANAHER CORP
				N/A
				
				235851102
				
					
					
				
				8631
				NS
				USD
				2531731.23
				1.9409208524
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				EQUINIX INC
				N/A
				
				29444U700
				
					
					
				
				4584
				NS
				USD
				3399586.08
				2.6062511826
				Long
				RE
				RF
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				EVOTEC SE
				N/A
				
				581191905
				
					
					
				
				78172
				NS
				
				2352401.73
				1.8034400796
				Long
				EC
				CORP
				DE
				
				N
				
				2
				
					N
					N
					N
				
			
			
				HANNOVER RUECK SE
				N/A
				
				451180905
				
					
					
				
				14099
				NS
				
				2395114.35
				1.8361851885
				Long
				EC
				CORP
				DE
				
				N
				
				2
				
					N
					N
					N
				
			
			
				HDFC BANK LTD ADR
				N/A
				
				40415F101
				
					
					
				
				70052
				NS
				USD
				4296289.16
				3.2936976563
				Long
				EC
				CORP
				IN
				
				N
				
				1
				
					N
					N
					N
				
			
			
				HISCOX LTD
				N/A
				
				BVZHXQ903
				
					
					
				
				151714
				NS
				
				1956468.82
				1.4999029458
				Long
				EC
				CORP
				BM
				
				N
				
				2
				
					N
					N
					N
				
			
			
				IQVIA HOLDINGS INC
				N/A
				
				46266C105
				
					
					
				
				18527
				NS
				USD
				4283627.67
				3.2839908795
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				JERONIMO MARTINS
				N/A
				
				B1Y1SQ901
				
					
					
				
				109432
				NS
				
				2625266.6
				2.0126286024
				Long
				EC
				CORP
				PT
				
				N
				
				2
				
					N
					N
					N
				
			
			
				KDDI CORP
				N/A
				
				624899902
				
					
					
				
				93400
				NS
				
				3062270.27
				2.3476521332
				Long
				EC
				CORP
				JP
				
				N
				
				2
				
					N
					N
					N
				
			
			
				KEYENCE CORP
				N/A
				
				649099009
				
					
					
				
				5550
				NS
				
				2573548.47
				1.9729795292
				Long
				EC
				CORP
				JP
				
				N
				
				2
				
					N
					N
					N
				
			
			
				KONINKLIJKE DSM NV
				N/A
				
				B0HZL9902
				
					
					
				
				21900
				NS
				
				3917772.52
				3.0035124934
				Long
				EC
				CORP
				NL
				
				N
				
				2
				
					N
					N
					N
				
			
			
				KUBOTA CORP
				N/A
				
				649750007
				
					
					
				
				176700
				NS
				
				3312109.34
				2.5391882074
				Long
				EC
				CORP
				JP
				
				N
				
				2
				
					N
					N
					N
				
			
			
				LEGAL + GENERAL GROUP PLC
				N/A
				
				056039902
				
					
					
				
				591209
				NS
				
				2096065.24
				1.6069228377
				Long
				EC
				CORP
				GB
				
				N
				
				2
				
					N
					N
					N
				
			
			
				LHC GROUP INC
				N/A
				
				50187A107
				
					
					
				
				8586
				NS
				USD
				1447599.6
				1.1097845681
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				LINDE PLC
				N/A
				
				G5494J103
				
					
					
				
				15455
				NS
				USD
				4936790.65
				3.7847303075
				Long
				EC
				CORP
				GB
				
				N
				
				1
				
					N
					N
					N
				
			
			
				LONZA GROUP AG REG
				N/A
				
				733337901
				
					
					
				
				3667
				NS
				
				2657120.31
				2.0370488605
				Long
				EC
				CORP
				CH
				
				N
				
				2
				
					N
					N
					N
				
			
			
				MASTERCARD INC   A
				N/A
				
				57636Q104
				
					
					
