Schedules of Investments (Unaudited) | |
Pax High Yield Bond Fund | September 30, 2022 |
SHARES/ | ||||||||
PERCENT OF NET ASSETS | PRINCIPAL/ | |||||||
NAME OF ISSUER AND TITLE OF ISSUE | CONTRACTS | VALUE | ||||||
COMMON STOCKS: 0.2% | ||||||||
HEALTH CARE: 0.2% | ||||||||
Avantor, Inc. | 60,790 | $ | 1,191,484 | |||||
Interactive Health, Inc. (a)(b)(c) | 706 | 0 | ||||||
TOTAL COMMON STOCKS | 1,191,484 | |||||||
(Cost $1,179,359) | ||||||||
PREFERRED STOCKS: 0.0% | ||||||||
HEALTH CARE: 0.0% | ||||||||
Interactive Health, Inc., 0.000% (a)(b)(c) | 1,412 | 0 | ||||||
(Cost $357,962) | ||||||||
BONDS: 93.9% | ||||||||
COMMUNITY INVESTMENT NOTES: 0.1% | ||||||||
CEI Investment Note, 2.000%, 09/30/23 (b)(c) | $ | 510,838 | 510,838 | |||||
Envest Microfinance Fund, LLC, 4.000%, 04/20/26 (b) | 250,000 | 240,105 | ||||||
(Cost $760,838) | 750,943 | |||||||
CORPORATE BONDS: 90.6% | ||||||||
AUTOMOTIVE: 4.9% | ||||||||
Allison Transmission, Inc., 144A, 4.750%, 10/01/27 (d) | 2,575,000 | 2,271,724 | ||||||
Allison Transmission, Inc., 144A, 5.875%, 06/01/29 (d) | 1,025,000 | 929,224 | ||||||
Allison Transmission, Inc., 144A, 3.750%, 01/30/31 (d) | 2,475,000 | 1,902,137 | ||||||
Dana, Inc., 4.500%, 02/15/32 | 3,900,000 | 2,789,310 | ||||||
Ford Motor Co., 3.250%, 02/12/32 | 3,850,000 | 2,779,912 | ||||||
Ford Motor Co., 4.750%, 01/15/43 | 2,450,000 | 1,629,360 | ||||||
Ford Motor Credit Co., LLC, 3.810%, 01/09/24 | 1,025,000 | 993,076 | ||||||
Ford Motor Credit Co., LLC, 3.664%, 09/08/24 | 2,075,000 | 1,953,343 | ||||||
Ford Motor Credit Co., LLC, 5.125%, 06/16/25 | 3,750,000 | 3,544,593 | ||||||
Ford Motor Credit Co., LLC, 2.700%, 08/10/26 | 1,850,000 | 1,536,684 | ||||||
Ford Motor Credit Co., LLC, 4.000%, 11/13/30 | 3,800,000 | 2,972,474 | ||||||
Gates Global, LLC/Corp., 144A, 6.250%, 01/15/26 (d) | 3,075,000 | 2,832,736 | ||||||
IHO Verwaltungs GmbH, 144A, 6.375%, 05/15/29 (d) | 2,025,000 | 1,746,087 |
27,880,660 | ||||||||
BASIC INDUSTRY: 7.0% | ||||||||
Advanced Drainage Systems, Inc., 144A, 5.000%, 09/30/27 (d) | 1,600,000 | 1,473,920 | ||||||
Advanced Drainage Systems, Inc., 144A, 6.375%, 06/15/30 (d) | 2,450,000 | 2,379,514 | ||||||
ASP Unifrax Holdings, Inc., 144A, 7.500%, 09/30/29 (d) | 1,875,000 | 1,241,184 | ||||||
ATI, Inc., 4.875%, 10/01/29 | 950,000 | 791,195 | ||||||
ATI, Inc., 5.125%, 10/01/31 | 950,000 | 777,807 | ||||||
Avient Corp., 144A, 7.125%, 08/01/30 (d) | 3,000,000 | 2,775,645 | ||||||
CVR Partners, LP/CVR Nitrogen Finance Corp., 144A, 6.125%, 06/15/28 (d) | 2,800,000 | 2,442,024 | ||||||
Great Lakes Dredge & Dock Corp., 144A, 5.250%, 06/01/29 (d) | 3,150,000 | 2,431,409 | ||||||
Interface, Inc., 144A, 5.500%, 12/01/28 (d) | 4,275,000 | 3,660,879 | ||||||
Koppers, Inc., 144A, 6.000%, 02/15/25 (d) | 3,472,000 | 3,113,742 | ||||||
Mercer International, Inc., 5.500%, 01/15/26 | 1,075,000 | 995,821 | ||||||
Mercer International, Inc., 5.125%, 02/01/29 | 1,825,000 | 1,457,126 | ||||||
Novelis Corp., 144A, 4.750%, 01/30/30 (d) | 3,450,000 | 2,837,729 | ||||||
Olympus Water US Holding Corp., 144A, 4.250%, 10/01/28 (d) | 1,975,000 | 1,521,352 | ||||||
Olympus Water US Holding Corp., 144A, 6.250%, 10/01/29 (d) | 1,800,000 | 1,236,546 | ||||||
Shea Homes, LP/Funding Corp., 144A, 4.750%, 02/15/28 (d) | 2,100,000 | 1,713,674 | ||||||
Shea Homes, LP/Funding Corp., 144A, 4.750%, 04/01/29 (d) | 1,075,000 | 838,570 | ||||||
Standard Industries, Inc., 144A, 5.000%, 02/15/27 (d) | 2,700,000 | 2,395,629 | ||||||
Standard Industries, Inc., 144A, 4.375%, 07/15/30 (d) | 6,300,000 | 4,834,682 | ||||||
Taseko Mines, Ltd., 144A, 7.000%, 02/15/26 (d) | 1,650,000 | 1,314,753 | ||||||
40,233,201 | ||||||||
