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

May 26, 2022 11:14 AM EDT

	
		NPORT-P
		false
		
			
			
				
					0000076721
					XXXXXXXX
				
			
			
			
				S000055846
				C000175864
				C000175865
			
			
			
		
	
	
		
			PAX WORLD FUNDS SERIES TRUST I
			811-02064
			0000076721
			549300TD5R23SWU72456
			30 Penhallow St.
			Suite 400
			Portsmouth
			
			03801
			800-767-1729
			Pax Global Sustainable Infrastructure Fund
			S000055846
			549300M7V6OFRLWL5549
			2022-12-31
			2022-03-31
			N
		
		
			100534944.77
			952034.03
			99582910.74
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			0
			
				
				
			
			
				
					
						UST
					
				
			
			
				
					
					
				
				
				
				
				
			
			
			
			
		
		
			
				ACCIONA SA
				N/A
				COMMON STOCK EUR1.
				557910908
				
					
					
				
				5648
				NS
				
				1079531.15
				1.084052617
				Long
				EC
				CORP
				ES
				
				N
				
				2
				
					N
					N
					N
				
			
			
				ADVANCED DRAINAGE SYSTEMS IN
				N/A
				COMMON STOCK USD.01
				00790R104
				
					
					
				
				4350
				NS
				USD
				516823.5
				0.5189881438
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				AMERICAN CAMPUS COMMUNITIES
				N/A
				REIT USD.01
				024835100
				
					
					
				
				14501
				NS
				USD
				811620.97
				0.8150203323
				Long
				RE
				RF
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				AMERICAN WATER WORKS CO INC
				N/A
				COMMON STOCK USD.01
				030420103
				
					
					
				
				9838
				NS
				USD
				1628484.14
				1.6353048208
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				ANDRITZ AG
				N/A
				COMMON STOCK
				B1WVF6905
				
					
					
				
				14001
				NS
				
				646619.12
				0.6493273948
				Long
				EC
				CORP
				AT
				
				N
				
				2
				
					N
					N
					N
				
			
			
				ASCENDAS REAL ESTATE INV TRT
				N/A
				REIT
				656387909
				
					
					
				
				466000
				NS
				
				1004149.11
				1.0083548498
				Long
				RE
				RF
				SG
				
				N
				
				2
				
					N
					N
					N
				
			
			
				ASML HOLDING NV
				N/A
				COMMON STOCK EUR.09
				ACI02GTQ9
				
					
					
				
				1
				NS
				
				668.22
				0.0006710187
				Long
				EC
				CORP
				NL
				
				N
				
				2
				
					N
					N
					N
				
			
			
				AT+T INC
				N/A
				COMMON STOCK USD1.0
				00206R102
				
					
					
				
				71357
				NS
				USD
				1686165.91
				1.6932281829
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				BCE INC
				N/A
				COMMON STOCK
				05534B950
				
					
					
				
				21873
				NS
				
				1212493.62
				1.217571982
				Long
				EC
				CORP
				CA
				
				N
				
				1
				
					N
					N
					N
				
			
			
				BEIJING ENTERPRISES WATER GR
				N/A
				COMMON STOCK HKD.1
				B01YCG906
				
					
					
				
				532000
				NS
				
				162762.61
				0.1634443187
				Long
				EC
				CORP
				HK
				
				N
				
				2
				
					N
					N
					N
				
			
			
				BKW AG
				N/A
				COMMON STOCK CHF2.5
				ACI00WIH8
				
					
					
				
				5833
				NS
				
				730596.42
				0.7336564221
				Long
				EC
				CORP
				CH
				
				N
				
				2
				
					N
					N
					N
				
			
			
				BLOOM ENERGY CORP  A
				N/A
				COMMON STOCK USD.0001
				093712107
				
					
					
				
				20370
				NS
				USD
				491935.5
				0.4939959039
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					
					
				
			
			
				BORALEX INC  A
				N/A
				COMMON STOCK
				09950M953
				
					
					
				
				15841
				NS
				
				513440.24
				0.5155907135
				Long
				EC
				CORP
				CA
				
				N
				
				1
				
					N
					N
					N
				
			
			
				BOSTON PROPERTIES INC
				N/A
				REIT USD.01
				101121101
				
					
					
				
				1583
				NS
				USD
				203890.4
				0.2047443668
				Long
				RE
				RF
				US
				
				N
				
				1
				
					N
					
					
				
			
			
				BRAMBLES LTD
				N/A
				COMMON STOCK
				B1FJ0C904
				
					
					
				
				91820
				NS
				
				677599
				0.6804370298
				Long
				EC
				CORP
				AU
				
				N
				
				2
				
					N
					N
					N
				
			
			
				BROOKFIELD RENEWABLE PARTNER
				N/A
				LTD PART
				G16258959
				
					
					
				
				31526
				NS
				
				1293923.98
				1.2993434018
				Long
				
				CORP
				CA
				
				N
				
				1
				
					N
					N
					N
				
			
			
				CANADIAN PACIFIC RAILWAY LTD
				N/A
				COMMON STOCK
				13645T951
				
					
					
				
				1650
				NS
				
				136181.26
				0.1367516364
				Long
				EC
				CORP
				CA
				
				N
				
				1
				
					N
					N
					N
				
			
			
				CARLISLE COS INC
				N/A
				COMMON STOCK USD1.0
				142339100
				
					
					
				
				2124
				NS
				USD
				522334.08
				0.5245218041
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				CHECK POINT SOFTWARE TECH
				N/A
				COMMON STOCK USD.01
				M22465104
				
					
					
				
				38
				NS
				USD
				5253.88
				0.0052758852
				Long
				EC
				CORP
				IL
				
				N
				
				1
				
					N
					N
					N
				
			
			
