Schedules of Investments | |
Pax MSCI EAFE ESG Leaders Index Fund | September 30, 2020 |
PERCENT OF NET ASSETS | SHARES/ | |||||||
NAME OF ISSUER AND TITLE OF ISSUE | PRINCIPAL | VALUE | ||||||
COMMON STOCKS: 98.1% | ||||||||
AUSTRALIA: 6.5% | ||||||||
APA Group | 91,456 | $ | 679,855 | |||||
ASX, Ltd. | 10,003 | 584,832 | ||||||
Aurizon Holdings, Ltd. | 211,925 | 651,959 | ||||||
AusNet Services | 800,210 | 1,080,230 | ||||||
Australia & New Zealand Banking Group, Ltd | 217,232 | 2,710,185 | ||||||
Brambles, Ltd. | 171,445 | 1,301,788 | ||||||
Coca-Cola Amatil, Ltd. | 97,127 | 664,824 | ||||||
Cochlear, Ltd. | 6,454 | 922,073 | ||||||
Coles Group, Ltd. | 94,287 | 1,148,676 | ||||||
Commonwealth Bank of Australia | 163,466 | 7,522,092 | ||||||
Dexus, REIT | 124,366 | 796,553 | ||||||
Evolution Mining, Ltd. | 161,800 | 675,909 | ||||||
Fortescue Metals Group, Ltd. | 210,084 | 2,468,072 | ||||||
Goodman Group, REIT | 146,512 | 1,896,953 | ||||||
GPT Group, The, REIT | 360,787 | 1,014,964 | ||||||
LendLease Group | 62,129 | 496,315 | ||||||
Macquarie Group, Ltd. | 31,694 | 2,747,371 | ||||||
National Australia Bank, Ltd. | 303,611 | 3,900,471 | ||||||
Newcrest Mining, Ltd. | 107,182 | 2,430,448 | ||||||
Stockland, REIT | 339,101 | 926,364 | ||||||
Sydney Airport | 205,399 | 872,221 | ||||||
Telstra Corp., Ltd. | 393,844 | 788,574 | ||||||
Transurban Group | 239,300 | 2,443,467 | ||||||
Vicinity Centres, REIT | 418,262 | 417,678 | ||||||
39,141,874 | ||||||||
AUSTRIA: 0.4% | ||||||||
Andritz AG | 22,638 | 698,738 | ||||||
Erste Group Bank AG (a) | 35,902 | 751,802 | ||||||
Voestalpine AG | 44,453 | 1,171,596 | ||||||
2,622,136 |
BELGIUM: 0.7% | ||||||||
KBC Group NV | 14,792 | 741,760 | ||||||
Solvay SA | 7,533 | 648,083 | ||||||
UCB SA | 16,706 | 1,897,361 | ||||||
Umicore SA | 15,056 | 626,247 | ||||||
3,913,451 | ||||||||
DENMARK: 3.8% | ||||||||
Chr. Hansen Holding A/S | 10,830 | 1,202,195 | ||||||
Coloplast A/S, Class B | 9,867 | 1,563,811 | ||||||
Genmab A/S (a) | 5,564 | 2,019,206 | ||||||
H Lundbeck A/S | 26,352 | 867,936 | ||||||
Novo Nordisk A/S, Class B | 141,421 | 9,798,295 | ||||||
Novozymes A/S, Class B | 18,869 | 1,185,961 | ||||||
Orsted A/S | 17,681 | 2,437,510 | ||||||
Vestas Wind Systems A/S | 22,127 | 3,575,866 | ||||||
22,650,780 | ||||||||
FINLAND: 0.9% | ||||||||
Elisa OYJ | 26,593 | 1,563,433 | ||||||
Orion OYJ, Class B | 27,997 | 1,268,450 | ||||||
UPM-Kymmene OYJ | 73,303 | 2,231,115 | ||||||
Wartsila OYJ Abp | 44,909 | 352,676 | ||||||
5,415,674 | ||||||||
FRANCE: 9.7% | ||||||||
Accor SA (a) | 28,593 | 800,319 | ||||||
Air Liquide SA | 42,943 | 6,806,880 | ||||||
Atos SE (a) | 8,301 | 667,036 | ||||||
AXA SA | 174,312 | 3,226,160 | ||||||
Bouygues SA | 44,119 | 1,524,591 | ||||||
Carrefour SA | 92,398 | 1,476,435 | ||||||
Cie de Saint-Gobain | 51,225 | 2,145,669 | ||||||
Covivio, REIT | 9,455 | 663,919 | ||||||
Credit Agricole SA (a) | 150,639 | 1,314,308 | ||||||
Danone SA | 43,289 | 2,804,044 | ||||||
Dassault Systemes SA | 13,155 | 2,454,487 | ||||||
EssilorLuxottica SA | 26,698 | 3,634,568 | ||||||
