NPORT-EX 2 fp0064240_nportex.htm

    Schedules of Investments (unaudited)
Pax High Yield Bond Fund   March 31, 2021

 

   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: 0.5%          
HEALTH CARE: 0.3%          
Avantor, Inc., 6.250%   20,000    1,805,400 
Interactive Health, Inc., 0.000% (a)(b)(c)   1,412    0 
         1,805,400 
           
LEISURE: 0.2%          
RLJ Lodging Trust, REIT, 1.950%   40,000    1,110,400 
           
TOTAL PREFERRED  STOCKS        2,915,800 
(Cost $2,381,940)          
           
BONDS: 94.8%          
COMMUNITY INVESTMENT NOTES: 0.1%          
CINI Investment Note, 2.000%, 09/30/23 (b)(c)  $500,813    500,813 
(Cost $500,813)          
           
CORPORATE BONDS: 92.5%          
AUTOMOTIVE: 5.2%          
Allison Transmission, Inc., 144A, 4.750%, 10/01/27 (d)   2,500,000    2,663,250 
Allison Transmission, Inc., 144A, 3.750%, 01/30/31 (d)   1,000,000    970,625 
Ford Motor Co., 8.500%, 04/21/23   2,000,000    2,232,500 
Ford Motor Co., 9.000%, 04/22/25   3,000,000    3,637,200 
Ford Motor Credit Co., LLC, 4.250%, 09/20/22   1,000,000    1,032,980 
Ford Motor Credit Co., LLC, 3.810%, 01/09/24   1,000,000    1,032,500 
Ford Motor Credit Co., LLC, 3.664%, 09/08/24   2,000,000    2,073,560 
Ford Motor Credit Co., LLC, 5.125%, 06/16/25   3,000,000    3,240,690 
Ford Motor Credit Co., LLC, 4.000%, 11/13/30   1,000,000    993,240 
Gates Global, LLC/Corp., 144A, 6.250%, 01/15/26 (d)   2,000,000    2,098,340 
IHO Verwaltungs GmbH, 144A, 4.750%, 09/15/26 (d)   2,000,000    2,059,375 
IHO Verwaltungs GmbH, 144A, 6.000%, 05/15/27 (d)   1,000,000    1,052,065 
IHO Verwaltungs GmbH, 144A, 6.375%, 05/15/29 (d)   1,000,000    1,096,060 
Meritor, Inc., 6.250%, 02/15/24   865,000    882,473 
Meritor, Inc., 144A, 6.250%, 06/01/25 (d)   1,000,000    1,067,500 
Meritor, Inc., 144A, 4.500%, 12/15/28 (d)   1,000,000    1,004,875 
Nexteer Automotive Group Ltd., 144A, 5.875%, 11/15/21 (d)   1,000,000    1,000,000 
         28,137,233 
           
BANKING: 0.6%          
Ally Financial, Inc., 5.750%, 11/20/25   3,000,000    3,412,150 
           
