UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-02064

PAX WORLD FUNDS SERIES TRUST I

(Exact name of Registrant as specified in charter)

30 Penhallow Street, Suite 400, Portsmouth, NH	03801
(Address of principal executive offices)	(Zip code)

Pax World Management Corp.
30 Penhallow Street, Suite 400, Portsmouth, NH 03801
Attn.: Joseph Keefe

(Name and address of agent for service)

Registrant’s telephone number, including area code: 800-767-1729

Date of fiscal year end: December 31

Date of reporting period: December 31, 2010

     Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

     A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. §3507.

Item 1. Reports to Stockholders

THIS PAGE INTENTIONALLY LEFT BLANK

Table of Contents

Letter to Shareholders	2
Portfolio Commentary	6
Portfolio Highlights
ESG Managers Aggressive Growth Portfolio	13
ESG Managers Growth Portfolio	17
ESG Managers Moderate Portfolio	21
ESG Managers Conservative Portfolio	25
Sustainability Update	29
Shareholder Expense Examples	32
Schedules of Investments	34
Statements of Assets and Liabilities	56
Statements of Operations	60
Statements of Changes in Net Assets	62
Statement of Changes in Net Assets—Shares of Beneficial Interest	64
Financial Highlights	66
Notes to Financial Statements	68
Report of Independent Registered Public Accounting Firm	87

For More Information

General Fund Information	Transfer and
877.374.7678	Dividend Disbursing Agent
	BNY Mellon Asset Servicing
Shareholder Account Information	P.O. Box 9824
888.374.8920	Providence, RI 02940-8024
Account Inquiries	Custodian
ESG Managers Portfolios	State Street Bank
P.O. Box 9824	and Trust Company
Providence, RI 02940-8024	225 Franklin Street
	Boston, MA 02110
Investment Adviser
Pax World Management LLC
30 Penhallow Street, Suite 400
Portsmouth, NH 03801

Letter to Shareholders

by Joseph Keefe, President & CEO

Dear fellow shareholders,

As 2010 came to a close, we began to see strong signals that the U.S. economy was on the road to recovery. Not recovery at a blistering pace, mind you, but steady, forward progress just the same. In fact, we saw the equity markets begin to recover as early as September 2010. By the end of December, the S&P 500 Index was up 15.06% for the year. Some parts of the market performed even better—the Russell 2000 Index of small-cap companies was up 26.85% for the year. As the New Year began, many if not most economic forecasters were projecting positive, if moderate, GDP growth together with improving equity returns for 2011.

At Pax World, all of our funds delivered positive returns for 2010. Moreover, we are optimistic about the prospects for continued economic recovery together with positive investment returns in 2011.

As markets continue to recover, however, we should not forget about what caused the precipitous decline in the first place. As a mutual fund company focused on sustainable investing, we need to remind ourselves that it was ultimately a set of unsustainable business practices in the financial sector that led to the crisis in the first place—a myopic, short-term focus, poor risk management, excessive leverage, and the financial engineering of opaque derivatives and other financial instruments meant to serve the short-term interests of traders rather than the long-term interests of investors.

Nor should we forget that too many people are still unemployed and too many homes are still being foreclosed.

We need to remember that the financial sector failed the American people. It seems to me that we have an obligation to learn the lessons of this failure and to offer investors sound, sustainable financial strategies going forward.

At Pax World, we are trying our best to do this. In 2010, we continued to advocate for sound financial regulations and more sustainable business practices. We sent letters to Congress, the White House, and the Securities and Exchange Commission (SEC) supporting key provisions of the Dodd-Frank

2

financial reform legislation, such as proxy access allowing investors to nominate board candidates. We used our power as a shareholder to file “Say-on-Pay” resolutions at several companies asking for an advisory vote on executive compensation. We also filed shareholder resolutions asking companies to review their political contributions policies in light of the U.S. Supreme Court’s decision in Citizens United vs. Federal Election Commission allowing unlimited use of corporate assets to fund independent political ads.

On the environmental front, Pax World filed shareholder resolutions on the ecological impacts of oil sands operations and hydraulic fracturing (or “fracking”) for natural gas extraction, and with fellow institutional investors sent letters to Congress, the EPA and others urging action on climate change legislation, increased fuel economy standards, and improved sustainability reporting.

We continued our ongoing work on gender equality and women’s empowerment by withholding support from all-male board slates while leading campaigns to encourage companies to embrace gender diversity on their boards and to endorse the Women’s Empowerment Principles, an initiative of the UN Global Compact and UNIFEM.

We also launched two new series of funds for sustainable investors in 2010: the ESG Managers^TM Portfolios reported on herein, a series of multi-manager asset allocation funds with asset allocation, manager selection and portfolio construction by Morningstar Associates; and ESG Shares^®, the first family of exchange traded funds (ETFs) focused exclusively on a sustainable investing approach.

One hopes that we have learned some of the hard lessons from the financial crisis and economic downturn. Certainly the financial sector needs to focus on real, long-term value creation rather than continued short-term profits derived from asset bubbles, financial engineering and hyper trading. As investors, we can take steps designed to ensure that corporations and markets produce better long-term social, environmental and financial outcomes. That’s what sustainable investing is all about. At Pax World, we tried our best to advance these goals in 2010, and we enter 2011 with renewed commitment and

3

enthusiasm.

Thank you for your continued confidence.

Sincerely,

Joseph F. Keefe
President and CEO

You should consider a fund’s investment objectives, risks, and charges and expenses carefully before investing. For this and other important information, please obtain a fund prospectus by calling 800.767.1729. Please read it carefully before investing. Distributed by ALPS Distributors, Inc.

4

The ESG Managers^TM Portfolios use multiple managers (“Sleeve Subadvisers”) and direct investments in mutual funds to seek to achieve their investment objectives, and each Sleeve Subadviser seeks to invest the assets of its sleeve(s) in securities consistent with its investment style (e.g., large cap growth, small cap value, intermediate term bond) and within the parameters established by Morningstar Associates, LLC for the Funds. The Sleeve Subadvisers include experienced managers of mutual funds and separately managed accounts that also follow environmental, social and governance (ESG) criteria. These funds or separate accounts serve as models upon which Morningstar Associates, LLC has designed the sleeves’ investment parameters. The chart below lists these strategies.

Sleeve Subadviser or Fund Manager	Strategy
Access Capital Strategies	Investment Grade Fixed Income
Ariel Investments, LLC	Small/Mid Cap Value
ClearBridge Advisors, LLC	Large Cap Value
Community Capital Management, Inc	Investment Grade Fixed Income
Miller/Howard Investments, Inc.	Equity Income
MMA Capital Management	Investment Grade Fixed Income
Neuberger Berman Management, LLC	Large Cap Blend
Parnassus Investments	Equity Income
Parnassus Investments	Small Cap
Portfolio 21 Investments	World Stock
Pax World Management LLC	Multi-Cap Equity
Pax World Management LLC	Global Green (Environmental Technologies)*
Pax World Management LLC	High Yield Bond *
Pax World Management LLC	Real Return
Pax World Management LLC	International Equity*
Schroder Investment Management, Ltd.	Emerging Markets Equity*

There can be no assurance that the performance of any Fund will be comparable to that of any model mutual fund or separate account strategy referred to above, or that the results achieved by a Sleeve Subadviser will correlate closely to that of the applicable model mutual fund or separate account strategy.

* Represents direct investments in mutual fund shares (see Schedules of Investments).

5

December 31, 2010

Portfolio Commentary

Portfolio Construction Advisors
Jon Hale, Ph.D., CFA,
Managing Consultant,
Morningstar Associates & Peter Di Teresa,
Senior Investment Consultant, Morningstar Associates

The ESG Managers Portfolios are diversified, multi-manager funds, consisting of underlying equity and fixed-income strategies run by separate managers from multiple firms, all of whom pursue Sustainable Investment strategies Assets are allocated to the underlying managers primarily on the basis of Morningstar Associates’ long-term strategic asset allocation targets, although at any given time, allocations may diverge from the long-term targets due to specific market conditions. Under normal circumstances, the Aggressive Growth Portfolio will be invested approximately 95% in equity securities and 5% in fixed income securities; the Growth Portfolio will be invested approximately 70% in equity securities and 30% in fixed income securities; the Moderate Portfolio will be invested approximately 50% in equity securities and 50% in fixed income securities; and the Conservative Portfolio will be invested approximately 35% in equity securities and 65% in fixed income securities.

In 2010, equity markets continued the rebound that began in the spring of 2009. In the U.S., the S&P 500 Index gained 15.06% for the year. Small-cap stocks delivered even stronger results as the Russell 2000 Index rose 26.85% for 2010. International stocks lagged the U.S., with the MSCI EAFE (Net) Index posting a gain of 7.75%.

Markets overcame several obstacles during the course of the year. In the spring the Greek debt crisis evolved into broad concern about the finances of a number of other peripheral European Union members. Investors began to question the long-term survivability of the EU itself, at least in its present form, and near-term growth prospects for the region were generally lowered. Around the same time, second-quarter U.S. GDP growth came in at a modest 1.7% as the anticipated benefits of fiscal stimulus didn’t fully materialize. Unemployment stayed stubbornly high and housing remained shaky. After a difficult August, Federal Reserve chief Ben Bernanke indicated the Fed may make additional purchases of long-term bonds— a form of quantitative easing. The final plan announced in November, which became known as QE2, projects the purchase of $600 billion in Treasury bonds in monthly increments through June 2011.

6

December 31, 2010

The QE2 talk seemed to pay early dividends as interest rates fell and stocks rallied in September. Meanwhile, the economic news brightened through year end. Third-quarter GDP growth rose to 2.6%, reducing fears of a double-dip recession. Consumer spending beat expectations during the holiday season, the job market flashed a few encouraging signs, and President Obama signed a tax deal to extend the Bush tax cuts and reduce payroll taxes.

Small caps dominated large caps for the year. Small caps lost more during the corrections in June and August but powered ahead during rallies in the first and fourth quarters. Growth and value stocks, on the other hand, performed more evenly relative to one another, although growth stocks notched modestly higher returns.

International equities generally lagged behind U.S. stocks in 2010. European stocks suffered through the Greek debt crisis early in the year and then stumbled again in November as Ireland succumbed to pressure and accepted a bailout from the European Central Bank. Emerging markets delivered divergent performances. As measured by the MSCI country indices, China gained just 4.6% in 2010 as the country took steps to slow its rampant growth and stem inflationary fears. Brazil rose 6.5% amid the election of a new president. Russia gained 19% on rising oil prices. India soared 21% to lead the pack, with large inflows from foreign investors lifting prices.

Fixed-income investments performed well for most of the year as corporate profits recovered while interest rates fell. With QE2 looming, the yield on the 10-year Treasury dropped down to 2.39% in early October. But it rose again toward the end of the year, finishing at 3.30%, as the improving economy and rich bond prices led to a sell-off. Overall, the Barclays Capital U.S. Aggregate Bond Index gained 6.5% in 2010, despite losing 1.3% in the fourth quarter.

Aggressive Growth Portfolio

For the since-inception period from January 4, 2010 through December 31, 2010, the ESG Managers Aggressive Growth Portfolio had a total return of 9.96%, while its Blended Benchmark¹ had a total return of 10.52%.

The underlying strategy that had the biggest positive impact on returns was Neuberger Berman Socially Responsive. A growth-leaning strategy consisting mostly of U.S. large-cap stocks, it posted a 20.3% return. With 17.6% of assets, the Neuberger Berman strategy was the Fund’s largest position at the end of 2010.

7

December 31, 2010

Portfolio Commentary, continued

The Fund’s two smaller-cap strategies also posted significant returns: Parnassus Small Cap gained 32.8% and Ariel Small/Mid Cap Value gained 22.8%. Because the Fund’s positions in each of those two strategies is only about 5% of assets, however, their overall impact on the Fund’s performance was smaller than Neuberger Berman’s.

The biggest detractors from performance included the Fund’s other two large-cap strategies to which significant assets were allocated. ClearBridge ESG Large Cap Value had a 9.1% return, but that lagged the S&P 500 Index’s 13.4% return covering the period from the Fund’s inception through the end of the year. Parnassus Equity-Income, a core U.S. large-cap holding, gained 7.1%, also well behind the S&P 500 Index.

	Inception			12/31/10			Net contribution
Contributors to Since-Inception Performance	return			allocation			above benchmark
Neuberger Berman Socially Responsive		20.30	%		17.60	%		1.54	%
Parnassus Small Cap		32.80	%		5.10	%		0.50	%
Ariel Small/Mid Cap Value		22.80	%		4.70	%		0.07	%

	Inception			12/31/10			Net contribution
Detractors from Since-Inception Performance	return			allocation			above benchmark
Portfolio 21		-1.40	%		7.40	%		-1.11	%
Parnassus Equity-Income		7.10	%		16.50	%		-0.82	%
ClearBridge ESG Large Cap Value		9.10	%		14.80	%		-0.35	%

Growth Portfolio

For the since-inception period from January 4, 2010 through December 31, 2010, the ESG Managers Growth Portfolio had a total return of 9.79%, while its Blended Benchmark² had a total return of 9.88%.

The underlying manager that had the biggest positive impact on returns was Parnassus Small Cap, which gained 34.8% during the period. Neuberger Berman Socially Responsive, a growth-leaning strategy consisting mostly of U.S. large-cap stocks posted a 21.3% return. Because it has the largest allocation in the Fund, Neuberger Berman’s net positive impact was nearly the same as that of Parnassus Small Cap. Next in line was Ariel Small/Mid Cap Value, which gained 22.8%.

The biggest detractor from performance was Portfolio 21, a concentrated global stock strategy that lost 0.7% during the period. While Parnassus Equity-Income

8

December 31, 2010

Portfolio Commentary, continued

and ClearBridge ESG Large Cap Value both posted positive returns, 7.8% and 9.2%, respectively, they both lagged well behind the S&P 500 Index’s 13.4% return.

	Inception			12/31/10			Net contribution
Contributors to Since-Inception Performance	return			allocation			above benchmark
Neuberger Berman Socially Responsive		21.30	%		12.60	%		1.02	%
Parnassus Small Cap		34.80	%		5.00	%		0.50	%
Ariel Small/Mid Cap Value		22.80	%		3.20	%		0.08	%

	Inception			12/31/10			Net contribution
Detractors from Since-Inception Performance	return			allocation			above benchmark
Portfolio 21		-0.70	%		6.70	%		-0.80	%
Parnassus Equity-Income		7.80	%		10.20	%		-0.43	%
ClearBridge ESG Large Cap Value		9.20	%		11.00	%		-0.31	%

Moderate Portfolio

For the since-inception period from January 4, 2010 through December 31, 2010, the ESG Managers Moderate Portfolio had a total return of 7.50%, while its Blended Benchmark³ had a total return of 9.16%.

Among the Fund’s underlying strategies, the biggest contributors to and detractors from performance were the same as they were for the Growth Portfolio (see above). Additionally, however, with more assets devoted to fixed income investments, the relative underperformance of the Fund’s fixed-income managers also hurt it relative to its Blended Benchmark. With the exception of Pax World High Yield Bond, none of the Fund’s underlying bond managers beat the Barclays Capital U.S. Aggregate Bond Index for the period.

	Inception			12/31/10			Net contribution
Contributors to Since-Inception Performance	return			allocation			above benchmark
Neuberger Berman Socially Responsive		22.10	%		9.10	%		0.71	%
Parnassus Small Cap		35.50	%		2.20	%		0.24	%
Ariel Small/Mid Cap Value		23.60	%		2.00	%		0.05	%

	Inception			12/31/10			Net contribution
Detractors from Since-Inception Performance	return			allocation			above benchmark
Portfolio 21		-2.30	%		5.90	%		-0.78	%
Parnassus Equity-Income		10.00	%		9.00	%		-0.18	%
ClearBridge ESG Large Cap Value		8.80	%		8.90	%		-0.16	%

9

December 31, 2010

Portfolio Commentary, continued

Conservative Portfolio

For the since-inception period from January 4, 2010 through December 31, 2010, the ESG Managers Conservative Portfolio had a total return of 7.46%, versus its Blended Benchmark⁴, which had a total return of 8.44%.

As was the case with the other ESG Managers Portfolios, the most positive contributions to performance during the period came from Neuberger Berman Socially Responsive, Parnassus Small Cap, and Ariel Small/Mid Cap Value. But because the overall equity exposure in the Conservative Portfolio is targeted at only 35% of assets, the strong performance of the three equity strategies didn’t have as significant of an impact on overall performance.

Instead, the lagging performance from three of the Fund’s fixed-income managers kept the Fund below its benchmark for the period. With shorter durations and limited U.S. Treasury exposure, compared with the Barclays Capital U.S. Aggregate Bond Index, the Fund’s two largest bond positions, Everence Intermediate Bond and Community Capital Bond, trailed the index. The Pax World Real Return strategy, which is in the Fund to provide long-term inflation protection, also lagged the bond index for the period.

	Inception			12/31/10			Net contribution
Contributors to Since-Inception Performance	return			allocation			above benchmark
Neuberger Berman Socially Responsive		22.00	%		5.90	%		0.39	%
Parnassus Small Cap		34.80	%		2.30	%		0.15	%
Ariel Small/Mid Cap Value		23.20	%		2.20	%		0.03	%

	Inception			12/31/10			Net contribution
Detractors from Since-Inception Performance	return			allocation			above benchmark
Portfolio 21		0.20	%		4.90	%		-0.43	%
ClearBridge ESG Large Cap Value		8.70	%		6.00	%		-0.17	%
Miller/Howard Equity Income		9.00	%		3.60	%		-0.13	%

Looking ahead to 2011, we believe the outlook for equities is generally favorable as the economy continues its modest path to recovery. Among the positives, the jobs picture has stabilized somewhat and consumer confidence is growing. Corporate balance sheets are healthy, which could result in increased capital spending and M&A activity. Should interest rates rise later in the year, it would be another positive signal to equity markets that the recovery is sustainable.

10

December 31, 2010

Portfolio Commentary, continued

Headwinds clearly remain, though. Unemployment appears likely to back down only modestly. Housing remains weak. Corporate earnings could suffer from more difficult year-over-year comparisons, and the market appears to be more or less fully valued. The Morningstar measure of fair value in the U.S. stock market stood at 1.05 as the year began, indicating that the median stock covered by Morningstar equity analysts is 5% overvalued. We expect to maintain an overweight position to U.S. equities during 2011’s first quarter, a reflection of a stronger economic outlook for the U.S. than for Europe and Japan.

At the end of 2010, we began adding a new strategy to the Funds: Schroder Emerging Market Equity Fund (SEMNX). While the U.K.-based Schroder Investment Management North America, Ltd. has incorporated the impact of ESG issues into its securities analysis for some time, it has recently formalized its approach, making the fund appropriate for inclusion in the ESG Managers Portfolios. This position provides much-needed exposure to the world’s fastest growing economies via a manager committed to incorporating ESG issues into its stock selection.

Finally, it’s worth noting our belief that the Funds are well positioned for a rising interest-rate environment. We’re continuing to overweight high-yield bonds, which typically are not as sensitive to rate increases, but have the potential to continue their positive performance as the economy strengthens. Our high-yield strategy, Pax World High Yield Bond Fund, has historically plied the more conservative end of the high-yield market, which we believe is a plus in the slow-recovery environment. We believe the shorter-duration stance of our bond managers should also protect the Funds should rates rise, and our position in Treasury Inflation Protected Securities should help protect against a rise in inflation expectations.

1	The Blended Benchmark is composed of 60% S&P 500 Index, 35% MSCI EAFE (Net) Index and 5% Barclays Capital Aggregate Bond Index. Investors cannot invest directly in any index.
2	The Blended Benchmark is composed of 45% S&P 500 Index, 25% MSCI EAFE (Net) Index and 30% Barclays Capital Aggregate Bond Index. Investors cannot invest directly in any index.
3	The Blended Benchmark is composed of 33% S&P 500 Index, 17% MSCI EAFE (Net) Index and 50% Barclays Capital Aggregate Bond Index. Investors cannot invest directly in any index.
4	The Blended Benchmark is composed of 23% S&P 500 Index, 12% MSCI EAFE (Net) Index and 65% Barclays Capital Aggregate Bond Index. Investors cannot invest directly in any index.

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December 31, 2010

Portfolio Commentary, continued

The portfolio commentary in this report provides insight in an effort to help you examine your fund. The views expressed therein are those of the portfolio construction advisors and are for the period covered by this report. Such commentary does not necessarily represent the views of the Board of Trustees of your fund. The views expressed herein are subject to change at any time based upon market and/or other conditions and Pax World Management LLC and the funds disclaim any responsibility to update such views. The commentaries should not be relied upon as investment advice.

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December 31, 2010

Aggressive Growth Portfolio

Portfolio Highlights

Returns—Year ended December 31, 2010

		Total Return
					Since
Share class		3 months			Inception1
Class A2 (PAGAX)	NAV3		9.22	%		9.96	%
	POP		3.27	%		3.94	%
Institutional Class (PAGIX)			9.30	%		10.33	%
Class C4 (PAGCX)	NAV3		9.05	%		9.16	%
	CDSC		7.96	%		8.07	%
Blended Index5, 6, 7, 8, 10			8.71	%		10.52	%
Lipper Multi-Cap Core Funds Index9, 10			11.40	%		14.82	%

Total returns have not been annualized. Total return figures include reinvested dividends and capital gains distributions, and changes in principal value, and do not reflect the taxes that a shareholder might pay on Fund distributions or on the redemption of Fund shares. These figures represent past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance shown. For more recent month-end performance data, please visit www.esgmanagers.com.

¹ The Fund’s inception date is January 4, 2010.

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December 31, 2010

Aggressive Growth Portfolio, continued

2	A 1.00% CDSC (contingent deferred sales charge) may be charged on any shares sold within 1 year of purchase over $1 million. POP (public offering price) reflects the maximum sales load for the Fund’s Class A Shares of 5.50%. NAV performance does not reflect the deduction of the sales load or the CDSC, which, if reflected, would reduce the performance shown.
3	NAV is Net Asset Value.
4	A 1.00% CDSC (contingent deferred sales charge) may be charged on shares redeemed within 1 year of purchase. NAV performance does not reflect the deduction of the CDSC, which, if reflected, would reduce the performance shown.
5	The Blended Index is composed of 60% S&P 500 Index, 35% MSCI EAFE (Net) Index and 5% Barclays Capital U.S. Aggregate Bond Index.
6	The S&P 500 Index is an index of large capitalization common stocks.
7	The MSCI EAFE (Europe, Australasia, Far East) Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. As of July 2010 the MSCI EAFE Index consisted of the following 22 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. Performance for the MSCI EAFE Index is shown “net”, which includes dividend reinvestments after deduction of foreign withholding tax.
8	The Barclays Capital U.S. Aggregate Bond Index represents securities that are U.S. domestic, taxable and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities and asset-backed securities.
9	The Lipper Multi-Cap Core Funds Index tracks the results of the 30 largest mutual funds in the Lipper Multi-Cap Core Funds Average. The Lipper Multi-Cap Core Funds Average is a total return performance average of the mutual funds tracked by Lipper, Inc. that, by portfolio practice, invest at least 75% of their equity assets in any one market capitalization range over an extended period of time. Multi-Cap Core Funds typically have an average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P SuperComposite 1500 Index. The Lipper Multi-Cap Core Funds Index is not what is typically considered to be an “index” because it tracks the performance of other mutual funds rather than the changes in the value of a group of securities, a securities index or some other traditional economic indicator.
10	Unlike the Aggressive Growth Portfolio, the Blended Index and the Lipper Multi-Cap Core Funds Index are not investments, are not professionally managed, have no policy of sustainable investing and (with the exception of the Lipper Multi-Cap Core Funds Index) do not reflect deductions for fees, expenses or taxes.

Asset Allocation	Percent of Market Value
Cash & Equivalents		3.8	%
U.S. Stocks		64.5	%
Foreign Stocks		26.9	%
U.S. Bonds		1.9	%
Foreign Bonds		0.6	%
Non-Affiliated Investment Companies & Exchange Traded Funds		2.3	%
Total		100.0	%

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December 31, 2010

Aggressive Growth Portfolio, continued

Manager Allocation

Manager/Strategy	Percent of Net Assets
EQUITY
Large-Cap/Multi-Cap
ClearBridge ESG Large Cap Value		14.8	%
Miller/Howard Equity Income		6.5	%
Parnassus Equity Income		16.5	%
Neuberger Berman Socially Responsive Large Cap Blend		17.6	%
Pax World Multi-Cap Equity		5.1	%
Small/Mid-Cap
Ariel Small/Mid Cap Value		4.7	%
Parnassus Small Cap		5.1	%
International/World
Pax World International Equity		15.1	%
Portfolio 21 World Stock		7.4	%
Schroder Emerging Markets Equity		1.5	%
Sector Specific
Pax World Global Green (Environmental Technologies)		3.1	%
Total Equities		97.4	%
FIXED INCOME
High Yield
Pax World High Yield Bond		2.7	%
Total Fixed Income		2.7	%
Other		-0.1	%
Total		100.0	%

Top Ten Holdings

Company	Percent of Net Assets
NIKE, Inc., Class B		0.5	%
Scripps Networks Interactive, Class A		0.5	%
Time Warner, Inc.		0.4	%
Comcast Corp., Class A		0.4	%
Time Warner Cable, Inc.		0.4	%
News Corp., Class A		0.4	%
SES SA		0.3	%
DISH Network Corp., Class A		0.2	%
McDonald’s Corp.		0.2	%
CBS Corp., Class B		0.2	%
Total		3.5	%

Excludes Affiliated and Non-Affiliated Investment Companies.

