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)
Pax World Balanced Fund	March 31, 2012

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
COMMON STOCKS: 69.9%
CONSUMER DISCRETIONARY: 4.6%
Amazon.com, Inc. (a)		37,500	$	7,594,125
BorgWarner, Inc. (a)		166,098		14,008,705
Comcast Corp., Class A (d)		200,000		6,002,000
Darden Restaurants, Inc.		130,000		6,650,800
Ford Motor Co.		350,000		4,371,500
GameStop Corp., Class A (f)		180,900		3,950,856
Hennes & Mauritz AB, B Shares		135,000		4,880,155
Johnson Controls, Inc. (f)		310,000		10,068,800
Macy’s, Inc.		160,000		6,356,800
Skullcandy, Inc. (a)(f)		286,662		4,537,860
Target Corp. (d)		160,000		9,323,200
Time Warner, Inc. (d)		280,000		10,570,000
				88,314,801
CONSUMER STAPLES: 3.0%
Corn Products International, Inc.		558,860		32,218,279
Diageo PLC		62,500		1,504,740
Natura Cosmeticos SA		210,000		4,567,093
PepsiCo, Inc.		40,000		2,654,000
Procter & Gamble Co., The		250,000		16,802,500
				57,746,612
ENERGY: 9.2%
Baker Hughes, Inc. (d)		720,410		30,213,995
Canadian Natural Resources, Ltd.		200,000		6,636,000
Ensco PLC, ADR		449,300		23,781,449
EQT Corp. (f)		645,300		31,109,913
Noble Energy, Inc.		149,800		14,647,444
Penn West Petroleum, Ltd.		280,000		5,471,151
Rosetta Resources, Inc. (a)		295,725		14,419,551
Sasol Ltd., ADR		149,900		7,291,136
Statoil ASA, ADR		921,825		24,990,677
Suncor Energy, Inc. (f)		533,200		17,435,640
				175,996,956
FINANCIALS: 8.8%
American Express Co.		260,000		15,043,600
American Tower Corp., REIT		811,867		51,163,858
Bank of New York Mellon Corp., The		421,300		10,165,969
BlackRock, Inc.		77,500		15,879,750
Charles Schwab Corp., The (f)		566,882		8,146,094
Digital Realty Trust, Inc., REIT (f)		150,000		11,095,500
Hospitality Properties Trust, REIT		200,000		5,294,000

Pax World Balanced Fund Schedule of Investments (Unaudited) March 31, 2012

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
COMMON STOCKS, continued
FINANCIALS, continued
JPMorgan Chase & Co.		491,725	$	22,609,516
Och-Ziff Capital Mgmt. Group, LP, Class A		793,768		7,366,167
Plum Creek Timber Co., Inc., REIT		239,579		9,956,903
State Street Corp. (d)		270,600		12,312,300
				169,033,657
HEALTH CARE: 5.2%
Amgen, Inc. (d)		302,371		20,558,204
Becton Dickinson & Co. (f)		523,530		40,652,105
Pfizer, Inc. (d)		370,000		8,384,200
Roche Holding AG		122,500		21,318,714
St. Jude Medical, Inc. (d)		200,000		8,862,000
				99,775,223
INDUSTRIALS: 10.2%
3M Co.		30,000		2,676,300
ABB, Ltd., ADR (a)		470,000		9,592,700
Bombardier, Inc., Class B		900,000		3,735,526
Cummins, Inc. (d)		228,698		27,452,908
Deere & Co.		608,900		49,260,010
Eaton Corp.		55,000		2,740,650
Emerson Electric Co. (d)		516,534		26,952,744
Expeditors International of Washington, Inc.		164,500		7,650,895
FTI Consulting, Inc. (a)		10,000		375,200
Genesee & Wyoming, Inc., Class A (a)		160,000		8,732,800
Nordson Corp.		258,800		14,107,188
Pentair, Inc.		190,000		9,045,900
Royal Philips (Netherlands)		100,000		2,029,595
Stericycle, Inc. (a)		75,000		6,273,000
Timken Co.		373,800		18,966,612
United Parcel Service, Inc., Class B		80,000		6,457,600
				196,049,628
INFORMATION TECHNOLOGY: 18.4%
Apple, Inc. (a)(d)		110,000		65,941,700
Autodesk, Inc. (a)		80,000		3,385,600
Cognizant Technology Solutions, Class A (a)		140,594		10,818,708
Corning, Inc. (f)		425,000		5,984,000
EMC Corp. (a)		2,031,899		60,713,142
Facebook, Inc., Class B (a)(b)(c)		285,000		11,545,350
Google, Inc., Class A (a)		27,760		17,800,822
IBM (f)		115,000		23,994,750
InterDigital, Inc.		135,000		4,706,100

Pax World Balanced Fund Schedule of Investments (Unaudited) March 31, 2012

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
COMMON STOCKS, continued
INFORMATION TECHNOLOGY, continued
Intuit, Inc. (f)		795,000	$	47,803,350
Juniper Networks, Inc. (a)		285,000		6,520,800
Nintendo Co., Ltd.		42,500		6,455,108
Oracle Corp.		360,000		10,497,600
Paychex, Inc.		135,000		4,183,650
Qualcomm, Inc. (d)		880,900		59,918,818
Taiwan Semiconductor Manu. Co., Ltd., ADR (f)		430,399		6,576,497
Teradata Corp. (a)(f)		75,000		5,111,250
				351,957,245
MATERIALS: 4.4%
Air Products & Chemicals, Inc. (f)		65,000		5,967,000
Ecolab, Inc. (d)(f)		110,000		6,789,200
Nucor Corp.		360,000		15,462,000
Potash Corp. of Saskatchewan, Inc.		210,000		9,594,900
Rio Tinto PLC, ADR (f)		357,200		19,856,748
Syngenta AG, ADR (a)		330,000		22,713,900
Vale SA, ADR		200,000		4,666,000
				85,049,748
TELECOMMUNICATION SERVICES: 3.3%
America Movil SAB de CV, Series L, ADR		1,221,334		30,325,723
AT&T, Inc. (f)		25,000		780,750
Portugal Telecom SGPS SA		766,771		4,165,700
Vodafone Group PLC, ADR		1,003,700		27,772,379
				63,044,553
UTILITIES: 2.8%
CenterPoint Energy, Inc.		360,000		7,099,200
ONEOK, Inc.		507,128		41,412,072
Xcel Energy, Inc. (f)		95,000		2,514,650
				51,025,922
TOTAL COMMON STOCKS (Cost $1,076,714,841)				1,337,994,345
EXCHANGE TRADED FUNDS: 0.4%
iShares Barclays TIPS Bond Fund		50,100		5,894,265
SPDR Gold Shares (a)		15,250		2,472,635
TOTAL EXCHANGE TRADED FUNDS (Cost $6,431,144)				8,366,900