BASIC INDUSTRY: 10.9%          
Advanced Drainage Systems, Inc., 144A, 5.000%, 09/30/27 (d)   2,000,000    2,102,260 
Alcoa Nederland Holding BV, 144A, 7.000%, 09/30/26 (d)   1,000,000    1,056,875 
Alcoa Nederland Holding BV, 144A, 6.125%, 05/15/28 (d)   3,000,000    3,273,225 
Alcoa Nederland Holding BV, 144A, 4.125%, 03/31/29 (d)   1,000,000    1,009,790 
BCPE Ulysses Intermediate, Inc., 144A, 7.750%, 04/01/27 (d)   1,000,000    1,039,375 
Big River Steel, LLC/BRS Finance Corp., 144A, 6.625%, 01/31/29 (d)   2,000,000    2,183,110 
Carpenter Technology Corp., 6.375%, 07/15/28   1,500,000    1,612,874 
Cleveland-Cliffs, Inc., 144A, 9.875%, 10/17/25 (d)   662,000    776,394 
Cleveland-Cliffs, Inc., 144A, 6.750%, 03/15/26 (d)   500,000    544,375 
Cleveland-Cliffs, Inc., 144A, 4.625%, 03/01/29 (d)   500,000    499,775 
Foxtrot Escrow Issuer, LLC/Corp., 144A, 12.250%, 11/15/26 (d)   2,000,000    2,288,430 
FXI Holdings, Inc., 144A, 7.875%, 11/01/24 (d)   983,000    1,014,948 
GPD Cos., Inc., 144A, 10.125%, 04/01/26 (d)   500,000    551,250 
Ingevity Corp., 144A, 4.500%, 02/01/26 (d)   1,500,000    1,532,220 
Ingevity Corp., 144A, 3.875%, 11/01/28 (d)   1,750,000    1,700,781 
Interface, Inc., 144A, 5.500%, 12/01/28 (d)   1,800,000    1,864,125 
Koppers, Inc., 144A, 6.000%, 02/15/25 (d)   3,000,000    3,097,995 
LBM Acquisition, LLC, 144A, 6.250%, 01/15/29 (d)   1,500,000    1,546,875 
Mercer International, Inc., 5.500%, 01/15/26   1,000,000    1,026,875 
Mercer International, Inc., 144A, 5.125%, 02/01/29 (d)   2,500,000    2,593,124 
Neon Holdings, Inc., 144A, 10.125%, 04/01/26 (d)   2,500,000    2,737,500 
Novelis Corp., 144A, 5.875%, 09/30/26 (d)   1,500,000    1,572,075 
Novelis Corp., 144A, 4.750%, 01/30/30 (d)   1,000,000    1,031,985 
Shea Homes, LP/Funding Corp., 144A, 4.750%, 02/15/28 (d)   1,000,000    1,019,885 
Shea Homes, LP/Funding Corp., 144A, 4.750%, 04/01/29 (d)   1,000,000    1,014,000 
SPCM SA, 144A, 4.875%, 09/15/25 (d)   1,150,000    1,181,683 
Standard Industries, Inc., 144A, 5.000%, 02/15/27 (d)   5,000,000    5,221,874 
Standard Industries, Inc., 144A, 4.375%, 07/15/30 (d)   1,000,000    1,010,535 
Taylor Morrison Communities, Inc./Holdings II, Inc., 144A, 5.625%, 03/01/24 (d)   1,550,000    1,666,250 
Univar Solutions USA, Inc., 144A, 5.125%, 12/01/27 (d)   4,000,000    4,169,240 
USG Corp., 144A, 4.875%, 06/01/27 (d)   3,500,000    3,414,688 
Venator Finance Sarl/Venator Materials, LLC, 144A, 9.500%, 07/01/25 (d)   1,500,000    1,683,750 
White Cap Buyer, LLC, 144A, 6.875%, 10/15/28 (d)   1,750,000    1,861,239 
         58,899,380 

 

 

CAPITAL GOODS: 6.0%        
ARD Finance SA, 144A, 6.500%, 06/30/27 (d)   1,500,000    1,576,440 
Ardagh Metal Packaging Finance USA, LLC/Finance PLC, 144A, 3.250%, 09/01/28 (d)   1,000,000    989,620 
Ardagh Metal Packaging Finance USA, LLC/Finance PLC, 144A, 4.000%, 09/01/29 (d)   2,000,000    1,997,500 
Ardagh Packaging Finance, PLC/Holdings USA, Inc., 144A, 4.125%, 08/15/26 (d)   1,000,000    1,027,800 
Ardagh Packaging Finance, PLC/Holdings USA, Inc., 144A, 5.250%, 08/15/27 (d)   3,000,000    3,074,850 
ATS Automation Tooling Systems, Inc., 144A, 4.125%, 12/15/28 (d)   2,000,000    1,986,250 
Canpack SA/Eastern PA Land Investment Holding, LLC, 144A, 3.125%, 11/01/25 (d)   1,750,000    1,778,438 
GrafTech Finance, Inc., 144A, 4.625%, 12/15/28 (d)   2,000,000    2,013,760 
Howmet Aerospace, Inc., 5.900%, 02/01/27   1,000,000    1,136,250 
Howmet Aerospace, Inc., 6.750%, 01/15/28   1,000,000    1,181,250 
Manitowoc Co, Inc., The, 144A, 9.000%, 04/01/26 (d)   3,000,000    3,241,875 
OI European Group BV, 144A, 4.000%, 03/15/23 (d)   1,500,000    1,542,188 
Owens-Brockway Glass Container, Inc., 144A, 6.375%, 08/15/25 (d)   1,000,000    1,108,124 
Owens-Brockway Glass Container, Inc., 144A, 6.625%, 05/13/27 (d)   2,500,000    2,722,500 
Terex Corp., 144A, 5.000%, 05/15/29 (d)   2,000,000    2,072,900 
Vertical Holdco GmbH, 144A, 7.625%, 07/15/28 (d)   1,000,000    1,077,125 
Vertical US Newco, Inc., 144A, 5.250%, 07/15/27 (d)   2,000,000    2,097,500 
Wabash National Corp., 144A, 5.500%, 10/01/25 (d)   1,000,000    1,026,145 
Wolverine Escrow, LLC, 144A, 8.500%, 11/15/24 (d)   1,000,000    999,375 
         32,649,890 
           
