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: March 31, 2012

Item 1. Schedule of Investments.

	Schedule of Investments (Unaudited)
ESG Managers™ Aggressive Growth Portfolio	March 31, 2012

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS: 58.2%
COMMON STOCKS: 58.2%
CONSUMER DISCRETIONARY: 6.1%
Accor SA		76	$	2,712
Amazon.com, Inc. (a)		8		1,620
Arbitron, Inc.		470		17,381
BorgWarner, Inc. (a)		34		2,868
Comcast Corp., Class A		41		1,230
Comcast Corp., Special, Class A		1,465		43,232
Darden Restaurants, Inc.		27		1,381
DeVry, Inc.		505		17,104
DISH Network Corp., Class A		1,079		35,531
Electrolux AB, Series B		126		2,663
Ford Motor Co.		71		887
GameStop Corp., Class A		37		808
Gannett Co, Inc.		1,585		24,298
Hanesbrands, Inc. (a)		615		18,167
Hennes & Mauritz AB, B Shares		104		3,760
Home Depot, Inc.		590		29,683
International Game Technology		1,290		21,659
Interpublic Group of Cos., Inc., The		1,965		22,421
Johnson Controls, Inc.		802		26,049
Macy’s, Inc.		33		1,311
Madison Square Garden Company, The, Class A (a)		390		13,338
McDonald’s Corp.		165		16,187
Meredith Corp.		355		11,523
Mohawk Industries, Inc. (a)		305		20,286
Newell Rubbermaid, Inc.		1,090		19,413
News Corp., Class A		1,684		33,158
NIKE, Inc., Class B		194		21,037
Nordstrom, Inc.		215		11,980
PulteGroup, Inc. (a)		2,545		22,523
Royal Caribbean Cruises, Ltd.		695		20,454
Scripps Networks Interactive, Class A		1,715		83,503
SES SA		826		20,501
Sharp Corp./Japan		215		1,584
Shaw Communications, Inc.		100		2,115
Skullcandy, Inc. (a)		59		934
Sotheby’s		185		7,278
Staples, Inc.		231		3,738
Target Corp.		2,307		134,429
Time Warner Cable, Inc.		572		46,618
Time Warner, Inc.		1,154		43,564
Toll Brothers, Inc. (a)		555		13,314
Washington Post Co., The, Class B		31		11,580
				833,822

	Schedule of Investments (Unaudited)
ESG Managers™ Aggressive Growth Portfolio	March 31, 2012

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS, continued
COMMON STOCKS, continued
CONSUMER STAPLES: 5.8%
Coca-Cola Co., The		347	$	25,681
Corn Products International, Inc.		114		6,572
Cosan, Ltd., Class A		169		2,510
CVS Caremark Corp.		2,066		92,557
Danone		54		3,767
Diageo PLC		13		313
Energizer Holdings, Inc. (a)		105		7,789
HJ Heinz Co.		312		16,708
JM Smucker Co., The		642		52,233
Kellogg Co.		512		27,459
Kimberly-Clark Corp.		397		29,334
L’Oreal SA		29		3,579
McCormick & Co., Inc.		2,258		122,903
Natura Cosmeticos SA		103		2,240
PepsiCo, Inc.		417		27,668
Procter & Gamble Co., The		2,380		159,960
Safeway, Inc.		777		15,703
Sysco Corp.		2,320		69,275
Tesco PLC		336		1,773
Unilever NV		2,240		76,227
United Natural Foods, Inc. (a)		95		4,433
Walgreen Co.		520		17,415
WD-40 Co.		495		22,448
				788,547
ENERGY: 6.4%
Apache Corp.		151		15,166
Baker Hughes, Inc.		145		6,081
BG Group PLC, ADR		3,855		89,282
Canadian Natural Resources, Ltd.		41		1,360
Cimarex Energy Co.		1,001		75,545
ConocoPhillips		575		43,706
Contango Oil & Gas Co. (a)		290		17,084
El Paso Corp.		1,545		45,655
Energen Corp.		725		35,634
Energy XXI Bermuda, Ltd. (a)		405		14,625
Enerplus Corp.		1,070		23,989
Ensco PLC, ADR		92		4,870
EQT Corp.		132		6,364
Kinder Morgan Management LLC		914		68,212
Newfield Exploration Co. (a)		2,360		81,845

	Schedule of Investments (Unaudited)
ESG Managers™ Aggressive Growth Portfolio	March 31, 2012

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)		605	$	22,669
Noble Energy, Inc.		526		51,432
Penn West Petroleum, Ltd.		57		1,114
Petroleo Brasileiro SA, ADR		399		10,597
Provident Energy, Ltd.		928		11,136
Quicksilver Resources, Inc. (a)		1,560		7,862
Rosetta Resources, Inc. (a)		56		2,731
Royal Dutch Shell PLC, ADR		518		36,327
Sasol Ltd., ADR		31		1,508
Seadrill, Ltd.		816		30,608
Spectra Energy Corp.		1,537		48,492
Statoil ASA, ADR		1,146		31,068
Suncor Energy, Inc.		622		20,339
W&T Offshore, Inc.		1,620		34,150
Weatherford International, Ltd. (a)		1,067		16,101
Williams Cos., Inc., The		1,053		32,443
				887,995
FINANCIALS: 8.7%
American Express Co.		1,359		78,632
American Tower Corp., REIT		166		10,461
Artio Global Investors, Inc.		1,705		8,133
Banco Bradesco SA, ADR		177		3,098
Bank of Montreal		194		11,527
Bank of New York Mellon Corp., The		712		17,181
BlackRock, Inc.		199		40,775
Capital One Financial Corp.		312		17,391
CapitaLand, Ltd.		521		1,294
CBRE Group, Inc., Class A (a)		1,010		20,160
Charles Schwab Corp., The		6,416		92,198
Cincinnati Financial Corp.		542		18,704
City National Corp.		195		10,232
CME Group, Inc.		141		40,796
Digital Realty Trust, Inc., REIT		328		24,262
First American Financial Corp.		2,575		42,822
First Horizon National Corp.		2,640		27,403
Growthpoint Properties, Ltd.		379		989
HCP, Inc., REIT		451		17,796
Hospitality Properties Trust, REIT		943		24,961
IntercontinentalExchange, Inc. (a)		178		24,461
Janus Capital Group, Inc.		2,710		24,146
Jones Lang LaSalle, Inc.		260		21,661

	Schedule of Investments (Unaudited)
ESG Managers™ Aggressive Growth Portfolio	March 31, 2012

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS, continued
COMMON STOCKS, continued
FINANCIALS, continued
JPMorgan Chase & Co.		1,532	$	70,441
KKR & Co., LP		1,100		16,313
Lazard, Ltd., Class A		2,206		63,003
Loews Corp.		543		21,649
Marsh & McLennan Cos., Inc.		871		28,560
MetLife, Inc.		628		23,456
Och-Ziff Capital Mgmt. Group, LP, Class A		162		1,503
Pinnacle Financial Partners, Inc. (a)		1,085		19,910
Plum Creek Timber Co., Inc., REIT		49		2,036
Potlatch Corp., REIT		84		2,633
Progressive Corp., The		5,033		116,665
Royal Bank of Canada (Canadian)		46		2,666
SEI Investments Co.		2,245		46,449
State Street Corp.		867		39,449
Tower Group, Inc.		585		13,122
Travelers Cos., Inc., The		404		23,917
U.S. Bancorp		1,689		53,508
Unibail-Rodamco SE, REIT		14		2,801
Valley National Bancorp		927		12,005
Wells Fargo & Co.		1,831		62,509
				1,201,678
HEALTH CARE: 7.5%
Abbott Laboratories		1,287		78,880
Amgen, Inc.		62		4,215
Baxter International, Inc.		152		9,087
Becton Dickinson & Co.		879		68,254
Bio-Rad Laboratories, Inc., Class A (a)		242		25,093
Charles River Laboratories Intl., Inc. (a)		620		22,376
Covidien PLC		1,220		66,710
Eli Lilly & Co.		425		17,115
Furiex Pharmaceutical, Inc. (a)		400		9,452
Genomic Health, Inc. (a)		410		12,550
Gen-Probe, Inc. (a)		440		29,220
Gilead Sciences, Inc. (a)		1,525		74,496
GlaxoSmithKline PLC, ADR		611		27,440
Hospira, Inc. (a)		495		18,508
Johnson & Johnson		870		57,385
LHC Group, Inc. (a)		270		5,003
Life Technologies Corp. (a)		67		3,271
Merck & Co., Inc.		1,546		59,366
Novartis AG		152		8,414

	Schedule of Investments (Unaudited)
ESG Managers™ Aggressive Growth Portfolio	March 31, 2012

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS, continued
COMMON STOCKS, continued
HEALTH CARE, continued
Novartis AG, ADR		818	$	45,325
Novo Nordisk A/S, ADR		305		42,307
Novo Nordisk A/S, B Shares		97		13,469
Olympus Corp.		83		1,363
Patterson Cos., Inc.		670		22,378
Pfizer, Inc.		1,736		39,338
Roche Holding AG		92		16,011
Roche Holding AG, ADR		1,422		62,056
Sirona Dental Systems, Inc. (a)		105		5,412
Smith & Nephew PLC		252		2,554
St. Jude Medical, Inc.		41		1,817
Symmetry Medical, Inc. (a)		825		5,833
Teleflex, Inc.		1,375		84,081
Valeant Pharmaceuticals International (a)		605		32,482
VCA Antech, Inc. (a)		1,020		23,674
Waters Corp. (a)		54		5,004
WellPoint, Inc.		247		18,229
Zimmer Holdings, Inc. (a)		320		20,570
				1,038,738
INDUSTRIALS: 7.2%
3M Co.		767		68,424
ABB, Ltd. (a)		126		2,579
ABB, Ltd., ADR (a)		88		1,796
Abengoa SA		84		1,535
Ameresco, Inc., Class A (a)		152		2,060
Atlas Copco AB, A Shares		201		4,863
Bombardier, Inc., Class B		184		764
Brady Corp., Class A		535		17,307
Brink’s Co., The.		280		6,684
Canadian Pacific Railway, Ltd.		38		2,884
Cooper Industries PLC		365		23,342
Cummins, Inc.		47		5,642
Danaher Corp.		2,604		145,824
Deere & Co.		167		13,510
Dun & Bradstreet Corp.		205		17,370
East Japan Railway Co.		45		2,841
Eaton Corp.		96		4,784
Emerson Electric Co.		731		38,144
Expeditors International of Washington, Inc.		76		3,535
FedEx Corp.		25		2,299
FTI Consulting, Inc. (a)		2		75

	Schedule of Investments (Unaudited)
ESG Managers™ Aggressive Growth Portfolio	March 31, 2012

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS, continued
COMMON STOCKS, continued
INDUSTRIALS, continued
General Electric Co.		2,937	$	58,946
Genesee & Wyoming, Inc., Class A (a)		22		1,201
Herman Miller, Inc.		2,002		45,966
Honeywell International, Inc.		645		39,377
ICF International, Inc. (a)		1,015		25,751
IDEX Corp.		345		14,535
Illinois Tool Works, Inc.		548		31,302
Insperity, Inc.		765		23,440
Interface, Inc., Class A		900		12,555
Iron Mountain, Inc.		1,085		31,248
Kurita Water Industries, Ltd.		89		2,191
Mitsubishi Electric Corp.		267		2,384
Mitsui OSK Lines, Ltd.		267		1,172
MTR Corp. Ltd.		1,230		4,415
Nordson Corp.		53		2,889
Pall Corp.		750		44,723
Pentair, Inc.		434		20,663
Royal Philips		118		2,401
Royal Philips (Netherlands)		20		406
RR Donnelley & Sons, Co.		1,289		15,971
Schneider Electric SA		50		3,271
Siemens AG		28		2,824
Simpson Manufacturing Co., Inc.		490		15,803
Skanska AB, B Shares		73		1,264
SKF AB, B Shares		180		4,393
Stanley Black & Decker, Inc.		217		16,700
Stericycle, Inc. (a)		15		1,255
Tennant Co.		67		2,948
Timken Co.		76		3,856
United Parcel Service, Inc., Class B		586		47,302
Verisk Analytics, Inc., Class A (a)		395		18,552
Vestas Wind Systems A/S (a)		135		1,372
Waste Management, Inc.		2,294		80,197
WW Grainger, Inc.		204		43,820
				991,355
INFORMATION TECHNOLOGY: 10.0%
Accenture PLC, Class A		365		23,543
Adobe Systems, Inc. (a)		97		3,328
Altera Corp.		2,316		92,223
Anixter International, Inc. (a)		922		66,873
Apple, Inc. (a)		29		17,385

	Schedule of Investments (Unaudited)
ESG Managers™ Aggressive Growth Portfolio	March 31, 2012