				CHINA CONCH ENVIRONMENT PROT
				N/A
				COMMON STOCK HKD.01
				ACI24F177
				
					
					
				
				124500
				NS
				
				155758.11
				0.1564104813
				Long
				EC
				CORP
				CN
				
				N
				
				1
				
					N
					N
					N
				
			
			
				CHINA CONCH VENTURE HOLDINGS
				N/A
				COMMON STOCK HKD.01
				ACI07F6S7
				
					
					
				
				262500
				NS
				
				765237.41
				0.7684425011
				Long
				EC
				CORP
				CN
				
				N
				
				2
				
					N
					N
					N
				
			
			
				CHINA RAILWAY SIGNAL + COM H
				N/A
				COMMON STOCK CNY1.0
				BYVDW4900
				
					
					
				
				1595000
				NS
				
				505963.98
				0.5080831402
				Long
				EC
				CORP
				CN
				
				N
				
				2
				
					N
					N
					N
				
			
			
				CIGNA CORP
				N/A
				COMMON STOCK USD.01
				125523100
				
					
					
				
				3302
				NS
				USD
				791192.22
				0.7945060193
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				CISCO SYSTEMS INC
				N/A
				COMMON STOCK USD.001
				17275R102
				
					
					
				
				23232
				NS
				USD
				1295416.32
				1.3008419922
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				CLEAN HARBORS INC
				N/A
				COMMON STOCK USD.01
				184496107
				
					
					
				
				3558
				NS
				USD
				397215.12
				0.3988788006
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				COUSINS PROPERTIES INC
				N/A
				REIT USD1.0
				222795502
				
					
					
				
				4668
				NS
				USD
				188073.72
				0.1888614408
				Long
				RE
				RF
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				COVIVIO
				N/A
				REIT EUR3.0
				774563902
				
					
					
				
				4703
				NS
				
				374283.35
				0.3758509841
				Long
				RE
				RF
				FR
				
				N
				
				2
				
					N
					N
					N
				
			
			
				CSX CORP
				N/A
				COMMON STOCK USD1.0
				126408103
				
					
					
				
				34898
				NS
				USD
				1306930.1
				1.3124039961
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				CVS HEALTH CORP
				N/A
				COMMON STOCK USD.01
				126650100
				
					
					
				
				9899
				NS
				USD
				1001877.79
				1.0060740167
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				DARLING INGREDIENTS INC
				N/A
				COMMON STOCK USD.01
				237266101
				
					
					
				
				6100
				NS
				USD
				490318
				0.4923716292
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				DEXUS/AU
				N/A
				REIT
				B033YN903
				
					
					
				
				23389
				NS
				
				190916.65
				0.191716278
				Long
				RE
				RF
				AU
				
				N
				
				2
				
					N
					N
					N
				
			
			
				DOUGLAS EMMETT INC
				N/A
				REIT USD.01
				25960P109
				
					
					
				
				5138
				NS
				USD
				171711.96
				0.1724311518
				Long
				RE
				RF
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				EDISON INTERNATIONAL
				N/A
				COMMON STOCK
				281020107
				
					
					
				
				21988
				NS
				USD
				1541358.8
				1.5478145683
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				EDP ENERGIAS DE PORTUGAL SA
				N/A
				COMMON STOCK EUR1.
				410359905
				
					
					
				
				258199
				NS
				
				1270825.63
				1.2761483075
				Long
				EC
				CORP
				PT
				
				N
				
				2
				
					N
					N
					N
				
			
			
				EDP RENOVAVEIS SA
				N/A
				COMMON STOCK EUR5.
				B39GNW904
				
					
					
				
				43758
				NS
				
				1125050.03
				1.1297621466
				Long
				EC
				CORP
				ES
				
				N
				
				2
				
					N
					N
					N
				
			
			
				ENCAVIS AG
				N/A
				COMMON STOCK
				549196905
				
					
					
				
				24641
				NS
				
				513767.5
				0.5159193442
				Long
				EC
				CORP
				DE
				
				N
				
				2
				
					N
					N
					N
				
			
			
				ENCOMPASS HEALTH CORP
				N/A
				COMMON STOCK USD.01
				29261A100
				
					
					
				
				7507
				NS
				USD
				533822.77
				0.5360586129
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				ENEL AMERICAS SA
				N/A
				COMMON STOCK
				229945902
				
					
					
				
				8250197
				NS
				
				996147.32
				1.0003195454
				Long
				EC
				CORP
				CL
				
				N
				
				1
				
					N
					N
					N
				
			
			
				ENEL CHILE SA
				N/A
				COMMON STOCK
				BYMLZD909
				
					
					
				
				8402841
				NS
				
				250974.53
				0.2520257021
				Long
				EC
				CORP
				CL
				
				N
				
				1
				
					N
					N
					N
				
			
			
				ENEL SPA
				N/A
				COMMON STOCK EUR1.
				714456902
				
					
					
				
				324918
				NS
				
				2169396.07
				2.1784822856
				Long
				EC
				CORP
				IT
				
				N
				
				2
				
					N
					N
					N
				
			
			
				ENGIE BRASIL ENERGIA SA
				N/A
				COMMON STOCK
				ACI0NT451
				
					
					
				
				111000
				NS
				
				1008105.35
				1.0123276599
				Long
				EC
				CORP
				BR
				
				N
				
				1
				
					N
					N
					N
				
			
			
				ENPHASE ENERGY INC
				N/A
				COMMON STOCK USD.00001
				29355A107
				
					
					
				
				2401
				NS
				USD
				484473.78
				0.4865029315
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				FALCK RENEWABLES SPA
				N/A
				COMMON STOCK EUR1.0
				731544904
				
					
					