CONSUMER GOODS: 6.4%          
Cott Holdings, Inc., 144A, 5.500%, 04/01/25 (d)   1,000,000    1,029,050 
Del Monte Foods, Inc., 144A, 11.875%, 05/15/25 (d)   1,000,000    1,150,000 
Kraft Heinz Foods Co., 4.250%, 03/01/31   2,000,000    2,205,214 
Kraft Heinz Foods Co., 5.000%, 06/04/42   1,000,000    1,124,274 
Kraft Heinz Foods Co., 4.375%, 06/01/46   5,000,000    5,224,913 
Land O' Lakes, Inc., 144A, 7.000%, 09/18/28 (d)   1,500,000    1,511,018 
Mattel, Inc., 144A, 3.375%, 04/01/26 (d)   1,000,000    1,034,940 
Mattel, Inc., 144A, 3.750%, 04/01/29 (d)   1,000,000    1,014,300 
Mattel, Inc., 5.450%, 11/01/41   1,000,000    1,095,000 
Performance Food Group, Inc., 144A, 5.500%, 06/01/24 (d)   1,500,000    1,508,438 
Performance Food Group, Inc., 144A, 5.500%, 10/15/27 (d)   1,000,000    1,047,590 
Post Holdings, Inc., 144A, 5.750%, 03/01/27 (d)   1,000,000    1,053,635 
Post Holdings, Inc., 144A, 5.500%, 12/15/29 (d)   3,000,000    3,216,225 
Post Holdings, Inc., 144A, 4.500%, 09/15/31 (d)   1,000,000    990,250 
Prestige Brands, Inc., 144A, 5.125%, 01/15/28 (d)   2,000,000    2,100,930 
Spectrum Brands, Inc., 144A, 5.000%, 10/01/29 (d)   1,000,000    1,057,500 
Spectrum Brands, Inc., 144A, 5.500%, 07/15/30 (d)   1,000,000    1,071,875 
Spectrum Brands, Inc., 144A, 3.875%, 03/15/31 (d)   1,000,000    980,000 
Tempur Sealy International, Inc., 5.500%, 06/15/26   2,000,000    2,090,500 
United Natural Foods, Inc., 144A, 6.750%, 10/15/28 (d)   2,000,000    2,140,000 
US Foods, Inc., 144A, 6.250%, 04/15/25 (d)   1,000,000    1,073,335 
US Foods, Inc., 144A, 4.750%, 02/15/29 (d)   1,000,000    1,001,250 
         34,720,237 
         
FINANCIAL SERVICES: 3.0%        
HAT Holdings I, LLC/HAT Holdings II, LLC, 144A, 5.250%, 07/15/24 (d)   4,000,000    4,137,920 
HAT Holdings I, LLC/HAT Holdings II, LLC, 144A, 6.000%, 04/15/25 (d)   3,000,000    3,168,750 
New Residential Investment Corp., 144A, 6.250%, 10/15/25 (d)   2,000,000    2,011,250 
PennyMac Financial Services, Inc., 144A, 5.375%, 10/15/25 (d)   1,000,000    1,037,800 
PennyMac Financial Services, Inc., 144A, 4.250%, 02/15/29 (d)   1,000,000    958,750 
Springleaf Finance Corp., 6.875%, 03/15/25   500,000    569,650 
Springleaf Finance Corp., 7.125%, 03/15/26   1,000,000    1,154,605 
Springleaf Finance Corp., 6.625%, 01/15/28   1,000,000    1,135,000 
Springleaf Finance Corp., 5.375%, 11/15/29   2,000,000    2,132,500 
         16,306,225 
           