Gecina SA, REIT | 8,180 | 1,078,334 |
Getlink SE (a) | 55,311 | 749,259 | ||||||
Kering SA | 7,369 | 4,888,169 | ||||||
Klepierre SA, REIT (b) | 45,935 | 642,997 | ||||||
L'Oreal SA | 22,774 | 7,411,315 | ||||||
Michelin | 20,945 | 2,248,393 | ||||||
Natixis SA (a) | 179,045 | 402,366 | ||||||
Orange SA | 213,989 | 2,228,814 | ||||||
Publicis Groupe SA | 14,356 | 462,693 | ||||||
Schneider Electric SE | 55,273 | 6,870,372 | ||||||
Teleperformance | 1,929 | 594,714 | ||||||
Ubisoft Entertainment SA (a) | 9,994 | 900,739 | ||||||
Unibail-Rodamco-Westfield, REIT (b) | 14,324 | 528,266 | ||||||
Valeo SA | 22,741 | 698,335 | ||||||
Wendel SA | 9,722 | 881,897 | ||||||
58,105,079 | ||||||||
GERMANY: 9.5% | ||||||||
adidas AG | 16,069 | 5,189,355 | ||||||
Allianz SE | 31,342 | 6,015,460 | ||||||
BASF SE | 79,130 | 4,818,703 | ||||||
Bayerische Motoren Werke AG | 27,584 | 2,001,967 | ||||||
Beiersdorf AG | 4,809 | 546,001 | ||||||
Delivery Hero SE (a) | 16,494 | 1,892,509 | ||||||
Deutsche Boerse AG | 13,902 | 2,437,301 | ||||||
Henkel AG & Co. KGaA | 7,911 | 739,901 | ||||||
Muenchener Rueckversicherungs AG | 13,050 | 3,317,535 | ||||||
SAP SE | 104,761 | 16,313,184 | ||||||
Siemens AG | 76,518 | 9,663,379 | ||||||
Siemens Energy AG (a) | 38,259 | 1,031,705 | ||||||
Symrise AG | 16,015 | 2,212,031 | ||||||
Telefonica Deutschland Holding AG | 252,215 | 644,597 | ||||||
56,823,628 | ||||||||
HONG KONG: 1.9% | ||||||||
BOC Hong Kong Holdings, Ltd. | 524,057 | 1,389,267 | ||||||
Hang Seng Bank, Ltd. | 99,900 | 1,479,997 | ||||||
HKT Trust & HKT, Ltd. | 915,000 | 1,214,486 | ||||||
Hong Kong & China Gas Co., Ltd. | 677,430 | 983,654 | ||||||
Hong Kong Exchanges and Clearing, Ltd. | 83,699 | 3,940,002 | ||||||
MTR Corp., Ltd. | 214,837 | 1,066,216 | ||||||
Swire Pacific, Ltd., Class A | 117,500 | 568,874 | ||||||
Swire Properties, Ltd. | 161,200 | 427,113 | ||||||
11,069,609 |
IRELAND: 0.9% | ||||||||
CRH PLC | 74,586 | 2,704,587 | ||||||
Kerry Group PLC, Class A | 19,131 | 2,450,404 | ||||||
5,154,991 | ||||||||
ISRAEL: 0.2% | ||||||||
Bank Hapoalim BM | 117,543 | 628,027 | ||||||
Bank Leumi Le-Israel BM | 140,694 | 619,386 | ||||||
1,247,413 | ||||||||
ITALY: 1.8% | ||||||||
Assicurazioni Generali SpA | 151,230 | 2,131,497 | ||||||
CNH Industrial NV | 85,902 | 664,396 | ||||||
Enel SpA | 619,206 | 5,372,173 | ||||||
Intesa Sanpaolo SpA | 1,396,596 | 2,627,580 | ||||||
10,795,646 | ||||||||
JAPAN: 26.7% | ||||||||
Aeon Co., Ltd. | 65,500 | 1,762,005 | ||||||
Ajinomoto Co., Inc. | 43,600 | 893,583 | ||||||
ANA Holdings, Inc. (a) | 42,600 | 985,361 | ||||||
Asahi Kasei Corp. | 123,300 | 1,075,623 | ||||||
Astellas Pharma, Inc. | 178,300 | 2,657,846 | ||||||
Bridgestone Corp. | 55,900 | 1,766,951 | ||||||
Central Japan Railway Co. | 3,400 | 487,355 | ||||||
Chugai Pharmaceutical Co., Ltd. | 66,300 | 2,975,243 | ||||||
Dai Nippon Printing Co., Ltd. (b) | 50,700 | 1,027,674 | ||||||
Daifuku Co, Ltd. | 9,900 | 999,280 | ||||||
Daiichi Sankyo Co., Ltd. | 146,100 | 4,484,940 | ||||||
Daiwa House Industry Co., Ltd. | 48,500 | 1,243,895 | ||||||
Denso Corp. | 42,700 | 1,871,614 | ||||||