CAPITAL GOODS: 6.2% | ||||||||
ARD Finance SA, 144A, 6.500%, 06/30/27 (d) | 2,975,000 | 2,043,022 | ||||||
Ardagh Metal Packaging Finance USA, LLC/Finance PLC, 144A, 6.000%, 06/15/27 (d) | 875,000 | 826,047 | ||||||
Ardagh Metal Packaging Finance USA, LLC/Finance PLC, 144A, 3.250%, 09/01/28 (d) | 1,075,000 | 878,302 | ||||||
Ardagh Metal Packaging Finance USA, LLC/Finance PLC, 144A, 4.000%, 09/01/29 (d) | 1,275,000 | 935,969 | ||||||
Ardagh Packaging Finance, PLC/Holdings USA, Inc., 144A, 4.125%, 08/15/26 (d) | 1,600,000 | 1,334,104 | ||||||
Ardagh Packaging Finance, PLC/Holdings USA, Inc., 144A, 5.250%, 08/15/27 (d) | 5,425,000 | 3,406,167 | ||||||
ATS Automation Tooling Systems, Inc., 144A, 4.125%, 12/15/28 (d) | 3,150,000 | 2,619,477 | ||||||
Clydesdale Acquisition Holdings, Inc., 144A, 8.750%, 04/15/30 (d) | 1,800,000 | 1,492,623 | ||||||
GrafTech Finance, Inc., 144A, 4.625%, 12/15/28 (d) | 2,850,000 | 2,136,987 | ||||||
Graphic Packaging International, LLC, 144A, 3.750%, 02/01/30 (d) | 4,950,000 | 4,090,539 | ||||||
Howmet Aerospace, Inc., 5.900%, 02/01/27 | 1,075,000 | 1,035,773 | ||||||
Howmet Aerospace, Inc., 6.750%, 01/15/28 | 2,025,000 | 2,019,482 | ||||||
Howmet Aerospace, Inc., 5.950%, 02/01/37 | 2,000,000 | 1,811,760 | ||||||
Manitowoc Co, Inc., The, 144A, 9.000%, 04/01/26 (d) | 4,175,000 | 3,805,032 | ||||||
OI European Group BV, 144A, 4.750%, 02/15/30 (d) | 2,100,000 | 1,674,467 | ||||||
Owens-Brockway Glass Container, Inc., 144A, 6.375%, 08/15/25 (d) | 1,075,000 | 1,012,548 | ||||||
Owens-Brockway Glass Container, Inc., 144A, 6.625%, 05/13/27 (d) | 1,875,000 | 1,702,706 |
Terex Corp., 144A, 5.000%, 05/15/29 (d) | 3,150,000 | 2,709,791 | ||||||
35,534,796 | ||||||||
CONSUMER GOODS: 6.3% | ||||||||
BellRing Brands, Inc., 144A, 7.000%, 03/15/30 (d) | 2,025,000 | 1,856,621 | ||||||
Darling Ingredients, Inc., 144A, 6.000%, 06/15/30 (d) | 3,650,000 | 3,481,990 | ||||||
Diamond BC BV, 144A, 4.625%, 10/01/29 (d) | 4,000,000 | 2,791,200 | ||||||
Lamb Weston Holdings, Inc., 144A, 4.125%, 01/31/30 (d) | 2,100,000 | 1,780,622 | ||||||
Lamb Weston Holdings, Inc., 144A, 4.375%, 01/31/32 (d) | 2,100,000 | 1,738,916 | ||||||
MajorDrive Holdings IV, LLC, 144A, 6.375%, 06/01/29 (d) | 1,100,000 | 759,825 | ||||||
Natura Cosmeticos SA, 144A, 4.125%, 05/03/28 (d) | 2,850,000 | 2,255,975 | ||||||
Newell Brands, Inc., 6.375%, 09/15/27 | 1,775,000 | 1,761,954 | ||||||
Newell Brands, Inc., 6.625%, 09/15/29 | 1,775,000 | 1,739,713 | ||||||
Performance Food Group, Inc., 144A, 5.500%, 10/15/27 (d) | 2,150,000 | 1,959,080 | ||||||
Performance Food Group, Inc., 144A, 4.250%, 08/01/29 (d) | 4,075,000 | 3,400,873 | ||||||
Post Holdings, Inc., 144A, 5.750%, 03/01/27 (d) | 758,000 | 724,368 | ||||||
Post Holdings, Inc., 144A, 5.500%, 12/15/29 (d) | 4,000,000 | 3,464,088 | ||||||
Post Holdings, Inc., 144A, 4.500%, 09/15/31 (d) | 3,075,000 | 2,481,756 | ||||||
Spectrum Brands, Inc., 144A, 5.000%, 10/01/29 (d) | 1,075,000 | 857,613 | ||||||
Spectrum Brands, Inc., 144A, 5.500%, 07/15/30 (d) | 1,075,000 | 843,071 | ||||||
Spectrum Brands, Inc., 144A, 3.875%, 03/15/31 (d) | 1,075,000 | 734,961 | ||||||
United Natural Foods, Inc., 144A, 6.750%, 10/15/28 (d) | 4,050,000 | 3,712,533 | ||||||
36,345,159 | ||||||||
FINANCIAL SERVICES: 2.7% | ||||||||
Ally Financial, Inc., 5.750%, 11/20/25 | 1,700,000 | 1,650,646 | ||||||
Armor Holdco, Inc., 144A, 8.500%, 11/15/29 (d) | 1,575,000 | 1,259,314 | ||||||
Block, Inc., 2.750%, 06/01/26 | 1,075,000 | 924,996 | ||||||
Block, Inc., 3.500%, 06/01/31 | 3,800,000 | 2,953,663 | ||||||
Diebold Nixdorf, Inc., 144A, 9.375%, 07/15/25 (d) | 2,575,000 | 1,963,438 | ||||||
