N-Q 1 a14-25043_1nq.htm N-Q

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

FORM N-Q

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

 

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)

 

Joseph F. Keefe

30 Penhallow Street, Suite 400

Portsmouth, NH 03801

(Name and address of agent for service)

 

Registrant’s telephone number, including area code:

1-800-767-1729

 

 

Date of fiscal year end:

December 31

 

 

Date of reporting period:

September 30, 2014

 

 



 

Item 1.         Schedule of Investments.

 



 

 

Schedule of Investments (Unaudited)

ESG Managers® Growth Portfolio

September 30, 2014

 

 

 

SHARES/

 

 

 

PERCENT OF NET ASSETS

 

PRINCIPAL/

 

 

 

NAME OF ISSUER AND TITLE OF ISSUE

 

CONTRACTS

 

VALUE

 

COMMON STOCKS: 18.7%

 

 

 

 

 

CONSUMER DISCRETIONARY: 3.0%

 

 

 

 

 

DISH Network Corp., Class A (a)

 

1,743

 

$

112,563

 

Home Depot, Inc., The

 

627

 

57,521

 

SES SA

 

913

 

31,568

 

Target Corp.

 

936

 

58,668

 

Time Warner Cable, Inc.

 

496

 

71,171

 

Time Warner, Inc.

 

1,209

 

90,929

 

Twenty-First Century Fox, Inc., Class B

 

1,908

 

63,555

 

 

 

 

 

485,975

 

 

 

 

 

 

 

CONSUMER STAPLES: 2.0%

 

 

 

 

 

Coca-Cola Co., The

 

973

 

41,508

 

CVS Caremark Corp.

 

1,248

 

99,328

 

Kellogg Co.

 

698

 

42,997

 

Kimberly-Clark Corp.

 

429

 

46,148

 

PepsiCo, Inc.

 

676

 

62,929

 

Sysco Corp.

 

711

 

26,982

 

 

 

 

 

319,892

 

 

 

 

 

 

 

ENERGY: 2.0%

 

 

 

 

 

Cameron International Corp. (a)

 

489

 

32,460

 

ConocoPhillips

 

882

 

67,491

 

National Oilwell Varco, Inc.

 

760

 

57,836

 

Noble Corp PLC

 

943

 

20,953

 

Paragon Offshore PLC (a)

 

314

 

1,931

 

Royal Dutch Shell PLC, ADR

 

855

 

65,091

 

Schlumberger, Ltd.

 

517

 

52,574

 

Suncor Energy, Inc.

 

814

 

29,426

 

 

 

 

 

327,762

 

 

 

 

 

 

 

FINANCIALS: 4.9%

 

 

 

 

 

American Express Co.

 

747

 

65,392

 

American Tower Corp., REIT

 

468

 

43,819

 

Bank of New York Mellon Corp., The

 

885

 

34,276

 

Capital One Financial Corp.

 

459

 

37,464

 

Citigroup, Inc.

 

713

 

36,948

 

JPMorgan Chase & Co.

 

1,874

 

112,890

 

Loews Corp.

 

658

 

27,412

 

Marsh & McLennan Cos., Inc.

 

889

 

46,530

 

MetLife, Inc.

 

676

 

36,315

 

Progressive Corp., The

 

676

 

17,089

 

State Street Corp.

 

786

 

57,857

 

Synchrony Financial (a)

 

1,350

 

33,143

 

Travelers Cos., Inc., The

 

544

 

51,103

 

 



 

 

 

SHARES/

 

 

 

PERCENT OF NET ASSETS

 

PRINCIPAL/

 

 

 

NAME OF ISSUER AND TITLE OF ISSUE

 

CONTRACTS

 

VALUE

 

COMMON STOCKS, continued

 

 

 

 

 

FINANCIALS, continued

 

 

 

 

 

US Bancorp

 

1,966

 

$

82,238

 

Wells Fargo & Co.

 

2,205

 

114,373

 

 

 

 

 

796,849

 

 

 

 

 

 

 

HEALTH CARE: 1.8%

 

 

 

 

 

Amgen, Inc.

 

389

 

54,639

 

Johnson & Johnson

 

505

 

53,828

 

Merck & Co., Inc.

 

1,016

 

60,228

 

Novartis AG, ADR

 

371

 

34,922

 

Teva Pharmaceutical Industries, Ltd., ADR

 

650

 

34,938

 

WellPoint, Inc.

 

486

 

58,135

 

 

 

 

 

296,690

 

 

 

 

 

 

 

INDUSTRIALS: 1.9%

 

 

 

 

 

Danaher Corp.

 

838

 

63,671

 

Emerson Electric Co.

 

750

 

46,935

 

General Electric Co.

 

2,995

 

76,732

 

Honeywell International, Inc.

 

747

 

69,561

 

Illinois Tool Works, Inc.

 

668

 

56,393

 

 

 

 

 

313,292

 

 

 

 

 

 

 

INFORMATION TECHNOLOGY: 1.9%

 

 

 

 

 

EMC Corp.

 

1,925

 

56,326

 

IBM

 

189

 

35,878

 

Microsoft Corp.

 

955

 

44,274

 

Motorola Solutions, Inc.

 

724

 

45,815

 

Nuance Communications, Inc. (a)

 

1,937

 

29,859

 

TE Connectivity, Ltd.

 

871

 

48,158

 

Xerox Corp

 

3,125

 

41,344

 

 

 

 

 

301,654

 

 

 

 

 

 

 

MATERIALS: 0.7%

 

 

 

 

 

Air Products & Chemicals, Inc.

 

230

 

29,941

 

Crown Holdings, Inc. (a)

 

1,099

 

48,927

 

Martin Marietta Materials, Inc.