Pax World Balanced Fund Schedule of Investments (Unaudited) March 31, 2012

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
BONDS: 28.1%
COMMUNITY INVESTMENT NOTES: 0.3%
Calvert Social Investment Foundation, 1.000%, 01/15/15	$	3,000,000	$	3,000,000
CINI Investment Note, 2.000%, 10/18/14 (c)		250,000		250,002
Self Help Venture Note, 4.228%, 01/28/15 (c)		2,000,000		2,000,292
TOTAL COMMUNITY INVESTMENT NOTES (Cost $5,250,000)				5,250,294
CORPORATE BONDS: 12.3%
CONSUMER DISCRETIONARY: 0.6%
Best Buy Co., Inc., 3.750%, 03/15/16		2,396,000		2,418,132
Harley-Davidson Funding Corp., 144A, 5.250%, 12/15/12 (e)		3,000,000		3,079,518
Time Warner Cable, Inc., 6.750%, 07/01/18		3,000,000		3,665,088
VF Corp., 5.950%, 11/01/17		2,235,000		2,634,271
				11,797,009
CONSUMER STAPLES: 1.3%
Anheuser-Busch InBev Worldwide, 5.375%, 11/15/14		3,052,000		3,391,172
Anheuser-Busch InBev Worldwide, 3.625%, 04/15/15		1,175,000		1,262,059
Corn Products International, Inc., 3.200%, 11/01/15		500,000		518,300
Estee Lauder Co., Inc., 7.750%, 11/01/13		5,000,000		5,513,290
Kellog Co., 4.150%, 11/15/19		2,000,000		2,156,458
Kimberly-Clark Corp., 5.000%, 08/15/13		3,150,000		3,342,279
Kimberly-Clark Corp., 6.125%, 08/01/17		5,000,000		6,108,305
Kraft Foods, Inc., 6.125%, 08/23/18		2,000,000		2,415,308
				24,707,171
ENERGY: 0.9%
Baker Hughes, Inc., 7.500%, 11/15/18		2,230,000		2,946,136
ONEOK Partners, LP, 8.625%, 03/01/19		3,775,000		4,874,238
Southern Union Co., 3.564%, 11/01/66		2,600,000		2,291,250
Southwestern Energy Co., 7.500%, 02/01/18		3,000,000		3,629,562
Statoil ASA, 144A, 5.125%, 04/30/14 (e)		3,000,000		3,265,908
Talisman Energy, Inc., 3.750%, 02/01/21		1,000,000		984,958
				17,992,052
FINANCIALS: 4.3%
American Express Bank, FSB, 5.500%, 04/16/13		2,000,000		2,094,170
American Express Centurion Bank, 5.550%, 10/17/12		2,000,000		2,051,652
American Express Co., 7.000%, 03/19/18		1,000,000		1,229,186
American Honda Finance Corp., 144A, 6.700%, 10/01/13 (e)		3,000,000		3,238,875
American Tower Corp., REIT, 7.250%, 05/15/19		1,665,000		1,925,309

Pax World Balanced Fund Schedule of Investments (Unaudited) 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
Bank of New York Mellon Corp., The, 4.300%, 05/15/14	$	4,000,000	$	4,285,588
Bank of New York Mellon Corp., The, 2.950%, 06/18/15 (f)		3,000,000		3,161,571
BB&T Corp., 1.253%, 04/28/14		500,000		502,594
BB&T Corp., 6.850%, 04/30/19		2,000,000		2,465,388
Bear Stearns Cos. LLC, 6.950%, 08/10/12		2,000,000		2,045,336
Branch Banking & Trust Co./Wilson NC, 0.794%, 09/13/16		2,000,000		1,884,866
Credit Suisse New York, 5.000%, 05/15/13		4,855,000		5,042,316
Fifth Third Bank, 0.605%, 05/17/13		1,347,000		1,335,681
HSBC Holdings, PLC, 5.100%, 04/05/21		2,000,000		2,166,052
International Finance Corp., 2.250%, 04/28/14		2,000,000		2,074,602
JPMorgan Chase & Co., 5.125%, 09/15/14		2,000,000		2,144,400
JPMorgan Chase & Co., 3.700%, 01/20/15		2,000,000		2,110,304
JPMorgan Chase & Co., 3.400%, 06/24/15		2,000,000		2,097,076
JPMorgan Chase & Co., 7.000%, 03/16/16 (i)(US)		3,000,000		3,216,149
JPMorgan Chase & Co., 3.250%, 11/23/16		2,000,000		1,984,088
JPMorgan Chase & Co., 4.400%, 07/22/20		1,000,000		1,039,214
JPMorgan Chase & Co., 5.250%, 05/27/21		2,000,000		1,998,910
JPMorgan Chase Bank N.A., 5.875%, 06/13/16		2,500,000		2,767,803
JPMorgan Chase Bank N.A., 0.804%, 06/13/16		2,000,000		1,860,150
Monumental Global Funding, Ltd., 144A, 5.500%, 04/22/13 (e)		2,000,000		2,088,138
PNC Bank NA, 6.875%, 04/01/18		2,000,000		2,377,814
PNC Funding Corp., 5.250%, 11/15/15		2,000,000		2,225,410
Prudential Financial, Inc., 4.750%, 04/01/14		3,000,000		3,181,293
Prudential Financial, Inc., 7.375%, 06/15/19		2,000,000		2,475,810
Prudential Financial, Inc., 4.960%, 11/02/20		3,000,000		3,091,800
State Street Corp., 4.956%, 03/15/18		4,010,000		4,192,904
Toyota Motor Credit Corp., 4.430%, 01/18/15		2,000,000		2,043,600
Willis North America, Inc., 5.625%, 07/15/15		4,895,000		5,280,480
				81,678,529
HEALTH CARE: 2.1%
Agilent Technologies, Inc., 5.500%, 09/14/15		3,000,000		3,374,322
Becton, Dickinson & Co., 3.250%, 11/12/20		3,000,000		3,115,830
Biogen Idec, Inc., 6.875%, 03/01/18		2,500,000		3,051,588
Celgene Corp., 2.450%, 10/15/15		2,000,000		2,045,582
Celgene Corp., 3.950%, 10/15/20		2,000,000		2,040,238
Express Scripts, Inc., 6.250%, 06/15/14		3,000,000		3,299,715
St. Jude Medical, Inc., 2.500%, 01/15/16		5,000,000		5,155,640
Teva Pharmaceutical Finance Co. LLC, 5.550%, 02/01/16		2,000,000		2,268,272
Teva Pharmaceutical Finance III, 0.974%, 03/21/14		3,000,000		3,009,495
Thermo Fisher Scientific, Inc., 3.200%, 03/01/16		2,000,000		2,132,740
UnitedHealth Group, Inc., 4.875%, 02/15/13		2,500,000		2,590,760

Pax World Balanced Fund Schedule of Investments (Unaudited) March 31, 2012

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
BONDS, continued
CORPORATE BONDS, continued
HEALTH CARE, continued
UnitedHealth Group, Inc., 4.875%, 03/15/15	$	119,000	$	131,586
UnitedHealth Group, Inc., 5.375%, 03/15/16		4,000,000		4,575,828
UnitedHealth Group, Inc., 6.000%, 02/15/18		2,500,000		3,023,397
				39,814,993
INDUSTRIALS: 1.2%
Atlas Copco AB, 144A, 5.600%, 05/22/17 (e)		2,505,000		2,883,759
CSX Corp., 7.375%, 02/01/19		2,000,000		2,516,154
Emerson Electric Co., 5.250%, 10/15/18		1,000,000		1,164,021
Ingersoll-Rand Co., 6.443%, 11/15/27		2,000,000		2,359,726
Pentair, Inc., 5.000%, 05/15/21		4,050,000		4,248,324
Ryder System, Inc., 6.000%, 03/01/13		2,000,000		2,082,514
Ryder System, Inc., 5.850%, 11/01/16		2,000,000		2,278,898
Union Pacific Corp., 5.375%, 05/01/14		2,000,000		2,170,468
Union Pacific Corp., 5.700%, 08/15/18		2,200,000		2,633,635
United Parcel Service, Inc., 5.500%, 01/15/18		1,000,000		1,204,248
				23,541,747
INFORMATION TECHNOLOGY: 0.8%
Adobe Systems, Inc., 3.250%, 02/01/15		2,000,000		2,114,616
Adobe Systems, Inc., 4.750%, 02/01/20		1,150,000		1,252,283
Corning, Inc., 8.875%, 08/15/21		2,000,000		2,746,980
IBM Corp., 2.100%, 05/06/13		1,435,000		1,460,956
IBM Corp., 2.000%, 01/05/16		1,750,000		1,798,153
IBM Corp., 5.700%, 09/14/17		5,000,000		6,027,960
				15,400,948
MATERIALS: 0.3%
Potash Corp of Saskatchewan, Inc., 3.250%, 12/01/17		2,000,000		2,126,798
Rio Tinto Finance USA, Ltd., 8.950%, 05/01/14		3,000,000		3,479,544
				5,606,342
TELECOMMUNICATION SERVICES: 0.7%
America Movil SAB de CV, 9.000%, 01/15/16 (b)(h)(MX)		52,000,000		4,459,125
AT&T, Inc., 4.850%, 02/15/14		2,500,000		2,689,200
Virgin Media Finance PLC, 6.500%, 01/15/18		1,000,000		1,091,250
Vodafone Group PLC, 6.750%, 01/10/13 (i)(UK)		3,000,000		3,146,533
Vodafone Group PLC, 5.625%, 02/27/17		3,000,000		3,512,955
				14,899,063
UTILITIES: 0.1%
American Water Capital Corp., 6.085%, 10/15/17		3,000,000		3,493,803