East Japan Railway Co. | 32,500 | 1,998,708 | ||||||
Eisai Co., Ltd. | 25,200 | 2,301,574 | ||||||
Fast Retailing Co., Ltd. | 6,000 | 3,770,527 | ||||||
Fujitsu, Ltd. | 18,300 | 2,500,102 | ||||||
Hitachi Construction Machinery Co., Ltd. | 16,400 | 594,298 | ||||||
Honda Motor Co., Ltd. | 121,200 | 2,878,169 |
Japan Retail Fund Investment Corp., REIT | 807 | 1,248,445 | ||||||
JFE Holdings, Inc. | 133,700 | 936,137 | ||||||
Kajima Corp. | 102,900 | 1,239,761 | ||||||
Kao Corp. | 45,500 | 3,415,718 | ||||||
KDDI Corp. | 144,300 | 3,629,369 | ||||||
Keio Corp. | 9,800 | 606,677 | ||||||
Keyence Corp. | 17,900 | 8,367,875 | ||||||
Kikkoman Corp. | 20,200 | 1,120,571 | ||||||
Kobe Bussan Co., Ltd. | 16,000 | 881,138 | ||||||
Komatsu, Ltd. | 111,200 | 2,442,290 | ||||||
Kubota Corp. | 135,900 | 2,434,951 | ||||||
Kuraray Co., Ltd. | 98,300 | 953,761 | ||||||
Kurita Water Industries, Ltd. | 26,400 | 873,014 | ||||||
Kyushu Railway Co. | 52,700 | 1,126,751 | ||||||
Mazda Motor Corp. | 99,900 | 585,987 | ||||||
Mercari, Inc. (a) | 15,000 | 693,201 | ||||||
Mitsubishi Chemical Holdings Corp. | 156,200 | 901,646 | ||||||
Mitsubishi Estate Co., Ltd. | 129,000 | 1,954,041 | ||||||
Mitsubishi UFJ Lease & Finance Co., Ltd. | 119,200 | 553,846 | ||||||
Mitsui Fudosan Co., Ltd. | 81,900 | 1,425,197 | ||||||
Miura Co., Ltd. | 8,600 | 421,821 | ||||||
Mizuho Financial Group, Inc. | 146,050 | 1,822,947 | ||||||
MS&AD Insurance Group Holdings, Inc. | 38,200 | 1,029,230 | ||||||
Murata Manufacturing Co., Ltd. | 56,200 | 3,654,526 | ||||||
NEC Corp. | 36,200 | 2,117,473 | ||||||
NGK Insulators, Ltd. | 75,800 | 1,082,306 | ||||||
NGK Spark Plug Co., Ltd. | 15,100 | 263,650 | ||||||
Nikon Corp. (b) | 60,000 | 404,860 | ||||||
Nintendo Co., Ltd. | 7,100 | 4,023,507 | ||||||
Nippon Paint Holdings Co., Ltd. | 14,200 | 1,461,837 | ||||||
Nitto Denko Corp. | 12,400 | 807,844 | ||||||
Nomura Research Institute, Ltd. | 27,900 | 821,501 | ||||||
NSK, Ltd. | 35,200 | 269,433 | ||||||
NTT DOCOMO, Inc. | 101,700 | 3,737,078 | ||||||
Obayashi Corp. | 91,500 | 835,330 | ||||||
Odakyu Electric Railway Co., Ltd. | 20,500 | 515,326 | ||||||
Omron Corp. | 18,200 | 1,422,987 | ||||||
Ono Pharmaceutical Co., Ltd. | 36,000 | 1,132,338 | ||||||
Oriental Land Co., Ltd. (b) | 22,600 | 3,169,541 | ||||||
ORIX Corp. | 137,800 | 1,721,158 | ||||||
Osaka Gas Co., Ltd. | 36,400 | 708,675 |
Panasonic Corp. | 231,700 | 1,973,639 | ||||||
Park24 Co., Ltd. | 50,600 | 821,523 | ||||||
Rakuten, Inc. | 84,600 | 912,239 | ||||||
Recruit Holdings Co, Ltd. | 127,500 | 5,063,707 | ||||||
Resona Holdings, Inc. | 206,600 | 703,851 | ||||||
Rohm Co., Ltd. | 8,500 | 657,135 | ||||||
Santen Pharmaceutical Co., Ltd. | 43,200 | 883,262 | ||||||
SCSK Corp. | 14,000 | 783,286 | ||||||
Secom Co., Ltd. | 26,200 | 2,397,705 | ||||||
Sekisui Chemical Co., Ltd. | 35,300 | 564,633 | ||||||
Sekisui House, Ltd. | 61,800 | 1,095,141 | ||||||
Seven & i Holdings Co., Ltd. | 65,300 | 2,028,876 | ||||||
Shimadzu Corp. | 28,900 | 879,610 | ||||||
Shimizu Corp. | 59,400 | 447,172 | ||||||
Shin-Etsu Chemical Co., Ltd. | 23,300 | 3,048,904 | ||||||