				
				21810
				NS
				
				212802.85
				0.2136941453
				Long
				EC
				CORP
				IT
				
				N
				
				1
				
					N
					N
					N
				
			
			
				FIRST SOLAR INC
				N/A
				COMMON STOCK USD.001
				336433107
				
					
					
				
				4543
				NS
				USD
				380430.82
				0.3820242019
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				GEBERIT AG REG
				N/A
				COMMON STOCK CHF.1
				B1WGG9901
				
					
					
				
				268
				NS
				
				165210.31
				0.1659022706
				Long
				EC
				CORP
				CH
				
				N
				
				2
				
					N
					N
					N
				
			
			
				GENERAC HOLDINGS INC
				N/A
				COMMON STOCK USD.01
				368736104
				
					
					
				
				1556
				NS
				USD
				462536.56
				0.4644738305
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				GLOBE TELECOM INC
				N/A
				COMMON STOCK PHP50.
				628486904
				
					
					
				
				5405
				NS
				
				265314.52
				0.2664257532
				Long
				EC
				CORP
				PH
				
				N
				
				1
				
					N
					N
					N
				
			
			
				GUANGDONG INVESTMENT LTD
				N/A
				COMMON STOCK
				691316004
				
					
					
				
				774000
				NS
				
				1054528.73
				1.0589454779
				Long
				EC
				CORP
				HK
				
				N
				
				2
				
					N
					N
					N
				
			
			
				HANNON ARMSTRONG SUSTAINABLE
				N/A
				REIT USD.01
				41068X100
				
					
					
				
				10530
				NS
				USD
				499437.9
				0.5015297266
				Long
				RE
				RF
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				HCA HEALTHCARE INC
				N/A
				COMMON STOCK USD.01
				40412C101
				
					
					
				
				2752
				NS
				USD
				689706.24
				0.6925949793
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				HEALTHPEAK PROPERTIES INC
				N/A
				REIT USD1.0
				42250P103
				
					
					
				
				28401
				NS
				USD
				975006.33
				0.9790900093
				Long
				RE
				RF
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				HELLENIC TELECOMMUN ORGANIZA
				N/A
				COMMON STOCK EUR2.83
				505160903
				
					
					
				
				10579
				NS
				
				191929.47
				0.1927333401
				Long
				EC
				CORP
				GR
				
				N
				
				1
				
					N
					N
					N
				
			
			
				HERC HOLDINGS INC
				N/A
				COMMON STOCK USD.01
				42704L104
				
					
					
				
				93
				NS
				USD
				15539.37
				0.0156044545
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				HKT TRUST AND HKT LTD SS
				N/A
				STAPLED SECURITY HKD.0005
				B4TXDZ907
				
					
					
				
				719000
				NS
				
				985861.05
				0.9899901928
				Long
				EC
				CORP
				HK
				
				N
				
				2
				
					N
					N
					N
				
			
			
				HUBBELL INC
				N/A
				COMMON STOCK USD.01
				443510607
				
					
					
				
				3751
				NS
				USD
				689321.27
				0.6922083969
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				IBERDROLA SA
				N/A
				COMMON STOCK EUR.75
				B288C9908
				
					
					
				
				217934
				NS
				
				2382011.84
				2.3919885674
				Long
				EC
				CORP
				ES
				
				N
				
				2
				
					N
					N
					N
				
			
			
				ICADE
				N/A
				REIT
				455440909
				
					
					
				
				11200
				NS
				
				720558.29
				0.7235762488
				Long
				RE
				RF
				FR
				
				N
				
				2
				
					N
					N
					N
				
			
			
				INNERGEX RENEWABLE ENERGY
				N/A
				COMMON STOCK
				45790B989
				
					
					
				
				31446
				NS
				
				500057.18
				0.5021516004
				Long
				EC
				CORP
				CA
				
				N
				
				1
				
					N
					N
					N
				
			
			
				ITRON INC
				N/A
				COMMON STOCK
				465741106
				
					
					
				
				9538
				NS
				USD
				502461.84
				0.504566332
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				JOHNSON MATTHEY PLC
				N/A
				COMMON STOCK GBP1.109245
				BZ4BQC900
				
					
					
				
				24624
				NS
				
				602221.54
				0.6047438617
				Long
				EC
				CORP
				GB
				
				N
				
				2
				
					N
					N
					N
				
			
			
				JUNIPER NETWORKS INC
				N/A
				COMMON STOCK USD.00001
				48203R104
				
					
					
				
				14321
				NS
				USD
				532168.36
				0.5343972736
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				KEMIRA OYJ
				N/A
				COMMON STOCK
				451361901
				
					
					
				
				38000
				NS
				
				497142.26
				0.4992244717
				Long
				EC
				CORP
				FI
				
				N
				
				2
				
					N
					N
					N
				
			
			
				KONINKLIJKE KPN NV
				N/A
				COMMON STOCK EUR.04
				595607904
				
					
					
				
				49516
				NS
				
				171819.44
				0.172539082
				Long
				EC
				CORP
				NL
				
				N
				
				2
				
					N
					N
					N
				
			
			
				LUMEN TECHNOLOGIES INC
				N/A
				COMMON STOCK USD1.0
				550241103
				
					
					
				
				91498
				NS
				USD
				1031182.46
				1.0355014252
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				MERCURY NZ LTD
				N/A
				COMMON STOCK
				ACI05YT61
				
					
					
				
				48845
				NS
				
				200515.62
				0.201355452
				Long
				EC
				CORP
				NZ
				
				N
				
				2
				
					N
					N
					N
				
			
			
				MERIDIAN ENERGY LTD
				N/A
				COMMON STOCK
				BWFD05904
				
					
					
				
				281223
				NS
				
				979797.47
				0.9839012163
				Long
				EC
				CORP
				NZ
				
				N
				
				2
				
					N
					N
					N
				
			
			