				
				13661
				NS
				USD
				4882168.18
				3.7428546574
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				MICROSOFT CORP
				N/A
				
				594918104
				
					
					
				
				16820
				NS
				USD
				5185774.2
				3.9756105077
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				PRUDENTIAL PLC
				N/A
				
				070995006
				
					
					
				
				90734
				NS
				
				1339530.17
				1.0269344584
				Long
				EC
				CORP
				GB
				
				N
				
				2
				
					N
					N
					N
				
			
			
				SCHNEIDER ELECTRIC SE
				N/A
				
				483410007
				
					
					
				
				24953
				NS
				
				4189367.2
				3.2117272405
				Long
				EC
				CORP
				FR
				
				N
				
				2
				
					N
					N
					N
				
			
			
				SSC GOVERNMENT MM GVMXX
				N/A
				
				7839989D1
				
					
				
				740193.16
				NS
				USD
				740193.16
				0.5674600534
				Long
				STIV
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				TAIWAN SEMICONDUCTOR MANUFAC
				N/A
				
				688910900
				
					
					
				
				217000
				NS
				
				4451432.32
				3.4126362667
				Long
				EC
				CORP
				TW
				
				N
				
				2
				
					N
					N
					N
				
			
			
				TE CONNECTIVITY LTD
				N/A
				
				H84989104
				
					
					
				
				18695
				NS
				USD
				2448671.1
				1.8772438174
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				THERMO FISHER SCIENTIFIC INC
				N/A
				
				883556102
				
					
					
				
				7349
				NS
				USD
				4340686.85
				3.3277346036
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				UNILEVER PLC
				N/A
				
				BLRB26905
				
					
					
				
				55376
				NS
				
				2502784.71
				1.9187293561
				Long
				EC
				CORP
				GB
				
				N
				
				2
				
					N
					N
					N
				
			
			
				UNITED RENTALS INC
				N/A
				
				911363109
				
					
					
				
				8288
				NS
				USD
				2943980.48
				2.2569667092
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				VERISK ANALYTICS INC
				N/A
				
				92345Y106
				
					
					
				
				12909
				NS
				USD
				2770658.67
				2.1240916586
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				VERTEX PHARMACEUTICALS INC
				N/A
				
				92532F100
				
					
					
				
				10723
				NS
				USD
				2798381.31
				2.1453448823
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				VESTAS WIND SYSTEMS A/S
				N/A
				
				BN4MYF907
				
					
					
				
				40971
				NS
				
				1201876.09
				0.9214036377
				Long
				EC
				CORP
				DK
				
				N
				
				2
				
					N
					N
					N
				
			
			
				VISA INC CLASS A SHARES
				N/A
				
				92826C839
				
					
					
				
				11484
				NS
				USD
				2546806.68
				1.9524782622
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				WOLTERS KLUWER
				N/A
				
				567151907
				
					
					
				
				25044
				NS
				
				2669849.06
				2.0468072013
				Long
				EC
				CORP
				NL
				
				N
				
				2
				
					N
					N
					N
				
			
		
		
			2022-05-26
			PAX WORLD FUNDS SERIES TRUST I
			/s/ Alicia DuBois
			Alicia DuBois
			Treasurer
		
	
	XXXX

	Schedules of Investments (Unaudited)
Pax Global Opportunities Fund	March 31, 2022

 

