UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 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, 2011

Item 1. Schedule of Investments.

	Schedule of Investments (Unaudited)
ESG Managers™ Aggressive Growth Portfolio	September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS: 72.9%
COMMON STOCKS: 72.8%
CONSUMER DISCRETIONARY: 6.7%
Accor SA		63	$	1,678
Arbitron, Inc.		115		3,804
BorgWarner, Inc. (a)		21		1,271
Cinemark Holdings, Inc.		424		8,005
Comcast Corp, Class A		737		15,249
Darden Restaurants, Inc.		17		727
Denso Corp.		87		2,797
DeVry, Inc.		140		5,174
DISH Network Corp., Class A (a)		562		14,084
Electrolux AB, Series B		95		1,397
Expedia, Inc.		40		1,030
GameStop Corp., Class A (a)		13		300
Gannett Co, Inc.		610		5,813
Hanesbrands, Inc. (a)		175		4,377
Hennes & Mauritz AB, B Shares		89		2,665
Home Depot, Inc.		325		10,683
International Game Technology		360		5,231
Interpublic Group of Cos., Inc., The		700		5,040
Johnson Controls, Inc.		316		8,333
KB Home		400		2,344
Lowe’s Cos., Inc.		54		1,044
Macy’s, Inc.		11		290
McDonald’s Corp.		118		10,363
Meredith Corp.		125		2,830
Mohawk Industries, Inc. (a)		110		4,720
Newell Rubbermaid, Inc.		335		3,976
News Corp., Class A		1,684		26,051
NIKE, Inc., Class B		120		10,261
Nordstrom, Inc.		95		4,340
Pulte Group, Inc. (a)		740		2,923
Royal Caribbean Cruises, Ltd.		250		5,410
Scripps Networks Interactive, Class A		725		26,948
SES SA		683		16,621
Sharp Corp./Japan		215		1,806
Skullcandy, Inc. (a)		13		184
Sotheby’s		55		1,516
Staples, Inc.		191		2,540
Target Corp.		1,194		58,554
Tiffany & Co.		25		1,521
Time Warner Cable, Inc.		313		19,616
Time Warner, Inc.		637		19,091
Toll Brothers, Inc. (a)		155		2,237
Washington Post Co., The, Class B		8		2,615
				325,459

ESG Managers™ Aggressive Growth Portfolio Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS, continued
COMMON STOCKS, continued
CONSUMER STAPLES: 6.5%
Carrefour SA		63	$	1,435
Coca-Cola Co., The		191		12,904
Corn Products International, Inc.		65		2,551
Cosan, Ltd., Class A		63		597
CVS Caremark Corp.		1,085		36,434
Danone		19		1,168
Energizer Holdings, Inc. (a)		35		2,325
HJ Heinz Co.		284		14,336
JM Smucker Co., The		222		16,182
Kellogg Co.		281		14,946
Kimberly-Clark Corp.		244		17,326
L’Oreal SA		22		2,146
McCormick & Co., Inc.		1,062		49,022
Natura Cosmeticos SA		89		1,515
PepsiCo, Inc.		224		13,866
Procter & Gamble Co., The		1,164		73,542
Safeway, Inc.		425		7,068
Sysco Corp.		1,183		30,640
Tesco PLC		287		1,681
Unilever PLC, ADR		245		7,642
United Natural Foods, Inc. (a)		79		2,926
WD-40 Co.		305		12,150
				322,402
ENERGY: 8.7%
Apache Corp.		82		6,580
Baker Hughes, Inc.		77		3,554
BG Group PLC, ADR		359		34,249
Canadian Natural Resources, Ltd.		12		351
Cimarex Energy Co.		382		21,277
ConocoPhillips		379		23,998
Contango Oil & Gas Co. (a)		55		3,009
El Paso Corp.		1,147		20,050
Energen Corp.		460		18,809
Energy XXI Bermuda, Ltd. (a)		120		2,574
Enerplus Corp.		971		23,828
Ensco PLC , ADR		90		3,639
EQT Corp.		82		4,376
Kinder Morgan Management LLC		804		47,187
Newfield Exploration Co. (a)		790		31,355

ESG Managers™ Aggressive Growth Portfolio Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS, continued
COMMON STOCKS, continued
ENERGY, continued
Noble Corp. (a)		358	$	10,507
Noble Energy, Inc.		230		16,284
Penn West Petroleum, Ltd.		20		297
Petroleo Brasileiro SA, ADR		220		4,939
Plains Exploration & Production Co. (a)		270		6,132
Provident Energy, Ltd.		841		6,863
Quicksilver Resources, Inc. (a)		569		4,313
Range Resources Corp.		15		877
Rosetta Resources, Inc. (a)		17		582
Royal Dutch Shell PLC, ADR		284		17,472
Sasol Ltd., ADR		19		771
Seadrill, Ltd.		741		20,400
Spectra Energy Corp.		1,223		30,000
Statoil ASA, ADR		989		21,313
Suncor Energy, Inc.		345		8,777
W&T Offshore, Inc.		700		9,632
Weatherford International, Ltd. (a)		586		7,155
Williams Cos., Inc., The		516		12,558
				423,708
FINANCIALS: 9.4%
Aflac, Inc.		215		7,514
American Express Co.		305		13,695
Annaly Capital Management, Inc., REIT		856		14,235
Artio Global Investors, Inc.		495		3,940
Banco Bradesco SA, ADR		95		1,405
Bank of Montreal		176		9,830
Bank of New York Mellon Corp., The		374		6,953
BlackRock, Inc.		169		25,014
British Land Co. PLC, REIT		143		1,053
CB Richard Ellis Group, Inc., Class A (a)		395		5,317
Charles Schwab Corp., The		3,166		35,681
Cincinnati Financial Corp.		492		12,954
City National Corp.		55		2,077
Digital Realty Trust, Inc., REIT		289		15,941
First American Financial Corp.		565		7,232
First Horizon National Corp.		725		4,321
Glacier Bancorp, Inc.		105		984
Growthpoint Properties, Ltd.		463		1,016
HCP, Inc., REIT		537		18,827
Hospitality Properties Trust, REIT		843		17,897
Janus Capital Group, Inc.		970		5,820

ESG Managers™ Aggressive Growth Portfolio Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS, continued
COMMON STOCKS, continued
FINANCIALS, continued
Jones Lang LaSalle, Inc.		110	$	5,699
JPMorgan Chase & Co.		1,026		30,903
KKR & Co., LP		250		2,600
Lazard, Ltd., LP, Class A		265		5,592
Loews Corp.		297		10,261
Marsh & McLennan Cos., Inc.		488		12,952
MetLife, Inc.		265		7,423
Och-Ziff Capital Mgmt. Group, LP, Class A		34		310
Pinnacle Financial Partners, Inc. (a)		310		3,391
Plum Creek Timber Co., Inc., REIT		25		868
Potlatch Corp., REIT		63		1,986
Progressive Corp., The		2,263		40,191
Royal Bank of Canada		485		22,174
Royal Bank of Canada (Canadian)		33		1,513
SEI Investments Co.		1,120		17,226
State Street Corp.		307		9,873
Tower Group, Inc.		185		4,229
Travelers Cos., Inc., The		221		10,769
U.S. Bancorp		924		21,751
Valley National Bancorp		843		8,927
Wells Fargo & Co.		1,003		24,192
Westpac Banking Corp.		85		1,646
Willis Group Holdings PLC		50		1,719
				457,901
HEALTH CARE: 10.7%
Abbott Laboratories		975		49,862
Amgen, Inc.		39		2,143
Baxter International, Inc.		127		7,130
Becton Dickinson & Co.		392		28,741
Bio-Rad Laboratories, Inc., Class A (a)		70		6,354
Bristol-Myers Squibb Co.		445		13,964
Charles River Laboratories Intl., Inc. (a)		105		3,005
Covidien PLC		520		22,932
Cyberonics, Inc. (a)		95		2,689
Eli Lilly & Co.		387		14,307
Furiex Pharmaceutical, Inc. (a)		115		1,636
Genomic Health, Inc. (a)		115		2,528
Gen-Probe, Inc. (a)		285		16,316
Gilead Sciences, Inc. (a)		443		17,188
GlaxoSmithKline PLC, ADR		555		22,916
Hospira, Inc. (a)		750		27,750

ESG Managers™ Aggressive Growth Portfolio Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS, continued
COMMON STOCKS, continued
HEALTH CARE, continued
Human Genome Sciences, Inc. (a)		14	$	178
Johnson & Johnson		629		40,074
LHC Group, Inc. (a)		145		2,474
Life Technologies Corp. (a)		48		1,845
Merck & Co., Inc.		1,080		35,327
Mylan, Inc. (a)		153		2,601
Novartis AG		127		7,094
Novartis AG, ADR		514		28,666
Novo Nordisk A/S, B Shares		79		7,879
Novo Nordisk A/S, B Shares, ADR		154		15,326
Olympus Corp.		102		3,148
Patterson Cos., Inc.		200		5,726
Pfizer, Inc.		1,231		21,764
Roche Holding AG		63		10,175
Roche Holding AG, ADR		597		24,011
Salix Pharmaceuticals, Ltd. (a)		85		2,516
Smith & Nephew PLC		207		1,862
St. Jude Medical, Inc.		14		507
Symmetry Medical, Inc. (a)		260		2,007
Teleflex, Inc.		655		35,219
Teva Pharmaceutical Industries, Ltd., ADR		83		3,089
Thermo Fisher Scientific, Inc. (a)		10		506
Valeant Pharmaceuticals International		265		9,837
VCA Antech, Inc. (a)		320		5,114
Waters Corp. (a)		47		3,548
WellPoint, Inc.		136		8,878
Zimmer Holdings, Inc. (a)		85		4,548
				523,380
INDUSTRIALS: 8.4%
3M Co.		329		23,619
ABB, Ltd. (a)		95		1,625
Abengoa SA		63		1,335
Ameresco, Inc., Class A (a)		48		488
Atlas Copco AB, A Shares		175		3,098
Brady Corp., Class A		175		4,625
Brink’s Co., The.		145		3,380
Canadian National Railway Co.		175		11,652
Canadian Pacific Railway, Ltd.		31		1,495
CCR SA		55		1,432
Cooper Industries PLC		210		9,685
Cummins, Inc.		35		2,858

ESG Managers™ Aggressive Growth Portfolio Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS, continued
COMMON STOCKS, continued
INDUSTRIALS, continued
Danaher Corp.		1,196	$	50,160
Deere & Co.		96		6,199
Deutsche Post AG		143		1,831
Dun & Bradstreet Corp.		65		3,982
East Japan Railway Co.		65		3,941
Eaton Corp.		63		2,237
Emerson Electric Co.		408		16,854
Expeditors International of Washington, Inc.		54		2,190
General Electric Co.		974		14,844
Herman Miller, Inc.		922		16,467
Honeywell International, Inc.		353		15,500
ICF International, Inc. (a)		435		8,182
IDEX Corp.		135		4,207
Illinois Tool Works, Inc.		300		12,480
Ingersoll-Rand PLC		48		1,348
Insperity, Inc.		200		4,450
Interface, Inc., Class A		340		4,032
Iron Mountain, Inc.		550		17,391
Kurita Water Industries, Ltd.		109		3,056
Mitsubishi Electric Corp.		267		2,365
Mitsui OSK Lines, Ltd.		267		1,029
MTR Corp.		826		2,478
Nordson Corp.		53		2,106
Pentair, Inc.		252		8,067
PostNL NV (a)		143		626
Royal Philips		95		1,704
Royal Philips (Netherlands)		12		215
RR Donnelley & Sons, Co.		1,168		16,492
Schneider Electric SA		18		963
Siemens AG		20		1,799
Simpson Manufacturing Co., Inc.		105		2,618
Skanska AB, B Shares		63		872
SKF AB, B Shares		143		2,694
Stanley Black & Decker, Inc.		77		3,781
Tennant Co.		48		1,698
Timken Co.		45		1,477
TNT Express NV		143		1,000
United Parcel Service, Inc., Class B		270		17,051
Verisk Analytics, Inc. (a)		250		8,693
Vestas Wind Systems A/S (a)		111		1,799
Volvo AB, B Shares		95		932
Waste Management, Inc.		1,639		53,365

ESG Managers™ Aggressive Growth Portfolio Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS, continued
COMMON STOCKS, continued
INDUSTRIALS, continued
WW Grainger, Inc.		129	$	19,290
				407,757
INFORMATION TECHNOLOGY: 11.3%
Accenture PLC., Class A		240		12,643
Adobe Systems, Inc. (a)		79		1,909
Altera Corp.		714		22,512
Anixter International, Inc.		455		21,585
Applied Materials, Inc.		191		1,977
Autodesk, Inc. (a)		90		2,500
BMC Software, Inc. (a)		30		1,157
Brocade Communications Systems, Inc. (a)		1,210		5,227
Canon, Inc.		128		5,812
Ceragon Networks, Ltd. (a)		485		4,632
Ciena Corp. (a)		360		4,032
Cisco Systems, Inc.		767		11,881
Citrix Systems, Inc. (a)		2		109
Clicksoftware Technologies, Ltd.		325		2,532
Cognizant Technology Solutions, Class A (a)		18		1,129
Cree, Inc. (a)		63		1,637
DragonWave, Inc. (a)		510		1,683
eBay, Inc. (a)		95		2,802
Electronics for Imaging, Inc. (a)		90		1,212
EMC Corp. (a)		321		6,738
EZchip Semiconductor, Ltd. (a)		100		3,322
F5 Networks, Inc. (a)		3		213
Fair Isaac Corp.		235		5,130
Finisar Corp. (a)		630		11,050
Google, Inc., Class A (a)		149		76,643
Harmonic, Inc. (a)		905		3,855
Hewlett-Packard Co.		1,109		24,897
IBM		163		28,530
Intel Corp.		1,164		24,828
Intuit, Inc. (a)		106		5,029
Itron, Inc. (a)		33		974
Juniper Networks, Inc. (a)		26		449
MasterCard, Inc., Class A		134		42,499
Maxim Integrated Products, Inc.		589		13,741
Mentor Graphics Corp. (a)		275		2,646
Microchip Technology, Inc.		562		17,484
Microsoft Corp.		494		12,296
MIPS Technologies, Inc. (a)		435		2,105

