| Schedules of Investments | ||||||||
| Pax High Yield Bond Fund | September 30, 2020 | |||||||
| SHARES/ | ||||||||
| PERCENT OF NET ASSETS | PRINCIPAL/ | |||||||
| NAME OF ISSUER AND TITLE OF ISSUE | CONTRACTS | VALUE | ||||||
| COMMON STOCKS: 0.0% | ||||||||
| HEALTH CARE: 0.0% | ||||||||
| Interactive Health, Inc. (a)(b)(c) | 706 | $ | 0 | |||||
| TOTAL COMMON STOCKS | 0 | |||||||
| (Cost $178,981) | ||||||||
| PREFERRED STOCKS: 0.9% | ||||||||
| HEALTH CARE: 0.4% | ||||||||
| Avantor, Inc. | 20,000 | 1,454,800 | ||||||
| Interactive Health, Inc., 0.000% (a)(b)(c) | 1,412 | 0 | ||||||
| 1,454,800 | ||||||||
| LEISURE: 0.5% | ||||||||
| RLJ Lodging Trust, REIT, 1.950% | 80,000 | 1,834,400 | ||||||
| TOTAL PREFERRED STOCKS | 3,289,200 | |||||||
| (Cost $3,440,244) | ||||||||
| BONDS: 94.7% | ||||||||
| CORPORATE BONDS: 93.9% | ||||||||
| AUTOMOTIVE: 3.9% | ||||||||
| Allison Transmission, Inc., 144A, 5.000%, 10/01/24 (d) | $ | 1,000,000 | 1,011,935 | |||||
| Allison Transmission, Inc., 144A, 4.750%, 10/01/27 (d) | 500,000 | 515,938 | ||||||
| Ford Motor Co., 9.000%, 04/22/25 | 3,000,000 | 3,443,385 | ||||||
| Ford Motor Credit Co., LLC, 2.343%, 11/02/20 | 1,000,000 | 1,001,250 | ||||||
| Ford Motor Credit Co., LLC, 4.250%, 09/20/22 | 1,000,000 | 1,010,300 | ||||||
| Ford Motor Credit Co., LLC, 3.810%, 01/09/24 | 1,000,000 | 991,875 | ||||||
| Ford Motor Credit Co., LLC, 3.664%, 09/08/24 | 1,000,000 | 980,300 | ||||||
| Ford Motor Credit Co., LLC, 5.125%, 06/16/25 | 500,000 | 516,250 | ||||||
| Gates Global, LLC/Corp., 144A, 6.250%, 01/15/26 (d) | 1,000,000 | 1,032,460 | ||||||
| IHO Verwaltungs GmbH, 144A, 4.750%, 09/15/26 (d) | 500,000 | 507,703 | ||||||
| IHO Verwaltungs GmbH, 144A, 6.000%, 05/15/27 (d) | 1,000,000 | 1,057,935 | ||||||
| IHO Verwaltungs GmbH, 144A, 6.375%, 05/15/29 (d) | 500,000 | 534,280 | ||||||
| Meritor, Inc., 6.250%, 02/15/24 | 2,225,000 | 2,277,610 | ||||||
| Nexteer Automotive Group Ltd., 144A, 5.875%, 11/15/21 (d) | 1,000,000 | 1,001,853 | ||||||
| 15,883,074 | ||||||||
| BANKING: 1.1% | ||||||||
| Ally Financial, Inc., 4.125%, 02/13/22 | 1,500,000 | 1,554,967 | ||||||
| Ally Financial, Inc., 3.875%, 05/21/24 | 1,000,000 | 1,066,936 | ||||||
| Ally Financial, Inc., 5.750%, 11/20/25 | 1,000,000 | 1,122,924 | ||||||
| Ally Financial, Inc., 8.000%, 11/01/31 | 500,000 | 686,473 | ||||||
| 4,431,300 | ||||||||
| BASIC INDUSTRY: 12.8% | ||||||||
| Adams Homes, Inc., 144A, 7.500%, 02/15/25 (d) | 1,741,000 | 1,763,851 | ||||||
| Advanced Drainage Systems, Inc., 144A, 5.000%, 09/30/27 (d) | 1,000,000 | 1,048,560 | ||||||
| Alcoa Nederland Holding BV, 144A, 7.000%, 09/30/26 (d) | 1,000,000 | 1,049,375 | ||||||
| Alcoa Nederland Holding BV, 144A, 6.125%, 05/15/28 (d) | 1,000,000 | 1,055,625 | ||||||
| ArcelorMittal SA, 6.125%, 06/01/25 | 1,000,000 | 1,153,311 | ||||||
| ArcelorMittal SA, 7.250%, 10/15/39 | 1,000,000 | 1,265,000 | ||||||
| Big River Steel, LLC/BRS Finance Corp., 144A, 6.625%, 01/31/29 (d) | 1,000,000 | 1,013,025 | ||||||
| Boise Cascade Co., 144A, 4.875%, 07/01/30 (d) | 1,000,000 | 1,077,500 | ||||||
| Builders FirstSource, Inc., 144A, 5.000%, 03/01/30 (d) | 2,000,000 | 2,073,750 | ||||||
| Carpenter Technology Corp., 6.375%, 07/15/28 | 2,000,000 | 2,096,261 | ||||||
| Cleveland-Cliffs, Inc., 144A, 4.875%, 01/15/24 (d) | 950,000 | 939,213 | ||||||
| Cleveland-Cliffs, Inc., 144A, 9.875%, 10/17/25 (d) | 500,000 | 558,750 | ||||||
| Cleveland-Cliffs, Inc., 144A, 6.750%, 03/15/26 (d) | 500,000 | 509,375 | ||||||
