NPORT-EX 2 fp0064238_nportex.htm
    Schedules of Investments (unaudited)
Pax Global Environmental Markets Fund   March 31, 2021

 

PERCENT OF NET ASSETS  SHARES/     
NAME OF ISSUER AND TITLE OF ISSUE  PRINCIPAL   VALUE 
COMMON STOCKS: 97.6%        
RENEWABLE & ALTERNATIVE ENERGY: 2.0%        
RENEWABLE ENERGY DEVELOPERS & INDEPENDENT POWER PRODUCERS (IPPs): 2.0%    
Orsted A/S   254,497   $41,092,451 
           
ENERGY EFFICIENCY: 36.9%          
POWER NETWORK EFFICIENCY: 5.4%          
Hubbell, Inc.   260,959    48,770,628 
Schneider Electric SE   400,242    60,970,915 
         109,741,543 
INDUSTRIAL ENERGY EFFICIENCY: 18.1%          
ANSYS, Inc. (a)   146,951    49,898,683 
ASML Holding NV   44,587    27,357,211 
Delta Electronics, Inc.   3,971,475    40,503,483 
Equinix, Inc., REIT   61,509    41,800,901 
Keyence Corp.   64,500    29,396,266 
PTC, Inc. (a)   295,202    40,634,555 
Rockwell Automation, Inc.   150,048    39,828,741 
SAP SE   248,754    30,511,322 
Siemens AG   298,076    48,977,308 
Spirax-Sarco Engineering, PLC   122,871    19,305,249 
         368,213,719 
BUILDINGS ENERGY EFFICIENCY: 5.7%          
Autodesk, Inc. (a)   188,364    52,205,083 
Kingspan Group PLC   178,987    15,142,152 
Trane Technologies PLC   298,011    49,338,701 
         116,685,936 
TRANSPORT ENERGY EFFICIENCY: 7.7%          
Aptiv PLC (a)   294,633    40,629,891 
TE Connectivity, Ltd.   260,072    33,577,896 
TeamViewer AG (a)   651,747    27,872,792 
Texas Instruments, Inc.   193,959    36,656,311 
Umicore SA   353,123    18,734,739 
         157,471,629 
WATER INFRASTRUCTURE & TECHNOLOGIES: 19.7%          
WATER INFRASTRUCTURE: 10.0%          
Ferguson PLC   250,231    29,891,322 
Georg Fischer AG   20,080    26,835,584 
IDEX Corp.   269,783    56,470,979 
Pentair PLC   792,012    49,358,188 
Xylem, Inc.   377,566    39,712,392 
         202,268,465 
WATER TREATMENT EQUIPMENT: 2.1%          
Ecolab, Inc.   199,867    42,785,529 
           
WATER UTILITIES: 7.6%          
American Water Works Co., Inc.   462,460    69,332,003 
Pennon Group PLC   3,024,253    40,639,083 
Suez SA   2,137,180    45,263,345 
         155,234,431 
POLLUTION CONTROL: 11.6%          
POLUTION CONTROL SOLUTIONS: 1.5%          
Croda International PLC   344,077    30,105,442 
         
ENVIRONMENTAL TESTING & GAS SENSING: 10.1%        
Agilent Technologies, Inc.   526,526    66,942,515 
Halma PLC   1,143,868    37,423,532 
Intertek Group PLC   655,003    50,576,709 
Waters Corp. (a)   176,852    50,256,033 
         205,198,789 
WASTE MANAGEMENT & TECHNOLOGIES: 3.5%          
GENERAL WASTE MANAGEMENT: 3.5%          
Waste Management, Inc.   546,149    70,464,144 
           
ENVIRONMENTAL SUPPORT SERVICES: 2.4%          
ENVIRONMENTAL CONSULTANCIES: 2.4%          
Verisk Analytics, Inc.   275,987    48,764,143 
           
FOOD, AGRICULTURE & FORESTRY: 16.6%          
LOGISTICS, FOOD SAFETY & PACKAGING: 6.9%          
GEA Group AG   1,331,424    54,609,345 
Mettler-Toledo International, Inc. (a)   41,129    47,532,374 
WestRock Co.   740,983    38,568,165 
         140,709,884 

