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.

Pax World Balanced Fund Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
COMMON STOCKS: 68.6%
CONSUMER DISCRETIONARY: 3.8%
BorgWarner, Inc. (a)		166,098	$	10,053,912
Darden Restaurants, Inc.		130,000		5,557,500
Expedia, Inc.		314,800		8,106,100
GameStop Corp., Class A (a)(f)		95,900		2,215,290
Hennes & Mauritz AB, B Shares		135,000		4,042,148
Johnson Controls, Inc.		120,000		3,164,400
Lowe’s Cos., Inc.		150,000		2,901,000
Macy’s, Inc.		85,000		2,237,200
McDonald’s Corp. (d)		100,000		8,782,000
Skullcandy, Inc. (a)(f)		142,700		2,016,351
Target Corp.		150,000		7,356,000
Time Warner, Inc.		280,000		8,391,600
				64,823,501
CONSUMER STAPLES: 2.3%
Corn Products International, Inc.		508,860		19,967,666
Natura Cosmeticos SA		210,000		3,573,993
Procter & Gamble Co., The (d)		250,000		15,795,000
				39,336,659
ENERGY: 10.6%
Baker Hughes, Inc. (d)		600,410		27,714,926
Canadian Natural Resources, Ltd.		140,000		4,097,800
ConocoPhillips		204,000		12,917,280
Ensco PLC, ADR		704,300		28,474,849
EQT Corp.		645,300		34,433,208
Noble Corp. (a)		35,154		1,031,770
Noble Energy, Inc.		139,800		9,897,840
Penn West Petroleum, Ltd.		185,000		2,745,252
Range Resources Corp.		210,000		12,276,600
Rosetta Resources, Inc. (a)		245,725		8,408,710
Sasol Ltd., ADR		149,900		6,085,940
Statoil ASA, ADR (f)		921,825		19,865,329
Suncor Energy, Inc. (d)		493,200		12,547,007
				180,496,511
FINANCIALS: 5.7%
American Express Co. (d)		260,000		11,674,000
Bank of New York Mellon Corp., The		421,300		7,831,967
BlackRock, Inc. (d)		77,500		11,470,775
Charles Schwab Corp., The		642,659		7,242,767
Digital Realty Trust, Inc., REIT (f)		150,000		8,274,000
Hospitality Properties Trust, REIT		200,000		4,246,000

Pax World Balanced Fund Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
COMMON STOCKS, continued
FINANCIALS, continued
JPMorgan Chase & Co.		491,725	$	14,810,757
Och-Ziff Capital Mgmt. Group, LP, Class A		268,468		2,451,113
Plum Creek Timber Co., Inc., REIT (f)		199,579		6,927,387
State Street Corp. (d)		270,600		8,702,496
Willis Group Holdings PLC		390,200		13,411,174
				97,042,436
HEALTH CARE: 9.4%
Amgen, Inc. (d)(f)		302,371		16,615,286
Becton Dickinson & Co. (f)		523,530		38,385,220
Gilead Sciences, Inc. (a)		651,000		25,258,800
Mylan, Inc. (a)		1,195,000		20,315,000
Pfizer, Inc.		370,000		6,541,600
Roche Holding AG		122,500		19,785,224
St. Jude Medical, Inc. (d)		115,000		4,161,850
Teva Pharmaceutical Industries, Ltd., ADR		647,581		24,102,965
Thermo Fisher Scientific, Inc. (a)		75,000		3,798,000
				158,963,945
INDUSTRIALS: 9.9%
3M Co.		30,000		2,153,700
Bombardier, Inc., Class B		500,000		1,751,121
CCR SA		275,000		7,159,287
Cummins, Inc. (d)		268,698		21,941,879
Deere & Co.		753,900		48,679,323
Emerson Electric Co.		516,534		21,338,020
Expeditors International of Washington, Inc.		424,500		17,213,475
Ingersoll-Rand PLC		251,400		7,061,826
Nordson Corp.		408,800		16,245,712
Pentair, Inc.		145,000		4,641,450
Royal Philips		100,000		1,794,196
Stericycle, Inc. (a)		40,000		3,228,800
Timken Co.		363,800		11,939,916
Watsco, Inc.		50,000		2,555,000
				167,703,705
INFORMATION TECHNOLOGY: 14.8%
Altera Corp.		180,000		5,675,400
Autodesk, Inc. (a)		80,000		2,222,400
BMC Software, Inc. (a)		235,000		9,061,600
Citrix Systems, Inc. (a)		20,000		1,090,600
Cognizant Technology Solutions, Class A (a)		140,594		8,815,244
EMC Corp. (a)		2,516,899		52,829,710

Pax World Balanced Fund Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
COMMON STOCKS, continued
INFORMATION TECHNOLOGY, continued
F5 Networks, Inc. (a)		25,000	$	1,776,250
Google, Inc., Class A (a)		25,260		12,993,239
IBM		110,000		19,253,300
InterDigital, Inc. (f)		45,000		2,096,100
Intuit, Inc. (a)		830,000		39,375,200
Juniper Networks, Inc. (a)		205,000		3,538,300
NetApp, Inc. (a)		220,000		7,466,800
Nintendo Co., Ltd.		42,500		6,244,846
Oracle Corp.		360,000		10,346,400
Qualcomm, Inc. (d)		1,030,900		50,132,667
Riverbed Technology, Inc. (a)		366,400		7,313,344
Teradata Corp. (a)		75,000		4,014,750
TSMC, ADR		430,399		4,919,460
				249,165,610
MATERIALS: 3.5%
Air Products & Chemicals, Inc.		40,000		3,054,800
Ecolab, Inc.		50,000		2,444,500
Molycorp, Inc. (a)		55,000		1,807,850
Nucor Corp.		300,000		9,492,000
Potash Corp. of Saskatchewan, Inc.		140,000		6,050,800
Rio Tinto PLC, ADR		357,200		15,745,376
Syngenta AG, ADR		330,000		17,117,100
Vale SA, ADR		185,000		4,218,000
				59,930,426
TELECOMMUNICATION SERVICES: 5.9%
America Movil SAB de CV, Series L, ADR (d)		1,221,334		26,967,055
American Tower Corp., Class A (a)(d)		811,867		43,678,445
Portugal Telecom SGPS SA		766,771		5,633,436
Vodafone Group PLC, ADR		948,700		24,334,154
				100,613,090
UTILITIES: 2.7%
Centerpoint Energy, Inc.		50,000		981,000
OGE Energy Corp.		15,100		721,629
Oneok, Inc. (f)		667,128		44,057,133
				45,759,762
TOTAL COMMON STOCKS (Cost $1,149,999,995)				1,163,835,645

Pax World Balanced Fund Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
EXCHANGE TRADED FUNDS: 0.5%
iShares Barclays TIPS Bond Fund		50,100	$	5,726,430
SPDR Gold Shares (a)		15,250		2,410,720
TOTAL EXCHANGE TRADED FUNDS (Cost $6,431,144)				8,137,150
BONDS: 30.2%
CORPORATE BONDS: 14.8%
COMMUNITY INVESTMENT: 0.3%
Calvert Social Investment Foundation, 3.000%, 11/30/11	$	1,500,000		1,500,059
Calvert Social Investment Foundation, 3.000%, 12/31/11		1,500,000		1,500,000
Self Help Venture Note, 4.228%, 01/28/15 (c)		2,000,000		2,000,298
				5,000,357
CONSUMER DISCRETIONARY: 0.7%
Best Buy Co., Inc., 3.750%, 03/15/16		2,396,000		2,324,947
Harley-Davidson Funding Corp., 144A, 5.250%, 12/15/12 (e)		3,000,000		3,109,749
Time Warner Cable, Inc., 6.750%, 07/01/18		3,000,000		3,490,968
VF Corp., 5.950%, 11/01/17		2,235,000		2,663,668
				11,589,332
CONSUMER STAPLES: 1.6%
Anheuser-Busch InBev Worldwide, 5.375%, 11/15/14		3,052,000		3,412,789
Anheuser-Busch InBev Worldwide, 3.625%, 04/15/15		1,175,000		1,259,096
Corn Products International, Inc., 3.200%, 11/01/15		500,000		513,016
Estee Lauder Co., Inc., 6.000%, 01/15/12		1,599,000		1,619,429
Estee Lauder Co., Inc., 7.750%, 11/01/13		5,000,000		5,641,620
Kellog Co., 4.150%, 11/15/19		2,000,000		2,212,544
Kimberly-Clark Corp., 5.000%, 08/15/13		3,150,000		3,378,747
Kimberly-Clark Corp., 6.125%, 08/01/17		5,000,000		5,999,290
Kraft Foods, Inc., 6.125%, 08/23/18		2,000,000		2,361,066
				26,397,597
ENERGY: 1.0%
Baker Hughes, Inc., 7.500%, 11/15/18		2,230,000		2,934,662
ConocoPhillips, 5.200%, 05/15/18		2,850,000		3,289,302
ONEOK Partners, LP, 8.625%, 03/01/19		3,775,000		4,869,437
Southern Union Co., 7.200%, 11/01/66		2,600,000		2,210,000
Statoil ASA, 144A, 5.125%, 04/30/14 (e)		3,000,000		3,313,689
Talisman Energy, Inc., 3.750%, 02/01/21		1,000,000		972,839
				17,589,929

Pax World Balanced Fund 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
FINANCIALS: 4.9%
American Express Bank, FSB, 5.500%, 04/16/13	$	2,000,000	$	2,112,176
American Express Centurion Bank, 5.550%, 10/17/12		2,000,000		2,084,716
American Express Co., 7.000%, 03/19/18		1,000,000		1,184,600
American Express Credit Corp., 6.500%, 12/05/11 (i)(US)		5,000,000		4,843,252
American Express Travel, 144A, 5.250%, 11/21/11 (e)		2,000,000		2,010,248
American Honda Finance Corp., 144A, 6.700%, 10/01/13 (e)		3,000,000		3,293,439
Bank of New York Mellon Corp., The, 4.300%, 05/15/14		4,000,000		4,318,528
Bank of New York Mellon Corp., The, 2.950%, 06/18/15		3,000,000		3,122,670
BB&T Corp., 0.953%, 04/28/14		500,000		496,948
BB&T Corp., 6.850%, 04/30/19		2,000,000		2,476,160
Bear Stearns Cos. LLC, 6.950%, 08/10/12		2,000,000		2,098,776
Branch Banking & Trust Co./Wilson NC, 0.658%, 09/13/16		2,000,000		1,849,398
Credit Suisse New York, 5.000%, 05/15/13		4,855,000		5,019,720
Fifth Third Bank, 0.402%, 05/17/13		1,347,000		1,319,509
HSBC Holdings, PLC, 5.100%, 04/05/21		2,000,000		2,063,366
JPMorgan Chase & Co., 5.125%, 09/15/14		2,000,000		2,107,730
JPMorgan Chase & Co., 3.700%, 01/20/15		2,000,000		2,050,898
JPMorgan Chase & Co., 3.400%, 06/24/15		2,000,000		2,033,332
JPMorgan Chase & Co., 7.000%, 03/16/16 (i)(US)		3,000,000		2,937,116
JPMorgan Chase & Co., 4.400%, 07/22/20		1,000,000		1,013,573
JPMorgan Chase & Co., 5.250%, 05/27/21		2,000,000		1,997,402
JPMorgan Chase Bank N.A., 5.875%, 06/13/16		2,500,000		2,646,595
Monumental Global Funding, Ltd., 144A, 5.500%, 04/22/13 (e)		2,000,000		2,113,058
PNC Bank NA, 6.875%, 04/01/18		2,000,000		2,319,200
PNC Funding Corp., 5.250%, 11/15/15		2,000,000		2,146,488
Principal Life Global Funding I, 144A, 6.250%, 02/15/12 (e)		2,000,000		2,037,466
Prudential Financial, Inc., 4.750%, 04/01/14		3,000,000		3,131,376
Prudential Financial, Inc., 7.375%, 06/15/19		2,000,000		2,347,126
Prudential Financial, Inc., 5.560%, 11/02/20		3,000,000		3,004,560
State Street Corp., 4.956%, 03/15/18		4,010,000		4,249,116
Toyota Motor Credit Corp., 5.130%, 01/18/15		2,000,000		1,966,620
Willis North America, Inc., 5.625%, 07/15/15		4,895,000		5,326,161
Wilmington Trust Corp., 8.500%, 04/02/18		1,000,000		1,207,256
				82,928,579
HEALTH CARE: 2.5%
Agilent Technologies, Inc., 5.500%, 09/14/15		3,000,000		3,285,804
Becton, Dickinson & Co., 3.250%, 11/12/20		3,000,000		3,077,853
Biogen Idec, Inc., 6.875%, 03/01/18		2,500,000		3,066,703
Celgene Corp., 2.450%, 10/15/15		2,000,000		2,021,248
Celgene Corp., 3.950%, 10/15/20		2,000,000		2,029,916
Express Scripts, Inc., 6.250%, 06/15/14		3,000,000		3,304,200