| Cleveland-Cliffs, Inc., 6.250%, 10/01/40 | 500,000 | 385,035 | ||||||
| Core & Main, LP, 144A, 6.125%, 08/15/25 (d) | 2,000,000 | 2,029,600 | ||||||
| CVR Partners, LP/Nitrogen Finance Corp., 144A, 9.250%, 06/15/23 (d) | 1,000,000 | 927,605 | ||||||
| First Quantum Minerals, Ltd., 144A, 7.250%, 05/15/22 (d) | 1,000,000 | 1,001,400 | ||||||
| Foxtrot Escrow Issuer, LLC/Corp., 144A, 12.250%, 11/15/26 (d) | 1,000,000 | 1,069,215 | ||||||
| FXI Holdings, Inc., 144A, 7.875%, 11/01/24 (d) | 983,000 | 936,308 | ||||||
| Ingevity Corp., 144A, 4.500%, 02/01/26 (d) | 1,000,000 | 1,004,860 | ||||||
| Koppers, Inc., 144A, 6.000%, 02/15/25 (d) | 1,250,000 | 1,270,312 | ||||||
| Lennar Corp., 4.750%, 05/30/25 | 500,000 | 546,994 | ||||||
| Lennar Corp., 5.250%, 06/01/26 | 3,000,000 | 3,378,180 | ||||||
| Neon Holdings, Inc., 144A, 10.125%, 04/01/26 (d) | 1,000,000 | 1,060,000 | ||||||
| Novelis Corp., 144A, 5.875%, 09/30/26 (d) | 1,500,000 | 1,543,125 | ||||||
| Novelis Corp., 144A, 4.750%, 01/30/30 (d) | 1,000,000 | 984,235 |
| Shea Homes, LP/Funding Corp., 144A, 4.750%, 02/15/28 (d) | 1,000,000 | 1,004,445 | ||||||
| SPCM SA, 144A, 4.875%, 09/15/25 (d) | 1,150,000 | 1,193,804 | ||||||
| Standard Industries, Inc., 144A, 5.000%, 02/15/27 (d) | 3,000,000 | 3,128,715 | ||||||
| Standard Industries, Inc., 144A, 4.375%, 07/15/30 (d) | 1,000,000 | 1,026,800 | ||||||
| Standard Industries, Inc., 144A, 3.375%, 01/15/31 (d) | 1,000,000 | 988,870 | ||||||
| Taylor Morrison Communities, Inc./Holdings II, Inc., 144A, 5.625%, 03/01/24 (d) | 1,550,000 | 1,656,400 | ||||||
| TRI Pointe Group, Inc., 5.700%, 06/15/28 | 1,000,000 | 1,097,500 | ||||||
| Univar Solutions USA, Inc., 144A, 5.125%, 12/01/27 (d) | 2,500,000 | 2,569,850 | ||||||
| USG Corp., 144A, 4.875%, 06/01/27 (d) | 3,500,000 | 3,493,437 | ||||||
| Venator Finance Sarl/Venator Materials, LLC, 144A, 9.500%, 07/01/25 (d) | 1,000,000 | 1,065,000 | ||||||
| WESCO Distribution, Inc., 5.375%, 06/15/24 | 1,000,000 | 1,028,750 | ||||||
| WESCO Distribution, Inc., 144A, 7.125%, 06/15/25 (d) | 1,000,000 | 1,090,625 | ||||||
| WESCO Distribution, Inc., 144A, 7.250%, 06/15/28 (d) | 1,000,000 | 1,097,080 | ||||||
| 52,181,741 | ||||||||
| CAPITAL GOODS: 4.5% | ||||||||
| ARD Finance SA, 144A, 6.500%, 06/30/27 (d) | 1,000,000 | 996,050 | ||||||
| Ardagh Packaging Finance, PLC/Holdings USA, Inc., 144A, 4.125%, 08/15/26 (d) | 1,000,000 | 1,015,000 | ||||||
| Ardagh Packaging Finance, PLC/Holdings USA, Inc., 144A, 5.250%, 08/15/27 (d) | 1,000,000 | 1,020,000 | ||||||
| Bombardier, Inc., 144A, 7.500%, 12/01/24 (d) | 1,000,000 | 770,000 | ||||||
| Crown Americas, LLC/Capital Corp. VI, 4.750%, 02/01/26 | 1,000,000 | 1,041,060 | ||||||
| Howmet Aerospace, Inc., 5.900%, 02/01/27 | 2,000,000 | 2,157,080 | ||||||
| Howmet Aerospace, Inc., 6.750%, 01/15/28 | 1,000,000 | 1,103,750 | ||||||
| Manitowoc Co, Inc., The, 144A, 9.000%, 04/01/26 (d) | 1,000,000 | 1,035,000 | ||||||
| Mueller Water Products, Inc., 144A, 5.500%, 06/15/26 (d) | 1,000,000 | 1,036,060 | ||||||
| OI European Group BV, 144A, 4.000%, 03/15/23 (d) | 1,500,000 | 1,527,968 | ||||||
| Owens-Brockway Glass Container, Inc., 144A, 6.375%, 08/15/25 (d) | 1,000,000 | 1,100,625 | ||||||
| Owens-Brockway Glass Container, Inc., 144A, 6.625%, 05/13/27 (d) | 1,000,000 | 1,085,000 | ||||||
| Vertical Holdco GmbH, 144A, 7.625%, 07/15/28 (d) | 1,500,000 | 1,588,125 | ||||||
| Vertical US Newco, Inc., 144A, 5.250%, 07/15/27 (d) | 1,000,000 | 1,041,140 | ||||||
| Welbilt, Inc., 9.500%, 02/15/24 | 1,000,000 | 1,026,875 | ||||||