ESG Managers™ Aggressive Growth Portfolio Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS, continued
COMMON STOCKS, continued
INFORMATION TECHNOLOGY, continued
Motorola Solutions, Inc. (a)		250	$	10,475
National Instruments Corp.		837		19,134
NetApp, Inc. (a)		75		2,546
Oracle Corp.		46		1,322
Paychex, Inc.		835		22,019
PMC - Sierra, Inc. (a)		505		3,020
Qualcomm, Inc.		457		22,224
Quest Software, Inc. (a)		170		2,700
Riverbed Technology, Inc. (a)		44		878
Solarworld AG		175		724
TE Connectivity, Ltd.		307		8,639
Tellabs, Inc.		965		4,140
Teradata Corp. (a)		10		535
Texas Instruments, Inc.		1,143		30,461
TSMC, ADR		55		629
VeriSign, Inc.		595		17,022
Websense, Inc. (a)		210		3,632
Xerox Corp		1,743		12,148
				551,648
MATERIALS: 3.0%
Air Liquide SA		15		1,752
Air Products & Chemicals, Inc.		170		12,983
Calgon Carbon Corp. (a)		320		4,662
Crown Holdings, Inc. (a)		257		7,867
Ecolab, Inc.		624		30,507
International Paper Co.		544		12,648
Johnson Matthey PLC		47		1,153
MeadWestvaco Corp.		511		12,550
Novozymes A/S, ADR		61		8,707
Novozymes A/S, B Shares		31		4,408
Nucor Corp.		85		2,689
Potash Corp. of Saskatchewan, Inc.		13		562
Praxair, Inc.		341		31,877
Rio Tinto PLC, ADR		46		2,028
Schnitzer Steel Industries, Inc., Class A		36		1,325
Sims Metal Management, Ltd.		88		1,056
Sonoco Products Co.		31		875
Svenska Cellulosa AB, B Shares		239		2,910
Syngenta AG, ADR		42		2,179
Teijin, Ltd.		434		1,560
Umicore SA		31		1,124

ESG Managers™ Aggressive Growth Portfolio Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS, continued
COMMON STOCKS, continued
MATERIALS, continued
Vale SA, ADR		23	$	523
				145,945
TELECOMMUNICATION SERVICES: 2.9%
America Movil SAB de CV, Series L, ADR		156		3,444
American Tower Corp., Class A (a)		104		5,595
AT&T, Inc.		1,012		28,862
BCE, Inc.		223		8,354
CenturyLink, Inc.		332		10,996
China Mobile, Ltd.		500		4,891
Portugal Telecom SGPS SA		98		720
Telefonica SA		367		7,033
Telefonica SA, ADR		1,204		23,020
Verizon Communications, Inc.		250		9,200
Vodafone Group PLC, ADR		1,011		25,932
Windstream Corp.		1,273		14,844
				142,891
UTILITIES: 5.2%
Acciona SA		15		1,265
AGL Resources, Inc.		370		15,074
American Water Works Co., Inc.		1,129		34,073
Enel Green Power SpA		735		1,675
Hyflux, Ltd.		1,521		1,716
Iberdrola SA		143		967
MDU Resources Group, Inc.		870		16,695
National Grid PLC		399		3,955
National Grid PLC, ADR		410		20,336
NiSource, Inc.		1,833		39,190
Northeast Utilities		434		14,604
Northwest Natural Gas Co.		225		9,923
OGE Energy Corp.		2		96
Oneok, Inc.		530		35,001
Ormat Technologies, Inc.		111		1,785
Portland General Electric Co.		95		2,251
Questar Corp.		1,630		28,867
Red Electrica Corp. SA		47		2,142
Sempra Energy		287		14,781
Severn Trent PLC		111		2,652
SSE PLC		143		2,869
Veolia Environnement SA, ADR		12		174
Verbund AG		47		1,352
				251,443

ESG Managers™ Aggressive Growth Portfolio Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS, continued
COMMON STOCKS, continued
TOTAL COMMON STOCKS (Cost $3,676,475)			$	3,552,534
PREFERRED STOCK: 0.1%
CONSUMER STAPLES: 0.1%
Henkel AG & Co KGaA		36		1,914
FINANCIALS: 0.0%
Itau Unibanco Holding SA, ADR		63		978
TOTAL PREFERRED STOCK (Cost $3,784)				2,892
TOTAL STOCKS (Cost $3,680,259)				3,555,426
AFFILIATED INVESTMENT COMPANIES: 21.8%
Pax MSCI EAFE ESG Index ETF		5,122		103,695
Pax MSCI North America ESG Index ETF		10,899		272,349
Pax World Balanced Fund (b)		10,001		204,218
Pax World Global Green Fund (b)		9,558		76,175
Pax World High Yield Bond Fund (b)		11,476		81,707
Pax World International Fund (b)		44,559		328,396
TOTAL AFFILIATED INVESTMENT COMPANIES (Cost $1,157,222)				1,066,540
NON-AFFILIATED INVESTMENT COMPANIES: 4.5%
Schroder Emerging Market Equity Fund (c)		20,442		221,589
TOTAL NON-AFFILIATED INVESTMENT COMPANIES (Cost $285,241)				221,589
REPURCHASE AGREEMENT: 8.4%
State Street Repo, 0.010%, 10/03/11 (collateralized by Freddie Mac, 0.900%, due 09/12/14, principal amount $420,000; market value $420,617)
TOTAL REPURCHASE AGREEMENT (Cost $410,000)	$	410,000		410,000

ESG Managers™ Aggressive Growth Portfolio Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS	VALUE
TOTAL INVESTMENTS: 107.6% (Cost $5,532,722)		$	5,253,555
Other assets and liabilities - (Net):- 7.6%			(372,683	)
Net Assets: 100.0%		$	4,880,872

(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

ESG Managers™ Growth Portfolio Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS: 56.3%
COMMON STOCKS: 56.3%
CONSUMER DISCRETIONARY: 5.2%
Accor SA		78	$	2,077
Arbitron, Inc.		175		5,789
BorgWarner, Inc. (a)		30		1,816
Cinemark Holdings, Inc.		598		11,290
Comcast Corp, Class A		1,070		22,138
Darden Restaurants, Inc.		23		983
Denso Corp.		136		4,372
DeVry, Inc.		205		7,577
DISH Network Corp., Class A (a)		835		20,925
Electrolux AB, Series B		131		1,926
Expedia, Inc.		56		1,442
GameStop Corp., Class A (a)		17		393
Gannett Co, Inc.		915		8,720
Hanesbrands, Inc. (a)		265		6,628
Hennes & Mauritz AB, B Shares		116		3,473
Home Depot, Inc.		458		15,054
International Game Technology		540		7,846
Interpublic Group of Cos., Inc., The		1,045		7,524
Johnson Controls, Inc.		457		12,051
KB Home		600		3,516
Lowe’s Cos., Inc.		76		1,470
Macy’s, Inc.		15		395
McDonald’s Corp.		169		14,842
Meredith Corp.		185		4,188
Mohawk Industries, Inc. (a)		165		7,080
Newell Rubbermaid, Inc.		510		6,054
News Corp., Class A		2,443		37,793
NIKE, Inc., Class B		175		14,964
Nordstrom, Inc.		145		6,624
Pulte Group, Inc. (a)		1,115		4,404
Royal Caribbean Cruises, Ltd.		375		8,115
Scripps Networks Interactive, Class A		998		37,096
SES SA		861		20,953
Sharp Corp./Japan		340		2,856
Skullcandy, Inc. (a)		16		226
Sotheby’s		90		2,481
Staples, Inc.		240		3,192
Target Corp.		1,711		83,907
Tiffany & Co.		40		2,433
Time Warner Cable, Inc.		455		28,515
Time Warner, Inc.		944		28,292
Toll Brothers, Inc. (a)		235		3,391
Washington Post Co., The, Class B		12		3,925
				468,736

ESG Managers™ Growth Portfolio Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS, continued
COMMON STOCKS, continued
CONSUMER STAPLES: 5.2%
Carrefour SA		80	$	1,822
Coca-Cola Co., The		288		19,457
Corn Products International, Inc.		91		3,571
Cosan, Ltd., Class A		87		824
CVS Caremark Corp.		1,593		53,493
Danone		26		1,598
Energizer Holdings, Inc. (a)		50		3,322
HJ Heinz Co.		399		20,142
JM Smucker Co., The		347		25,293
Kellogg Co.		412		21,914
Kimberly-Clark Corp.		364		25,848
L’Oreal SA		30		2,927
McCormick & Co., Inc.		1,516		69,979
Natura Cosmeticos SA		123		2,093
PepsiCo, Inc.		340		21,046
Procter & Gamble Co., The		1,672		105,637
Safeway, Inc.		646		10,743
Sysco Corp.		1,755		45,455
Tesco PLC		349		2,044
Unilever PLC, ADR		360		11,228
United Natural Foods, Inc. (a)		100		3,704
WD-40 Co.		380		15,138
				467,278
ENERGY: 6.6%
Apache Corp.		117		9,388
Baker Hughes, Inc.		107		4,939
BG Group PLC, ADR		490		46,746
Canadian Natural Resources, Ltd.		16		468
Cimarex Energy Co.		527		29,354
ConocoPhillips		561		35,523
Contango Oil & Gas Co. (a)		80		4,377
El Paso Corp.		1,704		29,786
Energen Corp.		660		26,987
Energy XXI Bermuda, Ltd. (a)		180		3,861
Enerplus Corp.		1,367		33,546
Ensco PLC , ADR		125		5,054
EQT Corp.		115		6,136
Kinder Morgan Management LLC		1,134		66,555
Newfield Exploration Co. (a)		1,090		43,262

ESG Managers™ Growth Portfolio Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS, continued
COMMON STOCKS, continued
ENERGY, continued
Noble Corp. (a)		530	$	15,556
Noble Energy, Inc.		317		22,444
Penn West Petroleum, Ltd.		28		415
Petroleo Brasileiro SA, ADR		303		6,802
Plains Exploration & Production Co. (a)		350		7,949
Provident Energy, Ltd.		1,187		9,686
Quicksilver Resources, Inc. (a)		846		6,413
Range Resources Corp.		21		1,228
Rosetta Resources, Inc. (a)		24		821
Royal Dutch Shell PLC, ADR		421		25,900
Sasol Ltd., ADR		27		1,096
Seadrill, Ltd.		1,046		28,796
Spectra Energy Corp.		1,712		41,995
Statoil ASA, ADR		1,392		29,998
Suncor Energy, Inc.		506		12,873
W&T Offshore, Inc.		945		13,003
Weatherford International, Ltd. (a)		796		9,719
Williams Cos., Inc., The		725		17,646
				598,322
FINANCIALS: 7.4%
Aflac, Inc.		315		11,009
American Express Co.		460		20,654
Annaly Capital Management, Inc., REIT		1,207		20,072
Artio Global Investors, Inc.		745		5,930
Banco Bradesco SA, ADR		120		1,775
Bank of Montreal		248		13,851
Bank of New York Mellon Corp., The		519		9,648
BlackRock, Inc.		232		34,338
British Land Co. PLC, REIT		175		1,289
CB Richard Ellis Group, Inc., Class A (a)		590		7,941
Charles Schwab Corp., The		4,680		52,744
Cincinnati Financial Corp.		691		18,194
City National Corp.		85		3,210
Digital Realty Trust, Inc., REIT		407		22,450
First American Financial Corp.		845		10,816
First Horizon National Corp.		1,090		6,496
Glacier Bancorp, Inc.		110		1,031
Growthpoint Properties, Ltd.		554		1,216
HCP, Inc., REIT		754		26,435
Hospitality Properties Trust, REIT		1,189		25,242
IntercontinentalExchange, Inc. (a)		15		1,774

ESG Managers™ Growth Portfolio Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS, continued
COMMON STOCKS, continued
FINANCIALS, continued
Janus Capital Group, Inc.		1,450	$	8,700
Jones Lang LaSalle, Inc.		160		8,290
JPMorgan Chase & Co.		1,513		45,572
KKR & Co., LP		375		3,900
Lazard, Ltd., LP, Class A		395		8,335
Loews Corp.		445		15,375
Marsh & McLennan Cos., Inc.		684		18,153
MetLife, Inc.		393		11,008
Och-Ziff Capital Mgmt. Group, LP, Class A		48		438
Pinnacle Financial Partners, Inc. (a)		465		5,087
Plum Creek Timber Co., Inc., REIT		35		1,215
Potlatch Corp., REIT		87		2,742
Progressive Corp., The		3,143		55,820
Royal Bank of Canada		680		31,090
Royal Bank of Canada (Canadian)		48		2,201
SEI Investments Co.		1,625		24,993
State Street Corp.		462		14,858
Tower Group, Inc.		275		6,287
Travelers Cos., Inc., The		337		16,422
U.S. Bancorp		1,387		32,650
Unibail-Rodamco SE, REIT		15		2,677
Valley National Bancorp		1,187		12,570
Wells Fargo & Co.		1,491		35,963
Westpac Banking Corp.		146		2,827
Willis Group Holdings PLC		69		2,371
				665,659
HEALTH CARE: 8.3%
Abbott Laboratories		1,406		71,903
Amgen, Inc.		54		2,967
Baxter International, Inc.		157		8,814
Becton Dickinson & Co.		553		40,546
Bio-Rad Laboratories, Inc., Class A (a)		115		10,439
Bristol-Myers Squibb Co.		627		19,675
Charles River Laboratories Intl., Inc. (a)		125		3,578
Covidien PLC		741		32,678
Cyberonics, Inc. (a)		145		4,104
Eli Lilly & Co.		545		20,149
Furiex Pharmaceutical, Inc. (a)		170		2,419
Genomic Health, Inc. (a)		175		3,847
Gen-Probe, Inc. (a)		395		22,614
Gilead Sciences, Inc. (a)		701		27,199