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS, continued
COMMON STOCKS, continued
INFORMATION TECHNOLOGY, continued
Applied Materials, Inc.		3,021	$	37,581
Autodesk, Inc. (a)		109		4,613
Brocade Communications Systems, Inc. (a)		3,490		20,068
Canon, Inc.		102		4,879
Ceragon Networks, Ltd. (a)		1,730		16,418
Ciena Corp. (a)		1,385		22,423
Cisco Systems, Inc.		867		18,337
Clicksoftware Technologies, Ltd.		1,150		14,582
Cognizant Technology Solutions, Class A (a)		29		2,232
Corning, Inc.		235		3,309
Cree, Inc. (a)		76		2,404
DragonWave, Inc. (a)		1,795		7,108
eBay, Inc. (a)		109		4,021
EMC Corp. (a)		415		12,400
EZchip Semiconductor, Ltd. (a)		555		24,048
Fair Isaac Corp.		550		24,145
Finisar Corp. (a)		1,810		36,472
Google, Inc., Class A (a)		262		168,005
Harmonic, Inc. (a)		3,645		19,938
Hewlett-Packard Co.		553		13,178
IBM		278		58,005
Intel Corp.		1,295		36,402
InterDigital, Inc.		28		976
Intuit, Inc.		162		9,741
Itron, Inc. (a)		46		2,089
Juniper Networks, Inc. (a)		58		1,327
MasterCard, Inc., Class A		213		89,575
Maxim Integrated Products, Inc.		648		18,526
Mentor Graphics Corp. (a)		1,020		15,157
Microchip Technology, Inc.		617		22,952
Microsoft Corp.		900		29,025
Motorola Solutions, Inc.		1,183		60,132
National Instruments Corp.		2,260		64,455
NetApp, Inc. (a)		54		2,418
Oracle Corp.		73		2,129
Paychex, Inc.		1,388		43,014
PMC - Sierra, Inc. (a)		2,810		20,316
Qualcomm, Inc.		730		49,655
Solarworld AG		421		1,329
Taiwan Semiconductor Manu. Co., Ltd., ADR		88		1,345
TE Connectivity, Ltd.		724		26,607
Teradata Corp. (a)		15		1,022

	Schedule of Investments (Unaudited)
ESG Managers™ Aggressive Growth Portfolio	March 31, 2012

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS, continued
COMMON STOCKS, continued
INFORMATION TECHNOLOGY, continued
Texas Instruments, Inc.		2,752	$	92,495
VeriSign, Inc.		1,090		41,791
Websense, Inc. (a)		460		9,701
Xerox Corp		2,425		19,593
				1,379,290
MATERIALS: 2.4%
Air Liquide SA		18		2,400
Air Products & Chemicals, Inc.		324		29,743
Calgon Carbon Corp. (a)		1,130		17,639
Compass Minerals International		420		30,131
Crown Holdings, Inc. (a)		677		24,934
Ecolab, Inc.		818		50,487
International Paper Co.		598		20,990
MeadWestvaco Corp.		561		17,722
Novozymes A/S, ADR		644		18,843
Novozymes A/S, B Shares		218		6,365
Nucor Corp.		132		5,669
Potash Corp. of Saskatchewan, Inc.		43		1,965
Praxair, Inc.		682		78,184
Rio Tinto PLC, ADR		73		4,058
Schnitzer Steel Industries, Inc., Class A		50		1,995
Sonoco Products Co.		38		1,262
Svenska Cellulosa AB, B Shares		287		4,973
Syngenta AG, ADR (a)		67		4,612
Teijin, Ltd.		434		1,468
Umicore SA		66		3,638
Vale SA, ADR		41		956
				328,034
TELECOMMUNICATION SERVICES: 1.3%
America Movil SAB de CV, Series L, ADR		249		6,183
AT&T, Inc.		1,411		44,066
BCE, Inc.		245		9,815
CenturyLink, Inc.		503		19,441
China Mobile, Ltd.		449		4,944
Portugal Telecom SGPS SA		157		853
Telefonica SA		421		6,907
Telefonica SA, ADR		1,264		20,742
Verizon Communications, Inc.		459		17,548
Vodafone Group PLC, ADR		1,308		36,192
Windstream Corp.		1,405		16,452
				183,143

	Schedule of Investments (Unaudited)
ESG Managers™ Aggressive Growth Portfolio	March 31, 2012

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS, continued
COMMON STOCKS, continued
UTILITIES: 2.8%
Acciona SA		21	$	1,464
AGL Resources, Inc.		725		28,435
American Water Works Co., Inc.		1,007		34,268
CenterPoint Energy, Inc.		73		1,440
Enel Green Power SpA		842		1,600
Hyflux, Ltd.		1,041		1,241
Iberdrola SA		178		1,011
MDU Resources Group, Inc.		1,875		41,981
National Grid PLC		336		3,386
National Grid PLC, ADR		450		22,716
NiSource, Inc.		2,032		49,479
Northeast Utilities		257		9,540
Northwest Natural Gas Co.		550		24,970
ONEOK, Inc.		593		48,424
Ormat Technologies, Inc.		143		2,881
Portland General Electric Co.		118		2,948
Questar Corp.		3,555		68,469
Red Electrica Corp. SA		63		3,083
SABESP, ADR		16		1,226
Sempra Energy		525		31,479
SSE PLC		169		3,594
Verbund AG		54		1,644
Xcel Energy, Inc.		19		503
				385,782
TOTAL COMMON STOCKS				8,018,384
(Cost $7,258,521)
PREFERRED STOCK: 0.0%
CONSUMER STAPLES: 0.0%
Henkel AG & Co KGaA		50		3,664
TOTAL PREFERRED STOCK				3,664
(Cost $3,150)
TOTAL STOCKS				8,022,048
(Cost $7,261,671)

	Schedule of Investments (Unaudited)
ESG Managers™ Aggressive Growth Portfolio	March 31, 2012

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
AFFILIATED INVESTMENT COMPANIES: 32.0%
Pax MSCI EAFE ESG Index ETF		43,667	$	1,024,471
Pax MSCI North America ESG Index ETF		74,508		2,231,515
Pax World Balanced Fund (b)		38		910
Pax World Global Green Fund (a)(b)		20,667		200,056
Pax World High Yield Bond Fund (b)		53		390
Pax World International Fund (b)		115,905		951,583
TOTAL AFFILIATED INVESTMENT COMPANIES				4,408,925
(Cost $4,310,877)
NON-AFFILIATED INVESTMENT COMPANIES: 6.1%
Schroder Emerging Market Equity Fund (c)		64,827		840,812
TOTAL NON-AFFILIATED INVESTMENT COMPANIES				840,812
(Cost $852,661)
REPURCHASE AGREEMENT: 2.0%
State Street Repo, 0.010%, 04/02/2012 (collateralized by Fannie Mae, 1.150%, due 02/22/17, principal amount $285,000; market value $283,208)
TOTAL REPURCHASE AGREEMENT	$	275,000		275,000
(Cost $275,000)
TOTAL INVESTMENTS: 98.3%				13,546,785
(Cost $12,700,209)
Other assets and liabilities—(Net): 1.7%				231,901
Net Assets: 100.0%			$	13,778,686

(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

	Schedule of Investments (Unaudited)
ESG Managers™ Growth Portfolio	March 31, 2012

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS: 55.4%
COMMON STOCKS: 55.4%
CONSUMER DISCRETIONARY: 5.5%
Accor SA		68	$	2,427
Arbitron, Inc.		280		10,354
BorgWarner, Inc. (a)		24		2,024
Comcast Corp., Class A		28		840
Comcast Corp., Special, Class A		922		27,208
Darden Restaurants, Inc.		18		921
DeVry, Inc.		410		13,887
DISH Network Corp., Class A		680		22,392
Electrolux AB, Series B		113		2,388
Ford Motor Co.		14		175
GameStop Corp., Class A		26		568
Gannett Co, Inc.		1,280		19,622
Hanesbrands, Inc. (a)		383		11,314
Hennes & Mauritz AB, B Shares		87		3,145
Home Depot, Inc.		378		19,017
International Game Technology		1,045		17,546
Interpublic Group of Cos., Inc., The		1,590		18,142
Johnson Controls, Inc.		525		17,052
Macy’s, Inc.		23		914
Madison Square Garden Company, The, Class A (a)		285		9,747
McDonald’s Corp.		102		10,006
Meredith Corp.		285		9,251
Mohawk Industries, Inc. (a)		245		16,295
Newell Rubbermaid, Inc.		880		15,673
News Corp., Class A		1,714		33,749
NIKE, Inc., Class B		139		15,073
Nordstrom, Inc.		175		9,751
PulteGroup, Inc. (a)		1,510		13,364
Royal Caribbean Cruises, Ltd.		560		16,481
Scripps Networks Interactive, Class A		1,078		52,488
SES SA		535		13,278
Sharp Corp./Japan		340		2,504
Shaw Communications, Inc.		65		1,375
Skullcandy, Inc. (a)		39		617
Sotheby’s		140		5,508
Staples, Inc.		207		3,349
Target Corp.		1,478		86,123
Time Warner Cable, Inc.		359		29,259
Time Warner, Inc.		744		28,086
Toll Brothers, Inc. (a)		330		7,917
Washington Post Co., The, Class B		26		9,712
				579,542

	Schedule of Investments (Unaudited)
ESG Managers™ Growth Portfolio	March 31, 2012

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS, continued
COMMON STOCKS, continued
CONSUMER STAPLES: 4.9%
Coca-Cola Co., The		228		16,874
Corn Products International, Inc.		79		4,554
Cosan, Ltd., Class A		151		2,242
CVS Caremark Corp.		1,314		58,867
Danone		49		3,418
Diageo PLC		6		144
Energizer Holdings, Inc. (a)		85		6,305
HJ Heinz Co.		379		20,295
JM Smucker Co., The		390		31,730
Kellogg Co.		325		17,430
Kimberly-Clark Corp.		249		18,399
L’Oreal SA		26		3,209
McCormick & Co., Inc.		1,466		79,794
Natura Cosmeticos SA		105		2,284
PepsiCo, Inc.		267		17,715
Procter & Gamble Co., The		1,523		102,361
Safeway, Inc.		509		10,287
Sysco Corp.		1,491		44,521
Tesco PLC		301		1,589
Unilever NV		1,407		47,880
United Natural Foods, Inc. (a)		86		4,013
Walgreen Co.		335		11,220
WD-40 Co.		310		14,060
				519,191
ENERGY: 6.5%
Apache Corp.		92		9,240
Baker Hughes, Inc.		89		3,733
BG Group PLC, ADR		2,355		54,542
Canadian Natural Resources, Ltd.		27		896
Cimarex Energy Co.		627		47,320
ConocoPhillips		371		28,200
Contango Oil & Gas Co. (a)		220		12,960
El Paso Corp.		994		29,373
Energen Corp.		465		22,855
Energy XXI Bermuda, Ltd. (a)		240		8,666
Enerplus Corp.		1,300		29,146
Ensco PLC, ADR		101		5,346
EQT Corp.		91		4,387
Kinder Morgan Management LLC		1,111		82,914
Newfield Exploration Co. (a)		1,485		51,500
Noble Corp. (a)		384		14,388

	Schedule of Investments (Unaudited)
ESG Managers™ Growth Portfolio	March 31, 2012

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS, continued
COMMON STOCKS, continued
ENERGY, continued
Noble Energy, Inc.		332	$	32,463
Penn West Petroleum, Ltd.		40		782
Petroleo Brasileiro SA, ADR		239		6,348
Provident Energy, Ltd.		1,127		13,524
Quicksilver Resources, Inc. (a)		925		4,662
Rosetta Resources, Inc. (a)		39		1,902
Royal Dutch Shell PLC, ADR		331		23,213
Sasol Ltd., ADR		21		1,021
Seadrill, Ltd.		992		37,210
Spectra Energy Corp.		1,502		47,388
Statoil ASA, ADR		1,295		35,107
Suncor Energy, Inc.		405		13,244
W&T Offshore, Inc.		1,000		21,080
Weatherford International, Ltd. (a)		627		9,461
Williams Cos., Inc., The		1,280		39,436
				692,307
FINANCIALS: 8.2%
American Express Co.		858		49,644
American Tower Corp., REIT		115		7,247
Artio Global Investors, Inc.		1,010		4,818
Banco Bradesco SA, ADR		158		2,765
Bank of Montreal		235		13,964
Bank of New York Mellon Corp., The		469		11,317
BlackRock, Inc.		140		28,686
Capital One Financial Corp.		202		11,259
CapitaLand, Ltd.		656		1,630
CBRE Group, Inc., Class A (a)		815		16,267
Charles Schwab Corp., The		4,248		61,044
Cincinnati Financial Corp.		658		22,708
City National Corp.		175		9,182
CME Group, Inc.		127		36,745
Digital Realty Trust, Inc., REIT		382		28,257
First American Financial Corp.		1,765		29,352
First Horizon National Corp.		1,565		16,245
Growthpoint Properties, Ltd.		478		1,247
HCP, Inc., REIT		548		21,624
Hospitality Properties Trust, REIT		1,125		29,779
IntercontinentalExchange, Inc. (a)		116		15,941
Janus Capital Group, Inc.		2,190		19,513
Jones Lang LaSalle, Inc.		210		17,495
JPMorgan Chase & Co.		991		45,566