| Wolverine Escrow, LLC, 144A, 8.500%, 11/15/24 (d) | 1,000,000 | 822,500 | ||||||
| 18,366,233 | ||||||||
| CONSUMER GOODS: 4.3% | ||||||||
| Cott Holdings, Inc., 144A, 5.500%, 04/01/25 (d) | 1,000,000 | 1,026,250 | ||||||
| Del Monte Foods, Inc., 144A, 11.875%, 05/15/25 (d) | 1,000,000 | 1,055,624 | ||||||
| Performance Food Group, Inc., 144A, 5.500%, 06/01/24 (d) | 1,500,000 | 1,503,750 | ||||||
| Performance Food Group, Inc., 144A, 5.500%, 10/15/27 (d) | 750,000 | 773,873 | ||||||
| Post Holdings, Inc., 144A, 5.000%, 08/15/26 (d) | 750,000 | 770,051 | ||||||
| Post Holdings, Inc., 144A, 5.750%, 03/01/27 (d) | 1,000,000 | 1,054,065 |
| Post Holdings, Inc., 144A, 5.500%, 12/15/29 (d) | 2,500,000 | 2,678,188 | ||||||
| Prestige Brands, Inc., 144A, 6.375%, 03/01/24 (d) | 1,000,000 | 1,026,875 | ||||||
| Prestige Brands, Inc., 144A, 5.125%, 01/15/28 (d) | 1,000,000 | 1,035,000 | ||||||
| Spectrum Brands, Inc., 6.125%, 12/15/24 | 1,000,000 | 1,030,625 | ||||||
| Spectrum Brands, Inc., 144A, 5.000%, 10/01/29 (d) | 1,000,000 | 1,040,000 | ||||||
| Tempur Sealy International, Inc., 5.500%, 06/15/26 | 2,000,000 | 2,080,530 | ||||||
| US Foods, Inc., 144A, 5.875%, 06/15/24 (d) | 1,500,000 | 1,513,575 | ||||||
| US Foods, Inc., 144A, 6.250%, 04/15/25 (d) | 1,000,000 | 1,060,085 | ||||||
| 17,648,491 | ||||||||
| ENERGY: 3.1% | ||||||||
| Antero Resources Corp., 5.625%, 06/01/23 | 500,000 | 363,125 | ||||||
| Ascent Resources Utica Holdings, LLC/ARU Finance Corp., 144A, 10.000%, 04/01/22 (d) | 500,000 | 493,750 | ||||||
| Ascent Resources Utica Holdings, LLC/ARU Finance Corp., 144A, 7.000%, 11/01/26 (d) | 500,000 | 383,750 | ||||||
| DCP Midstream Operating, LP, 5.125%, 05/15/29 | 1,000,000 | 986,690 | ||||||
| Laredo Petroleum, Inc., 9.500%, 01/15/25 | 2,000,000 | 1,193,720 | ||||||
| Parkland Fuel Corp., 144A, 6.000%, 04/01/26 (d) | 1,000,000 | 1,049,375 | ||||||
| Parsley Energy, LLC/Finance Corp., 144A, 5.250%, 08/15/25 (d) | 1,000,000 | 992,500 | ||||||
| Suburban Propane Partners, LP/Suburban Energy Finance Corp., 5.750%, 03/01/25 | 1,000,000 | 1,021,144 | ||||||
| Suburban Propane Partners, LP/Suburban Energy Finance Corp., 5.875%, 03/01/27 | 500,000 | 515,313 | ||||||
| Sunoco, LP/Finance Corp., 5.875%, 03/15/28 | 1,000,000 | 1,026,060 | ||||||
| Superior Plus, LP/General Partner, Inc., 144A, 7.000%, 07/15/26 (d) | 1,000,000 | 1,071,060 | ||||||
| Targa Resources Partners, LP/Finance Corp., 5.250%, 05/01/23 | 1,000,000 | 1,000,305 | ||||||
| Targa Resources Partners, LP/Finance Corp., 5.000%, 01/15/28 | 500,000 | 488,750 | ||||||
| TransMontaigne Partners, LP/TLP Finance Corp., 6.125%, 02/15/26 | 1,750,000 | 1,817,480 | ||||||
| 12,403,022 | ||||||||
| FINANCIAL SERVICES: 3.8% | ||||||||
| CIT Bank NA, 2.969%, 09/27/25 (e) | 1,000,000 | 994,055 | ||||||
| CIT Group, Inc., 5.000%, 08/01/23 | 1,000,000 | 1,039,375 | ||||||
| CIT Group, Inc., 5.250%, 03/07/25 | 500,000 | 529,938 | ||||||
| Fair Isaac Corp., 144A, 5.250%, 05/15/26 (d) | 1,000,000 | 1,113,560 | ||||||
| Fair Isaac Corp., 144A, 4.000%, 06/15/28 (d) | 500,000 | 516,563 | ||||||
| Fly Leasing, Ltd., 6.375%, 10/15/21 | 1,250,000 | 1,252,930 | ||||||
| HAT Holdings I, LLC/HAT Holdings II, LLC, 144A, 5.250%, 07/15/24 (d) | 2,000,000 | 2,088,100 | ||||||
| HAT Holdings I, LLC/HAT Holdings II, LLC, 144A, 6.000%, 04/15/25 (d) | 2,000,000 | 2,133,100 | ||||||
| HAT Holdings I, LLC/HAT Holdings II, LLC, 144A, 3.750%, 09/15/30 (d) | 1,000,000 | 1,007,500 | ||||||