ESG Managers™ Growth Portfolio Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS, continued
COMMON STOCKS, continued
HEALTH CARE, continued
GlaxoSmithKline PLC, ADR		780	$	32,206
Hospira, Inc. (a)		1,034		38,258
Human Genome Sciences, Inc. (a)		19		241
Johnson & Johnson		913		58,167
LHC Group, Inc. (a)		215		3,668
Life Technologies Corp. (a)		70		2,690
Merck & Co., Inc.		1,560		51,028
Mylan, Inc. (a)		213		3,621
Novartis AG		157		8,770
Novartis AG, ADR		765		42,664
Novo Nordisk A/S, B Shares		100		9,973
Novo Nordisk A/S, B Shares, ADR		206		20,501
Olympus Corp.		175		5,401
Patterson Cos., Inc.		255		7,301
Pfizer, Inc.		1,795		31,736
Roche Holding AG		91		14,698
Roche Holding AG, ADR		824		33,141
Salix Pharmaceuticals, Ltd. (a)		125		3,700
Smith & Nephew PLC		262		2,357
St. Jude Medical, Inc.		19		688
Symmetry Medical, Inc. (a)		435		3,358
Teleflex, Inc.		960		51,619
Teva Pharmaceutical Industries, Ltd., ADR		116		4,318
Thermo Fisher Scientific, Inc. (a)		13		658
Valeant Pharmaceuticals International		400		14,848
VCA Antech, Inc. (a)		485		7,750
Waters Corp. (a)		57		4,303
WellPoint, Inc.		197		12,859
Zimmer Holdings, Inc. (a)		130		6,954
				748,408
INDUSTRIALS: 6.4%
3M Co.		450		32,306
ABB, Ltd. (a)		131		2,241
Abengoa SA		88		1,865
Ameresco, Inc., Class A (a)		70		711
Atlas Copco AB, A Shares		209		3,699
Brady Corp., Class A		265		7,004
Brink’s Co., The.		220		5,128
Canadian National Railway Co.		253		16,845
Canadian Pacific Railway, Ltd.		40		1,928
CCR SA		79		2,057

ESG Managers™ Growth Portfolio Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS, continued
COMMON STOCKS, continued
INDUSTRIALS, continued
Cooper Industries PLC		315	$	14,528
Cummins, Inc.		52		4,246
Danaher Corp.		1,739		72,934
Deere & Co.		134		8,652
Deutsche Post AG		175		2,240
Dun & Bradstreet Corp.		98		6,003
East Japan Railway Co.		101		6,123
Eaton Corp.		89		3,160
Emerson Electric Co.		617		25,488
Expeditors International of Washington, Inc.		76		3,082
General Electric Co.		1,447		22,052
Herman Miller, Inc.		1,374		24,540
Honeywell International, Inc.		514		22,570
ICF International, Inc. (a)		564		10,609
IDEX Corp.		205		6,388
Illinois Tool Works, Inc.		445		18,512
Ingersoll-Rand PLC		67		1,882
Insperity, Inc.		295		6,564
Interface, Inc., Class A		510		6,049
Iron Mountain, Inc.		760		24,031
Kurita Water Industries, Ltd.		170		4,766
Mitsubishi Electric Corp.		350		3,100
Mitsui OSK Lines, Ltd.		350		1,349
MTR Corp.		1,009		3,027
Nordson Corp.		73		2,901
Pentair, Inc.		319		10,211
PostNL NV (a)		175		765
Royal Philips		122		2,189
Royal Philips (Netherlands)		17		305
RR Donnelley & Sons, Co.		1,648		23,270
Schneider Electric SA		26		1,391
Siemens AG		30		2,699
Simpson Manufacturing Co., Inc.		170		4,238
Skanska AB, B Shares		76		1,052
SKF AB, B Shares		186		3,505
Stanley Black & Decker, Inc.		112		5,499
Tennant Co.		70		2,476
Timken Co.		63		2,068
TNT Express NV		175		1,224
United Parcel Service, Inc., Class B		395		24,944
Verisk Analytics, Inc. (a)		320		11,126
Vestas Wind Systems A/S (a)		140		2,269

ESG Managers™ Growth Portfolio Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS, continued
COMMON STOCKS, continued
INDUSTRIALS, continued
Volvo AB, B Shares		120	$	1,179
Waste Management, Inc.		2,110		68,702
WW Grainger, Inc.		177		26,468
				574,160
INFORMATION TECHNOLOGY: 8.8%
Accenture PLC., Class A		350		18,438
Adobe Systems, Inc. (a)		100		2,417
Altera Corp.		1,026		32,350
Anixter International, Inc.		630		29,887
Applied Materials, Inc.		240		2,484
Autodesk, Inc. (a)		111		3,084
BMC Software, Inc. (a)		42		1,620
Brocade Communications Systems, Inc. (a)		1,815		7,841
Canon, Inc.		212		9,626
Ceragon Networks, Ltd. (a)		725		6,924
Ciena Corp. (a)		545		6,104
Cisco Systems, Inc.		987		15,289
Citrix Systems, Inc. (a)		3		164
Clicksoftware Technologies, Ltd.		490		3,817
Cognizant Technology Solutions, Class A (a)		25		1,568
Cree, Inc. (a)		78		2,026
DragonWave, Inc. (a)		765		2,525
eBay, Inc. (a)		113		3,332
Electronics for Imaging, Inc. (a)		90		1,212
EMC Corp. (a)		450		9,446
EZchip Semiconductor, Ltd. (a)		150		4,983
F5 Networks, Inc. (a)		4		284
Fair Isaac Corp.		355		7,750
Finisar Corp. (a)		945		16,575
Google, Inc., Class A (a)		213		109,563
Harmonic, Inc. (a)		1,365		5,815
Hewlett-Packard Co.		1,676		37,626
IBM		229		40,082
Intel Corp.		1,622		34,597
Intuit, Inc. (a)		148		7,021
Itron, Inc. (a)		48		1,416
Juniper Networks, Inc. (a)		37		639
MasterCard, Inc., Class A		195		61,846
Maxim Integrated Products, Inc.		831		19,387
Mentor Graphics Corp. (a)		415		3,992
Microchip Technology, Inc.		790		24,577

ESG Managers™ Growth Portfolio Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS, continued
COMMON STOCKS, continued
INFORMATION TECHNOLOGY, continued
Microsoft Corp.		771	$	19,190
MIPS Technologies, Inc. (a)		655		3,170
Motorola Solutions, Inc. (a)		400		16,760
National Instruments Corp.		1,148		26,243
NetApp, Inc. (a)		96		3,258
Oracle Corp.		64		1,839
Paychex, Inc.		1,200		31,644
PMC - Sierra, Inc. (a)		765		4,575
Qualcomm, Inc.		610		29,664
Quest Software, Inc. (a)		255		4,049
Riverbed Technology, Inc. (a)		75		1,497
Solarworld AG		218		902
TE Connectivity, Ltd.		442		12,438
Tellabs, Inc.		1,455		6,242
Teradata Corp. (a)		13		696
Texas Instruments, Inc.		1,660		44,239
TSMC, ADR		77		880
VeriSign, Inc.		815		23,317
Websense, Inc. (a)		320		5,536
Xerox Corp		2,557		17,822
				790,268
MATERIALS: 2.2%
Air Liquide SA		19		2,219
Air Products & Chemicals, Inc.		253		19,322
Calgon Carbon Corp. (a)		480		6,994
Crown Holdings, Inc. (a)		353		10,805
Ecolab, Inc.		859		41,997
International Paper Co.		764		17,763
Johnson Matthey PLC		57		1,398
MeadWestvaco Corp.		719		17,659
Novozymes A/S, ADR		81		11,562
Novozymes A/S, B Shares		41		5,829
Nucor Corp.		114		3,607
Potash Corp. of Saskatchewan, Inc.		17		735
Praxair, Inc.		469		43,842
Rio Tinto PLC, ADR		63		2,777
Schnitzer Steel Industries, Inc., Class A		52		1,914
Sims Metal Management, Ltd.		152		1,824
Sonoco Products Co.		40		1,129
Svenska Cellulosa AB, B Shares		298		3,628
Syngenta AG, ADR		59		3,060

ESG Managers™ Growth Portfolio Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS, continued
COMMON STOCKS, continued
MATERIALS, continued
Teijin, Ltd.		700	$	2,516
Umicore SA		44		1,595
Vale SA, ADR		33		752
				202,927
TELECOMMUNICATION SERVICES: 2.2%
America Movil SAB de CV, Series L, ADR		218		4,813
American Tower Corp., Class A (a)		145		7,801
AT&T, Inc.		1,437		40,983
BCE, Inc.		314		11,762
CenturyLink, Inc.		476		15,765
China Mobile, Ltd.		500		4,891
Portugal Telecom SGPS SA		139		1,021
Telefonica SA		436		8,356
Telefonica SA, ADR		1,695		32,408
Verizon Communications, Inc.		380		13,984
Vodafone Group PLC, ADR		1,423		36,500
Windstream Corp.		1,795		20,930
				199,214
UTILITIES: 4.0%
Acciona SA		22		1,855
AGL Resources, Inc.		495		20,166
American Water Works Co., Inc.		1,591		48,016
Enel Green Power SpA		872		1,987
Hyflux, Ltd.		2,377		2,682
Iberdrola SA		184		1,244
MDU Resources Group, Inc.		1,265		24,275
National Grid PLC		480		4,758
National Grid PLC, ADR		578		28,669
NiSource, Inc.		2,587		55,310
Northeast Utilities		611		20,560
Northwest Natural Gas Co.		350		15,435
OGE Energy Corp.		2		96
Oneok, Inc.		747		49,332
Ormat Technologies, Inc.		148		2,380
Portland General Electric Co.		122		2,890
Questar Corp.		2,532		44,842
Red Electrica Corp. SA		65		2,962
SABESP, ADR		9		417
Sempra Energy		439		22,609
Severn Trent PLC		140		3,345

ESG Managers™ Growth Portfolio Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS, continued
COMMON STOCKS, continued
UTILITIES, continued
SSE PLC		175	$	3,512
Veolia Environnement SA, ADR		16		233
Verbund AG		57		1,640
				359,215
TOTAL COMMON STOCKS (Cost $5,320,312)				5,074,187
PREFERRED STOCK: 0.0%
CONSUMER STAPLES: 0.0%
Henkel AG & Co KGaA		52		2,765
FINANCIALS: 0.0%
Itau Unibanco Holding SA, ADR		87		1,350
TOTAL PREFERRED STOCK (Cost $5,321)				4,115
TOTAL STOCKS (Cost $5,325,633)				5,078,302
AFFILIATED INVESTMENT COMPANIES: 21.9%
Pax MSCI EAFE ESG Index ETF		1,158		23,444
Pax MSCI North America ESG Index ETF		14,428		360,533
Pax World Balanced Fund (b)		5,949		121,482
Pax World Global Green Fund (b)		13,381		106,645
Pax World High Yield Bond Fund (b)		115,274		820,752
Pax World International Fund (b)		73,898		544,631
TOTAL AFFILIATED INVESTMENT COMPANIES (Cost $2,163,492)				1,977,487
NON-AFFILIATED INVESTMENT COMPANIES: 8.9%
Access Capital Community Investment Fund (b)		26,987		262,851
CRA Qualified Investment Fund (b)		18,954		210,957
Schroder Emerging Market Equity Fund (c)		30,757		333,411
TOTAL NON-AFFILIATED INVESTMENT COMPANIES (Cost $901,219)				807,219

ESG Managers™ Growth Portfolio Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
BONDS: 10.7%
CORPORATE BONDS: 2.9%
CONSUMER DISCRETIONARY: 0.4%
BorgWarner, Inc., 5.750%, 11/01/16	$	6,000	$	6,701
Ethan Allen Global, Inc., 5.375%, 10/01/15		3,000		2,944
Home Depot, Inc., 5.950%, 04/01/41		7,000		8,357
Interpublic Group of Cos., Inc., The, 10.000%, 07/15/17		5,000		5,713
Omnicom Group, Inc., 5.900%, 04/15/16		10,000		11,083
				34,798
ENERGY: 0.3%
Conoco, Inc., 6.950%, 04/15/29		10,000		13,350
MidAmerican Energy Co., 6.750%, 12/30/31		10,000		13,086
Newfield Exploration Co., 7.125%, 05/15/18		3,000		3,120
				29,556
FINANCIALS: 1.3%
AMB Property LP, 6.125%, 12/01/16		10,000		10,334
BlackRock, Inc., 3.500%, 12/10/14		5,000		5,317
Ford Motor Credit Co., LLC, 7.000%, 04/15/15		5,000		5,263
Intl. Bank for Reconstruction and Development, 2.000%, 12/04/13		25,000		25,748
JPMorgan Chase & Co., 4.650%, 06/01/14		10,000		10,593
Markel Corp., 6.800%, 02/15/13		10,000		10,451
NASDAQ OMX Group, 4.000%, 01/15/15		6,000		6,119
Progressive Corp., The, 6.700%, 06/15/37		5,000		4,968
State Street Corp., 7.350%, 06/15/26		10,000		12,809
Kemper Corp., 6.000%, 11/30/15		3,000		3,154
Wachovia Corp., 5.500%, 05/01/13		10,000		10,631
Willis North America, Inc., 5.625%, 07/15/15		10,000		10,880
				116,267
HEALTH CARE: 0.2%
DENTSPLY International, Inc., 2.750%, 08/15/16		4,000		4,032
Howard Hughes Medical, Inc, 3.450%, 09/01/14		10,000		10,643
McKesson Corp., 6.000%, 03/01/41		4,000		5,069
				19,744
INDUSTRIALS: 0.2%
GATX Corp., 9.000%, 11/15/13		8,531		9,647
Owens Corning, Inc., 6.500%, 12/01/16		5,000		5,400
Verisk Analytics, Inc., 5.800%, 05/01/21		5,000		5,623
				20,670