 

303

 

39,069

 

 

 

 

 

117,937

 

 

 

 

 

 

 

TELECOMMUNICATION SERVICES: 0.2%

 

 

 

 

 

Vodafone Group PLC, ADR

 

925

 

30,423

 

 

 

 

 

30,423

 

 



 

 

 

SHARES/

 

 

 

PERCENT OF NET ASSETS

 

PRINCIPAL/

 

 

 

NAME OF ISSUER AND TITLE OF ISSUE

 

CONTRACTS

 

VALUE

 

COMMON STOCKS, continued

 

 

 

 

 

UTILITIES: 0.3%

 

 

 

 

 

Sempra Energy

 

509

 

$

53,638

 

 

 

 

 

 

 

TOTAL COMMON STOCKS

(Cost $2,159,951)

 

 

 

3,044,112

 

 

 

 

 

 

 

AFFILIATED INVESTMENT COMPANIES: 20.9%

 

 

 

 

 

Pax MSCI International ESG Index Fund (b)

 

216,678

 

1,817,925

 

Pax World Global Environmental Markets Fund (b)

 

28,410

 

346,600

 

Pax World Small Cap Fund (b)

 

90,443

 

1,230,022

 

 

 

 

 

 

 

TOTAL AFFILIATED INVESTMENT COMPANIES

(Cost $3,122,259)

 

 

 

3,394,547

 

 

 

 

 

 

 

NON-AFFILIATED INVESTMENT COMPANIES: 60.9%

 

 

 

 

 

Ariel Fund (b)

 

15,360

 

1,159,489

 

Neuberger Berman Socially Responsive Fund (b)

 

97,112

 

3,561,093

 

Parnassus Core Equity Fund (b)

 

92,608

 

3,626,528

 

Portfolio 21 Global Equity Fund (b)

 

160

 

6,452

 

Schroder Emerging Market Equity Fund (c)

 

78,605

 

1,047,022

 

Touchstone Premium Yield Equity Fund (d)

 

50,108

 

499,079

 

 

 

 

 

 

 

TOTAL NON-AFFILIATED INVESTMENT COMPANIES

(Cost $9,191,515)

 

 

 

9,899,663

 

 

 

 

 

 

 

TOTAL INVESTMENTS: 100.5%

(Cost $14,473,725)

 

 

 

16,338,322

 

 

 

 

 

 

 

Other assets and liabilities - (Net):- 0.5%

 

 

 

(74,405

)

 

 

 

 

 

 

Net Assets: 100.0%

 

 

 

$

16,263,917

 

 


(a) Non income producing security.

(b) Institutional Class shares

(c) Investor Class shares

(d) Class Y shares

ADR - American Depositary Receipt

REIT - Real Estate Investment Trust

 



 

 

Schedule of Investments (Unaudited)

ESG Managers® Growth and Income Portfolio

September 30, 2014

 

 

 

SHARES/

 

 

 

PERCENT OF NET ASSETS

 

PRINCIPAL/

 

 

 

NAME OF ISSUER AND TITLE OF ISSUE

 

CONTRACTS

 

VALUE

 

COMMON STOCKS: 14.0%

 

 

 

 

 

CONSUMER DISCRETIONARY: 2.2%

 

 

 

 

 

DISH Network Corp., Class A (a)

 

1,200

 

$

77,496

 

Home Depot, Inc., The

 

451

 

41,375

 

SES SA

 

586

 

20,262

 

Target Corp.

 

665

 

41,682

 

Time Warner Cable, Inc.

 

343

 

49,217

 

Time Warner, Inc.

 

858

 

64,530

 

Twenty-First Century Fox, Inc., Class B

 

1,354

 

45,102

 

 

 

 

 

339,664

 

 

 

 

 

 

 

CONSUMER STAPLES: 1.5%

 

 

 

 

 

CVS Caremark Corp.

 

905

 

72,029

 

Coca-Cola Co., The

 

702

 

29,947

 

Kellogg Co.

 

492

 

30,307

 

Kimberly-Clark Corp.

 

303

 

32,594

 

PepsiCo, Inc.

 

495

 

46,080

 

Sysco Corp.

 

506

 

19,203

 

 

 

 

 

230,160

 

 

 

 

 

 

 

ENERGY: 1.5%

 

 

 

 

 

Cameron International Corp. (a)

 

346

 

22,967

 

ConocoPhillips

 

635

 

48,591

 

National Oilwell Varco, Inc.

 

539

 

41,018

 

Noble Corp PLC

 

679

 

15,087

 

Paragon Offshore PLC (a)

 

226

 

1,390

 

Royal Dutch Shell PLC, ADR

 

610

 

46,439

 

Schlumberger, Ltd.

 

368

 

37,422

 

Suncor Energy, Inc.

 

560

 

20,244

 

 

 

 

 

233,158

 

 

 

 

 

 

 

FINANCIALS: 3.7%

 

 

 

 

 

American Express Co.

 

536

 

46,921

 

American Tower Corp., REIT

 

323

 

30,242

 

Bank of New York Mellon Corp., The

 

647

 

25,058

 

Capital One Financial Corp.

 

333

 

27,179

 

Citigroup, Inc.

 

494

 

25,599

 

JPMorgan Chase & Co.

 

1,310

 

78,914

 

Loews Corp.

 

477

 

19,872

 

Marsh & McLennan Cos., Inc.

 

629

 

32,922

 

MetLife, Inc.

 

480

 

25,786

 

Progressive Corp., The

 

488

 

12,337

 

State Street Corp.

 

539

 

39,676

 

Synchrony Financial (a)

 

950

 

23,323

 

Travelers Cos., Inc., The

 

400

 

37,576

 

 



 

 

 

SHARES/

 

 

 

PERCENT OF NET ASSETS

 

PRINCIPAL/

 

 

 

NAME OF ISSUER AND TITLE OF ISSUE

 

CONTRACTS

 

VALUE

 

COMMON STOCKS, continued

 

 

 

 

 

FINANCIALS, continued

 

 

 

 

 

US Bancorp

 

1,359

 

$

56,847

 

Wells Fargo & Co.