| MSCI, Inc., 144A, 4.000%, 11/15/29 (d) | 1,000,000 | 1,051,690 | ||||||
| PennyMac Financial Services, Inc., 144A, 5.375%, 10/15/25 (d) | 750,000 | 760,313 | ||||||
| Springleaf Finance Corp., 6.875%, 03/15/25 | 500,000 | 555,775 | ||||||
| Springleaf Finance Corp., 7.125%, 03/15/26 | 1,000,000 | 1,118,455 |
| Springleaf Finance Corp., 6.625%, 01/15/28 | 1,000,000 | 1,111,490 | ||||||
| 15,272,844 | ||||||||
| HEALTH CARE: 10.9% | ||||||||
| AdaptHealth, LLC, 144A, 6.125%, 08/01/28 (d) | 2,000,000 | 2,075,400 | ||||||
| Avantor Funding, Inc., 144A, 4.625%, 07/15/28 (d) | 3,000,000 | 3,116,250 | ||||||
| Avantor, Inc., 144A, 6.000%, 10/01/24 (d) | 1,000,000 | 1,046,250 | ||||||
| Centene Corp., 144A, 5.375%, 06/01/26 (d) | 2,000,000 | 2,110,000 | ||||||
| Centene Corp., 4.250%, 12/15/27 | 1,000,000 | 1,048,745 | ||||||
| Centene Corp., 4.625%, 12/15/29 | 3,000,000 | 3,239,865 | ||||||
| Centene Corp., 3.375%, 02/15/30 | 500,000 | 519,533 | ||||||
| Centene Corp., 3.000%, 10/15/30 | 2,000,000 | 2,042,900 | ||||||
| DaVita, Inc., 144A, 4.625%, 06/01/30 (d) | 2,000,000 | 2,049,850 | ||||||
| DaVita, Inc., 144A, 3.750%, 02/15/31 (d) | 2,000,000 | 1,932,100 | ||||||
| Emergent BioSolutions, Inc., 144A, 3.875%, 08/15/28 (d) | 2,000,000 | 2,012,860 | ||||||
| Encompass Health Corp., 4.500%, 02/01/28 | 500,000 | 503,345 | ||||||
| Encompass Health Corp., 4.750%, 02/01/30 | 1,500,000 | 1,524,345 | ||||||
| Endo Dac/Endo Finance, LLC/Endo Finco, Inc., 144A, 9.500%, 07/31/27 (d) | 497,000 | 520,297 | ||||||
| Endo Dac/Endo Finance, LLC/Endo Finco, Inc., 144A, 6.000%, 06/30/28 (d) | 374,000 | 275,264 | ||||||
| HCA, Inc., 5.375%, 02/01/25 | 1,500,000 | 1,644,728 | ||||||
| HCA, Inc., 5.875%, 02/15/26 | 1,000,000 | 1,121,250 | ||||||
| HCA, Inc., 3.500%, 09/01/30 | 1,000,000 | 1,020,917 | ||||||
| IQVIA, Inc., 144A, 5.000%, 05/15/27 (d) | 3,000,000 | 3,151,605 | ||||||
| Jaguar Holding Co. II/PPD Development, LP, 144A, 4.625%, 06/15/25 (d) | 500,000 | 515,815 | ||||||
| Jaguar Holding Co. II/PPD Development, LP, 144A, 5.000%, 06/15/28 (d) | 2,000,000 | 2,090,000 | ||||||
| MPT Operating Partnership LP/Finance Corp., 5.000%, 10/15/27 | 1,500,000 | 1,566,713 | ||||||
| Par Pharmaceutical, Inc., 144A, 7.500%, 04/01/27 (d) | 2,715,000 | 2,848,008 | ||||||
| Surgery Center Holdings, Inc., 144A, 10.000%, 04/15/27 (d) | 1,000,000 | 1,066,874 | ||||||
| Verscend Escrow Corp., 144A, 9.750%, 08/15/26 (d) | 3,000,000 | 3,269,370 | ||||||
| Vizient, Inc., 144A, 6.250%, 05/15/27 (d) | 2,000,000 | 2,102,119 | ||||||
| 44,414,403 | ||||||||
| INSURANCE: 0.8% | ||||||||
| Fidelity & Guaranty Life Holdings, Inc., 144A, 5.500%, 05/01/25 (d) | 1,000,000 | 1,123,750 | ||||||
| GTCR AP Finance, Inc., 144A, 8.000%, 05/15/27 (d) | 2,000,000 | 2,116,250 | ||||||
| 3,240,000 | ||||||||
| LEISURE: 3.1% | ||||||||
| Boyne USA, Inc., 144A, 7.250%, 05/01/25 (d) | 1,000,000 | 1,053,645 | ||||||
| Colt Merger Sub, Inc., 144A, 5.750%, 07/01/25 (d) | 1,000,000 | 1,032,500 |
| ESH Hospitality, Inc., 144A, 5.250%, 05/01/25 (d) | 950,000 | 960,901 | ||||||
| ESH Hospitality, Inc., 144A, 4.625%, 10/01/27 (d) | 1,000,000 | 982,520 | ||||||
| Hilton Domestic Operating Co., Inc., 4.875%, 01/15/30 | 1,000,000 | 1,032,180 | ||||||
| MGM Resorts International, 6.750%, 05/01/25 | 1,000,000 | 1,049,605 | ||||||
| MGM Resorts International, 5.500%, 04/15/27 | 1,000,000 | 1,046,405 | ||||||
| Park Intermediate Holdings, LLC/PK Domestic Property, LLC/Finance Co-Issuer, 144A, 7.500%, 06/01/25 (d) | 1,500,000 | 1,600,950 | ||||||