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December 31, 2010

Aggressive Growth Portfolio, continued

Sector Diversification

Sector	Percent of Market Value
Corporate Bonds		2.5	%
Consumer Discretionary		8.7	%
Consumer Staples		7.6	%
Energy		9.0	%
Financials		14.3	%
Health Care		11.4	%
Industrials		12.3	%
Information Technology		15.5	%
Materials		3.8	%
Telecommunication Services		3.4	%
Utilities		5.4	%
Non-Affiliated Investment Companies & Exchange Traded Funds		2.3	%
Cash & Equivalents		3.8	%
Total		100.0	%

May include companies representing multiple industries within a single “Sector”.

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     December 31, 2010

Growth Portfolio

Portfolio Highlights

Returns—Year Ended December 31, 2010

		Total Return
					Since
Share class		3 months			Inception1
Class A2 (PGPAX)	NAV3		7.04	%		9.79	%
	POP		1.22	%		3.77	%
Institutional Class (PMIIX)			7.12	%		9.93	%
Class C4 (PWCCX)	NAV3		6.85	%		8.93	%
	CDSC		5.78	%		7.84	%
Blended Index5, 6, 7 8, 10			6.08	%		9.88	%
Lipper Mixed-Assets Target Allocation Growth Funds Index9, 10			7.30	%		11.11	%

Total returns have not been annualized. Total return figures include reinvested dividends and capital gains distributions, and changes in principal value, and do not reflect the taxes that a shareholder might pay on Fund distributions or on the redemption of Fund shares. These figures represent past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance shown. For more recent month-end performance data, please visit www.esgmanagers.com.

¹ The Fund’s inception date is January 4, 2010.

17

December 31, 2010

Growth Portfolio, continued

2	A 1.00% CDSC (contingent deferred sales charge) may be charged on any shares sold within 1 year of purchase over $1million. POP (public offering price) reflects the maximum sales load for the Fund’s Class A Shares of 5.50%. NAV performance does not reflect the deduction of the sales load or the CDSC, which,if reflected, would reduce the performance shown.
3	NAV is Net Asset Value.
4	A 1.00% CDSC (contingent deferred sales charge) may be charged on shares redeemed within 1 year of purchase. NAV performance does not reflect the deduction of the CDSC, which, if reflected, would reduce the performance shown.
5	The Blended Index is composed of 45% S&P 500 Index, 25% MSCI EAFE (Net) Index and 30% Barclays Capital U.S. Aggregate Bond Index.
6	The S&P 500 Index is an index of large capitalization common stocks.
7	The MSCI EAFE (Europe, Australasia, Far East) Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. As of July 2010 the MSCI EAFE Index consisted of the following 22 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. Performance for the MSCI EAFE Index is shown “net”, which includes dividend reinvestments after deduction of foreign withholding tax.
8	The Barclays Capital U.S. Aggregate Bond Index represents securities that are U.S. domestic, taxable and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities and asset-backed securities.
9	The Lipper Mixed-Asset Target Allocation Growth Funds Index tracks the results of the 30 largest mutual funds in the Lipper Mixed-Asset Target Allocation Growth Funds Average. The Lipper Mixed-Asset Target Allocation Growth Funds Average is a total return performance average of mutual funds tracked by Lipper, Inc. whose primary objective is to conserve principal by maintaining, at all times a mix of between 60%-80% equity securities, with the remainder invested in bonds, cash, and cash equivalents. The Lipper Mixed-Asset Target Allocation Growth Funds Index is not what is typically considered to be an “index” because it tracks the performance of other mutual funds rather than changes in the value of a group of securities, a securities index or some other traditional economic indicator.
10	Unlike the Growth Portfolio, the Blended Index and the Lipper Mixed-Asset Target Allocation Growth Funds Index are not investments, are not professionally managed, have no policy of sustainable investing and (with the exception of the Lipper Mixed-Asset Target Allocation Growth Funds Index) do not reflect deductions for fees, expenses or taxes.

Asset Allocation	Percent of Market Value
Cash & Equivalents		3.8	%
U.S. Stocks		48.9	%
Foreign Stocks		24.6	%
U.S. Bonds		18.2	%
Foreign Bonds		2.1	%
Non-Affiliated Investment Companies & Exchange Traded Funds		2.4	%
Total		100.0	%

18

December 31, 2010

Growth Portfolio, continued

Manager Allocation

Manager/Strategy	Percent of Net Assets
EQUITY
Large-Cap/Multi-Cap
ClearBridge ESG Large Cap Value		11.0	%
Miller/Howard Equity Income		5.7	%
Parnassus Equity Income		10.2	%
Neuberger Berman Socially Responsive Large Cap Blend		12.6	%
Pax World Multi-Cap Equity		4.7	%
Small/Mid-Cap
Ariel Small/Mid Cap Value		3.2	%
Parnassus Small Cap		5.0	%
International/World
Pax World International Equity		14.5	%
Portfolio 21 World Stock		6.7	%
Schroder Emerging Markets Equity		1.5	%
Sector Specific
Pax World Global Green (Environmental Technologies)		2.5	%
Total Equities		77.6	%
FIXED INCOME
Investment Grade
Access Capital Investment Grade Fixed Income		2.9	%
Community Capital Investment Grade Fixed Income		1.6	%
Everence Investment Grade Fixed Income		5.4	%
Inflation-Protected
Pax World Real Return		3.8	%
High Yield
Pax World High Yield Bond		8.8	%
Total Fixed Income		22.5	%
Other		-0.1	%
Total		100.0	%

Top Ten Holdings—Equity

Company	Percent of Net Assets
Procter & Gamble Co., The		1.0	%
Bank of New York Mellon Corp., The		0.9	%
JPMorgan Chase & Co.		0.9	%
Danaher Corp.		0.8	%
Cisco Systems, Inc.		0.8	%
Microsoft Corp.		0.7	%
Praxair, Inc.		0.7	%
Mastercard, Inc., Class A		0.7	%
Charles Schwab Corp., The		0.6	%
Teleflex, Inc.		0.6	%
Total		7.7	%

Excludes Affiliated and Non-Affiliated Investment Companies.

19

December 31, 2010

Growth Portfolio, continued

Top Ten Holdings—Fixed Income

Company	Percent of Net Assets
Ginnie Mae, 2.021%, 10/16/50		1.4	%
Fannie Mae, 4.500%, 07/01/40		1.1	%
Fannie Mae, 4.500%, 03/01/39		0.9	%
United States Treasury Note (TIPS), 0.500%, 04/15/15		0.7	%
United States Treasury Note (TIPS), 1.750%, 01/15/28		0.7	%
U.S. Dept of Housing & Urban Development, 5.680%, 07/01/40		0.6	%
United States Treasury Note (TIPS), 1.375%, 07/15/18		0.5	%
United States Treasury Note (TIPS), 1.625%, 01/15/15		0.4	%
Citigroup Funding, Inc, 1.875%, 10/22/12		0.4	%
United States Treasury Note (TIPS), 2.375%, 01/15/25		0.4	%
Total		7.1	%

Excludes Affiliated and Non-Affiliated Investment Companies.

Sector Diversification

Sector	Percent of Market Value
Bonds		20.3	%
Corporate: 11.1%, Agency/Gov’t Related: 2.0%, Municipal: 0.3%, Mortgage Backed: 3.0%. Treasury: 3.9%
Consumer Discretionary		7.0	%
Consumer Staples		5.7	%
Energy		7.5	%
Financials		11.4	%
Health Care		9.2	%
Industrials		9.9	%
Information Technology		12.5	%
Materials		3.2	%
Telecommunication Services		3.0	%
Utilities		4.1	%
Non-Affiliated Investment Companies & Exchange Traded Funds		2.4	%
Cash & Equivalents		3.8	%
Total		100.0	%

May include companies representing multiple industries within a single “sector”.

20

December 31, 2010

Moderate Portfolio

Portfolio Highlights

Returns—Period ended December 31, 2010

		Total Return
					Since
Share class		3 months			Inception1
Class A2 (PMPAX)	NAV3		4.16	%		7.50	%
	POP		-1.57	%		1.61	%
Institutional Class (PWPIX)			4.25	%		7.74	%
Class C4 (PWPCX)	NAV3		4.00	%		6.68	%
	CDSC		2.96	%		5.61	%
Blended Index5, 6, 7, 8, 10			3.99	%		9.16	%
Lipper Mixed-Assets Target Allocation Moderate Funds Index9, 10			5.61	%		10.38	%

Total returns have not been annualized. Total return figures include reinvested dividends and capital gains distributions, and changes in principal value, and do not reflect the taxes that a shareholder might pay on Fund distributions or on the redemption of Fund shares. These figures represent past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance shown. For more recent month-end performance data, please visit www.esgmanagers.com.

¹ The Fund’s inception date is January 4, 2010.

21

December 31, 2010

Moderate Portfolio, continued

2	A 1.00% CDSC (contingent deferred sales charge) may be charged on any shares sold within 1 year of purchase over $1million. POP (public offering price) reflects the maximum sales load for the Fund’s Class A Shares of 5.50%. NAV performance does not reflect the deduction of the sales load or the CDSC, which, if reflected, would reduce the performance shown.
3	NAV is Net Asset Value.
4	A 1.00% CDSC (contingent deferred sales charge) may be charged on shares redeemed within 1 year of purchase. NAV performance does not reflect the deduction of the CDSC, which, if reflected, would reduce the performance shown.
5	The Blended Index is composed of 33% S&P 500 Index, 17% MSCI EAFE (Net) Index and 50% Barclays Capital U.S. Aggregate Bond Index.
6	The S&P 500 Index is an index of large capitalization common stocks.
7	The MSCI EAFE (Europe, Australasia, Far East) Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. As of July 2010 the MSCI EAFE Index consisted of the following 22 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. Performance for the MSCI EAFE Index is shown “net”, which includes dividend reinvestments after deduction of foreign withholding tax.
8	The Barclays Capital U.S. Aggregate Bond Index represents securities that are U.S. domestic, taxable and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities and asset-backed securities.
9	The Lipper Mixed-Asset Target Allocation Moderate Funds Index tracks the results of the 30 largest mutual funds in the Lipper Mixed-Asset Target Allocation Moderate Funds Average. The Lipper Mixed-Asset Target Allocation Moderate Funds Average is a total return performance average of mutual funds tracked by Lipper, Inc. whose primary objective is to conserve principal by maintaining, at all times a mix of between 40%-60% equity securities, with the remainder invested in bonds, cash, and cash equivalents. The Lipper Mixed-Asset Target Allocation Moderate Funds Index is not what is typically considered to be an “index” because it tracks the performance of other mutual funds rather than changes in the value of a group of securities, a securities index or some other traditional economic indicator.
10	Unlike the Moderate Portfolio, the Blended Index and the Lipper Mixed-Asset Target Allocation Moderate Funds Index are not investments, are not professionally managed, have no policy of sustainable investing and (with the exception of the Lipper Mixed-Asset Target Allocation Moderate Funds Index) do not reflect deductions for fees, expenses or taxes.

Asset Allocation	Percent of Market Value
Cash & Equivalents		2.8	%
U.S. Stocks		37.1	%
Foreign Stocks		15.9	%
U.S. Bonds		41.4	%
Foreign Bonds		1.1	%
Non-Affiliated Investment Companies & Exchange Traded Funds		1.7	%
Total		100.0	%

22

December 31, 2010

Moderate Portfolio, continued

Manager Allocation

Manager/Strategy	Percent of Net Assets
EQUITY
Large-Cap/Multi-Cap
ClearBridge ESG Large Cap Value		8.9	%
Miller/Howard Equity Income		5.0	%
Parnassus Equity Income		9.0	%
Neuberger Berman Socially Responsive Large Cap Blend		9.1	%
Pax World Multi-Cap Equity		3.0	%
Small/Mid-Cap
Ariel Small/Mid Cap Value		2.0	%
Parnassus Small Cap		2.2	%
International/World
Pax World International Equity		7.6	%
Portfolio 21 World Stock		5.9	%
Schroder Emerging Markets Equity		1.3	%
Sector Specific
Pax World Global Green (Environmental Technologies)		2.3	%
Total Equities		56.3	%
FIXED INCOME
Investment Grade
Access Capital Investment Grade Fixed Income		4.9	%
Community Capital Investment Grade Fixed Income		5.5	%
Everence Investment Grade Fixed Income		20.0	%
Inflation-Protected
Pax World Real Return		8.9	%
High Yield
Pax World High Yield Bond		4.5	%
Total Fixed Income		43.8	%
Other		-0.1	%
Total		100.0	%

Top Ten Holdings—Equity

Company	Percent of Net Assets
Procter & Gamble Co., The		0.8	%
JPMorgan Chase & Co		0.7	%
Bank of New York Mellon Corp., The		0.7	%
Microsoft Corp.		0.6	%
Danaher Corp.		0.6	%
Praxair, Inc.		0.6	%
Mastercard, Inc., Class A		0.6	%
Cisco Systems, Inc.		0.6	%
Charles Schwab Corp., The		0.5	%
Johnson & Johnson		0.5	%
Total		6.2	%

Excludes Affiliated and Non-Affiliated Investment Companies.

23

December 31, 2010

Moderate Portfolio, continued

Top Ten Holdings—Fixed Income

Company	Percent of Net Assets
Fannie Mae, 4.500%, 07/01/40		2.2	%
Ginnie Mae, 3.459%, 05/16/36		1.6	%
Ginnie Mae, 4.500%, 08/20/40		1.6	%
United States Treasury Note (TIPS), 0.500%, 04/15/15		1.5	%
Kirkwood Community College Iowa, 2.500%, 06/01/17		1.5	%
Citigroup Funding, Inc, 1.875%, 10/22/12		1.4	%
Freddie Mac, 3.750%, 03/27/19		1.3	%
Freddie Mac, 5.000%, 07/15/37		1.2	%
Farmer Mac, 6.075%, 04/20/40		1.1	%
United States Treasury Note (TIPS), 1.375%, 07/15/18		1.1	%
Total		14.5	%

Excludes Affiliated and Non-Affiliated Investment Companies.

Sector Diversification

Sector	Percent of Market Value
Bonds		42.5	%
Corporate: 14.7%, Agency/Gov’t Related: 6.3%, Municipal: 2.5%, Mortgage Backed: 10.0%, Treasury: 9.0%
Consumer Discretionary		4.7	%
Consumer Staples		4.2	%
Energy		5.2	%
Financials		8.2	%
Health Care		6.6	%
Industrials		7.3	%
Information Technology		8.9	%
Materials		2.4	%
Telecommunication Services		2.1	%
Utilities		3.4	%
Non-Affiliated Investment Companies & Exchange Traded Funds		1.7	%
Cash & Equivalents		2.8	%
Total		100.0	%

May include companies representing multiple industries within a single “Sector”.

24

December 31, 2010

Conservative Portfolio

Portfolio Highlights

Returns—Period ended December 31, 2010

		Total Return
					Since
Share Class		3 months			Inception1
Class A2 (PWMAX)	NAV3		2.86	%		7.46	%
	POP		-2.73	%		1.57	%
Institutional Class (PWMIX)			2.95	%		7.68	%
Class C4 (PWMCX)	NAV3		2.61	%		6.54	%
	CDSC		1.59	%		5.48	%
Blended Index5, 6, 7, 8, 10			2.40	%		8.44	%
Lipper Mixed-Assets Target Allocation Conservative Funds Index9, 10			2.71	%		9.11	%

Total returns have not been annualized. Total return figures include reinvested dividends and capital gains distributions, and changes in principal value, and do not reflect the taxes that a shareholder might pay on Fund distributions or on the redemption of Fund shares. These figures represent past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance shown. For more recent month-end performance data, please visit www.esgmanagers.com.

¹ The Fund’s inception date is January 4, 2010.

25

December 31, 2010

Conservative Portfolio, continued

2	A 1.00% CDSC (contingent deferred sales charge) may be charged on any shares sold within 1 year of purchase over $1million. POP (public offering price) reflects the maximum sales load for the Fund’s Class A Shares of 5.50%. NAV performance does not reflect the deduction of the sales load or the CDSC, which, if reflected, would reduce the performance shown.
3	NAV is Net Asset Value.
4	A 1.00% CDSC (contingent deferred sales charge) may be charged on shares redeemed within 1 year of purchase. NAV performance does not reflect the deduction of the CDSC, which, if reflected, would reduce the performance shown.
5	The Blended Index is composed of 23% S&P 500 Index, 12% MSCI EAFE (Net) Index and 65% Barclays Capital U.S. Aggregate Bond Index.
6	The S&P 500 Index is an index of large capitalization common stocks.
7	The MSCI EAFE (Europe, Australasia, Far East) Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. As of July 2010 the MSCI EAFE Index consisted of the following 22 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. Performance for the MSCI EAFE Index is shown “net”, which includes dividend reinvestments after deduction of foreign withholding tax.
8	The Barclays Capital U.S. Aggregate Bond Index represents securities that are U.S. domestic, taxable and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities and asset-backed securities.
9	The Lipper Mixed-Asset Target Allocation Conservative Funds Index tracks the results of the 30 largest mutual funds in the Lipper Mixed-Asset Target Allocation Conservative Funds Average. The Lipper Mixed-Asset Target Allocation Conservative Funds Average is a total return performance average of mutual funds tracked by Lipper, Inc. whose primary objective is to conserve principal by maintaining, at all times a mix of between 20%-40% equity securities, with the remainder invested in bonds, cash, and cash equivalents. The Lipper Mixed-Asset Target Allocation Conservative Funds Index is not what is typically considered to be an “index” because it tracks the performance of other mutual funds rather than changes in the value of a group of securities, a securities index or some other traditional economic indicator.
10	Unlike the Conservative Portfolio, the Blended Index and the Lipper Mixed-Asset Target Allocation Conservative Funds Index are not investments, are not professionally managed, have no policy of sustainable investing and (with the exception of the Lipper Mixed-Asset Target Allocation Conservative Funds Index) do not reflect deductions for fees, expenses or taxes.

Asset Allocation	Percent of Market Value
Cash & Equivalents		3.6	%
U.S. Stocks		26.2	%
Foreign Stocks		12.0	%
U.S. Bonds		55.8	%
Foreign Bonds		1.1	%
Non-Affiliated Investment Companies & Exchange Traded Funds		1.3	%
Total		100.0	%

26

December 31, 2010

Conservative Portfolio, continued

Manager Allocation

Strategy	Percent of Net Assets
EQUITY
Large-Cap/Multi-Cap
ClearBridge ESG Large Cap Value		6.0	%
Miller/Howard Equity Income		3.6	%
Parnassus Equity Income		5.6	%
Neuberger Berman Socially Responsive Large Cap Blend		5.9	%
Pax World Multi-Cap Equity		2.1	%
Small/Mid-Cap
Ariel Small/Mid Cap Value		2.2	%
Parnassus Small Cap		2.3	%
International/World
Pax World International Equity		5.7	%
Portfolio 21 World Stock		4.9	%
Schroder Emerging Markets Equity		1.0	%
Sector Specific
Pax World Global Green (Environmental Technologies)		1.4	%
Total Equities		40.7	%
FIXED INCOME
Investment Grade
Community Capital Investment Grade Fixed Income		12.5	%
Everence Investment Grade Fixed Income		30.3	%
Inflation-Protected
Pax World Real Return		11.9	%
High Yield
Pax World High Yield Bond		4.6	%
Total Fixed Income		59.3	%
Total		100.0	%

Top Ten Holdings—Equity

Company	Percent of Net Assets
Procter & Gamble Co., The		0.5	%
JPMorgan Chase & Co		0.5	%
Bank of New York Mellon Corp., The		0.5	%
Danaher Corp.		0.4	%
Microsoft Corp.		0.4	%
Praxair, Inc.		0.4	%
Google, Inc., Class A		0.4	%
International Business Machines Corp.		0.3	%
Mastercard, Inc., Class A		0.3	%
McCormick & Co., Inc.		0.3	%
Total		4.0	%

Excludes Affiliated and Non-Affiliated Investment Companies.

27

December 31, 2010

Conservative Portfolio, continued

Top Ten Holdings—Fixed Income

Company	Percent of Net Assets
Ginnie Mae, 4.500%, 11/20/40		4.9	%
Ginnie Mae, 4.500%, 01/15/40		2.1	%
Citigroup Funding, Inc, 1.875%, 10/22/12		2.1	%
Freddie Mac, 3.750%, 03/27/19		1.9	%
Freddie Mac, 5.000%, 07/15/37		1.8	%
United States Treasury Note (TIPS), 1.375%, 07/15/18		1.8	%
United States Treasury Note (TIPS), 1.625%, 01/15/15		1.7	%
Ginnie Mae, 4.500%, 08/20/40		1.7	%
Federal Home Loan Bank, 5.000%, 11/17/17		1.6	%
Ginnie Mae, 4.175%, 01/16/38		1.5	%
Total		21.1	%

Excludes Affiliated and Non-Affiliated Investment Companies.

Sector Diversification

Sector	Percent of Market Value
Bonds		56.9	%
Corporate: 20.3%, Agency/Gov’t Related: 9.5%, Mortgage Backed: 15.6%, Treasury: 11.5%
Consumer Discretionary		3.9	%
Consumer Staples		2.9	%
Energy		3.6	%
Financials		5.8	%
Health Care		4.6	%
Industrials		5.2	%
Information Technology		6.4	%
Materials		1.8	%
Telecommunication Services		1.5	%
Utilities		2.5	%
Non-Affiliated Investment Companies & Exchange Traded Funds		1.3	%
Cash & Equivalents		3.6	%
Total		100.0	%

May include companies representing multiple industries within a single “Sector”.

28

December 31, 2010

Sustainable Investing

Senior Vice President for
Sustainable Investing
Julie Gorte, Ph.D.

Sustainability Update

The beginning of a new year is, in our world, a time to anticipate the start of a new proxy season and the opportunities it gives us to help improve the prospects of the companies in which we invest. This year marks the first year that public companies will be required to offer shareholders the opportunity to cast an advisory vote on their executive compensation plans, and to offer shareholders the choice of having such a vote every one, two or three years.

Corporate governance is a comprehensive measure, including hundreds of individual data points and criteria. While there is a great deal of variation in how different investors and rating agencies see governance, executive compensation is included in all of them. In fact, there is probably no single indicator of governance that is more important than executive compensation, and none that is more fundamentally broken. Despite increasingly frequent episodes of outrage over the size of executive compensation—most recently during the financial crisis—and increasingly specific regulation over what must be reported, it is difficult to point to any real progress in reining in excessive executive compensation over the past two decades. In part because of the financial crisis, and revelations that some of the most outlandish compensation was awarded to CEOs and other executives of some of the firms most responsible for the economic woes we have endured, the SEC last year required all companies to offer their shareholders the opportunity to provide an advisory vote on their executive compensation packages, and further stipulated that companies must do this at least every three years. Companies can choose whether to do this annually, or less frequently.

We are now on the threshold of seeing those advisory votes on company proxies. Since the regulation was finalized, we have seen nine executive compensation plans on company proxies, and we are about to see them for most, if not all, U.S. companies in our portfolios, most of them during proxy season (roughly March through June). We have voted against two-thirds of them, and we anticipate a great many more votes against compensation packages as the proxy season heats up. We have voted in favor of every

29

December 31, 2010

Sustainability Report, continued

resolution proposing an annual vote, and against all those proposing less frequent reporting.

Executive compensation is one of the most effective ways that the incentives of corporate management can be aligned with those of shareholders. Compensation packages with vague or sparse ties to financial performance are common, and we now have a new tool to use to let companies know how we feel about it. If all shareholders did this, reform might indeed happen. It took a lot of momentum to get to this point, and Pax World was one of the investors that helped create and sustain that momentum: we sent comments to the SEC on its proposed rule on executive compensation; we filed several “Say on Pay” resolutions; and we communicated our strong support for the advisory vote to the drafters of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which made such votes mandatory for the first time. Driving wedges into the largely opaque and cloistered system of lavish executive compensation hasn’t been easy, and progress hasn’t been fast. But we’ve struck pay dirt, and we will continue to dig.