 

1,585

 

82,214

 

 

 

 

 

564,466

 

 

 

 

 

 

 

HEALTH CARE: 1.4%

 

 

 

 

 

Amgen, Inc.

 

268

 

37,643

 

Johnson & Johnson

 

366

 

39,012

 

Merck & Co., Inc.

 

723

 

42,859

 

Novartis AG, ADR

 

263

 

24,756

 

Teva Pharmaceutical Industries, Ltd., ADR

 

475

 

25,531

 

WellPoint, Inc.

 

338

 

40,432

 

 

 

 

 

210,233

 

 

 

 

 

 

 

INDUSTRIALS: 1.4%

 

 

 

 

 

Danaher Corp.

 

580

 

44,068

 

Emerson Electric Co.

 

537

 

33,605

 

General Electric Co.

 

2,135

 

54,699

 

Honeywell International, Inc.

 

540

 

50,285

 

Illinois Tool Works, Inc.

 

477

 

40,268

 

 

 

 

 

222,925

 

 

 

 

 

 

 

INFORMATION TECHNOLOGY: 1.4%

 

 

 

 

 

EMC Corp.

 

1,366

 

39,969

 

IBM

 

136

 

25,817

 

Microsoft Corp.

 

705

 

32,684

 

Motorola Solutions, Inc.

 

509

 

32,210

 

Nuance Communications, Inc. (a)

 

1,336

 

20,594

 

TE Connectivity, Ltd.

 

622

 

34,390

 

Xerox Corp

 

2,215

 

29,304

 

 

 

 

 

214,968

 

 

 

 

 

 

 

MATERIALS: 0.6%

 

 

 

 

 

Air Products & Chemicals, Inc.

 

163

 

21,219

 

Crown Holdings, Inc. (a)

 

768

 

34,191

 

Martin Marietta Materials, Inc.

 

219

 

28,238

 

 

 

 

 

83,648

 

 

 

 

 

 

 

TELECOMMUNICATION SERVICES: 0.1%

 

 

 

 

 

Vodafone Group PLC, ADR

 

656

 

21,576

 

 

 

 

 

21,576

 

 



 

 

 

SHARES/

 

 

 

PERCENT OF NET ASSETS

 

PRINCIPAL/

 

 

 

NAME OF ISSUER AND TITLE OF ISSUE

 

CONTRACTS

 

VALUE

 

COMMON STOCKS, continued

 

 

 

 

 

UTILITIES: 0.2%

 

 

 

 

 

Sempra Energy

 

352

 

$

37,094

 

 

 

 

 

 

 

TOTAL COMMON STOCKS

(Cost $1,525,736)

 

 

 

2,157,892

 

 

 

 

 

 

 

AFFILIATED INVESTMENT COMPANIES: 17.8%

 

 

 

 

 

Pax MSCI International ESG Index Fund (b)

 

176,270

 

1,478,903

 

Pax World Global Environmental Markets Fund (b)

 

11,866

 

144,768

 

Pax World High Yield Bond Fund (b)

 

57,853

 

430,424

 

Pax World Small Cap Fund (b)

 

49,670

 

675,518

 

 

 

 

 

 

 

TOTAL AFFILIATED INVESTMENT COMPANIES

(Cost $2,606,513)

 

 

 

2,729,613

 

 

 

 

 

 

 

NON-AFFILIATED INVESTMENT COMPANIES: 68.8%

 

 

 

 

 

Access Capital Community Investment Fund (b)

 

1,623

 

15,042

 

Ariel Fund (b)

 

7,609

 

574,432

 

CRA Qualified Investment Fund (b)

 

1,172

 

12,509

 

Neuberger Berman Socially Responsive Fund (b)

 

61,063

 

2,239,180

 

PIMCO Income Fund (b)

 

82,569

 

1,043,675

 

Parnassus Core Equity Fund (b)

 

72,506

 

2,839,332

 

Praxis Intermediate Income Fund (b)

 

31,554

 

328,796

 

Portfolio 21 Global Equity Fund (b)

 

3,811

 

153,607

 

Schroder Emerging Market Equity Fund (c)

 

60,782

 

809,615

 

TIAA-CREF Social Choice Bond Fund (b)

 

64,635

 

662,507

 

Touchstone Premium Yield Equity Fund (d)

 

191,415

 

1,906,492

 

 

 

 

 

 

 

TOTAL NON-AFFILIATED INVESTMENT COMPANIES

(Cost $9,974,920)

 

 

 

10,585,187

 

 

 

 

 

 

 

TOTAL INVESTMENTS: 100.6%

(Cost $14,107,169)

 

 

 

15,472,692

 

 

 

 

 

 

 

Other assets and liabilities - (Net):- 0.6%

 

 

 

(84,643

)

 

 

 

 

 

 

Net Assets: 100.0%

 

 

 

$

15,388,049

 

 


(a) Non income producing security.

(b) Institutional Class shares

(c) Investor Class shares

(d) Class Y shares

ADR  - American Depositary Receipt

REIT - Real Estate Investment Trust

 



 

 

Schedule of Investments (Unaudited)

ESG Managers® Balanced Portfolio

September 30, 2014

 

 

 

SHARES/

 

 

 

PERCENT OF NET ASSETS

 

PRINCIPAL/

 

 

 

NAME OF ISSUER AND TITLE OF ISSUE

 

CONTRACTS

 

VALUE

 

COMMON STOCKS: 12.4%

 

 

 

 

 

CONSUMER DISCRETIONARY: 2.0%

 

 

 

 

 

DISH Network Corp., Class A (a)

 

1,313

 

$

84,793

 

Home Depot, Inc., The

 

475

 

43,577

 

SES SA

 

741

 

25,621

 

Target Corp.