	Schedule of Investments (Unaudited)
ESG Managers™ Growth Portfolio	March 31, 2012

		xxx,xx,xxx		xxx,xx,xxx
PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS, continued
COMMON STOCKS, continued
FINANCIALS, continued
KKR & Co., LP		890	$	13,199
Lazard, Ltd., Class A		1,535		43,840
Loews Corp.		351		13,994
Marsh & McLennan Cos., Inc.		538		17,641
MetLife, Inc.		352		13,147
Och-Ziff Capital Mgmt. Group, LP, Class A		66		612
Pinnacle Financial Partners, Inc. (a)		645		11,836
Plum Creek Timber Co., Inc., REIT		31		1,288
Potlatch Corp., REIT		75		2,351
Progressive Corp., The		3,150		73,017
Royal Bank of Canada (Canadian)		41		2,376
SEI Investments Co.		1,420		29,380
State Street Corp.		545		24,798
Tower Group, Inc.		350		7,851
Travelers Cos., Inc., The		265		15,688
U.S. Bancorp		1,091		34,563
Unibail-Rodamco SE, REIT		13		2,600
Valley National Bancorp		1,127		14,594
Wells Fargo & Co.		1,174		40,079
				865,149
HEALTH CARE: 7.4%
Abbott Laboratories		1,236		75,754
Amgen, Inc.		43		2,924
Baxter International, Inc.		135		8,070
Becton Dickinson & Co.		568		44,105
Bio-Rad Laboratories, Inc., Class A (a)		175		18,146
Charles River Laboratories Intl., Inc. (a)		505		18,225
Covidien PLC		769		42,049
Eli Lilly & Co.		516		20,779
Furiex Pharmaceutical, Inc. (a)		240		5,671
Genomic Health, Inc. (a)		245		7,499
Gen-Probe, Inc. (a)		285		18,927
Gilead Sciences, Inc. (a)		985		48,117
GlaxoSmithKline PLC, ADR		742		33,323
Hospira, Inc. (a)		375		14,021
Johnson & Johnson		806		53,164
LHC Group, Inc. (a)		150		2,780
Life Technologies Corp. (a)		60		2,929
Merck & Co., Inc.		1,362		52,301
Novartis AG		135		7,473
Novartis AG, ADR		526		29,146

	Schedule of Investments (Unaudited)
ESG Managers™ Growth Portfolio	March 31, 2012

		xxx,xx,xxx		xxx,xx,xxx
PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS, continued
COMMON STOCKS, continued
HEALTH CARE, continued
Novo Nordisk A/S, ADR		191	$	26,494
Novo Nordisk A/S, B Shares		87		12,081
Olympus Corp.		100		1,643
Patterson Cos., Inc.		485		16,199
Pfizer, Inc.		1,571		35,599
Roche Holding AG		77		13,400
Roche Holding AG, ADR		894		39,014
Sirona Dental Systems, Inc. (a)		65		3,350
Smith & Nephew PLC		226		2,290
St. Jude Medical, Inc.		28		1,241
Symmetry Medical, Inc. (a)		670		4,737
Teleflex, Inc.		870		53,201
Valeant Pharmaceuticals International (a)		390		20,939
VCA Antech, Inc. (a)		605		14,042
Waters Corp. (a)		49		4,540
WellPoint, Inc.		155		11,439
Zimmer Holdings, Inc. (a)		260		16,714
				782,326
INDUSTRIALS: 6.6%
3M Co.		482		42,999
ABB, Ltd. (a)		113		2,313
ABB, Ltd., ADR (a)		1		20
Abengoa SA		75		1,371
Ameresco, Inc., Class A (a)		135		1,829
Atlas Copco AB, A Shares		181		4,379
Bombardier, Inc., Class B		128		531
Brady Corp., Class A		430		13,911
Brink’s Co., The.		255		6,087
Canadian Pacific Railway, Ltd.		34		2,581
Cooper Industries PLC		235		15,028
Cummins, Inc.		37		4,441
Danaher Corp.		1,624		90,944
Deere & Co.		141		11,407
Dun & Bradstreet Corp.		168		14,235
East Japan Railway Co.		66		4,167
Eaton Corp.		85		4,236
Emerson Electric Co.		487		25,412
Expeditors International of Washington, Inc.		61		2,837
FedEx Corp.		23		2,115
General Electric Co.		2,549		51,158
Genesee & Wyoming, Inc., Class A (a)		1		55

	Schedule of Investments (Unaudited)
ESG Managers™ Growth Portfolio	March 31, 2012

		xxx,xx,xxx		xxx,xx,xxx
PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS, continued
COMMON STOCKS, continued
INDUSTRIALS, continued
Herman Miller, Inc.		1,314	$	30,169
Honeywell International, Inc.		405		24,725
ICF International, Inc. (a)		644		16,338
IDEX Corp.		280		11,796
Illinois Tool Works, Inc.		351		20,049
Insperity, Inc.		455		13,941
Interface, Inc., Class A		730		10,184
Iron Mountain, Inc.		680		19,584
Kurita Water Industries, Ltd.		98		2,413
Masco Corp.		78		1,043
Mitsubishi Electric Corp.		350		3,125
Mitsui OSK Lines, Ltd.		350		1,536
MTR Corp. Ltd.		710		2,548
Nordson Corp.		58		3,162
Pall Corp.		478		28,503
Pentair, Inc.		277		13,188
Royal Philips		105		2,137
Royal Philips (Netherlands)		14		284
RR Donnelley & Sons, Co.		1,567		19,415
Schneider Electric SA		45		2,944
Siemens AG		26		2,622
Simpson Manufacturing Co., Inc.		365		11,771
Skanska AB, B Shares		65		1,126
SKF AB, B Shares		161		3,930
Stanley Black & Decker, Inc.		172		13,237
Stericycle, Inc. (a)		9		753
Tennant Co.		60		2,640
Timken Co.		53		2,689
United Parcel Service, Inc., Class B		381		30,754
Verisk Analytics, Inc., Class A (a)		235		11,038
Vestas Wind Systems A/S (a)		120		1,220
Waste Management, Inc.		1,519		53,104
Watsco, Inc.		12		888
WW Grainger, Inc.		128		27,497
				692,409
INFORMATION TECHNOLOGY: 9.0%
Accenture PLC, Class A		235		15,158
Adobe Systems, Inc. (a)		87		2,985
Altera Corp.		1,454		57,898
Anixter International, Inc. (a)		610		44,243
Apple, Inc. (a)		23		13,788

	Schedule of Investments (Unaudited)
ESG Managers™ Growth Portfolio	March 31, 2012

		xxx,xx,xxx		xxx,xx,xxx
PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS, continued
COMMON STOCKS, continued
INFORMATION TECHNOLOGY, continued
Applied Materials, Inc.		2,367	$	29,445
Autodesk, Inc. (a)		95		4,020
Brocade Communications Systems, Inc. (a)		2,070		11,903
Canon, Inc.		142		6,793
Ceragon Networks, Ltd. (a)		1,025		9,727
Ciena Corp. (a)		820		13,276
Cisco Systems, Inc.		581		12,288
Clicksoftware Technologies, Ltd.		680		8,622
Cognizant Technology Solutions, Class A (a)		20		1,539
Corning, Inc.		151		2,126
Cree, Inc. (a)		68		2,151
DragonWave, Inc. (a)		1,065		4,217
eBay, Inc. (a)		98		3,615
EMC Corp. (a)		288		8,605
EZchip Semiconductor, Ltd. (a)		330		14,299
Fair Isaac Corp.		395		17,341
Finisar Corp. (a)		1,075		21,661
Google, Inc., Class A (a)		176		112,858
Harmonic, Inc. (a)		2,165		11,843
Hewlett-Packard Co.		360		8,579
IBM		184		38,392
Intel Corp.		1,531		43,036
InterDigital, Inc.		19		662
Intuit, Inc.		118		7,095
Itron, Inc. (a)		41		1,862
Juniper Networks, Inc. (a)		40		915
MasterCard, Inc., Class A		134		56,352
Maxim Integrated Products, Inc.		789		22,558
Mentor Graphics Corp. (a)		605		8,990
Microchip Technology, Inc.		751		27,937
Micron Technology, Inc. (a)		83		672
Microsoft Corp.		607		19,576
Motorola Solutions, Inc.		765		38,885
National Instruments Corp.		1,353		38,588
NetApp, Inc. (a)		68		3,044
Oracle Corp.		51		1,487
Paychex, Inc.		888		27,519
PMC – Sierra, Inc. (a)		1,670		12,074
Qualcomm, Inc.		480		32,650
Riverbed Technology, Inc. (a)		41		1,151
Solarworld AG		376		1,187
Taiwan Semiconductor Manu. Co., Ltd., ADR		61		932

	Schedule of Investments (Unaudited)
ESG Managers™ Growth Portfolio	March 31, 2012

		xxx,xx,xxx		xxx,xx,xxx
PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS, continued
COMMON STOCKS, continued
INFORMATION TECHNOLOGY, continued
TE Connectivity, Ltd.		460	$	16,905
Teradata Corp. (a)		11		750
Texas Instruments, Inc.		1,731		58,179
VeriSign, Inc.		695		26,647
Websense, Inc. (a)		275		5,801
Xerox Corp		1,637		13,227
				946,053
MATERIALS: 2.3%
Air Liquide SA		17		2,267
Air Products & Chemicals, Inc.		208		19,094
Calgon Carbon Corp. (a)		670		10,459
Compass Minerals International		315		22,598
Crown Holdings, Inc. (a)		430		15,837
Ecolab, Inc.		537		33,144
International Paper Co.		727		25,518
MeadWestvaco Corp.		682		21,544
Molycorp, Inc. (a)		4		135
Novozymes A/S, ADR		405		11,850
Novozymes A/S, B Shares		205		5,985
Nucor Corp.		104		4,467
Potash Corp. of Saskatchewan, Inc.		30		1,371
Praxair, Inc.		445		51,015
Rio Tinto PLC, ADR		51		2,835
Schnitzer Steel Industries, Inc., Class A		45		1,795
Sonoco Products Co.		35		1,162
Svenska Cellulosa AB, B Shares		257		4,454
Syngenta AG, ADR (a)		47		3,235
Teijin, Ltd.		700		2,367
Umicore SA		59		3,252
Vale SA, ADR		26		607
				244,991
TELECOMMUNICATION SERVICES: 1.7%
America Movil SAB de CV, Series L, ADR		173		4,296
AT&T, Inc.		1,275		39,818
BCE, Inc.		298		11,938
CenturyLink, Inc.		341		13,180
China Mobile, Ltd.		372		4,096
Portugal Telecom SGPS SA		109		592
Telefonica SA		376		6,169
Telefonica SA, ADR		1,614		26,486

	Schedule of Investments (Unaudited)
ESG Managers™ Growth Portfolio	March 31, 2012

		xxx,xx,xxx		xxx,xx,xxx
PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS, continued
COMMON STOCKS, continued
TELECOMMUNICATION SERVICES, continued
Verizon Communications, Inc.		299	$	11,431
Vodafone Group PLC, ADR		1,391		38,488
Windstream Corp.		1,708		20,000
				176,494
UTILITIES: 3.3%
Acciona SA		19		1,324
AGL Resources, Inc.		455		17,845
American Water Works Co., Inc.		1,225		41,687
CenterPoint Energy, Inc.		51		1,006
Enel Green Power SpA		753		1,431
Hyflux, Ltd.		1,315		1,567
Iberdrola SA		160		909
MDU Resources Group, Inc.		1,210		27,092
National Grid PLC		301		3,034
National Grid PLC, ADR		547		27,613
NiSource, Inc.		2,470		60,145
Northeast Utilities		313		11,619
Northwest Natural Gas Co.		355		16,117
ONEOK, Inc.		667		54,467
Ormat Technologies, Inc.		128		2,579
Portland General Electric Co.		105		2,623
Questar Corp.		2,247		43,277
Red Electrica Corp. SA		56		2,741
SABESP, ADR		15		1,149
Sempra Energy		346		20,746
SSE PLC		151		3,211
Verbund AG		49		1,491
Xcel Energy, Inc.		13		343
				344,016
TOTAL COMMON STOCKS				5,842,478
(Cost $4,984,893)
PREFERRED STOCK: 0.0%
CONSUMER STAPLES: 0.0%
Henkel AG & Co KGaA		52		3,811
TOTAL PREFERRED STOCK				3,811
(Cost $3,261)
TOTAL STOCKS				5,846,289
(Cost $4,988,154)

	Schedule of Investments (Unaudited)
ESG Managers™ Growth Portfolio	March 31, 2012

		xxx,xx,xxx		xxx,xx,xxx
PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
AFFILIATED INVESTMENT COMPANIES: 28.1%
Pax MSCI EAFE ESG Index ETF		20,416	$	478,980
Pax MSCI North America ESG Index ETF		47,725		1,429,364
Pax World Balanced Fund (b)		14		338
Pax World Global Green Fund (a)(b)		22,021		213,159
Pax World High Yield Bond Fund (b)		56,414		418,028
Pax World International Fund (b)		51,322		421,357
TOTAL AFFILIATED INVESTMENT COMPANIES				2,961,226
(Cost $2,890,703)
NON-AFFILIATED INVESTMENT COMPANIES: 5.7%
Access Capital Community Investment Fund (b)		7,696		74,656
CRA Qualified Investment Fund (b)		5,125		56,626
Schroder Emerging Market Equity Fund (c)		36,353		471,495
TOTAL NON-AFFILIATED INVESTMENT COMPANIES				602,777
(Cost $626,276)
BONDS: 8.7%
CORPORATE BONDS: 2.3%
CONSUMER DISCRETIONARY: 0.2%
Advance Auto Parts, Inc., 4.500%, 01/15/22	$	3,000		3,091
BorgWarner, Inc., 5.750%, 11/01/16		6,000		6,734
Ethan Allen Global, Inc., 5.375%, 10/01/15		3,000		3,009
Interpublic Group of Cos., Inc., The, 10.000%, 07/15/17		5,000		5,750
				18,584
ENERGY: 0.2%
Conoco, Inc., 6.950%, 04/15/29		5,000		6,736
MidAmerican Energy Co., 6.750%, 12/30/31		6,000		7,736
Newfield Exploration Co., 7.125%, 05/15/18		3,000		3,173
				17,645
FINANCIALS: 1.2%
Bank of America Corp., 5.650%, 05/01/18		5,000		5,344
Citigroup, Inc., 6.125%, 11/21/17		5,000		5,588
ERP Operating, LP, 7.125%, 10/15/17		5,000		5,905
Federal Realty Investment Trust, REIT, 5.650%, 06/01/16		3,000		3,309
Ford Motor Credit Co., LLC, 7.000%, 04/15/15		5,000		5,474
International Finance Corp., 2.250%, 04/28/14		10,000		10,373
Intl. Bank for Reconstruction and Development, 2.000%, 12/04/13		25,000		25,691
JPMorgan Chase & Co., 4.625%, 05/10/21		5,000		5,235
Kemper Corp., 6.000%, 11/30/15		3,000		3,167