Shiseido Co., Ltd. | 34,400 | 1,991,414 | ||||||
Sompo Holdings, Inc. | 30,200 | 1,042,599 | ||||||
Sony Corp. | 109,700 | 8,407,630 | ||||||
Stanley Electric Co., Ltd. | 12,800 | 368,885 | ||||||
Sumitomo Metal Mining Co., Ltd. | 29,900 | 927,327 | ||||||
Sumitomo Mitsui Trust Holdings Inc | 27,900 | 742,245 | ||||||
Suntory Beverage & Food, Ltd. | 16,800 | 630,897 | ||||||
Sysmex Corp. | 14,500 | 1,387,388 | ||||||
T&D Holdings, Inc. | 57,100 | 562,910 | ||||||
Taisei Corp. | 21,600 | 731,097 | ||||||
Takeda Pharmaceutical Co., Ltd. | 138,400 | 4,946,821 | ||||||
Tokyo Electron, Ltd. | 10,500 | 2,743,172 | ||||||
Tokyo Gas Co., Ltd. | 29,700 | 677,768 | ||||||
Tokyu Corp. | 84,500 | 1,096,670 | ||||||
Toray Industries, Inc. | 176,900 | 809,318 | ||||||
TOTO, Ltd. | 20,600 | 949,233 | ||||||
Unicharm Corp. | 39,100 | 1,748,680 | ||||||
West Japan Railway Co. | 22,200 | 1,096,864 | ||||||
Yamada Denki Co., Ltd. | 190,800 | 951,506 | ||||||
Yamaha Corp. | 23,500 | 1,127,079 | ||||||
Yaskawa Electric Corp. | 23,600 | 923,305 | ||||||
Yokogawa Electric Corp. | 22,700 | 360,511 | ||||||
159,572,494 |
NETHERLANDS: 7.0% | ||||||||
Aegon NV | 443,694 | 1,148,417 | ||||||
Akzo Nobel NV | 19,292 | 1,949,850 | ||||||
ASML Holding NV | 42,588 | 15,730,852 | ||||||
ING Groep NV | 304,242 | 2,171,334 | ||||||
Koninklijke Ahold Delhaize NV | 116,263 | 3,436,491 | ||||||
Koninklijke Philips NV | 91,652 | 4,327,726 | ||||||
NN Group NV | 41,602 | 1,559,397 | ||||||
Prosus NV (a) | 23,220 | 2,143,267 | ||||||
Unilever NV | 123,001 | 7,469,522 | ||||||
Wolters Kluwer NV | 23,424 | 1,998,124 | ||||||
41,934,980 | ||||||||
NEW ZEALAND: 0.4% | ||||||||
Auckland International Airport, Ltd. | 116,064 | 563,362 | ||||||
Fisher & Paykel Healthcare Corp., Ltd. | 48,472 | 1,069,802 | ||||||
Meridian Energy, Ltd. | 137,382 | 451,832 | ||||||
Ryman Healthcare, Ltd. | 43,647 | 410,060 | ||||||
2,495,056 | ||||||||
NORWAY: 0.7% | ||||||||
Mowi ASA (b) | 86,628 | 1,541,276 | ||||||
Norsk Hydro ASA | 430,487 | 1,188,241 | ||||||
Telenor ASA | 87,437 | 1,467,959 | ||||||
4,197,476 | ||||||||
PORTUGAL: 0.4% | ||||||||
EDP - Energias de Portugal SA | 357,813 | 1,759,342 | ||||||
Jeronimo Martins SGPS SA | 37,025 | 595,375 | ||||||
2,354,717 | ||||||||
SINGAPORE: 1.3% | ||||||||
Ascendas Real Estate Investment Trust, REIT | 175,600 | 420,199 | ||||||
CapitaLand Commercial Trust, REIT | 533,800 | 647,257 | ||||||
CapitaLand Mall Trust, REIT | 364,900 | 519,344 | ||||||
CapitaLand, Ltd. (b) | 356,726 | 713,225 | ||||||
DBS Group Holdings, Ltd. | 152,683 | 2,244,646 | ||||||
Jardine Cycle & Carriage, Ltd. | 57,700 | 765,887 | ||||||
Keppel Corp., Ltd. | 163,100 | 534,264 | ||||||
Singapore Airlines, Ltd. | 389,200 | 995,992 | ||||||
Singapore Telecommunications, Ltd. | 696,400 | 1,089,916 | ||||||
7,930,730 |
SPAIN: 2.4% | ||||||||
Banco Bilbao Vizcaya Argentaria SA | 441,415 | 1,225,340 | ||||||
CaixaBank SA | 312,814 | 664,068 | ||||||
Iberdrola SA | 519,933 | 6,399,638 | ||||||
Industria de Diseno Textil SA | 99,001 | 2,738,802 | ||||||