| Scientific Games International, Inc., 144A, 8.250%, 03/15/26 (d) | 1,000,000 | 1,045,795 | ||||||
| Scientific Games International, Inc., 144A, 7.250%, 11/15/29 (d) | 1,000,000 | 1,016,690 | ||||||
| Winnebago Industries, Inc., 144A, 6.250%, 07/15/28 (d) | 1,500,000 | 1,585,313 | ||||||
| 12,406,504 | ||||||||
| MEDIA: 15.2% | ||||||||
| Altice Financing SA, 144A, 7.500%, 05/15/26 (d) | 2,000,000 | 2,119,560 | ||||||
| Altice France Holding SA, 144A, 10.500%, 05/15/27 (d) | 2,000,000 | 2,226,250 | ||||||
| Altice France SA, 144A, 7.375%, 05/01/26 (d) | 2,500,000 | 2,622,375 | ||||||
| Altice France SA, 144A, 8.125%, 02/01/27 (d) | 500,000 | 545,573 | ||||||
| Altice France SA, 144A, 5.500%, 01/15/28 (d) | 2,000,000 | 2,027,500 | ||||||
| CCO Holdings, LLC/Capital Corp., 144A, 5.750%, 02/15/26 (d) | 1,000,000 | 1,041,250 | ||||||
| CCO Holdings, LLC/Capital Corp., 144A, 5.500%, 05/01/26 (d) | 1,000,000 | 1,040,155 | ||||||
| CCO Holdings, LLC/Capital Corp., 144A, 5.125%, 05/01/27 (d) | 1,000,000 | 1,053,554 | ||||||
| CCO Holdings, LLC/Capital Corp., 144A, 5.375%, 06/01/29 (d) | 2,500,000 | 2,712,225 | ||||||
| CCO Holdings, LLC/Capital Corp., 144A, 4.750%, 03/01/30 (d) | 4,000,000 | 4,240,000 | ||||||
| Clear Channel International BV, 144A, 6.625%, 08/01/25 (d) | 1,000,000 | 1,026,550 | ||||||
| CSC Holdings, LLC, 144A, 7.500%, 04/01/28 (d) | 2,000,000 | 2,209,870 | ||||||
| CSC Holdings, LLC, 144A, 5.750%, 01/15/30 (d) | 2,500,000 | 2,659,387 | ||||||
| CSC Holdings, LLC, 144A, 4.625%, 12/01/30 (d) | 2,000,000 | 2,017,769 | ||||||
| CSC Holdings, LLC, 144A, 4.125%, 12/01/30 (d) | 1,000,000 | 1,020,250 | ||||||
| CSC Holdings, LLC, 144A, 3.375%, 02/15/31 (d) | 1,000,000 | 969,500 | ||||||
| DISH DBS Corp., 5.875%, 11/15/24 | 1,000,000 | 1,026,965 | ||||||
| DISH DBS Corp., 7.375%, 07/01/28 | 1,000,000 | 1,031,249 | ||||||
| iHeartCommunications, Inc., 8.375%, 05/01/27 | 1,500,000 | 1,480,223 | ||||||
| iHeartCommunications, Inc., 144A, 5.250%, 08/15/27 (d) | 1,000,000 | 976,690 | ||||||
| iHeartCommunications, Inc., 144A, 4.750%, 01/15/28 (d) | 500,000 | 472,069 | ||||||
| Lamar Media Corp., 144A, 3.750%, 02/15/28 (d) | 1,000,000 | 996,875 | ||||||
| Lamar Media Corp., 144A, 4.000%, 02/15/30 (d) | 1,500,000 | 1,502,813 | ||||||
| LCPR Senior Secured Financing DAC, 144A, 6.750%, 10/15/27 (d) | 1,500,000 | 1,569,375 | ||||||
| MDC Partners, Inc., 144A, 6.500%, 05/01/24 (d) | 2,000,000 | 1,828,020 | ||||||
| Netflix, Inc., 144A, 3.625%, 06/15/25 (d) | 1,000,000 | 1,046,500 | ||||||
| Nexstar Broadcasting, Inc., 144A, 5.625%, 07/15/27 (d) | 2,000,000 | 2,103,890 | ||||||
| Nexstar Broadcasting, Inc., 144A, 4.750%, 11/01/28 (d) | 1,000,000 | 1,021,050 |
| Nielsen Co. Luxembourg SARL, The, 144A, 5.000%, 02/01/25 (d) | 2,000,000 | 2,041,250 | ||||||
| Nielsen Finance, LLC/Co., 144A, 5.000%, 04/15/22 (d) | 359,000 | 360,257 | ||||||
| Nielsen Finance, LLC/Co., 144A, 5.625%, 10/01/28 (d) | 1,000,000 | 1,036,800 | ||||||
| Outfront Media Capital, LLC/Corp., 144A, 5.000%, 08/15/27 (d) | 1,000,000 | 976,690 | ||||||
| Sirius XM Radio, Inc., 144A, 5.375%, 07/15/26 (d) | 450,000 | 469,440 | ||||||
| Sirius XM Radio, Inc., 144A, 5.000%, 08/01/27 (d) | 500,000 | 521,983 | ||||||
| Sirius XM Radio, Inc., 144A, 5.500%, 07/01/29 (d) | 2,000,000 | 2,148,750 | ||||||
| Sirius XM Radio, Inc., 144A, 4.125%, 07/01/30 (d) | 1,000,000 | 1,020,000 | ||||||
| TEGNA, Inc., 5.000%, 09/15/29 | 1,500,000 | 1,482,660 | ||||||
| Terrier Media Buyer, Inc., 144A, 8.875%, 12/15/27 (d) | 1,500,000 | 1,514,063 | ||||||