	Schedule of Investments (Unaudited)
ESG Managers™ Growth Portfolio	March 31, 2012

		xxx,xx,xxx		xxx,xx,xxx
PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
BONDS, continued
CORPORATE BONDS, continued
FINANCIALS, continued
Markel Corp., 6.800%, 02/15/13	$	10,000	$	10,304
NASDAQ OMX Group, 4.000%, 01/15/15		6,000		6,222
Progressive Corp., The, 6.700%, 06/15/37		5,000		5,193
ProLogis LP, 6.125%, 12/01/16		10,000		11,007
State Street Corp., 7.350%, 06/15/26		10,000		13,136
Wells Fargo & Co., 3.500%, 03/08/22		3,000		2,960
Willis North America, Inc., 5.625%, 07/15/15		10,000		10,788
				129,696
HEALTH CARE: 0.2%
DENTSPLY International, Inc., 2.750%, 08/15/16		4,000		4,025
Howard Hughes Medical, Inc, 3.450%, 09/01/14		10,000		10,655
McKesson Corp., 6.000%, 03/01/41		4,000		4,989
				19,669
INDUSTRIALS: 0.2%
GATX Corp., 9.000%, 11/15/13		8,270		9,124
Kennametal, Inc., 3.875%, 02/15/22		5,000		5,045
Owens Corning, Inc., 6.500%, 12/01/16		5,000		5,560
Verisk Analytics, Inc., 5.800%, 05/01/21		5,000		5,348
				25,077
INFORMATION TECHNOLOGY: 0.1%
Analog Devices, Inc., 5.000%, 07/01/14		5,000		5,459
KLA-Tencor Corp., 6.900%, 05/01/18		6,000		7,163
				12,622
MATERIALS: 0.1%
Domtar Corp., 9.500%, 08/01/16		5,000		6,100
UTILITIES: 0.1%
American Water Capital Corp., 6.085%, 10/15/17		7,000		8,152
CMS Energy Corp., 4.250%, 09/30/15		6,000		6,255
				14,407
TOTAL CORPORATE BONDS
(Cost $230,790)				243,800
U.S. GOVERNMENT AGENCY BONDS: 1.0%
FEDERAL HOME LOAN BANK SYSTEM (AGENCY): 0.2% 5.000%, 11/17/17		15,000		17,994

	Schedule of Investments (Unaudited)
ESG Managers™ Growth Portfolio	March 31, 2012

		xxx,xx,xxx		xxx,xx,xxx
PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
BONDS, continued
U.S. GOVERNMENT AGENCY BONDS, continued
FREDDIE MAC (AGENCY): 0.3%
3.750%, 03/27/19	$	23,000	$	25,848
2.375%, 01/13/22		7,000		6,887
				32,735
FANNIE MAE (AGENCY): 0.5%
1.625%, 10/26/15		22,000		22,681
5.375%, 07/15/16		12,000		14,198
6.625%, 11/15/30		8,000		11,384
				48,263
TOTAL U.S. GOVERNMENT AGENCY BONDS (Cost $96,387)				98,992
GOVERNMENT BONDS: 0.2%
AID-Egypt, 4.450%, 09/15/15		10,000		11,244
U.S. Dept of Housing & Urban Development, 1.800%, 08/01/14		10,000		10,301
TOTAL GOVERNMENT BONDS				21,545
(Cost $20,810)
U.S. TREASURY NOTES: 2.8%
2.000%, 04/15/12 (TIPS)		11,169		11,197
0.625%, 04/15/13 (TIPS)		8,578		8,807
1.875%, 07/15/13 (TIPS)		18,509		19,493
0.125%, 08/31/13		80,000		79,831
1.250%, 04/15/14 (TIPS)		12,851		13,638
1.625%, 01/15/15 (TIPS)		3,561		3,882
0.500%, 04/15/15 (TIPS)		3,137		3,329
0.125%, 04/15/16 (TIPS)		21,562		22,795
1.375%, 07/15/18 (TIPS)		6,306		7,227
1.375%, 01/15/20 (TIPS)		8,384		9,637
2.125%, 08/15/21		80,000		79,956
2.375%, 01/15/25 (TIPS)		3,607		4,595
1.750%, 01/15/28 (TIPS)		27,045		32,329
3.375%, 04/15/32 (TIPS)		6,384		9,738
TOTAL U.S. TREASURY NOTES				306,454
(Cost $294,441)
MORTGAGE-BACKED SECURITIES: 2.4%
GINNIE MAE (MORTGAGE BACKED): 1.1%
2.021%, 10/16/50		112,093		113,028

	Schedule of Investments (Unaudited)
ESG Managers™ Growth Portfolio	March 31, 2012

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
BONDS, continued
MORTGAGE-BACKED SECURITIES, continued
FREDDIE MAC (MORTGAGE BACKED): 0.6%
5.000%, 06/01/39	$	17,284	$	18,618
4.500%, 07/01/39		12,676		13,453
4.500%, 11/01/39		11,169		11,853
4.500%, 09/01/40		14,133		14,999
				58,923
FANNIE MAE (MORTGAGE BACKED): 0.5%
4.000%, 01/01/41		8,870		9,308
3.500%, 02/01/41		9,180		9,440
4.000%, 12/01/41		9,820		10,310
6.040%, 07/01/13		9,355		9,305
4.000%, 03/01/26		15,620		16,598
				54,961
COMMERCIAL MORTGAGE-BACKED: 0.2%
JP Morgan Chase Commercial Mtg Sec Corp., 4.865%, 03/15/46		10,000		10,159
LB-UBS Commercial Mortgage Trust, 4.559%, 09/15/27		9,961		10,027
LB-UBS Commercial Mortgage Trust, 4.647%, 07/15/30		2,426		2,429
				22,615
TOTAL MORTGAGE-BACKED SECURITIES (Cost $246,850)				249,527
TOTAL BONDS (Cost $889,278)				920,318
TOTAL INVESTMENTS: 97.9%				10,330,610
(Cost $9,394,411)
Other assets and liabilities—(Net): 2.1%				222,262
Net Assets: 100.0%			$	10,552,872

(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

TIPS —Treasury Inflation Protected Securities

	Schedule of Investments (Unaudited)
ESG Managers™ Moderate Portfolio	March 31, 2012

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS: 42.0%
COMMON STOCKS: 42.0%
CONSUMER DISCRETIONARY: 4.1%
Accor SA		64	$	2,284
Arbitron, Inc.		270		9,985
BorgWarner, Inc. (a)		26		2,193
Comcast Corp., Class A		31		930
Comcast Corp., Special, Class A		893		26,352
Darden Restaurants, Inc.		20		1,023
DeVry, Inc.		390		13,209
DISH Network Corp., Class A		666		21,931
Electrolux AB, Series B		107		2,261
Ford Motor Co.		16		200
GameStop Corp., Class A		28		612
Gannett Co, Inc.		1,220		18,703
Hanesbrands, Inc. (a)		374		11,048
Hennes & Mauritz AB, B Shares		85		3,073
Home Depot, Inc.		367		18,464
International Game Technology		995		16,706
Interpublic Group of Cos., Inc., The		1,515		17,286
Johnson Controls, Inc.		512		16,630
Macy's, Inc.		25		993
Madison Square Garden Company, The, Class A (a)		270		9,234
McDonald's Corp.		102		10,006
Meredith Corp.		275		8,927
Mohawk Industries, Inc. (a)		235		15,630
Newell Rubbermaid, Inc.		840		14,960
News Corp., Class A		1,479		29,122
NIKE, Inc., Class B		131		14,206
Nordstrom, Inc.		165		9,194
PulteGroup, Inc. (a)		1,460		12,921
Royal Caribbean Cruises, Ltd.		535		15,745
Scripps Networks Interactive, Class A		1,014		49,372
SES SA		518		12,856
Sharp Corp./Japan		283		2,084
Shaw Communications, Inc.		60		1,269
Skullcandy, Inc. (a)		42		665
Sotheby's		120		4,721
Staples, Inc.		196		3,171
Target Corp.		1,351		78,723
Time Warner Cable, Inc.		358		29,177
Time Warner, Inc.		751		28,350
Toll Brothers, Inc. (a)		315		7,557
Washington Post Co., The, Class B		26		9,712
				551,485

	Schedule of Investments (Unaudited)
ESG Managers™ Moderate Portfolio	March 31, 2012

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS, continued
COMMON STOCKS, continued
CONSUMER STAPLES: 3.7%
Coca-Cola Co., The		210		15,542
Corn Products International, Inc.		87		5,016
Cosan, Ltd., Class A		143		2,124
CVS Caremark Corp.		1,264		56,627
Danone		46		3,209
Diageo PLC		7		169
Energizer Holdings, Inc. (a)		75		5,564
HJ Heinz Co.		374		20,028
JM Smucker Co., The		369		30,022
Kellogg Co.		314		16,840
Kimberly-Clark Corp.		244		18,029
L’Oreal SA		25		3,086
McCormick & Co., Inc.		1,315		71,575
Natura Cosmeticos SA		104		2,262
PepsiCo, Inc.		259		17,185
Procter & Gamble Co., The		1,476		99,202
Safeway, Inc.		462		9,337
Sysco Corp.		1,388		41,446
Tesco PLC		285		1,504
Unilever NV		1,371		46,655
United Natural Foods, Inc. (a)		81		3,779
Walgreen Co.		310		10,381
WD-40 Co.		295		13,377
				492,959
ENERGY: 5.1%
Apache Corp.		96		9,642
Baker Hughes, Inc.		98		4,110
BG Group PLC, ADR		2,298		53,222
Canadian Natural Resources, Ltd.		30		995
Cimarex Energy Co.		610		46,037
ConocoPhillips		364		27,668
Contango Oil & Gas Co. (a)		210		12,371
El Paso Corp.		968		28,604
Energen Corp.		435		21,380
Energy XXI Bermuda, Ltd. (a)		230		8,305
Enerplus Corp.		1,284		28,787
Ensco PLC, ADR		111		5,875
EQT Corp.		100		4,821
Kinder Morgan Management LLC		1,098		81,944
Newfield Exploration Co. (a)		1,455		50,459
Noble Corp. (a)		365		13,677

	Schedule of Investments (Unaudited)
ESG Managers™ Moderate Portfolio	March 31, 2012

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS, continued
COMMON STOCKS, continued
ENERGY, continued
Noble Energy, Inc.		327	$	31,974
Penn West Petroleum, Ltd.		44		860
Petroleo Brasileiro SA, ADR		244		6,481
Provident Energy, Ltd.		1,113		13,356
Quicksilver Resources, Inc. (a)		895		4,511
Rosetta Resources, Inc. (a)		43		2,097
Royal Dutch Shell PLC, ADR		326		22,862
Sasol Ltd., ADR		23		1,119
Seadrill, Ltd.		980		36,760
Spectra Energy Corp.		1,458		46,000
Statoil ASA, ADR		1,294		35,080
Suncor Energy, Inc.		401		13,113
W&T Offshore, Inc.		950		20,026
Weatherford International, Ltd. (a)		645		9,733
Williams Cos., Inc., The		1,265		38,975
				680,844
FINANCIALS: 6.3%
American Express Co.		792		45,825
American Tower Corp., REIT		126		7,941
Artio Global Investors, Inc.		975		4,651
Banco Bradesco SA, ADR		150		2,625
Bank of Montreal		232		13,785
Bank of New York Mellon Corp., The		473		11,413
BlackRock, Inc.		142		29,096
Capital One Financial Corp.		196		10,925
CapitaLand, Ltd.		622		1,545
CBRE Group, Inc., Class A (a)		780		15,569
Charles Schwab Corp., The		4,222		60,670
Cincinnati Financial Corp.		649		22,397
City National Corp.		150		7,871
CME Group, Inc.		123		35,588
Digital Realty Trust, Inc., REIT		379		28,035
First American Financial Corp.		1,690		28,105
First Horizon National Corp.		1,515		15,726
Growthpoint Properties, Ltd.		452		1,179
HCP, Inc., REIT		541		21,348
Hospitality Properties Trust, REIT		1,113		29,461
IntercontinentalExchange, Inc. (a)		110		15,116
Janus Capital Group, Inc.		2,090		18,622
Jones Lang LaSalle, Inc.		200		16,662
JPMorgan Chase & Co.		963		44,279

	Schedule of Investments (Unaudited)
ESG Managers™ Moderate Portfolio	March 31, 2012