OneMain Finance Corp., 6.875%, 03/15/25 | 525,000 | 494,290 | ||||||
OneMain Finance Corp., 3.500%, 01/15/27 | 1,950,000 | 1,522,828 | ||||||
OneMain Finance Corp., 6.625%, 01/15/28 | 1,075,000 | 924,839 | ||||||
OneMain Finance Corp., 5.375%, 11/15/29 | 1,825,000 | 1,417,341 | ||||||
PennyMac Financial Services, Inc., 144A, 4.250%, 02/15/29 (d) | 1,075,000 | 768,077 | ||||||
PennyMac Financial Services, Inc., 144A, 5.750%, 09/15/31 (d) | 2,100,000 | 1,505,015 | ||||||
15,384,447 | ||||||||
HEALTH CARE: 8.4% | ||||||||
AdaptHealth, LLC, 144A, 6.125%, 08/01/28 (d) | 2,075,000 | 1,862,760 | ||||||
AdaptHealth, LLC, 144A, 4.625%, 08/01/29 (d) | 1,075,000 | 863,725 | ||||||
Akumin Escrow, Inc., 144A, 7.500%, 08/01/28 (d) | 950,000 | 726,989 | ||||||
Akumin, Inc., 144A, 7.000%, 11/01/25 (d) | 1,275,000 | 1,049,226 |
Avantor Funding, Inc., 144A, 4.625%, 07/15/28 (d) | 5,600,000 | 4,996,039 | ||||||
Avantor Funding, Inc., 144A, 3.875%, 11/01/29 (d) | 2,100,000 | 1,709,747 | ||||||
Bausch Health Cos., Inc., 144A, 6.125%, 02/01/27 (d) | 1,900,000 | 1,320,120 | ||||||
Centene Corp., 4.250%, 12/15/27 | 1,075,000 | 985,587 | ||||||
Centene Corp., 4.625%, 12/15/29 | 7,125,000 | 6,419,232 | ||||||
Cheplapharm Arzneimittel GmbH, 144A, 5.500%, 01/15/28 (d) | 2,425,000 | 2,006,057 | ||||||
Encompass Health Corp., 4.750%, 02/01/30 | 3,775,000 | 3,111,584 | ||||||
Garden Spinco Corp., 144A, 8.625%, 07/20/30 (d) | 2,800,000 | 2,898,882 | ||||||
HealthEquity, Inc., 144A, 4.500%, 10/01/29 (d) | 2,050,000 | 1,734,280 | ||||||
IQVIA, Inc., 144A, 5.000%, 05/15/27 (d) | 3,350,000 | 3,130,960 | ||||||
Medline Borrower, LP, 144A, 5.250%, 10/01/29 (d) | 1,750,000 | 1,324,628 | ||||||
Organon & Co./Foreign Debt Co-Issuer BV, 144A, 4.125%, 04/30/28 (d) | 1,425,000 | 1,221,560 | ||||||
Organon & Co./Foreign Debt Co-Issuer BV, 144A, 5.125%, 04/30/31 (d) | 2,750,000 | 2,257,283 | ||||||
Prestige Brands, Inc., 144A, 5.125%, 01/15/28 (d) | 2,175,000 | 1,961,240 | ||||||
Tenet Healthcare Corp., 144A, 5.125%, 11/01/27 (d) | 4,200,000 | 3,777,428 | ||||||
Tenet Healthcare Corp., 144A, 6.125%, 10/01/28 (d) | 3,875,000 | 3,401,102 | ||||||
Tenet Healthcare Corp., 144A, 6.125%, 06/15/30 (d) | 1,550,000 | 1,423,869 | ||||||
48,182,298 | ||||||||
INSURANCE: 0.5% | ||||||||
GTCR AP Finance, Inc., 144A, 8.000%, 05/15/27 (d) | 3,150,000 | 2,903,999 | ||||||
LEISURE: 2.4% | ||||||||
Lindblad Expeditions, LLC, 144A, 6.750%, 02/15/27 (d) | 3,025,000 | 2,667,415 | ||||||
MGM Resorts International, 6.750%, 05/01/25 | 1,075,000 | 1,060,235 | ||||||
MGM Resorts International, 5.500%, 04/15/27 | 4,100,000 | 3,691,496 | ||||||
Park Intermediate Holdings, LLC/PK Domestic Property, LLC/PK Finance Co-Issuer, 144A, 5.875%, 10/01/28 (d) | 1,050,000 | 900,916 | ||||||
Park Intermediate Holdings, LLC/PK Domestic Property, LLC/PK Finance Co-Issuer, 144A, 4.875%, 05/15/29 (d) | 3,600,000 | 2,921,616 | ||||||
Viking Ocean Cruises Ship VII, Ltd., 144A, 5.625%, 02/15/29 (d) | 3,150,000 | 2,455,220 | ||||||
13,696,898 | ||||||||
MEDIA: 11.2% | ||||||||
Arches Buyer, Inc., 144A, 4.250%, 06/01/28 (d) | 3,550,000 | 2,776,757 | ||||||
Cars.com, Inc., 144A, 6.375%, 11/01/28 (d) | 3,750,000 | 3,203,962 | ||||||
CCO Holdings, LLC/Capital Corp., 144A, 5.125%, 05/01/27 (d) | 1,075,000 | 971,951 | ||||||
CCO Holdings, LLC/Capital Corp., 144A, 5.375%, 06/01/29 (d) | 3,275,000 | 2,873,812 | ||||||
CCO Holdings, LLC/Capital Corp., 144A, 4.750%, 03/01/30 (d) | 8,375,000 | 6,814,820 | ||||||
CCO Holdings, LLC/Capital Corp., 4.500%, 05/01/32 | 3,925,000 | 3,000,505 | ||||||
Cimpress, PLC, 144A, 7.000%, 06/15/26 (d) | 3,150,000 | 2,148,080 | ||||||
Clear Channel International BV, 144A, 6.625%, 08/01/25 (d) | 1,000,000 | 930,389 | ||||||