Pax World Balanced Fund Schedule of Investments (Unaudited) March 31, 2012

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
BONDS, continued
CORPORATE BONDS, continued
TOTAL CORPORATE BONDS (Cost $222,707,111)			$	238,931,657
U.S. GOVERNMENT AGENCY BONDS: 2.6%
FEDERAL FARM CREDIT BANK (AGENCY): 1.1%	$
3.850%, 02/11/15		4,000,000		4,352,184
5.500%, 08/22/19		1,900,000		2,349,272
2.540%, 11/21/19		4,000,000		3,966,236
2.150%, 02/14/20		3,000,000		2,983,842
2.370%, 09/14/20		2,500,000		2,497,135
2.800%, 11/09/20		4,000,000		4,019,440
				20,168,109
FEDERAL HOME LOAN BANK SYSTEM (AGENCY): 0.6%
5.000%, 09/14/12		2,500,000		2,553,598
4.110%, 09/27/13		4,000,000		4,224,948
5.625%, 06/13/16		2,000,000		2,277,908
1.000%, 10/11/19		2,500,000		2,496,232
				11,552,686
FREDDIE MAC (AGENCY): 0.9%
1.375%, 01/09/13		1,000,000		1,009,117
0.600%, 01/24/14		3,000,000		3,004,464
1.000%, 12/19/14		2,000,000		2,001,644
0.550%, 02/27/15		3,000,000		2,993,511
1.150%, 12/30/15		2,000,000		2,005,902
1.000%, 01/27/16		2,000,000		2,002,192
0.500%, 09/28/16		3,000,000		3,004,479
2.000%, 11/29/18		2,000,000		2,014,962
				18,036,271
FANNIE MAE (AGENCY): 2.8%
4.000%, 01/28/13		7,000,000		7,211,043
4.000%, 04/02/13		3,000,000		3,113,322
1.000%, 11/07/14		3,325,000		3,333,851
1.000%, 12/05/14		2,000,000		2,001,174
0.750%, 01/30/15		3,000,000		2,999,733
2.050%, 04/20/15		1,650,000		1,650,975
1.100%, 12/28/15		3,000,000		2,998,488
2.000%, 03/10/16		3,000,000		3,124,956
3.000%, 10/25/16		2,000,000		2,003,374
1.500%, 10/26/16		3,000,000		3,011,853

Pax World Balanced Fund Schedule of Investments (Unaudited) 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
FANNIE MAE (AGENCY), continued
1.750%, 11/14/16	$	2,000,000	$	2,010,010
1.300%, 01/30/17		6,000,000		5,994,528
1.100%, 02/21/17		4,000,000		3,978,604
2.200%, 10/27/17		5,000,000		5,207,470
2.000%, 03/26/19		3,000,000		2,984,607
3.000%, 06/27/19		2,000,000		2,056,920
				53,680,908
TOTAL U.S. GOVERNMENT AGENCY BONDS (Cost $101,619,261)				103,437,974
GOVERNMENT BONDS: 0.8%
Canadian Government, 2.500%, 06/01/15 (g)(CA)		3,000,000		3,112,727
Private Export Funding Corp., 4.974%, 08/15/13		2,000,000		2,123,080
U.S. Dept of Housing & Urban Development, 4.330%, 08/01/15		3,000,000		3,345,603
U.S. Dept of Housing & Urban Development, 4.620%, 08/01/18		5,000,000		5,891,360
TOTAL GOVERNMENT BONDS (Cost $12,880,471)				14,472,770
MUNICIPAL BONDS: 1.4%
Alderwood Washington Water & Waste. Distr., 5.150%, 12/01/25		2,435,000		2,694,425
City of Chicago, Illinois G.O., 5.250%, 01/01/17		4,000,000		4,654,080
Florida State Board of Education, 5.250%, 06/01/16		1,180,000		1,386,382
Georgia, The State G.O., 5.000%, 05/01/23		2,000,000		2,392,520
Illinois State Toll Highway Authority, 5.000%, 01/01/23		4,000,000		4,301,600
Illinois State Toll Highway Authority, Series A-1, 5.000%, 01/01/23		2,000,000		2,233,280
Iowa Finance Authority, 3.430%, 08/01/19		2,000,000		2,181,100
Metropolitan Washington DC Airport Authority, 4.625%, 10/01/24		3,000,000		3,248,790
Portland Oregon Urban Renewal & Redevelopment, 6.031%, 06/15/18		3,800,000		4,407,392
TOTAL MUNICIPAL BONDS (Cost $25,089,043)				27,499,569
U.S. TREASURY NOTES: 2.3%
3.375%, 06/30/13		1,000,000		1,038,828
1.875%, 07/15/13 (TIPS)		2,467,900		2,599,007
3.125%, 08/31/13		5,000,000		5,200,195
3.125%, 09/30/13		3,000,000		3,126,915
2.750%, 10/31/13		7,000,000		7,268,793
2.000%, 01/15/14 (TIPS)		3,679,620		3,934,894

Pax World Balanced Fund Schedule of Investments (Unaudited) 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
1.875%, 07/15/15 (TIPS)	$	2,912,875	$	3,251,497
2.000%, 01/15/16 (TIPS)		2,283,720		2,581,318
3.375%, 11/15/19		5,000,000		5,582,815
3.625%, 02/15/20		2,000,000		2,269,062
1.250%, 07/15/20 (TIPS)		4,156,760		4,750,724
2.000%, 11/15/21 (f)		3,000,000		2,953,830
TOTAL U.S. TREASURY NOTES (Cost $42,525,743)				44,557,878
MORTGAGE-BACKED SECURITIES: 5.6%
GINNIE MAE (MORTGAGE BACKED): 0.5%
6.000%, 02/15/19		290,290		320,766
4.000%, 05/15/19		798,401		867,622
6.000%, 05/15/21		524,813		578,763
6.000%, 07/15/21		81,451		89,620
6.000%, 02/15/22		587,659		646,049
4.500%, 11/20/33		1,653,384		1,815,056
6.000%, 08/15/35		1,026,953		1,160,214
6.000%, 05/20/36		422,298		476,854
6.000%, 01/15/38		1,259,019		1,431,835
6.000%, 01/15/38		590,715		666,998
6.000%, 08/20/38		802,532		903,828
				8,957,605
FREDDIE MAC (MORTGAGE-BACKED): 1.2%
4.000%, 05/01/14		265,924		275,195
5.000%, 08/01/18		902,881		974,671
4.500%, 09/01/18		279,364		301,883
4.000%, 09/01/18		201,215		214,479
5.500%, 10/01/18		295,430		321,831
5.500%, 10/01/18		201,148		219,753
5.000%, 10/01/18		451,115		488,534
5.000%, 11/01/18		235,732		255,139
5.000%, 11/01/18		204,110		220,339
3.500%, 11/01/25		2,496,141		2,612,698
3.500%, 05/01/26		2,315,471		2,423,592
5.500%, 12/01/27		1,716,047		1,873,164
2.575%, 05/01/36		88,885		91,006
5.902%, 04/01/37		1,093,441		1,162,294
7.462%, 09/01/37		283,143		309,682
2.618%, 01/01/38		2,350,218		2,492,997
5.000%, 07/01/39		2,320,141		2,523,081