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS, continued
COMMON STOCKS, continued
FINANCIALS, continued
KKR & Co., LP		850	$	12,606
Lazard, Ltd., Class A		1,530		43,697
Loews Corp.		341		13,596
Marsh & McLennan Cos., Inc.		526		17,248
MetLife, Inc.		339		12,662
Och-Ziff Capital Mgmt. Group, LP, Class A		73		677
Pinnacle Financial Partners, Inc. (a)		625		11,469
Plum Creek Timber Co., Inc., REIT		34		1,413
Potlatch Corp., REIT		71		2,225
Progressive Corp., The		2,837		65,762
Royal Bank of Canada (Canadian)		39		2,260
SEI Investments Co.		1,329		27,497
State Street Corp.		529		24,070
Tower Group, Inc.		335		7,514
Travelers Cos., Inc., The		248		14,682
U.S. Bancorp		1,062		33,644
Unibail-Rodamco SE, REIT		12		2,400
Valley National Bancorp		1,113		14,412
Wells Fargo & Co.		1,139		38,884
				835,152
HEALTH CARE: 5.7%
Abbott Laboratories		1,200		73,548
Amgen, Inc.		47		3,196
Baxter International, Inc.		128		7,652
Becton Dickinson & Co.		593		46,046
Bio-Rad Laboratories, Inc., Class A (a)		165		17,109
Charles River Laboratories Intl., Inc. (a)		480		17,323
Covidien PLC		736		40,244
Eli Lilly & Co.		510		20,538
Furiex Pharmaceutical, Inc. (a)		230		5,435
Genomic Health, Inc. (a)		235		7,193
Gen-Probe, Inc. (a)		265		17,599
Gilead Sciences, Inc. (a)		915		44,698
GlaxoSmithKline PLC, ADR		733		32,919
Hospira, Inc. (a)		360		13,460
Johnson & Johnson		787		51,911
LHC Group, Inc. (a)		195		3,613
Life Technologies Corp. (a)		57		2,783
Merck & Co., Inc.		1,336		51,302
Novartis AG		128		7,086
Novartis AG, ADR		488		27,040

	Schedule of Investments (Unaudited)
ESG Managers™ Moderate Portfolio	March 31, 2012

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS, continued
COMMON STOCKS, continued
HEALTH CARE, continued
Novo Nordisk A/S, ADR		170	$	23,581
Novo Nordisk A/S, B Shares		82		11,386
Olympus Corp.		85		1,396
Patterson Cos., Inc.		450		15,030
Pfizer, Inc.		1,491		33,786
Roche Holding AG		76		13,226
Roche Holding AG, ADR		900		39,276
Sirona Dental Systems, Inc. (a)		60		3,092
Smith & Nephew PLC		214		2,169
St. Jude Medical, Inc.		31		1,374
Symmetry Medical, Inc. (a)		580		4,101
Teleflex, Inc.		815		49,837
Valeant Pharmaceuticals International (a)		365		19,597
VCA Antech, Inc. (a)		585		13,578
Waters Corp. (a)		46		4,262
WellPoint, Inc.		157		11,587
Zimmer Holdings, Inc. (a)		245		15,749
				753,722
INDUSTRIALS: 4.9%
3M Co.		427		38,093
ABB, Ltd. (a)		107		2,190
ABB, Ltd., ADR (a)		2		41
Abengoa SA		71		1,298
Ameresco, Inc., Class A (a)		128		1,734
Atlas Copco AB, A Shares		171		4,137
Bombardier, Inc., Class B		140		581
Brady Corp., Class A		410		13,264
Brink’s Co., The.		220		5,251
Canadian Pacific Railway, Ltd.		32		2,429
Cooper Industries PLC		220		14,069
Cummins, Inc.		40		4,802
Danaher Corp.		1,578		88,368
Deere & Co.		149		12,054
Dun & Bradstreet Corp.		160		13,557
East Japan Railway Co.		56		3,535
Eaton Corp.		82		4,086
Emerson Electric Co.		479		24,994
Expeditors International of Washington, Inc.		62		2,884
FedEx Corp.		21		1,931
General Electric Co.		2,508		50,336
Genesee & Wyoming, Inc., Class A (a)		2		109

	Schedule of Investments (Unaudited)
ESG Managers™ Moderate Portfolio	March 31, 2012

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS, continued
COMMON STOCKS, continued
INDUSTRIALS, continued
Herman Miller, Inc.		1,146	$	26,312
Honeywell International, Inc.		408		24,908
ICF International, Inc. (a)		560		14,207
IDEX Corp.		265		11,164
Illinois Tool Works, Inc.		340		19,421
Insperity, Inc.		440		13,482
Interface, Inc., Class A		695		9,695
Iron Mountain, Inc.		635		18,288
Kurita Water Industries, Ltd.		83		2,043
Masco Corp.		86		1,150
Mitsubishi Electric Corp.		283		2,527
Mitsui OSK Lines, Ltd.		283		1,242
MTR Corp. Ltd.		638		2,290
Nordson Corp.		64		3,489
Pall Corp.		446		26,595
Pentair, Inc.		259		12,331
Royal Philips		100		2,035
Royal Philips (Netherlands)		16		325
RR Donnelley & Sons, Co.		1,546		19,155
Schneider Electric SA		43		2,813
Siemens AG		24		2,420
Simpson Manufacturing Co., Inc.		345		11,126
Skanska AB, B Shares		62		1,074
SKF AB, B Shares		152		3,710
Stanley Black & Decker, Inc.		167		12,852
Stericycle, Inc. (a)		10		836
Tennant Co.		57		2,508
Timken Co.		58		2,943
United Parcel Service, Inc., Class B		352		28,413
Verisk Analytics, Inc., Class A (a)		220		10,333
Vestas Wind Systems A/S (a)		114		1,159
Waste Management, Inc.		1,413		49,398
Watsco, Inc.		13		964
WW Grainger, Inc.		114		24,489
				655,440
INFORMATION TECHNOLOGY: 6.7%
Accenture PLC, Class A		220		14,190
Adobe Systems, Inc. (a)		82		2,813
Altera Corp.		1,384		55,111
Anixter International, Inc. (a)		533		38,658
Apple, Inc. (a)		23		13,788

	Schedule of Investments (Unaudited)
ESG Managers™ Moderate Portfolio	March 31, 2012

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS, continued
COMMON STOCKS, continued
INFORMATION TECHNOLOGY, continued
Applied Materials, Inc.		1,941	$	24,146
Autodesk, Inc. (a)		91		3,851
Brocade Communications Systems, Inc. (a)		2,000		11,500
Canon, Inc.		104		4,975
Ceragon Networks, Ltd. (a)		990		9,395
Ciena Corp. (a)		795		12,871
Cisco Systems, Inc.		544		11,506
Clicksoftware Technologies, Ltd.		660		8,369
Cognizant Technology Solutions, Class A (a)		22		1,693
Corning, Inc.		143		2,013
Cree, Inc. (a)		64		2,024
DragonWave, Inc. (a)		1,030		4,079
eBay, Inc. (a)		93		3,431
EMC Corp. (a)		316		9,442
EZchip Semiconductor, Ltd. (a)		315		13,649
Fair Isaac Corp.		440		19,316
Finisar Corp. (a)		1,040		20,956
Google, Inc., Class A (a)		159		101,957
Harmonic, Inc. (a)		2,090		11,432
Hewlett-Packard Co.		350		8,341
IBM		183		38,183
Intel Corp.		1,506		42,334
InterDigital, Inc.		21		732
Intuit, Inc.		129		7,757
Itron, Inc. (a)		39		1,771
Juniper Networks, Inc. (a)		44		1,007
MasterCard, Inc., Class A		122		51,306
Maxim Integrated Products, Inc.		779		22,272
Mentor Graphics Corp. (a)		585		8,693
Microchip Technology, Inc.		742		27,602
Micron Technology, Inc. (a)		91		737
Microsoft Corp.		568		18,318
Motorola Solutions, Inc.		723		36,750
National Instruments Corp.		1,259		35,907
NetApp, Inc. (a)		67		3,000
Oracle Corp.		56		1,633
Paychex, Inc.		824		25,536
PMC – Sierra, Inc. (a)		1,610		11,640
Qualcomm, Inc.		467		31,765
Riverbed Technology, Inc. (a)		45		1,264
Solarworld AG		356		1,124
Taiwan Semiconductor Manu. Co., Ltd., ADR		67		1,024

	Schedule of Investments (Unaudited)
ESG Managers™ Moderate Portfolio	March 31, 2012

	SHARES/
PERCENT OF NET ASSETS	PRINCIPAL/
NAME OF ISSUER AND TITLE OF ISSUE	CONTRACTS		VALUE
STOCKS, continued
COMMON STOCKS, continued
INFORMATION TECHNOLOGY, continued
TE Connectivity, Ltd.		443	$	16,280
Teradata Corp. (a)		12		818
Texas Instruments, Inc.		1,683		56,566
VeriSign, Inc.		650		24,921
Websense, Inc. (a)		265		5,589
Xerox Corp		1,603		12,951
				896,986
MATERIALS: 1.7%
Air Liquide SA		16		2,134
Air Products & Chemicals, Inc.		203		18,635
Calgon Carbon Corp. (a)		645		10,068
Compass Minerals International		240		17,218
Crown Holdings, Inc. (a)		417		15,358
Ecolab, Inc.		483		29,811
International Paper Co.		718		25,202
MeadWestvaco Corp.		674		21,292
Molycorp, Inc. (a)		5		169
Novozymes A/S, ADR		360		10,534
Novozymes A/S, B Shares		165		4,817
Nucor Corp.		106		4,553
Potash Corp. of Saskatchewan, Inc.		33		1,508
Praxair, Inc.		405		46,429
Rio Tinto PLC, ADR		56		3,113
Schnitzer Steel Industries, Inc., Class A		43		1,715
Sonoco Products Co.		33		1,096
Svenska Cellulosa AB, B Shares		244		4,228
Syngenta AG, ADR (a)		51		3,510
Teijin, Ltd.		565		1,911
Umicore SA		56		3,087
Vale SA, ADR		29		676
				227,064
TELECOMMUNICATION SERVICES: 1.3%
America Movil SAB de CV, Series L, ADR		190		4,718
AT&T, Inc.		1,278		39,912
BCE, Inc.		294		11,778
CenturyLink, Inc.		330		12,755
China Mobile, Ltd.		365		4,019
Portugal Telecom SGPS SA		119		647
Telefonica SA		356		5,841
Telefonica SA, ADR		1,389		22,793

	Schedule of Investments (Unaudited)
ESG Managers™ Moderate Portfolio	March 31, 2012

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
TELECOMMUNICATION SERVICES, continued
Verizon Communications, Inc.		277	$	10,589
Vodafone Group PLC, ADR		1,388		38,405
Windstream Corp.		1,686		19,742
				171,199
UTILITIES: 2.5%
Acciona SA		18		1,255
AGL Resources, Inc.		425		16,669
American Water Works Co., Inc.		1,209		41,142
CenterPoint Energy, Inc.		56		1,104
Enel Green Power SpA		713		1,355
Hyflux, Ltd.		1,230		1,466
Iberdrola SA		151		857
MDU Resources Group, Inc.		1,125		25,189
National Grid PLC		285		2,872
National Grid PLC, ADR		541		27,310
NiSource, Inc.		2,437		59,341
Northeast Utilities		309		11,470
Northwest Natural Gas Co.		330		14,982
ONEOK, Inc.		668		54,549
Ormat Technologies, Inc.		121		2,438
Portland General Electric Co.		100		2,498
Questar Corp.		2,109		40,619
Red Electrica Corp. SA		53		2,594
SABESP, ADR		14		1,073
Sempra Energy		332		19,907
SSE PLC		143		3,041
Verbund AG		46		1,400
Xcel Energy, Inc.		15		396
				333,527
TOTAL COMMON STOCKS				5,598,378
(Cost $4,889,843)
PREFERRED STOCK: 0.0%
CONSUMER STAPLES: 0.0%
Henkel AG & Co KGaA		42		3,078
TOTAL PREFERRED STOCK				3,078
(Cost $2,634)
TOTAL STOCKS				5,601,456
(Cost $4,892,477)

	Schedule of Investments (Unaudited)
ESG Managers™ Moderate Portfolio	March 31, 2012

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
AFFILIATED INVESTMENT COMPANIES: 21.2%
Pax MSCI EAFE ESG Index ETF		16,680	$	391,329
Pax MSCI North America ESG Index ETF		38,986		1,167,631
Pax World Balanced Fund (b)		9,319		222,451
Pax World Global Green Fund (a)(b)		27,220		263,487
Pax World High Yield Bond Fund (b)		52,994		392,684
Pax World International Fund (b)		47,638		391,112
TOTAL AFFILIATED INVESTMENT COMPANIES				2,828,694
(Cost $2,704,989)
NON-AFFILIATED INVESTMENT COMPANIES: 11.5%
Access Capital Community Investment Fund (b)		64,591		626,530
CRA Qualified Investment Fund (b)		44,448		491,153
Schroder Emerging Market Equity Fund (c)		31,389		407,111
TOTAL NON-AFFILIATED INVESTMENT COMPANIES				1,524,794
(Cost $1,536,307)
BONDS: 22.2%
CORPORATE BONDS: 6.3%
CONSUMER DISCRETIONARY: 0.5%
Advance Auto Parts, Inc., 4.500%, 01/15/22	$	10,000		10,302
BorgWarner, Inc., 5.750%, 11/01/16		20,000		22,446
Ethan Allen Global, Inc., 5.375%, 10/01/15		11,000		11,033
Interpublic Group of Cos., Inc., The, 10.000%, 07/15/17		15,000		17,250
				61,031
ENERGY: 0.6%
Conoco, Inc., 6.950%, 04/15/29		25,000		33,679
MidAmerican Energy Co., 6.750%, 12/30/31		30,000		38,682
Newfield Exploration Co., 7.125%, 05/15/18		11,000		11,633
				83,993
FINANCIALS: 3.1%
Bank of America Corp., 5.650%, 05/01/18		15,000		16,033
Citigroup, Inc., 6.125%, 11/21/17		15,000		16,763
ERP Operating, LP, 7.125%, 10/15/17		20,000		23,620
Federal Realty Investment Trust, REIT, 5.650%, 06/01/16		12,000		13,235
Ford Motor Credit Co., LLC, 7.000%, 04/15/15		15,000		16,423
International Finance Corp., 2.250%, 04/28/14		35,000		36,306
Intl. Bank for Reconstruction and Development, 2.000%, 12/04/13		75,000		77,072
JPMorgan Chase & Co., 4.625%, 05/10/21		15,000		15,705