Clear Channel Outdoor Holdings, Inc., 144A, 7.750%, 04/15/28 (d) | 2,500,000 | 1,891,763 | ||||||
CSC Holdings, LLC, 144A, 7.500%, 04/01/28 (d) | 2,175,000 | 1,777,584 |
CSC Holdings, LLC, 144A, 6.500%, 02/01/29 (d) | 800,000 | 707,812 | ||||||
CSC Holdings, LLC, 144A, 5.750%, 01/15/30 (d) | 2,725,000 | 1,941,835 | ||||||
CSC Holdings, LLC, 144A, 4.625%, 12/01/30 (d) | 2,725,000 | 1,857,973 | ||||||
CSC Holdings, LLC, 144A, 4.125%, 12/01/30 (d) | 2,025,000 | 1,516,259 | ||||||
DIRECTV Holdings, LLC/Financing Co.-Obligor, Inc., 144A, 5.875%, 08/15/27 (d) | 2,050,000 | 1,771,969 | ||||||
DISH DBS Corp., 5.875%, 11/15/24 | 2,375,000 | 2,123,048 | ||||||
DISH DBS Corp., 7.375%, 07/01/28 | 2,025,000 | 1,366,077 | ||||||
DISH DBS Corp., 5.125%, 06/01/29 | 925,000 | 544,918 | ||||||
Gray Escrow II, Inc., 144A, 5.375%, 11/15/31 (d) | 2,875,000 | 2,261,360 | ||||||
Gray Television, Inc., 144A, 4.750%, 10/15/30 (d) | 3,175,000 | 2,384,163 | ||||||
iHeartCommunications, Inc., 8.375%, 05/01/27 | 1,900,000 | 1,601,938 | ||||||
iHeartCommunications, Inc., 144A, 5.250%, 08/15/27 (d) | 2,200,000 | 1,883,803 | ||||||
iHeartCommunications, Inc., 144A, 4.750%, 01/15/28 (d) | 2,025,000 | 1,690,450 | ||||||
Nexstar Media, Inc., 144A, 5.625%, 07/15/27 (d) | 2,725,000 | 2,510,754 | ||||||
Nexstar Media, Inc., 144A, 4.750%, 11/01/28 (d) | 3,050,000 | 2,598,631 | ||||||
Sirius XM Radio, Inc., 144A, 4.000%, 07/15/28 (d) | 3,400,000 | 2,899,145 | ||||||
Sirius XM Radio, Inc., 144A, 5.500%, 07/01/29 (d) | 1,175,000 | 1,059,377 | ||||||
Sirius XM Radio, Inc., 144A, 4.125%, 07/01/30 (d) | 2,025,000 | 1,650,375 | ||||||
Univision Communications, Inc., 144A, 4.500%, 05/01/29 (d) | 4,575,000 | 3,741,137 | ||||||
VTR Comunicaciones SpA, 144A, 5.125%, 01/15/28 (d) | 1,803,000 | 1,220,694 | ||||||
VTR Finance NV, 144A, 6.375%, 07/15/28 (d) | 1,175,000 | 660,938 | ||||||
64,382,279 | ||||||||
REAL ESTATE: 4.9% | ||||||||
Five Point Operating Co., LP/Capital Corp., 144A, 7.875%, 11/15/25 (d) | 3,595,000 | 2,863,681 | ||||||
HAT Holdings I, LLC/HAT Holdings II, LLC, 144A, 6.000%, 04/15/25 (d) | 1,475,000 | 1,390,770 | ||||||
HAT Holdings I ,LLC/HAT Holdings II, LLC, 144A, 3.375%, 06/15/26 (d) | 4,150,000 | 3,335,500 | ||||||
Iron Mountain, Inc., 144A, 5.000%, 07/15/28 (d) | 1,075,000 | 926,693 | ||||||
Iron Mountain, Inc., 144A, 4.875%, 09/15/29 (d) | 5,050,000 | 4,155,948 | ||||||
Kennedy-Wilson, Inc., 4.750%, 02/01/30 | 1,925,000 | 1,432,200 | ||||||
Kennedy-Wilson, Inc., 5.000%, 03/01/31 | 2,175,000 | 1,581,878 | ||||||
Rithm Capital Corp., 144A, 6.250%, 10/15/25 (d) | 2,175,000 | 1,845,853 | ||||||
Uniti Group, LP/Finance, Inc./CSL Capital, LLC, 144A, 4.750%, 04/15/28 (d) | 3,075,000 | 2,436,384 | ||||||
Uniti Group, LP/Finance, Inc./CSL Capital, LLC, 144A, 6.500%, 02/15/29 (d) | 2,075,000 | 1,395,092 | ||||||
VICI Properties, LP/VICI Note Co., Inc., 144A, 3.875%, 02/15/29 (d) | 1,400,000 | 1,177,407 | ||||||
VICI Properties, LP/VICI Note Co., Inc., 144A, 4.625%, 12/01/29 (d) | 6,650,000 | 5,783,838 | ||||||
28,325,244 | ||||||||
RETAIL: 6.7% | ||||||||
Albertsons Cos., Inc./Safeway, Inc./New Albertsons, LP/Albertsons, LLC, 144A, 4.625%, 01/15/27 (d) | 2,200,000 | 1,971,236 | ||||||
Albertsons Cos., Inc./Safeway, Inc./New Albertsons, LP/Albertsons, LLC, 144A, 3.500%, 03/15/29 (d) | 1,175,000 | 949,594 | ||||||
Bath & Body Works, Inc., 144A, 6.625%, 10/01/30 (d) | 1,850,000 | 1,612,728 | ||||||
Bath & Body Works, Inc., 6.950%, 03/01/33 | 2,400,000 | 1,934,058 |
Crocs, Inc., 144A, 4.250%, 03/15/29 (d) | 2,600,000 | 2,072,161 | ||||||
Crocs, Inc., 144A, 4.125%, 08/15/31 (d) | 3,050,000 | 2,327,425 | ||||||