  

 

SUSTAINABLE & EFFICIENT AGRICULTURE: 9.7%          
Deere & Co.   95,195    35,616,257 
Koninklijke DSM NV   326,333    55,169,257 
Kubota Corp.   2,153,500    49,125,554 
Trimble, Inc. (a)   507,601    39,486,282 
Vitasoy International Holdings, Ltd.   4,740,000    18,244,991 
         197,642,341 
           
DIVERSIFIED ENVIRONMENTAL: 4.9%          
Air Liquide SA   175,463    28,648,883 
Linde PLC   253,922    71,133,709 
         99,782,592 
           
TOTAL COMMON STOCKS          
(Cost $1,413,821,686)        1,986,161,038 
           
MONEY MARKET: 3.5%          
State Street Institutional U.S. Government Money Market Fund, 0.040% (b)(c)   70,164,216    70,164,216 
(Cost $70,164,216)          
           
TOTAL INVESTMENTS: 101.1%        2,056,325,254 
(Cost $1,483,985,902)          
           
Other assets and liabilities - (net): -1.1%        (21,862,617)
           
Net Assets: 100.0%       $2,034,462,637 

 

(a)Non-income producing security.
(b)Rate shown represents annualized 7-day yield as of March 31, 2021.
(c)Premier Class shares
  

 

SUMMARY OF INVESTMENTS BY COUNTRY        
       PERCENT OF 
COUNTRY  VALUE   NET ASSETS 
Belgium  $18,734,739    0.9%
Denmark   41,092,452    2.0%
France   134,883,144    6.6%
Germany   161,970,768    8.0%
Hong Kong   18,244,991    0.9%
Ireland   15,142,152    0.7%
Japan   78,521,820    3.9%
Netherlands   82,526,467    4.1%
Switzerland   26,835,584    1.3%
Taiwan   40,503,483    2.0%
United Kingdom   207,941,338    10.2%
United States   1,159,764,100    57.0%
Money Market   70,164,216    3.5%
Other assets and liabilities (net)   (21,862,617)   -1.1%
Total  $2,034,462,637    100.0%

 

 

 

March 31, 2021

 

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 March 31, 2021, 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 $293,185, representing 0.04% of the Fund’s net asset value and the High Yield Bond Fund held three securities fair valued at $500,813, 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 March 31, 2021:

 

   Level 1   Level 2   Level 3*   Totals 
Large Cap                    
Common Stocks  $1,173,410,969   $-   $-   $1,173,410,969 
Cash Equivalents   36,356,053    -    -    36,356,053 
Total  $1,209,767,022   $-   $-   $1,209,767,022 
Small Cap                    
Common Stocks  $552,163,371   $-   $-   $552,163,371 
Cash Equivalents   26,033,474    -    -    26,033,474 
Total  $578,196,845   $-   $-   $578,196,845 
Global Opportunities                    
Common Stocks  $63,002,877   $42,919,907   $-   $105,922,784 
Cash Equivalents   1,255,454    -    -    1,255,454 
Total  $64,258,331   $42,919,907   $-   $107,178,238 
Global Environmental Markets                    
Common Stocks  $1,159,764,103   $826,396,935   $-   $1,986,161,038 
Cash Equivalents   70,164,216    -    -    70,164,216 
Total  $1,229,928,319   $826,396,935   $-   $2,056,325,254 
Global Women’s Leadership                    
Common Stocks  $599,459,192   $217,815,568   $-   $817,274,760 
Preferred Stocks   -    710,081    -    710,081 
Rights   1,888    -    -    1,888 
Cash Equivalents   3,479,146    -    -    3,479,146 
Total  $602,940,226   $218,525,649   $-   $821,465,875 
Global Sustainable Infrastructure                    
Common Stocks  $44,945,039   $50,120,345   $-   $95,065,384 
Closed-End Funds   240,520    -    -    240,520 
Cash Equivalents   16,608,898    -    -    16,608,898 
Total  $61,794,457   $50,120,345   $-   $111,914,802 
U.S. Sustainable Economy                    
Common Stocks  $269,341,168   $-   $-   $269,341,168 
Cash Equivalents   2,693,226    -    -    2,693,226 
Total  $272,034,394   $-   $-   $272,034,394 
Int'l Sustainable Economy                    
Common Stocks  $2,164,557   $733,578,155   $-   $735,742,712 
Preferred Stocks   -    1,890,690    -    1,890,690 
Rights   17,444    -    -    17,444 
Cash Equivalents   2,961,839    -    -    2,961,839 
Total  $5,143,840   $735,468,845   $-   $740,612,685 