 

727

 

45,568

 

Time Warner Cable, Inc.

 

384

 

55,100

 

Time Warner, Inc.

 

966

 

72,653

 

Twenty-First Century Fox, Inc., Class B

 

1,444

 

48,100

 

 

 

 

 

375,412

 

 

 

 

 

 

 

CONSUMER STAPLES: 1.3%

 

 

 

 

 

CVS Caremark Corp.

 

980

 

77,998

 

Coca-Cola Co., The

 

762

 

32,507

 

Kellogg Co.

 

534

 

32,894

 

Kimberly-Clark Corp.

 

327

 

35,175

 

PepsiCo, Inc.

 

545

 

50,734

 

Sysco Corp.

 

547

 

20,759

 

 

 

 

 

250,067

 

 

 

 

 

 

 

ENERGY: 1.4%

 

 

 

 

 

Cameron International Corp. (a)

 

386

 

25,623

 

ConocoPhillips

 

688

 

52,645

 

National Oilwell Varco, Inc.

 

590

 

44,899

 

Noble Corp PLC

 

736

 

16,354

 

Paragon Offshore PLC (a)

 

237

 

1,458

 

Royal Dutch Shell PLC, ADR

 

672

 

51,159

 

Schlumberger, Ltd.

 

394

 

40,066

 

Suncor Energy, Inc.

 

639

 

23,100

 

 

 

 

 

255,304

 

 

 

 

 

 

 

FINANCIALS: 3.2%

 

 

 

 

 

American Express Co.

 

572

 

50,073

 

American Tower Corp., REIT

 

371

 

34,737

 

Bank of New York Mellon Corp., The

 

689

 

26,685

 

Capital One Financial Corp.

 

363

 

29,628

 

Citigroup, Inc.

 

555

 

28,760

 

JPMorgan Chase & Co.

 

1,440

 

86,746

 

Loews Corp.

 

510

 

21,247

 

Marsh & McLennan Cos., Inc.

 

652

 

34,126

 

MetLife, Inc.

 

521

 

27,988

 

Progressive Corp., The

 

501

 

12,665

 

State Street Corp.

 

594

 

43,724

 

 



 

 

 

SHARES/

 

 

 

PERCENT OF NET ASSETS

 

PRINCIPAL/

 

 

 

NAME OF ISSUER AND TITLE OF ISSUE

 

CONTRACTS

 

VALUE

 

COMMON STOCKS, continued

 

 

 

 

 

FINANCIALS, continued

 

 

 

 

 

Synchrony Financial (a)

 

1,041

 

$

25,557

 

Travelers Cos., Inc., The

 

421

 

39,549

 

US Bancorp

 

1,532

 

64,084

 

Wells Fargo & Co.

 

1,718

 

89,112

 

 

 

 

 

614,681

 

 

 

 

 

 

 

HEALTH CARE: 1.2%

 

 

 

 

 

Amgen, Inc.

 

302

 

42,419

 

Johnson & Johnson

 

389

 

41,464

 

Merck & Co., Inc.

 

790

 

46,830

 

Novartis AG, ADR

 

262

 

24,662

 

Teva Pharmaceutical Industries, Ltd., ADR

 

510

 

27,413

 

WellPoint, Inc.

 

374

 

44,738

 

 

 

 

 

227,526

 

 

 

 

 

 

 

INDUSTRIALS: 1.3%

 

 

 

 

 

Danaher Corp.

 

655

 

49,767

 

Emerson Electric Co.

 

603

 

37,736

 

General Electric Co.

 

2,338

 

59,899

 

Honeywell International, Inc.

 

596

 

55,500

 

Illinois Tool Works, Inc.

 

523

 

44,152

 

 

 

 

 

247,054

 

 

 

 

 

 

 

INFORMATION TECHNOLOGY: 1.2%

 

 

 

 

 

EMC Corp.

 

1,538

 

45,001

 

IBM

 

148

 

28,095

 

Microsoft Corp.

 

736

 

34,121

 

Motorola Solutions, Inc.

 

567

 

35,880

 

Nuance Communications, Inc. (a)

 

1,504

 

23,184

 

TE Connectivity, Ltd.

 

672

 

37,155

 

Xerox Corp

 

2,409

 

31,871

 

 

 

 

 

235,307

 

 

 

 

 

 

 

MATERIALS: 0.5%

 

 

 

 

 

Air Products & Chemicals, Inc.

 

180

 

23,432

 

Crown Holdings, Inc. (a)

 

858

 

38,198

 

Martin Marietta Materials, Inc.

 

234

 

30,172

 

 

 

 

 

91,802

 

 

 

 

 

 

 

TELECOMMUNICATION SERVICES: 0.1%

 

 

 

 

 

Vodafone Group PLC, ADR

 

719

 

23,648

 

 



 

 

 

SHARES/

 

 

 

PERCENT OF NET ASSETS

 

PRINCIPAL/

 

 

 

NAME OF ISSUER AND TITLE OF ISSUE

 

CONTRACTS

 

VALUE

 

COMMON STOCKS, continued

 

 

 

 

 

UTILITIES: 0.2%

 

 

 

 

 

Sempra Energy

 

399

 

$

42,047

 

 

 

 

 

 

 

TOTAL COMMON STOCKS

(Cost $1,712,917)

 

 

 

2,362,848

 

 

 

 

 

 

 

AFFILIATED INVESTMENT COMPANIES: 16.4%

 

 

 

 

 

Pax MSCI International ESG Index Fund (b)

 

180,940

 

1,518,085

 

Pax World Global Environmental Markets Fund (b)

 

24,507

 

298,985

 

Pax World High Yield Bond Fund (b)

 

67,648

 

503,298

 

Pax World Small Cap Fund (b)

 

58,354

 

793,621

 

 

 

 