Land O’ Lakes, Inc., 144A, 7.000%, 09/18/28 (d) | 1,685,000 | 1,566,848 | ||||||
Macy’s Retail Holdings, LLC, 144A, 5.875%, 04/01/29 (d) | 1,725,000 | 1,386,728 | ||||||
Macy’s Retail Holdings, LLC, 144A, 6.125%, 03/15/32 (d) | 1,525,000 | 1,170,948 | ||||||
Macy’s Retail Holdings, LLC, 144A, 6.700%, 07/15/34 (d) | 2,700,000 | 2,339,280 | ||||||
Macy’s Retail Holdings, LLC, 5.125%, 01/15/42 | 1,000,000 | 618,305 | ||||||
Michaels Cos., Inc., The, 144A, 5.250%, 05/01/28 (d) | 3,250,000 | 2,288,374 | ||||||
Michaels Cos., Inc., The, 144A, 7.875%, 05/01/29 (d) | 2,075,000 | 1,201,124 | ||||||
New Albertsons, LP, 7.750%, 06/15/26 | 1,025,000 | 1,053,741 | ||||||
NMG Holding Co., Inc./Neiman Marcus Group, LLC, 144A, 7.125%, 04/01/26 (d) | 3,650,000 | 3,359,156 | ||||||
PetSmart, Inc./Finance Corp., 144A, 4.750%, 02/15/28 (d) | 1,850,000 | 1,587,021 | ||||||
PetSmart, Inc./Finance Corp., 144A, 7.750%, 02/15/29 (d) | 2,075,000 | 1,858,246 | ||||||
Safeway, Inc., 7.250%, 02/01/31 | 2,925,000 | 2,787,701 | ||||||
SEG Holding, LLC/Finance Corp., 144A, 5.625%, 10/15/28 (d) | 3,800,000 | 3,506,328 | ||||||
Victoria’s Secret & Co., 144A, 4.625%, 07/15/29 (d) | 3,775,000 | 2,858,173 | ||||||
38,449,175 | ||||||||
SERVICES: 10.2% | ||||||||
Albion Financing 1 SARL/Aggreko Holdings, Inc., 144A, 6.125%, 10/15/26 (d) | 1,825,000 | 1,545,136 | ||||||
Albion Financing 2 SARL, 144A, 8.750%, 04/15/27 (d) | 950,000 | 793,250 | ||||||
BCPE Ulysses Intermediate, Inc., 144A, 7.750%, 04/01/27 (d) | 575,000 | 392,367 | ||||||
Camelot Finance SA, 144A, 4.500%, 11/01/26 (d) | 2,175,000 | 1,970,768 | ||||||
Clarivate Science Holdings Corp., 144A, 3.875%, 07/01/28 (d) | 2,425,000 | 2,005,596 | ||||||
Dycom Industries, Inc., 144A, 4.500%, 04/15/29 (d) | 3,250,000 | 2,745,415 | ||||||
GFL Environmental, Inc., 144A, 4.000%, 08/01/28 (d) | 2,925,000 | 2,443,823 | ||||||
GPD Cos., Inc., 144A, 10.125%, 04/01/26 (d) | 3,275,000 | 2,988,721 | ||||||
GYP Holdings III Corp., 144A, 4.625%, 05/01/29 (d) | 4,450,000 | 3,393,808 | ||||||
Hertz Corp, The, 144A, 5.000%, 12/01/29 (d) | 3,475,000 | 2,589,674 | ||||||
LBM Acquisition, LLC, 144A, 6.250%, 01/15/29 (d) | 2,125,000 | 1,444,235 | ||||||
Maxim Crane Works Holdings Capital, LLC, 144A, 10.125%, 08/01/24 (d) | 3,633,000 | 3,430,969 | ||||||
NESCO Holdings II, Inc., 144A, 5.500%, 04/15/29 (d) | 2,975,000 | 2,483,441 | ||||||
Nielsen Finance, LLC/Co., 144A, 5.625%, 10/01/28 (d) | 2,525,000 | 2,511,586 | ||||||
Picasso Finance Sub, Inc., 144A, 6.125%, 06/15/25 (d) | 1,745,000 | 1,712,177 | ||||||
Prime Security Services Borrower, LLC/Finance, Inc., 144A, 5.750%, 04/15/26 (d) | 2,050,000 | 1,931,807 | ||||||
Prime Security Services Borrower, LLC/Finance, Inc., 144A, 6.250%, 01/15/28 (d) | 6,600,000 | 5,642,943 | ||||||
Staples, Inc., 144A, 7.500%, 04/15/26 (d) | 3,675,000 | 3,090,877 | ||||||
Staples, Inc., 144A, 10.750%, 04/15/27 (d) | 2,925,000 | 2,171,944 | ||||||
United Rentals North America, Inc., 5.250%, 01/15/30 | 2,550,000 | 2,311,422 | ||||||
WASH Multifamily Acquisition, Inc., 144A, 5.750%, 04/15/26 (d) | 3,150,000 | 2,907,812 | ||||||
White Cap Buyer, LLC, 144A, 6.875%, 10/15/28 (d) | 1,800,000 | 1,472,337 | ||||||
Williams Scotsman International, Inc., 144A, 4.625%, 08/15/28 (d) | 3,350,000 | 2,937,347 | ||||||
WW International, Inc., 144A, 4.500%, 04/15/29 (d) | 3,250,000 | 1,704,759 |
ZipRecruiter, Inc., 144A, 5.000%, 01/15/30 (d) | 2,625,000 | 2,124,806 | ||||||
58,747,020 | ||||||||
TECHNOLOGY & ELECTRONICS: 7.6% | ||||||||
Castle US Holding Corp., 144A, 9.500%, 02/15/28 (d) | 1,625,000 | 1,206,124 | ||||||
Ciena Corp., 144A, 4.000%, 01/31/30 (d) | 1,625,000 | 1,359,126 | ||||||