				MOTOROLA SOLUTIONS INC
				N/A
				COMMON STOCK USD.01
				620076307
				
					
					
				
				1558
				NS
				USD
				377347.6
				0.3789280683
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				MTR CORP
				N/A
				COMMON STOCK
				629005901
				
					
					
				
				172224
				NS
				
				927472.2
				0.9313567891
				Long
				EC
				CORP
				HK
				
				N
				
				2
				
					N
					N
					N
				
			
			
				NARI TECHNOLOGY CO LTD A
				N/A
				COMMON STOCK CNY1.0
				BP3R44900
				
					
					
				
				49009
				NS
				
				243302.71
				0.2443217498
				Long
				EC
				CORP
				CN
				
				N
				
				1
				
					N
					N
					N
				
			
			
				NEOENERGIA SA
				N/A
				COMMON STOCK
				BF8GMG904
				
					
					
				
				316400
				NS
				
				1144371.09
				1.1491641302
				Long
				EC
				CORP
				BR
				
				N
				
				1
				
					N
					N
					N
				
			
			
				NEXANS SA
				N/A
				COMMON STOCK EUR1.0
				713083905
				
					
					
				
				1935
				NS
				
				181077.99
				0.1818364101
				Long
				EC
				CORP
				FR
				
				N
				
				2
				
					N
					N
					N
				
			
			
				NORFOLK SOUTHERN CORP
				N/A
				COMMON STOCK USD1.0
				655844108
				
					
					
				
				4329
				NS
				USD
				1234717.38
				1.2398888231
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				OMEGA HEALTHCARE INVESTORS
				N/A
				REIT USD.1
				681936100
				
					
					
				
				32558
				NS
				USD
				1014507.28
				1.0187564035
				Long
				RE
				RF
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				ORACLE CORP JAPAN
				N/A
				COMMON STOCK
				614168904
				
					
					
				
				7000
				NS
				
				485078.96
				0.4871106462
				Long
				EC
				CORP
				JP
				
				N
				
				2
				
					N
					N
					N
				
			
			
				ORANGE
				N/A
				COMMON STOCK EUR4.0
				517617908
				
					
					
				
				90636
				NS
				
				1073247.83
				1.0777429802
				Long
				EC
				CORP
				FR
				
				N
				
				1
				
					N
					N
					N
				
			
			
				ORMAT TECHNOLOGIES INC
				N/A
				COMMON STOCK USD.001
				686688102
				
					
					
				
				9219
				NS
				USD
				754390.77
				0.7575504315
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				ORSTED A/S
				N/A
				COMMON STOCK DKK10.0
				BYT16L900
				
					
					
				
				12031
				NS
				
				1505937.18
				1.5122445898
				Long
				EC
				CORP
				DK
				
				N
				
				2
				
					N
					N
					N
				
			
			
				PCCW LTD
				N/A
				COMMON STOCK
				657407904
				
					
					
				
				1121000
				NS
				
				630021.09
				0.6326598463
				Long
				EC
				CORP
				HK
				
				N
				
				2
				
					N
					N
					N
				
			
			
				PENNON GROUP PLC
				N/A
				COMMON STOCK GBP.6105
				BNNTLN908
				
					
					
				
				35722
				NS
				
				502761.07
				0.5048668153
				Long
				EC
				CORP
				GB
				
				N
				
				2
				
					N
					N
					N
				
			
			
				PENTAIR PLC
				N/A
				COMMON STOCK USD.01
				G7S00T104
				
					
					
				
				12514
				NS
				USD
				678383.94
				0.6812252574
				Long
				EC
				CORP
				GB
				
				N
				
				1
				
					N
					N
					N
				
			
			
				PLUG POWER INC
				N/A
				COMMON STOCK USD.01
				72919P202
				
					
					
				
				12449
				NS
				USD
				356165.89
				0.3576576416
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				PREMIER INC CLASS A
				N/A
				COMMON STOCK USD.01
				74051N102
				
					
					
				
				20736
				NS
				USD
				737994.24
				0.7410852269
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				PROXIMUS
				N/A
				COMMON STOCK
				B00D9P907
				
					
					
				
				39714
				NS
				
				739529.07
				0.7426264853
				Long
				EC
				CORP
				BE
				
				N
				
				2
				
					
					N
					
				
			
			
				PRYSMIAN SPA
				N/A
				COMMON STOCK EUR.1
				B1W4V6907
				
					
					
				
				19742
				NS
				
				669968.01
				0.6727740784
				Long
				EC
				CORP
				IT
				
				N
				
				2
				
					N
					N
					N
				
			
			
				QUANTA SERVICES INC
				N/A
				COMMON STOCK USD.00001
				74762E102
				
					
					
				
				6127
				NS
				USD
				806374.47
				0.809751858
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				QUEST DIAGNOSTICS INC
				N/A
				COMMON STOCK USD.01
				74834L100
				
					
					
				
				3773
				NS
				USD
				516372.78
				0.518535536
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				RENEWABLES INFRASTRUCTURE GROU
				N/A
				RENEWABLES INFRASTRUCTURE GR
				BBHX2H906
				
					
					
				
				5292
				NS
				
				9383.7
				0.0094230023
				Long
				EC
				RF
				GG
				
				N
				
				2
				
					N
					N
					N
				
			
			
				SCATEC ASA
				N/A
				COMMON STOCK NOK.025
				BQSSWW906
				
					
					
				
				5969
				NS
				
				90378.66
				0.0907571985
				Long
				EC
				CORP
				NO
				
				N
				
				2
				
					N
					N
					N
				
			
			
				SCHNEIDER ELECTRIC SE
				N/A
				COMMON STOCK EUR4.0
				483410007
				
					
					