Pax World Balanced Fund Schedule of Investments (Unaudited) 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), continued
5.000%, 08/01/39	$	1,655,601	$	1,800,401
5.500%, 10/01/39		2,029,415		2,218,711
3.500%, 01/01/41		1,785,434		1,831,770
				22,611,220
FANNIE MAE (MORTGAGE BACKED): 3.6%
5.000%, 01/01/14		161,568		170,035
5.000%, 02/01/14		109,590		112,118
4.500%, 07/01/18		1,059,246		1,139,331
3.500%, 09/01/18		623,549		656,176
3.500%, 10/01/18		82,233		86,536
3.500%, 10/01/18		407,091		428,392
5.000%, 11/01/18		33,411		36,272
5.000%, 11/01/18		236,693		257,769
5.000%, 11/01/18		322,134		351,623
5.000%, 02/01/19		880,089		955,568
4.500%, 11/01/19		674,232		724,787
5.000%, 03/01/20		592,091		643,333
5.000%, 10/01/20		1,165,581		1,275,197
3.500%, 01/01/21		2,327,057		2,444,457
5.000%, 10/01/23		579,463		635,467
3.500%, 10/01/25		2,151,859		2,259,737
3.500%, 01/01/26		2,705,036		2,860,934
3.500%, 02/01/26		2,295,118		2,410,178
3.500%, 08/01/26		5,653,628		5,991,829
3.500%, 08/01/26		3,269,581		3,449,841
3.000%, 11/01/26		1,954,133		2,036,489
3.500%, 12/01/26		3,898,049		4,122,704
4.000%, 01/01/32		2,410,204		2,558,412
6.500%, 06/01/32		276,479		314,945
5.000%, 12/01/33		2,683,166		2,905,596
2.765%, 12/01/33		189,925		202,769
2.429%, 12/01/33		444,560		475,414
6.000%, 02/01/34		578,621		646,504
2.285%, 05/01/34		1,457,584		1,513,214
2.474%, 07/01/34		2,731,937		2,899,944
2.471%, 01/01/35		910,774		970,796
1.870%, 03/01/35		784,473		811,276
3.936%, 06/01/35		376,868		400,743
5.500%, 10/01/35		1,682,030		1,841,365
6.000%, 04/01/36		308,971		342,231
2.373%, 05/01/36		376,743		401,480
5.528%, 06/01/37		630,164		672,371

Pax World Balanced Fund Schedule of Investments (Unaudited) March 31, 2012

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
BONDS, continued
MORTGAGE-BACKED SECURITIES, continued
FANNIE MAE(MORTGAGE-BACKED), continued
6.000%, 03/01/39	$	1,625,942	$	1,792,814
5.000%, 03/01/39		2,596,746		2,887,073
4.500%, 09/01/40		1,884,460		2,007,872
4.500%, 01/01/41		2,708,576		2,908,912
6.000%, 01/25/41		88,013		87,977
4.000%, 02/01/41		2,855,527		3,046,288
4.000%, 03/01/41		3,631,356		3,810,965
3.500%, 10/01/41		2,954,518		3,048,276
				69,596,010
COMMERCIAL MORTGAGE-BACKED: 0.3%
JP Morgan Chase Commercial Mtg Sec Corp., 4.738%, 07/15/42		2,000,000		2,172,660
Morgan Stanley Capital I, Inc., 4.989%, 08/13/42		2,000,000		2,202,394
				4,375,054
TOTAL MORTGAGE-BACKED SECURITIES (Cost $101,191,748)				105,539,889
TOTAL BONDS (Cost $511,263,377)				539,690,031
CERTIFICATES OF DEPOSIT: 0.0%
Hope Community Credit Union, 1.250%, 05/07/12		100,000		100,000
Urban Partnership Bank, 0.350%, 09/25/12		248,000		248,000
TOTAL CERTIFICATES OF DEPOSIT (Cost $348,000)				348,000
MONEY MARKET: 0.0%
Self Help Credit Union Money Market Account (Cost $263,546)		263,546		263,546
TIME DEPOSIT: 1.4%
State Street Euro Dollar Time Deposit, 0.010%, 04/02/12		26,151,000		26,151,000
TOTAL TIME DEPOSIT (Cost $26,151,000)
SECURITIES PURCHASED WITH CASH COLLATERAL
FROM SECURITIES LENDING: 1.4%
SSgA Institutional U.S. Government Money Market Fund (Cost $26,680,796)		26,680,796		26,680,796

Pax World Balanced Fund Schedule of Investments (Unaudited) March 31, 2012

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS	VALUE
TOTAL INVESTMENTS: 101.2% (Cost $1,647,852,704)		$	1,939,494,618
Payable upon return of securities loaned—(Net): -1.4%			(26,680,796	)
Other assets and liabilities—(Net): 0.2%			4,382,465
Net Assets: 100.0%		$	1,917,196,287

(a) Non income producing security.

(b) Illiquid security.

(c) Fair Valued security.

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

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

(f) Security or partial position of this security was on loan as of March 31, 2012. The total market value of securities on loan as of March 31, 2012 was $94,017,852.

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

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

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

ADR—American Depository Receipt

CA—Canada

LP—Limited Partnership

MX—Mexico

REIT—Real Estate Investment Trust

TIPS—Treasury Inflation Protected Securities

UK—United Kingdom

US—United States

SCHEDULE OF WRITTEN OPTIONS	CONTRACTS		VALUE
CALLS:
Apple, Inc. expires January 2013, exercise price $550.00		100	$	(960,000	)
Apple, Inc. expires January 2013, exercise price $600.00		100		(697,000	)
Comcast Corp., Class A expires January 2013, exercise price $27.00		300		(128,100	)
Emerson Electric Co. expires January 2013, exercise price $60.00		305		(33,550	)
Pfizer, Inc. expires December 2012, exercise price $22.00		1,500		(246,000	)
Target Corp. expires January 2013, exercise price $62.50		300		(61,800	)
Time Warner, Inc. expires January 2013, exercise price $40.00		300		(52,500	)
TOTAL WRITTEN CALL OPTIONS (Premiums Received $1,231,984)			$	(2,178,950	)
PUTS:
Ecolab, Inc. expires April 2012, exercise price $45.00		100	$	(2,000	)
TOTAL WRITTEN PUT OPTIONS (Premiums Received $17,200)			$	(2,000	)

Pax World Growth Fund Schedule of Investments (Unaudited) March 31, 2012

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
COMMON STOCKS: 97.5%
CONSUMER DISCRETIONARY: 14.3%
Amazon.com, Inc. (a)		5,000	$	1,012,550
Autoliv, Inc. (c)		14,900		999,045
BorgWarner, Inc. (a)		21,800		1,838,612
Coach, Inc.		20,500		1,584,240
Comcast Corp., Class A		53,000		1,590,530
Darden Restaurants, Inc.		30,000		1,534,800
Ford Motor Co.		67,500		843,075
GameStop Corp., Class A (c)		42,000		917,280
Macy’s, Inc.		52,000		2,065,960
Marriott International, Inc., Class A		44,000		1,665,400
NIKE, Inc., Class B		18,210		1,974,692
Valeo SA		15,000		787,057
VF Corp. (c)		15,900		2,321,082
				19,134,323
CONSUMER STAPLES: 7.8%
General Mills, Inc.		61,500		2,426,175
Kimberly-Clark Corp. (c)		22,000		1,625,580
PepsiCo, Inc.		33,680		2,234,668
Procter & Gamble Co., The		29,100		1,955,811
Whole Foods Market, Inc. (c)		27,250		2,267,200
				10,509,434
ENERGY: 9.8%
Baker Hughes, Inc. (c)		29,750		1,247,715
Devon Energy Corp.		27,794		1,976,709
Hess Corp.		26,250		1,547,438
Lufkin Industries, Inc.		9,984		805,210
Noble Corp. (a)		40,000		1,498,800
Noble Energy, Inc.		16,600		1,623,148
Southwestern Energy Co. (a)		42,000		1,285,200
Statoil ASA, ADR		73,000		1,979,030
Talisman Energy, Inc.		92,500		1,165,500
				13,128,750
FINANCIALS: 7.7%
ACE, Ltd.		23,700		1,734,840
CBRE Group, Inc., Class A (a)		56,500		1,127,740
Digital Realty Trust, Inc., REIT (c)		11,600		858,052
JPMorgan Chase & Co.		35,625		1,638,038
Plum Creek Timber Co., Inc., REIT (c)		42,250		1,755,910