HEALTH CARE: 10.9%          
AdaptHealth, LLC, 144A, 6.125%, 08/01/28 (d)   2,000,000    2,125,000 
AdaptHealth, LLC, 144A, 4.625%, 08/01/29 (d)   1,000,000    996,250 
Akumin, Inc., 144A, 7.000%, 11/01/25 (d)   3,000,000    3,198,750 
Avantor Funding, Inc., 144A, 4.625%, 07/15/28 (d)   6,000,000    6,273,660 
Catalent Pharma Solutions, Inc., 144A, 3.125%, 02/15/29 (d)   2,000,000    1,922,500 
Centene Corp., 144A, 5.375%, 06/01/26 (d)   2,000,000    2,093,900 
Centene Corp., 4.250%, 12/15/27   1,000,000    1,052,700 
Centene Corp., 4.625%, 12/15/29   3,000,000    3,250,800 
Centene Corp., 3.375%, 02/15/30   500,000    505,468 
Centene Corp., 3.000%, 10/15/30   2,000,000    1,999,180 
Cheplapharm Arzneimittel GmbH, 144A, 5.500%, 01/15/28 (d)   3,000,000    3,120,060 
DaVita, Inc., 144A, 4.625%, 06/01/30 (d)   2,000,000    2,036,800 
Emergent BioSolutions, Inc., 144A, 3.875%, 08/15/28 (d)   3,000,000    2,938,125 
Encompass Health Corp., 4.500%, 02/01/28   500,000    512,905 
Encompass Health Corp., 4.750%, 02/01/30   2,500,000    2,575,978 
Endo Dac/Endo Finance, LLC/Endo Finco, Inc., 144A, 9.500%, 07/31/27 (d)   497,000    540,798 
Endo Dac/Endo Finance, LLC/Endo Finco, Inc., 144A, 6.000%, 06/30/28 (d)   2,000,000    1,622,000 
HCA, Inc., 5.375%, 02/01/25   1,500,000    1,675,500 
HCA, Inc., 5.875%, 02/15/26   1,000,000    1,147,500 
HCA, Inc., 3.500%, 09/01/30   1,000,000    1,012,700 
IQVIA, Inc., 144A, 5.000%, 05/15/27 (d)   4,000,000    4,231,040 
Jaguar Holding Co. II/PPD Development, LP, 144A, 4.625%, 06/15/25 (d)   500,000    520,815 
Jaguar Holding Co. II/PPD Development, LP, 144A, 5.000%, 06/15/28 (d)   2,000,000    2,085,500 
ModivCare, Inc., 144A, 5.875%, 11/15/25 (d)   2,000,000    2,108,750 
MPT Operating Partnership LP/Finance Corp., 5.000%, 10/15/27   2,500,000    2,634,450 
MPT Operating Partnership, LP/Finance Corp., 4.625%, 08/01/29   1,000,000    1,053,749 
Par Pharmaceutical, Inc., 144A, 7.500%, 04/01/27 (d)   1,715,000    1,825,635 
Verscend Escrow Corp., 144A, 9.750%, 08/15/26 (d)   1,000,000    1,074,095 
Vizient, Inc., 144A, 6.250%, 05/15/27 (d)   3,000,000    3,194,430 
         59,329,038 

 

 

INSURANCE: 0.4%          
GTCR AP Finance, Inc., 144A, 8.000%, 05/15/27 (d)   2,000,000    2,152,500 
           
           
LEISURE: 2.3%          
Boyne USA, Inc., 144A, 7.250%, 05/01/25 (d)   1,500,000    1,563,938 
Colt Merger Sub, Inc., 144A, 5.750%, 07/01/25 (d)   3,000,000    3,169,650 
ESH Hospitality, Inc., 144A, 5.250%, 05/01/25 (d)   950,000    970,401 
ESH Hospitality, Inc., 144A, 4.625%, 10/01/27 (d)   500,000    529,445 
FelCor Lodging, LP, 6.000%, 06/01/25   2,000,000    2,058,540 
MGM Resorts International, 6.750%, 05/01/25   1,000,000    1,076,575 
MGM Resorts International, 5.500%, 04/15/27   1,000,000    1,075,905 
Viking Ocean Cruises Ship VII, Ltd., 144A, 5.625%, 02/15/29 (d)   2,000,000    2,025,600 
         12,470,054 
         