| Virgin Media Finance, PLC, 144A, 5.000%, 07/15/30 (d) | 1,000,000 | 996,250 | ||||||
| Virgin Media Secured Finance PLC, 144A, 5.500%, 08/15/26 (d) | 1,000,000 | 1,044,375 | ||||||
| Virgin Media Secured Finance PLC, 144A, 5.500%, 05/15/29 (d) | 1,500,000 | 1,612,560 | ||||||
| VTR Comunicaciones SpA, 144A, 5.125%, 01/15/28 (d) | 1,000,000 | 1,035,500 | ||||||
| VTR Finance NV, 144A, 6.375%, 07/15/28 (d) | 1,000,000 | 1,055,000 | ||||||
| 61,903,065 | ||||||||
| REAL ESTATE: 2.8% | ||||||||
| Diversified Healthcare Trust, 9.750%, 06/15/25 | 2,000,000 | 2,227,280 | ||||||
| Five Point Operating Co., LP/Capital Corp., 144A, 7.875%, 11/15/25 (d) | 1,000,000 | 1,002,000 | ||||||
| Kennedy-Wilson, Inc., 5.875%, 04/01/24 | 2,200,000 | 2,191,750 | ||||||
| New Residential Investment Corp., 144A, 6.250%, 10/15/25 (d) | 1,000,000 | 987,355 | ||||||
| Outfront Media Capital, LLC/Corp., 5.625%, 02/15/24 | 500,000 | 507,553 | ||||||
| Realogy Group, LLC/Co-Issuer Corp., 144A, 9.375%, 04/01/27 (d) | 1,000,000 | 1,037,600 | ||||||
| Service Properties Trust, 7.500%, 09/15/25 | 1,500,000 | 1,596,257 | ||||||
| Uniti Group, LP/Finance, Inc./CSL Capital, LLC, 144A, 6.000%, 04/15/23 (d) | 1,000,000 | 1,007,500 | ||||||
| Uniti Group, LP/Uniti Group Finance, Inc./CSL Capital, LLC, 8.250%, 10/15/23 | 1,000,000 | 986,875 | ||||||
| 11,544,170 | ||||||||
| RETAIL: 3.4% | ||||||||
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons, LP/Albertsons, LLC, 144A, 4.625%, 01/15/27 (d) | 2,000,000 | 2,048,490 | ||||||
| Carvana Co., 144A, 5.625%, 10/01/25 (d) | 1,000,000 | 988,750 | ||||||
| Carvana Co., 144A, 5.875%, 10/01/28 (d) | 1,000,000 | 990,000 | ||||||
| KFC Holding/Pizza Hut Holdings/Taco Bell of America, LLC, 144A, 4.750%, 06/01/27 (d) | 1,500,000 | 1,578,307 | ||||||
| Michaels Stores, Inc., 144A, 8.000%, 07/15/27 (d) | 2,000,000 | 2,093,380 | ||||||
| Michaels Stores, Inc., 144A, 4.750%, 10/01/27 (d) | 1,000,000 | 993,125 | ||||||
| New Albertsons, LP, 7.750%, 06/15/26 | 1,000,000 | 1,103,560 | ||||||
| PetSmart, Inc., 144A, 7.125%, 03/15/23 (d) | 2,000,000 | 2,020,000 | ||||||
| Sally Holdings, LLC/Capital, Inc., 144A, 8.750%, 04/30/25 (d) | 1,000,000 | 1,098,750 | ||||||
| Sally Holdings, LLC/Capital, Inc., 5.625%, 12/01/25 | 1,000,000 | 1,015,145 | ||||||
| 13,929,507 |
| SERVICES: 6.7% | ||||||||
| Ashtead Capital, Inc., 144A, 4.250%, 11/01/29 (d) | 2,000,000 | 2,110,793 | ||||||
| Diebold Nixdorf, Inc., 8.500%, 04/15/24 | 1,000,000 | 912,900 | ||||||
| Diebold Nixdorf, Inc., 144A, 9.375%, 07/15/25 (d) | 1,500,000 | 1,586,250 | ||||||
| Dun & Bradstreet Corp., The, 144A, 10.250%, 02/15/27 (d) | 1,000,000 | 1,132,315 | ||||||
| GFL Environmental, Inc., 144A, 7.000%, 06/01/26 (d) | 1,600,000 | 1,689,720 | ||||||
| GFL Environmental, Inc., 144A, 5.125%, 12/15/26 (d) | 1,000,000 | 1,033,950 | ||||||
| GFL Environmental, Inc., 144A, 8.500%, 05/01/27 (d) | 1,600,000 | 1,739,000 | ||||||
| Harsco Corp., 144A, 5.750%, 07/31/27 (d) | 1,000,000 | 1,014,375 | ||||||
| Iron Mountain, Inc., 144A, 4.875%, 09/15/29 (d) | 1,500,000 | 1,527,750 | ||||||
| Iron Mountain, Inc., 144A, 5.625%, 07/15/32 (d) | 1,000,000 | 1,057,365 | ||||||
| KAR Auction Services, Inc., 144A, 5.125%, 06/01/25 (d) | 1,500,000 | 1,501,845 | ||||||
| Maxim Crane Works Holdings Capital LLC, 144A, 10.125%, 08/01/24 (d) | 2,500,000 | 2,540,887 | ||||||
| Picasso Finance Sub, Inc., 144A, 6.125%, 06/15/25 (d) | 1,000,000 | 1,078,590 | ||||||