Naturgy Energy Group SA | 46,556 | 933,665 | ||||||
Red Electrica Corp. SA | 34,092 | 639,407 | ||||||
Telefonica SA | 552,801 | 1,893,657 | ||||||
14,494,577 | ||||||||
SWEDEN: 3.2% | ||||||||
Assa Abloy AB, Class B | 80,772 | 1,888,459 | ||||||
Atlas Copco AB, Class A | 66,645 | 3,177,550 | ||||||
Atlas Copco AB, Class B | 32,289 | 1,347,546 | ||||||
Boliden AB | 43,112 | 1,279,160 | ||||||
Essity AB, Class B (b) | 42,436 | 1,432,692 | ||||||
Hennes & Mauritz AB, Class B | 80,183 | 1,381,388 | ||||||
Investment AB Latour, Class B | 14,660 | 344,420 | ||||||
Kinnevik AB, Class B (b) | 34,185 | 1,387,513 | ||||||
Sandvik AB | 124,757 | 2,439,664 | ||||||
Skandinaviska Enskilda Banken AB, Class A (a) | 72,523 | 644,118 | ||||||
Skanska AB, Class B | 33,724 | 712,204 | ||||||
SKF AB, Class B | 37,739 | 778,577 | ||||||
Svenska Handelsbanken AB, Class A | 103,180 | 863,283 | ||||||
Tele2 AB, Class B (b) | 38,449 | 542,090 | ||||||
Telia Company AB (b) | 288,455 | 1,180,108 | ||||||
19,398,772 | ||||||||
SWITZERLAND: 8.9% | ||||||||
ABB, Ltd. | 183,480 | 4,664,767 | ||||||
Adecco Group AG | 29,669 | 1,565,494 | ||||||
Alcon, Inc. (a) | 45,153 | 2,559,980 | ||||||
Chocoladefabriken Lindt & Spruengli AG-Reg | 16 | 1,425,558 | ||||||
Givaudan SA | 762 | 3,290,169 | ||||||
Kuehne & Nagel International AG | 9,040 | 1,755,327 | ||||||
Lonza Group AG | 6,158 | 3,800,318 | ||||||
Roche Holding AG | 58,177 | 19,927,981 | ||||||
SGS SA | 617 | 1,653,460 | ||||||
Sika AG | 14,114 | 3,465,716 | ||||||
Sonova Holding AG (a) | 4,890 | 1,239,200 | ||||||
Swiss Re AG | 32,729 | 2,427,801 | ||||||
Swisscom AG | 2,008 | 1,063,754 | ||||||
Zurich Insurance Group AG | 13,181 | 4,596,412 | ||||||
53,435,937 |
UNITED KINGDOM: 10.8% | ||||||||
3i Group PLC | 141,524 | 1,817,355 | ||||||
Associated British Foods PLC | 38,625 | 929,914 | ||||||
Aviva PLC | 443,936 | 1,642,444 | ||||||
Barratt Developments PLC | 119,255 | 731,357 | ||||||
Berkeley Group Holdings PLC | 12,172 | 663,529 | ||||||
British Land Co. PLC, The, REIT | 198,118 | 863,676 | ||||||
BT Group PLC | 490,539 | 621,327 | ||||||
Burberry Group PLC | 47,855 | 959,215 | ||||||
Compass Group PLC | 187,629 | 2,818,518 | ||||||
DCC PLC | 10,059 | 778,694 | ||||||
Ferguson PLC | 18,424 | 1,854,015 | ||||||
GlaxoSmithKline PLC | 436,073 | 8,175,272 | ||||||
Informa PLC | 119,603 | 579,676 | ||||||
InterContinental Hotels Group PLC | 20,624 | 1,082,562 | ||||||
J Sainsbury PLC | 419,501 | 1,032,866 | ||||||
JD Sports Fashion PLC | 89,538 | 934,654 | ||||||
Legal & General Group PLC | 747,546 | 1,823,610 | ||||||
London Stock Exchange Group PLC | 26,884 | 3,084,047 | ||||||
Mondi PLC | 37,295 | 788,588 | ||||||
National Grid PLC | 282,842 | 3,248,763 | ||||||
Pearson PLC | 85,695 | 607,887 | ||||||
Prudential PLC | 210,714 | 3,023,390 | ||||||
Reckitt Benckiser Group PLC | 62,124 | 6,057,415 | ||||||
RELX PLC | 148,225 | 3,299,198 | ||||||
Rentokil Initial, PLC | 115,302 | 796,950 | ||||||
RSA Insurance Group PLC | 95,969 | 560,348 | ||||||
Smith & Nephew PLC | 91,575 | 1,793,892 | ||||||
Spirax-Sarco Engineering, PLC | 7,320 | 1,042,380 | ||||||