MEDIA: 15.2%        
Altice Financing SA, 144A, 7.500%, 05/15/26 (d)   2,000,000    2,092,500 
Altice France Holding SA, 144A, 10.500%, 05/15/27 (d)   3,000,000    3,383,474 
Altice France SA, 144A, 7.375%, 05/01/26 (d)   2,500,000    2,603,125 
Altice France SA, 144A, 8.125%, 02/01/27 (d)   500,000    548,623 
Altice France SA, 144A, 5.500%, 01/15/28 (d)   3,000,000    3,082,500 
CCO Holdings, LLC/Capital Corp., 144A, 5.750%, 02/15/26 (d)   697,000    720,001 
CCO Holdings, LLC/Capital Corp., 144A, 5.125%, 05/01/27 (d)   1,000,000    1,058,650 
CCO Holdings, LLC/Capital Corp., 144A, 5.375%, 06/01/29 (d)   3,000,000    3,220,920 
CCO Holdings, LLC/Capital Corp., 144A, 4.750%, 03/01/30 (d)   5,000,000    5,187,500 
CCO Holdings, LLC/Capital Corp., 144A, 4.500%, 05/01/32 (d)   1,000,000    1,013,750 
Cimpress, PLC, 144A, 7.000%, 06/15/26 (d)   1,000,000    1,059,260 
Clear Channel International BV, 144A, 6.625%, 08/01/25 (d)   1,000,000    1,048,750 
Clear Channel Outdoor Holdings, Inc., 144A, 7.750%, 04/15/28 (d)   1,000,000    993,205 
Clear Channel Worldwide Holdings, Inc., 9.250%, 02/15/24   1,506,000    1,569,516 
CSC Holdings, LLC, 144A, 7.500%, 04/01/28 (d)   2,000,000    2,208,370 
CSC Holdings, LLC, 144A, 5.750%, 01/15/30 (d)   2,500,000    2,636,250 
CSC Holdings, LLC, 144A, 4.625%, 12/01/30 (d)   2,000,000    1,970,000 
CSC Holdings, LLC, 144A, 4.125%, 12/01/30 (d)   1,000,000    994,280 
DISH DBS Corp., 6.750%, 06/01/21   1,000,000    1,007,875 
DISH DBS Corp., 5.875%, 11/15/24   3,000,000    3,144,044 
DISH DBS Corp., 7.375%, 07/01/28   1,000,000    1,050,300 
iHeartCommunications, Inc., 8.375%, 05/01/27   1,500,000    1,612,500 
iHeartCommunications, Inc., 144A, 5.250%, 08/15/27 (d)   2,500,000    2,575,750 
iHeartCommunications, Inc., 144A, 4.750%, 01/15/28 (d)   1,000,000    1,009,190 
Lamar Media Corp., 3.750%, 02/15/28   1,000,000    1,000,625 
Lamar Media Corp., 4.000%, 02/15/30   1,500,000    1,498,643 
LCPR Senior Secured Financing DAC, 144A, 6.750%, 10/15/27 (d)   1,500,000    1,601,100 
LCPR Senior Secured Financing DAC, 144A, 5.125%, 07/15/29 (d)   1,500,000    1,530,180 
MDC Partners, Inc., 144A, 7.500%, 05/01/24 (d)(e)   2,000,000    2,023,020 
Netflix, Inc., 144A, 3.625%, 06/15/25 (d)   1,000,000    1,064,675 
Netflix, Inc., 4.875%, 04/15/28   2,500,000    2,846,350 
Nexstar Broadcasting, Inc., 144A, 5.625%, 07/15/27 (d)   2,500,000    2,632,000 
Nexstar Broadcasting, Inc., 144A, 4.750%, 11/01/28 (d)   1,500,000    1,518,615 
Nielsen Co. Luxembourg SARL, The, 144A, 5.000%, 02/01/25 (d)   1,000,000    1,024,375 
Nielsen Finance, LLC/Co., 144A, 5.625%, 10/01/28 (d)   2,000,000    2,106,250 
Nielsen Finance, LLC/Co., 144A, 5.875%, 10/01/30 (d)   1,000,000    1,081,875 
Outfront Media Capital, LLC/Corp., 144A, 5.000%, 08/15/27 (d)   1,000,000    1,011,690 
Sirius XM Radio, Inc., 144A, 5.000%, 08/01/27 (d)   500,000    525,258 
Sirius XM Radio, Inc., 144A, 5.500%, 07/01/29 (d)   2,000,000    2,166,250 
Sirius XM Radio, Inc., 144A, 4.125%, 07/01/30 (d)   2,000,000    2,004,800 
TEGNA, Inc., 5.000%, 09/15/29   2,500,000    2,596,750 
Urban One, Inc., 144A, 7.375%, 02/01/28 (d)   2,000,000    2,073,160 
Virgin Media Finance, PLC, 144A, 5.000%, 07/15/30 (d)   2,000,000    2,000,000 
Virgin Media Secured Finance PLC, 144A, 5.500%, 08/15/26 (d)   1,000,000    1,039,480 
Virgin Media Secured Finance PLC, 144A, 5.500%, 05/15/29 (d)   1,500,000    1,594,260 
VTR Comunicaciones SpA, 144A, 5.125%, 01/15/28 (d)   898,000    939,892 
VTR Finance NV, 144A, 6.375%, 07/15/28 (d)   1,000,000    1,082,785 
         82,752,366 
           
REAL ESTATE: 1.4%          
Diversified Healthcare Trust, 9.750%, 06/15/25   2,000,000    2,266,500 
Diversified Healthcare Trust, 4.375%, 03/01/31   2,500,000    2,443,325 
Five Point Operating Co., LP/Capital Corp., 144A, 7.875%, 11/15/25 (d)   1,000,000    1,047,000 
Kennedy-Wilson, Inc., 4.750%, 03/01/29   1,000,000    1,013,750 
Kennedy-Wilson, Inc., 5.000%, 03/01/31   1,000,000    1,014,000 
         7,784,575 

 

 