In a much less well-publicized rulemaking last year, the SEC also began for the first time to require boards to report on their diversity, and again, Pax World was one of the enterprises that supported this new rule when the SEC proposed it. Pax World has been co-leading a global engagement on board diversity under the auspices of the United Nations Principles for Responsible Investment for nearly a year, and we have conducted a thorough review of the academic literature linking women’s empowerment with financial performance. What we know from this experience is that diverse boards are more likely to do a better job of overseeing and managing corporate governance than homogeneous ones—in the United States, that means all-white, all-male boards—and that those differences actually matter in financial measures like earnings quality and more conservative earnings reporting. We are working hard to create investor momentum in favor of more diverse boards. If most investors voted as we do at Pax World—withholding votes from every board slate that includes no women—we could make real progress in the dismal statistics on board diversity, and very likely in the quality of corporate governance. We will be launching new initiatives to encourage other investors to vote as we do.

30

December 31, 2010

Sustainability Report, continued

On both issues—executive compensation and board diversity—we have been part of what Margaret Mead called a small group of committed individuals, which she maintained was the only thing that has ever changed the world. As a small firm dedicated to sustainable investing, we are always aware that progress on all measures of sustainability is needed, and that even a large investor working alone probably won’t get very far. But working with others, and leading where we can, we have shown that progress is not just possible, it’s underway.

31

December 31, 2010

Shareholder Expense Examples

Examples As a shareholder of the ESG Managers^TM Aggressive Growth, Growth, Moderate or Conservative Portfolios, you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. The examples on the next page are intended to help you understand your ongoing costs (in dollars) of investing in each of the Funds and compare these costs with the ongoing costs of investing in other mutual funds. For more information, see the prospectus or talk to your financial adviser.

The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period beginning on July 1, 2010 and ending on December 31, 2010.

Please note that Individual Retirement Account (IRA), Coverdell Education Savings, Roth IRA, SEP-IRA, SIMPLE IRA, and 403(b)(7) accounts are charged an annual custodial fee of $12. If you are invested in one of these account types, you should add an additional $6 to the estimated expenses paid during the period.

Actual Expenses For each Fund, the first table on the next page provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. For the Fund, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Examples for Comparison Purposes For each Fund, the second table on the following page provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not each Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

32

December 31, 2010

Shareholder Expense Examples, continued

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning		Ending		Annualized
	Account Value		Account Value		Expense			Expenses Paid
Based on Actual Fund Return	(7/1/10)		(12/31/10)		Ratio			During Period1
Aggressive Growth — Class A	$	1,000.00	$	1,213.10		1.23	%	$	6.86
Aggressive Growth — Institutional		1,000.00		1,215.00		0.98	%		5.47
Aggressive Growth — Class C		1,000.00		1,208.90		1.98	%		11.02
Growth — Class A		1,000.00		1,164.20		1.08	%		5.89
Growth — Institutional		1,000.00		1,165.10		0.83	%		4.53
Growth — Class C		1,000.00		1,160.00		1.83	%		9.96
Moderate — Class A		1,000.00		1,108.70		1.10	%		5.85
Moderate — Institutional		1,000.00		1,109.70		0.85	%		4.52
Moderate — Class C		1,000.00		1,103.90		1.85	%		9.81
Conservative — Class A		1,000.00		1,083.00		1.10	%		5.78
Conservative — Institutional		1,000.00		1,083.90		0.85	%		4.46
Conservative — Class C		1,000.00		1,078.50		1.85	%		9.69

¹ Expenses are equal to each Funds’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period beginning on July 1, 2010 and ending on December 31, 2010).

	Beginning		Ending		Annualized
Based on Hypothetical 5% Return	Account Value		Account Value		Expense			Expenses Paid
(before expenses)	(7/1/10)		(12/31/10)		Ratio			During Period1
Aggressive Growth — Class A	$	1,000.00	$	1,019.00		1.23	%	$	6.26
Aggressive Growth - Institutional		1,000.00		1,020.27		0.98	%		4.99
Aggressive Growth — Class C		1,000.00		1,015.22		1.98	%		10.06
Growth — Class A		1,000.00		1,019.76		1.08	%		5.50
Growth — Institutional		1,000.00		1,021.02		0.83	%		4.23
Growth — Class C		1,000.00		1,015.98		1.83	%		9.30
Moderate — Class A		1,000.00		1,019.66		1.10	%		5.60
Moderate — Institutional		1,000.00		1,020.92		0.85	%		4.33
Moderate — Class C		1,000.00		1,015.88		1.85	%		9.40
Conservative — Class A		1,000.00		1,019.66		1.10	%		5.60
Conservative — Institutional		1,000.00		1,020.92		0.85	%		4.33
Conservative — Class C		1,000.00		1,015.88		1.85	%		9.40

¹ Expenses are equal to each Funds’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period beginning on July 1, 2010 and ending on December 31, 2010).

33

December 31, 2010

Schedule of Investments

ESG Managers^TM Aggressive Growth Portfolio

Percent of Net Assets,	Shares/
Name of Issuer and	Principal/
Title of Issuer	Contracts		Value
COMMON STOCK: 75.6%
Consumer Discretionary: 7.4%
Arbitron, Inc.		220	$	9,134
Best Buy Co., Inc.		22		754
BorgWarner, Inc. (a)		26		1,881
CBS Corp., Class B		510		9,716
Cinemark Holdings, Inc.		178		3,069
Comcast Corp, Class A		949		19,749
Darden Restaurants, Inc.		19		882
DeVry, Inc.		160		7,677
DISH Network Corp., Class A (a)		586		11,521
DR Horton, Inc.		70		835
Expedia, Inc.		49		1,229
Gannett Co, Inc.		625		9,431
Hennes & Mauritz AB, B Shares		16		533
Home Depot, Inc.		270		9,466
International Game Technology		430		7,607
Interpublic Group of Cos., Inc. (a)		730		7,753
J. Crew Group, Inc. (a)		85		3,667
Johnson Controls, Inc.		183		6,991
KB Home		550		7,420
Lowe’s Cos., Inc.		69		1,731
Macy’s, Inc.		13		329
McDonald’s Corp.		148		11,360
Meredith Corp.		130		4,505
Mohawk Industries, Inc. (a)		130		7,379
Newell Rubbermaid, Inc.		325		5,909
News Corp., Class A		1,337		19,467
NIKE, Inc., Class B		295		25,199
Nordstrom, Inc.		140		5,933
Pulte Group, Inc. (a)		825		6,204
Reed Elsevier PLC		1,100		9,292
Royal Caribbean Cruises, Ltd. (a)		190		8,930
Scripps Networks Interactive, Class A		441		22,822
SES SA		516		12,287
Sotheby’s		60		2,700
Stanley Black & Decker, Inc.		122		8,158
Staples, Inc.		350		7,970
Target Corp.		139		8,358
Tiffany & Co.		110		6,850
Time Warner Cable, Inc.		297		19,611
Time Warner, Inc.		635		20,427
Toll Brothers, Inc. (a)		360		6,839
Washington Post Co., The, Class B		10		4,394
				345,969
Consumer Staples: 6.5%
Coca-Cola Co., The		159		10,457
Constellation Brands, Inc. (a)		100		2,215

Percent of Net Assets,	Shares/
Name of Issuer and	Principal/
Title of Issuer	Contracts		Value
COMMON STOCK, continued
Consumer Staples, continued
Corn Products International, Inc.		79	$	3,634
Costco Wholesale Corp.		235		16,969
CVS Caremark Corp.		430		14,951
Energizer Holdings, Inc. (a)		60		4,374
General Mills, Inc.		8		285
Hansen Natural Corp. (a)		39		2,039
HJ Heinz Co.		119		5,886
JM Smucker Co., The		452		29,674
Kellogg Co.		114		5,823
Kimberly-Clark Corp.		289		18,219
Kraft Foods, Inc., Class A		135		4,254
McCormick & Co., Inc.		897		41,737
Nash Finch Co.		45		1,913
Natura Cosmeticos SA		21		603
PepsiCo, Inc.		213		13,915
Procter & Gamble Co., The		988		63,558
Safeway, Inc.		286		6,432
Sysco Corp.		966		28,400
Unilever PLC, ADR		204		6,300
United Natural Foods, Inc. (a)		350		12,838
WD-40 Co.		235		9,466
				303,942
Energy: 7.4%
Apache Corp.		73		8,704
Baker Hughes, Inc.		93		5,317
BG Group PLC, ADR		340		34,680
Cimarex Energy Co.		145		12,837
ConocoPhillips		375		25,538
El Paso Corp.		1,311		18,039
Enerplus Corp.		407		12,552
Ensco PLC , ADR		110		5,872
EQT Corp.		104		4,663
Kinder Morgan Management LLC, LP		321		21,469
Newfield Exploration Co. (a)		455		32,810
Noble Corp.		407		14,558
Noble Energy, Inc.		193		16,613
Petroleo Brasileiro SA, ADR		182		6,887
Quicksilver Resources, Inc. (a)		526		7,753
Range Resources Corp.		6		270
Royal Dutch Shell PLC, ADR		304		20,301
Sasol Ltd., ADR		24		1,249
Seadrill, Ltd.		230		7,802
SM Energy Co.		75		4,420
Southern Union Co.		348		8,376
Spectra Energy Corp.		753		18,817
Statoil ASA, ADR		514		12,218

SEE NOTES TO FINANCIAL STATEMENTS 34

December 31, 2010

Schedule of Investments, continued

ESG Managers^TM Aggressive Growth Portfolio, continued

Percent of Net Assets,	Shares/
Name of Issuer and	Principal/
Title of Issuer	Contracts		Value
COMMON STOCK, continued
Energy, continued
Suncor Energy, Inc.		363	$	13,899
W&T Offshore, Inc.		1,050		18,764
Weatherford International, Ltd. (a)		488		11,126
				345,534
Financials: 11.5%
Aflac, Inc.		240		13,543
American Express Co.		286		12,275
Banco Bradesco SA, ADR		600		12,174
Bank of America Corp.		1,070		14,274
Bank of Montreal		74		4,260
Bank of New York Mellon Corp., The		2,084		62,937
BlackRock, Inc.		126		24,013
CB Richard Ellis Group, Inc., Class A (a)		330		6,758
Charles Schwab Corp., The		2,492		42,638
China Life Insurance Co. Ltd., ADR		28		1,713
Chubb Corp.		118		7,038
Cincinnati Financial Corp.		206		6,528
City National Corp.		60		3,682
Digital Realty Trust, Inc., REIT		136		7,009
Glacier Bancorp, Inc.		200		3,022
Goldman Sachs Group, Inc., The		11		1,850
HCC Insurance Holdings, Inc.		150		4,341
HCP, Inc., REIT		262		9,639
Hospitality Properties Trust, REIT		32		737
Hudson City Bancorp., Inc.		755		9,619
Janus Capital Group, Inc.		630		8,171
Jones Lang LaSalle, Inc.		95		7,972
JPMorgan Chase & Co.		1,442		61,170
Lazard, Ltd., LP, Class A		215		8,490
Loews Corp.		248		9,650
Markel Corp. (a)		43		16,260
Marsh & McLennan Cos., Inc.		405		11,073
Morgan Stanley		315		8,571
NYSE Euronext		250		7,495
optionsXpress Holdings, Inc.		128		2,006
Potlatch Corp., REIT		300		9,765
PrivateBancorp, Inc.		150		2,157
Progressive Corp., The		1,570		31,196
Royal Bank of Canada		300		15,708
Royal Bank of Canada (Canadian)		150		7,893
SEI Investment Co.		170		4,044
State Street Corp.		199		9,222
T Rowe Price Group, Inc.		25		1,614
Tower Group, Inc.		220		5,628

Percent of Net Assets,	Shares/
Name of Issuer and	Principal/
Title of Issuer	Contracts		Value
COMMON STOCK, continued
Financials, continued
Travelers Cos., Inc., The		183	$	10,195
Unibail-Rodamco SE, REIT		75		14,849
Wells Fargo & Co.		1,036		32,105
Willis Group Holdings PLC		52		1,800
				535,084
Health Care: 9.8%
Abbott Laboratories		194		9,295
Amgen, Inc. (a)		48		2,635
Analogic Corp.		40		1,980
Baxter International, Inc.		325		16,452
Beckman Coulter, Inc.		55		4,138
Becton, Dickinson & Co.		385		32,540
Bio-Rad Laboratories, Inc., Class A (a)		100		10,385
Bristol-Myers Squibb Co.		186		4,925
Covidien PLC		570		26,026
Cyberonics, Inc. (a)		225		6,980
Eli Lilly & Co.		162		5,676
Furiex Pharmaceutical, Inc. (a)		185		2,673
Gen-Probe, Inc. (a)		375		21,881
Gilead Sciences, Inc. (a)		225		8,154
GlaxoSmithKline PLC, ADR		147		5,765
Hospira, Inc. (a)		580		32,300
Johnson & Johnson		485		29,997
LHC Group, Inc. (a)		285		8,550
Medtronic, Inc.		1,000		37,090
Merck & Co., Inc.		466		16,795
Mylan, Inc. (a)		185		3,909
Novartis AG		200		11,773
Novartis AG, ADR		203		11,967
Novo Nordisk A/S, ADR		149		16,773
Pfizer, Inc.		760		13,308
Roche Holding AG		98		14,366
Roche Holding AG, ADR		602		22,063
Sirona Dental Systems, Inc. (a)		20		836
St. Jude Medical, Inc. (a)		17		727
Teleflex, Inc.		720		38,743
Teva Pharmaceutical Industries, Ltd., ADR		354		18,454
Thermo Fisher Scientific, Inc. (a)		11		609
Valeant Pharmaceuticals International		334		9,449
VCA Antech, Inc. (a)		260		6,055
WellPoint, Inc. (a)		113		6,426
				459,695

35 SEE NOTES TO FINANCIAL STATEMENTS

December 31, 2010

Schedule of Investments, continued

ESG Managers^TM Aggressive Growth Portfolio, continued

Percent of Net Assets,	Shares/
Name of Issuer and	Principal/
Title of Issuer	Contracts		Value
COMMON STOCK, continued
Industrials: 9.3%
3M Co.		302	$	26,063
Administaff, Inc.		240		7,032
Brady Corp., Class A		190		6,196
Brink’s Co., The.		225		6,048
Canadian National Railway Co.		221		14,690
Cia de Concessoes Rodoviarias		43		1,215
Cooper Industries PLC		285		16,613
Cummins, Inc.		82		9,021
Danaher Corp.		1,114		52,547
Deere & Co.		233		19,351
Diana Shipping, Inc. (a)		137		1,647
Dun & Bradstreet Corp.		80		6,567
East Japan Railway Co.		200		12,978
Emerson Electric Co.		362		20,696
Empresas ICA SAB de CV, ADR (a)		191		1,948
Expeditors International of Washington, Inc.		66		3,604
General Electric Co.		809		14,797
Graco, Inc.		60		2,367
Herman Miller, Inc.		980		24,794
Honeywell International, Inc.		293		15,576
ICF International, Inc. (a)		435		11,188
IDEX Corp.		355		13,888
Illinois Tool Works, Inc.		180		9,612
Ingersoll-Rand PLC		68		3,202
Interface, Inc., Class A		395		6,182
Iron Mountain, Inc.		277		6,928
Nordson Corp.		44		4,043
Pentair, Inc.		300		10,953
RR Donnelley & Sons, Co.		490		8,560
Siemens AG		100		12,386
Simpson Manufacturing Co., Inc.		80		2,472
SKF AB		650		18,548
Vestas Wind Systems A/S (a)		250		7,917
Waste Management, Inc.		1,050		38,714
WW Grainger, Inc.		120		16,573
				434,916
Information Technology: 14.5%
Accenture PLC., Class A		425		20,608
Altera Corp.		727		25,867
Anixter International, Inc.		480		28,670
BMC Software, Inc. (a)		38		1,791
Brocade Communications Systems, Inc. (a)		1,900		10,051
Canon, Inc.		300		15,410
Ceragon Networks, Ltd. (a)		675		8,897

Percent of Net Assets,	Shares/
Name of Issuer and	Principal/
Title of Issuer	Contracts		Value
COMMON STOCK, continued
Information Technology, continued
Ciena Corp. (a)		350	$	7,368
Cisco Systems, Inc. (a)		1,804		36,495
Citrix Systems, Inc. (a)		41		2,805
Clicksoftware Technologies, Ltd. (a)		625		4,813
Cognex Corp.		80		2,354
Cymer, Inc. (a)		105		4,732
Electronics for Imaging, Inc. (a)		475		6,797
EMC Corp. (a)		406		9,297
Fair Isaac Corp.		165		3,856
Finisar Corp. (a)		225		6,680
Google, Inc., Class A (a)		61		36,232
Harmonic, Inc. (a)		380		3,257
Hewlett-Packard Co.		775		32,628
Intel Corp.		1,043		21,934
International Business Machines Corp.		218		31,994
Intuit, Inc. (a)		390		19,227
Jack Henry & Associates, Inc.		115		3,352
Mastercard, Inc., Class A		210		47,063
Maxim Integrated Products, Inc.		333		7,865
Mentor Graphics Corp. (a)		500		6,000
Microchip Technology, Inc.		235		8,039
Microsoft Corp.		1,849		51,624
Motorola Solutions, Inc. (a)		111		4,224
National Instruments Corp.		653		24,579
Oclaro, Inc. (a)		80		1,052
Oracle Corp.		36		1,127
Paychex, Inc.		750		23,183
QUALCOMM, Inc.		749		37,068
Riverbed Technology, Inc. (a)		120		4,220
Sourcefire, Inc. (a)		71		1,841
SunPower Corp., Class A (a)		450		5,774
Taiwan Semiconductor, ADR		702		8,803
Tellabs, Inc.		825		5,594
Teradata Corp. (a)		10		412
Texas Instruments, Inc.		1,148		37,310
VeriSign, Inc.		470		15,354
Websense, Inc. (a)		445		9,010
Yahoo!, Inc. (a)		1,901		31,613
				676,870
Materials: 2.6%
Air Products & Chemicals, Inc.		157		14,279
Compass Minerals International		30		2,678
Crown Holdings, Inc. (a)		214		7,143
Ecolab, Inc.		300		15,126
Novozymes A/S, ADR		57		7,964

SEE NOTES TO FINANCIAL STATEMENTS 36

December 31, 2010

Schedule of Investments, continued

ESG Managers^TM Aggressive Growth Portfolio, continued

Percent of Net Assets,	Shares/
Name of Issuer and	Principal/
Title of Issuer	Contracts		Value
COMMON STOCK, continued
Materials, continued
Nucor Corp.		341	$	14,943
Praxair, Inc.		425		40,575
Rio Tinto PLC, ADR		57		4,085
Svenska Cellulosa AB, B Shares		650		10,263
Syngenta AG, ADR		53		3,115
Vale SA, ADR		26		899
				121,070
Telecommunication Services: 2.2%
America Movil SAB de CV, Series L, ADR		98		5,619
American Tower Corp., Class A (a)		118		6,094
AT&T, Inc.		589		17,305
BCE, Inc.		93		3,298
CenturyLink, Inc.		364		16,806
Portugal Telecom SGPS SA		93		1,062
Tele Norte Leste Participacoes SA, ADR		289		4,248
Telefonica SA		400		9,132
Telefonica SA, ADR		111		7,595
Verizon Communications, Inc.		317		11,342
Vodafone Group PLC, ADR		375		9,911
Windstream Corp.		534		7,443
				99,855
Utilities: 4.4%
AGL Resources, Inc.		290		10,397
American Water Works Co., Inc.		473		11,962
Black Hills Corp.		225		6,750
Energen Corp.		755		36,436
Iberdrola Renovables SA		3,000		10,662
MDU Resources Group, Inc.		1,100		22,297
National Grid PLC		1,000		8,643
National Grid PLC, ADR		172		7,633
NiSource, Inc.		578		10,184
Northeast Utilities		181		5,770
Northwest Natural Gas Co.		165		7,668
Oneok, Inc.		294		16,308
Pepco Holdings, Inc.		245		4,471
Portland General Electric Co.		700		15,190
Questar Corp.		620		10,794
Red Electrica Corp. SA		150		7,072
Sempra Energy		239		12,544
Veolia Environnement, ADR		12		352
				205,133
Total Common Stocks (Cost $3,142,553)				3,528,068

Percent of Net Assets,	Shares/
Name of Issuer and	Principal/
Title of Issuer	Contracts		Value
AFFILIATED INVESTMENT COMPANIES: 20.8%
Pax World Global Green Fund (b)		15,204	$	146,565
Pax World High Yield Bond Fund (b)		16,284		125,713
Pax World International Fund (b)		76,883		701,169
TOTAL AFFILIATED INVESTMENT COMPANIES (Cost $904,803)				973,447
NON-AFFILIATED INVESTMENT COMPANIES: 1.5%
Schroder Emerging Markets Equity Fund (c)		5,157		71,739
TOTAL N0N-AFFILIATED INVESTMENT COMPANIES (Cost $71,481)				71,739
TOTAL INVESTMENTS: 97.9% (Cost $4,118,837)				4,573,254
OTHER ASSETS AND LIABILITIES—(Net): 2.1%				97,671
Net Assets: 100.0%			$	4,670,925

(a)	Non income producing security
(b)	Institutional Class shares
(c)	Investor Class shares
ADR	American Depository Receipt
LP	Limited Partnership
REIT	Real Estate Investment Trust

37 SEE NOTES TO FINANCIAL STATEMENTS

December 31, 2010

Schedule of Investments, continued

ESG Managers^TM Growth Portfolio

Percent of Net Assets,	Shares/
Name of Issuer and	Principal/
Title of Issuer	Contracts		Value
COMMON STOCKS: 57.2%
Consumer Discretionary: 5.6%
Arbitron, Inc.		390	$	16,193
Best Buy Co., Inc.		37		1,269
BorgWarner, Inc. (a)		44		3,184
CBS Corp., Class B		605		11,525
Cinemark Holdings, Inc.		281		4,844
Comcast Corp, Class A		1,211		25,201
Darden Restaurants, Inc.		32		1,486
DeVry, Inc.		205		9,836
DISH Network Corp., Class A (a)		805		15,826
DR Horton, Inc.		185		2,207
Expedia, Inc.		82		2,057
Gannett Co, Inc.		715		10,789
Hennes & Mauritz AB, B Shares		27		899
Home Depot, Inc.		360		12,622
International Game Technology		490		8,668
Interpublic Group of Cos., Inc. (a)		835		8,868
J. Crew Group, Inc. (a)		175		7,550
Johnson Controls, Inc.		231		8,824
KB Home		900		12,141
Lowe’s Cos., Inc.		114		2,859
Macy’s, Inc.		23		582
McDonald’s Corp.		208		15,966
Meredith Corp.		150		5,198
Mohawk Industries, Inc. (a)		150		8,514
Newell Rubbermaid, Inc.		385		6,999
News Corp., Class A		1,762		25,655
NIKE, Inc., Class B		390		33,314
Nordstrom, Inc.		160		6,781
Pulte Group, Inc. (a)		1,400		10,528
Reed Elsevier PLC		2,000		16,894
Royal Caribbean Cruises, Ltd. (a)		230		10,810
Scripps Networks Interactive, Class A		572		29,601
SES SA		663		15,788
Sotheby’s		65		2,925
Stanley Black & Decker, Inc.		142		9,496
Staples, Inc.		575		13,093
Target Corp.		182		10,944
Tiffany & Co.		110		6,850
Time Warner Cable, Inc.		393		25,950
Time Warner, Inc.		835		26,862
Toll Brothers, Inc. (a)		630		11,969
Washington Post Co., The, Class B		10		4,394
				465,961

Percent of Net Assets,	Shares/
Name of Issuer and	Principal/
Title of Issuer	Contracts		Value
COMMON STOCKS, continued
Consumer Staples: 4.5%
Coca-Cola Co., The		204	$	13,417
Constellation Brands, Inc. (a)		120		2,658
Corn Products International, Inc.		132		6,072
Costco Wholesale Corp.		309		22,313
CVS Caremark Corp.		529		18,393
Energizer Holdings, Inc. (a)		70		5,103
General Mills, Inc.		13		463
Hansen Natural Corp. (a)		66		3,450
HJ Heinz Co.		181		8,952
JM Smucker Co., The		546		35,845
Kellogg Co.		143		7,304
Kimberly-Clark Corp.		377		23,766
Kraft Foods, Inc., Class A		224		7,058
McCormick & Co., Inc.		1,026		47,740
Nash Finch Co.		75		3,188
Natura Cosmeticos SA		35		1,006
PepsiCo, Inc.		292		19,076
Procter & Gamble Co., The		1,228		78,997
Safeway, Inc.		360		8,096
Sysco Corp.		1,112		32,693
Unilever PLC, ADR		269		8,307
United Natural Foods, Inc. (a)		350		12,839
WD-40 Co.		240		9,668
				376,404
Energy: 5.8%
Apache Corp.		85		10,135
Baker Hughes, Inc.		156		8,919
BG Group PLC, ADR		444		45,288
Cimarex Energy Co.		195		17,263
ConocoPhillips		513		34,935
El Paso Corp.		1,730		23,805
Enerplus Corp.		634		19,553
Ensco PLC , ADR		184		9,822
EQT Corp.		173		7,757
Kinder Morgan Management LLC, LP		503		33,641
Newfield Exploration Co. (a)		578		41,680
Noble Corp.		582		20,818
Noble Energy, Inc.		243		20,917
Petroleo Brasileiro SA, ADR		239		9,044
Quicksilver Resources, Inc. (a)		853		12,573
Range Resources Corp.		11		495
Royal Dutch Shell PLC, ADR		395		26,378
Sasol Ltd., ADR		39		2,030
Seadrill, Ltd.		359		12,177
SM Energy Co.		135		7,956
Southern Union Co.		543		13,070