SSE PLC | 76,957 | 1,197,771 | ||||||
Standard Chartered PLC | 232,861 | 1,071,530 | ||||||
Standard Life Aberdeen PLC | 250,185 | 728,588 | ||||||
Taylor Wimpey PLC | 435,110 | 608,409 | ||||||
Tesco PLC | 853,634 | 2,341,778 | ||||||
Unilever PLC | 78,241 | 4,823,804 | ||||||
Whitbread PLC | 16,184 | 442,190 | ||||||
Wm Morrison Supermarkets PLC | 347,721 | 763,224 | ||||||
WPP PLC | 103,087 | 809,640 | ||||||
64,398,476 |
TOTAL COMMON STOCKS | ||||||||
(Cost $506,768,923) | 587,153,496 | |||||||
PREFERRED STOCKS: 0.5% | ||||||||
GERMANY: 0.5% | ||||||||
Bayerische Motoren Werke AG | 12,675 | 692,718 | ||||||
Henkel AG & Co. KGaA | 6,400 | 669,353 | ||||||
Sartorius AG (a) | 3,738 | 1,532,110 | ||||||
TOTAL PREFERRED STOCKS | 2,894,181 | |||||||
(Cost $2,156,429) | ||||||||
MONEY MARKET: 0.8% | ||||||||
State Street Institutional U.S. Government Money Market Fund, 0.030% (c)(d) | 4,759,916 | 4,759,916 | ||||||
(Cost $4,759,916) | ||||||||
SECURITIES PURCHASED WITH CASH COLLATERAL FROM SECURITIES LENDING: 0.7% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio, 0.090% (c)(d) | 3,978,257 | 3,978,257 | ||||||
(Cost $3,978,257) | ||||||||
TOTAL INVESTMENTS: 100.1% | 598,785,850 | |||||||
(Cost $517,663,525) | ||||||||
PAYABLE UPON RETURN OF SECURITIES LOANED: -0.7% | (3,978,257 | ) | ||||||
Other assets and liabilities - (net): 0.6% | 3,380,925 | |||||||
Net Assets: 100.0% | $ | 598,188,518 |
(a) | Security or partial position of this security was on loan as of September 30, 2020. The total market value of securities on loan as of September 30, 2020 was $11,178,435. |
(b) | Non-income producing security. |
(c) | Rate shown represents annualized 7-day yield as of September 30, 2020 |
(d) | Premier Class shares |
REIT - Real Estate Investment Trust
SUMMARY OF INVESTMENTS BY SECTOR | ||||||||
PERCENT OF | ||||||||
SECTOR | VALUE | NET ASSETS | ||||||
Communication Services | $ | 29,049,304 | 4.9 | % | ||||
Consumer Discretionary | 68,121,360 | 11.4 | % | |||||
Consumer Staples | 64,233,752 | 10.7 | % | |||||
Financials | 90,231,723 | 15.1 | % | |||||
Health Care | 83,942,885 | 14.1 | % | |||||
Industrials | 97,865,072 | 16.3 | % | |||||
Information Technology | 59,473,737 | 9.9 | % | |||||
Materials | 52,065,949 | 8.7 | % | |||||
Real Estate | 18,493,609 | 3.1 | % | |||||
Utilities | 26,570,285 | 4.4 | % | |||||
Money Market | 4,759,916 | 0.8 | % | |||||
Other assets and liabilities (net) | 3,380,925 | 0.6 | % | |||||
Total | $ | 598,188,518 | 100.0 | % |
September 30, 2020
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 Advisers’ 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 September 30, 2020, four securities were fair valued in good faith pursuant to policies and procedures approved by the Boards of Trustees. The High Yield Bond Fund held two securities fair valued at $0, representing 0.00% of the Fund’s net asset value, and the Core Bond Fund and High Yield Bond Fund each hold one position each in a Community Investment note which is valued based on a general obligation by the parent entity to limit exposure on the issue.