 

 

 

TOTAL AFFILIATED INVESTMENT COMPANIES

(Cost $2,935,594)

 

 

 

3,113,989

 

 

 

 

 

 

 

NON-AFFILIATED INVESTMENT COMPANIES: 71.2%

 

 

 

 

 

Access Capital Community Investment Fund (b)

 

88,574

 

821,080

 

Ariel Fund (b)

 

9,396

 

709,281

 

CRA Qualified Investment Fund (b)

 

72,653

 

775,211

 

Neuberger Berman Socially Responsive Fund (b)

 

69,883

 

2,562,601

 

PIMCO Income Fund (b)

 

86,436

 

1,092,546

 

Parnassus Core Equity Fund (b)

 

76,901

 

3,011,459

 

Praxis Intermediate Income Fund (b)

 

123,433

 

1,286,168

 

Portfolio 21 Global Equity Fund (b)

 

3,749

 

151,142

 

Schroder Emerging Market Equity Fund (c)

 

71,476

 

952,064

 

TIAA-CREF Social Choice Bond Fund (b)

 

155,921

 

1,598,194

 

Touchstone Premium Yield Equity Fund (d)

 

53,939

 

537,235

 

 

 

 

 

 

 

TOTAL NON-AFFILIATED INVESTMENT COMPANIES

(Cost $12,993,510)

 

 

 

13,496,981

 

 

 

 

 

 

 

TOTAL INVESTMENTS: 100.0%

(Cost $17,642,021)

 

 

 

18,973,818

 

 

 

 

 

 

 

Other assets and liabilities - (Net): 0.0%

 

 

 

(31,994

)

 

 

 

 

 

 

Net Assets: 100.0%

 

 

 

$

18,941,824

 

 


(a) Non income producing security.

(b) Institutional Class share

(c) Investor Class shares

(d) Class Y shares

ADR  – American Depositary Receipt

REIT - Real Estate Investment Trust

 



 

 

Schedule of Investments (Unaudited)

ESG Managers® Income Portfolio

September 30, 2014

 

 

 

SHARES/

 

 

 

PERCENT OF NET ASSETS

 

PRINCIPAL/

 

 

 

NAME OF ISSUER AND TITLE OF ISSUE

 

CONTRACTS

 

VALUE

 

COMMON STOCKS: 6.2%

 

 

 

 

 

CONSUMER DISCRETIONARY: 1.0%

 

 

 

 

 

DISH Network Corp., Class A (a)

 

287

 

$

18,535

 

Home Depot, Inc., The

 

108

 

9,908

 

SES SA

 

161

 

5,567

 

Target Corp.

 

161

 

10,091

 

Time Warner Cable, Inc.

 

83

 

11,910

 

Time Warner, Inc.

 

208

 

15,644

 

Twenty-First Century Fox, Inc., Class B

 

325

 

10,826

 

 

 

 

 

82,481

 

 

 

 

 

 

 

CONSUMER STAPLES: 0.7%

 

 

 

 

 

CVS Caremark Corp.

 

216

 

17,192

 

Coca-Cola Co., The

 

169

 

7,210

 

Kellogg Co.

 

117

 

7,207

 

Kimberly-Clark Corp.

 

72

 

7,745

 

PepsiCo, Inc.

 

119

 

11,078

 

Sysco Corp.

 

121

 

4,592

 

 

 

 

 

55,024

 

 

 

 

 

 

 

ENERGY: 0.7%

 

 

 

 

 

Cameron International Corp. (a)

 

85

 

5,642

 

ConocoPhillips

 

152

 

11,632

 

National Oilwell Varco, Inc.

 

131

 

9,969

 

Noble Corp PLC

 

164

 

3,644

 

Paragon Offshore PLC (a)

 

54

 

332

 

Royal Dutch Shell PLC, ADR

 

149

 

11,343

 

Schlumberger, Ltd.

 

89

 

9,050

 

Suncor Energy, Inc.

 

140

 

5,061

 

 

 

 

 

56,673

 

 

 

 

 

 

 

FINANCIALS: 1.6%

 

 

 

 

 

American Express Co.

 

129

 

11,293

 

American Tower Corp., REIT

 

86

 

8,052

 

Bank of New York Mellon Corp., The

 

154

 

5,964

 

Capital One Financial Corp.

 

78

 

6,366

 

Citigroup, Inc.

 

121

 

6,270

 

JPMorgan Chase & Co.

 

314

 

18,916

 

Loews Corp.

 

113

 

4,708

 

Marsh & McLennan Cos., Inc.

 

153

 

8,008

 

MetLife, Inc.

 

114

 

6,124

 

Progressive Corp., The

 

116

 

2,932

 

State Street Corp.

 

135

 

9,937

 

 



 

 

 

SHARES/

 

 

 

PERCENT OF NET ASSETS

 

PRINCIPAL/

 

 

 

NAME OF ISSUER AND TITLE OF ISSUE

 

CONTRACTS

 

VALUE

 

COMMON STOCKS, continued

 

 

 

 

 

FINANCIALS, continued

 

 

 

 

 

Synchrony Financial (a)

 

230

 

$

5,647

 

Travelers Cos., Inc., The

 

93

 

8,736

 

US Bancorp

 

340

 

14,222

 

Wells Fargo & Co.

 

374

 

19,399

 

 

 

 

 

136,574

 

 

 

 

 

 

 

HEALTH CARE: 0.6%

 

 

 

 

 

Amgen, Inc.

 

67

 

9,411

 

Johnson & Johnson

 

88

 

9,380

 

Merck & Co., Inc.

 

174

 

10,315

 

Novartis AG, ADR

 

63

 

5,930

 

Teva Pharmaceutical Industries, Ltd., ADR

 

113

 

6,074

 

WellPoint, Inc.