Coherent Corp., 144A, 5.000%, 12/15/29 (d) | 3,625,000 | 3,007,373 | ||||||
CommScope, Inc., 144A, 6.000%, 03/01/26 (d) | 1,850,000 | 1,706,255 | ||||||
CommScope, Inc., 144A, 8.250%, 03/01/27 (d) | 2,225,000 | 1,841,699 | ||||||
CommScope, Inc., 144A, 7.125%, 07/01/28 (d) | 2,400,000 | 1,857,841 | ||||||
Condor Merger Sub, Inc., 144A, 7.375%, 02/15/30 (d) | 1,650,000 | 1,352,126 | ||||||
Endurance International Group Holdings, Inc., 144A, 6.000%, 02/15/29 (d) | 4,175,000 | 2,779,959 | ||||||
Entegris Escrow Corp., 144A, 5.950%, 06/15/30 (d) | 2,125,000 | 1,944,248 | ||||||
GoTo Group, Inc., 144A, 5.500%, 09/01/27 (d) | 3,750,000 | 2,308,075 | ||||||
Imola Merger Corp., 144A, 4.750%, 05/15/29 (d) | 3,625,000 | 3,066,823 | ||||||
NCR Corp., 144A, 5.125%, 04/15/29 (d) | 4,825,000 | 3,628,592 | ||||||
Nokia Oyj, 6.625%, 05/15/39 | 1,450,000 | 1,346,383 | ||||||
NortonLifeLock, Inc., 144A, 6.750%, 09/30/27 (d) | 2,000,000 | 1,923,830 | ||||||
NortonLifeLock, Inc., 144A, 7.125%, 09/30/30 (d) | 1,150,000 | 1,114,804 | ||||||
PTC, Inc., 144A, 4.000%, 02/15/28 (d) | 1,675,000 | 1,468,657 | ||||||
Rackspace Technology Global, Inc., 144A, 5.375%, 12/01/28 (d) | 1,350,000 | 637,031 | ||||||
Sensata Technologies BV, 144A, 5.875%, 09/01/30 (d) | 2,425,000 | 2,274,165 | ||||||
Twilio, Inc., 3.875%, 03/15/31 | 1,725,000 | 1,357,699 | ||||||
Unisys Corp., 144A, 6.875%, 11/01/27 (d) | 1,800,000 | 1,407,529 | ||||||
VM Consolidated, Inc., 144A, 5.500%, 04/15/29 (d) | 3,400,000 | 2,929,742 | ||||||
ZoomInfo Technologies, LLC/Finance Corp., 144A, 3.875%, 02/01/29 (d) | 4,125,000 | 3,374,745 | ||||||
43,892,826 | ||||||||
TELECOMMUNICATIONS: 8.7% | ||||||||
Altice Financing SA, 144A, 5.750%, 08/15/29 (d) | 2,100,000 | 1,611,981 | ||||||
Altice France Holding SA, 144A, 10.500%, 05/15/27 (d) | 4,200,000 | 3,299,291 | ||||||
Altice France Holding SA, 144A, 6.000%, 02/15/28 (d) | 1,025,000 | 652,338 | ||||||
Altice France SA, 144A, 5.500%, 01/15/28 (d) | 3,275,000 | 2,598,532 | ||||||
Altice France SA, 144A, 5.125%, 07/15/29 (d) | 2,850,000 | 2,135,990 | ||||||
Cogent Communications Group, Inc., 144A, 7.000%, 06/15/27 (d) | 3,000,000 | 2,825,104 | ||||||
Digicel International Finance, Ltd./Holdings, Ltd., 144A, 8.750%, 05/25/24 (d) | 1,000,000 | 916,930 | ||||||
Digicel, Ltd., 144A, 6.750%, 03/01/23 (d) | 900,000 | 535,589 | ||||||
Frontier Communications Holdings, LLC, 144A, 5.000%, 05/01/28 (d) | 2,150,000 | 1,848,721 | ||||||
Frontier Communications Holdings, LLC, 144A, 6.750%, 05/01/29 (d) | 1,075,000 | 889,342 | ||||||
LCPR Senior Secured Financing DAC, 144A, 6.750%, 10/15/27 (d) | 1,255,000 | 1,043,376 | ||||||
LCPR Senior Secured Financing DAC, 144A, 5.125%, 07/15/29 (d) | 2,450,000 | 1,848,407 | ||||||
Level 3 Financing, Inc., 144A, 4.625%, 09/15/27 (d) | 1,925,000 | 1,597,827 | ||||||
Ligado Networks, LLC, 144A, 15.500%, 11/01/23 (d) | 2,597,040 | 1,039,898 |
Lumen Technologies, Inc., 144A, 5.125%, 12/15/26 (d) | 2,175,000 | 1,874,665 | ||||||
Lumen Technologies, Inc., 144A, 4.000%, 02/15/27 (d) | 900,000 | 757,777 | ||||||
Lumen Technologies, Inc., 144A, 5.375%, 06/15/29 (d) | 2,000,000 | 1,490,957 | ||||||
Sable International Finance, Ltd., 144A, 5.750%, 09/07/27 (d) | 2,314,000 | 2,025,178 | ||||||
Sprint Capital Corp., 6.875%, 11/15/28 | 2,025,000 | 2,084,282 | ||||||
Sprint Capital Corp., 8.750%, 03/15/32 | 1,950,000 | 2,264,194 | ||||||
Sprint Corp., 7.125%, 06/15/24 | 3,275,000 | 3,329,397 | ||||||
Telecom Italia Capital SA, 7.200%, 07/18/36 | 1,625,000 | 1,277,234 | ||||||
Telecom Italia SpA, 144A, 5.303%, 05/30/24 (d) | 1,225,000 | 1,158,660 | ||||||