Pax World Growth Fund Schedule of Investments (Unaudited) March 31, 2012

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
COMMON STOCKS, continued
FINANCIALS, continued
PNC Financial Services Group, Inc.		23,000	$	1,483,270
State Street Corp.		38,000		1,729,000
				10,326,850
HEALTH CARE: 10.9%
Agilent Technologies, Inc. (a)		36,750		1,635,743
Alexion Pharmaceuticals, Inc. (a)		6,266		581,861
Celgene Corp. (a)		16,250		1,259,700
Express Scripts Holding Co. (a)		24,750		1,340,955
Gen-Probe, Inc. (a)		8,250		547,883
Mylan, Inc. (a)		35,000		820,750
Roche Holding AG		10,650		1,853,422
St. Jude Medical, Inc. (c)		29,500		1,307,145
Teva Pharmaceutical Industries, Ltd., ADR		29,250		1,318,005
Thermo Fisher Scientific, Inc. (a)		33,962		1,914,777
Thoratec Corp. (a)		18,500		623,635
United Therapeutics Corp. (a)		14,950		704,594
Volcano Corp. (a)		27,500		779,625
				14,688,095
INDUSTRIALS: 13.3%
3M Co.		23,900		2,132,118
Cummins, Inc.		13,950		1,674,558
Eaton Corp. (c)		20,250		1,009,058
Expeditors International of Washington, Inc.		40,000		1,860,400
Landstar System, Inc.		22,000		1,269,840
Pall Corp.		31,875		1,900,706
Quanta Services, Inc. (a)(c)		47,200		986,480
Roper Industries, Inc.		19,500		1,933,620
Stanley Black & Decker, Inc.		26,500		2,039,440
Union Pacific Corp.		10,650		1,144,662
United Parcel Service, Inc., Class B		24,251		1,957,541
				17,908,423
INFORMATION TECHNOLOGY: 28.0% (b)
Acme Packet, Inc. (a)(c)		23,000		632,960
Apple, Inc. (a)(d)(c)		5,625		3,372,018
Aruba Networks, Inc. (a)		52,500		1,169,700
ASML Holding NV		33,500		1,679,690
BMC Software, Inc. (a)		34,500		1,385,520
Brocade Communications Systems, Inc. (a)		216,000		1,242,000
Cisco Systems, Inc.		74,000		1,565,100
Cognizant Technology Solutions, Class A (a)		24,250		1,866,038

Pax World Growth Fund Schedule of Investments (Unaudited) March 31, 2012

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
COMMON STOCKS, continued
INFORMATION TECHNOLOGY, continued
EMC Corp. (a)		77,000	$	2,300,759
Facebook, Inc. (a)(e)(f)		15,000		607,650
Google, Inc., Class A (a)		4,465		2,863,136
IBM (c)		9,367		1,954,425
Intuit, Inc. (c)		33,400		2,008,342
Juniper Networks, Inc. (a)		57,750		1,321,320
NetApp, Inc. (a)		33,350		1,493,080
NETGEAR, Inc. (a)		32,250		1,231,950
Nuance Communications, Inc. (a)(c)		40,000		1,023,200
Oracle Corp.		40,750		1,188,270
Qualcomm, Inc.		39,000		2,652,780
Red Hat, Inc. (a)		28,500		1,706,865
Riverbed Technology, Inc. (a)		17,800		499,824
SAP AG, ADR		6,500		453,830
Texas Instruments, Inc.		48,500		1,630,085
Trimble Navigation, Ltd. (a)		32,875		1,789,058
				37,637,600
MATERIALS: 3.4%
Nucor Corp. (c)		33,000		1,417,350
Rio Tinto PLC, ADR (c)		19,500		1,084,005
Syngenta AG, ADR (a)		24,150		1,662,245
Wacker Chemie AG		4,170		367,602
				4,531,202
TELECOMMUNICATION SERVICES: 1.2%
Vodafone Group PLC, ADR		59,838		1,655,717
UTILITIES: 1.1%
American Water Works Co., Inc.		38,904		1,323,903
TOTAL COMMON STOCKS (Cost $99,362,002)				130,844,297
TIME DEPOSIT: 2.5%
State Street Euro Dollar Time Deposit, 0.010%, 04/02/12	$	3,291,000		3,291,000
TOTAL TIME DEPOSIT (Cost $3,291,000)

Pax World Growth Fund Schedule of Investments (Unaudited) March 31, 2012

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
SECURITIES PURCHASED WITH CASH COLLATERAL
FROM SECURITIES LENDING: 3.3%
SSgA Institutional U.S. Government Money Market Fund (Cost $4,395,246)		4,395,246	$	4,395,246
TOTAL INVESTMENTS: 103.3% (Cost $107,048,248)				138,530,543
Payable upon return of securities loaned—(Net): -3.3%				(4,395,246	)
Other assets and liabilities—(Net): 0.0%				61,573
Net Assets: 100.0%			$	134,196,870

(a) Non-income producing security.

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

(c) Security or partial position of this security was on loan as of March 31, 2012. The total market value of securities on loan as of March 31, 2012 was $10,390,829.

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

(e) Illiquid security.

(f) Fair Valued Security.

ADR— American Depository Receipt

REIT— Real Estate Investment Trust

SCHEDULE OF WRITTEN OPTIONS	CONTRACTS		VALUE
CALLS:
Apple, Inc. expires January 2013, exercise price $550.00		5	$	(48,000	)
Apple, Inc. expires January 2013, exercise price $600.00		5		(34,850	)
TOTAL WRITTEN CALL OPTIONS (Premiums Received $41,845)			$	(82,850	)

Pax World Small cap Fund Schedule of Investments (Unaudited) March 31, 2012

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
COMMON STOCK: 92.6%
CONSUMER DISCRETIONARY: 16.3%
Best Buy Co., Inc.		3,500	$	82,880
Bravo Brio Restaurant Group, Inc. (a)		8,247		164,610
Cinemark Holdings, Inc.		21,000		460,950
Core-Mark Holding Co., Inc.		1,000		40,940
GameStop Corp., Class A		27,000		589,680
Jamba, Inc. (a)		396,920		821,624
Ruby Tuesday, Inc. (a)		7,230		66,010
Ruth’s Hospitality Group, Inc. (a)		25,000		189,750
Skullcandy, Inc. (a)		10,000		158,300
				2,574,744
ENERGY: 5.3%
Contango Oil & Gas Co. (a)		5,000		294,550
McDermott International, Inc. (a)		30,000		384,300
Natural Gas Services Group, Inc. (a)		9,767		128,924
Rex Energy Corp. (a)		2,400		25,632
				833,406
FINANCIALS: 24.4% (b)
AMERISAFE, Inc. (a)		25,377		627,827
Ares Capital Corp.		19,000		310,650
CBOE Holdings, Inc.		5,000		142,100
Hercules Technology Growth Capital, Inc.		31,009		343,580
Horizon Technology Finance Corp.		7,000		116,270
National Financial Partners Corp. (a)		10,000		151,400
Och-Ziff Capital Mgmt. Group, LP, Class A		20,000		185,600
Oritani Financial Corp.		22,000		322,960
ProAssurance Corp.		6,648		585,755
Territorial Bancorp, Inc.		5,011		104,279
Tower Group, Inc.		1,000		22,430
United Financial Bancorp, Inc.		47,697		754,567
Westwood Holdings Group, Inc.		4,758		184,277
				3,851,695
HEALTH CARE: 13.1%
CardioNet, Inc. (a)		64,696		199,264
Endo Pharmaceuticals Holdings, Inc. (a)		4,000		154,920
Gen-Probe, Inc. (a)		2,500		166,025
Ligand Pharmaceuticals, Inc., Class B (a)		14,000		223,300
Natus Medical, Inc. (a)		60,860		726,060
Vascular Solutions, Inc. (a)		55,243		596,072
				2,065,641