Pax World Balanced Fund 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
HEALTH CARE, continued
St. Jude Medical, Inc., 2.500%, 01/15/16	$	5,000,000	$	5,138,625
Teva Pharmaceutical Finance Co. LLC, 5.550%, 02/01/16		2,000,000		2,290,470
Teva Pharmaceutical Finance III, 0.853%, 03/21/14		3,000,000		2,999,601
Thermo Fisher Scientific, Inc., 3.200%, 03/01/16		2,000,000		2,103,038
UnitedHealth Group, Inc., 4.875%, 02/15/13		2,500,000		2,624,370
UnitedHealth Group, Inc., 4.875%, 03/15/15		119,000		131,941
UnitedHealth Group, Inc., 5.375%, 03/15/16		4,000,000		4,563,460
UnitedHealth Group, Inc., 6.000%, 02/15/18		2,500,000		2,970,618
WellPoint Health Networks, Inc., 6.375%, 01/15/12		2,991,000		3,038,439
				42,646,286
INDUSTRIALS: 1.4%
Atlas Copco AB, 144A, 5.600%, 05/22/17 (e)		2,505,000		2,871,729
CSX Corp., 7.375%, 02/01/19		2,000,000		2,537,650
Emerson Electric Co., 5.250%, 10/15/18		1,000,000		1,183,083
Ingersoll-Rand Co., 6.443%, 11/15/27		2,000,000		2,568,816
Pentair, Inc., 5.000%, 05/15/21		4,050,000		4,237,612
Ryder System, Inc., 6.000%, 03/01/13		2,000,000		2,124,794
Ryder System, Inc., 5.850%, 11/01/16		2,000,000		2,310,776
Union Pacific Corp., 5.375%, 05/01/14		2,000,000		2,207,658
Union Pacific Corp., 5.700%, 08/15/18		2,200,000		2,572,768
United Parcel Service, Inc., 5.500%, 01/15/18		1,000,000		1,202,027
				23,816,913
INFORMATION TECHNOLOGY: 0.9%
Adobe Systems, Inc., 3.250%, 02/01/15		2,000,000		2,101,480
Adobe Systems, Inc., 4.750%, 02/01/20		1,150,000		1,210,234
Corning, Inc., 8.875%, 08/15/21		2,000,000		2,767,480
IBM Corp., 2.100%, 05/06/13		1,435,000		1,464,821
IBM Corp., 2.000%, 01/05/16		1,750,000		1,776,971
IBM Corp., 5.700%, 09/14/17		5,000,000		5,956,434
				15,277,420
MATERIALS: 0.3%
Potash Corp of Saskatchewan, Inc., 3.250%, 12/01/17		2,000,000		2,084,696
Rio Tinto Finance USA, Ltd., 8.950%, 05/01/14		3,000,000		3,549,831
				5,634,527
TELECOMMUNICATION SERVICES: 1.0%
America Movil SAB de CV, 9.000%, 01/15/16 (b)(h)(MX)		52,000,000		4,095,197
American Tower Corp., 7.250%, 05/15/19		1,665,000		1,916,337
AT&T, Inc., 4.850%, 02/15/14		2,500,000		2,689,110

Pax World Balanced Fund 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
TELECOMMUNICATION SERVICES, continued
Virgin Media Finance PLC, 6.500%, 01/15/18	$	1,000,000	$	1,067,500
Vodafone Group PLC, 6.750%, 01/10/13 (i)(UK)		3,000,000		2,961,078
Vodafone Group PLC, 5.625%, 02/27/17		3,000,000		3,442,053
				16,171,275
UTILITIES: 0.2%
American Water Capital Corp., 6.085%, 10/15/17		3,000,000		3,520,749
TOTAL CORPORATE BONDS (Cost $236,106,216)				250,572,964
U.S. GOVERNMENT AGENCY BONDS: 4.1%
FEDERAL FARM CREDIT BANK (AGENCY): 0.6%
3.850%, 02/11/15		4,000,000		4,408,340
3.875%, 01/10/19		3,000,000		3,025,917
5.500%, 08/22/19		1,900,000		2,364,940
				9,799,197
FEDERAL HOME LOAN BANK SYSTEM (AGENCY): 1.2%
4.875%, 11/15/11		6,000,000		6,033,444
5.000%, 09/14/12		2,500,000		2,609,588
4.110%, 09/27/13		4,000,000		4,292,536
5.625%, 06/13/16		2,000,000		2,232,724
3.150%, 09/08/20		3,000,000		3,000,438
3.625%, 09/27/23		2,000,000		2,000,326
				20,169,056
FREDDIE MAC (AGENCY): 0.4%
1.375%, 01/09/13		1,000,000		1,013,528
0.500%, 09/28/16		3,000,000		2,993,874
1.500%, 10/25/17		3,000,000		3,001,152
				7,008,554
FANNIE MAE (AGENCY): 1.9%
4.000%, 01/28/13		7,000,000		7,326,081
4.000%, 04/02/13		3,000,000		3,163,095
2.050%, 04/20/15		1,650,000		1,659,882
3.000%, 08/17/15		3,000,000		3,030,696
1.000%, 12/07/15		2,489,000		2,492,183
2.000%, 03/10/16		3,000,000		3,097,926
3.000%, 10/25/16		2,000,000		2,027,642

Pax World Balanced Fund 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. GOVERNMENT AGENCY BONDS, continued
FANNIE MAE (AGENCY), continued
2.200%, 10/27/17	$	5,000,000	$	5,142,825
3.000%, 07/14/22		3,750,000		3,752,239
				31,692,569
TOTAL U.S. GOVERNMENT AGENCY BONDS (Cost $66,527,693)				68,669,376
GOVERNMENT BONDS: 0.8%
Canadian Government, 2.500%, 06/01/15 (g)(CA)		3,000,000		2,998,454
Private Export Funding Corp., 4.974%, 08/15/13		2,000,000		2,162,026
U.S. Dept of Housing & Urban Development, 4.330%, 08/01/15		3,000,000		3,375,522
U.S. Dept of Housing & Urban Development, 4.620%, 08/01/18		5,000,000		5,930,000
TOTAL GOVERNMENT BONDS (Cost $12,882,302)				14,466,002
MUNICIPAL BONDS: 2.2%
Alderwood Washington Water & Waste. Distr., 5.150%, 12/01/25		2,435,000		2,671,390
City of Chicago, Illinois G.O., 5.250%, 01/01/17		4,000,000		4,624,000
Florida State Board of Education, 5.250%, 06/01/16		1,180,000		1,397,509
Florida State Board of Education, 5.000%, 06/01/16		3,050,000		3,491,274
Georgia, The State G.O., 5.000%, 05/01/23		2,000,000		2,364,140
Illinois State Toll Highway Authority, 5.000%, 01/01/23		4,000,000		4,280,760
Illinois State Toll Highway Authority, Series A-1, 5.000%, 01/01/23		2,000,000		2,152,480
Iowa Finance Authority, 3.430%, 08/01/19		2,000,000		2,128,440
Iowa Finance Authority Revolving Fund, 5.000%, 08/01/26		2,000,000		2,265,040
Massachusetts Water Resource Authority, 5.000%, 08/01/23		2,450,000		2,803,805
Metropolitan Washington DC Airport Authority, 4.625%, 10/01/24		3,000,000		3,211,470
New York State Dormitory Authority, Series A, 5.000%, 02/15/23		2,000,000		2,338,900
Portland Oregon Urban Renewal & Redevelopment, 6.031%, 06/15/18		3,800,000		4,391,128
TOTAL MUNICIPAL BONDS (Cost $35,331,411)				38,120,336
U.S. TREASURY NOTES: 2.4%
3.375%, 06/30/13 (f)		1,000,000		1,054,375
1.875%, 07/15/13 (TIPS)		2,460,080		2,576,550
3.125%, 08/31/13 (f)		5,000,000		5,270,900
3.125%, 09/30/13		3,000,000		3,169,689
2.750%, 10/31/13 (f)		7,000,000		7,353,283
2.000%, 01/15/14 (TIPS)		3,667,980		3,896,084

Pax World Balanced Fund 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
1.875%, 07/15/15 (TIPS) (f)	$	2,903,650	$	3,191,065
2.000%, 01/15/16 (TIPS)		2,276,480		2,531,516
3.375%, 11/15/19		5,000,000		5,670,310
3.625%, 02/15/20 (f)		2,000,000		2,309,062
1.250%, 07/15/20 (TIPS)		4,143,600		4,577,708
TOTAL U.S. TREASURY NOTES (Cost $39,573,039)				41,600,542
MORTGAGE-BACKED SECURITIES: 5.9%
U.S. GOVERNMENT MORTGAGE-BACKED: 5.6%
GINNIE MAE (MORTGAGE BACKED): 0.6%
6.000%, 02/15/19		311,952		342,729
4.000%, 05/15/19		1,045,058		1,123,865
6.000%, 05/15/21		547,534		600,355
6.000%, 07/15/21		102,901		112,571
6.000%, 02/15/22		656,109		717,149
4.500%, 11/20/33		1,847,166		2,022,696
6.000%, 08/15/35		1,139,158		1,274,825
6.000%, 05/20/36		531,851		595,003
6.000%, 01/15/38		1,509,304		1,697,072
6.000%, 01/15/38		653,612		729,616
6.000%, 08/20/38		808,477		902,074
				10,117,955
FREDDIE MAC (MORTGAGE-BACKED): 1.5%
4.000%, 05/01/14		380,032		394,441
5.000%, 08/01/18		1,086,607		1,175,169
4.500%, 09/01/18		305,290		326,351
4.000%, 09/01/18		215,487		229,275
5.500%, 10/01/18		369,205		400,860
5.500%, 10/01/18		217,568		236,222
5.000%, 10/01/18		480,210		519,348
5.000%, 11/01/18		252,708		273,305
5.000%, 11/01/18		217,232		234,937
3.500%, 11/01/25		2,737,489		2,857,224
3.500%, 05/01/26		2,446,216		2,553,976
5.500%, 12/01/27		1,968,135		2,135,241
3.593%, 05/01/36		175,653		182,068
5.902%, 04/01/37		1,102,493		1,176,155
7.462%, 09/01/37		284,245		309,583
2.715%, 01/01/38		2,531,523		2,661,067
5.000%, 07/01/39		2,784,512		3,004,064