Core Bond                
Community Investment Notes  $-   $-   $293,185   $293,185 
Corporate Bonds   -    292,172,807    -    292,172,807 
U.S. Gov't Agency Bonds   -    8,748,241    -    8,748,241 
Supranational Bonds   -    87,573,421    -    87,573,421 
Municipal Bonds   -    10,051,212    -    10,051,212 
U.S. Treasury Notes   -    97,640,613    -    97,640,613 
Asset-Backed Securities   -    58,957,739    -    58,957,739 
Mortgage-Backed Securities   -    186,406,655    -    186,406,655 
Medium Term Certificates of Deposit   -    258,638    -    258,638 
Cash Equivalents   38,555,563    253,364    -    38,808,927 
Total  $38,555,563   $742,062,690   $293,185   $780,911,438 
High Yield Bond                    
Community Investment Notes  $-   $-   $500,813   $500,813 
Common Stocks   -    0    -    0 
Preferred Stocks   -    2,915,800    0    2,915,800 
Corporate Bonds   -    502,823,274    -    502,823,274 
Loans   -    11,218,746    -    11,218,746 
Medium Term Certificates of Deposit   -    100,622    -    100,622 
Cash Equivalents   18,746,040    905,382    -    19,651,422 
Total  $18,746,040   $517,963,824   $500,813   $537,210,677 
Sustainable Allocation                    
Affiliated Investment Companies  $2,183,374,633   $-   $-   $2,183,374,633 
Cash Equivalents   128,008,467    -    -    128,008,467 
Total  $2,311,383,100   $-   $-   $2,311,383,100 

 

*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 March 31, 2021, the Sustainable Allocation Fund held the following investments in affiliated Funds:

 

Fund 

Shares Held at

12/31/20

 

Gross

Additions

 

Gross

Reductions

 

Shares Held at

3/31/2021

 

Value at

12/31/20

 

Dividend

Income

 

Realized

Gains/
Losses1

 

Unrealized

Appreciation/

Depreciation

 

Value at

03/31/21

 
Sustainable Allocation                             
Large Cap  74,122,950  -  -  74,122,950  $893,181,549  $-  $-  $83,758,934  $976,940,481 
Small Cap  3,935,579  231,348  -  4,166,927   62,929,908   -   -   8,866,487   75,796,395 
Global Opportunities  2,572,091  1,196,455  -  3,768,546   37,784,018   -   -   141,207   55,925,225 
Global Environmental Markets  2,180,751  456,204  -  2,636,955   46,297,333   -   -   2,506,761   58,804,094 
Global Women's Leadership  1,533,441  318,269  -  1,851,710   46,769,952   -   -   2,114,415   58,884,368 
Global Sustainable Infrastructure  8,320,411  -  3,465,629  4,854,782   118,233,034   -   -   (8,447,436)  74,375,258 
International Sustainable Economy  15,860,899  -  -  15,860,899   160,829,518   -   -   3,806,616   164,636,134 
Core Bond  66,559,119  2,004,834  -  68,563,953   702,864,297   3,016,510   -   (25,899,766)  697,981,041 
High Yield  -  2,920,064  -  2,920,064   -   2,397   -   29,240   20,031,637 
Total              $2,068,889,609  $3,018,907  $-  $66,876,457  $2,183,374,633 

 

1 Includes realized capital gain distributions, from an affiliated fund, if any.