	Schedule of Investments (Unaudited)
ESG Managers™ Moderate Portfolio	March 31, 2012

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
BONDS, continued
CORPORATE BONDS, continued
FINANCIALS, continued
Kemper Corp., 6.000%, 11/30/15	$	11,000	$	11,614
Markel Corp., 6.800%, 02/15/13		30,000		30,911
NASDAQ OMX Group, 4.000%, 01/15/15		24,000		24,887
Progressive Corp., The, 6.700%, 06/15/37		25,000		25,966
ProLogis LP, 6.125%, 12/01/16		30,000		33,022
State Street Corp., 7.350%, 06/15/26		20,000		26,271
Wells Fargo & Co., 3.500%, 03/08/22		10,000		9,864
Willis North America, Inc., 5.625%, 07/15/15		30,000		32,362
				410,054
HEALTH CARE: 0.6%
DENTSPLY International, Inc., 2.750%, 08/15/16		12,000		12,075
Howard Hughes Medical, Inc, 3.450%, 09/01/14		45,000		47,947
McKesson Corp., 6.000%, 03/01/41		11,000		13,719
				73,741
INDUSTRIALS: 0.6%
GATX Corp., 9.000%, 11/15/13		28,945		31,933
Kennametal, Inc., 3.875%, 02/15/22		10,000		10,090
Owens Corning, Inc., 6.500%, 12/01/16		18,000		20,018
Verisk Analytics, Inc., 5.800%, 05/01/21		18,000		19,252
				81,293
INFORMATION TECHNOLOGY: 0.4%
Analog Devices, Inc., 5.000%, 07/01/14		25,000		27,297
KLA-Tencor Corp., 6.900%, 05/01/18		22,000		26,264
				53,561
MATERIALS: 0.1%
Domtar Corp., 9.500%, 08/01/16		16,000		19,520
UTILITIES: 0.4%
American Water Capital Corp., 6.085%, 10/15/17		25,000		29,115
CMS Energy Corp., 4.250%, 09/30/15		22,000		22,936
				52,051
TOTAL CORPORATE BONDS
(Cost $790,658)				835,244
U.S. GOVERNMENT AGENCY BONDS: 2.2%
FEDERAL HOME LOAN BANK SYSTEM (AGENCY): 0.5%
5.000%, 11/17/17		50,000		59,979

	Schedule of Investments (Unaudited)
ESG Managers™ Moderate Portfolio	March 31, 2012

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
BONDS, continued
U.S. GOVERNMENT AGENCY BONDS, continued
FREDDIE MAC (AGENCY): 1.0%
3.750%, 03/27/19	$	86,000	$	96,649
2.375%, 01/13/22		35,000		34,433
				131,082
FANNIE MAE (AGENCY): 0.7%
4.375%, 10/15/15		30,000		33,815
1.625%, 10/26/15		7,000		7,217
5.375%, 07/15/16		5,000		5,916
6.625%, 11/15/30		36,000		51,232
				98,180
TOTAL U.S. GOVERNMENT AGENCY BONDS
(Cost $280,790)				289,241
GOVERNMENT BONDS: 0.5%
AID-Egypt, 4.450%, 09/15/15		35,000		39,354
U.S. Dept of Housing & Urban Development, 1.800%, 08/01/14		25,000		25,756
TOTAL GOVERNMENT BONDS				65,110
(Cost $62,836)
MUNICIPAL BONDS: 1.4%
Commonwealth Financing Authority Pennsylvania, 4.860%, 06/01/18		50,000		56,665
Kirkwood Community College Iowa, 2.500%, 06/01/17		120,000		127,038
TOTAL MUNICIPAL BONDS				183,703
(Cost $169,963)
U.S. TREASURY NOTES: 5.7%
2.000%, 04/15/12 (TIPS)		26,804		26,874
0.625%, 04/15/13 (TIPS)		32,167		33,026
1.875%, 07/15/13 (TIPS)		45,656		48,082
0.125%, 08/31/13 (TIPS)		100,000		99,789
2.000%, 07/15/14		45,688		49,797
1.625%, 01/15/15 (TIPS)		8,308		9,058
0.500%, 04/15/15 (TIPS)		119,219		126,502
1.375%, 07/15/18 (TIPS)		64,110		73,471
1.375%, 01/15/20 (TIPS)		47,161		54,210
2.125%, 08/15/21 (TIPS)		101,000		100,945
2.375%, 01/15/25		4,809		6,127
2.375%, 01/15/27 (TIPS)		14,610		18,773

	Schedule of Investments (Unaudited)
ESG Managers™ Moderate Portfolio	March 31, 2012

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
BONDS, continued
U.S. TREASURY NOTES, continued
1.750%, 01/15/28 (TIPS)	$	75,726	$	90,522
3.375%, 04/15/32 (TIPS)		16,599		25,317
TOTAL U.S. TREASURY NOTES				762,493
(Cost $711,062)
MORTGAGE-BACKED SECURITIES: 6.1%
GINNIE MAE (MORTGAGE BACKED): 1.9%
3.459%, 05/16/36		125,000		132,910
4.500%, 08/20/41		111,751		121,723
				254,633
FREDDIE MAC (MORTGAGE BACKED): 2.2%
5.000%, 07/15/37		72,771		78,601
5.000%, 06/01/39		54,731		58,958
4.500%, 07/01/39		49,370		52,395
4.500%, 11/01/39		40,333		42,804
4.500%, 09/01/40		53,000		56,248
				289,006
FANNIE MAE (MORTGAGE BACKED): 1.1%
6.040%, 07/01/13		18,711		18,609
4.000%, 03/01/26		39,049		41,495
4.000%, 01/01/41		31,043		32,579
3.500%, 02/01/41		32,131		33,040
4.000%, 12/01/41		24,549		25,775
				151,498
COMMERCIAL MORTGAGE-BACKED: 0.9%
CS First Boston Mortgage Securities Co., 5.120%, 08/15/38		13,107		13,141
JP Morgan Chase Commercial Mtg Sec Corp., 4.865%, 03/15/46		45,000		45,713
JP Morgan Chase Commercial Mtg Sec Corp., 5.134%, 05/15/47		11,798		12,342
LB-UBS Commercial Mortgage Trust, 4.559%, 09/15/27		34,863		35,096
LB-UBS Commercial Mortgage Trust, 4.647%, 07/15/30		8,664		8,674
				114,966
TOTAL MORTGAGE-BACKED SECURITIES
(Cost $790,317)				810,103
TOTAL BONDS
(Cost $2,805,626)				2,945,894

	Schedule of Investments (Unaudited)
ESG Managers™ Moderate Portfolio	March 31, 2012

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
REPURCHASE AGREEMENT: 2.9%
State Street Repo, 0.010%, 04/02/12 (collateralized by Fannie Mae, 1.150%, due 02/22/17, principal amount $410,000; market value $407,422)
TOTAL REPURCHASE AGREEMENT	$	388,000	$	388,000
(Cost $388,000)
TOTAL INVESTMENTS: 99.8%
(Cost $12,327,399)				13,288,838
Other assets and liabilities – (Net): 0.2%
				25,715
Net Assets: 100.0%
			$	13,314,553

(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

	Schedule of Investments (Unaudited)
ESG Managers™ Conservative Portfolio	March 31, 2012

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS: 24.4%
COMMON STOCKS: 24.4%
CONSUMER DISCRETIONARY: 2.4%
Accor SA		21	$	749
Arbitron, Inc.		70		2,589
Comcast Corp., Special, Class A		245		7,230
DeVry, Inc.		120		4,064
DISH Network Corp., Class A		202		6,652
Electrolux AB, Series B		35		740
Gannett Co, Inc.		380		5,825
Hanesbrands, Inc. (a)		95		2,806
Hennes & Mauritz AB, B Shares		21		759
Home Depot, Inc.		108		5,433
International Game Technology		310		5,205
Interpublic Group of Cos., Inc., The		470		5,363
Johnson Controls, Inc.		143		4,645
Madison Square Garden Company, The, Class A (a)		95		3,249
McDonald’s Corp.		30		2,943
Meredith Corp.		85		2,759
Mohawk Industries, Inc. (a)		70		4,656
Newell Rubbermaid, Inc.		260		4,631
News Corp., Class A		495		9,747
NIKE, Inc., Class B		43		4,663
Nordstrom, Inc.		50		2,786
PulteGroup, Inc. (a)		385		3,407
Royal Caribbean Cruises, Ltd.		165		4,856
Scripps Networks Interactive, Class A		289		14,071
SES SA		152		3,773
Sharp Corp./Japan		162		1,193
Shaw Communications, Inc.		20		423
Sotheby’s		45		1,770
Staples, Inc.		63		1,019
Target Corp.		428		24,940
Time Warner Cable, Inc.		103		8,395
Time Warner, Inc.		206		7,777
Toll Brothers, Inc. (a)		85		2,039
Washington Post Co., The, Class B		8		2,988
				164,145
CONSUMER STAPLES: 2.3%
Coca-Cola Co., The		61		4,515
Cosan, Ltd., Class A		46		683
CVS Caremark Corp.		410		18,368
Danone		15		1,046
Energizer Holdings, Inc. (a)		25		1,855

	Schedule of Investments (Unaudited)
ESG Managers™ Conservative Portfolio	March 31, 2012

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS, continued
COMMON STOCKS, continued
CONSUMER STAPLES, continued
HJ Heinz Co.		128	$	6,854
JM Smucker Co., The		109		8,868
Kellogg Co.		93		4,988
Kimberly-Clark Corp.		71		5,246
L’Oreal SA		8		987
McCormick & Co., Inc.		428		23,296
Natura Cosmeticos SA		23		500
PepsiCo, Inc.		72		4,777
Procter & Gamble Co., The		448		30,110
Safeway, Inc.		136		2,749
Sysco Corp.		471		14,064
Tesco PLC		92		486
Unilever NV		377		12,829
United Natural Foods, Inc. (a)		26		1,213
Walgreen Co.		110		3,684
WD-40 Co.		105		4,762
				151,880
ENERGY: 2.8%
Apache Corp.		26		2,611
BG Group PLC, ADR		653		15,123
Cimarex Energy Co.		169		12,754
ConocoPhillips		108		8,209
Contango Oil & Gas Co. (a)		70		4,124
El Paso Corp.		277		8,185
Energen Corp.		150		7,373
Energy XXI Bermuda, Ltd. (a)		60		2,167
Enerplus Corp.		388		8,699
Kinder Morgan Management LLC		332		24,777
Newfield Exploration Co. (a)		399		13,837
Noble Corp. (a)		107		4,009
Noble Energy, Inc.		84		8,214
Petroleo Brasileiro SA, ADR		72		1,912
Provident Energy, Ltd.		336		4,032
Quicksilver Resources, Inc. (a)		235		1,184
Royal Dutch Shell PLC, ADR		93		6,522
Seadrill, Ltd.		296		11,103
Spectra Energy Corp.		461		14,545
Statoil ASA, ADR		348		9,434
Suncor Energy, Inc.		92		3,008
W&T Offshore, Inc.		300		6,324

	Schedule of Investments (Unaudited)
ESG Managers™ Conservative Portfolio	March 31, 2012

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS, continued
COMMON STOCKS, continued
ENERGY, continued
Weatherford International, Ltd. (a)		188	$	2,837
Williams Cos., Inc., The		382		11,770
				192,753
FINANCIALS: 3.6%
American Express Co.		245		14,176
Artio Global Investors, Inc.		260		1,240
Banco Bradesco SA, ADR		48		840
Bank of Montreal		79		4,694
Bank of New York Mellon Corp., The		125		3,016
BlackRock, Inc.		36		7,376
Capital One Financial Corp.		64		3,567
CapitaLand, Ltd.		201		499
CBRE Group, Inc., Class A (a)		240		4,790
Charles Schwab Corp., The		1,308		18,796
Cincinnati Financial Corp.		196		6,764
City National Corp.		50		2,624
CME Group, Inc.		41		11,863
Digital Realty Trust, Inc., REIT		122		9,024
First American Financial Corp.		490		8,149
First Horizon National Corp.		400		4,152
Growthpoint Properties, Ltd.		146		381
HCP, Inc., REIT		164		6,471
Hospitality Properties Trust, REIT		327		8,656
IntercontinentalExchange, Inc. (a)		33		4,535
Janus Capital Group, Inc.		650		5,792
Jones Lang LaSalle, Inc.		60		4,999
JPMorgan Chase & Co.		260		11,955
KKR & Co., LP		265		3,930
Lazard, Ltd., Class A		423		12,081
Loews Corp.		98		3,907
Marsh & McLennan Cos., Inc.		153		5,017
MetLife, Inc.		99		3,698
Pinnacle Financial Partners, Inc. (a)		165		3,028
Potlatch Corp., REIT		23		721
Progressive Corp., The		856		19,842
Royal Bank of Canada (Canadian)		13		753
SEI Investments Co.		461		9,538
State Street Corp.		144		6,552
Tower Group, Inc.		90		2,019
Travelers Cos., Inc., The		73		4,322
U.S. Bancorp		305		9,662