RETAIL: 5.7%          
Albertsons Cos., Inc./Safeway, Inc./New Albertsons, LP/Albertsons, LLC, 144A, 4.625%, 01/15/27 (d)   2,000,000    2,075,000 
Albertsons Cos., Inc./Safeway, Inc./New Albertsons, LP/Albertsons, LLC, 144A, 3.500%, 03/15/29 (d)   2,000,000    1,905,780 
Albertsons Cos., LLC/Safeway, Inc./New Albertsons, LP/Albertson's, LLC, 144A, 5.875%, 02/15/28 (d)   1,000,000    1,064,990 
Carvana Co., 144A, 5.625%, 10/01/25 (d)   1,500,000    1,540,650 
Carvana Co., 144A, 5.500%, 04/15/27 (d)   500,000    503,875 
Carvana Co., 144A, 5.875%, 10/01/28 (d)   1,500,000    1,539,375 
Crocs, Inc., 144A, 4.250%, 03/15/29 (d)   2,000,000    1,961,020 
Fresh Market, Inc., The, 144A, 9.750%, 05/01/23 (d)   2,000,000    2,061,250 
Macy's Retail Holdings, LLC, 3.625%, 06/01/24   1,000,000    1,001,250 
Macy's Retail Holdings, LLC, 144A, 5.875%, 04/01/29 (d)   2,000,000    2,054,660 
Michaels Stores, Inc., 144A, 4.750%, 10/01/27 (d)   1,000,000    1,089,000 
New Albertsons, LP, 7.750%, 06/15/26   1,000,000    1,138,560 
NMG Holding Co., Inc./Neiman Marcus Group, LLC, 144A, 7.125%, 04/01/26 (d)   1,000,000    1,021,250 
PetSmart, Inc./Finance Corp., 144A, 4.750%, 02/15/28 (d)   2,000,000    2,052,120 
PetSmart, Inc./Finance Corp., 144A, 7.750%, 02/15/29 (d)   2,000,000    2,175,700 
Safeway, Inc., 7.250%, 02/01/31   1,000,000    1,163,560 
Sally Holdings, LLC/Capital, Inc., 144A, 8.750%, 04/30/25 (d)   1,000,000    1,115,000 
Sally Holdings, LLC/Capital, Inc., 5.625%, 12/01/25   2,000,000    2,065,500 
SEG Holding, LLC/Finance Corp., 144A, 5.625%, 10/15/28 (d)   3,500,000    3,670,625 
         31,199,165 
         