 

82

 

9,809

 

 

 

 

 

50,919

 

 

 

 

 

 

 

INDUSTRIALS: 0.6%

 

 

 

 

 

Danaher Corp.

 

142

 

10,789

 

Emerson Electric Co.

 

131

 

8,198

 

General Electric Co.

 

516

 

13,221

 

Honeywell International, Inc.

 

134

 

12,478

 

Illinois Tool Works, Inc.

 

113

 

9,539

 

 

 

 

 

54,225

 

 

 

 

 

 

 

INFORMATION TECHNOLOGY: 0.6%

 

 

 

 

 

EMC Corp.

 

331

 

9,686

 

IBM

 

33

 

6,264

 

Microsoft Corp.

 

164

 

7,603

 

Motorola Solutions, Inc.

 

123

 

7,783

 

Nuance Communications, Inc. (a)

 

333

 

5,133

 

TE Connectivity, Ltd.

 

149

 

8,238

 

Xerox Corp

 

525

 

6,946

 

 

 

 

 

51,653

 

 

 

 

 

 

 

MATERIALS: 0.2%

 

 

 

 

 

Air Products & Chemicals, Inc.

 

40

 

5,207

 

Crown Holdings, Inc. (a)

 

188

 

8,370

 

Martin Marietta Materials, Inc.

 

53

 

6,834

 

 

 

 

 

20,411

 

 

 

 

 

 

 

TELECOMMUNICATION SERVICES: 0.1%

 

 

 

 

 

Vodafone Group PLC, ADR

 

159

 

5,229

 

 



 

 

 

SHARES/

 

 

 

PERCENT OF NET ASSETS

 

PRINCIPAL/

 

 

 

NAME OF ISSUER AND TITLE OF ISSUE

 

CONTRACTS

 

VALUE

 

COMMON STOCKS, continued

 

 

 

 

 

UTILITIES: 0.1%

 

 

 

 

 

Sempra Energy

 

88

 

$

9,273

 

 

 

 

 

 

 

TOTAL COMMON STOCKS

(Cost $371,490)

 

 

 

522,462

 

 

 

 

 

 

 

AFFILIATED INVESTMENT COMPANIES: 9.3%

 

 

 

 

 

Pax MSCI International ESG Index Fund (b)

 

39,092

 

327,980

 

Pax World Global Environmental Markets Fund (b)

 

8,877

 

108,305

 

Pax World High Yield Bond Fund (b)

 

18,549

 

138,005

 

Pax World Small Cap Fund (b)

 

15,134

 

205,819

 

 

 

 

 

 

 

TOTAL AFFILIATED INVESTMENT COMPANIES

(Cost $726,787)

 

 

 

780,109

 

 

 

 

 

 

 

NON-AFFILIATED INVESTMENT COMPANIES: 84.6%

 

 

 

 

 

Access Capital Community Investment Fund (b)

 

76,779

 

711,739

 

Ariel Fund (b)

 

1,288

 

97,253

 

CRA Qualified Investment Fund (b)

 

18,316

 

195,428

 

Neuberger Berman Socially Responsive Fund (b)

 

14,514

 

532,230

 

PIMCO Income Fund (b)

 

108,898

 

1,376,470

 

Parnassus Core Equity Fund (b)

 

19,908

 

779,608

 

Praxis Intermediate Income Fund (b)

 

119,631

 

1,246,557

 

Portfolio 21 Global Equity Fund (b)

 

525

 

21,166

 

Schroder Emerging Market Equity Fund (c)

 

13,991

 

186,357

 

TIAA-CREF Social Choice Bond Fund (b)

 

127,806

 

1,310,017

 

Touchstone Premium Yield Equity Fund (d)

 

65,676

 

654,132

 

 

 

 

 

 

 

TOTAL NON-AFFILIATED INVESTMENT COMPANIES

(Cost $6,897,611)

 

 

 

7,110,957

 

 

 

 

 

 

 

TOTAL INVESTMENTS: 100.1%

(Cost $7,995,888)

 

 

 

8,413,528

 

 

 

 

 

 

 

Other assets and liabilities - (Net):- 0.1%

 

 

 

(4,572

)

 

 

 

 

 

 

Net Assets: 100.0%

 

 

 

$

8,408,956

 

 


(a) Non income producing security.

(b) Institutional Class shares

(c) Investor Class shares

(d) Class Y shares

ADR  - American Depositary Receipt

REIT - Real Estate Investment Trust

 



 

September 30, 2014

 

Notes to Schedules of Investments (Unaudited)

 

Pax World Funds Series Trust I

 

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 September 30, 2014, the Trust offered ten investment funds.

 

These financial statements relate only to the ESG Managers Growth Portfolio (the “Growth Portfolio”), ESG Managers Growth and Income Portfolio (the “Growth and Income Portfolio”), ESG Managers Balanced Portfolio (the “Balanced Portfolio”), and ESG Managers Income Portfolio (the “Income 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.

 

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 this risk of loss to be remote.

 

Valuation of Investments For purposes of calculating the net asset value (“NAV”), determined ordinarily as of the close of regular trading (normally 4:00 p.m. Eastern time) (the “NYSE Close”) on the New York Stock Exchange (“NYSE”) on each day (a “Business Day”) that the NYSE is open for trading, the Funds normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close. U.S. fixed income and non-U.S. securities are normally priced using data reflecting the earlier closing of the principal markets for those securities, subject to possible fair value adjustments. Mutual fund investments are valued at the current day’s closing NAV reported by the underlying fund.  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 values for various types of securities and other instruments are determined on the basis of closing prices or last sales prices on an exchange or other market, or based on quotes or other market information obtained from quotation reporting systems, established market makers or pricing services. Short-term investments having a maturity of 60 days or less are generally valued at amortized cost, which approximates fair value.

 

Investments denominated in currencies other than the U.S. dollar are converted to U.S. dollars using daily exchange rates obtained from pricing services. As a result, the NAV of a Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar.