ESG Managers™ Growth Portfolio Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
BONDS, continued
CORPORATE BONDS, continued
INFORMATION TECHNOLOGY: 0.2%
Analog Devices, Inc., 5.000%, 07/01/14	$	10,000	$	10,938
Fiserv, Inc., 3.125%, 06/15/16		4,000		4,053
KLA-Tencor Corp., 6.900%, 05/01/18		6,000		6,864
				21,855
MATERIALS: 0.1%
Domtar Corp., 9.500%, 08/01/16		5,000		5,950
TELECOMMUNICATION SERVICES: 0.0%
Qwest Corp., 6.750%, 12/01/21		3,000		2,940
UTILITIES: 0.2%
American Water Capital Corp., 6.085%, 10/15/17		7,000		8,215
CMS Energy Corp., 4.250%, 09/30/15		6,000		5,933
				14,148
TOTAL CORPORATE BONDS (Cost $250,857)				265,928
U.S. GOVERNMENT AGENCY BONDS: 0.6%
FREDDIE MAC (AGENCY): 0.3%
3.750%, 03/27/19		27,000		30,553
FANNIE MAE (AGENCY): 0.3%
4.125%, 04/15/14		15,000		16,342
5.375%, 07/15/16		12,000		14,343
				30,685
TOTAL U.S. GOVERNMENT AGENCY BONDS (Cost $57,664)				61,238
GOVERNMENT BONDS: 0.2%
AID-Egypt, 4.450%, 09/15/15		10,000		11,317
U.S. Dept of Housing & Urban Development, 1.800%, 08/01/14		10,000		10,331
TOTAL GOVERNMENT BONDS (Cost $20,924)				21,648

ESG Managers™ Growth Portfolio Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
BONDS, continued
U.S. TREASURY NOTES: 4.5%
2.000%, 04/15/12 (TIPS)	$	11,133	$	11,238
0.625%, 04/15/13 (TIPS)		8,551		8,711
1.875%, 07/15/13 (TIPS)		18,451		19,324
0.125%, 08/31/13		80,000		79,816
1.250%, 04/15/14 (TIPS)		12,810		13,429
2.000%, 07/15/14 (TIPS)		19,176		20,643
1.625%, 01/15/15 (TIPS)		3,549		3,822
0.500%, 04/15/15 (TIPS)		3,127		3,256
0.125%, 04/15/16 (TIPS)		21,493		22,220
1.375%, 07/15/18 (TIPS)		6,286		6,970
1.375%, 01/15/20 (TIPS)		8,358		9,310
1.125%, 01/15/21 (TIPS)		28,917		31,585
2.125%, 08/15/21		80,000		81,425
2.375%, 01/15/25 (TIPS)		3,596		4,446
1.750%, 01/15/28 (TIPS)		59,310		68,782
3.375%, 04/15/32 (TIPS)		6,364		9,400
TOTAL U.S. TREASURY NOTES (Cost $376,328)				394,377
MORTGAGE-BACKED SECURITIES: 2.5%
U.S. GOVERNMENT MORTGAGE-BACKED: 2.2%
GINNIE MAE (MORTGAGE BACKED): 1.3%
2.021%, 10/16/50		114,729		115,834
FREDDIE MAC (MORTGAGE BACKED): 0.8%
5.000%, 06/01/39		20,356		21,867
4.500%, 07/01/39		15,134		16,035
4.500%, 11/01/39		13,609		14,419
4.500%, 09/01/40		17,355		18,391
				70,712
FANNIE MAE (MORTGAGE BACKED): 0.1%
6.040%, 07/01/13		9,423		9,589
COMMERCIAL MORTGAGE-BACKED: 0.3%
JP Morgan Chase Commercial Mtg Sec Corp., 4.865%, 03/15/46		10,000		10,480
LB-UBS Commercial Mortgage Trust, 4.559%, 09/15/27		10,000		10,012
LB-UBS Commercial Mortgage Trust, 4.647%, 07/15/30		4,206		4,230
				24,722
TOTAL MORTGAGE-BACKED SECURITIES (Cost $217,468)				220,857

ESG Managers™ Growth Portfolio Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
TOTAL BONDS (Cost $923,241)			$	964,048
REPURCHASE AGREEMENT: 7.5%
State Street Repo, 0.010%, 10/03/11 (collateralized by United States Treasury Note, 0.375%, due 10/31/12, principal amount $450,000; market value $451,688) (collateralized by United States Treasury Note, 1.750%, due 01/31/14, principal amount $235,000; market value $243,225)
TOTAL REPURCHASE AGREEMENT (Cost $677,000)	$	677,000		677,000
TOTAL INVESTMENTS: 105.3% (Cost $9,990,585)				9,504,056
Other assets and liabilities - (Net):- 5.3%				(478,199	)
Net Assets: 100.0%			$	9,025,857

(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

ESG Managers™ Moderate Portfolio Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS: 40.5%
COMMON STOCKS: 40.5%
CONSUMER DISCRETIONARY: 3.7%
Accor SA		63	$	1,678
Arbitron, Inc.		105		3,473
BorgWarner, Inc. (a)		21		1,271
Cinemark Holdings, Inc.		407		7,684
Comcast Corp, Class A		677		14,007
Darden Restaurants, Inc.		17		727
Denso Corp.		113		3,633
DeVry, Inc.		135		4,990
DISH Network Corp., Class A (a)		558		13,983
Electrolux AB, Series B		105		1,544
Expedia, Inc.		42		1,082
GameStop Corp., Class A (a)		13		300
Gannett Co, Inc.		595		5,670
Hanesbrands, Inc. (a)		155		3,877
Hennes & Mauritz AB, B Shares		85		2,545
Home Depot, Inc.		322		10,584
International Game Technology		340		4,940
Interpublic Group of Cos., Inc., The		675		4,860
Johnson Controls, Inc.		322		8,491
KB Home		375		2,198
Lowe’s Cos., Inc.		56		1,083
Macy’s, Inc.		11		290
McDonald’s Corp.		117		10,275
Meredith Corp.		120		2,717
Mohawk Industries, Inc. (a)		115		4,935
Newell Rubbermaid, Inc.		350		4,155
News Corp., Class A		1,669		25,819
NIKE, Inc., Class B		120		10,261
Nordstrom, Inc.		95		4,340
Pulte Group, Inc. (a)		660		2,607
Royal Caribbean Cruises, Ltd.		245		5,302
Scripps Networks Interactive, Class A		665		24,718
SES SA		614		14,942
Sharp Corp./Japan		283		2,378
Skullcandy, Inc. (a)		13		184
Sotheby’s		50		1,379
Staples, Inc.		192		2,554
Target Corp.		1,134		55,611
Tiffany & Co.		25		1,521
Time Warner Cable, Inc.		314		19,677
Time Warner, Inc.		655		19,629
Toll Brothers, Inc. (a)		150		2,164
Washington Post Co., The, Class B		8		2,615
				316,693

ESG Managers™ Moderate Portfolio Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS, continued
COMMON STOCKS, continued
CONSUMER STAPLES: 3.6%
Carrefour SA		63	$	1,435
Coca-Cola Co., The		184		12,431
Corn Products International, Inc.		68		2,668
Cosan, Ltd., Class A		70		663
CVS Caremark Corp.		1,079		36,233
Danone		21		1,291
Energizer Holdings, Inc. (a)		30		1,993
HJ Heinz Co.		272		13,731
JM Smucker Co., The		219		15,963
Kellogg Co.		275		14,627
Kimberly-Clark Corp.		244		17,326
L’Oreal SA		24		2,341
McCormick & Co., Inc.		935		43,160
Natura Cosmeticos SA		97		1,651
PepsiCo, Inc.		226		13,989
Procter & Gamble Co., The		1,104		69,751
Safeway, Inc.		403		6,702
Sysco Corp.		1,097		28,412
Tesco PLC		279		1,634
Unilever PLC, ADR		256		7,985
United Natural Foods, Inc. (a)		79		2,926
WD-40 Co.		290		11,554
				308,466
ENERGY: 4.8%
Apache Corp.		84		6,740
Baker Hughes, Inc.		80		3,693
BG Group PLC, ADR		320		30,528
Canadian Natural Resources, Ltd.		12		351
Cimarex Energy Co.		340		18,938
ConocoPhillips		383		24,252
Contango Oil & Gas Co. (a)		55		3,009
El Paso Corp.		1,137		19,875
Energen Corp.		430		17,583
Energy XXI Bermuda, Ltd. (a)		105		2,252
Enerplus Corp.		931		22,847
Ensco PLC , ADR		94		3,800
EQT Corp.		85		4,536
Kinder Morgan Management LLC		771		45,250
Newfield Exploration Co. (a)		706		28,021

ESG Managers™ Moderate Portfolio Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS, continued
COMMON STOCKS, continued
ENERGY, continued
Noble Corp. (a)		363	$	10,654
Noble Energy, Inc.		218		15,434
Penn West Petroleum, Ltd.		21		312
Petroleo Brasileiro SA, ADR		214		4,804
Plains Exploration & Production Co. (a)		255		5,791
Provident Energy, Ltd.		806		6,577
Quicksilver Resources, Inc. (a)		540		4,093
Range Resources Corp.		15		877
Rosetta Resources, Inc. (a)		17		582
Royal Dutch Shell PLC, ADR		285		17,533
Sasol Ltd., ADR		19		771
Seadrill, Ltd.		711		19,574
Spectra Energy Corp.		1,182		28,994
Statoil ASA, ADR		957		20,623
Suncor Energy, Inc.		344		8,751
W&T Offshore, Inc.		650		8,944
Weatherford International, Ltd. (a)		565		6,899
Williams Cos., Inc., The		495		12,049
				404,937
FINANCIALS: 5.3%
Aflac, Inc.		240		8,388
American Express Co.		296		13,290
Annaly Capital Management, Inc., REIT		821		13,653
Artio Global Investors, Inc.		450		3,582
Banco Bradesco SA, ADR		96		1,420
Bank of Montreal		169		9,439
Bank of New York Mellon Corp., The		371		6,897
BlackRock, Inc.		154		22,794
British Land Co. PLC, REIT		139		1,024
CB Richard Ellis Group, Inc., Class A (a)		385		5,182
Charles Schwab Corp., The		3,094		34,869
Cincinnati Financial Corp.		472		12,428
City National Corp.		55		2,077
Digital Realty Trust, Inc., REIT		278		15,334
First American Financial Corp.		535		6,848
First Horizon National Corp.		635		3,785
Glacier Bancorp, Inc.		60		562
Growthpoint Properties, Ltd.		443		972
HCP, Inc., REIT		515		18,056
Hospitality Properties Trust, REIT		811		17,218
IntercontinentalExchange, Inc. (a)		12		1,419

ESG Managers™ Moderate Portfolio Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS, continued
COMMON STOCKS, continued
FINANCIALS, continued
Janus Capital Group, Inc.		945	$	5,670
Jones Lang LaSalle, Inc.		105		5,440
JPMorgan Chase & Co.		1,007		30,331
KKR & Co., LP		220		2,288
Lazard, Ltd., LP, Class A		255		5,381
Loews Corp.		298		10,296
Marsh & McLennan Cos., Inc.		460		12,208
MetLife, Inc.		262		7,339
Och-Ziff Capital Mgmt. Group, LP, Class A		36		329
Pinnacle Financial Partners, Inc. (a)		260		2,844
Plum Creek Timber Co., Inc., REIT		26		902
Potlatch Corp., REIT		70		2,206
Progressive Corp., The		2,044		36,301
Royal Bank of Canada		445		20,345
Royal Bank of Canada (Canadian)		39		1,789
SEI Investments Co.		1,074		16,518
State Street Corp.		304		9,777
Tower Group, Inc.		165		3,772
Travelers Cos., Inc., The		218		10,623
U.S. Bancorp		929		21,869
Unibail-Rodamco SE, REIT		12		2,141
Valley National Bancorp		808		8,557
Wells Fargo & Co.		995		23,999
Westpac Banking Corp.		122		2,363
Willis Group Holdings PLC		51		1,752
				444,277
HEALTH CARE: 5.9%
Abbott Laboratories		928		47,458
Amgen, Inc.		40		2,198
Baxter International, Inc.		126		7,074
Becton Dickinson & Co.		366		26,835
Bio-Rad Laboratories, Inc., Class A (a)		70		6,354
Bristol-Myers Squibb Co.		427		13,399
Charles River Laboratories Intl., Inc. (a)		75		2,147
Covidien PLC		490		21,609
Cyberonics, Inc. (a)		75		2,123
Eli Lilly & Co.		371		13,716
Furiex Pharmaceutical, Inc. (a)		100		1,423
Genomic Health, Inc. (a)		100		2,198
Gen-Probe, Inc. (a)		265		15,171
Gilead Sciences, Inc. (a)		476		18,469