	Schedule of Investments (Unaudited)
ESG Managers™ Conservative Portfolio	March 31, 2012

		0000000000		0000000000
PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS, continued
COMMON STOCKS, continued
FINANCIALS, continued
Unibail-Rodamco SE, REIT		4	$	800
Valley National Bancorp		336		4,351
Wells Fargo & Co.		331		11,300
				245,880
HEALTH CARE: 3.4%
Abbott Laboratories		380		23,290
Baxter International, Inc.		42		2,511
Becton Dickinson & Co.		130		10,095
Bio-Rad Laboratories, Inc., Class A (a)		50		5,185
Charles River Laboratories Intl., Inc. (a)		150		5,414
Covidien PLC		203		11,100
Eli Lilly & Co.		154		6,202
Furiex Pharmaceutical, Inc. (a)		60		1,418
Genomic Health, Inc. (a)		60		1,837
Gen-Probe, Inc. (a)		95		6,309
Gilead Sciences, Inc. (a)		325		15,876
GlaxoSmithKline PLC, ADR		221		9,925
Hospira, Inc. (a)		109		4,076
Johnson & Johnson		237		15,633
LHC Group, Inc. (a)		45		834
Life Technologies Corp. (a)		18		879
Merck & Co., Inc.		398		15,283
Novartis AG		42		2,325
Novartis AG, ADR		170		9,420
Novo Nordisk A/S, ADR		52		7,213
Novo Nordisk A/S, B Shares		27		3,749
Olympus Corp.		32		526
Patterson Cos., Inc.		155		5,177
Pfizer, Inc.		430		9,744
Roche Holding AG		18		3,133
Roche Holding AG, ADR		243		10,605
Sirona Dental Systems, Inc. (a)		15		773
Smith & Nephew PLC		69		699
Symmetry Medical, Inc. (a)		220		1,555
Teleflex, Inc.		275		16,816
Valeant Pharmaceuticals International (a)		130		6,979
VCA Antech, Inc. (a)		155		3,597
Waters Corp. (a)		15		1,389
WellPoint, Inc.		47		3,468
Zimmer Holdings, Inc. (a)		75		4,820
				227,855

	Schedule of Investments (Unaudited)
ESG Managers™ Conservative Portfolio	March 31, 2012

		0000000000000		0000000000000
PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS, continued
COMMON STOCKS, continued
INDUSTRIALS: 2.9%
3M Co.		127	$	11,330
ABB, Ltd. (a)		35		716
Abengoa SA		23		420
Ameresco, Inc., Class A (a)		42		569
Atlas Copco AB, A Shares		55		1,331
Brady Corp., Class A		130		4,206
Brink’s Co., The.		65		1,552
Canadian Pacific Railway, Ltd.		10		759
Cooper Industries PLC		80		5,116
Danaher Corp.		446		24,976
Deere & Co.		10		809
Dun & Bradstreet Corp.		47		3,982
East Japan Railway Co.		33		2,083
Eaton Corp.		24		1,196
Emerson Electric Co.		114		5,949
Expeditors International of Washington, Inc.		12		558
FedEx Corp.		7		644
General Electric Co.		744		14,932
Herman Miller, Inc.		356		8,174
Honeywell International, Inc.		115		7,021
ICF International, Inc. (a)		173		4,389
IDEX Corp.		80		3,370
Illinois Tool Works, Inc.		98		5,598
Insperity, Inc.		115		3,524
Interface, Inc., Class A		205		2,860
Iron Mountain, Inc.		235		6,768
Kurita Water Industries, Ltd.		30		739
Mitsubishi Electric Corp.		100		893
Mitsui OSK Lines, Ltd.		100		439
MTR Corp. Ltd.		422		1,515
Pall Corp.		129		7,692
Pentair, Inc.		85		4,047
Royal Philips		32		651
RR Donnelley & Sons, Co.		467		5,786
Schneider Electric SA		14		916
Siemens AG		8		807
Simpson Manufacturing Co., Inc.		110		3,548
Skanska AB, B Shares		20		346
SKF AB, B Shares		49		1,196
Stanley Black & Decker, Inc.		51		3,925
Tennant Co.		18		792
United Parcel Service, Inc., Class B		120		9,686

	Schedule of Investments (Unaudited)
ESG Managers™ Conservative Portfolio	March 31, 2012

		0000000000		0000000000
PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS, continued
COMMON STOCKS, continued
INDUSTRIALS, continued
Verisk Analytics, Inc., Class A (a)		80	$	3,758
Vestas Wind Systems A/S (a)		37		375
Waste Management, Inc.		498		17,409
WW Grainger, Inc.		34		7,303
				194,655
INFORMATION TECHNOLOGY: 3.8%
Accenture PLC, Class A		80		5,160
Adobe Systems, Inc. (a)		27		926
Altera Corp.		392		15,609
Anixter International, Inc. (a)		162		11,750
Apple, Inc. (a)		2		1,199
Applied Materials, Inc.		618		7,688
Autodesk, Inc. (a)		26		1,100
Brocade Communications Systems, Inc. (a)		530		3,048
Canon, Inc.		52		2,487
Ceragon Networks, Ltd. (a)		265		2,515
Ciena Corp. (a)		210		3,400
Cisco Systems, Inc.		184		3,892
Clicksoftware Technologies, Ltd.		175		2,219
Corning, Inc.		46		648
Cree, Inc. (a)		21		664
DragonWave, Inc. (a)		275		1,089
eBay, Inc. (a)		30		1,107
EZchip Semiconductor, Ltd. (a)		85		3,683
Fair Isaac Corp.		135		5,927
Finisar Corp. (a)		275		5,541
Google, Inc., Class A (a)		50		32,062
Harmonic, Inc. (a)		555		3,036
Hewlett-Packard Co.		99		2,359
IBM		49		10,224
Intel Corp.		457		12,846
Itron, Inc. (a)		13		590
MasterCard, Inc., Class A		43		18,083
Maxim Integrated Products, Inc.		235		6,719
Mentor Graphics Corp. (a)		155		2,303
Microchip Technology, Inc.		224		8,333
Microsoft Corp.		169		5,450
Motorola Solutions, Inc.		235		11,945
National Instruments Corp.		383		10,923
NetApp, Inc. (a)		15		672
Paychex, Inc.		290		8,987

	Schedule of Investments (Unaudited)
ESG Managers™ Conservative Portfolio	March 31, 2012

		0000000000000		0000000000000
PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS, continued
COMMON STOCKS, continued
INFORMATION TECHNOLOGY, continued
PMC – Sierra, Inc. (a)		425	$	3,073
Qualcomm, Inc.		115		7,822
Solarworld AG		115		363
TE Connectivity, Ltd.		130		4,778
Texas Instruments, Inc.		466		15,662
VeriSign, Inc.		220		8,435
Websense, Inc. (a)		70		1,476
Xerox Corp		464		3,749
				259,542
MATERIALS: 1.0%
Air Liquide SA		5		667
Air Products & Chemicals, Inc.		56		5,141
Calgon Carbon Corp. (a)		170		2,654
Compass Minerals International		80		5,739
Crown Holdings, Inc. (a)		121		4,456
Ecolab, Inc.		144		8,888
International Paper Co.		217		7,617
MeadWestvaco Corp.		204		6,444
Novozymes A/S, ADR		108		3,160
Novozymes A/S, B Shares		60		1,752
Nucor Corp.		16		687
Praxair, Inc.		130		14,903
Schnitzer Steel Industries, Inc., Class A		14		559
Sonoco Products Co.		11		365
Svenska Cellulosa AB, B Shares		79		1,369
Teijin, Ltd.		301		1,018
Umicore SA		18		992
				66,411
TELECOMMUNICATION SERVICES: 0.7%
AT&T, Inc.		375		11,711
BCE, Inc.		101		4,046
CenturyLink, Inc.		97		3,749
China Mobile, Ltd.		314		3,458
Telefonica SA		115		1,887
Verizon Communications, Inc.		81		3,097
Vodafone Group PLC, ADR		373		10,321
Windstream Corp.		509		5,960
				44,229

	Schedule of Investments (Unaudited)
ESG Managers™ Conservative Portfolio	March 31, 2012

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
STOCKS, continued
COMMON STOCKS, continued
UTILITIES: 1.5%
Acciona SA		6	$	418
AGL Resources, Inc.		140		5,491
American Water Works Co., Inc.		365		12,421
Enel Green Power SpA		231		439
Hyflux, Ltd.		414		493
Iberdrola SA		49		278
MDU Resources Group, Inc.		400		8,956
National Grid PLC		92		927
National Grid PLC, ADR		164		8,279
NiSource, Inc.		736		17,922
Northeast Utilities		88		3,267
Northwest Natural Gas Co.		125		5,675
ONEOK, Inc.		178		14,535
Ormat Technologies, Inc.		39		786
Portland General Electric Co.		32		799
Questar Corp.		704		13,559
Red Electrica Corp. SA		17		832
SABESP, ADR		5		383
Sempra Energy		98		5,876
SSE PLC		46		978
Verbund AG		15		457
				102,771
TOTAL COMMON STOCKS				1,650,121
(Cost $1,391,994)
PREFERRED STOCK: 0.0%
CONSUMER STAPLES: 0.0%
Henkel AG & Co KGaA		15		1,099
TOTAL PREFERRED STOCK				1,099
(Cost $941)
TOTAL STOCKS				1,651,220
(Cost $1,392,935)

	Schedule of Investments (Unaudited)
ESG Managers™ Conservative Portfolio	March 31, 2012

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
AFFILIATED INVESTMENT COMPANIES: 16.5%
Pax MSCI EAFE ESG Index ETF		4,172	$	97,879
Pax MSCI North America ESG Index ETF		14,327		429,094
Pax World Balanced Fund (b)		7,951		189,800
Pax World Global Green Fund (a)(b)		6,393		61,881
Pax World High Yield Bond Fund (b)		31,896		236,346
Pax World International Fund (b)		12,404		101,835
TOTAL AFFILIATED INVESTMENT COMPANIES				1,116,835
(Cost $1,060,554)
NON-AFFILIATED INVESTMENT COMPANIES: 11.4%
Access Capital Community Investment Fund (b)		43,213		419,167
CRA Qualified Investment Fund (b)		21,106		233,224
Schroder Emerging Market Equity Fund (c)		9,508		123,325
TOTAL NON-AFFILIATED INVESTMENT COMPANIES				775,716
(Cost $776,046)
BONDS: 46.7%
CORPORATE BONDS: 12.6%
CONSUMER DISCRETIONARY: 1.0%
Advance Auto Parts, Inc., 4.500%, 01/15/22	$	10,000		10,302
BorgWarner, Inc., 5.750%, 11/01/16		24,000		26,935
Ethan Allen Global, Inc., 5.375%, 10/01/15		11,000		11,033
Interpublic Group of Cos., Inc., The, 10.000%, 07/15/17		15,000		17,250
				65,520
ENERGY: 1.2%
Conoco, Inc., 6.950%, 04/15/29		25,000		33,679
MidAmerican Energy Co., 6.750%, 12/30/31		30,000		38,682
Newfield Exploration Co., 7.125%, 05/15/18		11,000		11,633
				83,994
FINANCIALS: 6.3%
Bank of America Corp., 5.650%, 05/01/18		15,000		16,033
Citigroup, Inc., 6.125%, 11/21/17		15,000		16,763
ERP Operating, LP, 7.125%, 10/15/17		20,000		23,620
Federal Realty Investment Trust, REIT, 5.650%, 06/01/16		12,000		13,235
Ford Motor Credit Co., LLC, 7.000%, 04/15/15		15,000		16,423
International Finance Corp., 2.250%, 04/28/14		35,000		36,306
Intl. Bank for Reconstruction and Development, 2.000%, 12/04/13		75,000		77,072
JPMorgan Chase & Co., 4.625%, 05/10/21		15,000		15,705
Kemper Corp., 6.000%, 11/30/15		11,000		11,614

	Schedule of Investments (Unaudited)
ESG Managers™ Conservative Portfolio	March 31, 2012

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
BONDS, continued
CORPORATE BONDS, continued
FINANCIALS, continued
Markel Corp., 6.800%, 02/15/13	$	35,000	$	36,062
NASDAQ OMX Group, 4.000%, 01/15/15		24,000		24,887
Progressive Corp., The, 6.700%, 06/15/37		25,000		25,966
ProLogis LP, 6.125%, 12/01/16		35,000		38,525
State Street Corp., 7.350%, 06/15/26		20,000		26,271
Wells Fargo & Co., 3.500%, 03/08/22		10,000		9,865
Willis North America, Inc., 5.625%, 07/15/15		35,000		37,756
				426,103
HEALTH CARE: 1.1%
DENTSPLY International, Inc., 2.750%, 08/15/16		12,000		12,075
Howard Hughes Medical, Inc, 3.450%, 09/01/14		45,000		47,947
McKesson Corp., 6.000%, 03/01/41		11,000		13,720
				73,742
INDUSTRIALS: 1.2%
GATX Corp., 9.000%, 11/15/13		28,945		31,933
Kennametal, Inc., 3.875%, 02/15/22		10,000		10,090
Owens Corning, Inc., 6.500%, 12/01/16		20,000		22,242
Verisk Analytics, Inc., 5.800%, 05/01/21		17,000		18,183
				82,448
INFORMATION TECHNOLOGY: 0.8%
Analog Devices, Inc., 5.000%, 07/01/14		25,000		27,297
KLA-Tencor Corp., 6.900%, 05/01/18		22,000		26,264
				53,561
MATERIALS: 0.3%
Domtar Corp., 9.500%, 08/01/16		17,000		20,740
UTILITIES: 0.0%
American Water Capital Corp., 6.085%, 10/15/17		25,000		29,115
CMS Energy Corp., 4.250%, 09/30/15		22,000		22,936
				52,051
TOTAL CORPORATE BONDS
(Cost $812,394)				858,159