T-Mobile USA, Inc., 4.750%, 02/01/28 | 2,200,000 | 2,080,705 | ||||||
T-Mobile USA, Inc., 3.375%, 04/15/29 | 3,100,000 | 2,683,050 | ||||||
Virgin Media Finance, PLC, 144A, 5.000%, 07/15/30 (d) | 925,000 | 681,609 | ||||||
Virgin Media Secured Finance, PLC, 144A, 5.500%, 05/15/29 (d) | 1,625,000 | 1,395,133 | ||||||
Vmed O2 UK Financing I, PLC, 144A, 4.750%, 07/15/31 (d) | 2,100,000 | 1,625,276 | ||||||
VZ Secured Financing BV, 144A, 5.000%, 01/15/32 (d) | 3,175,000 | 2,377,888 | ||||||
49,949,331 | ||||||||
TRANSPORTATION: 0.3% | ||||||||
Promontoria Holding 264 BV, 144A, 7.875%, 03/01/27 (d) | 1,800,000 | 1,662,592 | ||||||
UTILITY: 2.6% | ||||||||
Clearway Energy Operating, LLC, 144A, 4.750%, 03/15/28 (d) | 2,175,000 | 1,939,917 | ||||||
Clearway Energy Operating, LLC, 144A, 3.750%, 02/15/31 (d) | 1,925,000 | 1,531,294 | ||||||
Clearway Energy Operating, LLC, 144A, 3.750%, 01/15/32 (d) | 1,150,000 | 893,527 | ||||||
Leeward Renewable Energy Operations, LLC, 144A, 4.250%, 07/01/29 (d) | 3,700,000 | 2,986,639 | ||||||
Pattern Energy Operations, LP/Inc., 144A, 4.500%, 08/15/28 (d) | 2,650,000 | 2,303,115 | ||||||
Sunnova Energy Corp., 144A, 5.875%, 09/01/26 (d) | 2,900,000 | 2,594,884 | ||||||
TerraForm Power Operating, LLC, 144A, 5.000%, 01/31/28 (d) | 1,075,000 | 948,564 | ||||||
TerraForm Power Operating, LLC, 144A, 4.750%, 01/15/30 (d) | 2,025,000 | 1,723,164 | ||||||
14,921,104 | ||||||||
TOTAL CORPORATE BONDS | 520,491,029 | |||||||
(Cost $628,352,771) | ||||||||
LOANS: 3.2% | ||||||||
BASIC INDUSTRY: 0.3% | ||||||||
Aruba Investments Holdings, LLC, aka Angus Chemical, 7.339%, 11/24/27 (e) | 1,800,000 | 1,663,875 | ||||||
CONSUMER GOODS: 0.6% | ||||||||
AI Aqua Merger Sub, Inc., aka Culligan, 7.032%, 07/30/28 (e) | 1,995,000 | 1,858,472 | ||||||
ASP Unifrax Holdings, Inc., 7.233%, 12/12/25 (e) | 1,994,819 | 1,848,319 |
3,706,791 | ||||||||
RETAIL: 0.5% | ||||||||
Whole Earth Brands, Inc., 7.814%, 02/05/28 (e) | 3,031,529 | 2,849,637 | ||||||
TECHNOLOGY & ELECTRONICS: 0.3% | ||||||||
McAfee Corp., 7.042%, 03/01/29 (e) | 1,750,000 | 1,600,935 | ||||||
TELECOMMUNICATIONS: 0.2% | ||||||||
Digicel International Finance, Ltd., 6.038%, 05/27/24 (e) | 981,917 | 883,725 | ||||||
TRANSPORTATION: 1.3% | ||||||||
Mileage Plus Holdings, LLC, aka United Air, 8.393%, 06/20/27 (e) | 4,275,000 | 4,304,776 | ||||||
SkyMiles IP, Ltd., aka Delta Airlines, Inc., 7.378%, 10/20/27 (e) | 3,000,000 | 3,016,170 | ||||||
7,320,946 | ||||||||
TOTAL LOANS | 18,025,909 | |||||||
(Cost $18,877,228) | ||||||||
TOTAL BONDS | 539,267,881 | |||||||
(Cost $647,990,837) | ||||||||
CERTIFICATES OF DEPOSIT: 0.1% | ||||||||
Shared Interest, Inc., 0.550%, 09/30/24 (b) | 500,000 | 500,000 | ||||||
(Cost $500,000) | ||||||||
MONEY MARKET: 4.6% | ||||||||
State Street Institutional U.S. Government Money Market Fund, 2.940% (f)(g) | 26,418,363 | 26,418,363 | ||||||
(Cost $26,418,363) | ||||||||
TOTAL INVESTMENTS: 98.8% | 567,377,728 | |||||||
(Cost $676,446,521) | ||||||||
Other assets and liabilities - (net): 1.2% | 6,811,198 | |||||||
Net Assets: 100.0% | $ | 574,188,926 |
(a) | Non-income producing security. |
(b) | Illiquid security. |
(c) | Security valued using significant unobservable inputs. |
(d) | Security purchased pursuant to Rule 144A of the Securities Act of 1933 and may be resold only to qualified institutional buyers. |
(e) | Rate shown reflects the accrual rate as of September 30, 2022 on securities with variable or step rates. |
(f) | Rate shown represents annualized 7-day yield as of September 30, 2022. |
(g) | Premier Class shares |
LIBOR-London Inter-bank Offered Rate. Interest rate shown reflects rates in effect as of September 30, 2022.