ESG Managers™ Moderate Portfolio Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS, continued
COMMON STOCKS, continued
HEALTH CARE, continued
GlaxoSmithKline PLC, ADR		533	$	22,008
Hospira, Inc. (a)		660		24,420
Human Genome Sciences, Inc. (a)		14		178
Johnson & Johnson		625		39,819
LHC Group, Inc. (a)		140		2,388
Life Technologies Corp. (a)		56		2,152
Merck & Co., Inc.		1,054		34,476
Mylan, Inc. (a)		159		2,703
Novartis AG		126		7,039
Novartis AG, ADR		492		27,439
Novo Nordisk A/S, B Shares		80		7,979
Novo Nordisk A/S, B Shares, ADR		135		13,435
Olympus Corp.		145		4,475
Patterson Cos., Inc.		185		5,297
Pfizer, Inc.		1,165		20,597
Roche Holding AG		71		11,467
Roche Holding AG, ADR		537		21,598
Salix Pharmaceuticals, Ltd. (a)		65		1,924
Smith & Nephew PLC		209		1,880
St. Jude Medical, Inc.		14		507
Symmetry Medical, Inc. (a)		255		1,969
Teleflex, Inc.		620		33,337
Teva Pharmaceutical Industries, Ltd., ADR		86		3,201
Thermo Fisher Scientific, Inc. (a)		10		506
Valeant Pharmaceuticals International		245		9,094
VCA Antech, Inc. (a)		280		4,474
Waters Corp. (a)		45		3,397
WellPoint, Inc.		137		8,943
Zimmer Holdings, Inc. (a)		90		4,815
				501,691
INDUSTRIALS: 4.7%
3M Co.		298		21,393
ABB, Ltd. (a)		105		1,796
Abengoa SA		71		1,505
Ameresco, Inc., Class A (a)		56		569
Atlas Copco AB, A Shares		167		2,956
Brady Corp., Class A		175		4,625
Brink’s Co., The.		155		3,613
Canadian National Railway Co.		156		10,386
Canadian Pacific Railway, Ltd.		31		1,495
CCR SA		45		1,172

ESG Managers™ Moderate Portfolio Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS, continued
COMMON STOCKS, continued
INDUSTRIALS, continued
Cooper Industries PLC		230	$	10,608
Cummins, Inc.		35		2,858
Danaher Corp.		1,146		48,063
Deere & Co.		100		6,457
Deutsche Post AG		139		1,780
Dun & Bradstreet Corp.		60		3,676
East Japan Railway Co.		85		5,153
Eaton Corp.		71		2,521
Emerson Electric Co.		397		16,400
Expeditors International of Washington, Inc.		56		2,271
General Electric Co.		978		14,905
Herman Miller, Inc.		876		15,645
Honeywell International, Inc.		357		15,676
ICF International, Inc. (a)		395		7,430
IDEX Corp.		135		4,207
Illinois Tool Works, Inc.		297		12,355
Ingersoll-Rand PLC		50		1,405
Insperity, Inc.		170		3,783
Interface, Inc., Class A		335		3,973
Iron Mountain, Inc.		505		15,968
Kurita Water Industries, Ltd.		141		3,953
Mitsubishi Electric Corp.		283		2,507
Mitsui OSK Lines, Ltd.		283		1,090
MTR Corp.		925		2,775
Nordson Corp.		54		2,146
Pentair, Inc.		228		7,298
PostNL NV (a)		139		608
Royal Philips		98		1,758
Royal Philips (Netherlands)		13		233
RR Donnelley & Sons, Co.		1,121		15,829
Schneider Electric SA		21		1,124
Siemens AG		24		2,159
Simpson Manufacturing Co., Inc.		130		3,241
Skanska AB, B Shares		61		844
SKF AB, B Shares		149		2,807
Stanley Black & Decker, Inc.		72		3,535
Tennant Co.		56		1,981
Timken Co.		46		1,510
TNT Express NV		139		972
United Parcel Service, Inc., Class B		265		16,735
Verisk Analytics, Inc. (a)		230		7,997
Vestas Wind Systems A/S (a)		112		1,815

ESG Managers™ Moderate Portfolio Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS, continued
COMMON STOCKS, continued
INDUSTRIALS, continued
Volvo AB, B Shares		96	$	942
Waste Management, Inc.		1,535		49,979
WW Grainger, Inc.		116		17,346
				395,828
INFORMATION TECHNOLOGY: 6.2%
Accenture PLC., Class A		225		11,853
Adobe Systems, Inc. (a)		80		1,934
Altera Corp.		686		21,630
Anixter International, Inc.		398		18,881
Applied Materials, Inc.		192		1,987
Autodesk, Inc. (a)		88		2,445
BMC Software, Inc. (a)		31		1,195
Brocade Communications Systems, Inc. (a)		1,050		4,536
Canon, Inc.		159		7,220
Ceragon Networks, Ltd. (a)		420		4,011
Ciena Corp. (a)		320		3,584
Cisco Systems, Inc.		724		11,215
Citrix Systems, Inc. (a)		2		109
Clicksoftware Technologies, Ltd.		300		2,337
Cognizant Technology Solutions, Class A (a)		18		1,129
Cree, Inc. (a)		63		1,637
DragonWave, Inc. (a)		460		1,518
eBay, Inc. (a)		91		2,684
Electronics for Imaging, Inc. (a)		45		606
EMC Corp. (a)		335		7,032
EZchip Semiconductor, Ltd. (a)		95		3,156
F5 Networks, Inc. (a)		3		213
Fair Isaac Corp.		215		4,693
Finisar Corp. (a)		550		9,647
Google, Inc., Class A (a)		140		72,013
Harmonic, Inc. (a)		825		3,515
Hewlett-Packard Co.		1,063		23,864
IBM		163		28,530
Intel Corp.		1,121		23,911
Intuit, Inc. (a)		110		5,218
Itron, Inc. (a)		39		1,151
Juniper Networks, Inc. (a)		27		466
MasterCard, Inc., Class A		127		40,279
Maxim Integrated Products, Inc.		567		13,228
Mentor Graphics Corp. (a)		245		2,357
Microchip Technology, Inc.		540		16,799

ESG Managers™ Moderate Portfolio Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS, continued
COMMON STOCKS, continued
INFORMATION TECHNOLOGY, continued
Microsoft Corp.		498	$	12,395
MIPS Technologies, Inc. (a)		375		1,815
Motorola Solutions, Inc. (a)		276		11,564
National Instruments Corp.		790		18,059
NetApp, Inc. (a)		73		2,478
Oracle Corp.		48		1,380
Paychex, Inc.		780		20,569
PMC - Sierra, Inc. (a)		460		2,751
Qualcomm, Inc.		437		21,251
Quest Software, Inc. (a)		135		2,144
Riverbed Technology, Inc. (a)		65		1,297
Solarworld AG		175		724
TE Connectivity, Ltd.		304		8,555
Tellabs, Inc.		870		3,732
Teradata Corp. (a)		10		535
Texas Instruments, Inc.		1,077		28,702
TSMC, ADR		57		652
VeriSign, Inc.		540		15,449
Websense, Inc. (a)		200		3,460
Xerox Corp		1,720		11,987
				526,082
MATERIALS: 1.7%
Air Liquide SA		15		1,752
Air Products & Chemicals, Inc.		169		12,907
Calgon Carbon Corp. (a)		265		3,861
Crown Holdings, Inc. (a)		257		7,867
Ecolab, Inc.		592		28,943
International Paper Co.		522		12,137
Johnson Matthey PLC		45		1,104
MeadWestvaco Corp.		490		12,034
Novozymes A/S, ADR		51		7,280
Novozymes A/S, B Shares		33		4,692
Nucor Corp.		88		2,784
Potash Corp. of Saskatchewan, Inc.		13		562
Praxair, Inc.		316		29,540
Rio Tinto PLC, ADR		46		2,028
Schnitzer Steel Industries, Inc., Class A		42		1,546
Sims Metal Management, Ltd.		127		1,524
Sonoco Products Co.		32		903
Svenska Cellulosa AB, B Shares		239		2,910
Syngenta AG, ADR		44		2,282

ESG Managers™ Moderate Portfolio Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS, continued
COMMON STOCKS, continued
MATERIALS, continued
Teijin, Ltd.		565	$	2,031
Umicore SA		35		1,268
Vale SA, ADR		24		546
				140,501
TELECOMMUNICATION SERVICES: 1.7%
America Movil SAB de CV, Series L, ADR		163		3,599
American Tower Corp., Class A (a)		107		5,757
AT&T, Inc.		997		28,434
BCE, Inc.		214		8,016
CenturyLink, Inc.		342		11,327
China Mobile, Ltd.		500		4,891
Portugal Telecom SGPS SA		103		757
Telefonica SA		349		6,689
Telefonica SA, ADR		1,155		22,084
Verizon Communications, Inc.		242		8,906
Vodafone Group PLC, ADR		979		25,111
Windstream Corp.		1,221		14,236
				139,807
UTILITIES: 2.9%
Acciona SA		18		1,517
AGL Resources, Inc.		340		13,852
American Water Works Co., Inc.		1,083		32,685
Enel Green Power SpA		698		1,590
Hyflux, Ltd.		1,981		2,236
Iberdrola SA		148		1,001
MDU Resources Group, Inc.		815		15,640
National Grid PLC		384		3,806
National Grid PLC, ADR		393		19,493
NiSource, Inc.		1,760		37,629
Northeast Utilities		416		13,998
Northwest Natural Gas Co.		220		9,702
OGE Energy Corp.		2		96
Oneok, Inc.		515		34,011
Ormat Technologies, Inc.		118		1,897
Portland General Electric Co.		98		2,322
Questar Corp.		1,639		29,027
Red Electrica Corp. SA		52		2,370
SABESP, ADR		7		324
Sempra Energy		290		14,935
Severn Trent PLC		112		2,676

ESG Managers™ Moderate Portfolio Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS, continued
COMMON STOCKS, continued
UTILITIES, continued
SSE PLC		139	$	2,789
Veolia Environnement SA, ADR		12		175
Verbund AG		45		1,294
				245,065
TOTAL COMMON STOCKS (Cost $3,578,553)				3,423,347
PREFERRED STOCK: 0.0%
CONSUMER STAPLES: 0.0%
Henkel AG & Co KGaA		42		2,233
FINANCIALS: 0.0%
Itau Unibanco Holding SA, ADR		70		1,086
TOTAL PREFERRED STOCK (Cost $4,304)				3,319
TOTAL STOCKS (Cost $3,582,857)				3,426,666
AFFILIATED INVESTMENT COMPANIES: 13.4%
Pax MSCI EAFE ESG Index ETF		3,950		79,968
Pax MSCI North America ESG Index ETF		14,869		371,553
Pax World Balanced Fund (b)		2,125		43,397
Pax World Global Green Fund (b)		13,618		108,537
Pax World High Yield Bond Fund (b)		42,648		303,656
Pax World International Fund (b)		30,543		225,098
TOTAL AFFILIATED INVESTMENT COMPANIES (Cost $1,235,622)				1,132,209
NON-AFFILIATED INVESTMENT COMPANIES: 9.6%
Access Capital Community Investment Fund (b)		42,423		413,203
CRA Qualified Investment Fund (b)		13,253		147,503
Schroder Emerging Market Equity Fund (c)		23,007		249,394
TOTAL NON-AFFILIATED INVESTMENT COMPANIES (Cost $881,218)				810,100

ESG Managers™ Moderate Portfolio Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
BONDS: 33.3%
CORPORATE BONDS: 10.9%
CONSUMER DISCRETIONARY: 1.5%
BorgWarner, Inc., 5.750%, 11/01/16	$	20,000	$	22,336
Ethan Allen Global, Inc., 5.375%, 10/01/15		11,000		10,796
Home Depot, Inc., 5.950%, 04/01/41		22,000		26,265
Interpublic Group of Cos., Inc., The, 10.000%, 07/15/17		15,000		17,138
Omnicom Group, Inc., 5.900%, 04/15/16		45,000		49,876
				126,411
ENERGY: 1.4%
Conoco, Inc., 6.950%, 04/15/29		35,000		46,725
MidAmerican Energy Co., 6.750%, 12/30/31		45,000		58,888
Newfield Exploration Co., 7.125%, 05/15/18		11,000		11,441
				117,054
FINANCIALS: 4.4%
AMB Property LP, 6.125%, 12/01/16		30,000		31,002
BlackRock, Inc., 3.500%, 12/10/14		20,000		21,268
Ford Motor Credit Co., LLC, 7.000%, 04/15/15		15,000		15,788
Intl. Bank for Reconstruction and Development, 2.000%, 12/04/13		75,000		77,243
JPMorgan Chase & Co., 4.650%, 06/01/14		25,000		26,482
Kemper Corp., 6.000%, 11/30/15		11,000		11,566
Markel Corp., 6.800%, 02/15/13		30,000		31,352
NASDAQ OMX Group, 4.000%, 01/15/15		24,000		24,477
Progressive Corp., The, 6.700%, 06/15/37		25,000		24,841
State Street Corp., 7.350%, 06/15/26		20,000		25,619
Wachovia Corp., 5.500%, 05/01/13		35,000		37,207
Willis North America, Inc., 5.625%, 07/15/15		30,000		32,642
				359,487
HEALTH CARE: 0.9%
DENTSPLY International, Inc., 2.750%, 08/15/16		12,000		12,096
Howard Hughes Medical, Inc, 3.450%, 09/01/14		45,000		47,892
McKesson Corp., 6.000%, 03/01/41		11,000		13,941
				73,929
INDUSTRIALS: 0.9%
GATX Corp., 9.000%, 11/15/13		29,858		33,763
Owens Corning, Inc., 6.500%, 12/01/16		18,000		19,439
Verisk Analytics, Inc., 5.800%, 05/01/21		18,000		20,245
				73,447