 

If market quotations are not readily available (including in cases when available market quotations are deemed to be unreliable), the Funds’ investments will be valued as determined in good faith pursuant to policies and procedures approved by the Board of Trustees (so called “evaluated pricing”).  The Board has delegated to the Adviser’s Best Execution and Valuation Committee the day-to-day responsibility for making evaluated pricing determinations with respect to Fund holdings. The Best Execution and Valuation Committee is comprised of representatives of the Adviser, including several members of the Portfolio Management team, the Director of Trading, the Chief Compliance Officer and the Chief Financial Officer. One of the functions of the Best Execution and Valuation Committee is to value securities where current and reliable market quotations are not readily available. The Committee meets periodically and reports to the Board at each quarterly meeting regarding any securities for which evaluated pricing was employed during the previous quarter. All actions taken by the Best Execution and Valuation Committee are reviewed and ratified by the Board.

 

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; contractual or legal restrictions on resale 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 September 30, 2014, no management-appraised fair valued securities were held by any of the Funds.

 

For those Funds that invest in non-U.S. securities, investors should be aware that many securities markets and exchanges outside the U.S. close prior to the close of the NYSE, and the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the NYSE. As a result, the Funds’ fair value pricing procedures require the Funds to consider changes in the fair value of non-U.S. securities between the time of the closing of the local market’s exchange and the close of the NYSE. Generally, if there has been a movement in the U.S. market that exceeds a specified threshold, the Funds will assess whether the closing price on the local exchange is still appropriate. Although the threshold may be revised from time to time and the number of days on which fair value prices will be used will depend on market activity, it is possible that fair value prices will be used by the Funds to a significant extent. The value determined for an investment using the Funds’ fair value pricing procedures may differ from recent market prices for the investment.

 

Fair Value Measurements Fair value is defined as the price that the Fund would receive upon selling an investment in orderly transaction between market participants. 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 investments valued at amortized cost, quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

 

· Level 3 — significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)

 

Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a general summary of valuation inputs and classifications for different categories of securities.

 

Equity Securities Equity securities, including common stocks, preferred stocks and exchange-traded funds, for which market quotations are readily available, valued at the last reported sale price or official closing price as reported by an independent pricing service, are generally categorized as Level 1 in the hierarchy. Non-U.S. equity securities may also be valued at official close, or may be valued based on the fair value pricing procedures noted above. When third-party fair value pricing of foreign securities methods are applied, they are generally categorized as Level 2. To the extent that inputs for equity securities are unobservable, values are categorized as Level 3 in the hierarchy.

 

Fixed Income Securities Fixed income securities, including corporate Bonds (both investment-grade and high-yield), U.S. Treasury Obligations, Government Bonds, Mortgage-Backed and Asset-Backed Securities and Municipal Bonds, are valued at evaluated prices received from independent pricing services, which are evaluated using various inputs and techniques which may include trade activity, broker-dealer quotes, yield curves, coupon rates, default rates, cash flows, models and other inputs, and are generally categorized as Level 2 in the hierarchy. To the extent that inputs for fixed income securities are unobservable, values are categorized as Level 3 in the hierarchy.

 

Mutual Fund Investments Investments in mutual funds are valued at the Funds’ closing net asset value and are generally categorized as Level 1.

 

Short-term Investments Short-term securities, including repurchase agreements with remaining maturities of 60 days or less, which are valued at amortized cost, are generally categorized as Level 2 in the hierarchy.

 

The following is a summary of the inputs used to value the Funds’ net assets as of September 30, 2014:

 



 

 

 

Level 1

 

Level 2

 

Level 3

 

Totals

 

 

 

 

 

 

 

 

 

 

 

Growth

 

 

 

 

 

 

 

 

 

Common Stock

 

$

3,044,112

 

$

 

$

 

$

3,044,112

 

Affiliated Investment Companies

 

3,394,547

 

 

 

3,394,547

 

Unaffiliated Investment Companies

 

9,899,663

 

 

 

9,899,663

 

Total

 

$

16,338,322

 

$

 

$

 

$

16,338,322

 

Growth and Income

 

 

 

 

 

 

 

 

 

Common Stock

 

$

2,157,892

 

$

 

$

 

$

2,157,892

 

Affiliated Investment Companies

 

2,729,613

 

 

 

2,729,613

 

Unaffiliated Investment Companies

 

10,585,187

 

 

 

10,585,187

 

Total

 

$

15,472,692

 

$

 

$

 

$

15,472,692

 

Balanced

 

 

 

 

 

 

 

 

 

Common Stock

 

$

2,362,848

 

$

 

$

 

$

2,362,848

 

Affiliated Investment Companies

 

3,113,989

 

 

 

3,113,989

 

Unaffiliated Investment Companies

 

13,496,981

 

 

 

13,496,981

 

Total

 

$

18,973,818

 

$

 

$

 

$

18,973,818

 

Income

 

 

 

 

 

 

 

 

 

Common Stock

 

$

522,462

 

$

 

$

 

$

522,462

 

Affiliated Investment Companies

 

780,109

 

 

 

780,109

 

Unaffiliated Investment Companies

 

7,110,957

 

 

 

7,110,957

 

Total

 

$

8,413,528

 

$

 

$

 

$

8,413,528

 

 

Transfers in and out of Levels during the period are assumed to be transferred on the last day of the period at their current value. During the period, Level 2 to Level 1 transfers were $31,568 for the Growth Portfolio, $20,262 for the Growth and Income Portfolio, $25,621 for the Balanced Portfolio, and $5,567 for the Income Portfolio, due to utilization of the pricing vendor’s fair value pricing of foreign securities.

 

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; fluctuation in foreign currency exchange rates and the possible imposition of currency exchange controls. If the Fund invests substantially in securities of non-U.S. issuers tied economically to 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.