SEE NOTES TO FINANCIAL STATEMENTS 38

December 31, 2010

Schedule of Investments, continued

ESG Managers^TM Growth Portfolio, continued

Percent of Net Assets,	Shares/
Name of Issuer and	Principal/
Title of Issuer	Contracts		Value
COMMON STOCKS, continued
Energy, continued
Spectra Energy Corp.		945	$	23,616
Statoil ASA, ADR		816		19,396
Suncor Energy, Inc.		499		19,107
W&T Offshore, Inc.		1,475		26,358
Weatherford International, Ltd. (a)		630		14,363
				481,096
Financials: 8.4%
Aflac, Inc.		265		14,954
American Express Co.		398		17,082
Banco Bradesco SA, ADR		1,200		24,348
Bank of America Corp.		1,396		18,623
Bank of Montreal		110		6,333
Bank of New York Mellon Corp., The		2,540		76,708
BlackRock, Inc.		167		31,827
CB Richard Ellis Group, Inc., Class A (a)		375		7,680
Charles Schwab Corp., The		3,125		53,469
China Life Insurance Co. Ltd., ADR		48		2,936
Chubb Corp.		155		9,244
Cincinnati Financial Corp.		322		10,204
City National Corp.		75		4,602
Digital Realty Trust, Inc., REIT		213		10,978
Glacier Bancorp, Inc.		330		4,986
Goldman Sachs Group, Inc., The		19		3,195
HCC Insurance Holdings, Inc.		170		4,920
HCP, Inc., REIT		408		15,010
Hospitality Properties Trust, REIT		53		1,221
Hudson City Bancorp., Inc.		875		11,148
Janus Capital Group, Inc.		720		9,338
Jones Lang LaSalle, Inc.		110		9,231
JPMorgan Chase & Co.		1,720		72,962
Lazard, Ltd., LP, Class A		255		10,070
Loews Corp.		328		12,762
Markel Corp. (a)		51		19,285
Marsh & McLennan Cos., Inc.		501		13,697
Morgan Stanley		411		11,183
NYSE Euronext		389		11,662
optionsXpress Holdings, Inc.		212		3,322
Potlatch Corp., REIT		450		14,648
PrivateBancorp, Inc.		175		2,517
Progressive Corp., The		1,980		39,343
Royal Bank of Canada		335		17,541
Royal Bank of Canada (Canadian)		200		10,524
SEI Investment Co.		300		7,137

Percent of Net Assets,	Shares/
Name of Issuer and	Principal/
Title of Issuer	Contracts		Value
COMMON STOCKS, continued
Financials, continued
State Street Corp.		281	$	13,022
T Rowe Price Group, Inc.		42		2,711
Tower Group, Inc.		400		10,232
Travelers Cos., Inc., The		242		13,482
Unibail-Rodamco SE, REIT		75		14,850
Wells Fargo & Co.		1,304		40,410
Willis Group Holdings PLC		87		3,012
				692,409
Health Care: 7.6%
Abbott Laboratories		304		14,565
Amgen, Inc. (a)		81		4,447
Analogic Corp.		60		2,971
Baxter International, Inc.		450		22,779
Beckman Coulter, Inc.		65		4,890
Becton, Dickinson & Co.		535		45,218
Bio-Rad Laboratories, Inc., Class A (a)		135		14,020
Bristol-Myers Squibb Co.		294		7,785
Covidien PLC		741		33,834
Cyberonics, Inc. (a)		375		11,633
Eli Lilly & Co.		245		8,585
Furiex Pharmaceutical, Inc. (a)		315		4,552
Gen-Probe, Inc. (a)		470		27,425
Gilead Sciences, Inc. (a)		285		10,328
GlaxoSmithKline PLC, ADR		233		9,138
Hospira, Inc. (a)		726		40,431
Johnson & Johnson		689		42,615
LHC Group, Inc. (a)		475		14,250
Medtronic, Inc.		1,050		38,945
Merck & Co., Inc.		674		24,291
Mylan, Inc. (a)		309		6,529
Novartis AG		400		23,546
Novartis AG, ADR		269		15,858
Novo Nordisk A/S, ADR		184		20,713
Pfizer, Inc.		1,060		18,561
Roche Holding AG		173		25,361
Roche Holding AG, ADR		767		28,111
Sirona Dental Systems, Inc. (a)		25		1,045
St. Jude Medical, Inc. (a)		27		1,154
Teleflex, Inc.		925		49,774
Teva Pharmaceutical Industries, Ltd., ADR		449		23,406
Thermo Fisher Scientific, Inc. (a)		18		996
Valeant Pharmaceuticals International		461		13,041
VCA Antech, Inc. (a)		460		10,712

39 SEE NOTES TO FINANCIAL STATEMENTS

December 31, 2010

Schedule of Investments, continued

ESG Managers^TM Growth Portfolio, continued

Percent of Net Assets,	Shares/
Name of Issuer and	Principal/
Title of Issuer	Contracts		Value
COMMON STOCKS, continued
Health Care, continued
WellPoint, Inc. (a)		148	$	8,414
				629,923
Industrials: 7.0%
3M Co.		405		34,952
Administaff, Inc.		415		12,160
Brady Corp., Class A		215		7,011
Brink’s Co., The.		270		7,258
Canadian National Railway Co.		279		18,545
Cia de Concessoes Rodoviarias		72		2,034
Cooper Industries PLC		315		18,361
Cummins, Inc.		138		15,181
Danaher Corp.		1,408		66,415
Deere & Co.		326		27,074
Diana Shipping, Inc. (a)		228		2,741
Dun & Bradstreet Corp.		93		7,634
East Japan Railway Co.		200		12,978
Emerson Electric Co.		504		28,814
Empresas ICA SAB de CV, ADR (a)		319		3,254
Expeditors International of Washington, Inc.		111		6,061
General Electric Co.		1,087		19,881
Graco, Inc.		105		4,142
Herman Miller, Inc.		1,243		31,448
Honeywell International, Inc.		381		20,254
ICF International, Inc. (a)		529		13,606
IDEX Corp.		405		15,844
Illinois Tool Works, Inc.		234		12,496
Ingersoll-Rand PLC		113		5,321
Interface, Inc., Class A		450		7,043
Iron Mountain, Inc.		325		8,128
Nordson Corp.		75		6,891
Pentair, Inc.		325		11,866
RR Donnelley & Sons, Co.		764		13,347
Siemens AG		125		15,484
Simpson Manufacturing Co., Inc.		165		5,100
SKF AB		900		25,683
TNT NV		800		21,157
Vestas Wind Systems A/S (a)		300		9,501
Waste Management, Inc.		1,150		42,400
WW Grainger, Inc.		155		21,406
				581,471
Information Technology: 11.3%
Accenture PLC., Class A		500		24,245
Altera Corp.		945		33,623
Anixter International, Inc.		595		35,539
BMC Software, Inc. (a)		63		2,970

Percent of Net Assets,	Shares/
Name of Issuer and	Principal/
Title of Issuer	Contracts		Value
COMMON STOCKS, continued
Information Technology, continued
Brocade Communications Systems, Inc. (a)		3,300	$	17,457
Canon, Inc.		600		30,819
Ceragon Networks, Ltd. (a)		1,200		15,816
Ciena Corp. (a)		675		14,209
Cisco Systems, Inc. (a)		3,073		62,167
Citrix Systems, Inc. (a)		68		4,652
Clicksoftware Technologies, Ltd. (a)		1,075		8,278
Cognex Corp.		150		4,413
Cymer, Inc. (a)		190		8,563
eBay, Inc. (a)		650		18,090
Electronics for Imaging, Inc. (a)		850		12,164
EMC Corp. (a)		678		15,526
Fair Isaac Corp.		215		5,025
Finisar Corp. (a)		400		11,876
Google, Inc., Class A (a)		73		43,360
Harmonic, Inc. (a)		600		5,142
Hewlett-Packard Co.		896		37,722
Intel Corp.		1,557		32,744
International Business Machines Corp.		244		35,809
Intuit, Inc. (a)		541		26,671
Jack Henry & Associates, Inc.		225		6,559
Mastercard, Inc., Class A		249		55,803
Maxim Integrated Products, Inc.		520		12,282
Mentor Graphics Corp. (a)		850		10,200
Microchip Technology, Inc.		367		12,555
Microsoft Corp.		2,195		61,284
Motorola Solutions, Inc. (a)		150		5,708
National Instruments Corp.		849		31,956
Oclaro, Inc. (a)		175		2,301
Oracle Corp.		61		1,909
Paychex, Inc.		850		26,274
QUALCOMM, Inc.		913		45,184
Riverbed Technology, Inc. (a)		200		7,034
Sourcefire, Inc. (a)		90		2,334
SunPower Corp., Class A (a)		600		7,698
Taiwan Semiconductor, ADR		1,102		13,819
Tellabs, Inc.		1,275		8,645
Teradata Corp. (a)		17		700
Texas Instruments, Inc.		1,450		47,125
VeriSign, Inc.		540		17,642
Websense, Inc. (a)		750		15,187
Yahoo!, Inc. (a)		2,438		40,543
				939,622

SEE NOTES TO FINANCIAL STATEMENTS 40

December 31, 2010

Schedule of Investments, continued

ESG Managers^TM Growth Portfolio, continued

Percent of Net Assets,	Shares/
Name of Issuer and	Principal/
Title of Issuer	Contracts		Value
COMMON STOCKS, continued
Materials: 2.0%
Air Products & Chemicals, Inc.		208	$	18,918
Compass Minerals International		35		3,124
Crown Holdings, Inc. (a)		278		9,280
Ecolab, Inc.		350		17,647
Novozymes A/S, ADR		66		9,222
Nucor Corp.		470		20,595
Praxair, Inc.		588		56,136
Rio Tinto PLC, ADR		96		6,879
Svenska Cellulosa AB, B Shares		1,000		15,789
Syngenta AG, ADR		88		5,173
Vale SA, ADR		44		1,521
				164,284
Telecommunication Services: 1.8%
America Movil SAB de CV, Series L, ADR		164		9,404
American Tower Corp., Class A (a)		197		10,173
AT&T, Inc.		822		24,150
BCE, Inc.		147		5,213
CenturyLink, Inc.		454		20,961
Portugal Telecom SGPS SA		206		2,351
Tele Norte Leste Participacoes SA, ADR		451		6,630
Telefonica SA		600		13,698
Telefonica SA, ADR		168		11,495
Verizon Communications, Inc.		417		14,920
Vodafone Group PLC, ADR		601		15,884
Windstream Corp.		832		11,598
				146,477
Utilities: 3.2%
AGL Resources, Inc.		335		12,010
American Water Works Co., Inc.		738		18,664
Black Hills Corp.		240		7,200
Energen Corp.		835		40,297
Iberdrola Renovables SA		2,500		8,885
MDU Resources Group, Inc.		1,190		24,121
National Grid PLC		2,000		17,287
National Grid PLC, ADR		270		11,983
NiSource, Inc.		902		15,893
Northeast Utilities		285		9,086
Northwest Natural Gas Co.		180		8,365
Oneok, Inc.		472		26,182
Pepco Holdings, Inc.		382		6,972
Portland General Electric Co.		700		15,190
Questar Corp.		675		11,752
Red Electrica Corp. SA		300		14,142
Sempra Energy		323		16,950

Percent of Net Assets,	Shares/
Name of Issuer and	Principal/
Title of Issuer	Contracts		Value
COMMON STOCKS, continued
Utilities, continued
Veolia Environnement, ADR		21	$	616
				265,595
TOTAL COMMON STOCKS (Cost $4,270,751)				4,743,242
AFFILIATED INVESTMENT COMPANIES: 25.8%
Pax World Global Green Fund (b)		21,112		203,515
Pax World High Yield Bond Fund (b)
		94,437		729,053
Pax World International Fund (b)		131,884		1,202,784
TOTAL AFFILIATED INVESTMENT COMPANIES (Cost: $2,046,862)				2,135,352
NON-AFFILIATED INVESTMENT COMPANIES: 1.5%
Schroder Emerging Markets Equity Fund (c)		9,149		127,258
TOTAL NON-AFFILIATED INVESTMENT COMPANIES (Cost: $126,801)				127,258
BONDS: 13.3%
CORPORATE BONDS: 3.5
Consumer Discretionary: 0.2%
BorgWarner, Inc., 5.750%, 11/01/16	$	6,000		6,433
Omnicom Group, Inc., 5.900%, 04/15/16		10,000		11,158
				17,591
Consumer Staples: 0.1%
Avon Products, Inc., 5.625%, 03/01/14		10,000		11,089
Energy: 0.3%
Conoco, Inc., 6.950%, 04/15/29		10,000		12,324
Midamerican Energy Co., 6.750%, 12/30/31		10,000		11,716
				24,040
Financials: 2.0%
Ally Financial, Inc., 1.750%, 10/30/12		25,000		25,454
AMB Property LP, 6.125%, 12/01/16		10,000		10,891

41 SEE NOTES TO FINANCIAL STATEMENTS

December 31, 2010

Schedule of Investments, continued

ESG Managers^TM Growth Portfolio, continued

Percent of Net Assets,	Shares/
Name of Issuer and	Principal/
Title of Issuer	Contracts		Value
CORPORATE BONDS, continued
Financials, continued
BlackRock, Inc., 3.500%, 12/10/14	$	15,000	$	15,570
Citigroup Funding, Inc, 1.875%, 10/22/12		30,000		30,614
Intl. Bank for Reconstruction and Development, 2.000%, 12/04/13		25,000		25,634
JPMorgan Chase & Co., 4.650%, 06/01/14		10,000		10,682
Markel Corp., 6.800%, 02/15/13		10,000		10,598
NASDAQ OMX Group, 4.000%, 01/15/15		6,000		6,113
Progressive Corp., The, 6.700%, 06/15/37		5,000		5,144
State Street Corp., 7.350%, 06/15/26		10,000		11,706
Wachovia Corp., 5.500%, 05/01/13		10,000		10,889
Willis North America, Inc., 5.625%, 07/15/15		10,000		10,519
				173,814
Health Care: 0.3%
Beckman Coulter, Inc., 6.000%, 06/01/15		10,000		10,924
Howard Hughes Medical, Inc, 3.450%, 09/01/14		10,000		10,564
				21,488
Industrials: 0.1%
Owens Corning, Inc., 6.500%, 12/01/16		5,000		5,302
Information Technology: 0.2%
Analog Devices, Inc., 5.000%, 07/01/14		10,000		10,786
KLA-Tencor Corp., 6.900%, 05/01/18		6,000		6,610
				17,396
Materials: 0.1%
Domtar Corp., 9.500%, 08/01/16		5,000		5,925
Telecommunication Services: 0.1%
Sprint Capital Corp., 7.625%, 01/30/11		5,000		5,019

Percent of Net Assets,	Shares/
Name of Issuer and	Principal/
Title of Issuer	Contracts		Value
CORPORATE BONDS, continued
Utilities: 0.1%
American Water Capital Corp., 6.085%, 10/15/17	$	7,000	$	7,864
TOTAL CORPORATE BONDS (Cost $281,158)				289,528
U.S. GOVERNEMENT AGENCY BONDS: 1.0%
Federal Home Loan Bank System (Agency): 1.0%
5.000%, 11/17/17		20,000		22,708
5.500%, 07/15/36		10,000		11,055
				33,763
Freddie Mac (Agency): 0.3%
3.750%, 03/27/19		25,000		25,925
Fannie Mae (Agency): 0.3%
4.125%, 04/15/14		15,000		16,373
4.375%, 10/15/15		10,000		11,018
				27,391
TOTAL U.S. GOVERNMENT AGENCY BONDS (Cost $86,638)				87,079
GOVERNMENT BONDS: 0.3%
AID-Egypt, 4.450%, 09/15/15		10,000		10,972
U.S. Dept of Housing & Urban Development, 1.800%, 08/01/14 10,000				10,139
TOTAL GOVERNMENT BONDS (Cost $21,089)				21,111

SEE NOTES TO FINANCIAL STATEMENTS 42

December 31, 2010

Schedule of Investments, continued

ESG Managers^TM Growth Portfolio, continued

Percent of Net Assets,	Shares/
Name of Issuer and	Principal/
Title of Issuer	Contracts		Value
MUNICIPAL BONDS: 0.2%
Morehead State University Kentucky, 3.750%, 11/01/17	$	5,000	$	5,042
New York State Housing Finance Agency, 4.500%, 11/15/27		10,000		9,348
South Dakota State Health & Educational Facilities, 3.250%, 08/01/15		5,000		5,063
TOTAL MUNICIPAL BONDS (Cost $19,599)				19,453
U.S. TREASURY NOTES: 3.9%
3.500%, 01/15/11 (TIPS)		13,822		13,841
2.000%, 04/15/12 (TIPS)		10,778		11,178
0.625%, 04/15/13 (TIPS)		8,278		8,534
1.875%, 07/15/13 (TIPS)		17,862		19,060
2.000%, 07/15/14 (TIPS)		18,564		20,085
1.625%, 01/15/15 (TIPS)		32,070		34,238
0.500%, 04/15/15 (TIPS)		58,532		59,904
1.375%, 07/15/18 (TIPS)		41,582		43,879
1.375%, 01/15/20 (TIPS)		8,091		8,420
2.375%, 01/15/25 (TIPS)		26,686		29,763
1.750%, 01/15/28 (TIPS)		57,417		58,592
3.375%, 04/15/32 (TIPS)		6,161		7,981
TOTAL U.S. TREASURY NOTES (Cost $306,746)				315,475
MORTGAGE-BACKED SECURITIES: 4.4%
U.S. GOVERNMENT MORTGAGE BACKED: 4.1%
Ginnie Mae (Mortgage-Backed): 1.4%
2.021%, 10/16/50		118,168		119,557
Fannie Mae (Mortgage-Backed): 2.1%
6.040%, 07/01/13		9,519		9,890
4.500%, 03/01/39		72,498		74,519
4.500%, 07/01/40		85,426		87,794
				172,203
Farmer Mac (Mortgage-Backed): 0.6%
5.680%, 07/20/40		53,218		53,416

Percent of Net Assets,	Shares/
Name of Issuer and	Principal/
Title of Issuer	Contracts		Value
MORTGAGE-BACKED SECURITIES, continued
Commercial Mortgage-Backed: 0.3%
6.465%, 04/15/34	$	2,547	$	2,546
4.865%, 03/15/46		10,000		10,442
4.559%, 09/15/27		10,000		10,059
				23,047
TOTAL MORTGAGE-BACKED SECURITIES (Cost $364,793)				368,223
TOTAL BONDS (Cost $1,080,023)				1,100,869
TOTAL INVESTMENTS: 97.8% (Cost $7,524,437)				8,106,721
OTHER ASSETS AND LIABILITIES—(Net): 2.2%				182,104
Net Assets: 100.0%			$	8,288,825

(a)	Non income producing security.
(b)	Institutional Class shares
(c)	Investor Class share
(d)	Fair Valued security.
ADR	American Depository Receipt
LP	Limited Partnership
REIT	Real Estate Investment Trust
TIPS	Treasury Inflation Protected Securities

43 SEE NOTES TO FINANCIAL STATEMENTS

December 31, 2010

Schedule of Investments, continued

ESG Managers^TM Moderate Portfolio

Percent of Net Assets,	Shares/
Name of Issuer and	Principal/
Title of Issuer	Contracts		Value
COMMON STOCKS: 44.0%
Consumer Discretionary: 4.0%
Arbitron, Inc.		155	$	6,436
Best Buy Co., Inc.		22		754
BorgWarner, Inc. (a)		26		1,881
CBS Corp., Class B		340		6,477
Cinemark Holdings, Inc.		223		3,845
Comcast Corp, Class A		849		17,668
Darden Restaurants, Inc.		19		882
DeVry, Inc.		120		5,758
DISH Network Corp., Class A (a)		601		11,816
DR Horton, Inc.		75		895
Expedia, Inc.		48		1,204
Gannett Co, Inc.		415		6,262
Hennes & Mauritz AB, B Shares		16		533
Home Depot, Inc.		275		9,642
International Game Technology		310		5,484
Interpublic Group of Cos., Inc. (a)		490		5,204
J. Crew Group, Inc. (a)		60		2,588
Johnson Controls, Inc.		179		6,838
KB Home		375		5,059
Lowe’s Cos., Inc.		68		1,705
Macy’s, Inc.		13		329
McDonald’s Corp.		163		12,512
Meredith Corp.		90		3,119
Mohawk Industries, Inc. (a)		90		5,108
Newell Rubbermaid, Inc.		225		4,091
News Corp., Class A		1,362		19,831
NIKE, Inc., Class B		275		23,491
Nordstrom, Inc.		95		4,026
Pulte Group, Inc. (a)		560		4,211
Reed Elsevier PLC		1,100		9,292
Royal Caribbean Cruises, Ltd. (a)		130		6,110
Scripps Networks Interactive, Class A		394		20,390
SES SA		543		12,930
Sotheby’s		40		1,800
Stanley Black & Decker, Inc.		82		5,483
Staples, Inc.		575		13,093
Target Corp.		135		8,118
Tiffany & Co.		70		4,359
Time Warner Cable, Inc.		308		20,337
Time Warner, Inc.		634		20,395
Toll Brothers, Inc. (a)		250		4,749
Washington Post Co., The, Class B		6		2,636
				307,341

Percent of Net Assets,	Shares/
Name of Issuer and	Principal/
Title of Issuer	Contracts		Value
COMMON STOCKS, continued
Consumer Staples: 3.6%
Coca-Cola Co., The		157	$	10,326
Constellation Brands, Inc. (a)		65		1,440
Corn Products International, Inc.		78		3,588
Costco Wholesale Corp.		214		15,453
CVS Caremark Corp.		417		14,499
Energizer Holdings, Inc. (a)		40		2,916
General Mills, Inc.		8		285
Hansen Natural Corp. (a)		39		2,039
HJ Heinz Co.		149		7,370
JM Smucker Co., The		379		24,881
Kellogg Co.		113		5,772
Kimberly-Clark Corp.		289		18,219
Kraft Foods, Inc., Class A		133		4,191
McCormick & Co., Inc.		760		35,363
Nash Finch Co.		20		850
Natura Cosmeticos SA		21		603
PepsiCo, Inc.		207		13,523
Procter & Gamble Co., The		929		59,763
Safeway, Inc.		276		6,207
Sysco Corp.		880		25,872
Unilever PLC, ADR		219		6,763
United Natural Foods, Inc. (a)		350		12,838
WD-40 Co.		185		7,451
				280,212
Energy: 4.4%
Apache Corp.		63		7,511
Baker Hughes, Inc.		92		5,260
BG Group PLC, ADR		288		29,376
Cimarex Energy Co.		121		10,712
ConocoPhillips		372		25,333
El Paso Corp.		1,315		18,094
Enerplus Corp.		520		16,037
Ensco PLC , ADR		109		5,818
EQT Corp.		103		4,619
Kinder Morgan Management LLC, LP		412		27,554
Newfield Exploration Co. (a)		395		28,483
Noble Corp.		405		14,487
Noble Energy, Inc.		171		14,720
Petroleo Brasileiro SA, ADR		183		6,925
Quicksilver Resources, Inc. (a)		366		5,395
Range Resources Corp.		6		270
Royal Dutch Shell PLC, ADR		303		20,234
Sasol Ltd., ADR		23		1,197
Seadrill, Ltd.		289		9,803
SM Energy Co.		50		2,947
Southern Union Co.		446		10,735