				
				12001
				NS
				
				2014851.76
				2.0232906882
				Long
				EC
				CORP
				FR
				
				N
				
				2
				
					N
					N
					N
				
			
			
				SELECT MEDICAL HOLDINGS CORP
				N/A
				COMMON STOCK USD.001
				81619Q105
				
					
					
				
				4910
				NS
				USD
				117790.9
				0.1182842509
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				SEVERN TRENT PLC
				N/A
				COMMON STOCK GBP.9789
				B1FH8J905
				
					
					
				
				30428
				NS
				
				1226376.77
				1.2315132796
				Long
				EC
				CORP
				GB
				
				N
				
				2
				
					N
					N
					N
				
			
			
				SHIMIZU CORP
				N/A
				COMMON STOCK
				680440005
				
					
					
				
				117000
				NS
				
				702134.98
				0.7050757753
				Long
				EC
				CORP
				JP
				
				N
				
				2
				
					N
					N
					N
				
			
			
				SINGAPORE TELECOMMUNICATIONS
				N/A
				COMMON STOCK
				B02PY2901
				
					
					
				
				102000
				NS
				
				198058.44
				0.1988879804
				Long
				EC
				CORP
				SG
				
				N
				
				2
				
					N
					N
					N
				
			
			
				SK TELECOM
				N/A
				COMMON STOCK KRW100.0
				622487908
				
					
					
				
				21110
				NS
				
				987066.2
				0.9912003904
				Long
				EC
				CORP
				KR
				
				N
				
				2
				
					N
					N
					N
				
			
			
				SL GREEN REALTY CORP
				N/A
				REIT USD.01
				78440X887
				
					
					
				
				9015
				NS
				USD
				731837.7
				0.7349029011
				Long
				RE
				RF
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				SOFTBANK CORP
				N/A
				COMMON STOCK
				BF5M0K909
				
					
					
				
				92900
				NS
				
				1083502.23
				1.0880403294
				Long
				EC
				CORP
				JP
				
				N
				
				2
				
					N
					N
					N
				
			
			
				SOLAREDGE TECHNOLOGIES INC
				N/A
				COMMON STOCK USD.0001
				83417M104
				
					
					
				
				1436
				NS
				USD
				462923.32
				0.4648622104
				Long
				EC
				CORP
				IL
				
				N
				
				1
				
					N
					N
					N
				
			
			
				SOLARIA ENERGIA Y MEDIO AMBI
				N/A
				COMMON STOCK EUR.01
				B1YVKJ909
				
					
					
				
				8143
				NS
				
				182681.18
				0.1834463149
				Long
				EC
				CORP
				ES
				
				N
				
				2
				
					N
					N
					N
				
			
			
				SONIC HEALTHCARE LTD
				N/A
				COMMON STOCK
				682112909
				
					
					
				
				15956
				NS
				
				421274.06
				0.4230385082
				Long
				EC
				CORP
				AU
				
				N
				
				2
				
					N
					N
					N
				
			
			
				SPARK NEW ZEALAND LTD
				N/A
				COMMON STOCK
				688143007
				
					
					
				
				212668
				NS
				
				673015.07
				0.6758339006
				Long
				EC
				CORP
				NZ
				
				N
				
				2
				
					N
					N
					N
				
			
			
				SSC GOVERNMENT MM GVMXX
				N/A
				SSC GOVERNMENT MM GVMXX
				7839989D1
				
					
				
				923607.65
				NS
				USD
				923607.65
				0.927476053
				Long
				STIV
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				SSE PLC
				N/A
				COMMON STOCK GBP.5
				079087003
				
					
					
				
				66112
				NS
				
				1510595.35
				1.5169222699
				Long
				EC
				CORP
				GB
				
				N
				
				2
				
					N
					N
					N
				
			
			
				STAG INDUSTRIAL INC
				N/A
				REIT USD.01
				85254J102
				
					
					
				
				18581
				NS
				USD
				768324.35
				0.7715423704
				Long
				RE
				RF
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				STOCKLAND
				N/A
				REIT NPV
				685085003
				
					
					
				
				49932
				NS
				
				158234.61
				0.1588973538
				Long
				RE
				RF
				AU
				
				N
				
				2
				
					N
					N
					N
				
			
			
				SUNNOVA ENERGY INTERNATIONAL
				N/A
				COMMON STOCK USD.001
				86745K104
				
					
					
				
				14275
				NS
				USD
				329181.5
				0.3305602312
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				SUNPOWER CORP
				N/A
				COMMON STOCK USD.001
				867652406
				
					
					
				
				70
				NS
				USD
				1503.6
				0.0015098976
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				SUNRUN INC
				N/A
				COMMON STOCK USD.0001
				86771W105
				
					
					
				
				8275
				NS
				USD
				251311.75
				0.2523643345
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				SWISSCOM AG REG
				N/A
				COMMON STOCK CHF1.0
				553397902
				
					
					
				
				632
				NS
				
				379709.42
				0.3812997804
				Long
				EC
				CORP
				CH
				
				N
				
				2
				
					N
					N
					N
				
			
			
				TAIWAN HIGH SPEED RAIL CORP
				N/A
				COMMON STOCK TWD10.
				B04BGQ907
				
					
					
				
				688000
				NS
				
				691185.62
				0.6940805555
				Long
				EC
				CORP
				TW
				
				N
				
				2
				
					N
					N
					N
				
			
			
				TAIWAN SEMICONDUCTOR SP ADR
				N/A
				ADR
				874039100
				
					
					
				
				15708
				NS
				USD
				1637716.08
				1.6445754275
				Long
				EC
				CORP
				TW
				
				N
				
				1
				
					N
					N
					N
				
			
			