LP-Limited Partnership
September 30, 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 September 30, 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 0.09% 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 September 30, 2022:
Level 1 | Level 2 | Level 3* | Totals | |
Large Cap | ||||
Common Stocks | $ 1,215,496,698 | $ - | $ - | $ 1,215,496,698 |
Cash Equivalents | 27,430,976 | - | - | 27,430,976 |
Total | $ 1,242,927,674 | $ - | $ - | $ 1,242,927,674 |
Small Cap | ||||
Common Stocks | $ 555,709,053 | $ - | $ - | $ 555,709,053 |
Cash Equivalents | 27,353,766 | - | - | 27,353,766 |
Total | $ 583,062,819 | $ - | $ - | $ 583,062,819 |
US Sustainable Economy | ||||
Common Stocks | $ 232,964,922 | $ - | $ - | $ 232,964,922 |
Cash Equivalents | 1,649,759 | - | - | 1,649,759 |
Total | $ 234,614,681 | $ - | $ - | $ 234,614,681 |
Global Sustainable Infrastructure | ||||
Common Stocks | $ 45,310,606 | $ 44,347,112 | $ - | $ 89,657,718 |
Rights | 2,776 | - | - | 2,776 |
Cash Equivalents | 1,075,669 | - | - | 1,075,669 |
Total | $ 46,389,051 | $ 44,347,112 | $ - | $ 90,736,163 |
Global Opportunities | ||||
Common Stocks | $ 55,076,661 | $ 39,604,406 | $ - | $ 94,681,067 |
Preferred Stocks | - | 984,098 | - | 984,098 |
Cash Equivalents | 1,347,269 | - | - | 1,347,269 |
Total | $ 56,423,930 | $ 40,588,504 | $ - | $ 97,012,434 |
Global Environmental Markets | ||||
Common Stocks | $ 1,194,576,258 | $ 775,717,550 | $ - | $ 1,970,293,808 |
Cash Equivalents | 49,170,382 | - | - | 49,170,382 |
Total | $ 1,243,746,640 | $ 775,717,550 | $ - | $ 2,019,464,190 |
Global Women’s Leadership | ||||
Common Stocks | $ 518,408,126 | $ 186,520,449 | $ - | $ 704,928,575 |
Preferred Stocks | - | 480,036 | - | 480,036 |
Cash Equivalents | 1,456,819 | - | - | 1,456,819 |
Total | $ 519,864,945 | $ 187,000,485 | $ - | $ 706,865,430 |
International Sustainable Economy | ||||
Common Stocks | $ - | $ 712,474,432 | $ - | $ 712,474,432 |
Preferred Stocks | - | 367,368 | - | 367,368 |
Cash Equivalents | 36,682,347 | - | - | 36,682,347 |
Total | $ 36,682,347 | $ 712,841,800 | $ - | $ 749,524,147 |
Core Bond | ||||
Community Investment Notes | $ - | $ 240,105 | $ 298,550 | $ 538,655 |
Corporate Bonds | - | 259,471,952 | - | 259,471,952 |
U.S. Gov't Agency Bonds | - | 8,929,039 | - | 8,929,039 |
Government Bonds | - | 4,998,071 | - | 4,998,071 |
Supranational Bonds | - | 90,612,778 | - | 90,612,778 |
Municipal Bonds | - | 15,978,175 | - | 15,978,175 |
U.S. Treasury Notes | - | 111,594,286 | - | 111,594,286 |
Asset-Backed Securities | - | 46,774,743 | - | 46,774,743 |
Mortgage-Backed Securities | - | 191,657,873 | - | 191,657,873 |
Certificates of Deposit | - | 249,629 | - | 249,629 |
Cash Equivalents | 14,595,032 | - | - | 14,595,032 |
Total | $ 14,595,032 | $ 730,506,651 | $ 298,550 | $ 745,400,233 |
High Yield Bond | ||||
Community Investment Notes | $ - | $ 240,105 | $ 510,838 | $ 750,943 |
Common Stocks | 1,191,484 | - | 0 | 1,191,484 |
Preferred Stocks | - | - | 0 | 0 |
Corporate Bonds | - | 520,491,029 | - | 520,491,029 |
Loans | - | 18,025,909 | - | 18,025,909 |
Medium Term Certificates of Deposit | - | 500,000 | - | 500,000 |
Cash Equivalents | 26,418,363 | - | - | 26,418,363 |
Total | $ 27,609,847 | $ 539,257,043 | $ 510,838 | $ 567,377,728 |
Sustainable Allocation | ||||
Affiliated Investment Companies | $ 1,925,715,049 | $ - | $ - | $ 1,925,715,049 |
Cash Equivalents | 113,019,852 | - | - | 113,019,852 |
Total | $ 2,038,734,901 | $ - | $ - | $ 2,038,734,901 |
* | 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 September 30, 2022, the Sustainable Allocation Fund held the following investments in affiliated Funds:
Net change in | ||||||||||
Unrealized | ||||||||||
Shares Held at | Gross | Gross | Shares Held at | Value at | Dividend | Realized | Appreciation/ | Value at | ||
Fund | 12/31/21 | Additions | Reductions | 09/30/22 | 12/31/21 | Income | Gains/Losses1 | Depreciation | 09/30/22 | |
Sustainable Allocation | ||||||||||
Large Cap | 76,137,343 | 269,222 | 1,434,720 | 73,199,887 | $ 1,132,162,284 | $ 3,166,047 | $ (3,945,753) | $ (277,327,828) | $ 811,054,749 | |
Small Cap | 4,377,966 | 4,538 | 306,373 | 4,076,131 | 83,137,569 | 62,760 | (773,361) | (21,461,688) | 55,965,280 | |
Global Sustainable Infrastructure | 7,758,860 | 117,523 | - | 7,876,383 | 78,752,429 | 1,010,700 | - | (18,091,048) | 61,672,081 | |
Global Opportunities | 4,015,222 | 14,619 | - | 4,029,841 | 68,861,063 | 189,165 | - | (20,087,660) | 48,962,568 | |
Global Environmental Markets | 2,851,724 | 9,134 | 233,754 | 2,627,104 | 72,433,778 | 163,139 | (824,844) | (22,163,851) | 44,608,222 | |
Global Women's Leadership | 1,992,667 | 20,216 | - | 2,012,883 | 70,400,912 | 548,462 | - | (19,922,798) | 51,026,576 | |
International Sustainable Economy | 15,930,405 | 258,583 | 2,037,387 | 11,480,289 | 171,411,156 | 2,141,067 | 1,808,689 | (47,865,986) | 84,494,926 | |
Core Bond | 71,152,536 | 7,201,072 | - | 78,849,105 | 726,467,396 | 11,778,046 | - | (119,354,644) | 678,890,797 | |
High Yield | 13,284,046 | 2,494,274 | - | 15,985,610 | 91,394,238 | 3,225,952 | - | (18,580,341) | 89,039,850 | |
Total | $ 2,495,020,825 | $ 22,285,338 | $ (3,735,269) | $ (564,855,844) | $ 1,925,715,049 |
1 | Includes realized capital gain distributions, from an affiliated fund, if any. |