Pax World Balanced Fund 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
U.S. GOVERNMENT MORTGAGE-BACKED, continued
FREDDIE MAC (MORTGAGE-BACKED), continued
5.000%, 08/01/39	$	1,963,656	$	2,112,209
5.500%, 10/01/39		2,218,668		2,417,101
3.500%, 01/01/41		1,830,764		1,882,274
				25,080,870
FANNIE MAE (MORTGAGE BACKED): 3.5%
5.500%, 11/01/11		1,336		1,348
5.000%, 01/01/14		237,206		250,842
5.000%, 02/01/14		160,495		169,721
4.500%, 07/01/18		1,217,175		1,304,207
3.500%, 09/01/18		736,493		788,373
3.500%, 10/01/18		89,262		95,550
3.500%, 10/01/18		476,716		510,297
5.000%, 11/01/18		35,704		38,636
5.000%, 11/01/18		256,166		277,205
5.000%, 11/01/18		374,807		405,590
5.000%, 02/01/19		1,039,790		1,125,186
4.500%, 11/01/19		804,306		862,068
5.000%, 03/01/20		704,326		761,731
5.000%, 10/01/20		1,322,969		1,441,544
3.500%, 01/01/21		2,675,106		2,814,972
5.000%, 10/01/23		701,803		767,144
3.500%, 10/01/25		2,577,062		2,695,779
3.500%, 01/01/26		2,832,654		2,963,145
3.500%, 02/01/26		2,509,836		2,624,672
3.500%, 08/01/26		5,949,916		6,222,151
3.500%, 08/01/26		3,452,493		3,610,459
6.000%, 09/25/30		590,023		592,278
6.500%, 06/01/32		283,940		319,551
5.000%, 12/01/33		3,046,604		3,294,553
2.675%, 12/01/33		198,775		209,781
2.354%, 12/01/33		480,026		505,198
6.000%, 02/01/34		677,718		752,839
2.285%, 05/01/34		1,483,477		1,560,971
2.475%, 07/01/34		2,903,552		3,061,270
2.884%, 01/01/35		926,884		979,269
1.995%, 03/01/35		911,233		946,675
4.567%, 06/01/35		410,222		431,510
5.500%, 10/01/35		1,836,566		2,005,415
6.000%, 04/01/36		90,957		101,721
6.000%, 04/01/36		311,679		343,987

Pax World Balanced Fund 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
U.S. GOVERNMENT MORTGAGE-BACKED, continued
FANNIE MAE(MORTGAGE-BACKED), continued
2.306%, 05/01/36	$	486,135	$	512,474
5.490%, 06/01/37		712,113		744,892
6.000%, 03/01/39		1,759,559		1,931,501
5.000%, 03/01/39		2,760,721		3,036,304
4.500%, 09/01/40		2,225,707		2,364,929
4.500%, 01/01/41		2,921,071		3,103,790
6.000%, 01/25/41		695,109		700,062
4.000%, 02/01/41		2,917,072		3,062,287
				60,291,877
COMMERCIAL MORTGAGE-BACKED: 0.3%
JP Morgan Chase Commercial Mtg Sec Corp., 4.738%, 07/15/42		2,000,000		2,147,649
Morgan Stanley Capital I, Inc., 4.989%, 08/13/42		2,000,000		2,160,556
				4,308,205
TOTAL MORTGAGE-BACKED SECURITIES (Cost $95,698,278)				99,798,907
TOTAL BONDS (Cost $486,118,939)				513,228,127
CERTIFICATES OF DEPOSIT: 0.0%
Hope Community Credit Union, 1.250%, 05/07/12		100,000		100,000
Urban Partnership Bank, 0.650%, 10/01/11		248,000		248,000
TOTAL CERTIFICATES OF DEPOSIT (Cost $348,000)				348,000
MONEY MARKET: 0.0%
Self Help Credit Union Money Market Account (Cost $262,345)		262,345		262,345
TIME DEPOSIT: 0.6%
State Street Euro Dollar Time Deposit, 0.010%, 10/03/11		10,733,000		10,733,000
TOTAL TIME DEPOSIT (Cost $10,733,000)
SECURITIES PURCHASED WITH CASH COLLATERAL FROM SECURITIES LENDING: 1.6%
SSgA Institutional U.S. Government Money Market Fund (Cost $27,191,366)		27,191,366		27,191,366

Pax World Balanced Fund Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS	VALUE
TOTAL INVESTMENTS: 101.5% (Cost $1,681,084,789)		$	1,723,735,633
Payable upon return of securities loaned - (Net): -1.6%			(27,191,366	)
Other assets and liabilities - (Net): 0.1%			2,054,181
Net Assets: 100.0%		$	1,698,598,448

(a) Non income producing security.

(b) Illiquid security.

(c) Fair Valued security.

(d) Security or partial position of this security has been segregated by the custodian to cover options contracts.

(e) Security purchased pursuant to Rule 144A of the Securities Act of 1933 and may be resold only to qualified institutional buyers.

(f) Security or partial position of this security was on loan as of September 30, 2011. The total market value of securities on loan as of September 30, 2011 was $58,124,834.

(g) Principal amount is in Canadian dollars; value is in U.S. dollars.

(h) Principal amount is in Mexican pesos; value is in U.S. dollars.

(i) Principal amount is in Australian dollars; value is in U.S. dollars.

ADR - American Depository Receipt

CA - Canada

LP - Limited Partnership

MX - Mexico

REIT - Real Estate Investment Trust

TIPS - Treasury Inflation Protected Securities

UK - United Kingdom

US - United States

Pax World Balanced Fund Schedule of Investments (Unaudited) September 30, 2011

SCHEDULE OF WRITTEN OPTIONS	CONTRACTS		VALUE
CALLS:
America Movil SAB de CV, Series L expires January 2012, exercise price $28.75		2,000	$	(14,000	)
TOTAL WRITTEN CALL OPTIONS (Premiums Received $173,938)			$	(14,000	)
PUTS:
American Express Co. expires January 2012, exercise price $40.00		300	$	(79,500	)
American Tower Corp., Class A expires October 2011, exercise price $43.00		300		(4,500	)
Best Buy Co., Inc. expires January 2012, exercise price $27.00		300		(136,500	)
BlackRock, Inc. expires October 2011, exercise price $135.00		100		(28,500	)
Human Genome Sciences, Inc. expires January 2012, exercise price $17.50		300		(120,900	)
Intel Corp. expires January 2012, exercise price $20.00		500		(64,000	)
iPATH S&P 500 VIX M/T Futures ETN expires January 2012, exercise price $45.00		300		(54,000	)
Microsoft Corp. expires January 2012, exercise price $22.50		1,000		(108,000	)
PepsiCo., Inc. expires January 2012, exercise price $55.00		500		(76,000	)
Procter & Gamble Co., The expires January 2012, exercise price $55.00		300		(35,700	)
Quicksilver Resources, Inc. expires January 2012, exercise price $12.50		500		(165,000	)
St. Jude Medical, Inc. expires January 2012, exercise price $42.50		500		(320,000	)
Verizon Communications, Inc. expires October 2011, exercise price $30.00		500		(3,000	)
TOTAL WRITTEN PUT OPTIONS (Premiums Received $836,987)			$	(1,195,600	)

Pax World Growth Fund Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
COMMON STOCKS: 96.6%
CONSUMER DISCRETIONARY: 11.9%
Amazon.com, Inc. (a)		5,500	$	1,189,265
Autoliv, Inc. (c)		14,900		722,650
BorgWarner, Inc. (a)		21,800		1,319,554
Coach, Inc.		18,500		958,855
Darden Restaurants, Inc.		30,000		1,282,500
GameStop Corp., Class A (a)(c)		42,000		970,200
Lowe’s Cos., Inc.		33,783		653,363
Macy’s, Inc.		52,000		1,368,640
Marriott International, Inc., Class A		36,500		994,260
NIKE, Inc., Class B		18,210		1,557,137
VF Corp.		15,900		1,932,168
				12,948,592
CONSUMER STAPLES: 8.9%
General Mills, Inc.		61,500		2,365,905
Kimberly-Clark Corp. (c)		22,000		1,562,220
PepsiCo, Inc.		33,680		2,084,792
Procter & Gamble Co., The		29,100		1,838,538
Whole Foods Market, Inc.		27,250		1,779,698
				9,631,153
ENERGY: 9.1%
Baker Hughes, Inc.		27,000		1,246,320
Devon Energy Corp.		27,794		1,540,899
Hess Corp.		18,500		970,510
Lufkin Industries, Inc.		16,784		893,077
Noble Corp. (a)		40,000		1,174,000
Southwestern Energy Co. (a)(c)		42,000		1,399,860
Statoil ASA, ADR (c)		73,000		1,573,150
Talisman Energy, Inc. (c)		82,500		1,012,275
				9,810,091
FINANCIALS: 6.4%
ACE, Ltd.		23,700		1,436,220
CB Richard Ellis Group, Inc., Class A (a)		61,500		827,790
Digital Realty Trust, Inc., REIT (c)		18,600		1,025,976
JPMorgan Chase & Co.		32,625		982,665
Plum Creek Timber Co., Inc., REIT (c)		42,250		1,466,498
State Street Corp.		38,000		1,222,080
				6,961,229
HEALTH CARE: 13.3%
Agilent Technologies, Inc. (a)		34,250		1,070,313

Pax World Growth Fund Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
COMMON STOCKS, continued
HEALTH CARE, continued
Alexion Pharmaceuticals, Inc. (a)		14,516	$	929,895
Celgene Corp. (a)		16,250		1,006,200
Express Scripts, Inc. (a)		24,750		917,483
Gen-Probe, Inc. (a)		17,250		987,563
Mylan, Inc. (a)		35,000		595,000
Roche Holding AG		10,650		1,720,102
St. Jude Medical, Inc.		29,500		1,067,605
Teva Pharmaceutical Industries, Ltd., ADR		31,750		1,181,735
Thermo Fisher Scientific, Inc. (a)		40,712		2,061,655
Thoratec Corp. (a)		29,500		962,880
United Therapeutics Corp. (a)		17,450		654,201
Volcano Corp. (a)		42,500		1,259,275
				14,413,907
INDUSTRIALS: 12.9%
3M Co.		23,900		1,715,780
Cummins, Inc.		13,950		1,139,157
Expeditors International of Washington, Inc.		40,000		1,622,000
Landstar System, Inc.		22,000		870,320
Pall Corp.		31,875		1,351,500
Quanta Services, Inc. (a)		52,200		980,838
Roper Industries, Inc.		21,500		1,481,565
Stanley Black & Decker, Inc. (c)		26,500		1,301,150
Terex Corp. (a)		47,500		487,350
Union Pacific Corp.		18,750		1,531,313
United Parcel Service, Inc., Class B		24,251		1,531,451
				14,012,424
INFORMATION TECHNOLOGY: 28.2% (b)
Aruba Networks, Inc. (a)(c)		52,500		1,097,775
ASML Holding NV		33,500		1,157,090
BMC Software, Inc. (a)		38,500		1,484,560
Brocade Communications Systems, Inc. (a)		216,000		933,120
Cisco Systems, Inc.		48,500		751,265
Citrix Systems, Inc. (a)		16,500		899,745
Cognizant Technology Solutions, Class A (a)		30,250		1,896,675
EMC Corp. (a)		77,000		1,616,230
Google, Inc., Class A (a)		5,250		2,700,494
IBM		15,067		2,637,177
Intuit, Inc. (a)		35,500		1,684,120
Juniper Networks, Inc. (a)		47,750		824,165
NetApp, Inc. (a)		33,350		1,131,899
Netgear, Inc. (a)		32,250		834,953