				TELE2 AB B SHS
				N/A
				COMMON STOCK SEK1.25
				B97C73904
				
					
					
				
				69825
				NS
				
				1055459.9
				1.0598805479
				Long
				EC
				CORP
				SE
				
				N
				
				2
				
					N
					N
					N
				
			
			
				TELECOM ITALIA RSP
				N/A
				COMMON STOCK
				763440906
				
					
					
				
				2925088
				NS
				
				992100.75
				0.9962560269
				Long
				EP
				CORP
				IT
				
				N
				
				2
				
					N
					N
					N
				
			
			
				TELEFONICA BRASIL S.A.
				N/A
				COMMON STOCK
				B6XFBX903
				
					
					
				
				89800
				NS
				
				1012667.79
				1.0169092091
				Long
				EC
				CORP
				BR
				
				N
				
				1
				
					N
					N
					N
				
			
			
				TELEFONICA DEUTSCHLAND HOLDI
				N/A
				COMMON STOCK
				B7VG6L903
				
					
					
				
				371055
				NS
				
				1009192.59
				1.0134194537
				Long
				EC
				CORP
				DE
				
				N
				
				2
				
					N
					N
					N
				
			
			
				TELEFONICA SA
				N/A
				COMMON STOCK EUR1.
				573252905
				
					
					
				
				227674
				NS
				
				1103366.65
				1.1079879487
				Long
				EC
				CORP
				ES
				
				N
				
				2
				
					N
					N
					N
				
			
			
				TELENOR ASA
				N/A
				COMMON STOCK NOK6.
				473249902
				
					
					
				
				69467
				NS
				
				996818.65
				1.0009936872
				Long
				EC
				CORP
				NO
				
				N
				
				2
				
					N
					N
					N
				
			
			
				TELIA CO AB
				N/A
				COMMON STOCK SEK3.2
				597838903
				
					
					
				
				256261
				NS
				
				1027532.39
				1.0318360674
				Long
				EC
				CORP
				SE
				
				N
				
				2
				
					N
					N
					N
				
			
			
				TELSTRA CORP LTD
				N/A
				COMMON STOCK
				608728903
				
					
					
				
				105982
				NS
				
				313119.42
				0.3144308774
				Long
				EC
				CORP
				AU
				
				N
				
				2
				
					N
					N
					N
				
			
			
				UNION PACIFIC CORP
				N/A
				COMMON STOCK USD2.5
				907818108
				
					
					
				
				6080
				NS
				USD
				1661116.8
				1.6680741582
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				UNITED RENTALS INC
				N/A
				COMMON STOCK USD.01
				911363109
				
					
					
				
				1329
				NS
				USD
				472074.09
				0.4740513071
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				UNITED UTILITIES GROUP PLC
				N/A
				COMMON STOCK GBP.05
				B39J2M903
				
					
					
				
				83494
				NS
				
				1229490.99
				1.2346405431
				Long
				EC
				CORP
				GB
				
				N
				
				2
				
					N
					N
					N
				
			
			
				VENTAS INC
				N/A
				REIT USD.25
				92276F100
				
					
					
				
				14721
				NS
				USD
				909168.96
				0.9129768885
				Long
				RE
				RF
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				VEOLIA ENVIRONNEMENT
				N/A
				COMMON STOCK EUR5.0
				403187909
				
					
					
				
				36690
				NS
				
				1176408.84
				1.1813360659
				Long
				EC
				CORP
				FR
				
				N
				
				2
				
					N
					N
					N
				
			
			
				VERBUND AG
				N/A
				COMMON STOCK
				466160009
				
					
					
				
				10831
				NS
				
				1143798.77
				1.1485894131
				Long
				EC
				CORP
				AT
				
				N
				
				2
				
					N
					N
					N
				
			
			
				VERIZON COMMUNICATIONS INC
				N/A
				COMMON STOCK USD.1
				92343V104
				
					
					
				
				34455
				NS
				USD
				1755137.7
				1.7624888517
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				VODAFONE GROUP PLC
				N/A
				COMMON STOCK USD.2095238
				ACI07KLY6
				
					
					
				
				713809
				NS
				
				1170492.68
				1.1753951268
				Long
				EC
				CORP
				GB
				
				N
				
				2
				
					N
					N
					N
				
			
			
				WASTE MANAGEMENT INC
				N/A
				COMMON STOCK USD.01
				94106L109
				
					
					
				
				14901
				NS
				USD
				2361808.5
				2.3717006085
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				WATTS WATER TECHNOLOGIES A
				N/A
				COMMON STOCK USD.1
				942749102
				
					
					
				
				3184
				NS
				USD
				444454.56
				0.4463160965
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				WELLTOWER INC
				N/A
				REIT USD1.0
				95040Q104
				
					
					
				
				5928
				NS
				USD
				569917.92
				0.5723049424
				Long
				RE
				RF
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				WEST JAPAN RAILWAY CO
				N/A
				COMMON STOCK
				695799908
				
					
					
				
				11500
				NS
				
				476511.95
				0.4785077545
				Long
				EC
				CORP
				JP
				
				N
				
				2
				
					N
					N
					N
				
			
			
				WP CAREY INC
				N/A
				REIT USD.001
				92936U109
				
					
					
				
				12652
				NS
				USD
				1022787.68
				1.0270714849
				Long
				RE
				RF
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				XINJIANG GOLDWIND SCI+TEC H
				N/A
				COMMON STOCK CNY1.0
				B59GZJ905
				
					
					
				
				583600
				NS
				
				874001.89
				0.8776625261
				Long
				EC
				CORP
				CN
				
				N
				
				2
				
					N
					N
					N
				
			
			
				XINYI SOLAR HOLDINGS LTD
				N/A
				COMMON STOCK HKD.1
				BGQYNN907
				
					
					