SEE NOTES TO FINANCIAL STATEMENTS 44

December 31, 2010

Schedule of Investments, continued

ESG Managers^TM Moderate Portfolio, continued

Percent of Net Assets,	Shares/
Name of Issuer and	Principal/
Title of Issuer	Contracts		Value
COMMON STOCKS, continued
Energy, continued
Spectra Energy Corp.		828	$	20,692
Statoil ASA, ADR		614		14,595
Suncor Energy, Inc.		363		13,899
W&T Offshore, Inc.		890		15,904
Weatherford International, Ltd. (a)		483		11,013
				341,613
Financials: 6.7%
Aflac, Inc.		225		12,697
American Express Co.		297		12,747
Banco Bradesco SA, ADR		1,000		20,290
Bank of America Corp.		1,071		14,287
Bank of Montreal		92		5,296
Bank of New York Mellon Corp., The		1,882		56,836
BlackRock, Inc.		118		22,488
CB Richard Ellis Group, Inc., Class A (a)		220		4,506
Charles Schwab Corp., The		2,251		38,515
China Life Insurance Co. Ltd., ADR		28		1,713
Chubb Corp.		119		7,097
Cincinnati Financial Corp.		258		8,176
City National Corp.		45		2,761
Digital Realty Trust, Inc., REIT		165		8,504
Glacier Bancorp, Inc.		130		1,964
Goldman Sachs Group, Inc., The		12		2,018
HCC Insurance Holdings, Inc.		100		2,894
HCP, Inc., REIT		338		12,435
Hospitality Properties Trust, REIT		31		714
Hudson City Bancorp., Inc.		730		9,300
Janus Capital Group, Inc.		420		5,447
Jones Lang LaSalle, Inc.		65		5,455
JPMorgan Chase & Co.		1,349		57,225
Lazard, Ltd., LP, Class A		145		5,726
Loews Corp.		254		9,883
Markel Corp. (a)		39		14,747
Marsh & McLennan Cos., Inc.		393		10,745
Morgan Stanley		314		8,544
NYSE Euronext		314		9,414
optionsXpress Holdings, Inc.		126		1,974
Potlatch Corp., REIT		450		14,648
PrivateBancorp, Inc.		100		1,438
Progressive Corp., The		1,384		27,500
Royal Bank of Canada		275		14,399
Royal Bank of Canada (Canadian)		200		10,524
SEI Investment Co.		125		2,974
State Street Corp.		203		9,407

Percent of Net Assets,	Shares/
Name of Issuer and	Principal/
Title of Issuer	Contracts		Value
COMMON STOCKS, continued
Financials, continued
T Rowe Price Group, Inc.		25	$	1,614
Tower Group, Inc.		160		4,093
Travelers Cos., Inc., The		185		10,306
Unibail-Rodamco SE, REIT		60		11,880
Wells Fargo & Co.		1,015		31,455
Willis Group Holdings PLC		51		1,766
				516,402
Health Care: 5.7%
Abbott Laboratories		243		11,642
Amgen, Inc. (a)		48		2,635
Analogic Corp.		30		1,485
Baxter International, Inc.		400		20,248
Beckman Coulter, Inc.		35		2,633
Becton, Dickinson & Co.		346		29,244
Bio-Rad Laboratories, Inc., Class A (a)		70		7,270
Bristol-Myers Squibb Co.		234		6,196
Covidien PLC		490		22,373
Cyberonics, Inc. (a)		150		4,653
Eli Lilly & Co.		203		7,113
Furiex Pharmaceutical, Inc. (a)		150		2,168
Gen-Probe, Inc. (a)		340		19,839
Gilead Sciences, Inc. (a)		209		7,574
GlaxoSmithKline PLC, ADR		184		7,216
Hospira, Inc. (a)		477		26,564
Johnson & Johnson		580		35,873
LHC Group, Inc. (a)		200		6,000
Medtronic, Inc.		880		32,639
Merck & Co., Inc.		527		18,993
Mylan, Inc. (a)		183		3,867
Novartis AG		300		17,660
Novartis AG, ADR		202		11,908
Novo Nordisk A/S, ADR		117		13,171
Pfizer, Inc.		811		14,201
Roche Holding AG		144		21,109
Roche Holding AG, ADR		555		20,341
Sirona Dental Systems, Inc. (a)		10		418
St. Jude Medical, Inc. (a)		16		684
Teleflex, Inc.		625		33,631
Teva Pharmaceutical Industries, Ltd., ADR		328		17,099
Thermo Fisher Scientific, Inc. (a)		11		609
Valeant Pharmaceuticals International		305		8,628
VCA Antech, Inc. (a)		170		3,959

45 SEE NOTES TO FINANCIAL STATEMENTS

December 31, 2010

Schedule of Investments, continued

ESG Managers^TM Moderate Portfolio, continued

Percent of Net Assets,	Shares/
Name of Issuer and	Principal/
Title of Issuer	Contracts		Value
COMMON STOCKS, continued
Health Care, continued
WellPoint, Inc. (a)		117	$	6,653
				446,296
Industrials: 5.4%
3M Co.		272		23,474
Administaff, Inc.		170		4,981
Brady Corp., Class A		125		4,076
Brink’s Co., The.		170		4,570
Canadian National Railway Co.		186		12,363
Cia de Concessoes Rodoviarias		42		1,187
Cooper Industries PLC		260		15,155
Cummins, Inc.		82		9,021
Danaher Corp.		1,019		48,066
Deere & Co.		222		18,437
Diana Shipping, Inc. (a)		135		1,623
Dun & Bradstreet Corp.		55		4,515
East Japan Railway Co.		200		12,978
Emerson Electric Co.		359		20,524
Empresas ICA SAB de CV, ADR (a)		189		1,928
Expeditors International of Washington, Inc.		66		3,604
General Electric Co.		836		15,290
Graco, Inc.		40		1,578
Herman Miller, Inc.		776		19,633
Honeywell International, Inc.		296		15,735
ICF International, Inc. (a)		395		10,159
IDEX Corp.		300		11,736
Illinois Tool Works, Inc.		180		9,612
Ingersoll-Rand PLC		67		3,155
Interface, Inc., Class A		265		4,147
Iron Mountain, Inc.		257		6,428
Nordson Corp.		44		4,043
Pentair, Inc.		250		9,128
RR Donnelley & Sons, Co.		625		10,919
Siemens AG		125		15,484
Simpson Manufacturing Co., Inc.		70		2,164
SKF AB		900		25,683
TNT NV		400		10,578
Vestas Wind Systems A/S (a)		300		9,501
Waste Management, Inc.		960		35,395
WW Grainger, Inc.		102		14,086
				420,956
Information Technology: 8.3%
Accenture PLC., Class A		390		18,911
Altera Corp.		628		22,344
Anixter International, Inc.		398		23,773
BMC Software, Inc. (a)		37		1,744

Percent of Net Assets,	Shares/
Name of Issuer and	Principal/
Title of Issuer	Contracts		Value
COMMON STOCKS, continued
Information Technology, continued
Brocade Communications Systems, Inc. (a)		1,375	$	7,274
Canon, Inc.		300		15,410
Ceragon Networks, Ltd. (a)		500		6,590
Ciena Corp. (a)		250		5,263
Cisco Systems, Inc. (a)		2,132		43,130
Citrix Systems, Inc. (a)		40		2,736
Clicksoftware Technologies, Ltd. (a)		425		3,273
Cognex Corp.		65		1,912
Cymer, Inc. (a)		75		3,380
eBay, Inc. (a)		325		9,045
Electronics for Imaging, Inc. (a)		335		4,794
EMC Corp. (a)		402		9,206
Fair Isaac Corp.		130		3,038
Finisar Corp. (a)		160		4,750
Google, Inc., Class A (a)		58		34,450
Harmonic, Inc. (a)		275		2,357
Hewlett-Packard Co.		732		30,817
Intel Corp.		1,364		28,685
International Business Machines Corp.		211		30,966
Intuit, Inc. (a)		353		17,403
Jack Henry & Associates, Inc.		85		2,478
Mastercard, Inc., Class A		197		44,150
Maxim Integrated Products, Inc.		428		10,109
Mentor Graphics Corp. (a)		315		3,780
Microchip Technology, Inc.		305		10,434
Microsoft Corp.		1,737		48,497
Motorola Solutions, Inc. (a)		110		4,186
National Instruments Corp.		595		22,396
Oclaro, Inc. (a)		50		658
Oracle Corp.		35		1,096
Paychex, Inc.		700		21,637
QUALCOMM, Inc.		682		33,752
Riverbed Technology, Inc. (a)		119		4,185
Sourcefire, Inc. (a)		67		1,737
SunPower Corp., Class A (a)		600		7,698
Taiwan Semiconductor, ADR		873		10,947
Tellabs, Inc.		580		3,932
Teradata Corp. (a)		10		412
Texas Instruments, Inc.		994		32,305
VeriSign, Inc.		375		12,251
Websense, Inc. (a)		310		6,278
Yahoo!, Inc. (a)		1,761		29,284
				643,453

SEE NOTES TO FINANCIAL STATEMENTS 46

December 31, 2010

Schedule of Investments, continued

ESG Managers^TM Moderate Portfolio, continued

Percent of Net Assets,	Shares/
Name of Issuer and	Principal/
Title of Issuer	Contracts		Value
COMMON STOCKS, continued
Materials: 1.6%
Air Products & Chemicals, Inc.		156	$	14,188
Compass Minerals International		15		1,339
Crown Holdings, Inc. (a)		220		7,344
Ecolab, Inc.		300		15,126
Novozymes A/S, ADR		44		6,148
Nucor Corp.		341		14,943
Praxair, Inc.		469		44,775
Rio Tinto PLC, ADR		56		4,013
Svenska Cellulosa AB, B Shares		1,000		15,789
Syngenta AG, ADR		52		3,057
Vale SA, ADR		26		898
				127,620
Telecommunication Services: 1.4%
America Movil SAB de CV, Series L, ADR		97		5,562
American Tower Corp., Class A (a)		117		6,042
AT&T, Inc.		655		19,244
BCE, Inc.		117		4,149
CenturyLink, Inc.		351		16,206
Portugal Telecom SGPS SA		90		1,027
Tele Norte Leste Participacoes SA, ADR		373		5,483
Telefonica SA		500		11,415
Telefonica SA, ADR		135		9,237
Verizon Communications, Inc.		319		11,414
Vodafone Group PLC, ADR		439		11,603
Windstream Corp.		680		9,478
				110,860
Utilities: 2.4%
AGL Resources, Inc.		240		8,604
American Water Works Co., Inc.		604		15,275
Black Hills Corp.		210		6,300
Energen Corp.		680		32,817
Iberdrola Renovables SA		2,500		8,885
MDU Resources Group, Inc.		1,015		20,574
National Grid PLC		2,000		17,287
National Grid PLC, ADR		215		9,542
NiSource, Inc.		735		12,951
Northeast Utilities		227		7,237
Northwest Natural Gas Co.		150		6,971
Oneok, Inc.		341		18,915
Pepco Holdings, Inc.		317		5,785
Portland General Electric Co.		600		13,020
Questar Corp.		580		10,098
Red Electrica Corp. SA		150		7,071

Percent of Net Assets,	Shares/
Name of Issuer and	Principal/
Title of Issuer	Contracts		Value
COMMON STOCKS, continued
Utilities, continued
Sempra Energy		247	$	12,962
Veolia Environnement, ADR		13		381
				214,675
TOTAL COMMON STOCKS (Cost $3,077,492)				3,409,428
AFFILIATED INVESTMENT COMPANIES: 14.4%
Pax World Global Green Fund (b)		18,515		178,485
Pax World High Yield Bond Fund (b)		45,481		351,115
Pax World International Fund (b)		64,745		590,478
TOTAL AFFILIATED INVESTMENT COMPANIES (Cost $1,071,187)				1,120,078
NON-AFFILIATED INVESTMENT COMPANIES: 1.3%
Schroder Emerging Markets Equity Fund (c)		7,355		102,306
TOTAL NON-AFFILIATED INVESTMENT COMPANIES (Cost $101,938)				102,306
BONDS: 38.4%
CORPORATE BONDS: 12.3%
Consumer Discretionary: 0.9%
BorgWarner, Inc., 5.750%, 11/01/16	$	20,000		21,444
Omnicom Group, Inc., 5.900%, 04/15/16		45,000		50,209
				71,653
Consumer Staples: 0.6%
Avon Products, Inc., 5.625%, 03/01/14		45,000		49,899
Energy: 1.5%
Conoco, Inc., 6.950%, 04/15/29		35,000		43,135
Midamerican Energy Co., 6.750%, 12/30/31		45,000		52,722
				95,857
Financials: 6.5%
AMB Property LP, 6.125%, 12/01/16		30,000		32,674

47 SEE NOTES TO FINANCIAL STATEMENTS

December 31, 2010

Schedule of Investments, continued

ESG Managers^TM Moderate Portfolio, continued

Percent of Net Assets,	Shares/
Name of Issuer and	Principal/
Title of Issuer	Contracts		Value
CORPORATE BONDS, continued
Financials, continued
Ally Financial, Inc., 1.750%, 10/30/12	$	30,000	$	30,545
BlackRock, Inc., 3.500%, 12/10/14		40,000		41,519
Citigroup Funding, Inc, 1.875%, 10/22/12		110,000		112,253
Intl. Bank for Reconstruction and Development, 2.000%, 12/04/13		75,000		76,902
JPMorgan Chase & Co., 4.650%, 06/01/14		25,000		26,706
Markel Corp., 6.800%, 02/15/13		30,000		31,795
NASDAQ OMX Group, 4.000%, 01/15/15		24,000		24,451
Progressive Corp., The, 6.700%, 06/15/37		25,000		25,721
State Street Corp., 7.350%, 06/15/26		20,000		23,412
Wachovia Corp., 5.500%, 05/01/13		35,000		38,108
Willis North America, Inc., 5.625%, 07/15/15		30,000		31,555
				495,641
Health Care: 1.0%
Beckman Coulter, Inc., 6.000%, 06/01/15		30,000		32,772
Howard Hughes Medical, Inc, 3.450%, 09/01/14		45,000		47,540
				80,312
Industrials: 0.2%
Owens Corning, Inc., 6.500%, 12/01/16		18,000		19,088
Information Technology: 0.9%
Analog Devices, Inc., 5.000%, 07/01/14		45,000		48,539
KLA-Tencor Corp., 6.900%, 05/01/18		22,000		24,235
				72,774
Materials: 0.2%
Domtar Corp., 9.500%, 08/01/16		16,000		18,960

Percent of Net Assets,	Shares/
Name of Issuer and	Principal/
Title of Issuer	Contracts		Value
CORPORATE BONDS, continued
Telecommunication Services: 0.3%
Sprint Capital Corp., 7.625%, 01/30/11	$	20,000	$	20,075
Utilities: 0.4%
American Water Capital Corp., 6.085%, 10/15/17		25,000		28,084
TOTAL CORPORATE BONDS (Cost $923,800)				952,343
U.S. GOVERNEMENT AGENCY BONDS: 3.7%
Federal Home Loan Bank System (Agency): 1.3%
5.000%, 11/17/17		70,000		79,479
5.500%, 07/15/36		20,000		22,109
				101,588
Freddie Mac (Agency): 1.3%
3.750%, 03/27/19		94,000		97,478
Fannie Mae (Agency): 1.1%
1.250%, 08/20/13		20,000		20,144
4.125%, 04/15/14		15,000		16,372
4.375%, 10/15/15		30,000		33,058
6.625%, 11/15/30		10,000		12,656
				82,230
TOTAL U.S. GOVERNMENT AGENCY BONDS (Cost $279,436)				281,296
GOVERNMENT BONDS: 0.8%
AID-Egypt, 4.450%, 09/15/15		35,000		38,403
U.S. Dept of Housing & Urban Development, 1.800%, 08/01/14		25,000		25,346
TOTAL GOVERNMENT BONDS (Cost $63,813)				63,749
MUNICIPAL BONDS: 2.5%
Commonwealth Financing Auth. Pennsylvania, 4.860%, 06/01/18		50,000		50,806
Kirkwood Community College Iowa, 2.500%, 06/01/17		120,000		115,640

SEE NOTES TO FINANCIAL STATEMENTS 48

December 31, 2010

Schedule of Investments, continued

ESG Managers^TM Moderate Portfolio, continued

Percent of Net Assets,	Shares/
Name of Issuer and	Principal/
Title of Issuer	Contracts		Value
MUNICIPAL BONDS, continued
Morehead State University Kentucky, 3.750%, 11/01/17	$	10,000	$	10,084
New York State Housing Finance Agency, 4.500%, 11/15/27		10,000		9,348
South Dakota State Health & Educational Facilities, 3.250%, 08/01/15		10,000		10,127
TOTAL MUNICIPAL BONDS (Cost $199,530)				196,005
U.S. TREASURY NOTES: 9.0%
3.500%, 01/15/11 (TIPS)		31,415		31,456
2.000%, 04/15/12 (TIPS)		25,866		26,826
0.625%, 04/15/13 (TIPS)		31,041		32,004
1.875%, 07/15/13 (TIPS)		44,058		47,015
2.000%, 07/15/14 (TIPS)		44,089		47,702
1.625%, 01/15/15 (TIPS)		76,740		81,926
0.500%, 04/15/15 (TIPS)		115,047		117,743
1.375%, 07/15/18 (TIPS)		79,108		83,477
1.375%, 01/15/20 (TIPS)		45,511		47,360
2.375%, 01/15/25 (TIPS)		62,653		69,878
2.375%, 01/15/27 (TIPS)		14,098		15,703
1.750%, 01/15/28 (TIPS)		73,076		74,572
3.375%, 04/15/32 (TIPS)		16,018		20,752
TOTAL U.S. TREASURY NOTES (Cost $676,744)				696,414
MORTGAGE-BACKED SECURITIES: 10.1%
U.S. GOVERNMENT MORTGAGE BACKED: 8.9%
Ginnie Mae (Mortgage-Backed): 3.2%
3.459%, 05/16/36		125,000		124,903
4.500%, 08/20/40		117,434		122,118
				247,021
Freddie Mac (Mortgage-Backed): 1.2%
5.000%, 07/15/37		84,073		89,201
Fannie Mae (Mortgage-Backed): 3.4%
6.040%, 07/01/13		19,038		19,781
4.500%, 03/01/39		72,498		74,518
4.500%, 07/01/40		165,886		170,484
				264,783

Percent of Net Assets,	Shares/
Name of Issuer and	Principal/
Title of Issuer	Contracts		Value
U.S. GOVERNMENT MORTGAGE BACKED, continued
Farmer Mac (Mortgage-Backed): 1.1%
6.075%, 04/20/40 (d)	$	87,300	$	88,185
COMMERCIAL MORTGAGE-BACKED: 1.2%
GMAC Commercial Mortgage, 6.465%, 04/15/34		11,462		11,458
JP Morgan Chase Commercial Mtg Sec Corp., 4.865%, 03/15/46		45,000		46,990
LB-UBS Commercial Mortgage Trust, 4.559%, 09/15/27		35,000		35,206
				93,654
TOTAL MORTGAGE-BACKED SECURITIES (Cost $777,894)				782,844
TOTAL BONDS (Cost: $2,921,217)				2,972,651
TOTAL INVESTMENTS: 98.1% (Cost $7,171,834)				7,604,463
OTHER ASSETS AND LIABILITIES—(Net): 1.9%				148,787
Net Assets: 100.0%			$	7,753,250

(a)	Non income producing security
(b)	Institutional Class shares
(c)	Investor Class shares
(d)	Fair Valued security
ADR	American Depository Receipt
LP	Limited Partnership
REIT	Real Estate Investment Trust
TIPS	Treasury Inflation Protected Securities

49 SEE NOTES TO FINANCIAL STATEMENTS

December 31, 2010

Schedule of Investments, continued

ESG Managers^TM Conservative Portfolio

Percent of Net Assets,	Shares/
Name of Issuer and	Principal/
Title of Issuer	Contracts		Value
COMMON STOCKS: 31.7%
Consumer Discretionary: 3.3%
Arbitron, Inc.		110	$	4,567
Best Buy Co., Inc.		11		377
BorgWarner, Inc. (a)		13		941
CBS Corp., Class B		260		4,953
Cinemark Holdings, Inc.		119		2,052
Comcast Corp, Class A		359		7,471
Darden Restaurants, Inc.		9		418
DeVry, Inc.		90		4,318
DISH Network Corp., Class A (a)		278		5,465
DR Horton, Inc.		50		597
Expedia, Inc.		23		577
Gannett Co, Inc.		310		4,678
Hennes & Mauritz AB, B Shares		8		266
Home Depot, Inc.		127		4,453
International Game Technology		235		4,157
Interpublic Group of Cos., Inc. (a)		360		3,823
J. Crew Group, Inc. (a)		50		2,157
Johnson Controls, Inc.		91		3,476
KB Home		270		3,642
Lowe’s Cos., Inc.		32		803
Macy’s, Inc.		7		177
McDonald’s Corp.		63		4,836
Meredith Corp.		65		2,252
Mohawk Industries, Inc. (a)		65		3,689
Newell Rubbermaid, Inc.		160		2,909
News Corp., Class A		626		9,115
NIKE, Inc., Class B		190		16,230
Nordstrom, Inc.		70		2,967
Pulte Group, Inc. (a)		405		3,046
Reed Elsevier PLC		1,100		9,292
Royal Caribbean Cruises, Ltd. (a)		100		4,700
Scripps Networks Interactive, Class A		164		8,487
SES SA		222		5,286
Sotheby’s		30		1,350
Stanley Black & Decker, Inc.		61		4,079
Staples, Inc.		350		7,970
Target Corp.		63		3,788
Tiffany & Co.		55		3,425
Time Warner Cable, Inc.		140		9,244
Time Warner, Inc.		295		9,490
Toll Brothers, Inc. (a)		175		3,325
Washington Post Co., The, Class B		5		2,197
				177,045
Consumer Staples: 2.5%
Coca-Cola Co., The		71		4,670
Constellation Brands, Inc. (a)		50		1,108

Percent of Net Assets,	Shares/
Name of Issuer and	Principal/
Title of Issuer	Contracts		Value
COMMON STOCKS, continued
Consumer Staples, continued
Corn Products International, Inc.		38	$	1,748
Costco Wholesale Corp.		92		6,643
CVS Caremark Corp.		191		6,641
Energizer Holdings, Inc. (a)		30		2,187
General Mills, Inc.		4		142
Hansen Natural Corp. (a)		19		993
HJ Heinz Co.		78		3,858
JM Smucker Co., The		187		12,277
Kellogg Co.		52		2,656
Kimberly-Clark Corp.		135		8,510
Kraft Foods, Inc., Class A		65		2,048
McCormick & Co., Inc.		358		16,658
Nash Finch Co.		20		850
Natura Cosmeticos SA		11		316
PepsiCo, Inc.		95		6,206
Procter & Gamble Co., The		422		27,147
Safeway, Inc.		125		2,811
Sysco Corp.		379		11,143
Unilever PLC, ADR		94		2,903
United Natural Foods, Inc. (a)		200		7,337
WD-40 Co.		90		3,625
				132,477
Energy: 3.1%
Apache Corp.		30		3,577
Baker Hughes, Inc.		44		2,515
BG Group PLC, ADR		133		13,566
Cimarex Energy Co.		55		4,869
ConocoPhillips		171		11,645
El Paso Corp.		604		8,311
Enerplus Corp.		250		7,710
Ensco PLC , ADR		52		2,776
EQT Corp.		49		2,197
Kinder Morgan Management LLC, LP		189		12,640
Newfield Exploration Co. (a)		174		12,547
Noble Corp.		190		6,796
Noble Energy, Inc.		74		6,370
Petroleo Brasileiro SA, ADR		84		3,179
Quicksilver Resources, Inc. (a)		236		3,479
Range Resources Corp.		3		135
Royal Dutch Shell PLC, ADR		138		9,216
Sasol Ltd., ADR		12		625
Seadrill, Ltd.		155		5,258
SM Energy Co.		35		2,063
Southern Union Co.		229		5,512
Spectra Energy Corp.		382		9,546
Statoil ASA, ADR		311		7,392

SEE NOTES TO FINANCIAL STATEMENTS 50

December 31, 2010

Schedule of Investments, continued

ESG Managers^TM Conservative Portfolio, continued

Percent of Net Assets,	Shares/
Name of Issuer and	Principal/
Title of Issuer	Contracts		Value
COMMON STOCKS, continued
Energy, continued
Suncor Energy, Inc.		166	$	6,356
W&T Offshore, Inc.		470		8,399
Weatherford International, Ltd. (a)		220		5,016
				161,695
Financials: 4.6%
Aflac, Inc.		100		5,643
American Express Co.		136		5,837
Banco Bradesco SA, ADR		400		8,116
Bank of America Corp.		491		6,550
Bank of Montreal		40		2,303
Bank of New York Mellon Corp., The		827		24,975
BlackRock, Inc.		50		9,529
CB Richard Ellis Group, Inc., Class A (a)		170		3,482
Charles Schwab Corp., The		971		16,614
China Life Insurance Co. Ltd., ADR		14		856
Chubb Corp.		56		3,340
Cincinnati Financial Corp.		136		4,310
City National Corp.		35		2,148
Digital Realty Trust, Inc., REIT		85		4,381
Glacier Bancorp, Inc.		105		1,587
Goldman Sachs Group, Inc., The		6		1,009
HCC Insurance Holdings, Inc.		75		2,171
HCP, Inc., REIT		165		6,070
Hospitality Properties Trust, REIT		15		346
Hudson City Bancorp., Inc.		315		4,013
Janus Capital Group, Inc.		310		4,021
Jones Lang LaSalle, Inc.		50		4,196
JPMorgan Chase & Co.		589		24,985
Lazard, Ltd., LP, Class A		110		4,344
Loews Corp.		115		4,475
Markel Corp. (a)		17		6,428
Marsh & McLennan Cos., Inc.		179		4,894
Morgan Stanley		144		3,918
NYSE Euronext		165		4,947
optionsXpress Holdings, Inc.		61		956
Potlatch Corp., REIT		250		8,138
PrivateBancorp, Inc.		75		1,079
Progressive Corp., The		626		12,439
Royal Bank of Canada		115		6,021
Royal Bank of Canada (Canadian)		75		3,946
SEI Investment Co.		85		2,022
State Street Corp.		95		4,402
T Rowe Price Group, Inc.		12		774
Tower Group, Inc.		105		2,686
Travelers Cos., Inc., The		85		4,735