SERVICES: 7.1%        
Diebold Nixdorf, Inc., 8.500%, 04/15/24   1,500,000    1,534,125 
Diebold Nixdorf, Inc., 144A, 9.375%, 07/15/25 (d)   2,500,000    2,789,063 
Dun & Bradstreet Corp., The, 144A, 10.250%, 02/15/27 (d)   1,000,000    1,118,565 
Dycom Industries, Inc., 144A, 4.500%, 04/15/29 (d)   2,000,000    2,008,080 
GFL Environmental, Inc., 144A, 5.125%, 12/15/26 (d)   2,000,000    2,110,200 
GFL Environmental, Inc., 144A, 8.500%, 05/01/27 (d)   1,600,000    1,765,000 
GFL Environmental, Inc., 144A, 4.000%, 08/01/28 (d)   1,000,000    969,375 
GFL Environmental, Inc., 144A, 3.500%, 09/01/28 (d)   1,000,000    971,250 
Harsco Corp., 144A, 5.750%, 07/31/27 (d)   2,000,000    2,051,250 
Iron Mountain, Inc., 144A, 5.000%, 07/15/28 (d)   1,000,000    1,023,760 
Iron Mountain, Inc., 144A, 4.875%, 09/15/29 (d)   2,500,000    2,533,625 
KAR Auction Services, Inc., 144A, 5.125%, 06/01/25 (d)   2,000,000    2,025,500 
Maxim Crane Works Holdings Capital LLC, 144A, 10.125%, 08/01/24 (d)   2,500,000    2,622,138 
NESCO Holdings II, Inc., 144A, 5.500%, 04/15/29 (d)   1,000,000    1,026,750 
Picasso Finance Sub, Inc., 144A, 6.125%, 06/15/25 (d)   1,800,000    1,915,110 
Prime Security Services Borrower, LLC/Finance, Inc., 144A, 5.750%, 04/15/26 (d)   1,000,000    1,080,475 
Prime Security Services Borrower, LLC/Finance, Inc., 144A, 6.250%, 01/15/28 (d)   3,000,000    3,127,200 
Staples, Inc., 144A, 7.500%, 04/15/26 (d)   2,000,000    2,113,000 
Staples, Inc., 144A, 10.750%, 04/15/27 (d)   1,000,000    988,750 
United Rentals North America, Inc., 5.250%, 01/15/30   2,500,000    2,719,524 
Williams Scotsman International, Inc., 144A, 4.625%, 08/15/28 (d)   2,000,000    2,038,750 
         38,531,490 
TECHNOLOGY & ELECTRONICS: 7.9%          
Arches Buyer, Inc., 144A, 4.250%, 06/01/28 (d)   1,000,000    1,000,075 
Arches Buyer, Inc., 144A, 6.125%, 12/01/28 (d)   1,000,000    1,031,875 
Austin BidCo, Inc., 144A, 7.125%, 12/15/28 (d)   2,000,000    2,038,750 
Camelot Finance SA, 144A, 4.500%, 11/01/26 (d)   2,000,000    2,071,590 
Cars.com, Inc., 144A, 6.375%, 11/01/28 (d)   2,500,000    2,609,375 
Castle US Holding Corp., 144A, 9.500%, 02/15/28 (d)   2,000,000    2,043,750 
CommScope, Inc., 144A, 6.000%, 03/01/26 (d)   500,000    528,643 
CommScope, Inc., 144A, 7.125%, 07/01/28 (d)   1,000,000    1,063,400 
Crowdstrike Holdings, Inc., 3.000%, 02/15/29   1,750,000    1,713,163 
Endure Digital, Inc., 144A, 6.000%, 02/15/29 (d)   2,000,000    1,955,000 
Gartner, Inc., 144A, 4.500%, 07/01/28 (d)   2,000,000    2,065,000 
Logan Merger Sub, Inc., 144A, 5.500%, 09/01/27 (d)   2,000,000    2,096,260 
Microchip Technology, Inc., 144A, 4.250%, 09/01/25 (d)   2,000,000    2,089,646 
MSCI, Inc., 144A, 4.000%, 11/15/29 (d)   2,000,000    2,060,300 
MSCI, Inc., 144A, 3.875%, 02/15/31 (d)   1,000,000    1,023,050 
NCR Corp., 144A, 5.125%, 04/15/29 (d)   2,000,000    2,026,410 
Nokia Oyj, 6.625%, 05/15/39   1,350,000    1,655,424 
Plantronics, Inc., 144A, 4.750%, 03/01/29 (d)   2,000,000    1,970,000 
Rackspace Technology Global, Inc., 144A, 5.375%, 12/01/28 (d)   3,000,000    3,056,100 
Twilio, Inc., 3.625%, 03/15/29   750,000    761,123 
Twilio, Inc., 3.875%, 03/15/31   750,000    767,895 
Unisys Corp., 144A, 6.875%, 11/01/27 (d)   2,000,000    2,195,000 
Veritas US, Inc./Bermuda, Ltd., 144A, 10.500%, 02/01/24 (d)   1,500,000    1,539,375 
Veritas US, Inc./Bermuda, Ltd., 144A, 7.500%, 09/01/25 (d)   2,000,000    2,082,500 
ZoomInfo Technologies, LLC/Finance Corp., 144A, 3.875%, 02/01/29 (d)   1,500,000    1,470,000 
         42,913,704 

 

 

TELECOMMUNICATIONS: 7.6%        
C&W Senior Financing DAC, 144A, 7.500%, 10/15/26 (d)   1,000,000    1,061,655 
CenturyLink, Inc., 6.750%, 12/01/23   1,000,000    1,105,735 
CenturyLink, Inc., 144A, 5.125%, 12/15/26 (d)   1,000,000    1,054,629 
Consolidated Communications, Inc., 144A, 6.500%, 10/01/28 (d)   2,000,000    2,163,260 
Digicel Group Holdings, Ltd., 10.000%, 04/01/24   1,000,000    974,875 
Embarq Corp., 7.995%, 06/01/36   1,000,000    1,152,530 
Frontier Communications Corp., 144A, 5.000%, 05/01/28 (d)   1,000,000    1,019,375 
Frontier Communications Corp., 144A, 6.750%, 05/01/29 (d)   1,500,000    1,584,863 
Level 3 Financing, Inc., 144A, 4.625%, 09/15/27 (d)   2,000,000    2,061,930 
Ligado Networks, LLC, 144A, 15.500%, 11/01/23 (d)   1,500,000    1,507,950 
Sable International Finance, Ltd., 144A, 5.750%, 09/07/27 (d)   1,000,000    1,056,875 
SBA Communications Corp., 144A, 3.125%, 02/01/29 (d)   2,000,000    1,924,799 
Sprint Capital Corp., 6.875%, 11/15/28   1,000,000    1,262,845 
Sprint Capital Corp., 8.750%, 03/15/32   1,500,000    2,219,625 
Sprint Corp., 7.875%, 09/15/23   500,000    571,875 
Sprint Corp., 7.125%, 06/15/24   3,000,000    3,457,530 
Switch, Ltd., 144A, 3.750%, 09/15/28 (d)   2,250,000    2,219,839 
Telecom Italia Capital SA, 7.200%, 07/18/36   1,500,000    1,896,798 
Telecom Italia SpA, 144A, 5.303%, 05/30/24 (d)   2,000,000    2,169,200 
T-Mobile USA, Inc., 2.625%, 04/15/26   800,000    815,500 
T-Mobile USA, Inc., 4.750%, 02/01/28   3,000,000    3,209,700 
Uniti Group, LP/Fiber Holdings, Inc./CSL Capital, LLC, 144A, 7.875%, 02/15/25 (d)   1,500,000    1,625,318 
Uniti Group, LP/Fiber Holdings, Inc./CSL Capital, LLC, 144A, 7.125%, 12/15/24 (d)   500,000    515,313 
Uniti Group, LP/Finance, Inc./CSL Capital, LLC, 144A, 6.500%, 02/15/29 (d)   2,000,000    1,990,500 
Zayo Group Holdings, Inc., 144A, 4.000%, 03/01/27 (d)   2,500,000    2,463,263 
         41,085,782 
           