				
				371389
				NS
				
				646354.02
				0.6490611845
				Long
				EC
				CORP
				CN
				
				N
				
				2
				
					N
					N
					N
				
			
			
				XYLEM INC
				N/A
				COMMON STOCK
				98419M100
				
					
					
				
				9674
				NS
				USD
				824805.24
				0.8282598228
				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 Global Sustainable Infrastructure Fund March 31, 2022

 

PERCENT OF NET ASSETS  SHARES/     
NAME OF ISSUER AND TITLE OF ISSUE  PRINCIPAL   VALUE 
COMMON STOCKS: 99.3%        
COMMUNICATION SERVICES: 21.8%        
AT&T, Inc.   71,357   $1,686,166 
BCE, Inc.   21,873    1,212,494 
Globe Telecom, Inc.   5,405    265,315 
Hellenic Telecommunications Organization SA   10,579    191,930 
HKT Trust & HKT, Ltd.   719,000    985,861 
Koninklijke KPN NV   49,516    171,819 
Lumen Technologies, Inc.   91,498    1,031,182 
Orange SA   90,636    1,073,248 
PCCW, Ltd.   1,121,000    630,021 
Proximus SADP (a)   39,714    739,529 
Singapore Telecommunications, Ltd.   102,000    198,058 
SK Telecom Co., Ltd.   21,110    987,066 
SoftBank Corp.   92,900    1,083,502 
Spark New Zealand, Ltd.   212,668    673,015 
Swisscom AG   632    379,709 
Tele2 AB, Class B   69,825    1,055,460 
Telecom Italia SpA   2,925,088    992,101 
Telefonica Brasil SA   89,800    1,012,668 
Telefonica Deutschland Holding AG   371,055    1,009,193 
Telefonica SA   227,674    1,103,367 
Telenor ASA   69,467    996,819 
Telia Company AB   256,261    1,027,532 
Telstra Corp., Ltd.   105,982    313,119 
Verizon Communications, Inc.   34,455    1,755,138 
Vodafone Group PLC   713,809    1,170,493 
         21,744,805 
           
CONSUMER DISCRETIONARY: 0.5%          
Darling Ingredients, Inc. (b)   6,100    490,318 
           
FINANCIALS: 0.5%          
Hannon Armstrong Sustainable Infrastructure Capital, Inc., REIT   10,530    499,438 
           
HEALTH CARE: 4.8%          
Cigna Corp.   3,302    791,192 
CVS Health Corp.   9,899    1,001,878 
Encompass Health Corp.   7,507    533,823 
HCA Healthcare, Inc.   2,752    689,706 
Premier, Inc., Class A   20,736    737,994 
Quest Diagnostics, Inc.   3,773    516,373 
Select Medical Holdings Corp.   4,910    117,791 
Sonic Healthcare, Ltd.   15,956    421,274 
         4,810,031 
           
INDUSTRIALS: 22.9%          
Advanced Drainage Systems, Inc.   4,350    516,824 
Andritz AG (b)   14,001    646,619 
Bloom Energy Corp., Class A (a)(b)   20,370    491,936 
Brambles, Ltd.   91,820    677,599 

 

 

Canadian Pacific Railway, Ltd.   1,650    136,181 
Carlisle Companies, Inc.   2,124    522,334 
China Conch Environment Protection Holdings, Ltd. (b)   124,500    155,758 
China Conch Venture Holdings, Ltd.   262,500    765,237 
Clean Harbors, Inc. (b)   3,558    397,215 
CSX Corp.   34,898    1,306,930 
Geberit AG   268    165,210 
Generac Holdings, Inc. (b)   1,556    462,537 
Herc Holdings, Inc.   93    15,539 
Hubbell, Inc.   3,751    689,321 
MTR Corp., Ltd.   172,224    927,472 
NARI Technology Co., Ltd.   49,009    243,303 
Nexans SA   1,935    181,078 
Norfolk Southern Corp.   4,329    1,234,717 
Pentair PLC   12,514    678,384 
Plug Power, Inc. (b)   12,449    356,166 
Prysmian SpA   19,742    669,968 
Quanta Services, Inc.   6,127    806,375 
Schneider Electric SE   12,001    2,014,852 
Shimizu Corp.   117,000    702,135 
Sunrun, Inc. (b)   8,275    251,312 
Taiwan High Speed Rail Corp.   688,000    691,186 
Union Pacific Corp.   6,080    1,661,117 
United Rentals, Inc. (b)   1,329    472,074 
Waste Management, Inc.   14,901    2,361,808 
Watts Water Technologies, Inc., Class A   3,184    444,455 
West Japan Railway Co.   11,500    476,512 
Xinjiang Goldwind Science & Technology Co., Ltd., Class H   583,600    874,002 
Xylem, Inc.   9,674    824,805 
         22,820,961 
           
INFORMATION TECHNOLOGY: 7.3%          
ASML Holding NV   1    668 
Check Point Software Technologies, Ltd. (b)   38    5,254 
China Railway Signal & Communication Corp., Ltd., Class H   1,595,000    505,964 
Cisco Systems, Inc.   23,232    1,295,416 
Enphase Energy, Inc. (b)   2,401    484,474 
First Solar, Inc. (b)   4,543    380,431 
Itron, Inc. (b)   9,538    502,462 
Juniper Networks, Inc.   14,321    532,168 
Motorola Solutions, Inc.   1,558    377,348 
Oracle Corp.   7,000    485,079 
SolarEdge Technologies, Inc. (b)   1,436    462,923 
SunPower Corp. (b)   70    1,504 
Taiwan Semiconductor Manufacturing Co., Ltd.   15,708    1,637,715 
Xinyi Solar Holdings, Ltd.   371,389    646,354 
         7,317,760 
           