Pax World Growth Fund Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
COMMON STOCKS, continued
INFORMATION TECHNOLOGY, continued
Nuance Communications, Inc. (a)		55,000	$	1,119,800
Oracle Corp.		45,750		1,314,855
Qualcomm, Inc.		42,000		2,042,460
Red Hat, Inc. (a)		28,500		1,204,410
Riverbed Technology, Inc. (a)		32,300		644,708
Salesforce.com, Inc. (a)		5,300		605,684
SolarWinds, Inc. (a)		37,000		814,740
SuccessFactors, Inc. (a)(c)		32,730		752,463
Texas Instruments, Inc.		48,500		1,292,525
Trimble Navigation, Ltd. (a)		32,875		1,102,956
				30,543,869
MATERIALS: 3.4%
Nucor Corp.		33,000		1,044,120
Rio Tinto PLC, ADR (c)		19,500		859,560
Syngenta AG, ADR		24,150		1,252,660
Wacker Chemie AG		6,170		547,772
				3,704,112
TELECOMMUNICATION SERVICES: 1.4%
Vodafone Group PLC, ADR		59,838		1,534,845
UTILITIES: 1.1%
American Water Works Co., Inc.		38,904		1,174,123
TOTAL COMMON STOCKS (Cost $95,824,712)				104,734,345
TIME DEPOSIT: 3.5%
State Street Euro Dollar Time Deposit, 0.010%, 10/03/11	$	3,758,000		3,758,000
TOTAL TIME DEPOSIT (Cost $3,758,000)
SECURITIES PURCHASED WITH CASH COLLATERAL FROM SECURITIES LENDING: 4.5%
SSgA Institutional U.S. Government Money Market Fund (Cost $4,893,817)		4,893,817		4,893,817
TOTAL INVESTMENTS: 104.6% (Cost $104,476,529)				113,386,162

Pax World Growth Fund Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS	VALUE
Payable upon return of securities loaned - (Net): -4.5%		$	(4,893,817	)
Other assets and liabilities - (Net): -0.1%			(95,568	)
Net Assets: 100.0%		$	108,396,777

(a) Non-income producing security.

(b) Broad industry sectors used for financial reporting purposes. Diversification compliance testing is based on narrower industries within broad sector. Fund meets diversification requirements.

(c) Security or partial position of this security was on loan as of September 30, 2011. The total market value of securities on loan as of September 30, 2011 was $8,663,451.

ADR - American Depository Receipt

REIT - Real Estate Investment Trust

Pax World Small Cap Fund Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
COMMON STOCK: 100.2%
CONSUMER DISCRETIONARY: 15.7%
Bravo Brio Restaurant Group, Inc. (a)		20,000	$	332,800
GameStop Corp., Class A (a)		26,000		600,599
interCLICK, Inc. (a)		11,789		65,429
Jamba, Inc. (a)		295,600		381,324
McCormick & Schmick’s Seafood Restaurant (a)		19,056		131,868
Meritage Homes Corp. (a)		4,000		60,560
Pool Corp.		10,000		261,800
Ruby Tuesday, Inc. (a)		17,230		123,367
				1,957,747
ENERGY: 6.5%
Comstock Resources, Inc. (a)		2,000		30,920
Contango Oil & Gas Co. (a)		3,500		191,485
Oasis Petroleum, Inc. (a)		7,000		156,310
Range Resources Corp.		7,500		438,450
				817,165
FINANCIALS: 20.5%
F.N.B. Corp.		14,390		123,322
Hercules Technology Growth Capital, Inc.		60,351		514,191
Horizon Technology Finance Corp.		10,410		152,611
ProAssurance Corp. (a)		6,648		478,789
Tower Group, Inc.		7,000		160,020
United Financial Bancorp, Inc.		39,697		543,452
Westwood Holdings Group, Inc.		16,761		579,092
				2,551,477
HEALTH CARE: 22.1%
Align Technology, Inc. (a)		15,000		227,550
Bio-Reference Labs, Inc. (a)		10,000		184,100
CardioNet, Inc. (a)		58,400		175,200
Ligand Pharmaceuticals, Inc., Class B (a)		14,000		191,520
Natus Medical, Inc. (a)		48,460		460,855
Pharmaceutical Product Development, Inc.		17,000		436,220
SonoSite, Inc. (a)		9,896		300,245
Vascular Solutions, Inc. (a)		57,243		655,432
Viropharma, Inc. (a)		7,000		126,490
				2,757,612
INDUSTRIALS: 8.3%
Intersections, Inc.		10,000		128,500
JetBlue Airways Corp. (a)		30,000		123,000
Pentair, Inc.		10,000		320,100

Pax World Small Cap Fund Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
COMMON STOCK, continued
INDUSTRIALS, continued
Watsco, Inc.		9,000	$	459,900
				1,031,500
INFORMATION TECHNOLOGY: 22.8%
ePlus, Inc. (a)		8,673		213,963
InterDigital, Inc.		11,000		512,380
Keynote Systems, Inc.		10,000		211,300
MICROS Systems, Inc. (a)		2,000		87,820
Netgear, Inc. (a)		20,000		517,800
NVE Corp. (a)		2,500		151,650
Open Text Corp. (a)		2,500		130,300
TheStreet, Inc.		245,678		486,442
Westell Technologies, Inc., Class A (a)		248,304		536,337
				2,847,992
TELECOMMUNICATION SERVICES: 3.3%
AboveNet, Inc.		6,700		359,120
HickoryTech Corp.		5,000		48,100
				407,220
UTILITIES: 1.0%
Laclede Group, Inc., The		3,200		124,000
TOTAL COMMON STOCKS (Cost $14,742,190)				12,494,713
TIME DEPOSIT: 3.7%
State Street Euro Dollar Time Deposit, 0.010%, 10/03/11	$	462,000		462,000
TOTAL TIME DEPOSIT (Cost $462,000)
TOTAL INVESTMENTS: 103.9% (Cost $15,204,190)				12,956,713
Other assets and liabilities - (Net): -3.9%				(481,475	)
Net Assets: 100.0%			$	12,475,238

(a) Non-income producing security.

Pax World International Fund Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
COMMON STOCKS: 97.2%
AUSTRALIA: 2.2%
National Australia Bank, Ltd.		32,500	$	690,344
AUSTRIA: 1.5%
OMV AG		15,516		461,856
BELGIUM: 2.6%
Anheuser-Busch InBev NV		15,600		828,034
BRAZIL: 2.6%
CCR SA		12,800		333,232
Natura Cosmeticos SA		29,100		495,254
				828,486
CANADA: 3.6%
Bombardier, Inc., Class B		117,800		412,564
Rogers Communications, Inc., Class B		21,800		746,222
				1,158,786
CHINA: 0.3%
Trina Solar, Ltd., ADR (a)		18,300		111,264
FINLAND: 2.3%
Fortum Oyj		31,400		739,120
FRANCE: 4.5%
AXA SA		41,400		538,609
Mersen		6,630		262,400
Neopost SA		4,400		322,632
Veolia Environnement SA, ADR		21,700		315,952
				1,439,593
GERMANY: 5.7%
Bayerische Motoren Werke AG		6,000		396,367
Linde AG		2,700		361,296
Metro AG		19,000		806,524
Wacker Chemie AG		2,650		235,267
				1,799,454
HONG KONG: 2.3%
Chaoda Modern Agriculture (Holdings), Ltd.		710,000		100,290
Esprit Holdings, Ltd.		128,800		156,805
Sun Hung Kai Properties, Ltd.		42,000		481,824
				738,919

Pax World International Fund Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
COMMON STOCKS, continued
IRELAND: 0.7%
Kingspan Group PLC		28,600	$	234,729
ISRAEL: 2.2%
Teva Pharmaceutical Industries, Ltd., ADR		18,600		692,292
JAPAN: 17.3%
Canon, Inc., ADR		8,150		368,869
Central Japan Railway Co.		51		445,067
Daiseki Co., Ltd.		17,000		336,414
Eisai Co., Ltd.		17,400		702,064
Hoya Corp.		19,600		454,417
Kao Corp.		26,200		729,783
Komatsu, Ltd.		28,000		603,681
Kurita Water Industries, Ltd.		12,000		336,396
Nintendo Co., Ltd.		2,300		337,956
Nippon Building Fund, Inc., REIT		40		414,092
Nippon Electric Glass Co., Ltd.		27,000		245,349
Tokuyama Corp.		69,000		239,004
Yamatake Corp.		14,000		299,659
				5,512,750
LUXEMBOURG: 1.1%
Tenaris SA, ADR		13,350		339,758
NETHERLANDS: 4.1%
Koninklijke KPN NV		66,000		869,288
Royal Philips		24,500		439,578
				1,308,866
NORWAY: 4.2%
Statoil ASA, ADR		62,100		1,338,255
PHILIPPINES: 0.9%
Philippine Long Distance Telephone, ADR		5,500		272,415
POLAND: 2.0%
PZU (a)		6,720		633,353
PORTUGAL: 1.0%
Portugal Telecom SGPS SA, ADR		43,300		313,925
SINGAPORE: 4.7%
DBS Group Holdings, Ltd.		65,000		582,858

Pax World International Fund Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
COMMON STOCK, continued
SINGAPORE, continued
Hyflux, Ltd.		236,000	$	266,331
SingTel		265,000		638,791
				1,487,980
SPAIN: 3.5%
BBVA, ADR		64,300		522,759
Gamesa Corp. Tecnologica SA		1		3
Repsol YPF SA		22,800		601,892
				1,124,654
SWEDEN: 2.8%
Hennes & Mauritz AB, B Shares		29,600		886,278
SWITZERLAND: 6.5%
Adecco SA (a)		6,200		244,370
Credit Suisse Group AG, ADR		18,000		472,320
Roche Holding AG		5,520		891,546
Syngenta AG, ADR		8,600		446,082
				2,054,318
TAIWAN: 0.7%
TSMC, ADR		19,676		224,897
TURKEY: 3.7%
Mardin Cimento Sanayii ve Tica AS		93,000		310,970
Turkiye Halk Bankasi AS		122,600		874,982
				1,185,952
UNITED KINGDOM: 14.2%
BG Group PLC		31,400		600,953
Game Group PLC		1,167,000		430,959
HSBC Holdings PLC, ADR		11,700		445,068
Pennon Group PLC		31,400		328,975
Reed Elsevier PLC		77,206		591,090
Rio Tinto PLC, ADR		15,740		693,819
Sage Group PLC, The		64,500		255,808
Standard Chartered PLC		28,500		568,603
Unilever PLC		19,400		607,688
				4,522,963
TOTAL COMMON STOCKS (Cost $36,614,312)				30,929,241

Pax World International Fund Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
EXCHANGE TRADED FUNDS: 2.7%
UNITED STATES: 2.7%
SPDR Gold Shares (a)		5,450	$	861,536
TOTAL EXCHANGE TRADED FUNDS (Cost $637,625)				861,536
TOTAL INVESTMENTS: 99.9% (Cost $37,251,937)				31,790,777
Other assets and liabilities - (Net): 0.1%				46,956
Net Assets: 100.0%			$	31,837,733

(a) Non-income producing security.