 

Purchases and proceeds from sales of investments for the Funds (excluding short-term investments and U.S. government bonds, if any) for the period ended September 30, 2014 were as follows:

 

Fund

 

Purchases

 

Sales

 

 

 

 

 

 

 

Growth

 

$

2,399,077

 

$

1,561,945

 

Growth and Income

 

4,608,814

 

710,191

 

Balanced

 

5,306,836

 

1,630,915

 

Income

 

2,697,874

 

904,049

 

 

For federal income tax purposes, the identified cost of investments owned at September 30, 2014 as well as the gross unrealized appreciation (depreciation) of investments and resulting net unrealized appreciation (depreciation) as of September 30, 2014 were as follows for the Funds:

 

 

 

Identified cost of

 

Gross

 

Gross

 

Net unrealized

 

 

 

investments for Federal

 

unrealized

 

unrealized

 

appreciation

 

 

 

income tax basis

 

appreciation

 

depreciation

 

(depreciation)

 

 

 

 

 

 

 

 

 

 

 

Growth

 

$

14,473,725

 

$

1,895,286

 

$

30,689

 

$

1,864,597

 

Growth and Income

 

14,107,169

 

1,384,908

 

19,385

 

1,365,523

 

Balanced

 

17,642,021

 

1,394,595

 

62,798

 

1,331,797

 

Income

 

7,995,888

 

434,878

 

17,238

 

417,640

 

 



 

The term “affiliated company” includes other investment companies that are managed by a Fund’s Adviser. At September 30, 2014, the Funds held the following investments in affiliated companies:

 

 

 

Shares Held at

 

Value at

 

Gross

 

Gross

 

Value at

 

Income

 

Fund

 

9/30/2014

 

12/31/2013

 

Additions *

 

Reductions

 

9/30/2014

 

Distributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Growth Portfolio

 

 

 

 

 

 

 

 

 

 

 

 

 

Pax MSCI Intermational ESG Index Fund

 

216,678

 

$

1,371,972

 

$

367,469

 

$

137,363

 

$

1,817,925

 

$

50,791

 

Pax World Global Environmental Markets Fund

 

28,410

 

327,203

 

62,141

 

23,538

 

346,600

 

3,585

 

Pax World International Fund**

 

 

344,596

 

20,445

 

 

 

546

 

Pax World Small Cap Fund

 

90,443

 

996,357

 

250,014

 

7,263

 

1,230,022

 

6,458

 

Total

 

 

 

$

3,040,128

 

$

700,069

 

$

168,164

 

$

3,394,547

 

$

61,380

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Growth and Income Portfolio

 

 

 

 

 

 

 

 

 

 

 

 

 

Pax MSCI Intermational ESG Index Fund

 

176,270

 

$

976,204

 

$

608,768

 

$

6,661

 

$

1,478,903

 

$

39,655

 

Pax World Balanced Fund

 

 

5,857

 

 

5,938

 

 

 

Pax World Global Environmental Markets Fund

 

11,866

 

135,658

 

25,691

 

8,872

 

144,768

 

1,487

 

Pax World High Yield Bond Fund

 

57,853

 

386,842

 

49,846

 

 

430,424

 

18,950

 

Pax World International Fund**

 

 

190,828

 

11,561

 

 

 

308

 

Pax World Small Cap Fund

 

49,670

 

404,962

 

277,895

 

425

 

675,518

 

3,283

 

Total

 

 

 

$

2,100,351

 

$

973,761

 

$

21,896

 

$

2,729,613

 

$

63,683

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balanced Portfolio

 

 

 

 

 

 

 

 

 

 

 

 

 

Pax MSCI Intermational ESG Index Fund

 

180,940

 

$

909,114

 

$

684,443

 

$

55,057

 

$

1,518,085

 

$

34,285

 

Pax World Balanced Fund

 

 

8,162

 

 

8,270

 

 

 

Pax World Global Environmental Markets Fund

 

24,507

 

260,297

 

57,122

 

1,912

 

298,985

 

2,831

 

Pax World High Yield Bond Fund

 

67,648

 

473,048

 

47,253

 

10,000

 

503,298

 

22,751

 

Pax World International Fund**

 

 

81,270

 

3,844

 

 

 

103

 

Pax World Small Cap Fund

 

58,354

 

516,588

 

310,607

 

27,280

 

793,621

 

3,451

 

Total

 

 

 

$

2,248,479

 

$

1,103,269

 

$

102,519

 

$

3,113,989

 

$

63,421

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income Portfolio

 

 

 

 

 

 

 

 

 

 

 

 

 

Pax MSCI Intermational ESG Index Fund

 

39,092

 

$

158,134

 

$

190,089

 

$

10,852

 

$

327,980

 

$

7,933

 

Pax World Balanced Fund

 

 

1,959

 

 

1,986

 

 

 

Pax World Global Environmental Markets Fund

 

8,877

 

110,679

 

3,510

 

 

108,305

 

1,051

 

Pax World High Yield Bond Fund

 

18,549

 

99,595

 

40,365

 

 

138,005

 

5,976

 

Pax World International Fund**

 

 

11,100

 

698

 

 

 

19

 

Pax World Small Cap Fund

 

15,134

 

101,097

 

106,377

 

 

205,819

 

915

 

Total

 

 

 

$

482,564

 

$

341,039

 

$

12,838

 

$

780,109

 

$

15,894

 

 


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

 

**The Pax World International Fund (the “acquired fund”) was acquired by the Pax MSCI International ESG Index Fund (the “acquiring fund”) on March 31, 2014.  Shareholders of the acquired fund received an equivalent value of shares of the acquiring fund upon completion of the merger.  The value of shares exchanged is not reflected in Gross Additions or Gross Reductions figures in the table above.

 

Restricted and Illiquid Securities