| Prime Security Services Borrower, LLC/Finance, Inc., 144A, 5.750%, 04/15/26 (d) | 1,000,000 | 1,071,595 | ||||||
| Prime Security Services Borrower, LLC/Finance, Inc., 144A, 6.250%, 01/15/28 (d) | 2,000,000 | 2,027,820 | ||||||
| Staples, Inc., 144A, 7.500%, 04/15/26 (d) | 1,000,000 | 925,830 | ||||||
| United Rentals North America, Inc., 5.250%, 01/15/30 | 2,500,000 | 2,732,812 | ||||||
| Williams Scotsman International, Inc., 144A, 4.625%, 08/15/28 (d) | 1,500,000 | 1,508,873 | ||||||
| 27,192,670 | ||||||||
| TECHNOLOGY & ELECTRONICS: 6.6% | ||||||||
| Avaya, Inc., 144A, 6.125%, 09/15/28 (d) | 1,000,000 | 1,023,350 | ||||||
| Camelot Finance SA, 144A, 4.500%, 11/01/26 (d) | 2,000,000 | 2,044,680 | ||||||
| Castle US Holding Corp., 144A, 9.500%, 02/15/28 (d) | 1,100,000 | 1,051,705 | ||||||
| CommScope Technologies, LLC, 144A, 6.000%, 06/15/25 (d) | 1,867,000 | 1,894,817 | ||||||
| CommScope, Inc., 144A, 7.125%, 07/01/28 (d) | 1,000,000 | 1,028,820 | ||||||
| Dell International LLC/EMC Corp, 144A, 7.125%, 06/15/24 (d) | 1,500,000 | 1,561,785 | ||||||
| Gartner, Inc., 144A, 4.500%, 07/01/28 (d) | 2,000,000 | 2,105,000 | ||||||
| Logan Merger Sub, Inc., 144A, 5.500%, 09/01/27 (d) | 2,000,000 | 2,026,850 | ||||||
| Microchip Technology, Inc., 144A, 4.250%, 09/01/25 (d) | 1,000,000 | 1,038,866 | ||||||
| Nokia Oyj, 6.625%, 05/15/39 | 1,050,000 | 1,306,106 | ||||||
| NXP BV/Funding, LLC/USA, Inc., 144A, 3.400%, 05/01/30 (d) | 2,000,000 | 2,195,596 | ||||||
| Open Text Holdings, Inc., 144A, 4.125%, 02/15/30 (d) | 2,500,000 | 2,575,700 | ||||||
| Presidio Holdings, Inc., 144A, 4.875%, 02/01/27 (d) | 1,000,000 | 1,011,720 | ||||||
| Rackspace Hosting, Inc., 144A, 8.625%, 11/15/24 (d) | 1,000,000 | 1,048,199 | ||||||
| Sensata Technologies, Inc., 144A, 3.750%, 02/15/31 (d) | 1,000,000 | 996,250 | ||||||
| Veritas US, Inc./Bermuda, Ltd., 144A, 10.500%, 02/01/24 (d) | 2,000,000 | 1,888,090 | ||||||
| Veritas US, Inc./Bermuda, Ltd., 144A, 7.500%, 09/01/25 (d) | 2,000,000 | 2,065,000 | ||||||
| 26,862,534 |
| TELECOMMUNICATIONS: 7.3% | ||||||||
| C&W Senior Financing DAC, 144A, 7.500%, 10/15/26 (d) | 1,000,000 | 1,050,405 | ||||||
| CenturyLink, Inc., 6.750%, 12/01/23 | 1,000,000 | 1,098,750 | ||||||
| CenturyLink, Inc., 144A, 5.125%, 12/15/26 (d) | 1,500,000 | 1,543,268 | ||||||
| CenturyLink, Inc., 144A, 4.000%, 02/15/27 (d) | 1,000,000 | 1,017,280 | ||||||
| Cogent Communications Group, Inc., 144A, 5.375%, 03/01/22 (d) | 700,000 | 716,461 | ||||||
| Consolidated Communications, Inc., 144A, 6.500%, 10/01/28 (d) | 1,000,000 | 1,022,500 | ||||||
| Level 3 Financing, Inc., 5.250%, 03/15/26 | 1,000,000 | 1,037,199 | ||||||
| Level 3 Financing, Inc., 144A, 4.625%, 09/15/27 (d) | 2,000,000 | 2,058,590 | ||||||
| Level 3 Financing, Inc., 144A, 4.250%, 07/01/28 (d) | 500,000 | 508,160 | ||||||
| Level 3 Financing, Inc., 144A, 3.625%, 01/15/29 (d) | 500,000 | 494,688 | ||||||
| Sable International Finance, Ltd., 144A, 5.750%, 09/07/27 (d) | 500,000 | 523,220 | ||||||
| Sprint Capital Corp., 6.875%, 11/15/28 | 1,000,000 | 1,251,875 | ||||||
| Sprint Capital Corp., 8.750%, 03/15/32 | 2,000,000 | 2,929,620 | ||||||
| Sprint Corp., 7.875%, 09/15/23 | 500,000 | 575,313 | ||||||
| Sprint Corp., 7.125%, 06/15/24 | 2,000,000 | 2,303,740 | ||||||
| Switch, Ltd., 144A, 3.750%, 09/15/28 (d) | 1,750,000 | 1,771,875 | ||||||
| Telecom Italia Capital SA, 7.200%, 07/18/36 | 2,500,000 | 3,160,875 | ||||||
| Telecom Italia SpA, 144A, 5.303%, 05/30/24 (d) | 2,000,000 | 2,168,050 | ||||||
| T-Mobile USA, Inc., 5.125%, 04/15/25 | 500,000 | 512,493 | ||||||