Percent of Net Assets,	Shares/
Name of Issuer and	Principal/
Title of Issuer	Contracts		Value
COMMON STOCKS, continued
Financials, continued
Unibail-Rodamco SE, REIT		35	$	6,930
Wells Fargo & Co.		457		14,161
Willis Group Holdings PLC		26		900
				244,677
Health Care: 4.0%
Abbott Laboratories		102		4,887
Amgen, Inc. (a)		23		1,263
Analogic Corp.		20		990
Baxter International, Inc.		150		7,593
Beckman Coulter, Inc.		30		2,257
Becton, Dickinson & Co.		157		13,270
Bio-Rad Laboratories, Inc., Class A (a)		50		5,193
Bristol-Myers Squibb Co.		123		3,257
Covidien PLC		223		10,182
Cyberonics, Inc. (a)		105		3,257
Eli Lilly & Co.		106		3,714
Furiex Pharmaceutical, Inc. (a)		100		1,445
Gen-Probe, Inc. (a)		155		9,044
Gilead Sciences, Inc. (a)		90		3,262
GlaxoSmithKline PLC, ADR		100		3,922
Hospira, Inc. (a)		241		13,421
Johnson & Johnson		218		13,483
LHC Group, Inc. (a)		135		4,050
Medtronic, Inc.		360		13,352
Merck & Co., Inc.		261		9,406
Mylan, Inc. (a)		88		1,859
Novartis AG		200		11,773
Novartis AG, ADR		93		5,482
Novo Nordisk A/S, ADR		59		6,642
Pfizer, Inc.		399		6,986
Roche Holding AG		70		10,261
Roche Holding AG, ADR		250		9,163
Sirona Dental Systems, Inc. (a)		10		418
St. Jude Medical, Inc. (a)		8		342
Teleflex, Inc.		300		16,143
Teva Pharmaceutical Industries, Ltd., ADR		149		7,767
Thermo Fisher Scientific, Inc. (a)		5		277
Valeant Pharmaceuticals International		138		3,904
VCA Antech, Inc. (a)		135		3,144
WellPoint, Inc. (a)		53		3,015
				214,424

51 SEE NOTES TO FINANCIAL STATEMENTS

December 31, 2010

Schedule of Investments, continued

ESG Managers^TM Conservative Portfolio, continued

Percent of Net Assets,	Shares/
Name of Issuer and	Principal/
Title of Issuer	Contracts		Value
COMMON STOCKS, continued
Industrials: 3.9%
3M Co.		117	$	10,097
Administaff, Inc.		130		3,809
Brady Corp., Class A		95		3,098
Brink’s Co., The.		125		3,360
Canadian National Railway Co.		77		5,118
Cia de Concessoes Rodoviarias		21		593
Cooper Industries PLC		115		6,703
Cummins, Inc.		39		4,290
Danaher Corp.		457		21,557
Deere & Co.		99		8,222
Diana Shipping, Inc. (a)		66		793
Dun & Bradstreet Corp.		42		3,448
East Japan Railway Co.		200		12,978
Emerson Electric Co.		166		9,490
Empresas ICA SAB de CV, ADR (a)		91		928
Expeditors International of Washington, Inc.		32		1,747
General Electric Co.		377		6,895
Graco, Inc.		30		1,184
Herman Miller, Inc.		411		10,398
Honeywell International, Inc.		135		7,177
ICF International, Inc. (a)		170		4,372
IDEX Corp.		160		6,259
Illinois Tool Works, Inc.		82		4,379
Ingersoll-Rand PLC		32		1,507
Interface, Inc., Class A		195		3,052
Iron Mountain, Inc.		113		2,826
Nordson Corp.		21		1,929
Pentair, Inc.		110		4,016
RR Donnelley & Sons, Co.		323		5,643
Siemens AG		50		6,194
Simpson Manufacturing Co., Inc.		40		1,236
SKF AB		550		15,695
Vestas Wind Systems A/S (a)		250		7,918
Waste Management, Inc.		405		14,933
WW Grainger, Inc.		46		6,354
				208,198
Information Technology: 5.9%
Accenture PLC., Class A		165		8,001
Altera Corp.		281		9,998
Anixter International, Inc.		195		11,647
BMC Software, Inc. (a)		18		849
Brocade Communications Systems, Inc. (a)		960		5,078

Percent of Net Assets,	Shares/
Name of Issuer and	Principal/
Title of Issuer	Contracts		Value
COMMON STOCKS, continued
Information Technology, continued
Canon, Inc.		300	$	15,410
Ceragon Networks, Ltd. (a)		360		4,745
Ciena Corp. (a)		185		3,894
Cisco Systems, Inc. (a)		691		13,979
Citrix Systems, Inc. (a)		19		1,300
Clicksoftware Technologies, Ltd. (a)		300		2,310
Cognex Corp.		40		1,177
Cymer, Inc. (a)		60		2,704
Electronics for Imaging, Inc. (a)		260		3,721
EMC Corp. (a)		195		4,466
Fair Isaac Corp.		95		2,220
Finisar Corp. (a)		115		3,414
Google, Inc., Class A (a)		34		20,195
Harmonic, Inc. (a)		170		1,457
Hewlett-Packard Co.		308		12,967
Intel Corp.		738		15,520
International Business Machines Corp.		126		18,492
Intuit, Inc. (a)		160		7,888
Jack Henry & Associates, Inc.		60		1,749
Mastercard, Inc., Class A		80		17,929
Maxim Integrated Products, Inc.		220		5,196
Mentor Graphics Corp. (a)		260		3,120
Microchip Technology, Inc.		155		5,303
Microsoft Corp.		771		21,526
Motorola Solutions, Inc. (a)		90		3,425
National Instruments Corp.		256		9,636
Oclaro, Inc. (a)		25		329
Oracle Corp.		18		563
Paychex, Inc.		285		8,809
QUALCOMM, Inc.		296		14,649
Riverbed Technology, Inc. (a)		58		2,040
Sourcefire, Inc. (a)		28		726
SunPower Corp., Class A (a)		200		2,566
Taiwan Semiconductor, ADR		451		5,656
Tellabs, Inc.		400		2,712
Teradata Corp. (a)		5		206
Texas Instruments, Inc.		440		14,300
VeriSign, Inc.		185		6,044
Websense, Inc. (a)		225		4,555
Yahoo!, Inc. (a)		732		12,172
				314,643
Materials: 1.3%
Air Products & Chemicals, Inc.		72		6,548
Compass Minerals International		10		893
Crown Holdings, Inc. (a)		98		3,271
Ecolab, Inc.		175		8,824

SEE NOTES TO FINANCIAL STATEMENTS 52

December 31, 2010

Schedule of Investments, continued

ESG Managers^TM Conservative Portfolio, continued

Percent of Net Assets,	Shares/
Name of Issuer and	Principal/
Title of Issuer	Contracts		Value
COMMON STOCKS, continued
Materials, continued
Novozymes A/S, ADR		20	$	2,794
Nucor Corp.		220		9,640
Praxair, Inc.		223		21,290
Rio Tinto PLC, ADR		27		1,935
Svenska Cellulosa AB, B Shares		600		9,473
Syngenta AG, ADR		25		1,470
Vale SA, ADR		13		449
				66,587
Telecommunication Services: 1.0%
America Movil SAB de CV, Series L, ADR		47		2,695
American Tower Corp., Class A (a)		57		2,943
AT&T, Inc.		322		9,460
BCE, Inc.		55		1,950
CenturyLink, Inc.		160		7,387
Portugal Telecom SGPS SA		44		502
Tele Norte Leste Participacoes SA, ADR		190		2,793
Telefonica SA		325		7,420
Telefonica SA, ADR		71		4,858
Verizon Communications, Inc.		146		5,224
Vodafone Group PLC, ADR		214		5,656
Windstream Corp.		352		4,908
				55,796
Utilities: 2.1%
AGL Resources, Inc.		120		4,302
American Water Works Co., Inc.		312		7,890
Black Hills Corp.		100		3,000
Energen Corp.		285		13,754
Iberdrola Renovables SA		2,000		7,108
MDU Resources Group, Inc.		420		8,513
National Grid PLC		1,000		8,643
National Grid PLC, ADR		116		5,148
NiSource, Inc.		381		6,713
Northeast Utilities		119		3,794
Northwest Natural Gas Co.		65		3,021
Oneok, Inc.		174		9,652
Pepco Holdings, Inc.		161		2,938
Portland General Electric Co.		400		8,680
Questar Corp.		235		4,091
Red Electrica Corp. SA		150		7,071
Sempra Energy		115		6,035
Veolia Environnement, ADR		6		177
				110,530

Percent of Net Assets,	Shares/
Name of Issuer and	Principal/
Title of Issuer	Contracts		Value
COMMON STOCKS, continued
TOTAL COMMON STOCKS (Cost $1,522,540)			$	1,686,072
AFFILIATED INVESTMENT COMPANIES: 11.8%
Pax World Global Green Fund (b)		7,928		76,430
Pax World High Yield Bond Fund (b)		31,735		244,991
Pax World International Fund (b)		33,202		302,800
TOTAL AFFILIATED INVESTMENT COMPANIES (Cost $593,193)				624,221
NON-AFFILIATED INVESTMENT COMPANIES: 1.0%
Schroder Emerging Markets Equity Fund (c)		3,690		51,329
TOTAL NON-AFFILIATED INVESTMENT COMPANIES (Cost $51,152)				51,329
BONDS: 52.9%
CORPORATE BONDS: 19.0%
Consumer Discretionary: 1.4%
BorgWarner, Inc., 5.750%, 11/01/16	$	24,000		25,733
Omnicom Group, Inc., 5.900%, 04/15/16		45,000		50,209
				75,942
Consumer Staples: 0.9%
Avon Products, Inc., 5.625%, 03/01/14		45,000		49,899
Energy: 1.8%
Conoco, Inc., 6.950%, 04/15/29		35,000		43,135
Midamerican Energy Co., 6.750%, 12/30/31		45,000		52,722
				95,857
Financials: 10.1%
Ally Financial, Inc., 1.750%, 10/30/12		45,000		45,818
AMB Property LP, 6.125%, 12/01/16		35,000		38,120
BlackRock, Inc., 3.500%, 12/10/14		45,000		46,709

53 SEE NOTES TO FINANCIAL STATEMENTS

December 31, 2010

Schedule of Investments, continued

ESG Managers^TM Conservative Portfolio, continued

Percent of Net Assets,	Shares/
Name of Issuer and	Principal/
Title of Issuer	Contracts		Value
CORPORATE BONDS, continued
Financials, continued
Citigroup Funding, Inc, 1.875%, 10/22/12	$	110,000	$	112,253
Intl. Bank for Reconstruction and Development, 2.000%, 12/04/13		75,000		76,902
JPMorgan Chase & Co., 4.650%, 06/01/14		25,000		26,706
Markel Corp., 6.800%, 02/15/13		35,000		37,094
NASDAQ OMX Group, 4.000%, 01/15/15		24,000		24,451
Progressive Corp., The, 6.700%, 06/15/37		25,000		25,721
State Street Corp., 7.350%, 06/15/26		20,000		23,412
Wachovia Corp., 5.500%, 05/01/13		35,000		38,107
Willis North America, Inc., 5.625%, 07/15/15		35,000		36,814
				532,107
Health Care: 1.6%
Beckman Coulter, Inc., 6.000%, 06/01/15		35,000		38,235
Howard Hughes Medical, Inc, 3.450%, 09/01/14		45,000		47,539
				85,774
Industrials: 0.4%
Owens Corning, Inc., 6.500%, 12/01/16		20,000		21,208
Information Technology: 1.4%
Analog Devices, Inc., 5.000%, 07/01/14		45,000		48,539
KLA-Tencor Corp., 6.900%, 05/01/18		22,000		24,235
				72,774
Materials: 0.4%
Domtar Corp., 9.500%, 08/01/16		17,000		20,145
Telecommunication Services: 0.5%
Sprint Capital Corp., 7.625%, 01/30/11		25,000		25,094

Percent of Net Assets,	Shares/
Name of Issuer and	Principal/
Title of Issuer	Contracts		Value
CORPORATE BONDS, continued
Utilities: 0.5%
American Water Capital Corp., 6.085%, 10/15/17	$	25,000	$	28,084
TOTAL CORPORATE BONDS (Cost $976,987)				1,006,884
U.S. GOVERNEMENT AGENCY BONDS: 5.4%
Federal Home Loan Bank System (Agency): 2.1%
5.000%, 11/17/17		75,000		85,156
5.500%, 07/15/36		25,000		27,636
				112,792
Freddie Mac (Agency): 1.9%
3.750%, 03/27/19		95,000		98,515
Fannie Mae (Agency): 2.0%
1.250%, 08/20/13		17,000		17,122
4.125%, 04/15/14		10,000		10,915
4.375%, 10/15/15		30,000		33,058
6.625%, 11/15/30		10,000		12,656
				73,751
TOTAL U.S. GOVERNMENT AGENCY BONDS (Cost $282,130)				285,058
GOVERNMENT BONDS: 1.2%
AID-Egypt, 4.450%, 09/15/15		35,000		38,403
U.S. Dept of Housing & Urban Development, 1.800%, 08/01/14		25,000		25,346
TOTAL GOVERNMENT BONDS (Cost $63,813)				63,749
U.S. TREASURY NOTES: 11.5%
3.500%, 01/15/11 (TIPS)		35,184		35,231
2.000%, 04/15/12 (TIPS)		28,022		29,062
0.625%, 04/15/13 (TIPS)		7,243		7,468
1.125%, 06/15/13		65,000		65,543
1.875%, 07/15/13 (TIPS)		48,822		52,098
2.000%, 07/15/14 (TIPS)		48,730		52,724
1.625%, 01/15/15 (TIPS)		85,903		91,708
0.500%, 04/15/15 (TIPS)		8,073		8,263
1.625%, 01/15/18 (TIPS)		10,439		11,184
1.375%, 07/15/18 (TIPS)		88,235		93,109
1.375%, 01/15/20 (TIPS)		22,250		23,154

SEE NOTES TO FINANCIAL STATEMENTS 54

December 31, 2010

Schedule of Investments, continued

ESG Managers^TM Conservative Portfolio, continued

Percent of Net Assets,	Shares/
Name of Issuer and	Principal/
Title of Issuer	Contracts		Value
U.S. TREASURY NOTES, continued
2.375%, 01/15/25 (TIPS)	$	69,614	$	77,642
2.375%, 01/15/27 (TIPS)		10,845		12,079
1.750%, 01/15/28 (TIPS)		26,099		26,633
3.375%, 04/15/32 (TIPS)		18,482		23,943
TOTAL U.S. TREASURY NOTES (Cost $590,771)				609,841
MORTGAGE-BACKED SECURITIES: 15.8%
U.S. GOVERNMENT MORTGAGE BACKED: 12.5%
Ginnie Mae (Mortgage-Backed): 10.2%
4.175%, 01/16/38		75,000		79,271
4.500%, 01/15/40		108,507		112,835
4.500%, 08/20/40		86,066		89,499
4.500%, 11/20/40		249,540		259,494
				541,099
Freddie Mac (Mortgage-Backed): 1.8%
5.000%, 07/15/37		87,895		93,256
Fannie Mae (Mortgage Backed): 0.5%
6.040%, 07/01/13		23,798		24,726
Small Business Administration: 1.5%
0.600%, 07/25/20		24,102		23,955
5.490%, 03/01/28		53,856		57,963
				81,918
Commercial Mortgage-Backed: 1.8%
GMAC Commercial Mortgage, 6.465%, 04/15/34		11,462		11,458
JP Morgan Chase Commercial Mtg Sec Corp., 4.865%, 03/15/46		45,000		46,990
LB-UBS Commercial Mortgage Trust, 4.559%, 09/15/27		35,000		35,206
				93,654

Percent of Net Assets,	Shares/
Name of Issuer and	Principal/
Title of Issuer	Contracts	Value
TOTAL MORTGAGE-BACKED SECURITIES (Cost $827,822)		$	834,653
TOTAL BONDS (Cost $2,741,523)			2,800,185
TOTAL INVESTMENTS: 97.4% (Cost $4,908,408)			5,161,807
OTHER ASSETS AND LIABILITIES—(Net): 2.6%			135,884
Net Assets: 100.0%		$	5,297,691

(a)	Non income producing security
(b)	Institutional Class shares
(c)	Investor Class shares
ADR	American Depository Receipt
LP	Limited Partnership
REIT	Real Estate Investment Trust
TIPS	Treasury Inflation Protected Securities

55 SEE NOTES TO FINANCIAL STATEMENTS

December 31, 2010

Statements of Assets and Liabilities

	Aggressive Growth
ASSETS
Investments, at cost—Note A	$	4,118,837
Investments in unaffiliated issuers, at value—Note A	$	3,599,807
Investments in affiliated issuers, at value—Note C		973,447
Total Investments		4,573,254
Cash		169,284
Prepaid expenses		2,297
Receivables:
Receivable for shares sold		—
Dividends and interest—Note A		4,522
Investment securities sold		13,494
Other		405
Total Assets		4,763,256
LIABILITIES
Payables:
Payable for shares redeemed		—
Investment securities purchased		23,458
Accrued expenses:
Investment advisory fees—Note B		2,277
Distribution expense		9,863
Transfer agent fees		6,580
Printing and other shareholder communication fees		3,147
Custodian fees		14,557
Legal and audit fees		28,260
Other accrued expenses		4,189
Total Liabilities		92,331
NET ASSETS	$	4,670,925

SEE NOTES TO FINANCIAL STATEMENTS 56

December 31, 2010

Growth		Moderate		Conservative
$	7,524,437	$	7,171,834	$	4,908,408
$	5,971,369	$	6,484,385	$	4,537,586
	2,135,352		1,120,078		624,221
	8,106,721		7,604,463		5,161,807
	302,681		204,380		185,434
	2,429		2,477		2,347
	1,737		—		2,482
	17,090		30,490		25,005
	22,114		13,088		6,349
	608		469		292
	8,453,380		7,855,367		5,383,716
	1,507		—		—
	87,935		33,614		22,102
	3,673		3,654		2,519
	11,878		3,899		1,235
	6,548		6,380		6,347
	3,658		3,401		2,288
	12,590		14,583		14,492
	33,058		33,085		33,206
	3,708		3,501		3,836
	164,555		102,117		86,025
$	8,288,825	$	7,753,250	$	5,297,691

57 SEE NOTES TO FINANCIAL STATEMENTS

December 31, 2010

Statements of Assets and Liabilities, continued

	Aggressive Growth
NET ASSETS REPRESENTED BY
Paid in Capital	$	4,209,286
Undistributed (distributions in excess of) net investment income		—
Accumulated net realized gain (loss)		7,193
Net unrealized appreciation (depreciation) of:
Investments		454,417
Foreign currency translations		29
NET ASSETS	$	4,670,925
Class A
Net Assets	$	768,141
Capital Shares Outstanding		70,510
Net asset value per share	$	10.89
Institutional Class
Net assets	$	2,578,909
Capital Shares Outstanding		236,425
Net asset value per share	$	10.91
Class C
Net assets	$	1,323,875
Capital Shares Outstanding		121,701
Net asset value per share	$	10.88

SEE NOTES TO FINANCIAL STATEMENTS 58

December 31, 2010

Growth			Moderate			Conservative
$	7,710,642		$	7,342,404		$	5,042,895
	3,324			(484	)		(6	)
	(7,478	)		(21,345	)		1,376
	582,284			432,629			253,399
	53			46			27
$	8,288,825		$	7,753,250		$	5,297,691
$	2,067,974		$	2,071,383		$	1,163,840
	191,463			195,956			110,332
$	10.80		$	10.57		$	10.55
$	4,704,651		$	5,291,890		$	4,106,517
	435,673			500,205			388,976
$	10.80		$	10.58		$	10.56
$	1,516,200		$	389,977		$	27,334
	140,697			37,028			2,602
$	10.78		$	10.53		$	10.50

59 SEE NOTES TO FINANCIAL STATEMENTS

Period Ended December 31, 2010

Statements of Operations

	Aggressive Growth
INVESTMENT INCOME
Income
Dividends (net of foreign withholding tax of $1,572; $2,172; $1,617; and $923; respectively)	$	60,281
Dividends from affiliate—Note C		20,672
Interest (net of foreign withholding tax of $0; $0; $0; and $0; respectively)		1
Other income		—
Total Income		80,954
Expenses
Investment advisory fees—Note B		30,922
Distribution expenses—Class A (Note B)		862
Distribution expenses—Class C (Note B)		2,250
Service plan expenses—Class C (Note B)		6,751
Transfer agent fees		51,496
Printing and other shareholder communication fees		6,584
Custodian fees		46,755
Legal fees and related expenses		6,673
Trustees’ fees and expenses		14,207
Compliance expense		8,915
Audit fees		26,443
Registration fees		84,665
Other expenses		3,669
Total Expenses		290,192
Less:
Advisory fee waiver—Note B		(10,951	)
Expenses assumed by Adviser—Note B		(235,631	)
Net expenses		43,610
Net investment income		37,344
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments		7,022
Foreign currency transactions		467
Change in unrealized appreciation (depreciation) on:
Investments		454,417
Foreign currency translation		29
Net realized and unrealized gain (loss) on investments and foreign currency		461,935
Net increase in net assets resulting from operations	$	499,279

Commencement of Operations for each Fund—January 4, 2010

SEE NOTES TO FINANCIAL STATEMENTS 60

Period Ended December 31, 2010

Growth			Moderate			Conservative
$	77,401		$	57,956		$	30,276
	81,702			43,814			25,566
	24,988			78,100			75,236
	93			72			37
	184,184			179,942			131,115
	50,676			48,308			32,690
	1,658			2,282			1,137
	2,555			404			24
	7,665			1,212			73
	48,985			48,818			49,162
	7,652			7,139			4,882
	37,905			46,872			46,466
	6,746			6,754			6,696
	14,362			14,368			14,265
	8,915			8,915			8,915
	31,443			31,443			31,443
	83,187			81,922			81,818
	9,895			11,320			9,000
	311,644			309,757			286,571
	(24,978	)		(18,942	)		(9,999	)
	(225,602	)		(235,655	)		(238,354	)
	61,064			55,160			38,218
	123,120			124,782			92,897
	(15,778	)		(25,817	)		(1,477	)
	826			891			620
	582,284			432,629			253,399
	53			46			27
	567,385			407,749			252,569
$	690,505		$	532,531		$	345,466

61 SEE NOTES TO FINANCIAL STATEMENTS

Period Ended December 31, 2010

Statements of Changes in Net Assets

	Aggressive Growth
INCREASE (DECREASE) IN NET ASSETS
Operations
Investment income (loss), net	$	37,344
Net realized gain (loss) on investments and foreign currency transactions		7,489
Change in unrealized appreciation (depreciation) on investments and foreign currency translations		454,446
Net increase in net assets resulting from operations		499,279
Distributions to shareholders from:
Net investment income
Class A		(6,146	)
Institutional Class		(27,658	)
Class C		(4,167	)
Total distributions to shareholders		(37,971	)
From capital share transactions:
Class A
Proceeds from shares sold		700,042
Proceeds from reinvestment of distributions		6,113
Cost of shares redeemed		(4,994	)
Net increase (decrease) from Class A transactions		701,161
Institutional Class
Proceeds from shares sold		1,020,698
Proceeds from reinvestment of distributions		27,658
Cost of shares redeemed		(34,939	)
Net increase (decrease) from Institutional Class transactions		1,013,417
Class C
Proceeds from shares sold		1,195,035
Proceeds from reinvestment of distributions		4,167
Cost of shares redeemed		(6,663	)
Net increase from Class C transactions		1,192,539
Net increase from capital share transactions		2,907,117
Net increase in net assets		3,368,425
Net assets
Beginning of period		1,302,500
End of period (1)	$	4,670,925
	$	—

(1) Includes undistributed net investment income (loss)

Commencement of Operations for each Fund—January 4, 2010

SEE NOTES TO FINANCIAL STATEMENTS 62

Period Ended December 31, 2010

Growth			Moderate			Conservative
$	123,120		$	124,782		$	92,897
	(14,952	)		(24,926	)		(857	)
	582,337			432,675			253,426
	690,505			532,531			345,466
	(20,134	)		(26,608	)		(13,358	)
	(78,338	)		(91,865	)		(77,121	)
	(14,128	)		(3,279	)		(200	)
	(112,600	)		(121,752	)		(90,679	)
	1,976,572			2,211,965			1,111,238
	19,051			25,554			13,060
	(33,196	)		(269,517	)		(595	)
	1,962,427			1,968,002			1,123,703
	103,873			57,000			169,380
	78,338			91,865			77,121
	(2,935	)		—			(303	)
	179,276			148,865			246,198
	1,445,239			432,445			25,421
	12,662			3,169			82
	(70,911	)		(67,237	)		—
	1,386,990			368,377			25,503
	3,528,693			2,485,244			1,395,404
	4,106,598			2,896,023			1,650,191
	4,182,227			4,857,227			3,647,500
$	8,288,825		$	7,753,250		$	5,297,691
$	3,324		$	(484	)	$	(6	)

63 SEE NOTES TO FINANCIAL STATEMENTS

Period Ended December 31, 2010

Statements of Changes in Net Assets—Shares of Beneficial Interest

	Aggressive Growth
Class A
Shares sold		70,361
Shares issued in reinvestment of distributions		573
Shares redeemed		(524	)
Net increase in shares outstanding		70,410
Institutional Class
Shares sold		107,417
Shares issued in reinvestment of distributions		2,641
Shares redeemed		(3,683	)
Net increase in shares outstanding		106,375
Class C
Shares sold		121,885
Shares issued in reinvestment of distributions		383
Shares redeemed		(667	)
Net increase in shares outstanding		121,601

Commencement of Operations for each Fund—January 4, 2010

SEE NOTES TO FINANCIAL STATEMENTS 64

Period Ended December 31, 2010

Growth			Moderate			Conservative
	192,760			219,217			109,033
	1,794			2,478			1,257
	(3,191	)		(25,839	)		(58	)
	191,363			195,856			110,232
	10,334			5,709			16,937
	7,617			8,973			7,518
	(301	)		—			(29	)
	17,650			14,682			24,426
	146,317			43,202			2,494
	1,238			307			8
	(6,958	)		(6,581	)		—
	140,597			36,928			2,502

65 SEE NOTES TO FINANCIAL STATEMENTS

December 31, 2010

Financial Highlights

Selected data for a share outstanding throughout each period.