Pax World Small cap Fund Schedule of Investments (Unaudited) March 31, 2012

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
COMMON STOCK, continued
INDUSTRIALS: 4.2%
Intersections, Inc.		15,151	$	193,630
Towers Watson & Co., Class A		7,000		462,490
				656,120
INFORMATION TECHNOLOGY: 20.0%
Dice Holdings, Inc. (a)		24,000		223,920
ePlus, Inc. (a)		14,991		479,262
InterDigital, Inc.		15,000		522,900
MICROS Systems, Inc. (a)		1,000		55,290
Open Text Corp. (a)		7,500		458,625
TheStreet, Inc.		318,078		702,952
Westell Technologies, Inc., Class A (a)		304,069		708,481
				3,151,430
TELECOMMUNICATION SERVICES: 4.0%
AboveNet, Inc. (a)		7,000		579,600
HickoryTech Corp.		5,000		51,700
				631,300
UTILITIES: 5.3%
Laclede Group, Inc., The		14,000		546,280
Pepco Holdings, Inc.		15,000		283,350
				829,630
TOTAL COMMON STOCKS				14,593,966
(Cost $14,571,443)
TIME DEPOSIT: 9.4%
State Street Euro Dollar Time Deposit, 0.010%, 04/02/12	$	1,505,000		1,505,000
TOTAL TIME DEPOSIT
(Cost $1,505,000)
TOTAL INVESTMENTS: 102.0%				16,098,966
(Cost $16,076,443)
Other assets and liabilities—(Net): -2.0%				(310,948	)
Net Assets: 100.0%			$	15,788,018

(a) Non-income producing security.

LP— Limited Partnership

Pax World International Fund Schedule of Investments (Unaudited) March 31, 2012

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
COMMON STOCKS: 96.5%
AUSTRALIA: 5.3%
Cochlear, Ltd.		9,400	$	602,196
National Australia Bank, Ltd.		42,300		1,079,838
Woodside Petroleum, Ltd.		19,300		697,504
				2,379,538
AUSTRIA: 1.2%
OMV AG		15,516		551,849
BELGIUM: 2.2%
Anheuser-Busch InBev NV		13,700		997,754
BRAZIL: 2.6%
CCR SA		51,200		414,548
Natura Cosmeticos SA		33,800		735,084
				1,149,632
CANADA: 4.1%
Bombardier, Inc., Class B		143,300		594,779
Potash Corp. of Saskatchewan, Inc.		12,000		548,280
Rogers Communications, Inc., Class B		16,700		663,011
				1,806,070
CHINA: 0.5%
Trina Solar, Ltd., ADR (a)		30,000		213,900
FINLAND: 2.3%
Fortum Oyj		42,506		1,032,031
FRANCE: 4.9%
AXA SA		43,400		720,218
LVMH Moet Hennessy Louis Vuitt		3,800		653,921
Mersen		11,960		424,066
Neopost SA		5,800		373,295
				2,171,500
GERMANY: 5.1%
Bayerische Motoren Werke AG		8,400		755,633
Linde AG		2,400		430,524
Metro AG		17,000		657,346
Wacker Chemie AG		4,700		414,324
				2,257,827

Pax World International Fund Schedule of Investments (Unaudited) March 31, 2012

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
COMMON STOCKS, continued
HONG KONG: 0.8%
Chaoda Modern Agriculture (Holdings), Ltd. (a)(b)(c)		710,000	$	50,286
Esprit Holdings, Ltd.		159,800		322,688
				372,974
IRELAND: 0.7%
Kingspan Group PLC		28,600		296,018
ISRAEL: 2.7%
Teva Pharmaceutical Industries, Ltd., ADR		27,000		1,216,620
JAPAN: 15.7%
Canon, Inc., ADR		14,000		667,240
Central Japan Railway Co.		105		867,119
Daiseki Co., Ltd.		17,000		316,067
Eisai Co., Ltd.		17,400		691,871
Hoya Corp.		14,600		329,701
Kao Corp.		27,300		719,906
Komatsu, Ltd.		31,200		897,140
Kurita Water Industries, Ltd.		15,700		386,523
Nintendo Co., Ltd.		2,300		349,335
Nippon Building Fund, Inc., REIT		49		466,465
Resona Holdings, Inc.		155,900		721,134
Tokuyama Corp.		69,000		215,669
Trend Micro, Inc.		12,900		399,171
				7,027,340
LUXEMBOURG: 1.4%
Tenaris SA, ADR		16,250		621,238
NETHERLANDS: 1.1%
Royal Philips (Netherlands)		24,300		493,192
NORWAY: 3.1%
Statoil ASA, ADR		50,546		1,370,302
PHILIPPINES: 0.8%
Philippine Long Distance Telephone, ADR		5,500		342,045
POLAND: 2.0%
Powszechny Zaklad Ubezpieczen SA		8,420		880,462
PORTUGAL: 0.9%
Portugal Telecom SGPS SA, ADR		74,700		404,127

Pax World International Fund Schedule of Investments (Unaudited) March 31, 2012

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
COMMON STOCK, continued
SINGAPORE: 4.2%
DBS Group Holdings, Ltd.		68,000	$	768,363
Hyflux, Ltd.		279,000		332,533
SingTel		303,000		760,666
				1,861,562
SPAIN: 4.0%
Repsol YPF SA		44,300		1,113,627
Telefonica SA, ADR		40,200		659,682
				1,773,309
SWEDEN: 2.8%
Hennes & Mauritz AB, B Shares		20,600		744,676
SKF AB, B Shares		20,000		488,157
				1,232,833
SWITZERLAND: 6.7%
ABB, Ltd., ADR (a)		37,800		771,498
Credit Suisse Group AG, ADR		23,000		655,730
Roche Holding AG		4,250		739,629
Syngenta AG, ADR (a)		11,550		794,987
				2,961,844
TAIWAN: 0.8%
Taiwan Semiconductor Manu. Co., Ltd., ADR		24,276		370,937
TURKEY: 3.1%
Mardin Cimento Sanayii ve Tica AS		93,000		356,191
Turkiye Halk Bankasi AS		140,600		1,005,980
				1,362,171
UNITED KINGDOM: 17.5%
BG Group PLC		38,500		892,687
Game Group PLC (b)(c)		1,574,000		—
HSBC Holdings PLC, ADR		20,400		905,556
Pennon Group PLC		59,500		677,160
Reckitt Benckiser Group PLC		15,800		893,933
Reed Elsevier PLC		117,306		1,039,794
Rio Tinto PLC, ADR		20,700		1,150,713
Sage Group PLC, The		96,000		459,606
Spectris PLC		15,614		450,507
Standard Chartered PLC		35,000		874,008
Vodafone Group PLC, ADR		16,000		442,720
				7,786,684

Pax World International Fund Schedule of Investments (Unaudited) March 31, 2012

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
COMMON STOCK, continued
TOTAL COMMON STOCKS (Cost $43,646,862)			$	42,933,759
EXCHANGE TRADED FUNDS: 2.5%
UNITED STATES: 2.5%
iShares Silver Trust (a)		6,600		207,042
SPDR Gold Shares (a)		5,450		883,663
TOTAL EXCHANGE TRADED FUNDS (Cost $854,468)				1,090,705
TIME DEPOSIT: 0.5%
State Street Euro Dollar Time Deposit, 0.010%, 04/02/12	$	233,000		233,000
TOTAL TIME DEPOSIT (Cost $233,000)
TOTAL INVESTMENTS: 99.5% (Cost $44,734,330)				44,257,464
Other assets and liabilities—(Net): 0.5%				231,367
Net Assets: 100.0%			$	44,488,831

(a) Non-income producing security.