	Schedule of Investments (Unaudited)
ESG Managers™ Conservative Portfolio	March 31, 2012

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
BONDS, continued
U.S. GOVERNMENT AGENCY BONDS: 4.0%
FEDERAL HOME LOAN BANK SYSTEM (AGENCY): 0.9%
5.000%, 11/17/17	$	50,000	$	59,979
FREDDIE MAC (AGENCY): 2.1%
3.750%, 03/27/19		95,000		106,763
2.375%, 01/13/22		39,000		38,369
				145,132
FANNIE MAE (AGENCY): 1.0%
5.375%, 07/15/16		15,000		17,747
6.625%, 11/15/30		34,000		48,387
				66,134
TOTAL U.S. GOVERNMENT AGENCY BONDS
(Cost $262,460)				271,245
GOVERNMENT BONDS: 1.0%
AID-Egypt, 4.450%, 09/15/15		35,000		39,354
U.S. Dept of Housing & Urban Development, 1.800%, 08/01/14		25,000		25,756
TOTAL GOVERNMENT BONDS				65,110
(Cost $62,836)
U.S. TREASURY NOTES: 11.9%
2.000%, 04/15/12 (TIPS)		29,038		29,113
0.625%, 04/15/13 (TIPS)		7,506		7,706
1.125%, 06/15/13		65,000		65,683
1.875%, 07/15/13 (TIPS)		50,592		53,280
0.125%, 08/31/13		62,000		61,869
2.000%, 07/15/14 (TIPS)		50,497		55,038
0.250%, 01/15/15 (TIPS)		200,000		198,719
0.500%, 04/15/15 (TIPS)		8,366		8,877
1.625%, 01/15/18 (TIPS)		10,818		12,442
1.375%, 07/15/18 (TIPS)		91,435		104,786
1.375%, 01/15/20 (TIPS)		23,057		26,503
2.125%, 08/15/21		63,000		62,966
2.375%, 01/15/25 (TIPS)		36,070		45,949
2.375%, 01/15/27 (TIPS)		11,238		14,441
1.750%, 01/15/28 (TIPS)		27,045		32,329
3.375%, 04/15/32 (TIPS)		19,152		29,214
TOTAL U.S. TREASURY NOTES				808,915
(Cost $763,962)

	Schedule of Investments (Unaudited)
ESG Managers™ Conservative Portfolio	March 31, 2012

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
BONDS, continued
MORTGAGE-BACKED SECURITIES: 17.2%
GINNIE MAE (MORTGAGE BACKED): 8.0%
4.175%, 01/16/38	$	75,000	$	79,774
4.500%, 01/15/40		102,444		111,837
4.500%, 08/20/41		319,616		348,136
				539,747
FREDDIE MAC (MORTGAGE BACKED): 4.3%
5.000%, 07/15/37		76,079		82,174
5.000%, 06/01/39		54,731		58,958
4.500%, 07/01/39		49,370		52,395
4.500%, 11/01/39		40,333		42,804
4.500%, 09/01/40		53,000		56,248
				292,579
FANNIE MAE (MORTGAGE BACKED): 2.3%
6.040%, 07/01/13		23,389		23,261
4.000%, 03/01/26		39,049		41,495
4.000%, 01/01/41		31,043		32,579
3.500%, 02/01/41		32,131		33,040
4.000%, 12/01/41		24,549		25,774
				156,149
SMALL BUSINESS ADMINISTRATION: 0.9%
0.600%, 07/25/20		14,321		14,332
5.490%, 03/01/28		43,755		49,503
				63,835
COMMERCIAL MORTGAGE-BACKED: 1.7%
CS First Boston Mortgage Securities Co., 5.120%, 08/15/38		13,107		13,141
JP Morgan Chase Commercial Mtg Sec Corp., 4.865%, 03/15/46		45,000		45,713
JP Morgan Chase Commercial Mtg Sec Corp., 5.134%, 05/15/47		11,798		12,342
LB-UBS Commercial Mortgage Trust, 4.559%, 09/15/27		34,863		35,096
LB-UBS Commercial Mortgage Trust, 4.647%, 07/15/30		8,664		8,673
				114,965
TOTAL MORTGAGE-BACKED SECURITIES
(Cost $1,136,492)				1,167,275
TOTAL BONDS
(Cost $3,038,144)				3,170,704

	Schedule of Investments (Unaudited)
ESG Managers™ Conservative Portfolio	March 31, 2012

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS	VALUE
TOTAL INVESTMENTS: 99.0% (Cost $6,267,679)		$	6,714,475
Other assets and liabilities—(Net): 1.0%			69,235
Net Assets: 100.0%		$	6,783,710

(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 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 March 31, 2012, 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 (“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 net asset value may differ from quoted or published prices, or from prices that are used by others, for the same investments. Also, the use of fair value pricing may not always result in adjustments to the prices of securities or other assets held by a Fund.

The 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 March 31, 2012, the Funds did not directly hold any securities which were fair valued.

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 NAV per share 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.

In addition to those described above, 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 March 31, 2012:

	Level One		Level Two		Level Three		Totals
Aggressive Growth
Common Stocks-Domestic	$	6,885,035	$	—	$	—	$	6,885,035
Common Stocks-Foreign		951,848		181,501		—		1,133,349
Preferred Stocks		—		3,664		—		3,664
Affiliated Investment Companies		4,408,925		—		—		4,408,925
Unaffiliated Investment Companies		840,812		—		—		840,812
Cash Equivalents		—		275,000		—		275,000
Total	$	13,086,620	$	460,165	$	—	$	13,546,785
Growth
Common Stocks-Domestic	$	4,945,982	$	—	$	—	$	4,945,982
Common Stocks-Foreign		731,370		165,126		—		896,496
Preferred Stocks		—		3,811		—		3,811
Affiliated Investment Companies		2,961,226		—		—		2,961,226
Unaffiliated Investment Companies		602,777		—		—		602,777
Corporate Bonds		—		243,800		—		243,800
U.S. Govt Agency Bonds		—		98,992		—		98,992
Govt Bonds		—		21,545		—		21,545
U.S. Treasury Notes		—		306,454		—		306,454
Mortgage-Backed Securities		—		249,527		—		249,527
Total	$	9,241,355	$	1,089,255	$	—	$	10,330,610
Moderate
Common Stocks-Domestic	$	4,733,367	$	—	$	—	$	4,733,367
Common Stocks-Foreign		712,633		152,378		—		865,011
Preferred Stocks		—		3,078		—		3,078
Affiliated Investment Companies		2,828,694		—		—		2,828,694
Unaffiliated Investment Companies		1,524,794		—		—		1,524,794
Corporate Bonds		—		835,244		—		835,244
U.S. Govt Agency Bonds		—		289,241		—		289,241
Govt Bonds		—		65,110		—		65,110
Municipal Bonds		—		183,703		—		183,703
U.S. Treasury Notes		—		762,493		—		762,493
Mortgage-Backed Securities		—		810,103		—		810,103
Cash Equivalents		—		388,000		—		388,000
Total	$	9,799,488	$	3,489,350	$	—	$	13,288,838
Conservative
Common Stocks-Domestic	$	1,403,574	$	—	$	—	$	1,403,574
Common Stocks-Foreign		193,010		53,537		—		246,547
Preferred Stocks		—		1,099		—		1,099
Affiliated Investment Companies		1,116,835		—		—		1,116,835
Unaffiliated Investment Companies		775,716		—		—		775,716
Corporate Bonds		—		858,159		—		858,159
U.S. Govt Agency Bonds		—		271,245		—		271,245
Govt Bonds		—		65,110		—		65,110
U.S. Treasury Notes		—		808,915		—		808,915
Mortgage-Backed Securities		—		1,167,275		—		1,167,275
Total	$	3,489,135	$	3,225,340	$	—	$	6,714,475

The Funds recognize transfers between Levels as of the end of the period. There were no significant transfers between Level 1 and Level 2 during the period. This does not include transfers between Level 1 and Level 2 due to utilization of a pricing vendor’s fair value pricing of foreign securities.

Non-U.S. Securities Non-U.S. markets can be significantly more volatile than domestic markets, causing the prices of some of the Fund’s investments to fluctuate significantly, rapidly and unpredictably. Non-U.S. securities may be less liquid than domestic securities; consequently, the Fund may at times be unable to sell non-U.S. securities at desirable

times or prices. Other risks related to non-U.S. securities include delays in the settlement of transactions; less publicly available information about issuers; different reporting, accounting and auditing standards; the effect of political, social, diplomatic or economic events; seizure, expropriation or nationalization of the issuer or its assets; and the possible imposition of currency exchange controls. If the Fund invests substantially in securities of non-U.S. issuers tied economically to a particular country or geographic region, it will be subject to the risks associated with such country or geographic region to a greater extent than a fund that is more diversified across countries or geographic regions.

Purchases and proceeds from sales of investments for the Funds for the period ended March 31, 2012 were as follows:

	Purchases				Sales
Fund	Investments*		US Govt Bonds		Investments*		US Govt Bonds
Aggressive Growth	$	8,476,516	$	—	$	1,396,732	$	—
Growth		2,347,163		83,512		2,123,873		38,826
Moderate		3,086,186		223,217		1,387,362		111,489
Conservative		1,461,272		417,226		1,697,131		152,730

* Excluding short-term investments and US Government bonds.

The identified cost of investments owned at March 31, 2012 as well as the gross unrealized appreciation (depreciation) of investments and resulting net unrealized appreciation (depreciation) as of March 31, 2012 were as follows for the Funds:

	Identified cost of		Gross		Gross		Net unrealized
	investments for Federal		unrealized		unrealized		appreciation
	income tax basis		appreciation		depreciation		(depreciation)
Aggressive Growth	$	12,700,209	$	958,138	$	111,562	$	846,576
Growth		9,394,411		1,074,111		137,912		936,199
Moderate		12,327,399		1,070,736		109,296		961,440
Conservative		6,267,679		488,106		41,310		446,798

The term “affiliated company” includes other investment companies that are managed by a fund’s adviser. At March 31, 2012, the Funds held the following investments in affiliated Pax World Funds:

Fund	Value at 3/31/2012		Purchases Cost		Sales Cost		Realized Gain  (Loss)			Unrealized Gain  (Loss)		Income Distributions
Aggressive Growth Portfolio
Pax MSCI EAFE ESG Index ETF	$	1,024,471	$	894,946	$	—	$	—		$	3,034	$	—
Pax MSCI North America ESG Index ETF		2,231,515		1,728,747		—		—			81,382		5,672
Pax World Balanced		910		—		269,209		32,675			148		—
Pax World Global Green		200,056		111,972		—		2,989			10,217		—
Pax World High Yield Bond		390		1,504		94,399		—			—		1,462
Pax World International		951,583		627,685		18,000		(661	)		3,267		—
Total	$	4,408,925	$	3,364,854	$	381,608	$	35,003		$	98,048	$	7,134

Growth Portfolio
Pax MSCI EAFE ESG Index ETF	$	478,980	$	427,848	$	—	$	—		$	2,860		$	—
Pax MSCI North America ESG Index ETF		1,429,364		873,000		—		—			61,575			3,693
Pax World Balanced		338		44,828		99,246		7,443			55			—
Pax World International		421,357		23,750		150,388		(7,738	)		(1,732	)		—
Pax World Global Green		213,159		82,774		—		—			14,337			—
Pax World High Yield Bond		418,028		9,641		119,942		(4,850	)		(6,572	)		9,415
Total	$	2,961,226	$	1,461,841	$	369,576	$	(5,145	)	$	70,523		$	13,108
Moderate Portfolio
Pax MSCI EAFE ESG Index ETF	$	391,329	$	248,198	$	—	$	—		$	8,969		$	—
Pax MSCI North America ESG Index ETF		1,167,631		409,760		10,035		(290	)		92,309			3,025
Pax World Balanced		222,451		173,677		26,496		1			11,423			—
Pax World Global Green		263,487		132,131		—		—			13,873			—
Pax World High Yield Bond		392,684		140,235		125,000		(5,061	)		(4,526	)		7,317
Pax World International		391,112		178,865		37,282		(1,229	)		1,657			—
Total	$	2,828,694	$	1,282,866	$	198,813	$	(6,579	)	$	123,705		$	10,342
Conservative Portfolio
Pax MSCI EAFE ESG Index ETF	$	97,879	$	78,055	$	11,461	$	(38	)	$	2,994		$	—
Pax MSCI North America ESG Index ETF		429,094		258,546		32,184		(221	)		27,794			1,112
Pax World Balanced		189,800		81,695		154,740		6,101			24,882			—
Pax World Global Green		61,881		3,000		7,123		379			5,706			—
Pax World High Yield Bond		236,346		39,466		104,018		(5,794	)		(5,303	)		5,269
Pax World International		101,835		9,655		31,827		(478	)		208			—
Total	$	1,116,835	$	470,417	$	341,353	$	(51	)	$	56,281		$	6,381

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

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 March 31, 2012, 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 March 31, 2012, 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/ May 29, 2012

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/ May 29, 2012

By:	/s/ Alicia DuBois
	Alicia DuBois, Treasurer (Principal Financial Officer)
Date:	/s/ May 29, 2012