ESG Managers™ Moderate Portfolio Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
BONDS, continued
CORPORATE BONDS, continued
INFORMATION TECHNOLOGY: 1.2%
Analog Devices, Inc., 5.000%, 07/01/14	$	45,000	$	49,219
Fiserv, Inc., 3.125%, 06/15/16		15,000		15,197
KLA-Tencor Corp., 6.900%, 05/01/18		22,000		25,172
				89,588
MATERIALS: 0.2%
Domtar Corp., 9.500%, 08/01/16		16,000		19,040
TELECOMMUNICATION SERVICES: 0.1%
Qwest Corp., 6.750%, 12/01/21		10,000		9,800
UTILITIES: 0.3%
American Water Capital Corp., 6.085%, 10/15/17		25,000		29,340
CMS Energy Corp., 4.250%, 09/30/15		22,000		21,755
				51,095
TOTAL CORPORATE BONDS (Cost $870,177)				919,851
U.S. GOVERNMENT AGENCY BONDS: 2.3%
FREDDIE MAC (AGENCY): 1.4%
3.750%, 03/27/19		101,000		114,289
FANNIE MAE (AGENCY): 0.9%
1.250%, 08/20/13		20,000		20,297
4.125%, 04/15/14		15,000		16,342
4.375%, 10/15/15		30,000		34,058
5.375%, 07/15/16		5,000		5,977
				76,674
TOTAL U.S. GOVERNMENT AGENCY BONDS (Cost $181,441)				190,963
GOVERNMENT BONDS: 0.8%
AID-Egypt, 4.450%, 09/15/15		35,000		39,608
U.S. Dept of Housing & Urban Development, 1.800%, 08/01/14		25,000		25,827
TOTAL GOVERNMENT BONDS (Cost $63,232)				65,435

ESG Managers™ Moderate Portfolio Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
BONDS, continued
MUNICIPAL BONDS: 2.1%
Commonwealth Financing Authority Pennsylvania, 4.860%, 06/01/18	$	50,000	$	55,731
Kirkwood Community College Iowa, 2.500%, 06/01/17		120,000		124,563
TOTAL MUNICIPAL BONDS (Cost $169,950)				180,294
U.S. TREASURY NOTES: 8.5%
2.000%, 04/15/12 (TIPS)		26,719		26,972
0.625%, 04/15/13 (TIPS)		32,065		32,666
1.875%, 07/15/13 (TIPS)		45,511		47,666
0.125%, 08/31/13		82,000		81,811
2.000%, 07/15/14 (TIPS)		45,543		49,027
1.625%, 01/15/15 (TIPS)		8,282		8,917
0.500%, 04/15/15 (TIPS)		118,842		123,735
1.375%, 07/15/18 (TIPS)		63,907		70,866
1.375%, 01/15/20 (TIPS)		47,012		52,371
2.125%, 08/15/21		83,000		84,479
2.375%, 01/15/25 (TIPS)		4,794		5,928
2.375%, 01/15/27 (TIPS)		14,563		18,228
1.750%, 01/15/28 (TIPS)		75,486		87,540
3.375%, 04/15/32 (TIPS)		16,546		24,438
TOTAL U.S. TREASURY NOTES (Cost $674,442)				714,644
MORTGAGE-BACKED SECURITIES: 8.7%
U.S. GOVERNMENT MORTGAGE-BACKED: 7.2%
GINNIE MAE (MORTGAGE BACKED): 3.0%
3.459%, 05/16/36		125,000		132,699
4.500%, 08/20/41		115,797		124,120
				256,819
FREDDIE MAC (MORTGAGE BACKED): 4.0%
5.000%, 07/15/37		77,920		85,668
5.000%, 06/01/39		64,461		69,245
4.500%, 07/01/39		58,943		62,451
4.500%, 11/01/39		49,145		52,069
4.500%, 09/01/40		65,081		68,965
				338,398
FANNIE MAE (MORTGAGE BACKED): 0.2%
6.040%, 07/01/13		18,847		19,177

ESG Managers™ Moderate Portfolio Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
BONDS, continued
MORTGAGE-BACKED, continued
COMMERCIAL MORTGAGE-BACKED: 1.5%
CS First Boston Mortgage Securities Co., 5.120%, 08/15/38	$	13,787	$	13,949
JP Morgan Chase Commercial Mtg Sec Corp., 4.865%, 03/15/46		45,000		47,160
JP Morgan Chase Commercial Mtg Sec Corp., 5.134%, 05/15/47		12,837		13,120
LB-UBS Commercial Mortgage Trust, 4.559%, 09/15/27		35,000		35,043
LB-UBS Commercial Mortgage Trust, 4.647%, 07/15/30		15,023		15,108
				124,380
TOTAL MORTGAGE-BACKED SECURITIES (Cost $718,019)				738,774
TOTAL BONDS (Cost $2,677,261)				2,809,961
State Street Repo, 0.010%, 10/03/11 (collateralized by Freddie Mac, 0.900%, due 09/12/14, principal amount $220,000; market value $220,323) (collateralized by United States Treasury Note, 1.750%, due 01/31/14, principal amount $110,000; market value $113,850)
		325,000		325,000
TOTAL REPURCHASE AGREEMENT (Cost $325,000)
TOTAL INVESTMENTS: 100.6% (Cost $8,701,958)				8,503,936
Other assets and liabilities - (Net):- 0.6%				(47,831	)
Net Assets: 100.0%			$	8,456,105

(a) Non income producing security.

(b) Institutional Class share

(c) Investor Class shares

ADR - American Depository Receipt

LP - Limited Partnership

REIT - Real Estate Investment Trust

TIPS - Treasury Inflation Protected Securities

ESG Managers™ Conservative Portfolio Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS: 23.5%
COMMON STOCKS: 23.5%
CONSUMER DISCRETIONARY: 2.2%
Accor SA		23	$	612
Arbitron, Inc.		50		1,654
Cinemark Holdings, Inc.		174		3,285
Comcast Corp, Class A		289		5,979
Denso Corp.		64		2,057
DeVry, Inc.		60		2,218
DISH Network Corp., Class A (a)		220		5,513
Electrolux AB, Series B		39		574
Gannett Co, Inc.		270		2,573
Hanesbrands, Inc. (a)		75		1,876
Hennes & Mauritz AB, B Shares		33		988
Home Depot, Inc.		129		4,240
International Game Technology		160		2,325
Interpublic Group of Cos., Inc., The		305		2,196
Johnson Controls, Inc.		127		3,349
KB Home		165		967
McDonald’s Corp.		41		3,601
Meredith Corp.		55		1,245
Mohawk Industries, Inc. (a)		50		2,146
Newell Rubbermaid, Inc.		150		1,781
News Corp., Class A		659		10,195
NIKE, Inc., Class B		50		4,276
Nordstrom, Inc.		40		1,827
Pulte Group, Inc. (a)		310		1,225
Royal Caribbean Cruises, Ltd.		110		2,380
Scripps Networks Interactive, Class A		271		10,073
SES SA		242		5,889
Sharp Corp./Japan		162		1,361
Sotheby’s		25		689
Staples, Inc.		71		944
Target Corp.		445		21,823
Tiffany & Co.		10		608
Time Warner Cable, Inc.		122		7,646
Time Warner, Inc.		244		7,313
Toll Brothers, Inc. (a)		65		938
Washington Post Co., The, Class B		3		980
				127,346
CONSUMER STAPLES: 2.1%
Carrefour SA		23		524
Coca-Cola Co., The		72		4,864
Cosan, Ltd., Class A		26		246

ESG Managers™ Conservative Portfolio Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS, continued
COMMON STOCKS, continued
CONSUMER STAPLES, continued
CVS Caremark Corp.		435	$	14,607
Danone		8		492
Energizer Holdings, Inc. (a)		15		997
HJ Heinz Co.		116		5,856
JM Smucker Co., The		96		6,997
Kellogg Co.		111		5,904
Kimberly-Clark Corp.		95		6,746
L’Oreal SA		9		878
McCormick & Co., Inc.		402		18,556
Natura Cosmeticos SA		26		442
PepsiCo, Inc.		85		5,262
Procter & Gamble Co., The		436		27,546
Safeway, Inc.		161		2,677
Sysco Corp.		446		11,551
Tesco PLC		103		603
Unilever PLC, ADR		96		2,995
United Natural Foods, Inc. (a)		29		1,075
WD-40 Co.		110		4,383
				123,201
ENERGY: 2.7%
Apache Corp.		31		2,487
BG Group PLC, ADR		133		12,688
Cimarex Energy Co.		142		7,909
ConocoPhillips		129		8,168
Contango Oil & Gas Co. (a)		25		1,368
El Paso Corp.		449		7,849
Energen Corp.		175		7,156
Energy XXI Bermuda, Ltd. (a)		50		1,073
Enerplus Corp.		398		9,767
Kinder Morgan Management LLC		330		19,368
Newfield Exploration Co. (a)		295		11,709
Noble Corp. (a)		128		3,757
Noble Energy, Inc.		80		5,664
Petroleo Brasileiro SA, ADR		86		1,931
Plains Exploration & Production Co. (a)		105		2,385
Provident Energy, Ltd.		345		2,815
Quicksilver Resources, Inc. (a)		199		1,508
Royal Dutch Shell PLC, ADR		111		6,829
Seadrill, Ltd.		304		8,369
Spectra Energy Corp.		495		12,142
Statoil ASA, ADR		357		7,693

ESG Managers™ Conservative Portfolio Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS, continued
COMMON STOCKS, continued
ENERGY, continued
Suncor Energy, Inc.		110	$	2,798
W&T Offshore, Inc.		270		3,714
Weatherford International, Ltd. (a)		224		2,734
Williams Cos., Inc., The		211		5,135
				157,016
FINANCIALS: 3.1%
Aflac, Inc.		80		2,796
American Express Co.		107		4,804
Annaly Capital Management, Inc., REIT		351		5,837
Artio Global Investors, Inc.		205		1,632
Banco Bradesco SA, ADR		36		532
Bank of Montreal		72		4,021
Bank of New York Mellon Corp., The		126		2,342
BlackRock, Inc.		60		8,881
British Land Co. PLC, REIT		52		383
CB Richard Ellis Group, Inc., Class A (a)		175		2,356
Charles Schwab Corp., The		1,215		13,693
Cincinnati Financial Corp.		201		5,292
City National Corp.		25		944
Digital Realty Trust, Inc., REIT		110		6,068
First American Financial Corp.		240		3,072
First Horizon National Corp.		305		1,818
Glacier Bancorp, Inc.		45		422
Growthpoint Properties, Ltd.		164		360
HCP, Inc., REIT		220		7,713
Hospitality Properties Trust, REIT		336		7,133
IntercontinentalExchange, Inc. (a)		5		591
Janus Capital Group, Inc.		425		2,550
Jones Lang LaSalle, Inc.		50		2,591
JPMorgan Chase & Co.		377		11,355
KKR & Co., LP		110		1,144
Lazard, Ltd., LP, Class A		115		2,427
Loews Corp.		117		4,042
Marsh & McLennan Cos., Inc.		182		4,830
MetLife, Inc.		104		2,913
Pinnacle Financial Partners, Inc. (a)		130		1,422
Potlatch Corp., REIT		26		820
Progressive Corp., The		849		15,078
Royal Bank of Canada		185		8,458
Royal Bank of Canada (Canadian)		14		642
SEI Investments Co.		421		6,475

ESG Managers™ Conservative Portfolio Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS, continued
COMMON STOCKS, continued
FINANCIALS, continued
State Street Corp.		108	$	3,473
Tower Group, Inc.		75		1,715
Travelers Cos., Inc., The		87		4,240
U.S. Bancorp		362		8,521
Unibail-Rodamco SE, REIT		5		892
Valley National Bancorp		345		3,654
Wells Fargo & Co.		393		9,479
Westpac Banking Corp.		66		1,278
				178,689
HEALTH CARE: 3.5%
Abbott Laboratories		392		20,047
Baxter International, Inc.		46		2,582
Becton Dickinson & Co.		126		9,238
Bio-Rad Laboratories, Inc., Class A (a)		30		2,723
Bristol-Myers Squibb Co.		182		5,711
Charles River Laboratories Intl., Inc. (a)		45		1,288
Covidien PLC		211		9,305
Cyberonics, Inc. (a)		40		1,132
Eli Lilly & Co.		158		5,841
Furiex Pharmaceutical, Inc. (a)		45		640
Genomic Health, Inc. (a)		50		1,099
Gen-Probe, Inc. (a)		110		6,298
Gilead Sciences, Inc. (a)		155		6,014
GlaxoSmithKline PLC, ADR		227		9,373
Hospira, Inc. (a)		285		10,545
Johnson & Johnson		258		16,437
LHC Group, Inc. (a)		60		1,024
Life Technologies Corp. (a)		21		807
Merck & Co., Inc.		434		14,196
Mylan, Inc. (a)		10		170
Novartis AG		46		2,570
Novartis AG, ADR		200		11,154
Novo Nordisk A/S, B Shares		30		2,992
Novo Nordisk A/S, B Shares, ADR		59		5,872
Olympus Corp.		78		2,407
Patterson Cos., Inc.		75		2,147
Pfizer, Inc.		466		8,239
Roche Holding AG		21		3,392
Roche Holding AG, ADR		222		8,929
Salix Pharmaceuticals, Ltd. (a)		40		1,184
Smith & Nephew PLC		77		693