| T-Mobile USA, Inc., 6.500%, 01/15/26 | 500,000 | 523,125 | ||||||
| T-Mobile USA, Inc., 4.750%, 02/01/28 | 1,000,000 | 1,070,989 | ||||||
| Uniti Group, LP/Fiber Holdings, Inc./CSL Capital, LLC, 144A, 7.875%, 02/15/25 (d) | 500,000 | 530,624 | ||||||
| Zayo Group Holdings, Inc., 144A, 4.000%, 03/01/27 (d) | 2,000,000 | 1,971,060 | ||||||
| 29,840,160 | ||||||||
| TRANSPORTATION: 1.7% | ||||||||
| Delta Air Lines, Inc., 144A, 7.000%, 05/01/25 (d) | 2,000,000 | 2,199,080 | ||||||
| Delta Air Lines, Inc./SkyMiles IP, Ltd., 144A, 4.500%, 10/20/25 (d) | 500,000 | 513,859 | ||||||
| Delta Air Lines, Inc./SkyMiles IP, Ltd., 144A, 4.750%, 10/20/28 (d) | 1,000,000 | 1,039,763 | ||||||
| Great Lakes Dredge & Dock Corp., 8.000%, 05/15/22 | 1,000,000 | 1,028,985 | ||||||
| Mileage Plus Holdings, LLC/Intellectual Property Assets, Ltd., 144A, 6.500%, 06/20/27 (d) | 2,000,000 | 2,087,500 | ||||||
| 6,869,187 | ||||||||
| UTILITY: 1.9% | ||||||||
| Clearway Energy Operating, LLC, 144A, 4.750%, 03/15/28 (d) | 1,500,000 | 1,550,160 | ||||||
| NextEra Energy Operating Partners, LP, 144A, 4.250%, 07/15/24 (d) | 1,000,000 | 1,044,475 | ||||||
| NextEra Energy Operating Partners, LP, 144A, 4.250%, 09/15/24 (d) | 500,000 | 521,875 |
| NextEra Energy Operating Partners, LP, 144A, 4.500%, 09/15/27 (d) | 1,500,000 | 1,605,000 | ||||||
| Pattern Energy Operations, LP/Inc., 144A, 4.500%, 08/15/28 (d) | 1,000,000 | 1,039,375 | ||||||
| TerraForm Power Operating, LLC, 144A, 5.000%, 01/31/28 (d) | 1,000,000 | 1,096,550 | ||||||
| TerraForm Power Operating, LLC, 144A, 4.750%, 01/15/30 (d) | 1,000,000 | 1,059,710 | ||||||
| 7,917,145 | ||||||||
| TOTAL CORPORATE BONDS | 382,306,050 | |||||||
| (Cost $369,164,177) | . | |||||||
| LOANS: 0.8% | ||||||||
| RETAIL: 0.3% | ||||||||
| PetSmart, Inc., 3 month LIBOR + 3.25%, 4.000%, 03/11/22 (e) | 1,265,714 | 1,264,809 | ||||||
| SERVICES: 0.5% | ||||||||
| Dun & Bradstreet Corp., The, 3 month LIBOR + 5.00%, 6.731%, 02/08/26 (e) | 1,990,000 | 1,973,085 | ||||||
| TOTAL LOANS | 3,237,894 | |||||||
| (Cost $3,094,338) | ||||||||
| TOTAL BONDS | 385,543,944 | |||||||
| (Cost $372,258,515) | ||||||||
| CERTIFICATES OF DEPOSIT: 0.4% | ||||||||
| Beneficial State Bank, 1.200%, 01/21/2021, 1.200%, 01/21/21 (b) | 200,000 | 200,000 | ||||||
| CINI Investment Note, 2.000%, 09/30/2023, 2.000%, 09/30/23 (b) | 500,000 | 500,000 | ||||||
| Self-Help Federal Credit Union, 1.900%, 12/20/21 (b) | 400,000 | 408,891 | ||||||
| Self-Help Federal Credit Union, 0.650%, 04/29/22 (b) | 100,000 | 100,871 | ||||||
| Shared Interest, Inc., 2.400%, 09/30/2021, 2.400%, 09/30/21 (b) | 500,000 | 500,000 | ||||||
| TOTAL CERTIFICATES OF DEPOSIT | 1,709,762 | |||||||
| (Cost $1,700,000) | ||||||||
| MONEY MARKET: 3.1% | ||||||||
| State Street Institutional U.S. Government Money Market Fund, 0.030% (f)(g) | 12,821,526 | 12,821,526 | ||||||
| (Cost $12,821,526) | ||||||||
| TOTAL INVESTMENTS: 99.1% | 403,364,432 |
| (Cost $390,399,266) | ||||
| Other assets and liabilities - (net): 0.9% | 3,829,902 | |||
| Net Assets: 100.0% | $ | 407,194,334 |
| (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, 2020 on securities with variable or step rates. |
| (f) | Rate shown represents annualized 7-day yield as of September 30, 2020 |
| (g) | Premier Class shares LIBOR-London Inter-bank Offered Rate. At September 30, 2020 the 1 month and 3 month LIBOR rates were 0.148% and 0.234%, respectively. LP-Limited Partnership |
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. |