PERCENT OF NET ASSETS		SHARES/
NAME OF ISSUER AND TITLE OF ISSUE		PRINCIPAL				VALUE
COMMON STOCKS: 98.7%
COMMUNICATION SERVICES: 2.3%
KDDI Corp.			93,400			$	3,062,270
CONSUMER DISCRETIONARY: 2.6%
Aptiv PLC (a)			28,521				3,414,249
CONSUMER STAPLES: 3.9%
Jeronimo Martins SGPS SA			109,432				2,625,267
Unilever PLC			55,376				2,502,785
							5,128,052
FINANCIALS: 13.4%
AIA Group, Ltd.			518,200				5,410,981
Hannover Rueck SE			14,099				2,395,114
HDFC Bank, Ltd., ADR			70,052				4,296,289
Hiscox, Ltd.			151,714				1,956,469
Legal & General Group PLC			591,209				2,096,065
Prudential PLC			90,734				1,339,530
							17,494,448
HEALTH CARE: 21.3%
Alcon, Inc.			34,718				2,750,566
Becton Dickinson & Co.			9,550				2,540,300
Cooper Cos, Inc., The			5,099				2,129,291
Danaher Corp.			8,631				2,531,731
Evotec SE (a)			78,172				2,352,402
IQVIA Holdings, Inc. (a)			18,527				4,283,628
LHC Group, Inc. (a)			8,586				1,447,600
Lonza Group AG			3,667				2,657,120
Thermo Fisher Scientific, Inc.			7,349				4,340,687
Vertex Pharmaceuticals, Inc. (a)			10,723				2,798,381
							27,831,706
INDUSTRIALS: 17.7%
Ashtead Group PLC			36,695				2,310,478
Cintas Corp.			8,536				3,631,129
Kubota Corp.			176,700				3,312,109
Schneider Electric SE			24,953				4,189,367
United Rentals, Inc. (a)			8,288				2,943,980
Verisk Analytics, Inc.			12,909				2,770,659
Vestas Wind Systems A/S			40,971				1,201,876
Wolters Kluwer NV			25,044				2,669,849
							23,029,447
INFORMATION TECHNOLOGY: 26.0% (b)
Analog Devices, Inc.			24,454				4,039,312
Applied Materials, Inc.			19,114				2,519,225
ASML Holding NV			3,965				2,649,498

Cadence Design Systems, Inc. (a)			15,536				2,555,051
Keyence Corp.			5,550				2,573,548
MasterCard, Inc., Class A			13,661				4,882,168
Microsoft Corp.			16,820				5,185,775
Taiwan Semiconductor Manufacturing Co, Ltd.			217,000				4,451,432
TE Connectivity, Ltd.			18,695				2,448,671
Visa, Inc., Class A			11,484				2,546,807
							33,851,487
MATERIALS: 8.9%
Croda International PLC			26,202				2,695,442
Koninklijke DSM NV			21,900				3,917,773
Linde PLC			15,455				4,936,791
							11,550,006
REAL ESTATE: 2.6%
Equinix, Inc., REIT			4,584				3,399,586

 

TOTAL COMMON STOCKS							128,761,251
(Cost $107,943,437)
MONEY MARKET: 0.6%
State Street Institutional U.S. Government Money Market Fund, 0.250% (c)(d)			740,193				740,193
(Cost $740,193)
TOTAL INVESTMENTS: 99.3%							129,501,444
(Cost $108,683,630)
Other assets and liabilities - (net): 0.7%							970,141
Net Assets: 100.0%						$	130,471,585

 

(a)

Non-income producing security.

(b)

Broad industry sectors used for financial reporting.

(c)

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

(d)

Premier Class shares

REIT - Real Estate Investment Trust

 

SUMMARY OF INVESTMENTS BY COUNTRY
COUNTRY		VALUE				PERCENT OF NET ASSETS
Denmark		$	1,201,876				0.9	%
France			4,189,367				3.2	%
Germany			4,747,516				3.6	%
Hong Kong			5,410,981				4.1	%
India			4,296,289				3.3	%
Japan			8,947,927				6.9	%
Netherlands			9,237,120				7.1	%
Portugal			2,625,267				2.0	%
Switzerland			5,407,686				4.1	%
Taiwan			4,451,432				3.4	%
United Kingdom			12,900,769				9.9	%
United States			65,345,021				50.2	%
Money Market			740,193				0.6	%
Other assets and liabilities (net)			970,141				0.7	%
TOTAL		$	130,471,585				100.0	%

 

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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