(b) Fair Valued security.

(c) Illiquid security.

ADR—American Depository Receipt

REIT—Real Estate Investment Trust

Pax World International Fund Schedule of Investments (Unaudited) March 31, 2012

SUMMARY OF INVESTMENTS BY SECTOR

PERCENT OF NET ASSETS	VALUE		PERCENT OF NET ASSETS
CONSUMER DISCRETIONARY	$	3,516,712		7.9	%
CONSUMER STAPLES		4,054,309		9.1	%
ENERGY		5,247,207		11.8	%
FINANCIALS		8,077,755		18.2	%
HEALTH CARE		3,250,316		7.3	%
INDUSTRIALS		5,949,106		13.4	%
INFORMATION TECHNOLOGY		3,613,692		8.1	%
MATERIALS		3,910,687		8.8	%
TELECOMMUNICATIONS SERVICES		3,272,251		7.4	%
UTILITIES		2,041,724		4.5	%
PREFERRED STOCK		—		0.0	%
EXCHANGE TRADED FUNDS		1,090,705		2.5	%
RIGHTS		—		0.0	%
TIME DEPOSIT		233,000		0.5	%
Other assets and liabilities—(Net)		231,367		0.5	%
TOTAL	$	44,488,831		100.0	%

Pax World High Yield Bond Fund Schedule of Investments (Unaudited) March 31, 2012

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
COMMON STOCK: 0.9%
CONSUMER CYCLICAL: 0.0%
Game Group PLC (b)(e)		1,286,902	$	0
FINANCE & INVESTMENT: 0.6%
Hercules Technology Growth Capital, Inc.		276,011		3,058,202
TELECOMMUNICATIONS: 0.3%
Windstream Corp. (f)		100,000		1,171,000
TOTAL COMMON STOCKS (Cost $5,075,017)				4,229,202
EXCHANGE TRADED FUNDS: 2.9%
Financial Select Sector SPDR Fund		100,000		1,578,000
iShares iBoxx $ High Yield Corp Bond Fund		40,000		3,633,600
ProShares UltraShort Euro (g)(h)		138,131		2,620,345
SPDR Barclays Capital High Yield Bond ETF		100,000		3,937,000
SPDR Gold Shares (g)		12,000		1,945,680
TOTAL EXCHANGE TRADED FUNDS (Cost $13,634,230)				13,714,625
CORPORATE BONDS: 96.3%
AUTOMOTIVE: 1.1%
Tomkins, Ltd., 9.000%, 10/01/18	$	4,590,000		5,106,375
BASIC INDUSTRY: 5.8%
Kinove German Bondco GmbH, 144A, 9.625%, 06/15/18 (a)		1,500,000		1,567,500
Longview Fibre Paper & Packaging, Inc., 144A, 8.000%, 06/01/16 (a)(f)		2,100,000		2,149,875
Mirabela Nickel, Ltd, 144A, 8.750%, 04/15/18 (a)(f)		6,000,000		5,190,000
Nexeo Solutions LLC/Corp, 144A, 8.375%, 03/01/18 (a)		6,000,000		5,970,000
PE Paper Escrow GmbH, 144A, 12.000%, 08/01/14 (a)		6,000,000		6,540,000
Ply Gem Industries, Inc., 8.250%, 02/15/18 (f)		6,197,000		6,266,716
				27,684,091

Pax World High Yield Bond Fund Schedule of Investments (Unaudited) March 31, 2012

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
CORPORATE BONDS, continued
CAPITAL GOODS: 5.2%
Altra Holdings, Inc., 8.125%, 12/01/16	$	3,530,000	$	3,812,400
Ardagh Packaging Finance PLC., 144A, 7.375%, 10/15/17 (a)		200,000		215,500
Ardagh Packaging Finance PLC., 144A, 9.125%, 10/15/20 (a)		2,500,000		2,631,250
Coleman Cable, Inc., 9.000%, 02/15/18		4,000,000		4,230,000
Hyva Global BV, 144A, 8.625%, 03/24/16 (a)		3,000,000		2,602,500
J.B. Poindexter & Co, Inc., 144A, 9.000%, 04/01/22 (a)		4,250,000		4,393,438
Park-Ohio Industries, Inc., 8.125%, 04/01/21		7,000,000		7,245,000
				25,130,088
CONSUMER CYCLICAL: 7.6%
Brown Shoe Co., Inc., 7.125%, 05/15/19		3,000,000		2,955,000
Burlington Coat Factory Warehouse Corp., 10.000%, 02/15/19 (f)		6,750,000		7,053,750
Fiesta Restaurant Group., 144A, 8.875%, 08/15/16 (a)		1,000,000		1,060,000
Gymboree Corp., The, 9.125%, 12/01/18 (f)		1,000,000		927,500
Human Touch LLC, 144A, 15.000%, 03/30/14 (a)(b)(e)		371,243		0
Icon Health & Fitness, Inc., 144A, 11.875%, 10/15/16 (a)		6,950,000		5,916,188
Levi Strauss & Co., 7.625%, 05/15/20 (f)		5,100,000		5,418,750
Perry Ellis International, Inc., 7.875%, 04/01/19		4,500,000		4,500,000
Quiksilver, Inc., 6.875%, 04/15/15 (f)		6,150,000		6,211,500
Sally Holdings LLC/Capital, Inc., 144A, 6.875%, 11/15/19 (a)(f)		250,000		267,500
Susser Holdings & Finance Corp., 8.500%, 05/15/16		100,000		110,250
Wallace Theater Holdings, Inc., 144A, 12.500%, 06/15/13 (a)(b)		2,500,000		2,212,500
				36,632,938
CONSUMER NON-CYCLICAL: 4.3%
Easton-Bell Sports, Inc., 9.750%, 12/01/16		4,750,000		5,278,438
Fage Dairy Industry SA, 144A, 9.875%, 02/01/20 (a)		4,250,000		4,186,250
Foodcorp, Ltd., 144A, 8.750%, 03/01/18 (a)(c)(SA)		5,000,000		6,551,800
Libbey Glass, Inc., 10.000%, 02/15/15		115,000		123,481
Logan’s Roadhouse, Inc., 10.750%, 10/15/17		4,500,000		4,410,000
				20,549,969
ENERGY: 14.0%
Alta Mesa Holdings, LP, 9.625%, 10/15/18		5,750,000		5,821,875
AmeriGas Finance LLC/Corp., 7.000%, 05/20/22		250,000		255,625
Atwood Oceanics, Inc., 6.500%, 02/01/20		500,000		527,500
CGG Veritas, 9.500%, 05/15/16		1,000,000		1,105,000
CGG Veritas, 6.500%, 06/01/21		500,000		512,500
Chaparral Energy, Inc., 8.875%, 02/01/17		5,000,000		5,250,000
Chaparral Energy, Inc., 9.875%, 10/01/20		4,000,000		4,480,000
Crosstex Energy, LP, 8.875%, 02/15/18		1,000,000		1,067,500
EV Energy Partner, LP, 8.000%, 04/15/19		500,000		515,000
Goodrich Petroleum Corp., 8.875%, 03/15/19		8,000,000		7,800,000

Pax World High Yield Bond Fund Schedule of Investments (Unaudited) March 31, 2012