MATERIALS: 1.1%          
Johnson Matthey PLC   24,624    602,221 
Kemira Oyj   38,000    497,142 
         1,099,363 
           
REAL ESTATE: 9.9%          
American Campus Communities, Inc., REIT   14,501    811,621 
Ascendas Real Estate Investment Trust, REIT   466,000    1,004,149 
Boston Properties, Inc., REIT (a)   1,583    203,890 
Cousins Properties, Inc., REIT   4,668    188,074 

 

 

Covivio, REIT   4,703    374,283 
Dexus, REIT   23,389    190,917 
Douglas Emmett, Inc., REIT   5,138    171,712 
Healthpeak Properties, Inc., REIT   28,401    975,006 
ICADE, REIT   11,200    720,558 
Omega Healthcare Investors, Inc., REIT   32,558    1,014,507 
SL Green Realty Corp.   9,015    731,838 
STAG Industrial, Inc., Class A, REIT   18,581    768,324 
Stockland, REIT   49,932    158,235 
Ventas, Inc., REIT   14,721    909,169 
Welltower, Inc., REIT   5,928    569,918 
WP Carey, Inc., REIT   12,652    1,022,788 
         9,814,989 
           
UTILITIES: 30.5% (c)          
Acciona SA   5,648    1,079,531 
American Water Works Co., Inc.   9,838    1,628,484 
Beijing Enterprises Water Group, Ltd.   532,000    162,763 
BKW AG   5,833    730,596 
Boralex, Inc., Class A   15,841    513,440 
Brookfield Renewable Partners, LP   31,526    1,293,924 
Edison International   21,988    1,541,359 
EDP - Energias de Portugal SA   258,199    1,270,826 
EDP Renovaveis SA   43,758    1,125,050 
Encavis AG   24,641    513,768 
Enel Americas SA   8,250,197    996,147 
Enel Chile SA   8,402,841    250,975 
Enel SpA   324,918    2,169,395 
Engie Brasil Energia SA   111,000    1,008,105 
Falck Renewables SpA   21,810    212,803 
Guangdong Investment, Ltd.   774,000    1,054,529 
Iberdrola SA   217,934    2,382,011 
Innergex Renewable Energy, Inc.   31,446    500,057 
Mercury NZ, Ltd.   48,845    200,516 
Meridian Energy, Ltd.   281,223    979,798 
Neoenergia SA   316,400    1,144,371 
Ormat Technologies, Inc.   9,219    754,391 
Orsted A/S (b)   12,031    1,505,936 
Pennon Group PLC   35,722    502,761 
Scatec ASA   5,969    90,379 
Severn Trent PLC   30,428    1,226,377 
Solaria Energia y Medio Ambiente SA (b)   8,143    182,681 
SSE PLC   66,112    1,510,595 
Sunnova Energy International, Inc. (b)   14,275    329,182 
United Utilities Group PLC   83,494    1,229,491 
Veolia Environnement SA   36,690    1,176,409 
Verbund AG   10,831    1,143,799 
         30,410,449 
           
TOTAL COMMON STOCKS        99,008,114 
(Cost $97,447,520)          
           
EXCHANGE-TRADED FUNDS: 0.0% (d)          
Renewables Infrastructure Group Ltd., The   5,292    9,384 
(Cost $9,239)          

 

 

MONEY MARKET: 1.0%          
State Street Institutional U.S. Government Money Market Fund, 0.250% (e)(f)   923,608    923,608 
(Cost $923,608)          
           
SECURITIES PURCHASED WITH CASH COLLATERAL FROM SECURITIES LENDING: 0.3%          
State Street Navigator Securities Lending Government Money Market Portfolio, 0.286%   270,303    270,303 
(Cost $270,303)          
           
TOTAL INVESTMENTS: 100.6%        100,211,409 
(Cost $98,650,670)          
           
PAYABLE UPON RETURN OF SECURITIES LOANED (NET):- 0.3%        (270,303)
           
OTHER ASSETS AND LIABILITIES - (NET): -0.3%        (278,136)
           
Net Assets: 100.0%       $99,662,970 

 

(a)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 $463,151.
(b)Non-income producing security.
(c)Broad industry sectors used for financial reporting.
(d)Rounds to less than 0.05%.
(e)Rate shown represents annualized 7-day yield as of March 31, 2022.
(f)Premier Class shares

REIT - Real Estate Investment Trust

 

SUMMARY OF INVESTMENTS BY COUNTRY

 

Country  Value   Percent of Net Assets 
Australia  $1,761,144    1.8%
Austria   1,790,418    1.8%
Belgium   739,529    0.7%
Brazil   3,165,144    3.2%
Canada   3,656,097    3.6%
Chile   1,247,122    1.2%
China   4,407,910    4.4%
Denmark   1,505,937    1.5%
Finland   497,142    0.5%
France   5,540,429    5.5%
Germany   1,522,961    1.5%
Greece   191,930    0.2%
Hong Kong   2,543,354    2.5%
Israel   5,254    0.0%
Italy   4,044,268    4.1%
Japan   2,747,228    2.8%
Netherlands   172,488    0.2%
New Zealand   1,853,328    1.9%
Norway   1,087,197    1.1%
Philippines   265,315    0.3%
Portugal   1,270,826    1.3%
Singapore   1,202,207    1.2%
South Korea   987,066    1.0%
Spain   5,872,640    5.9%
Sweden   2,082,992    2.1%
Switzerland   1,275,516    1.3%
Taiwan   2,328,902    2.3%
United Kingdom   6,251,321    6.3%
United States   39,001,833    39.1%
Money Market   923,608    1.0%
Other assets and liabilities (net)   (278,136)   -0.3%
   $99,662,970    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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