ESG Managers™ Conservative Portfolio Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS, continued
COMMON STOCKS, continued
HEALTH CARE, continued
Symmetry Medical, Inc. (a)		115	$	888
Teleflex, Inc.		260		13,980
Valeant Pharmaceuticals International		100		3,712
VCA Antech, Inc. (a)		135		2,157
Waters Corp. (a)		17		1,283
WellPoint, Inc.		54		3,525
Zimmer Holdings, Inc. (a)		40		2,141
				201,735
INDUSTRIALS: 2.7%
3M Co.		121		8,687
ABB, Ltd. (a)		39		667
Abengoa SA		26		551
Ameresco, Inc., Class A (a)		21		213
Atlas Copco AB, A Shares		62		1,097
Brady Corp., Class A		75		1,982
Brink’s Co., The.		65		1,515
Canadian National Railway Co.		68		4,527
Canadian Pacific Railway, Ltd.		12		579
CCR SA		21		547
Cooper Industries PLC		90		4,151
Danaher Corp.		470		19,712
Deutsche Post AG		52		666
Dun & Bradstreet Corp.		27		1,654
East Japan Railway Co.		49		2,971
Eaton Corp.		26		923
Emerson Electric Co.		130		5,370
General Electric Co.		384		5,852
Herman Miller, Inc.		378		6,751
Honeywell International, Inc.		138		6,060
ICF International, Inc. (a)		170		3,198
IDEX Corp.		60		1,870
Illinois Tool Works, Inc.		117		4,867
Insperity, Inc.		85		1,891
Interface, Inc., Class A		150		1,779
Iron Mountain, Inc.		210		6,640
Kurita Water Industries, Ltd.		80		2,243
Mitsubishi Electric Corp.		100		886
Mitsui OSK Lines, Ltd.		100		385
MTR Corp.		740		2,220
Pentair, Inc.		85		2,721
PostNL NV (a)		52		227

ESG Managers™ Conservative Portfolio Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS, continued
COMMON STOCKS, continued
INDUSTRIALS, continued
Royal Philips		36	$	646
RR Donnelley & Sons, Co.		479		6,763
Schneider Electric SA		8		428
Siemens AG		9		810
Simpson Manufacturing Co., Inc.		45		1,122
Skanska AB, B Shares		24		332
SKF AB, B Shares		55		1,036
Stanley Black & Decker, Inc.		36		1,768
Tennant Co.		21		743
TNT Express NV		52		364
United Parcel Service, Inc., Class B		100		6,315
Verisk Analytics, Inc. (a)		95		3,302
Vestas Wind Systems A/S (a)		41		663
Volvo AB, B Shares		36		353
Waste Management, Inc.		640		20,838
WW Grainger, Inc.		48		7,177
				156,062
INFORMATION TECHNOLOGY: 3.6%
Accenture PLC., Class A		90		4,741
Adobe Systems, Inc. (a)		30		725
Altera Corp.		270		8,513
Anixter International, Inc.		172		8,160
Applied Materials, Inc.		71		735
Autodesk, Inc. (a)		29		806
Brocade Communications Systems, Inc. (a)		505		2,182
Canon, Inc.		101		4,586
Ceragon Networks, Ltd. (a)		200		1,910
Ciena Corp. (a)		150		1,680
Cisco Systems, Inc.		282		4,368
Clicksoftware Technologies, Ltd.		135		1,052
Cree, Inc. (a)		23		598
DragonWave, Inc. (a)		215		710
eBay, Inc. (a)		34		1,003
Electronics for Imaging, Inc. (a)		40		539
EMC Corp. (a)		15		315
EZchip Semiconductor, Ltd. (a)		40		1,329
Fair Isaac Corp.		105		2,292
Finisar Corp. (a)		265		4,648
Google, Inc., Class A (a)		57		29,320
Harmonic, Inc. (a)		380		1,619
Hewlett-Packard Co.		445		9,990

ESG Managers™ Conservative Portfolio Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS, continued
COMMON STOCKS, continued
INFORMATION TECHNOLOGY, continued
IBM		58	$	10,152
Intel Corp.		472		10,068
Itron, Inc. (a)		14		413
MasterCard, Inc., Class A		54		17,127
Maxim Integrated Products, Inc.		242		5,646
Mentor Graphics Corp. (a)		115		1,106
Microchip Technology, Inc.		230		7,155
Microsoft Corp.		201		5,003
MIPS Technologies, Inc. (a)		180		871
Motorola Solutions, Inc. (a)		107		4,483
National Instruments Corp.		314		7,178
NetApp, Inc. (a)		17		577
Paychex, Inc.		310		8,175
PMC - Sierra, Inc. (a)		210		1,256
Qualcomm, Inc.		131		6,371
Quest Software, Inc. (a)		70		1,112
Solarworld AG		65		269
TE Connectivity, Ltd.		120		3,377
Tellabs, Inc.		405		1,737
Texas Instruments, Inc.		439		11,699
VeriSign, Inc.		225		6,437
Websense, Inc. (a)		90		1,557
Xerox Corp		683		4,761
				208,351
MATERIALS: 0.9%
Air Liquide SA		6		701
Air Products & Chemicals, Inc.		67		5,117
Calgon Carbon Corp. (a)		135		1,967
Crown Holdings, Inc. (a)		100		3,061
Ecolab, Inc.		237		11,587
International Paper Co.		222		5,162
Johnson Matthey PLC		17		417
MeadWestvaco Corp.		209		5,133
Novozymes A/S, ADR		21		2,998
Novozymes A/S, B Shares		12		1,706
Nucor Corp.		18		570
Praxair, Inc.		124		11,592
Schnitzer Steel Industries, Inc., Class A		15		552
Sims Metal Management, Ltd.		68		816
Sonoco Products Co.		12		339
Svenska Cellulosa AB, B Shares		88		1,071
Teijin, Ltd.		301		1,081

ESG Managers™ Conservative Portfolio Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS, continued
COMMON STOCKS, continued
MATERIALS, continued
Umicore SA		13	$	470
				54,340
TELECOMMUNICATION SERVICES: 1.0%
America Movil SAB de CV, Series L, ADR		9		199
AT&T, Inc.		406		11,579
BCE, Inc.		91		3,409
CenturyLink, Inc.		131		4,339
China Mobile, Ltd.		500		4,891
Telefonica SA		129		2,472
Telefonica SA, ADR		494		9,445
Verizon Communications, Inc.		97		3,570
Vodafone Group PLC, ADR		370		9,491
Windstream Corp.		523		6,097
				55,492
UTILITIES: 1.7%
Acciona SA		6		506
AGL Resources, Inc.		130		5,296
American Water Works Co., Inc.		463		13,973
Enel Green Power SpA		259		590
Hyflux, Ltd.		1,121		1,265
Iberdrola SA		54		365
MDU Resources Group, Inc.		330		6,333
National Grid PLC		142		1,408
National Grid PLC, ADR		168		8,333
NiSource, Inc.		734		15,693
Northeast Utilities		177		5,956
Northwest Natural Gas Co.		90		3,969
Oneok, Inc.		182		12,019
Ormat Technologies, Inc.		44		708
Portland General Electric Co.		36		853
Questar Corp.		684		12,114
Red Electrica Corp. SA		19		866
SABESP, ADR		3		139
Sempra Energy		117		6,026
Severn Trent PLC		41		980
SSE PLC		52		1,043
Verbund AG		17		488
				98,923

ESG Managers™ Conservative Portfolio Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS, continued
COMMON STOCKS, continued
TOTAL COMMON STOCKS (Cost $1,411,590)			$	1,361,155
PREFERRED STOCK: 0.0%
CONSUMER STAPLES: 0.0%
Henkel AG & Co KGaA		15		798
FINANCIALS: 0.0%
Itau Unibanco Holding SA, ADR		26		404
TOTAL PREFERRED STOCK (Cost $1,556)				1,202
TOTAL STOCKS (Cost $1,413,146)				1,362,357
AFFILIATED INVESTMENT COMPANIES: 11.3%
Pax MSCI North America ESG Index ETF		1,939		48,453
Pax World Balanced Fund (b)		7,435		151,831
Pax World Global Green Fund (b)		8,090		64,476
Pax World High Yield Bond Fund (b)		37,369		266,068
Pax World International Fund (b)		16,359		120,566
TOTAL AFFILIATED INVESTMENT COMPANIES (Cost $700,196)				651,394
NON-AFFILIATED INVESTMENT COMPANIES: 10.0%
Access Capital Community Investment Fund (b)		19,441		189,356
CRA Qualified Investment Fund (b)		24,055		267,727
Schroder Emerging Market Equity Fund (c)		11,301		122,501
TOTAL NON-AFFILIATED INVESTMENT COMPANIES (Cost $606,964)				579,584
BONDS: 50.8%
CORPORATE BONDS: 16.4%
CONSUMER DISCRETIONARY: 2.3%
BorgWarner, Inc., 5.750%, 11/01/16	$	24,000		26,804
Ethan Allen Global, Inc., 5.375%, 10/01/15		11,000		10,796

ESG Managers™ Conservative Portfolio Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
BONDS, continued
CORPORATE BONDS, continued
CONSUMER DISCRETIONARY, continued
Home Depot, Inc., 5.950%, 04/01/41	$	21,000	$	25,071
Interpublic Group of Cos., Inc., The, 10.000%, 07/15/17		15,000		17,138
Omnicom Group, Inc., 5.900%, 04/15/16		45,000		49,877
				129,686
ENERGY: 2.0%
Conoco, Inc., 6.950%, 04/15/29		35,000		46,725
MidAmerican Energy Co., 6.750%, 12/30/31		45,000		58,888
Newfield Exploration Co., 7.125%, 05/15/18		11,000		11,441
				117,054
FINANCIALS: 6.6%
AMB Property LP, 6.125%, 12/01/16		35,000		36,169
BlackRock, Inc., 3.500%, 12/10/14		25,000		26,585
Ford Motor Credit Co., LLC, 7.000%, 04/15/15		15,000		15,788
Intl. Bank for Reconstruction and Development, 2.000%, 12/04/13		75,000		77,243
JPMorgan Chase & Co., 4.650%, 06/01/14		25,000		26,482
Kemper Corp., 6.000%, 11/30/15		11,000		11,566
Markel Corp., 6.800%, 02/15/13		35,000		36,578
NASDAQ OMX Group, 4.000%, 01/15/15		24,000		24,477
Progressive Corp., The, 6.700%, 06/15/37		25,000		24,841
State Street Corp., 7.350%, 06/15/26		20,000		25,619
Wachovia Corp., 5.500%, 05/01/13		35,000		37,207
Willis North America, Inc., 5.625%, 07/15/15		35,000		38,082
				380,637
HEALTH CARE: 1.3%
DENTSPLY International, Inc., 2.750%, 08/15/16		12,000		12,095
Howard Hughes Medical, Inc, 3.450%, 09/01/14		45,000		47,893
McKesson Corp., 6.000%, 03/01/41		11,000		13,941
				73,929
INDUSTRIALS: 1.3%
GATX Corp., 9.000%, 11/15/13		29,858		33,763
Owens Corning, Inc., 6.500%, 12/01/16		20,000		21,598
Verisk Analytics, Inc., 5.800%, 05/01/21		17,000		19,121
				74,482
INFORMATION TECHNOLOGY: 1.5%
Analog Devices, Inc., 5.000%, 07/01/14		45,000		49,219
Fiserv, Inc., 3.125%, 06/15/16		15,000		15,197
KLA-Tencor Corp., 6.900%, 05/01/18		22,000		25,172
				89,588

ESG Managers™ Conservative Portfolio Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
BONDS, continued
CORPORATE BONDS, continued
MATERIALS: 0.3%
Domtar Corp., 9.500%, 08/01/16	$	17,000	$	20,230
TELECOMMUNICATION SERVICES: 0.2%
Qwest Corp., 6.750%, 12/01/21 (b)		11,000		10,780
UTILITIES: 0.0%
American Water Capital Corp., 6.085%, 10/15/17 (b)		25,000		29,340
CMS Energy Corp., 4.250%, 09/30/15 (b)		22,000		21,755
				51,095
TOTAL CORPORATE BONDS (Cost $896,508)				947,481
U.S. GOVERNMENT AGENCY BONDS: 2.9%
FREDDIE MAC (AGENCY): 2.1%
3.750%, 03/27/19		108,000		122,210
FANNIE MAE (AGENCY): 0.8%
1.250%, 08/20/13		17,000		17,253
4.125%, 04/15/14		10,000		10,894
5.375%, 07/15/16		15,000		17,929
				46,076
TOTAL U.S. GOVERNMENT AGENCY BONDS (Cost $158,421)				168,286
GOVERNMENT BONDS: 1.1%
AID-Egypt, 4.450%, 09/15/15		35,000		39,608
U.S. Dept of Housing & Urban Development, 1.800%, 08/01/14		25,000		25,826
TOTAL GOVERNMENT BONDS (Cost $63,232)				65,434
U.S. TREASURY NOTES: 11.2%
2.000%, 04/15/12 (TIPS)		28,946		29,220
0.625%, 04/15/13 (TIPS)		7,482		7,622
1.125%, 06/15/13		65,000		65,947
1.875%, 07/15/13 (TIPS)		50,432		52,819
0.125%, 08/31/13		62,000		61,857
2.000%, 07/15/14 (TIPS)		50,337		54,187
1.625%, 01/15/15 (TIPS)		39,044		42,039