					Income (loss) from
					investment operations					Distributions to shareholders
	Net asset		Net		Net
	value,		investment		realized and		Total from		From net		From net		Tax
	beginning		income		unrealized		investment		investment		realized		return of
	of period		(loss)1		gain (loss)		operations		income		gains		capital
Aggressive Growth
Class A
For the Period Ended December 31, 2010	$	10.00	$	0.13	$	0.86	$	0.99	$	0.10	$	—	$	—
Institutional Class
For the Period Ended December 31, 2010	$	10.00	$	0.13	$	0.90	$	1.03	$	0.12	$	—	$	—
Class C
For the Period Ended December 31, 2010	$	10.00	$	0.04	$	0.88	$	0.92	$	0.04	$	—	$	—
Growth
Class A
For the Period Ended December 31, 2010	$	10.00	$	0.25	$	0.72	$	0.97	$	0.17	$	—	$	—
Institutional Class
For the Period Ended December 31, 2010	$	10.00	$	0.22	$	0.76	$	0.98	$	0.19	$	—	$	—
Class C
For the Period Ended December 31, 2010	$	10.00	$	0.14	$	0.75	$	0.89	$	0.11	$	—	$	—
Moderate
Class A
For the Period Ended December 31, 2010	$	10.00	$	0.21	$	0.53	$	0.74	$	0.17	$	—	$	—
Institutional Class
For the Period Ended December 31, 2010	$	10.00	$	0.21	$	0.56	$	0.77	$	0.19	$	—	$	—
Class C
For the Period Ended December 31, 2010	$	10.00	$	0.13	$	0.53	$	0.66	$	0.13	$	—	$	—
Conservative
Class A
For the Period Ended December 31, 2010	$	10.00	$	0.21	$	0.53	$	0.74	$	0.19	$	—	$	—
Institutional Class
For the Period Ended December 31, 2010	$	10.00	$	0.22	$	0.54	$	0.76	$	0.20	$	—	$	—
Class C
For the Period Ended December 31, 2010	$	10.00	$	0.13	$	0.52	$	0.65	$	0.15	$	—	$	—

1	Based on average shares outstanding during the period.
2	Total return represents aggregate total return for the period indicated, includes reinvestment of all dividends and distributions, and does not reflect the deduction of any applicable sales charges. Total returns for periods of less than one year have not been annualized.
3	Ratios representing periods of less than one year have been annualized.
4	Not annualized

Commencement of Operations for each Fund—January 4, 2010

SEE NOTES TO FINANCIAL STATEMENTS 66

December 31, 2010

									Ratios to average net assets3
															Net			Gross
		Net asset					Net assets		Net expenses			Net			expenses			expenses
		value,					end of		including			investment			before			excluding
Total		end of		Total			period		reimbursements			income			voluntary			reimbursements			Portfolio
distributions		period		return2			(in $000’s)		and waivers			(loss)			waivers			and waivers			Turnover4
$	0.10	$	10.89		9.96	%	$	768		1.23	%		1.32	%		1.55	%		8.40	%		40	%
$	0.12	$	10.91		10.33	%	$	2,579		0.98	%		1.32	%		1.30	%		8.15	%		40	%
$	0.04	$	10.88		9.16	%	$	1,324		1.98	%		0.43	%		2.30	%		9.15	%		40	%
$	0.17	$	10.80		9.79	%	$	2,068		1.08	%		2.42	%		1.49	%		5.17	%		30	%
$	0.19	$	10.80		9.93	%	$	4,705		0.83	%		2.18	%		1.24	%		4.92	%		30	%
$	0.11	$	10.78		8.93	%	$	1,516		1.83	%		1.36	%		2.24	%		5.93	%		30	%
$	0.17	$	10.57		7.50	%	$	2,071		1.10	%		2.05	%		1.41	%		5.19	%		36	%
$	0.19	$	10.58		7.74	%	$	5,292		0.85	%		2.09	%		1.16	%		4.93	%		36	%
$	0.13	$	10.53		6.68	%	$	390		1.85	%		1.34	%		2.16	%		5.94	%		36	%
$	0.19	$	10.55		7.46	%	$	1,164		1.10	%		2.04	%		1.33	%		6.67	%		27	%
$	0.20	$	10.56		7.68	%	$	4,107		0.85	%		2.14	%		1.08	%		6.41	%		27	%
$	0.15	$	10.50		6.54	%	$	27		1.85	%		1.27	%		2.08	%		7.41	%		27	%

67 SEE NOTES TO FINANCIAL STATEMENTS

December 31, 2010

Notes to Financial Statements

Pax World Funds Series Trust I

NOTE A—Organization and Summary of Significant Accounting Policies

Organization Pax World Funds Series Trust I (the “Trust”), which is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), is an open-end management investment company organized under the laws of the Commonwealth of Massachusetts on May 25, 2006. As of December 31, 2010, the Trust offered eleven investment funds.

These financial statements relate only to the ESG Managers Aggressive Growth Portfolio (the “Aggressive Growth Portfolio”), ESG Managers Growth Portfolio (the “Growth Portfolio”), ESG Managers Moderate Portfolio (the “Moderate Portfolio”), and ESG Managers Conservative Portfolio (the “Conservative Portfolio”) (each a “Fund” and collectively, the “Funds”), each a diversified series of the Trust. The Funds described herein commenced operations on January 4, 2010.

The Funds use multiple managers (“Sleeve Subadvisers”) to seek to achieve their investment objectives, and each Sleeve Subadviser seeks to invest the assets of its sleeve(s) in securities consistent with its investment style (e.g., large cap growth, small cap value, intermediate term bond) and within the parameters established by Morningstar Associates, LLC for the Funds (see Note B). Each Sleeve Subadviser seeks to invest the assets of its sleeve(s) in accordance with sustainability or environmental, social and governance (“ESG”) criteria. The Sleeve Subadvisers include experienced managers of mutual funds and separately managed accounts that also follow ESG criteria. These funds or separate accounts serve as models upon which Morningstar Associates, LLC has designed the sleeves’ investment parameters. Allocation of assets among Sleeve Subadvisers is based on such factors as prudent diversification principles, general market outlooks (both domestic and global), historical performance, global markets’ current valuations, and other economic factors. The Adviser and Morningstar Associates may periodically adjust asset allocations to favor those Sleeve Subadvisers that the Adviser and Morningstar Associates believe will provide the most favorable outlook for achieving a Fund’s investment objective. As a result, it is not possible to predict the extent to which any Fund’s assets will be invested by (or based upon the recommendations of) a particular Sleeve Subadviser at any time, and one or more Sleeve Subadvisers may not be advising any assets for a particular Fund at any given time.

68

December 31, 2010

The Aggressive Growth Portfolio’s primary investment objective is to seek a high level of long-term capital appreciation. The portfolio expects to invest approximately 95% of its total assets in equity securities (e.g., stocks) and approximately 5% of its total assets in fixed income securities (e.g., corporate bonds, U.S. Treasury securities, agency securities and municipal bonds). The Aggressive Growth Portfolio can invest up to 100% of its total assets in equity securities and up to 25% of its total assets in fixed income securities. Additionally, the Aggressive Growth Portfolio can invest up to 85% of its total assets in securities of non-U.S. issuers including investments in emerging markets. Over the longer term, relative to the other funds, the Aggressive Growth Portfolio should offer shareholders the potential for a high level of capital growth with relatively little income.

The Growth Portfolio’s investment objective is to seek long-term capital appreciation. Under normal market conditions, the Growth Portfolio will invest approximately 70% of its total assets in equity securities (e.g., stocks) and approximately 30% of its total assets in fixed income securities (e.g., corporate bonds, U.S. Treasury securities, agency securities and municipal bonds). The Growth Portfolio can invest up to 100% of its total assets in equity securities and up to 50% of its total assets in fixed income securities. Additionally, the Growth Portfolio can invest up to 70% of its total assets in securities of non-U.S. issuers including investments in emerging markets. Over the longer term, relative to the other funds, the Growth Portfolio should offer shareholders the potential for a low to medium level of income and a medium to high level of capital growth.

The Moderate Portfolio’s primary investment objective is to seek long-term capital appreciation. As a secondary objective and to the extent consistent with its primary investment objective, the Moderate Portfolio seeks current income. Under normal market conditions, the Moderate Portfolio will invest approximately 50% of its total assets in equity securities (e.g., stocks) and approximately 50% of its total assets in fixed income securities (e.g., corporate bonds, U.S. Treasury securities, agency securities and municipal bonds). The Moderate Portfolio can invest up to 70% of its total assets in equity securities and up to 70% of its total assets in fixed income securities. Additionally, the Moderate Portfolio can invest up to 50% of its total assets in securities of non-U.S. issuers including investments in emerging markets. Over the longer term, relative to other funds, the Moderate Portfolio should offer shareholders the potential for a medium level of income and a medium level of capital growth.

69

December 31, 2010

Notes to Financial Statements, continued

The ESG Conservative Portfolio’s primary investment objective is to seek preservation of capital and current income. As a secondary objective and to the extent consistent with its primary investment objective, the Conservative Portfolio seeks capital appreciation. Under normal market conditions, the Conservative Portfolio will invest approximately 65% of its total assets in fixed income securities (e.g., corporate bonds, U.S. Treasury securities, agency securities and municipal bonds) and cash and approximately 35% of its total assets in equity securities (e.g., stocks). The Conservative Portfolio can invest up to 100% of its total assets in fixed income securities and up to 50% of its total assets in equity securities. The Conservative Portfolio can invest up to 40% of its total assets in securities of non-U.S. issuers including investments in emerging markets. Over the longer term, relative to other funds, the Conservative Portfolio should offer shareholders the potential for a medium to high level of income and a low to medium level of capital growth.

Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this could involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust expects the risk of loss to be remote.

Accounting Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Valuation of Investments Investments for which market quotations are readily available are valued at fair value. 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.

70

December 31, 2010

Investments initially valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services. As a result, NAV of a Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the New York Stock Exchange is closed, and the net asset value of a Fund’s shares may change on days when an investor is not able to purchase, redeem or exchange shares. 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 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.

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. Various factors may be considered in order to make a good faith determination of a security’s fair value. These factors include, but are not limited to, the type and cost of the security; relevant financial or business developments of the issuer; actively traded similar or related securities; conversion or exchange rights on the security; related corporate actions; 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 before the time at which Funds’ net asset value is determined; and changes in overall market conditions. At December 31, 2010, two securities were fair valued in good faith pursuant to policies and procedures approved by the Board, the Growth Portfolio held one security fair valued at $53,416, representing 0.64% of the Fund’s net asset value, and the Moderate Portfolio held one security fair valued at $88,185, representing 1.14% of the Fund’s net asset value.

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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 fair value foreign equity securities if there has been a movement in the U.S. market that exceeds a specified threshold. 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.

The net asset value per share (“NAV”) of each class of a Fund’s shares is 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 on each day (a “Business Day”) that the New York Stock Exchange is open for trading.

For purposes of calculating NAV, 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. Domestic fixed income and foreign 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.

Fair value is defined as the price that the Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy has been established to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the

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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 three-tier hierarchy of inputs is summarized in the three broad Levels listed below.

• Level 1 — 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)

Equity securities, including restricted securities and options on equity securities, 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. Foreign equities may also be valued at official close, or may be valued based on the fair value pricing procedures noted above. When fair valuation methods are applied to foreign securities, they are generally categorized as Level 2. Utilizing fair valuation of foreign securities for significant market movements may result in transfers between Level 1 and Level 2 categorizations for such securities. Debt securities are valued at evaluated prices received from independent pricing services and are generally categorized as Level 2 in the hierarchy. Investments in mutual funds are generally categorized as Level 1. Short-term securities with remaining maturities of sixty days or less, which are valued at amortized cost, are generally categorized as Level 2 in the hierarchy.

Investments that use Level 2 or Level 3 inputs may include, but are not limited to: (i) an unlisted security related to corporate actions; (ii) a restricted security (e.g., one that may not be publicly sold without registration under the Securities Act of 1933, as amended); (iii) a security whose trading has been suspended or which has been de-listed from its primary exchange; (iv) a security that is thinly traded; (v) a security in default or bankruptcy proceedings for which there is no current market quotation; (vi) a security affected by currency controls or restrictions; and (vii) a security affected by a significant event (e.g., an event that occurs after the close of the markets on

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Notes to Financial Statements, continued

which a security is traded but before the time at which the Funds’ net assets are computed and that may materially affect the value of the Funds’ investments). Examples of events that may be “significant events” are government actions, natural disasters, armed conflict, acts of terrorism, and significant market fluctuations.

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 summary of the inputs used to value the Funds’ net assets as of December 31, 2010:

	Level One		Level Two		Level Three		Totals
Aggressive Growth
Common Stocks — Domestic	$	3,341,134	$	—	$	—	$	3,341,134
Common Stocks — Foreign		27,695		159,239		—		186,934
Affiliated Investment Companies		973,447						973,447
Unaffiliated Investment Companies		71,739		—		—		71,739
Total	$	4,414,015	$	159,239	$	—	$	4,573,254
Growth
Common Stocks — Domestic	$	4,444,503	$	—	$	—	$	4,444,503
Common Stocks — Foreign		47,808		250,931		—		298,739
Affiliated Investment Companies		2,135,352		—		—		2,135,352
Unaffiliated Investment Companies		127,258		—		—		127,258
Corporate Bonds		—		289,528		—		289,528
U.S. Govt Agency Bonds		—		87,079		—		87,079
Government Bonds		—		21,111		—		21,111
Municipal Bonds		—		19,453		—		19,453
U.S. Treasury Notes		—		315,475		—		315,475
Mortgage-Backed Securities		—		314,807		53,416		368,223
Total	$	6,754,921	$	1,298,384	$	53,416	$	8,106,721

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	Level One		Level Two		Level Three		Totals
Moderate
Common Stocks — Domestic	$	3,172,563	$	—	$	—	$	3,172,563
Common Stocks — Foreign		38,932		197,933		—		236,865
Affiliated Investment Companies		1,120,078		—		—		1,120,078
Unaffiliated Investment Companies		102,306		—		—		102,306
Corporate Bonds		—		952,343		—		952,343
U.S. Govt Agency Bonds		—		281,296		—		281,296
Government Bonds		—		63,749		—		63,749
Municipal Bonds		—		196,005		—		196,005
U.S. Treasury Notes		—		696,414		—		696,414
Mortgage-Backed Securities		—		694,659		88,185		782,844
Total	$	4,433,879	$	3,082,399	$	88,185	$	7,604,463
Conservative
Common Stocks — Domestic	$	1,538,979	$	—	$	—	$	1,538,979
Common Stocks — Foreign		22,808		124,285		—		147,093
Affiliated Investment Companies		624,221		—		—		624,221
Unaffiliated Investment Companies		51,329		—		—		51,329
Corporate Bonds		—		1,006,884		—		1,006,884
U.S. Govt Agency Bonds		—		285,058		—		285,058
Government Bonds		—		63,749		—		63,749
U.S. Treasury Notes		—		609,841		—		609,841
Mortgage-Backed Securities		—		834,653		—		834,653
Total	$	2,237,337	$	2,924,470	$	—	$	5,161,807

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Growth		Moderate
Balance as of January 4, 2010	$	—	$	—
Realized Gain (loss)		—		—
Change in unrealized appreciation (depreciation)		199		885
Net purchases (sales)		53,217		87,300
Transfers in and/or out of Level Three		—		—
Balance as of December 31, 2010	$	53,416	$	88,185

The change in unrealized gain/loss on Level 3 securities held at December 31, 2010 totaled gains of $199 and $885 in the Growth and Moderate Portfolios, respectively, for the year-to-date period then ended.

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Notes to Financial Statements, continued

In January 2010, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2010-06 “Improving Disclosures about Fair Value Measurements”. Portions of ASU No. 2010-06 which involve improved disclosures surrounding amounts and reasons for significant transfers in and out of Level 1 and Level 2 fair value measurements as well as inputs and valuation techniques used to measure fair value within Level 2 or Level 3, became effective for the current fiscal yearend and have been adopted by the Funds. The remaining portion of ASU No. 2010-06 requires more detailed disclosures of information pertaining to purchases, sales, issuances and settlements on a gross basis in the reconciliation of activity in Level 3 fair value measurements. These new and revised disclosures are required to be implemented for fiscal years beginning after December 15, 2010. Management is currently evaluating the impact that the adoption of this remaining portion of ASU No. 2010-06 may have on the Funds’ financial statement disclosures.

The Funds recognize transfers between Levels as of the end of the period. As of December 31, 2010, the Funds did not have any significant transfers between valuation levels.

Investment Transactions Investment transactions are recorded as of the date of purchase, sale or maturity. Net realized gains and losses from the sale or disposition of securities are determined on the identified cost basis, which is also used for federal income tax purposes. Corporate actions (including cash dividends) are recorded net of foreign tax withholdings.

Investment Income Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis and includes accretion of discount and amortization of premiums, if any. The value of additional securities received as dividend payments is recorded as income and as an increase to the cost basis of such securities. The Funds amortize purchase price premium and accrete discount on bonds, if any, over the remaining life of the bonds using the effective interest method of amortization; for callable bonds, the amortization period is to the most likely call date.

Distributions to Shareholders Distributions to shareholders are recorded by each of the Funds on the ex-dividend dates. The Funds expect to pay dividends of net investment income, if any, semiannually and to make distributions of capital gains, if any, at least annually. Income and capital gains distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles.

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Expenses Expenses of the Funds that are directly identifiable to a specific Fund are applied to that Fund. Expenses that are not readily identifiable to a specific Fund are allocated in a manner deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Funds. Expenses directly attributable to a class of shares, such as distribution fees, are charged to that class. Each Fund has adopted a distribution plan, applicable to certain classes of its shares.

Federal Income Taxes Each of the Funds intends to elect to be treated and qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). If a Fund so qualifies and satisfies certain distribution requirements, such Fund will ordinarily not be subject to federal income tax on its net investment income (which includes short-term capital gains) and net capital gains that it distributes to shareholders. Each Fund expects to distribute all or substantially all of its income and gains to shareholders every year. Therefore, no federal income or excise tax provision is required. The Funds are treated as separate entities for U.S. federal income tax purposes.

Foreign Currency Transactions The accounting records of the Funds are maintained in U.S. dollars. In addition, purchases and sales of investment securities, dividend and interest income, and certain expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net realized and unrealized foreign currency exchange gains or losses occurring during the holding period of investment securities are a component of realized gain (loss) on investment transactions and unrealized appreciation (depreciation) on investments, respectively.

Non-U.S. Securities Non-U.S. markets can be significantly more volatile than domestic markets, causing the prices of some of the Fund’s investments to fluctuate significantly, rapidly and unpredictably. Non-U.S. securities may be less liquid than domestic securities; consequently, the Fund may at times be unable to sell non-U.S. securities at desirable times or prices. Other risks related to non-U.S. securities include delays in the settlement of transactions; less publicly available information about issuers; different reporting, accounting and auditing standards; the effect of political, social, diplomatic or economic events; seizure, expropriation or nationalization of the issuer or its assets; and the possible imposition of currency exchange controls. If the Fund invests substantially in securities of non-U.S. issuers tied economically to

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Notes to Financial Statements, continued

a particular country or geographic region, it will be subject to the risks associated with such country or geographic region to a greater extent than a fund that is more diversified across countries or geographic regions.

NOTE B—Investment Advisory Fee and Transactions with Affiliated and Other Parties

The Trust has entered into an Investment Advisory Contract (the “Agreement”) with Pax World Management LLC (the “Adviser”). Pursuant to the terms of the agreement, the Adviser, subject to the supervision of the Board of Trustees of the Trust, is responsible for managing the assets of the Funds in accordance with the Funds’ investment objective, investment programs and policies.

Pursuant to the Agreement the Adviser has contracted to furnish the Funds continuously with an investment program, determining what investments to purchase, sell and exchange for the Funds and what assets to hold uninvested. The Adviser also has contracted to provide office space and certain management and administrative facilities for the Funds. In return for such services, the Funds pay an advisory fee to the Adviser at the following annual rates (expressed as a percentage of the average daily net assets of such Fund):

Fund	Average Net Asset Value of Fund
Aggressive Growth		0.90	%
Growth		0.85	%
Moderate		0.80	%
Conservative		0.75	%

The Adviser has entered into an Asset Allocation Agreement with Morningstar Associates, whereby Morningstar Associates, subject to the supervision of the Board of Trustees of the Trust and the Adviser, is responsible for certain portfolio construction services for the Funds.

Pursuant to the Asset Allocation Agreement Morningstar Associates has contracted to have supervisory responsibility for: (i) the implementation of the asset allocation strategy of each Fund, (ii) the amount of assets allocated to each Sleeve Subadviser and/or the Adviser, (iii) the evaluation, selection and recommendation to the Adviser and the Board of Trustees of hiring, termination and replacement of Sleeve Subadvisers to manage the assets of

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each Fund, and (iv) overseeing and monitoring the ongoing performance of Sleeve Subadvisers of each Fund, including their compliance with the investment objectives, policies and restrictions of the relevant Fund. For its services under the Asset Allocation Agreement, Morningstar Associates receives from the Adviser a fee based on a percentage of each applicable Fund’s average daily net assets from the Adviser’s advisory fee (the “Lead Subadvisory fee”) at an annual rate of 0.15%.

Pursuant to Subadvisory Contracts, the Sleeve Subadvisers manage the Funds’ portfolios of securities and make decisions with respect to the purchase and sale of investments, subject to the general control of the Board of Trustees of the Funds, the Adviser, and Morningstar Associates. For their services under their respective Subadvisory Contracts, each Sleeve Subadviser receives from the Adviser a fee based on a percentage of the applicable sleeve’s average daily net assets from the Adviser’s investment advisory fee (the “Subadvisory fees”).

Payment of fees to Morningstar and the Sleeve Subadvisers is the responsibility of the Adviser, and is not an additional expense of the Funds.

The Adviser, Morningstar Associates and several sleeve subadvisors provided initial seed capital to commence operations of the Funds. During the period, the Adviser voluntarily waived advisory fees related to a portion of the initial seed capital and also related to acquired fund fees for investments in other mutual funds managed by the Adviser. For the period ended December 31, 2010, the Funds incurred the following advisory fees and fee waivers:

	Gross				Net
Fund	Advisory Fees		Fees Waived		Advisory Fee
Aggressive Growth	$	30,922	$	10,951	$	19,971
Growth		50,676		24,978		25,698
Moderate		48,308		18,942		29,366
Conservative		32,690		9,999		22,691

The Adviser has contractually agreed to reimburse Funds to the extent that each Fund’s respective expenses exceed, on an annual basis, the following percentages of average daily net assets:

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Notes to Financial Statements, continued

Fund	Class A			Institutional			Class C
Aggressive Growth		1.44	%		1.19	%		2.19	%
Growth		1.34	%		1.09	%		2.09	%
Moderate		1.24	%		0.99	%		1.99	%
Conservative		1.14	%		0.89	%		1.89	%

The Adviser has contractually agreed to reimburse expenses to the extent they exceed the expense caps indicated until at least December 31, 2012.