ADR - American Depository Receipt

REIT - Real Estate Investment Trust

Pax World International Fund Schedule of Investments (Unaudited) September 30, 2011

SUMMARY OF INVESTMENTS BY SECTOR

PERCENT OF NET ASSETS	VALUE		PERCENT OF NET ASSETS
CONSUMER DISCRETIONARY	$	2,461,500		7.7	%
CONSUMER STAPLES		3,567,574		11.2	%
ENERGY		3,342,713		10.5	%
FINANCIALS		6,224,811		19.6	%
HEALTH CARE		2,285,903		7.2	%
INDUSTRIALS		3,648,434		11.5	%
INFORMATION TECHNOLOGY		2,620,850		8.2	%
MATERIALS		2,286,438		7.2	%
TELECOMMUNICATIONS SERVICES		2,840,640		8.9	%
UTILITIES		1,650,378		5.2	%
EXCHANGE TRADED FUNDS		861,536		2.7	%
Other assets and liabilities - (Net)		46,956		0.1	%
TOTAL	$	31,837,733		100.0	%

Pax World High Yield Bond Fund Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS: 0.5%
COMMON STOCK: 0.2%
CONSUMER CYCLICAL: 0.1%
Game Group PLC		1,286,902	$	475,237
FINANCE & INVESTMENT: 0.1%
Hercules Technology Growth Capital, Inc.		56,011		477,214
TOTAL COMMON STOCKS (Cost $1,550,759)				952,451
PREFERRED STOCK: 0.3%
REAL ESTATE: 0.3%
Health Care REIT, Inc., 7.625% (f)		42,588		1,087,272
TOTAL PREFERRED STOCK (Cost $991,227)				1,087,272
TOTAL STOCKS (Cost $2,541,986)				2,039,723
EXCHANGE TRADED FUNDS: 2.8%
ProShares UltraShort Euro (g)(h)		588,131		11,339,166
TOTAL EXCHANGE TRADED FUNDS (Cost $10,693,711)				11,339,166
CORPORATE BONDS: 92.2%
AUTOMOTIVE: 1.1%
Pinafore LLC/Inc., 144A, 9.000%, 10/01/18 (a)	$	4,590,000		4,727,700
BASIC INDUSTRY: 5.2%
Kinove German Bondco GmbH, 144A, 9.625%, 06/15/18 (a)		1,500,000		1,365,000
Longview Fibre Paper & Packaging, Inc., 144A, 8.000%, 06/01/16 (a)		2,100,000		2,047,500
Mirabela Nickel, Ltd, 144A, 8.750%, 04/15/18 (a)		5,000,000		4,075,000
Nexeo Solutions LLC/Corp, 144A, 8.375%, 03/01/18 (a)		6,000,000		5,955,000
PE Paper Escrow GmbH, 144A, 12.000%, 08/01/14 (a)		2,500,000		2,631,250
Ply Gem Industries, Inc., 8.250%, 02/15/18 (f)		6,197,000		5,081,540
				21,155,290

Pax World High Yield Bond Fund Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
CORPORATE BONDS, continued
CAPITAL GOODS: 4.7%
Altra Holdings, Inc., 8.125%, 12/01/16	$	3,530,000	$	3,618,250
Coleman Cable, Inc., 9.000%, 02/15/18		4,000,000		3,920,000
Hyva Global BV, 144A, 8.625%, 03/24/16 (a)		6,000,000		5,072,712
Park-Ohio Industries, Inc., 8.125%, 04/01/21		7,000,000		6,580,000
				19,190,962
CONSUMER CYCLICAL: 8.8%
Brown Shoe Co., Inc., 7.125%, 05/15/19		5,000,000		4,250,000
Fiesta Restaurant Group., 144A, 8.875%, 08/15/16 (a)		1,000,000		977,500
Gymboree Corp., The, 9.125%, 12/01/18 (f)		1,000,000		745,000
Human Touch LLC, 144A, 15.000%, 03/30/14 (a)(b)(e)		345,343		0
Icon Health & Fitness, Inc., 144A, 11.875%, 10/15/16 (a)		6,950,000		6,359,250
Levi Strauss & Co., 7.625%, 05/15/20 (f)		5,100,000		4,768,500
Perry Ellis International, Inc., 7.875%, 04/01/19		1,500,000		1,530,000
Quiksilver, Inc., 6.875%, 04/15/15 (f)		7,150,000		6,399,250
Sally Holdings LLC/Capital, Inc., 10.500%, 11/15/16		6,000,000		6,225,000
Susser Holdings & Finance Corp., 8.500%, 05/15/16		100,000		104,625
Wallace Theater Holdings, Inc., 144A, 12.500%, 06/15/13 (a)(b)		2,500,000		2,456,250
YCC Holdings LLC/Yankee Finance, 10.250%, 02/15/16		2,500,000		2,137,500
				35,952,875
CONSUMER NON-CYCLICAL: 4.6%
Easton-Bell Sports, Inc., 9.750%, 12/01/16		4,750,000		4,987,500
Fage Dairy Industry SA, 144A, 9.875%, 02/01/20 (a)		6,250,000		5,625,000
Foodcorp, Ltd., 144A, 8.750%, 03/01/18 (a)(c)(SA)		5,000,000		5,727,431
Libbey Glass, Inc., 10.000%, 02/15/15		115,000		121,037
Roadhouse Financing, Inc., 10.750%, 10/15/17		2,500,000		2,331,250
				18,792,218
ENERGY: 11.2%
Chaparral Energy, Inc., 8.875%, 02/01/17		5,000,000		4,875,000
Chaparral Energy, Inc., 9.875%, 10/01/20		4,000,000		4,020,000
CGG Veritas, 9.500%, 05/15/16		1,000,000		1,030,000
CGG Veritas, 144A, 6.500%, 06/01/21 (a)		500,000		452,500
Crosstex Energy LP, 8.875%, 02/15/18		1,000,000		1,030,000
Goodrich Petroleum Corp., 144A, 8.875%, 03/15/19 (a)		7,000,000		6,790,000
Helix Energy Solutions Group, Inc., 144A, 9.500%, 01/15/16 (a)		6,000,000		6,120,000
Parker Drilling Co., 9.125%, 04/01/18		500,000		507,500
Penn Virginia Corp , 10.375%, 06/15/16		6,000,000		6,315,000
Penn Virginia Corp., 7.250%, 04/15/19		500,000		465,000
PHI, Inc., 8.625%, 10/15/18		6,875,000		6,806,250
Quicksilver Resources, Inc., 9.125%, 08/15/19		1,000,000		985,000
Rosetta Resources, Inc., 9.500%, 04/15/18		6,500,000		6,662,500
				46,058,750

Pax World High Yield Bond Fund Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
CORPORATE BONDS, continued
FINANCE & INVESTMENT: 0.2%
Hercules Technology Growth Capital, Inc., 144A, 6.000%, 04/15/16 (a)	$	1,000,000	$	871,250
HEALTH CARE: 15.2%
Alere, Inc., 8.625%, 10/01/18		1,000,000		910,000
Alliance Healthcare Services, Inc., 8.000%, 12/01/16		6,000,000		4,710,000
AMGH Merger Sub, Inc., 144A, 9.250%, 11/01/18 (a)		6,100,000		6,130,500
Aptalis Pharma, Inc., 12.750%, 03/01/16		6,500,000		6,597,500
Biomet, Inc., 11.625%, 10/15/17		6,000,000		6,255,000
Bioscrip, Inc., 10.250%, 10/01/15		6,019,000		6,049,095
Community Health Systems, Inc., 8.875%, 07/15/15 (f)		4,000,000		3,940,000
Endo Pharmaceuticals Holdings, Inc., 144A, 7.250%, 01/15/22 (a)		500,000		503,750
ExamWorks Group, Inc., 144A, 9.000%, 07/15/19 (a)		250,000		235,000
Hanger Orthopedic Group, Inc., 7.125%, 11/15/18		3,830,000		3,753,400
HCA Holdings, Inc., 144A, 7.750%, 05/15/21 (a)(f)		3,000,000		2,827,500
HCA, Inc., 9.875%, 02/15/17		163,000		176,855
Health Management Association, Inc., 6.125%, 04/15/16		4,000,000		3,950,000
IASIS Healthcare LLC, 144A, 8.375%, 05/15/19 (a)		1,000,000		815,000
Inventiv Health, Inc., 144A, 10.000%, 08/15/18 (a)		6,250,000		5,531,250
Medimpact Holdings, Inc., 144A, 10.500%, 02/01/18 (a)		3,500,000		3,281,250
StoneMor/Cornerstone/Osiris, 10.250%, 12/01/17		7,000,000		6,737,500
				62,403,600
MEDIA: 9.5%
AMC Networks, Inc., 144A, 7.750%, 07/15/21 (a)		250,000		257,500
American Reprographics Co., 10.500%, 12/15/16 (b)		5,275,000		4,773,875
Gannett Co, Inc., 7.125%, 09/01/18		5,500,000		5,238,750
McClatchy Co., The, 11.500%, 02/15/17		3,500,000		3,053,750
MDC Partners, Inc., 11.000%, 11/01/16		7,250,000		7,866,250
Nielsen Finance LLC, 11.500%, 05/01/16		3,575,000		4,075,500
Valassis Communications, Inc., 6.625%, 02/01/21		5,000,000		4,700,000
Virgin Media Finance PLC, 8.375%, 10/15/19		2,500,000		2,668,750
Warner Music Group Corp., 144A, 11.500%, 10/01/18 (a)		500,000		462,500
XM Satellite Radio, Inc., 144A, 13.000%, 08/01/13 (a)		3,000,000		3,375,000
XM Satellite Radio, Inc., 144A, 7.000%, 12/01/14 (a)		2,000,000		2,340,000
				38,811,875
REAL ESTATE: 1.5%
Kennedy-Wilson, Inc., 144A, 8.750%, 04/01/19 (a)		6,400,000		6,000,000
SERVICES: 12.2%
Cardtronics, Inc., 8.250%, 09/01/18		4,330,000		4,524,850
Desarrolladora Homex SAB de CV, 144A, 9.500%, 12/11/19 (a)		6,000,000		5,580,000