ESG Managers™ Conservative Portfolio Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
BONDS, continued
U.S. TREASURY NOTES, continued
0.500%, 04/15/15 (TIPS)	$	8,340	$	8,683
1.625%, 01/15/18 (TIPS)		10,784		12,074
1.375%, 07/15/18 (TIPS)		91,146		101,072
1.375%, 01/15/20 (TIPS)		22,984		25,603
2.125%, 08/15/21		63,000		64,122
2.375%, 01/15/25 (TIPS)		35,955		44,458
2.375%, 01/15/27 (TIPS)		11,203		14,022
1.750%, 01/15/28 (TIPS)		26,959		31,264
3.375%, 04/15/32 (TIPS)		19,091		28,199
TOTAL U.S. TREASURY NOTES (Cost $604,639)				643,188
MORTGAGE-BACKED SECURITIES: 19.2%
U.S. GOVERNMENT MORTGAGE-BACKED: 15.9%
GINNIE MAE (MORTGAGE BACKED): 9.5%
4.175%, 01/16/38		75,000		80,098
4.500%, 01/15/40		107,190		116,673
4.500%, 08/20/41		331,187		354,991
				551,762
FREDDIE MAC (MORTGAGE BACKED): 6.0%
5.000%, 07/15/37		81,462		89,562
5.000%, 06/01/39		64,461		69,245
4.500%, 07/01/39		58,943		62,451
4.500%, 11/01/39		49,145		52,069
4.500%, 09/01/40		65,081		68,965
				342,292
FANNIE MAE (MORTGAGE BACKED): 0.4%
6.040%, 07/01/13		23,558		23,972
SMALL BUSINESS ADMINISTRATION: 1.2%
0.600%, 07/25/20		19,359		19,320
5.490%, 03/01/28		47,303		52,616
				71,936
COMMERCIAL MORTGAGE-BACKED: 2.1%
CS First Boston Mortgage Securities Co., 5.120%, 08/15/38		13,787		13,949
JP Morgan Chase Commercial Mtg Sec Corp., 4.865%, 03/15/46		45,000		47,160
JP Morgan Chase Commercial Mtg Sec Corp., 5.134%, 05/15/47		12,837		13,120
LB-UBS Commercial Mortgage Trust, 4.559%, 09/15/27		35,000		35,043
LB-UBS Commercial Mortgage Trust, 4.647%, 07/15/30		15,023		15,108
				124,380

ESG Managers™ Conservative Portfolio Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
BONDS, continued
MORTGAGE-BACKED SECURITIES, continued
TOTAL MORTGAGE-BACKED SECURITIES (Cost $1,086,975)			$	1,114,342
TOTAL BONDS (Cost $2,809,775)				2,938,731
State Street Repo, 0.010%, 10/03/11 (collateralized by Freddie Mac, 0.900%, due 09/12/14, principal amount $250,000; market value $250,368) (collateralized by United States Treasury Note, 1.750%, due 01/31/14, principal amount $110,000; market value $113,850)
	$	349,000		349,000
TOTAL REPURCHASE AGREEMENT (Cost $349,000)
TOTAL INVESTMENTS: 101.6% (Cost $5,879,081)				5,881,066
Other assets and liabilities - (Net):- 1.6%				(94,500	)
Net Assets: 100.0%			$	5,786,566

(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

Notes to Schedules of Investments

Pax World Funds Series Trust I

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 September 30, 2011, the Trust offered eleven investment funds.

These schedules of investments relate only to the ESG Managers Aggressive Growth Portfolio (“Aggressive Growth”), ESG Managers Growth Portfolio (“Growth”), ESG Managers Moderate Portfolio (“Moderate”), and ESG Managers Conservative Portfolio (“Conservative”) (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 following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”).

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.

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, the net asset value 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 net asset value 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; 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 the Funds’ net asset value is, determined; and changes in overall market conditions. At September 30, 2011, the Moderate and Conservative Portfolios each held one security fair valued at $124,120 and $354,991, respectively, representing 1.47% and 6.13%, respectively, of the Funds’ net asset values.

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 Funds 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 expect to 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 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 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 September 30, 2011:

	Level One		Level Two		Level Three		Totals
Aggressive Growth
Common Stocks-Domestic	$	2,930,003	$	—	$	—	$	2,930,003
Common Stocks-Foreign		473,923		148,608		—		622,531
Preferred Stocks		978		1,914		—		2,892
Affiliated Investment Companies		1,066,540		—		—		1,066,540
Unaffiliated Investment Companies		221,589		—		—		221,589
Cash Equivalents		—		410,000		—		410,000
Total	$	4,693,033	$	560,522	$	—	$	5,253,555
Growth
Common Stocks-Domestic	$	4,201,679	$	—	$	—	$	4,201,679
Common Stocks-Foreign		671,711		200,797		—		872,508
Preferred Stocks		1,350		2,765		—		4,115
Affiliated Investment Companies		1,977,487		—		—		1,977,487
Unaffiliated Investment Companies		807,219		—		—		807,219
Corporate Bonds		—		265,928		—		265,928
U.S. Govt Agency Bonds		—		61,238		—		61,238
Govt Bonds		—		21,648		—		21,648
U.S. Treasury Notes		—		394,377		—		394,377
Mortgage-Backed Securities		—		220,857		—		220,857
Cash Equivalents		—		677,000		—		677,000
Total	$	7,659,446	$	1,844,610	$	—	$	9,504,056
Moderate
Common Stocks-Domestic	$	2,811,843	$	—	$	—	$	2,811,843
Common Stocks-Foreign		451,376		160,128		—		611,504
Preferred Stocks		1,086		2,233		—		3,319
Affiliated Investment Companies		1,132,209		—		—		1,132,209
Unaffiliated Investment Companies		810,100		—		—		810,100
Corporate Bonds		—		919,851		—		919,851
U.S. Govt Agency Bonds		—		190,963		—		190,963
Govt Bonds		—		65,435		—		65,435
Municipal Bonds		—		180,294		—		180,294
U.S. Treasury Notes		—		714,644		—		714,644
Mortgage-Backed Securities		—		614,654		124,120		738,774
Cash Equivalents		—		325,000		—		325,000
Total	$	5,206,614	$	3,173,202	$	124,120	$	8,503,936
Conservative
Common Stocks-Domestic	$	1,114,776	$	—	$	—	$	1,114,776
Common Stocks-Foreign		176,719		69,660		—		246,379
Preferred Stocks		404		798		—		1,202
Affiliated Investment Companies		651,394		—		—		651,394
Unaffiliated Investment Companies		579,584		—		—		579,584
Corporate Bonds		—		947,481		—		947,481
U.S. Govt Agency Bonds		—		168,286		—		168,286
Govt Bonds		—		65,434		—		65,434
U.S. Treasury Notes		—		643,188		—		643,188
Mortgage-Backed Securities		—		759,351		354,991		1,114,342
Cash Equivalents		—		349,000		—		349,000
Total	$	2,522,877	$	3,003,198	$	354,991	$	5,881,066

The Funds recognize transfers between Levels as of the end of the period. As of September 30, 2011, the Funds did not have significant transfers between valuation levels.

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

	Growth			Moderate			Conservative
Mortgage-Backed Securities
Balance as of December 31, 2010	$	53,416		$	88,185		$	—
Purchases		—			124,011			354,681
Sales		(53,217	)		(87,300	)		—
Accrued discounts (premiums)		—			—			(2	)
Realized gain (loss)		—			—			—
Change in unrealized appreciation (depreciation)		(199	)		(776	)		312
Transfers into Level Three		—			—			—
Transfers out of Level Three		—			—			—
Balance as of September 30, 2011	$	—		$	124,120		$	354,991

The change in unrealized gain/loss on Level 3 securities held at September 30, 2011, totaled gains of $109 and $312 in the Moderate and Conservative Portfolios, respectively, for the year-to-date period then ended.

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 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.

Investment Information

Purchases and proceeds from sales of investments for the Funds for the period ended September 30, 2011 were as follows:

	Purchases				Sales
Fund	Investments*		US Govt Bonds		Investments*		US Govt Bonds
Aggressive Growth	$	3,487,652	$	—	$	2,353,848	$	—
Growth		4,961,695		420,053		2,799,220		539,977
Moderate		3,687,275		930,227		2,134,396		1,134,772
Conservative		1,868,194		1,091,682		1,236,158		970,402

* Excluding short-term investments and US Government bonds.

The term “affiliated company” includes other investment companies that are managed by a fund’s adviser. At September 30, 2011, the Funds held the following investments in affiliated Pax World Funds:

Fund	Value at 9/30/2011		Purchases Cost		Sales Cost		Realized Gain  (Loss)			Unrealized Gain (Loss)			Income Distributions
Aggressive Growth Portfolio
Pax World Balanced	$	204,218	$	207,309	$	—	$	—		$	(3,090	)	$	—
Pax World International		328,396		106,972		360,264		(28,156	)		(34,621	)		8,317
Pax World Global Green		76,175		62,237		102,494		(11,265	)		(7,426	)		—
Pax World High Yield Bond		81,707		83,324		129,310		2,930			(452	)		3,350
Pax MSCI EAFE ESG Index ETF		103,695		140,547		11,960		(2,095	)		(22,797	)		1,630
Pax MSCI North America ESG														—
Index ETF		272,349		327,283		29,072		(3,568	)		(22,295	)		507
Total	$	1,066,540	$	927,672	$	633,100	$	(42,154	)	$	(90,681	)	$	13,804
Growth Portfolio
Pax World Balanced	$	121,482	$	125,037	$	—	$	—		$	(3,555	)	$	—
Pax World International		544,631		74,773		547,321		(40,903	)		(74,665	)		12,747
Pax World Global Green		106,645		2,923		66,130		(6,526	)		(9,735	)		—
Pax World High Yield Bond		820,752		152,590		—		—			(59,840	)		49,005
Pax MSCI EAFE ESG Index ETF		23,444		263,301		—		—			(4,596	)		66
Pax MSCI North America ESG
Index ETF		360,533		394,147		—		—			(33,614	)		437
Total	$	1,977,487	$	1,012,771	$	613,451	$	(47,429	)	$	(186,005	)	$	62,255
Moderate Portfolio
Pax World Balanced	$	43,397	$	43,832	$	—	$	—		$	(435	)	$	—
Pax World International		225,098		12,900		312,719		(2,341	)		(28,502	)		4,753
Pax World Global Green		108,537		71		41,000		(3,456	)		(12,086	)		—
Pax World High Yield Bond		303,656		66,534		88,250		(1,836	)		(23,211	)		23,368
Pax MSCI EAFE ESG Index ETF		79,968		91,850		—		—			(11,882	)		349
Pax MSCI North America ESG
Index ETF		371,553		398,850		—		—			(27,297	)		254
Total	$	1,132,209	$	614,037	$	441,969	$	(7,633	)	$	(103,413	)	$	28,724
Conservative Portfolio
Pax World Balanced	$	151,831	$	155,271	$	—	$	—		$	(3,440	)	$	—
Pax World International		120,566		3,116		148,740		2,049			(13,821	)		2,561
Pax World Global Green		64,476		1,560		—		—			(7,168	)		—
Pax World High Yield Bond		266,068		43,331		—		—			(22,410	)		17,095
Pax MSCI North America ESG
Index ETF		48,453		50,417		—		—			(1,964	)		—
Total	$	651,394	$	253,695	$	148,740	$	2,049		$	(48,803	)	$	19,656

Income distributions from affiliates are reinvested, with reinvestment amount included under Purchases Cost column above.

A “controlled affiliate” is a company in which a fund has ownership of at least 25% of the voting securities. At September 30, 2011, none of the Funds held 25% or more of an affiliated Pax World Fund.

The identified cost of investments owned at September 30, 2011 as well as the gross unrealized appreciation (depreciation) of investments and resulting net unrealized appreciation (depreciation) as of September 30, 2011 were as follows for the Funds:

	Identified cost of investments for Federal income tax basis		Gross unrealized appreciation		Gross unrealized depreciation		Net unrealized appreciation (depreciation)
Aggressive Growth	$	5,532,722	$	181,966	$	461,133	$	(279,167	)
Growth		9,990,585		262,981		749,509		(486,528	)
Moderate		8,701,958		302,170		500,192		(198,022	)
Conservative		5,879,081		210,065		208,081		1,984

At September 30, 2011, the Aggressive Growth, Growth, Moderate and Conservative Portfolios had unrealized foreign currency losses of $487, $912, $585 and $397; respectively.

Repurchase Agreements The Funds may enter into repurchase agreements with institutions that the Funds’ investment 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 September 30, 2011, the Funds did not directly hold any securities exempt from registration under Rule 144A of the Act.

The Funds 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 Funds may experience difficulty in closing out positions at prevailing market prices. Without regard to the underlying holdings of affiliated investment companies in which the Funds invest, at September 30, 2011, the Funds did not directly hold any securities which were deemed illiquid.

Item 2. 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 Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) (the “Disclosure Controls”) as of a date within 90 days of the filing date of this report on Form N-Q, that such Disclosure Controls are reasonably designed to ensure that information required to be disclosed by the Registrant in this report on Form N-Q has been recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission and that the information required to be disclosed by the Registrant in this report on Form N-Q has been accumulated and communicated to the Registrant’s management, including its principal executive officer and principal financial officer (or persons performing similar functions), as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3. Exhibits.

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, are attached hereto.

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.

Pax World Funds Series Trust I
By:	/s/ Joseph F. Keefe
	Joseph F. Keefe, President (Principal Executive Officer)
Date:	/s/ November 28, 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.

Pax World Funds Series Trust I
By:	/s/ Joseph F. Keefe
	Joseph F. Keefe, President (Principal Executive Officer)
Date:	/s/ November 28, 2011
By:	/s/ Alicia DuBois
	Alicia DuBois, Treasurer (Principal Financial Officer)
Date:	/s/ November 28, 2011