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

	
		NPORT-P
		false
		
			
			
				
					0000076721
					XXXXXXXX
				
			
			
			
				S000011971
				C000043250
				C000043251
			
			
			
		
	
	
		
			PAX WORLD FUNDS SERIES TRUST I
			811-02064
			0000076721
			549300TD5R23SWU72456
			30 Penhallow St.
			Suite 400
			Portsmouth
			
			03801
			800-767-1729
			PAX Sustainable Allocation Fund
			S000011971
			5493005QNFIONEGYS209
			2022-12-31
			2022-03-31
			N
		
		
			2463212113.51
			427152.61
			2462784960.9
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			N
			
				
					
					
				
				
				
				
				
			
			
			
			
		
		
			
				PAX CORE BOND FUND
				N/A
				
				704223460
				
					
					
				
				71490236.22
				NS
				USD
				684876462.99
				27.8090240871
				Long
				EC
				RF
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				PAX ELLEVATE GLOBAL WOMEN S LE
				N/A
				
				70422T109
				
					
					
				
				1992666.633
				NS
				USD
				65040638.9
				2.6409386094
				Long
				EC
				RF
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				PAX GLOBAL ENVIRONMENTAL MARKE
				N/A
				
				704223775
				
					
					
				
				2851723.523
				NS
				USD
				61825365.98
				2.5103842585
				Long
				EC
				RF
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				PAX GLOBAL OPPORTUNITIES FUND
				N/A
				
				704223429
				
					
					
				
				4015222.32
				NS
				USD
				61633662.61
				2.5026002509
				Long
				EC
				RF
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				PAX HIGH YIELD BOND FUND
				N/A
				
				704223809
				
					
					
				
				13428290.74
				NS
				USD
				86746758.18
				3.5223033906
				Long
				EC
				RF
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				PAX LARGE CAP FUND
				N/A
				
				704223486
				
					
					
				
				76137342.568
				NS
				USD
				1064400049.1
				43.2193661241
				Long
				EC
				RF
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				PAX SMALL CAP FUND
				N/A
				
				704223817
				
					
					
				
				4377965.743
				NS
				USD
				73593604.14
				2.9882269588
				Long
				EC
				RF
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				PAX WORLD FUNDS SERIES TRUST I
				N/A
				
				704223445
				
					
					
				
				7758859.973
				NS
				USD
				76890302.33
				3.1220875371
				Long
				EC
				RF
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				PAX WORLD FUNDS SERIES TRUST I
				N/A
				
				704223742
				
					
					
				
				15930404.86
				NS
				USD
				157551704.07
				6.3972984475
				Long
				EC
				RF
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				SSC GOVERNMENT MM GVMXX
				N/A
				
				7839989D1
				
					
				
				130512421.23
				NS
				USD
				130512421.23
				5.2993835557
				Long
				STIV
				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 Sustainable Allocation Fund	March 31, 2022

 

PERCENT OF NET ASSETS		SHARES/
NAME OF ISSUER AND TITLE OF ISSUE		PRINCIPAL				VALUE
AFFILIATED INVESTMENT COMPANIES: 94.7%
Pax Core Bond Fund (a)			71,490,236			$	684,876,463
Pax Ellevate Global Women's Leadership Fund (a)			1,992,667				65,040,639
Pax Global Environmental Markets Fund (a)			2,851,724				61,825,367
Pax Global Opportunities Fund (a)			4,015,222				61,633,663
Pax Global Sustainable Infrastructure Fund (a)			7,758,860				76,890,302
Pax High Yield Bond Fund (a)			13,428,291				86,746,758
Pax International Sustainable Economy Fund (a)			15,930,405				157,551,704
Pax Large Cap Fund (a)			76,137,343				1,064,400,049
Pax Small Cap Fund (a)			4,377,966				73,593,604
TOTAL AFFILIATED INVESTMENT COMPANIES							2,332,558,549
(Cost $1,977,251,399)
MONEY MARKET: 5.3%
State Street Institutional U.S. Government Money Market Fund, 0.250% (b)(c)			130,512,421				130,512,421
(Cost $130,512,421)
TOTAL INVESTMENTS: 100.0%							2,463,070,970
(Cost $2,107,763,820)
Other assets and liabilities - (net): 0.0% (d)							573,232
Net Assets: 100.0%						$	2,463,644,202

 

(a)

Institutional Class shares

(b)

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

(c)

Premier Class shares

(d)

Rounds to less than 0.05%.

 

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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