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 September 30, 2020:
Level 1 | Level 2 | Level 3* | Totals | |||||||||||||
Large Cap | ||||||||||||||||
Common Stocks | $ | 862,792,309 | $ | - | $ | - | $ | 862,792,309 | ||||||||
Cash Equivalents | 37,183,475 | - | - | 37,183,475 | ||||||||||||
Total | $ | 899,975,784 | $ | - | $ | - | $ | 899,975,784 | ||||||||
Small Cap | ||||||||||||||||
Common Stocks | $ | 349,069,153 | $ | - | $ | - | $ | 349,069,153 | ||||||||
Cash Equivalents | 12,342,593 | - | - | 12,342,593 | ||||||||||||
Total | $ | 361,411,746 | $ | - | $ | - | $ | 361,411,746 | ||||||||
ESG Beta Quality | ||||||||||||||||
Common Stocks | $ | 233,690,319 | $ | - | $ | - | $ | 233,690,319 | ||||||||
Cash Equivalents | 1,086,196 | - | - | 1,086,196 | ||||||||||||
Total | $ | 234,776,515 | $ | - | $ | - | �� | $ | 234,776,515 | |||||||
ESG Beta Dividend | ||||||||||||||||
Common Stocks | $ | 122,592,619 | $ | - | $ | - | $ | 122,592,619 | ||||||||
Cash Equivalents | 1,090,974 | - | - | 1,090,974 | ||||||||||||
Total | $ | 123,683,593 | $ | - | $ | - | $ | 123,683,593 | ||||||||
Global Opportunities | ||||||||||||||||
Common Stocks | $ | 29,676,029 | $ | 23,547,538 | $ | - | $ | 53,223,567 | ||||||||
Cash Equivalents | 1,042,686 | - | - | 1,042,686 | ||||||||||||
Total | $ | 30,718,715 | $ | 23,547,538 | $ | - | $ | 54,266,253 | ||||||||
Global Environmental Markets | ||||||||||||||||
Common Stocks | $ | 702,264,595 | $ | 475,988,030 | $ | - | $ | 1,178,252,625 | ||||||||
Cash Equivalents | 38,788,560 | - | - | 38,788,560 | ||||||||||||
Total | $ | 741,053,155 | $ | 475,988,030 | $ | - | $ | 1,217,041,185 | ||||||||
Global Women’s Leadership | ||||||||||||||||
Common Stocks | $ | 436,731,688 | $ | 164,493,782 | $ | - | $ | 601,225,470 | ||||||||
Preferred Stocks | - | 586,890 | - | 586,890 | ||||||||||||
Cash Equivalents | 3,840,223 | - | - | 3,840,223 | ||||||||||||
Total | $ | 440,571,911 | $ | 165,080,672 | $ | - | $ | 605,652,583 | ||||||||
EAFE ESG Leaders | ||||||||||||||||
Common Stocks | $ | 14,902,920 | $ | 572,250,576 | $ | - | $ | 587,153,496 | ||||||||
Preferred Stocks | - | 2,894,181 | - | 2,894,181 | ||||||||||||
Cash Equivalents | 4,759,916 | - | - | 4,759,916 | ||||||||||||
Total | $ | 19,662,836 | $ | 575,144,757 | $ | - | $ | 594,807,593 | ||||||||
Core Bond | ||||||||||||||||
Community Investment Notes | $ | - | $ | - | $ | 286,933 | 286,933 | |||||||||
Corporate Bonds | - | 281,706,587 | - | 281,706,587 | ||||||||||||
U.S. Gov't Agency Bonds | - | 9,098,466 | - | 9,098,466 | ||||||||||||
Supranational Bonds | - | 75,173,552 | - | 75,173,552 | ||||||||||||
Municipal Bonds | - | 19,618,649 | - | 19,618,649 | ||||||||||||
U.S. Treasury Notes | - | 96,226,817 | - | 96,226,817 | ||||||||||||
Asset-Backed Securities | - | 52,006,485 | - | 52,006,485 | ||||||||||||
Mortgage-Backed Securities | - | 184,320,254 | - | 184,320,254 | ||||||||||||
Medium Term Certificates of Deposit | - | 261,149 | - | 261,149 | ||||||||||||
Cash Equivalents | 32,133,339 | 255,557 | - | 32,388,896 | ||||||||||||