Such expenses include (i) management and distribution fees; (ii) the fees of affiliated and unaffiliated Trustees; (iii) the fees of the Funds’ custodian and transfer agent; (iv) the fees of the Funds’ legal counsel and independent registered public accounting firm; (v) the reimbursement of organizational expenses; and (vi) expenses related to shareholder communications including all expenses of shareholders’ and Board of Trustees’ meetings and of preparing, printing and mailing reports, proxy statements and prospectuses to shareholders.

For the period ended December 31, 2010, the dollar amount of expense reimbursements for each of the Funds were as follows:

	Total Expense Reimbursement by Adviser
Fund	Class A		Institutional		Class C
Aggressive Growth	$	23,635	$	150,264	$	61,732
Growth		25,090		161,837		38,675
Moderate		35,627		193,720		6,308
Conservative		24,870		212,949		535

Each Fund has adopted a plan (a “Distribution Plan”) pursuant to Rule 12b-1 under the 1940 Act that allows it to pay distribution fees for the sale and distribution of its Class A and Class C shares and for personal services rendered to the Fund shareholders in connection with the maintenance of shareholder accounts. The Funds’ distributor may pay all or any portion of the distribution fee to securities dealers or other organizations (including, but not limited to, any affiliate of the distributor) as commissions, asset-based sales charges or other compensation with respect to the sale of indicated shares of such Fund, and may retain all or any portion of the distribution fee as compensation for the distributor’s services as principal underwriter of the indicated shares of such Fund. The annual fees may equal up to 0.25% for

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Class A shares or up to 0.75% for Class C shares of the average daily net assets allocable to such classes of shares of a Fund.

In addition to the Distribution Plan, each Fund has adopted a shareholder services plan (a “Services Plan”) with respect to Class C shares. Under each Services Plan, up to 0.25% of the average daily net assets allocable to Class C shares of the Fund may be used to pay service fees to qualified dealers for providing certain shareholder services (e.g., personal services rendered to such shareholders and/or the maintenance of shareholder accounts).

Several individuals who are officers and/or Trustees of the Trust are also employees of the Adviser.

NOTE C—Investment Information

Purchases and proceeds from sales of investments for the Funds for the period ended December 31, 2010 were as follows:

	Purchases				Sales
Fund	Investments1		U.S. Government Bonds		Investments1		U.S. Government Bonds
Aggressive Growth	$	5,468,338	$	—	$	1,356,524	$	—
Growth		8,479,550		820,847		1,673,167		74,004
Moderate		7,468,038		1,875,856		1,891,307		203,853
Conservative		4,411,033		1,681,876		990,936		123,889

¹  Excluding short-term investments and U.S. Government bonds.

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Notes to Financial Statements, continued

The term “affiliated company” includes other investment companies that are managed by the Adviser. At December 31, 2010, the Funds held the following investments in affiliated companies:

	Value at		Purchases		Sales		Realized			Unrealized			Income
Fund	12/31/10		Cost		Cost		Gain (Loss)			Gain (Loss)			Distributions
Aggressive Growth
Pax World International Fund	$	701,169	$	739,712	$	92,708	$	(2,539	)	$	56,704		$	8,946
Pax World Global Green Fund		146,565		135,122		—		—			11,443			610
Pax World High Yield Bond Fund		125,713		129,834		4,570		(48	)		497			11,116
Total	$	973,447	$	1,004,668	$	97,278	$	(2,587	)	$	68,644		$	20,672
Growth Portfolio
Pax World International Fund	$	1,202,784	$	1,172,076	$	39,327	$	(2	)	$	70,037		$	10,969
Pax World Global Green Fund		203,515		186,113		—		—			17,402			942
Pax World High Yield Bond Fund		729,053		745,388		17,063		(323	)		1,051			69,791
Total	$	2,135,352	$	2,103,577	$	56,390	$	(325	)	$	88,490		$	81,702
Moderate Portfolio
Pax World International Fund	$	590,478	$	915,830	$	351,582	$	(8,488	)	$	34,718		$	5,103
Pax World Global Green Fund		178,485		165,008		—		—			13,477			863
Pax World High Yield Bond Fund		351,115		416,329		65,923		12			697			37,848
Total	$	1,120,078	$	1,497,167	$	417,505	$	(8,476	)	$	48,892		$	43,814
Conservative Portfolio
Pax World International Fund	$	302,800	$	447,736	$	169,105	$	(670	)	$	24,839		$	2,889
Pax World Global Green Fund		76,430		70,084		—		—			6,346			359
Pax World High Yield Bond Fund		244,991		245,431		273		(11	)		(156	)		22,318
Total	$	624,221	$	763,251	$	169,378	$	(681	)	$	31,029		$	25,566

Income distributions from affiliates are included as dividend income on the Statement of Operations. Dividends are reinvested, with reinvestment amount included under Purchases Cost column above.

For federal income tax purposes, the identified cost of investments owned at December 31, 2010 as well as the gross unrealized appreciation (depreciation) of investments and resulting net unrealized appreciation (depreciation) as of December 31, 2010 were as follows for the Funds:

	Identified cost of		Gross		Gross		Net unrealized
	investments for Federal		unrealized		unrealized		appreciation
Fund	income tax basis		appreciation		depreciation		(depreciation)
Aggressive Growth	$	4,127,536	$	493,966	$	48,248	$	445,718
Growth		7,536,132		640,584		69,995		570,589
Moderate		7,187,743		483,590		66,870		416,720
Conservative		4,912,416		291,598		42,207		249,391

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At December 31, 2010, the Aggressive Growth Portfolio, Growth Portfolio, Moderate Portfolio and Conservative Portfolio had unrealized foreign currency gains of $29, $53, $46 and $27, respectively.

Repurchase Agreements The Funds may enter into repurchase agreements with institutions that the Adviser has determined are creditworthy. Each repurchase agreement is recorded at cost. In the case of repurchase agreements with broker-dealers, the value of the underlying securities (or collateral) will be at least equal at all times to the total amount of the repurchase obligation, including the interest factor. A Fund bears the risk of loss in the event the other party to a repurchase agreement defaults on its obligations and the Fund is delayed or prevented from exercising its rights to dispose of the collateral securities. This risk includes the risk of procedural costs or delays in addition to a loss on the securities if their value should fall below their repurchase price.

Restricted and Illiquid Securities The Funds may purchase certain restricted securities and limited amounts of illiquid securities. The Funds may invest in securities exempt from registration under Rule 144A of the Securities Act of 1933 (“the Act”) which are restricted from sale to the public and may only be sold to a qualified institutional buyer. The Funds do not have the right to demand that such securities be registered. The value of such securities is determined by valuations supplied by a pricing service or, if not available, in good faith by or at the direction of the Board of Trustees. Without regard to the underlying holdings of affiliated investment companies in which the Funds invest, at December 31, 2010, the Funds did not directly hold any securities exempt from registration under Rule 144A of the Act.

The Fund will classify as “illiquid” all securities that may no longer be disposed of within seven days in the ordinary course of business at approximately the amount at which the Fund has valued such security for the purpose of calculating the Fund’s net asset value. Illiquid investments may include restricted securities, repurchase agreements that mature in more than seven days or that have a notice or demand feature more than seven days, certain over-the counter option contracts and participation interests in loans. Because illiquid securities trade less frequently and in smaller volume than liquid securities, the Fund may experience difficulty in closing out positions at prevailing market prices. Without regard to the underlying holdings of investment companies in which the Funds invest, at December 31, 2010, the Funds did not directly hold any securities which were deemed illiquid.

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Notes to Financial Statements, continued

NOTE D—Tax Information

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Reclassifications are primarily due to tax treatment of gain (loss) on foreign currency transactions, paydown transactions, and tax treatment related to investments in REITs, ETFs and PFICs.

For the period ended December 31, 2010, the Funds recorded the following reclassifications:

	Undistributed			Accumulated
	net investment			net realized			Paid-in
Fund	income			gain (loss)			capital
Aggressive Growth	$	627		$	(296	)	$	(331	)
Growth		(7,196	)		7,474			(278	)
Moderate		(3,514	)		3,581			(67	)
Conservative		(2,224	)		2,233			(9	)

Net investment income, net realized gains (losses) and net assets were not affected by these reclassifications.

The timing and characterization of certain income and capital gains distributions are determined annually in accordance with federal tax regulations, which may differ from GAAP. In addition to permanent differences previously noted, temporary differences may arise from recognition of certain items of income, expense, gain or loss in different periods for financial reporting and tax purposes. Such differences will reverse at some time in the future. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. For tax purposes, short-term capital gains are considered ordinary income.

The tax character of distributions paid during 2010 was as follows:

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	Distributions Paid in 2010
	Ordinary		Return		Long-term
Fund	Income		of Capital		Capital Gains
Aggressive Growth	$	37,971	$	—	$	—
Growth		112,600		—		—
Moderate		121,752		—		—
Conservative		90,679		—		—

As of December 31, 2010, the components of distributable earnings on a tax basis were as follows:

	Undistributed		Undistributed		Other			Net unrealized
	ordinary		long-term		temporary			appreciation
Fund	income		capital gain		differences			(depreciation)
Aggressive Growth	$	14,282	$	1,610	$	—		$	445,747
Growth		3,338		4,203		—			570,642
Moderate		—		—		(5,920	)		416,766
Conservative		2,576		2,802		—			249,418

During the period from November 1, 2010 through December 31, 2010, the Moderate Portfolio incurred a foreign currency loss of $473. This loss is treated for federal income tax purposes as if it occurred on January 1, 2011. Accordingly, during 2010, the Fund may have made distributions, as required by Internal Revenue Code Regulations, in excess of amounts recognized for financial reporting purposes.

For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. As of December 31, 2010, the Moderate Portfolio had $5,447 in capital loss carryforwards, which expires in 2018.

Uncertain Tax Position Management has analyzed the Funds’ tax positions taken for the Funds’ first tax year, 2010, which will be subject to examination by the Funds’ major tax jurisdictions. The Funds recognize interest and penalties, if any, related to tax liabilities as income tax expense in the Statement of Operations. Management has concluded that, as of and during the period ended December 31, 2010, no provision for federal income tax is necessary and, therefore, the Funds did not have a liability for any unrecognized tax expenses.

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December 31, 2010

Note E—Other

Management has evaluated subsequent events and has determined that no events have occurred that require disclosure.

86

December 31, 2010

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of Pax World Funds Series Trust I:

We have audited the accompanying statements of assets and liabilities of ESG Managers Aggressive Growth Portfolio, ESG Managers Growth Portfolio, ESG Managers Moderate Portfolio and ESG Managers Conservative Portfolio (collectively, the “Funds”; four of the eleven funds constituting the Pax World Funds Series Trust I), including the schedules of investments, as of December 31, 2010, and the related statements of operations, changes in net assets and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2010, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of ESG Managers Aggressive Growth Portfolio, ESG Managers Growth Portfolio, ESG Managers Moderate Portfolio and ESG Managers Conservative Portfolio of Pax World Funds Series Trust I at December 31, 2010, the results of their operations, the changes in their net assets and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts
February 23, 2011

87

December 31, 2010

Notes to Financial Statements, continued

Proxy Voting (Unaudited)

You may obtain a description of the Funds’ policies and procedures that the Funds use to determine how to vote proxies relating to their portfolio securities, without charge, upon request by contacting the Funds at 800.374.8920, or within the Statement of Additional Information available on ESG Managers’ website at www.esgmanagers.com or on the SEC’s website at www.sec.gov.

The information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12 month period ended June 30 is available without charge, upon request, by telephoning ESG Managers (toll-free) at 800.374.8920 or visiting ESG Managers’ website at www.esgmanagers.com and will be available without charge by visiting the SEC’s website at www.sec.gov.

Quarterly Portfolio Holdings Disclosure (Unaudited)

Each Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Each Fund’s Form N-Qs are available on the SEC website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 800.SEC.0330. Information contained in each Fund’s Form N-Qs may also be obtained by visiting ESG Managers website at www.esgmanagers.com or telephoning ESG Managers (toll-free) at 800.374.8920.

Federal Tax Information (Unaudited)

The percentages of ordinary income distributed by each of the Funds that is Qualified Dividend Income (QDI) and that qualifies for the corporate dividends received deduction (DRD) are as follows:

Fund	QDI%			DRD%
Aggressive Growth		100.00	%		100.00	%
Growth		100.00	%		49.37	%
Moderate		77.24	%		33.65	%
Conservative		56.98	%		22.32	%

88

December 31, 2010

Management of the Funds (Unaudited)

The business of the Trust is managed under the direction of the Trust’s Board of Trustees. The Adviser serves as investment adviser to the Funds pursuant to an investment advisory agreement between the Adviser and the Trust. The Trust’s Board of Trustees oversees the Adviser and decides upon matters of general policy. The Board of Trustees meets at least four (4) times per year, and reviews the performance and operations of the Funds. The Adviser, either directly or through others selected by the Adviser, furnishes daily investment advisory services.

Officers/Trustees

The following table reflects the name and age, position(s) held with the Trust, the term of office and length of time served, the principal occupation(s) during the past five (5) years, other directorships held, and the number of portfolios overseen in the Pax World Fund Family of those persons who were the trustees and/or officers of the Funds on December 31, 2010. The trustees and officers set forth in the first table below (Interested Trustees and Officers) are considered interested persons under the 1940 Act by virtue of their position or affiliation with the Adviser. The trustees in the second table (Disinterested Trustees) are not considered interested persons and have no affiliation with the Adviser. The business address of each trustee and officer is 30 Penhallow Street, Suite 400, Portsmouth, NH 03801.

None of the officers or trustees of the Funds are related to one another by blood, marriage or adoption. The aggregate remuneration paid by each Fund during the period covered by the report to (i) all Trustees and all members of any advisory board for regular compensation; (ii) each Trustee and each member of an advisory board for special compensation; (iii) all officers; and (iv) each person of whom any officer or Trustee of the Fund is an affiliated person is as follows: Aggressive Growth Portfolio, $11,745; ESG Managers Growth Portfolio, $11,874; Moderate Portfolio, $11,878; and Conservative Portfolio, $11,793.

89

December 31, 2010

Notes to Financial Statements, continued

Interested Trustees and Officers

	Position(s) Held With
	the Trust; Term of	Principal Occupation(s)	Number of Portfolios
	Office1;	During Past Five Years and	in the Pax World
	and Length	Other Directorships Held by	Fund Family
Name and Age	of Time Served	Trustee or Officer	Overseen by Trustee
Laurence A. Shadek (61)	Trustee (since 2006)	Chairman of the Board of the Adviser (1996-present); Executive Vice-President of Wellington Shields & Co. LLC or its predecessor (1986-present); Executive Vice President of Pax World Money Market Fund (1998-2008); Chairman of the Board of Directors of the Pax World Balanced Fund (1996-2006), Pax World Growth Fund (1997-2006), and Pax World High Yield Bond Fund (1999-2006); member of the Board of Trustees of Franklin & Marshall College (1998- present).		12
Joseph Keefe (57)	Trustee, Chief Executive Officer (since 2006)	Chief Executive Officer (2005-present) and President (2006-present) of the Adviser; President of Pax World Money Market Fund (2006-2008); Senior Vice President of the Pax World Balanced, Pax World Growth, and Pax World High Yield Bond Fund (2005-2006); President of New Circle Communications LLC (2000-2005); Co-Chair of The Carbon Coalition (2003-present); member of the Boards of Directors of Americans for Campaign Reform (2003- present), Women Thrive Worldwide (2009-present) and the Social Investment Forum (2000-2006).		12
John Boese (47)	Chief Compliance Officer (since 2006)	Chief Compliance Officer of the Adviser (2006-present); Vice President and Chief Regulatory Officer of the Boston Stock Exchange, Boston, MA (2000—2006).		N/A
Maureen Conley (48)	Secretary (since 2006)	Senior Vice President of Shareholder Services/Operations (2005-present) and Manager of Shareholder Services (2000-2005) for the Adviser.		N/A
Alicia K. DuBois (51)	Treasurer (since 2006)	Chief Financial Officer for the Adviser (2006-present); Assistant Treasurer for both Jefferson Pilot Investment Advisory Corp. and Jefferson Pilot Variable Fund, Inc. (2001-2006); and Assistant Vice President at Lincoln Financial Group (formerly Jefferson-Pilot Corp.) (2005- 2006)		N/A
Scott LaBreche (38)	Assistant Treasurer (since 2010)	Director, Portfolio Analysis & Reporting for the Adviser (2009-present), Fund Administration Manager & Portfolio Analyst for the Adviser (2007-2009), Securities Fund Analyst, Lincoln Financial Group (formerly Jefferson Pilot Financial) (2000-2007).		N/A

90

December 31, 2010

Dinterested Trustees

	Position(s) Held With
	the Trust; Term of	Principal Occupation(s)	Number of Portfolios
	Office1;	During Past Five Years and	in the Pax World
	and Length	Other Directorships Held by	Fund Family
Name and Age	of Time Served	Trustee or Officer	Overseen by Trustee
Adrian P. Anderson (56)2	Trustee (since 2007)	Chief Executive Officer of North Point Advisors, LLC (2004- present); Senior Consultant of Gray and Co. (1999-2004).		12
Carl H. Doerge, Jr. (72)2	Chairman of the Board of Trustees; Trustee (since 2006)	Private investor (1995-present); member of the Board of Trustees and Police Commissioner of the Village of Upper Brookville, NY (1998-present); member of the Board of Directors (1998-present) and Chairman of the Investment Committee (1999-present) of St. Johnland Nursing Home in Kings Park, NY.		12
Cynthia Hargadon (54)3	Trustee (since 2006)	Managing Director of CRA Rogers Casey (2006-2010); Senior Consultant of North Point Advisors, LLC (2003- 2006); President of Potomac Asset Management, Inc. (2000-2002).		12
Louis F. Laucirica (69)2	Trustee (since 2006)	Associate Dean and Director of Undergraduate Studies of Stevens Institute of Technology, Howe School (1999-2010).		12
John L. Liechty (56)3	Trustee (since 2010)	Principal, Integrated Investment Solutions (2009- present); President and CEO, MMA Praxis Mutual Funds (1997-2008).		12
Nancy S. Taylor (55)3	Trustee (since 2006)	Senior Minister, Old South Church in Boston, MA (2005- present); Minister and President, Massachusetts Conference, United Church of Christ (2001-2005); Trustee, Andover Newton Theological School (2002-present); Chair of the Board of Trustees of Andover Newton Theological School; Board of Managers, Old South Meeting House (2005-present); Director, Ecclesia Ministries, a ministry to Boston’s homeless population (2003-present).		12

1	Trustees of the Funds hold office until a successor is chosen and qualifies. Officers of the Funds are appointed by the
	Board of Trustees and hold office until a successor is chosen and qualifies.
2	Designates a member of the Audit Committee. The Audit Committee has the responsibility of overseeing the establishment and maintenance of an effective financial control environment, for overseeing the procedures for evaluating the system of internal accounting control and for evaluating audit performance. The Audit Committee meets on at least a quarterly basis.
3	Designates a member of the Nomination, Compensation & Compliance Committee. The Nomination, Compensation & Compliance Committee is responsible for considering and recommending Board candidates, reviewing and recommending Board compensation, and overseeing regulatory and fiduciary compliance matters. The Nomination, Compensation & Compliance Committee meets on at least a quarterly basis.

91

December 31, 2010

The Statement of Additional Information includes additional information about the trustees and is available upon request without charge by calling 877.374.7678 between the hours of 9:00 a.m. and 6:00 p.m. Eastern time or by visiting our website at www.esgmanagers.com.

Please note that the information contained herein does not constitute tax advice. Always consult your tax advisor before making any tax-related investment decisions.

This annual report is intended for shareholders of the ESG^TM Managers Portfolios only, and is not authorized for distribution to other persons unless accompanied or preceded by a prospectus. Please consider the Funds’ investment objectives, risks and charges and expenses carefully before investing. The Funds’ prospectus contains this and other information about the Funds and may be obtained by calling 877.374.7678, emailing info@paxworld.com or visiting www.esgmanagers.com.com. The performance data quoted herein represents past performance, which does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. In addition, current performance may be lower or higher than the performance data quoted herein. For more recent month-end performance information, please call 877.374.7678 or visit www.esgmanagers.com.

Distributor: ALPS Distributors, Inc. member of FINRA (2/11).

92

30 Penhallow Street, Suite 400
Portsmouth NH 03801

877.374.7678
www.esgmanagers.com

ESGM-AR10

Item 2. Code of Ethics.

As of December 31, 2010, the Registrant has adopted a “code of ethics,” as such term is defined in paragraph (b) of this Item 2, that applies to all officers of the Registrant, including Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or by a third party. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3. Audit Committee Financial Expert.

     The Registrant’s Board of Directors has determined that Carl H. Doerge, Jr. and Adrian Anderson, who each serve on the Board’s Audit Committee, qualify as “audit committee financial experts,” as such term is defined in paragraph (b) of this Item 3. The Board also has determined that Messrs. Doerge and Anderson are “independent,” as such term is interpreted by subparagraph (a)(2) of this Item 3. The Securities and Exchange Commission has stated that the designation of a person as an audit committee financial expert pursuant to this Item 3 of the Form N-CSR does not impose on such a person any duties, obligations or liability that are greater than the duties, obligations or liability imposed on such person as a member of the Audit Committee and the Board of Directors in the absence of such designation or identification.

Item 4. Principal Accountant Fees and Services.

     (a) Audit Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements were $304,000 and $229,000 for the fiscal years ended December 31, 2010 and 2009, respectively.

     (b) Audit-Related Fees. The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the Registrant’s financial statements and are not reported under paragraph (a) of this Item were $0 and $0 for the fiscal years ended December 31, 2010 and 2009, respectively.

     (c) Tax Fees. The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning were $139,609 and $93,887 for the fiscal years ended December 31, 2010 and 2009, respectively. Fees disclosed under this category are for professional services related to review and execution of federal, state and excise tax returns and advice concerning tax compliance and planning.

     (d) All Other Fees. The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item, are $0 and $0 for the fiscal years ended December 31, 2010 and 2009, respectively.

     (e) (1) To the extent required by applicable regulations, the Audit Committee approves in advance all audit and non-audit services rendered to the Registrant by the independent registered public accounting firm and all non-audit services to the Registrant’s investment adviser and any entity controlling, controlled by or under common control with the Registrant’s investment adviser that provide ongoing services to the Registrant, if the engagement relates directly to the operations and financial reporting of the Registrant.

          (2) With respect to the services described in paragraphs (b) through (d) of this Item, no amount was approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of

Regulation S-X and no amount was required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.

     (f) Not applicable.

     (g) The aggregate non-audit fees billed by the Registrant’s accountant for services rendered to the Registrant, or to the Registrant’s investment adviser, or to any entity controlling, controlled by or under common control with the adviser that provides ongoing services to the Registrant totaled $0 and $0, for the fiscal years ended December 31, 2010 and 2009, respectively.

     (h) Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

A complete series of schedules of investments is included as part of the report to shareholders filed under Item 1.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

     Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

     Not applicable.

Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

     Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees that have been implemented since the Registrant last provided disclosure in response to the requirements of this Item.

Item 11. Controls and Procedures.

     (a) It is the conclusion of the Registrant’s principal executive officer and principal financial officer (or persons performing similar functions), based on an evaluation of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) (the “Disclosure Controls”) as of a date within 90 days of the filing date of this report on Form N-CSR, that the design and operation of the Disclosure Controls are effective to reasonably ensure that information required to be disclosed by the Registrant in this report on Form N-CSR has been recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission.

     (b) There has been no change in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) that occurred during the

second fiscal quarter of the period covered by this report on Form N-CSR that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)  (1)    The registrant’s code of ethics pursuant to Item 2 of Form N-CSR is filed with the registrant’s annual Form N-CSR.

(2)	Certifications of the principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are attached.
(3)	Written solicitation to repurchase securities issued by closed-end companies: not applicable.

(b) Certification of the principal executive officer and principal financial officer of the Registrant required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended.

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Pax World Funds Series Trust I

By (Signature and Title)	/s/ Joseph F. Keefe
	Joseph F. Keefe, President

Date February 23, 2011

     Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By (Signature and Title)	/s/ Joseph F. Keefe
	Joseph F. Keefe, President (Principal Executive Officer)

Date February 23, 2011

By (Signature and Title)	/s/ Alicia K. DuBois
	Alicia K. DuBois, Treasurer (Principal Financial Officer)

Date February 23, 2011

6