Pax World High Yield Bond Fund Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
CORPORATE BONDS, continued
SERVICES, continued
Hertz Corp., The, 7.375%, 01/15/21	$	1,000,000	$	918,750
Interactive Data Corp., 10.250%, 08/01/18		4,000,000		4,320,000
Knowledge Learning Corp., Inc., 144A, 7.750%, 02/01/15 (a)		4,750,000		4,536,250
Marquette Transportation Co./Finance, 10.875%, 01/15/17		4,200,000		4,068,750
Mobile Mini, Inc., 7.875%, 12/01/20		250,000		241,250
Navios Maritime Acquisition Corp., 8.625%, 11/01/17 (f)		4,000,000		3,350,000
Ship Finance International, Ltd., 8.500%, 12/15/13		6,000,000		5,820,000
Stream Global Services, Inc., 11.250%, 10/01/14		6,760,000		6,945,900
Ultrapetrol Bahamas, Ltd., 9.000%, 11/24/14		5,310,000		5,150,700
United Maritime LLC/Corp., 11.750%, 06/15/15		2,000,000		2,030,000
Urbi Desarrollos Urbanos SA, 144A, 8.500%, 04/19/16 (a)		2,500,000		2,525,000
				50,011,450
TECHNOLOGY & ELECTRONICS: 4.2%
Advanced Micro Devices, Inc., 7.750%, 08/01/20 (f)		500,000		492,500
Eagle Parent, Inc., 144A, 8.625%, 05/01/19 (a)		6,250,000		5,687,500
Evertec, Inc., 11.000%, 10/01/18		6,000,000		6,270,000
Spansion LLC, 144A, 7.875%, 11/15/17 (a)		5,000,000		4,925,000
				17,375,000
TELECOMMUNICATIONS: 12.8%
America Movil SAB de CV, 9.000%, 01/15/16 (b)(d)(MX)		25,000,000		1,968,845
Axtel SAB de CV, 144A, 9.000%, 09/22/19 (a)(f)		3,000,000		2,550,000
Digicel Group, Ltd., 144A, 8.875%, 01/15/15 (a)		4,000,000		3,820,000
Digicel, Ltd., 144A, 12.000%, 04/01/14 (a)		2,000,000		2,210,000
Equinix, Inc., 3.000%, 10/15/14		2,000,000		2,102,500
Maxcom Telecomunicacione SA, 11.000%, 12/15/14		6,000,000		3,960,000
MetroPCS Wireless, Inc., 7.875%, 09/01/18		5,100,000		4,972,500
NII Capital Corp., 10.000%, 08/15/16		5,000,000		5,500,000
NII Capital Corp., 8.875%, 12/15/19		2,000,000		2,095,000
NII Capital Corp., 7.625%, 04/01/21		500,000		498,750
Pacnet, Ltd., 144A, 9.250%, 11/09/15 (a)(f)		6,745,000		5,969,325
Syniverse Holdings, Inc., 9.125%, 01/15/19		7,013,000		6,872,740
Wind Acquistion Finance SA, 144A, 11.750%, 07/15/17 (a)(c)(LU)		3,000,000		3,335,977
Zayo Group LLC/Zayo Cap, 10.250%, 03/15/17		6,250,000		6,546,874
				52,402,511
UTILITY: 1.0%
FPL Energy National Wind Portfolio, 144A, 6.125%, 03/25/19 (a)(b)		486,700		475,374
Intergen NV, 144A, 9.000%, 06/30/17 (a)		3,000,000		3,067,500
Ormat Funding Corp., 8.250%, 12/30/20 (b)		577,391		542,746
				4,085,620

Pax World High Yield Bond Fund Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
CORPORATE BONDS, continued
TOTAL CORPORATE BONDS (Cost $396,100,508)			$	377,839,101
WARRANTS: 0.0%
Interactive Health, 04/01/11 (b)(e)		2,495		0
TOTAL WARRANTS (Cost $0)
CERTIFICATES OF DEPOSIT: 0.2%
One California Bank, FSB CDARS, 0.170%, 11/25/11	$	100,000		100,000
One PacificCoast Bank, 1.810%, 01/21/12		200,000		200,000
One PacificCoast Bank, 4.470%, 05/10/12		100,000		100,000
Self Help Credit Union, 1.300%, 01/14/12		100,000		100,000
Urban Partnership Bank, 0.650%, 07/01/12		100,564		100,564
Urban Partnership Bank, 0.650%, 08/03/12		100,000		100,000
TOTAL CERTIFICATES OF DEPOSIT (Cost $700,564)				700,564
TIME DEPOSIT: 3.0%
State Street Euro Dollar Time Deposit, 0.010%, 07/01/11		12,474,000		12,474,000
TOTAL TIME DEPOSIT (Cost $12,474,000)
SECURITIES PURCHASED WITH CASH COLLATERAL
FROM SECURITIES LENDING: 4.0%
SSgA Institutional U.S. Government Money Market Fund (Cost $16,504,783)		16,504,783		16,504,783
TOTAL INVESTMENTS: 102.7% (Cost $439,015,552)				420,897,337
Securities Sold Short
(Proceeds $342,461) (Net): -0.1%				(322,056	)
Payable upon return of securities loaned - (Net): -4.0%				(16,504,783	)
Other assets and liabilities - (Net): 1.4%				6,178,628
Net Assets: 100.0%			$	410,249,126

Pax World High Yield Bond Fund Schedule of Investments (Unaudited) September 30, 2011

(a) Security purchased pursuant to Rule 144A of the Securities Act of 1933 and may be resold only to qualified institutional buyers.

(b) Illiquid security.

(c) Principal amount is in Euro Dollars; value is in U.S. dollars.

(d) Principal amount is in Mexican pesos; value is in U.S. dollars.

(e) Fair Valued security.

(f) Security or partial position of this security was on loan as of September 30, 2011. The total market value of securities on loan as of September 30, 2011 was $15,980,432.

(g) Non-income producing security.

(h) Security or partial position of this security has been segregated by the custodian to cover options contracts.

LP - Limited Partnership

LU - Luxembourg

MX - Mexico

REIT - Real Estate Investment Trust

SA - South Africa

SCHEDULE OF SECURITIES SHORT SOLD	SHARES			VALUE
COMMON STOCK:
FINANCE & INVESTMENT:
Hercules Technology Growth Capital, Inc.		(37,800	)	$	(322,056	)
TOTAL SECURITIES SOLD SHORT (Proceeds $342,461)				$	(322,056	)
SCHEDULE OF WRITTEN OPTIONS	CONTRACTS			VALUE
PUTS:
AT&T, Inc. expires January 2013, exercise price $22.50		1,000		$	(187,000	)
TOTAL WRITTEN PUTS OPTIONS (Premiums Received $176,198)				$	(187,000	)

Pax World Global Women’s Equality Fund Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
COMMON STOCKS: 94.0%
CONSUMER DISCRETIONARY: 7.3%
Bayerische Motoren Werke AG		4,500	$	297,275
Brown Shoe Co., Inc. (c)		86,500		615,880
Hennes & Mauritz AB, B Shares		17,400		520,988
Johnson Controls, Inc.		9,500		250,515
Marks & Spencer Group PLC		70,000		340,868
NIKE, Inc., Class B		2,000		171,020
Sirius XM Radio, Inc. (a)(c)		155,000		234,050
				2,430,596
CONSUMER STAPLES: 13.4%
General Mills, Inc.		13,000		500,110
Mead Johnson Nutrition Co.		5,200		357,916
Metro AG		18,100		768,321
PepsiCo, Inc.		5,000		309,500
Reckitt Benckiser Group PLC		13,000		658,684
Shiseido Co., Ltd.		35,000		678,775
Tootsie Roll Industries, Inc. (c)		21,709		523,621
Unilever PLC, ADR		21,500		670,585
				4,467,512
ENERGY: 10.9%
Baker Hughes, Inc. (b)		9,700		447,752
BG Group PLC		31,000		593,297
Chevron Corp.		3,500		323,820
Noble Corp. (a)(b)		16,200		475,470
Sasol Ltd., ADR		3,800		154,280
Statoil ASA, ADR (c)		47,000		1,012,850
Suncor Energy, Inc. (b)		15,500		394,320
Talisman Energy, Inc.		18,000		220,860
				3,622,649
FINANCIALS: 12.4%
American Express Co.		9,000		404,100
Banco Santander Chile, ADR		2,079		152,765
Bank of New York Mellon Corp., The		30,500		566,995
BlackRock, Inc. (b)		5,200		769,652
Fifth Third Bancorp		30,000		303,000
HSBC Holdings PLC, ADR		9,000		342,360
National Australia Bank, Ltd.		19,500		414,206
PZU (a)		3,000		282,747
Royal Bank of Canada (Canadian)		7,000		321,042
Standard Chartered PLC		28,843		575,446
				4,132,313

Pax World Global Women’s Equality Fund Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
COMMON STOCKS, continued
HEALTH CARE: 15.0%
Allergan, Inc.		5,500	$	453,090
CSL, Ltd.		18,000		511,008
Gilead Sciences, Inc. (a)		13,927		540,368
Hologic, Inc. (a)		25,000		380,250
Mylan, Inc. (a)		18,000		306,000
Pfizer, Inc. (b)		48,000		848,640
Roche Holding AG		6,735		1,087,784
St. Jude Medical, Inc.		12,200		441,518
Teva Pharmaceutical Industries, Ltd., ADR		11,500		428,030
				4,996,688
INDUSTRIALS: 9.2%
3M Co.		5,300		380,487
Deere & Co.		5,000		322,850
Emerson Electric Co.		11,000		454,410
Komatsu, Ltd.		20,100		433,357
Pentair, Inc.		13,000		416,130
Randstad Holding NV		7,000		223,165
Timken Co.		11,500		377,430
Watsco, Inc.		8,900		454,790
				3,062,619
INFORMATION TECHNOLOGY: 15.1%
Autodesk, Inc. (a)		12,000		333,360
Broadcom Corp., Class A (a)		17,500		582,575
EMC Corp. (a)		26,500		556,235
Google, Inc., Class A (a)		500		257,190
Hoya Corp.		15,000		347,768
IBM		3,500		612,605
Infosys, Ltd., ADR (c)		5,000		255,350
InterDigital, Inc. (c)		7,500		349,350
Intuit, Inc. (a)(b)		11,000		521,840
Itron, Inc. (a)		6,000		177,000
Oracle Corp.		19,000		546,060
Qualcomm, Inc.		10,000		486,300
				5,025,633
MATERIALS: 6.1%
Air Liquide SA		4,000		467,103
Potash Corp. of Saskatchewan, Inc.		16,800		726,096
Rio Tinto PLC, ADR		9,400		414,352
Syngenta AG, ADR		8,571		444,578
				2,052,129

Pax World Global Women’s Equality Fund Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
COMMON STOCKS, continued
TELECOMMUNICATION SERVICES: 3.6%
American Tower Corp., Class A (a)		9,500	$	511,100
Vodafone Group PLC, ADR		27,500		705,375
				1,216,475
UTILITIES: 1.0%
AES Corp., The (a)		8,000		78,080
Fortum Oyj		10,750		253,043
				331,123
TOTAL COMMON STOCKS (Cost $36,719,001)				31,337,737
EXCHANGE TRADED FUNDS: 2.7%
iShares Silver Trust (a)(c)		500		14,465
SPDR Gold Shares (a)		5,700		901,056
TOTAL EXHANGE TRADED FUNDS (Cost $539,291)				915,521
WARRANTS: 1.6%
PNC Financial Services Group, 12/31/18		60,100		537,294
TOTAL WARRANTS (Cost $584,498)				537,294
PURCHASED OPTIONS - CALLS: 0.1%
InterDigital, Inc.
expires March 2012, exercise price $65.00		50		32,600
TOTAL PURCHASED OPTIONS - CALLS				32,600
(Premiums Paid $59,300)
TIME DEPOSIT: 2.6%
State Street Euro Dollar Time Deposit, 0.010%, 10/03/11	$	853,000		853,000
TOTAL TIME DEPOSIT (Cost $853,000)				853,000

Pax World Global Women’s Equality Fund Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
SECURITIES PURCHASED WITH CASH COLLATERAL FROM SECURITIES LENDING: 6.4%
SSgA Institutional U.S. Government Money Market Fund (Cost $2,145,439)	$	2,145,439	$	2,145,439
TOTAL I\NVESTMENTS: 107.4% (Cost $40,900,529)				35,821,591
Payable upon return of securities loaned - (Net): -6.4%				(2,145,439	)
Other assets and liabilities - (Net): -1.0%				(341,594	)
Net Assets: 100.0%			$	33,334,558

(a) Non-income producing security.