Total | $ | 32,133,339 | $ | 718,667,516 | $ | 286,933 | $ | 751,087,788 | ||||||||
High Yield Bond | ||||||||||||||||
Common Stocks | $ | - | $ | - | $ | 0 | $ | 0 | ||||||||
Community Investment Notes | 500,000 | 500,000 | ||||||||||||||
Preferred Stocks | 3,289,200 | - | 0 | 3,289,200 | ||||||||||||
Corporate Bonds | - | 382,306,050 | - | 382,306,050 | ||||||||||||
Loans | - | 3,237,894 | - | 3,237,894 | ||||||||||||
Medium Term Certificates of Deposit | - | 100,871 | - | 100,871 | ||||||||||||
Cash Equivalents | 12,821,526 | 1,108,891 | - | 13,930,417 | ||||||||||||
Total | $ | 16,110,726 | $ | 386,753,706 | $ | 500,000 | $ | 403,364,432 | ||||||||
Sustainable Allocation | ||||||||||||||||
Affiliated Investment Companies | $ | 1,900,335,122 | $ | - | $ | - | $ | 1,900,335,122 | ||||||||
Cash Equivalents | 75,262,447 | - | - | 75,262,447 | ||||||||||||
Total | $ | 1,975,597,569 | $ | - | $ | - | $ | 1,975,597,569 |
* | Table includes securities valued at zero. |
Affiliated Investments The term “affiliated company” includes other investment companies that are managed by a Fund’s Adviser. At September 30, 2020, the Sustainable Allocation Fund held the following investments in affiliated Funds:
Shares Held at | Gross | Gross | Shares Held at | Value at | Dividend | Realized | Net change in Unrealized Appreciation/ | Value at | ||||||||||||||||||||||||||||
Fund | 12/31/19 | Additions | Reductions | 9/30/2020 | 12/31/19 | Income | Gains/Losses1 | Depreciation | 09/30/20 | |||||||||||||||||||||||||||
Sustainable Allocation | ||||||||||||||||||||||||||||||||||||
Large Cap | 73,178,029 | 3,835,312 | 6,629,032 | 70,384,309 | $ | 761,051,498 | $ | 3,440,315 | $ | 2,803,750 | $ | 64,527,917 | $ | 791,823,480 | ||||||||||||||||||||||
Small Cap | 2,158,328 | 1,631,022 | - | 3,789,350 | 31,986,423 | - | - | (3,065,910 | ) | 48,920,512 | ||||||||||||||||||||||||||
ESG Beta Dividend | 10,010,369 | 90,100 | 1,963,974 | 8,136,495 | 128,232,821 | 1,094,720 | 4,118,270 | (2,345,914 | ) | 106,099,897 | ||||||||||||||||||||||||||
Global Opportunities | 2,548,966 | - | - | 2,548,966 | 30,689,545 | - | - | 2,243,090 | 32,932,635 | |||||||||||||||||||||||||||
Global Environmental Markets | 1,482,025 | 693,169 | - | 2,175,194 | 25,149,965 | 159,810 | - | 6,735,842 | 40,545,617 | |||||||||||||||||||||||||||
Global Women's Leadership | 785,900 | 737,843 | - | 1,523,743 | 21,329,334 | 287,008 | - | (170,537 | ) | 41,445,806 | ||||||||||||||||||||||||||
EAFE ESG Leaders | 15,576,499 | 3,282,363 | 2,116,402 | 16,742,460 | 145,484,501 | 1,707,198 | 1,664,745 | (1,848,547 | ) | 149,007,897 | ||||||||||||||||||||||||||
Core Bond | 66,778,157 | 4,232,916 | 7,162,992 | 63,848,081 | 687,147,238 | 10,629,102 | 3,396,107 | 28,886,831 | 689,559,278 | |||||||||||||||||||||||||||
High Yield | 3,263,125 | 69,072 | 3,332,197 | - | 22,058,723 | 448,587 | (130,091 | ) | (1,047,239 | ) | - | |||||||||||||||||||||||||
Total | $ | 1,853,130,048 | $ | 17,766,740 | $ | 11,852,782 | $ | 93,915,532 | $ | 1,900,335,122 |
1 | Includes realized capital gain distributions, from an affiliated fund, if any. |