TRANSPORTATION: 0.4%          
Delta Air Lines, Inc., 144A, 7.000%, 05/01/25 (d)   1,000,000    1,152,385 
Great Lakes Dredge & Dock Corp., 8.000%, 05/15/22   1,000,000    1,010,000 
         2,162,385 
           
UTILITY: 1.5%          
Clearway Energy Operating, LLC, 144A, 4.750%, 03/15/28 (d)   2,000,000    2,082,660 
Clearway Energy Operating, LLC, 144A, 3.750%, 02/15/31 (d)   1,000,000    961,591 
Pattern Energy Operations, LP/Inc., 144A, 4.500%, 08/15/28 (d)   2,000,000    2,036,250 
TerraForm Power Operating, LLC, 144A, 5.000%, 01/31/28 (d)   1,000,000    1,080,925 
TerraForm Power Operating, LLC, 144A, 4.750%, 01/15/30 (d)   1,000,000    1,040,520 
Topaz Solar Farms, LLC, 144A, 5.750%, 09/30/39 (d)   973,148    1,115,154 
         8,317,100 
           
TOTAL CORPORATE BONDS        502,823,274 
(Cost $489,696,065)        . 
           
LOANS: 2.2%          
CAPITAL GOODS: 0.4%          
EWT Holdings III Corp., 1 month LIBOR + 2.75%, 2.863%, 12/20/24 (e)   1,988,432    1,983,461 
           
CONSUMER GOODS: 0.4%          
Whole Earth Brands, Inc., 5.500%, 02/05/28 (e)   2,000,000    1,987,500 
           
RETAIL: 0.2%          
PetSmart, Inc., 4.500%, 02/12/28 (e)   1,000,000    999,850 
           
TELECOMMUNICATIONS: 0.2%          
Digicel International Finance, Ltd., 3.452%, 05/27/24 (e)   1,000,000    952,500 
           
TRANSPORTATION: 1.0%          
Mileage Plus Holdings, LLC, 6.250%, 06/20/27 (e)   3,000,000    3,192,435 
SkyMiles IP, Ltd., 4.750%, 10/20/27 (e)   2,000,000    2,103,000 
         5,295,435 
           
TOTAL LOANS        11,218,746 
(Cost $11,215,763)          
           
TOTAL BONDS        514,542,833 
(Cost $501,412,641)          
           
CERTIFICATES OF DEPOSIT: 0.2%          
Self-Help Federal Credit Union, 1.900%, 12/20/21 (b)   400,000    405,382 
Self-Help Federal Credit Union, 0.650%, 04/29/22 (b)   100,000    100,622 
Shared Interest, Inc., 2.400%, 09/30/21 (b)   500,000    500,000 
TOTAL CERTIFICATES OF DEPOSIT        1,006,004 
(Cost $1,000,000)          

 

 

MONEY MARKET: 3.5%          
State Street Institutional U.S. Government Money Market Fund, 0.040% (f)(g)   18,746,040    18,746,040 
(Cost $18,746,040)          
           
TOTAL INVESTMENTS: 99.0%        537,210,677 
(Cost $523,719,602)          
           
Other assets and liabilities - (net): 1.0%        5,455,882 
           
Net Assets: 100.0%       $542,666,559 

 

(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 March 31, 2021 on securities with variable or step rates.
(f)Rate shown represents annualized 7-day yield as of March 31, 2021.
(g)Premier Class shares

LIBOR-London Inter-bank Offered Rate. At March 31, 2021 the 1 month and 3 month LIBOR rates were 0.111% and 0.194%, respectively.

LP-Limited Partnership

REIT - Real Estate Investment Trust

 

 

 

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.