(b) Security or partial position of this security has been segregated by the custodian to cover options contracts.

(c) Security or partial position of this security was on loan as of September 30, 2011. The total market value of securities on loan as of September 30, 2011 was $2,069,736.

ADR - American Depository Receipt

SCHEDULE OF WRITTEN OPTIONS	CONTRACTS		VALUE
PUTS:
Baker Hughes, Inc. expires January 2013, exercise price $40.00		50	$	(39,000	)
Best Buy Co., Inc. expires January 2013, exercise price $25.00		100		(53,500	)
Cisco Systems, Inc. expires January 2013, exercise price $15.00		250		(65,250	)
InterDigital, Inc. expires March 2012, exercise price $60.00		50		(84,500	)
Microsoft Corp. expires January 2014, exercise price $20.00		75		(21,000	)
Northern Trust Corp. expires January 2012, exercise price $45.00		75		(72,900	)
Visa, Inc. expires January 2012, exercise price $55.00		75		(9,750	)
TOTAL WRITTEN PUT OPTIONS (Premiums Received $226,273)			$	(345,900	)

Pax World Global Women’s Equality Fund Schedule of Investments (Unaudited) September 30, 2011

SUMMARY OF INVESTMENTS BY COUNTRY

PERCENT OF NET ASSETS	VALUE			PERCENT OF NET ASSETS
AUSTRALIA	$	925,214			2.8	%
CANADA		1,662,318			5.0	%
CHILE		152,765			0.4	%
FINLAND		253,043			0.7	%
FRANCE		467,103			1.4	%
GERMANY		1,065,596			3.2	%
INDIA		255,350			0.8	%
ISRAEL		428,030			1.3	%
JAPAN		1,459,900			4.4	%
NETHERLANDS		223,165			0.7	%
NORWAY		1,012,850			3.0	%
POLAND		282,747			0.8	%
SOUTH AFRICA		154,280			0.5	%
SWEDEN		520,988			1.6	%
SWITZERLAND		2,007,832			6.0	%
UNITED KINGDOM		4,300,967			12.9	%
UNITED STATES		16,165,589			48.5	%
EXCHANGE TRADED FUNDS		915,521			2.7	%
WARRANTS		537,294			1.6	%
PURCHASED CALLS		32,600			0.1	%
TIME DEPOSIT		853,000			2.6	%
Other assets and liabilities - (Net): -1.0%		(341,594	)		-1.0	%
TOTAL	$	33,334,558			100.0	%

Pax World Global Green Fund Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
COMMON STOCKS: 98.6%
AUTO COMPONENTS: 4.6%
Denso Corp.		10,800	$	347,189
Johnson Controls, Inc.		39,500		1,041,615
				1,388,804
CHEMICALS: 10.3%
Air Products & Chemicals, Inc.		14,800		1,130,275
Linde AG		7,764		1,038,928
Yingde Gases		1,009,600		914,109
				3,083,312
COMMERCIAL SERVICES & SUPPLIES: 8.9%
China Everbright International, Ltd.		2,429,200		564,057
Daiseki Co., Ltd.		52,200		1,032,987
Shanks Group PLC		253,333		434,963
Stericycle, Inc. (a)		7,750		625,580
				2,657,587
CONSTRUCTION & ENGINEERING: 1.8%
Kingspan Group PLC		65,729		539,459
ELECTRIC UTILITIES: 2.4%
China Longyuan Power Group Corp.		886,600		730,727
ELECTRICAL EQUIPMENT: 15.5%
Cooper Industries PLC		25,900		1,194,508
Emerson Electric Co.		29,000		1,197,990
Legrand SA		36,001		1,122,309
Prysmian SpA		21,700		285,081
Roper Industries, Inc.		10,200		702,882
Trina Solar, Ltd., ADR (a)		21,000		127,680
				4,630,450
ELECTRONIC EQUIP & INSTRUMENTS: 2.2%
Delta Electronics, Inc.		278,004		651,197
ELECTRONIC EQUIPMENT INSTRUMENTS & COMPONENTS: 4.3%
Horiba, Ltd.		23,500		713,547
Itron, Inc. (a)		10,185		300,458
Rogers Corp. (a)		7,300		285,649
				1,299,654
GAS UTILITIES: 2.1%
ENN Energy Holdings, Ltd.		191,500		623,125

Pax World Global Green Fund Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
COMMON STOCKS, continued
HOUSEHOLD PRODUCTS: 1.3%
Campbell Brothers, Ltd.		9,397	$	374,382
INDEPENDENT POWER PRODUCERS & ENERGY TRADER: 1.1%
EDP Renovaveis SA (a)		59,488		323,930
INDUSTRIAL CONGLOMERATES: 3.4%
3M Co.		14,100		1,012,239
LIFE SCIENCES TOOLS & SERVICES: 3.2%
Thermo Fisher Scientific, Inc. (a)		18,700		946,968
MACHINERY: 21.8%
GEA Group AG		45,553		1,063,329
Hansen Transmissions International (a)		327,927		333,669
IDEX Corp.		17,650		549,974
IMI PLC		82,202		902,280
Invensys PLC		264,760		922,298
Kurita Water Industries, Ltd.		20,950		587,292
Pall Corp.		20,500		869,200
Pentair, Inc.		20,150		645,002
Watts Water Technologies, Inc., Class A		24,800		660,920
				6,533,964
SEMICONDUCTOR EQUIPMENT & PRODUCTS: 2.9%
Epistar Corp.		498,000		865,223
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT: 3.9%
Infineon Technologies AG		159,666		1,178,110
WATER UTILITIES: 8.9%
American Water Works Co., Inc.		40,100		1,210,218
California Water Service Group		21,352		378,144
Manila Water Co., Inc.		653,900		283,084
Pennon Group PLC		75,534		791,362
				2,662,808
TOTAL COMMON STOCKS (Cost $32,676,657)				29,501,939

Pax World Global Green Fund Schedule of Investments (Unaudited) September 30, 2011

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
REPURCHASE AGREEMENT: 1.1%
State Street Repo, 0.010%, 10/03/2011 (collateralized by United States Treasury Note, 1.750%, due 01/31/2014, principal amount $330,000; market value $341,550)
TOTAL REPURCHASE AGREEMENT (Cost $333,000)	$	333,000	$	333,000
TOTAL INVESTMENTS: 99.7% (Cost $33,009,657)				29,834,939
Other assets and liabilities - (Net): 0.3%				95,746
Net Assets: 100.0%			$	29,930,685

(a) Non-income producing security.

Pax World Global Green Fund Schedule of Investments (Unaudited) September 30, 2011

SUMMARY OF INVESTMENTS BY COUNTRY

PERCENT OF NET ASSETS	VALUE		PERCENT OF NET ASSETS
AUSTRALIA	$	374,382		1.3	%
BELGIUM		333,669		1.1	%
CHINA		1,481,532		4.9	%
FRANCE		1,122,309		3.7	%
GERMANY		3,280,367		11.0	%
HONG KONG		1,478,165		4.9	%
IRELAND		539,459		1.8	%
ITALY		285,081		1.0	%
JAPAN		2,681,016		9.0	%
PHILIPPINES		283,084		0.9	%
SPAIN		323,930		1.1	%
TAIWAN		1,516,420		5.1	%
UNITED KINGDOM		3,050,902		10.2	%
UNITED STATES		12,751,623		42.6	%
REPURCHASE AGREEMENT		333,000		1.1	%
Other assets and liabilities - (Net)		95,746		0.3	%
TOTAL	$	29,930,685		100.0	%

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 Pax World Balanced Fund (“Balanced”), Pax World Growth Fund (“Growth”), Pax World Small Cap Fund (“Small Cap”), Pax World International Fund (“International”), Pax World High Yield Bond Fund (“High Yield Bond”), Pax World Global Women’s Equality Fund (“Global Women’s Equality”), and Pax World Global Green Fund (“Global Green”) (each a “Fund” and collectively, the “Funds”), each a diversified series of the Trust.

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, NAV of a Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the New York Stock Exchange is closed, and the net asset value of a Fund’s shares may change on days when an investor is not able to purchase, redeem or exchange shares. If market quotations are not readily available (including in cases when available market quotations are deemed to be unreliable), the Funds’ investments will be valued as determined in good faith pursuant to policies and procedures approved by the Trustees (so called “fair value pricing”). Fair value pricing may require subjective determinations about the value of a security or other asset, and fair values used to determine a Fund’s NAV may differ from quoted or published prices, or from prices that are used by others, for the same investments.

The Funds may determine that market quotations are not readily available due to events relating to a single issuer (e.g., corporate actions or announcements) or events relating to multiple issuers (e.g., governmental actions or natural disasters). The Funds may determine the fair value of investments based on information provided by pricing services and other third-party vendors, which may recommend fair value prices or adjustments with reference to other securities, indices or assets. Various factors may be considered in order to make a good faith determination of a security’s fair value. These factors include, but are not limited to, the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded similar or related securities; conversion or exchange rights on the security; related corporate actions; significant events (which may be considered to include changes in the value of U.S. securities or securities indices) that occur after the close of the relevant market and before the time at which Funds’ net asset value is determined; and changes in overall market conditions. At September 30. 2011, three securities were fair valued in good faith pursuant to policies and procedures approved by the Board, the Balanced Fund held one security fair valued at $2,000,298, representing 0.12% of the Fund’s net asset value, and the High Yield Bond Fund held two securities fair valued at a total of $0 representing 0.00% of the Fund’s net asset value.

For those Funds that invest in non-U.S. securities, investors should be aware that many securities markets and exchanges outside the U.S. close prior to the close of the NYSE, and the closing prices for

securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the NYSE. As a result, the Funds’ fair value pricing procedures require the Funds to 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 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
Balanced
Common Stocks-Domestic		$	895,075,537		$	—	$	—	$	895,075,537
Common Stocks-Foreign			231,260,258			37,499,850		—		268,760,108
Exchange Traded Funds			8,137,150			—		—		8,137,150
Corporate Bonds			—			248,572,666		2,000,298		250,572,964
U.S. Govt Agency Bonds			—			68,669,376		—		68,669,376
Government Bonds			—			14,466,002		—		14,466,002
Municipal Bonds			—			38,120,336		—		38,120,336
U.S. Treasury Notes			—			41,600,542		—		41,600,542
Mortgage-Backed Securities			—			99,798,907		—		99,798,907
Cash Equivalents			27,453,711			11,081,000		—		38,534,711
Equity Call/Put Options Written			(1,209,600	)		—		—		(1,209,600	)
	Total	$	1,160,717,056		$	559,808,679	$	2,000,298	$	1,722,526,033
Growth
Common Stocks-Domestic		$	91,284,939		$	—	$	—	$	91,284,939
Common Stocks-Foreign			11,181,531			2,267,875		—		13,449,406
Cash Equivalents			4,893,817			3,758,000		—		8,651,817
	Total	$	107,360,287		$	6,025,875	$	—	$	113,386,162
Small Cap
Common Stocks		$	12,494,713		$	—	$	—	$	12,494,713
Cash Equivalents			—			462,000		—		462,000
	Total	$	12,494,713		$	462,000	$	—	$	12,956,713
International
Common Stocks-Foreign		$	8,645,235		$	22,284,006	$	—	$	30,929,241
Exchange Traded Funds			861,536			—		—		861,536
	Total	$	9,506,771		$	22,284,006	$	—	$	31,790,777
High Yield Bond
Common Stocks - Domestic		$	477,214		$	—	$	—	$	477,214
Common Stocks-Foreign			—			475,237		—		475,237
Preferred Stocks			1,087,272			—		—		1,087,272
Exchange Traded Funds			11,339,166			—		—		11,339,166
Corporate Bonds			—			377,839,101		—		377,839,101
Cash Equivalents			16,504,783			13,174,564		—		29,679,347
Warrants			—			—		—		—
Securities Sold Short			(322,056	)		—		—		(322,056	)
Equity Call Options Written			(187,000	)		—		—		(187,000	)
	Total	$	28,899,379		$	391,488,902	$	—	$	420,388,281
Global Women’s Equality
Common Stocks - Domestic		$	16,165,589		$	—	$	—	$	16,165,589
Common Stocks-Foreign			6,718,313			8,453,835		—		15,172,148
Exchange Traded Funds			915,521			—		—		915,521
Warrants			537,294			—		—		537,294
Purchased Call Options			32,600							32,600
Cash Equivalents			2,145,439			853,000		—		2,998,439
Equity Call/Put Options Written			(345,900	)		—		—		(345,900	)
	Total	$	26,168,856		$	9,306,835	$	—	$	35,475,691
Global Green
Common Stocks-Domestic		$	12,751,623		$	—	$	—	$	12,751,623
Common Stocks-Foreign			461,349			16,288,967		—		16,750,316
Cash Equivalents			—			333,000		—		333,000
	Total	$	13,212,972		$	16,621,967	$	—	$	29,834,939

* Other financial instruments refer to derivative instruments not reflected in the Schedules of Investments, such as futures, forward contracts, options and swap contracts, which are valued at the unrealized appreciation/depreciation of the instrument.

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:

	Balanced		High Yield Bond			Global Women’s Equality
Corporate Bonds
Balance as of December 31, 2010	$	2,000,112	$	32,125		$	366,938
Purchases		—		24,093			—
Sales		—		—			(375,000	)
Accrued Discounts (Premiums)		—		(113,301	)		—
Realized Gain (loss)		—		—			—
Change in unrealzied appreciation (depreciation)		186		57,083			8,062
Transfers into Level Three		—		—			—
Transfers out of Level Three		—		—			—
Balance as of September 30, 2011	$	2,000,298	$	—		$	—

The change in unrealized gain/loss on Level 3 securities held at September 30, 2011, included gains of $186 and $57,083 in the Balanced Fund and High Yield Bond Fund, 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 Funds’ 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 publically 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 regions.

Securities Lending Each of the Funds may lend their securities pursuant to a securities lending agreement (Lending Agreement) with State Street Bank and Trust Company. Initial security loans made pursuant to the Lending Agreement are required to be secured by collateral not less than the percentage specified in the agreement, ranging from 102% to 105%, depending on the types of securities. Cash collateral received is invested in the State Street Navigator Securities Lending Prime Portfolio, a registered Rule 2a-7 money market fund.

The Funds have the right under the Lending Agreement to recover the securities from the borrower on demand. The primary risk associated with securities lending is if the Borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons. The Funds could experience delays and costs in recovering securities loaned or in gaining access to the collateral. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned

securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to the Funds, or at the discretion of the lending agent, replace the loaned securities.

A portion of the income generated upon investment of the collateral is remitted to the borrower and the remainder is allocated between the Funds and the lending agent. The Funds record security lending income net of such allocation. The Funds continue to receive dividends on the securities loaned, which are accounted for in the same manner as other dividend and interest income.

As of September 30, 2011, the value of securities loaned, payable for collateral due to brokers and non-cash collateral pledged by brokers were as follows.

Fund	Market Value of Securities Loaned		Payable on Collateral Due to Broker		Non-Cash Collateral Value
Balanced	$	58,124,834	$	27,191,366	$	32,430,415
Growth		8,663,451		4,893,817		4,120,097
High Yield Bond		15,980,432		16,504,783		—
Global Women’s Equality		2,069,736		2,145,439		—

Short Sales A Fund may engage in short sales, whereby it sells a security it generally does not own (the security is borrowed) when a portfolio manager anticipates that the security’s market purchase price will be less than its borrowing price. To complete a short sell transaction, the Fund will borrow the security to deliver it to the purchaser and buy that same security in the market at a later time to return it to the lender. A Fund will not make short sales of securities or maintain a short position if doing so could create liabilities or require collateral deposits and segregation of assets aggregating more than 25% of the value of the Fund’s total assets.

The initial amount of a short sale is recorded as a liability, which is marked to market daily. Fluctuations in the value of the short liability are recorded as unrealized gains or losses. For a short against the box, as the security’s price declines, the short position increases in value, offsetting the long position’s decrease in value. The opposite effect occurs if the security’s price rises. The Fund realizes a gain or loss upon closing of the short sale (returning the security to the counterparty by way of purchase or delivery of a long position owned). Although the potential for gain as a result of a short sale is limited to the price at which the Fund sold the security short less the cost of borrowing the security, the potential for loss is theoretically unlimited because there is no limit to the cost of replacing the borrowed security. There is no assurance the Fund will be able to close out a short position at a particular time or at an acceptable price.

The Fund is liable to the buyer for any dividends payable on securities while those securities are in a short position. These dividends are recorded as an expense of the Fund. Short sales held by the Fund are fully collateralized by restricted cash or other securities. Short positions held at the end of the period are disclosed in the footnotes to the Schedules of Investments.

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
Balanced	$	551,540,392	$	62,005,711	$	656,534,214	$	82,486,400
Growth		22,931,437		—		15,546,899		—
Small Cap		96,626,557		—		89,857,250		—
International		42,243,625		—		32,010,774		—

High Yield Bond	222,988,526	—	198,495,841	—
Global Women’s Equality	32,214,918	—	30,433,708	—
Global Green	30,067,543	—	22,789,989	—

* Excluding short-term investments and US Government bonds.

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)
Balanced	$	1,681,084,788	$	184,479,600	$	141,828,756	$	42,650,844
Growth		104,476,529		17,970,774		9,061,141		8,909,633
Small Cap		15,204,190		151,085		2,398,562		(2,247,477	)
International		37,251,937		1,153,562		6,614,722		(5,461,160	)
High Yield Bond		439,015,552		6,421,583		24,539,798		(18,118,215	)
Global Women’s Equality		40,900,529		929,689		6,008,627		(5,078,938	)
Global Green		33,009,657		1,757,112		4,931,830		(3,174,718	)

At September 30, 2011, the Growth Fund had unrealized foreign currency gains of $962; and the Balanced Fund, International Fund, High Yield Bond Fund, Global Women’s Equality Fund and Global Green Fund had unrealized foreign currency losses of $14,437, $2,559, $12,148, $2,299 and $9,211, respectively.

Options Transactions The Funds may buy and sell put and call options, or write put and covered call options on portfolio securities in order to produce incremental earnings or protect against changes in the value of portfolio securities. The Funds generally purchase put options or write covered call options to hedge against adverse movements in the value of portfolio holdings. When an option is written, the Fund receives a premium and becomes obligated to sell or purchase the underlying security at a fixed price, upon the exercise of the option.

Options are valued daily based upon the last sale price of the principal exchange on which the option is traded and unrealized appreciation or depreciation is recorded. The Fund will realize a gain or loss upon the expiration or closing of the option transaction. When an option is exercised, the proceeds on sale for a written call option, the purchase cost for a written put option, or the cost of the security for a purchased put or call option is adjusted by the amount of premium received or paid.

Securities designated to cover outstanding call or put options are noted in the Schedules of Investments. Contracts subject to call or put, expiration date, exercise price, premium received and market value are detailed in the notes to the Schedules of Investments. Options written are reported as a liability in the Statements of Assets and Liabilities. Realized gains and losses are reported in the Statements of Operations.

There are risks associated with transactions in options on securities. The risk in writing a call option is that the Fund gives up the opportunity for profit if the market price of the security increases above the exercise price and the option is exercised. The risk in writing a put option is that the Fund may incur a loss if the market price of the security continues to decrease after the option is exercised. The risk in buying an option is that the Funds pay a premium whether or not the option is exercised. The Funds also have the additional risk of not being able to enter into a closing transaction before the exercise date if a liquid secondary market does not exist.

Written option activity for the nine-month period ended September 30, 2011 is as follows:

Outstanding
at 12/31/10 Written Closed Expired Exercised Outstanding
at 09/30/11

Balanced Fund
Call Options
Number of contracts		4,900		2,300		(3,600	)		—			(1,600	)		2,000
Premiums received	$	669,670	$	227,038	$	(521,152	)	$	—		$	(201,618	)	$	173,938
Put Options
Number of contracts		12,615		10,906		(12,572	)		(5,549	)		—			5,400
Premiums received	$	2,095,722	$	1,410,866	$	(1,733,937	)	$	(935,664	)	$	—		$	836,987
Growth Fund
Call Options
Number of contracts		175		—		—			(100	)		(75	)		—
Premiums received	$	30,625	$	—	$	—		$	(9,100	)	$	(21,525	)	$	—
Put Options
Number of contracts		120		—		—			(120	)		—			—
Premiums received	$	22,126	$	—	$	—		$	(22,126	)	$	—		$	—
High Yield Bond Fund
Call Options
Number of contracts		—		300		—			—			(300	)		—
Premiums received	$	—	$	38,230	$	—		$	—		$	(38,230	)	$	—
Put Options
Number of contracts		—		1,000		—			—			—			1,000
Premiums received	$	—	$	176,198	$	—		$	—		$	—		$	176,198
Global Women’s Equality Fund
Put Options
Number of contracts		—		150		(150	)		—			—			—
Premiums received	$	—	$	8,550	$	(8,550	)	$	—		$	—		$	—
Call Options
Number of contracts		540		600		(290	)		(175	)		—			675
Premiums received	$	145,511	$	146,048	$	(53,711	)	$	(11,575	)	$	—		$	226,273

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

Restricted and Illiquid Securities The Funds may purchase certain restricted securities and limited amounts of illiquid securities. The Funds may invest in securities exempt from registration under Rule 144A of the Securities Act of 1933 (“the Act”) which are restricted from sale to the public and may only be sold to a qualified institutional buyer. The Funds do not have the right to demand that such securities be registered. The value of such securities is determined by valuations supplied by a pricing service or, if not available, in good faith by or at the direction of the Board of Trustees. At September 30, 2011, the Balanced Fund held $18,749,378, or 1.10% of net assets and the High Yield Bond Fund held $137,694,519, or 33.6% of net assets in securities exempt from registration under Rule 144A of the Act.

At September 30, 2011, the Balanced Fund held $4,095,197 of illiquid securities, representing 0.24% of net assets, and the High Yield Bond Fund held $10,968,779 of illiquid securities, representing 2.7% of net assets. The Fund will classify as “illiquid” all securities that may no longer be disposed of within seven days in the ordinary course of business at approximately the amount at which the Fund has valued such security for the purpose of calculating the Fund’s net asset value. Illiquid investments may include restricted securities, repurchase agreements that mature in more than seven days or that have a notice or demand feature more than seven days, certain over-the counter option contracts and participation

interests in loans. Because illiquid securities trade less frequently and in smaller volume than liquid securities, the Fund may experience difficulty in closing out positions at prevailing market prices.

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