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
CORPORATE BONDS, continued
ENERGY, continued
Helix Energy Solutions Group, Inc., 144A, 9.500%, 01/15/16 (a)	$	3,473,000	$	3,642,309
Hercules Offshore, Inc., 144A, 7.125%, 04/01/17 (a)		2,000,000		2,005,000
Hercules Offshore, Inc., 144A, 10.250%, 04/01/19 (a)		2,000,000		1,970,000
Parker Drilling Co., 9.125%, 04/01/18		500,000		532,500
Penn Virginia Corp., 10.375%, 06/15/16 (f)		5,000,000		4,925,000
Penn Virginia Corp., 7.250%, 04/15/19 (f)		1,500,000		1,297,500
PetroBakken Energy, Ltd., 144A, 8.625%, 02/01/20 (a)		100,000		104,500
Petroleum Geo-Services ASA, 144A, 7.375%, 12/15/18 (a)		1,000,000		1,045,000
PHI, Inc., 8.625%, 10/15/18		6,875,000		7,081,250
Quicksilver Resources, Inc., 9.125%, 08/15/19 (f)		3,000,000		2,940,000
Rosetta Resources, Inc., 9.500%, 04/15/18		6,500,000		7,182,500
Samson Investment Co., 144A, 9.750%, 02/15/20 (a)		7,000,000		7,096,250
				67,156,809
FINANCE & INVESTMENT: 1.4%
Ares Capital Corp., 144A, 5.125%, 06/01/16 (a)		2,200,000		2,257,750
CIT Group, Inc., 5.250%, 03/15/18		1,000,000		1,021,250
Hercules Technology Growth Capital, Inc., 6.000%, 04/15/16 (a)		1,000,000		1,046,250
Nuveen Investments, Inc., 10.500%, 11/15/15		2,500,000		2,603,125
				6,928,375
HEALTH CARE: 14.2%
Alere, Inc., 8.625%, 10/01/18		1,000,000		1,040,000
Alliance Healthcare Services, Inc., 8.000%, 12/01/16		4,985,000		3,726,288
AMGH Merger Sub, Inc., 144A, 9.250%, 11/01/18 (a)		6,100,000		6,374,500
Aptalis Pharma, Inc., 12.750%, 03/01/16		5,240,000		5,619,900
Biomet, Inc., 11.625%, 10/15/17		6,000,000		6,517,500
Bioscrip, Inc., 10.250%, 10/01/15		6,019,000		6,545,663
CHS/Community Health Systems, Inc., 144A, 8.000%, 11/15/19 (a)(f)		750,000		780,000
Community Health Systems, Inc., 8.875%, 07/15/15 (f)		592,000		614,200
Endo Pharmaceuticals Holdings, Inc., 7.250%, 01/15/22		500,000		537,500
ExamWorks Group, Inc., 144A, 9.000%, 07/15/19 (a)		250,000		250,000
Fresenius Medical Care US Finance II, Inc., 144A, 5.875%, 01/31/22 (a)		1,000,000		1,030,000
Hanger Orthopedic Group, Inc., 7.125%, 11/15/18		4,830,000		5,071,500
HCA Holdings, Inc., 7.750%, 05/15/21 (f)		7,000,000		7,271,250
HCA, Inc., 9.875%, 02/15/17		163,000		178,485
Health Management Association, Inc., 6.125%, 04/15/16		4,000,000		4,205,000
Health Management Association, Inc., 144A, 7.375%, 01/15/20 (a)		4,000,000		4,100,000
Inventiv Health, Inc., 144A, 10.000%, 08/15/18 (a)		6,250,000		5,656,250
OMEGA Healthcare Investors, Inc., 144A, 5.875%, 03/15/24 (a)		2,500,000		2,456,250
PSS World Medical, Inc., 144A, 6.375%, 03/01/22 (a)		3,250,000		3,355,625
StoneMor/Cornerstone/Osiris, 10.250%, 12/01/17		2,869,000		2,782,930
				68,112,841

Pax World High Yield Bond Fund Schedule of Investments (Unaudited) March 31, 2012

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
CORPORATE BONDS, continued
INSURANCE: 0.8%
HUB International Holdings, 144A, 9.000%, 12/15/14 (a)	$	3,000,000	$	3,090,000
HUB International Holdings, 144A, 10.250%, 06/15/15 (a)		600,000		621,750
				3,711,750
MEDIA: 9.9%
AMC Networks, Inc., 144A, 7.750%, 07/15/21 (a)		250,000		280,000
American Reprographics Co., 10.500%, 12/15/16 (b)		5,275,000		5,248,625
Cinemark USA, Inc., 7.375%, 06/15/21		1,000,000		1,077,500
Gannett Co, Inc., 7.125%, 09/01/18		5,500,000		5,816,250
Harron Communications, LP, 144A, 9.125%, 04/01/20 (a)		2,000,000		2,085,000
Lamar Media Corp., 144A, 5.875%, 02/01/22 (a)		250,000		255,625
McClatchy Co., The, 11.500%, 02/15/17		5,500,000		5,871,250
MDC Partners, Inc., 11.000%, 11/01/16		7,250,000		7,938,750
Nielsen Finance LLC, 11.500%, 05/01/16		3,575,000		4,138,062
Spanish Broadcasting System, Inc., 144A, 12.500%, 04/15/17 (a)		1,000,000		1,045,000
Townsquare Radio, LLC, 144A, 9.000%, 04/01/19 (a)		4,000,000		3,973,200
UPCB Finance VI, Ltd., 144A, 6.875%, 01/15/22 (a)		250,000		259,375
Valassis Communications, Inc., 6.625%, 02/01/21 (f)		6,000,000		6,180,000
Virgin Media Finance PLC, 8.375%, 10/15/19		2,500,000		2,812,500
WMG Acquisition Corp., 144A, 11.500%, 10/01/18 (a)		500,000		537,500
				47,518,637
REAL ESTATE: 1.6%
Kennedy-Wilson, Inc., 8.750%, 04/01/19		7,400,000		7,751,500
SERVICES: 11.5%
Alliance Data Systems Co., 144A, 6.375%, 04/01/20 (a)		500,000		511,250
Cardtronics, Inc., 8.250%, 09/01/18		4,330,000		4,790,063
Desarrolladora Homex SAB de CV, 144A, 9.500%, 12/11/19 (a)		3,000,000		3,210,000
Hertz Corp., The, 7.375%, 01/15/21		1,000,000		1,070,000
Interactive Data Corp., 10.250%, 08/01/18		4,000,000		4,540,000
Inversiones Alsacia SA, 144A, 8.000%, 08/18/18 (a)		3,862,069		3,748,590
Knowledge Learning Corp., Inc., 144A, 7.750%, 02/01/15 (a)		5,050,000		4,216,750
Lions Gate Entertainment Corp., 144A, 10.250%, 11/01/16 (a)		1,000,000		1,106,250
Marquette Transportation Co./Finance, 10.875%, 01/15/17		6,700,000		7,093,625
Mobile Mini, Inc., 7.875%, 12/01/20		750,000		802,500
Navios Maritime Acquisition Corp., 8.625%, 11/01/17		5,100,000		4,615,500
Stream Global Services, Inc., 11.250%, 10/01/14		6,260,000		6,541,700
Ultrapetrol Bahamas, Ltd., 9.000%, 11/24/14		5,310,000		4,938,300
United Maritime LLC/Corp., 11.750%, 06/15/15		2,000,000		2,087,500
Urbi Desarrollos Urbanos SAB de CV, 144A, 8.500%, 04/19/16 (a)		2,500,000		2,556,250
Urbi Desarrollos Urbanos SAB de CV, 144A, 9.750%, 02/03/22 (a)		3,000,000		3,187,500
				55,015,778

Pax World High Yield Bond Fund Schedule of Investments (Unaudited) March 31, 2012

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
CORPORATE BONDS, continued
TECHNOLOGY & ELECTRONICS: 4.6%
Advanced Micro Devices, Inc., 5.750%, 08/15/12	$	3,000,000	$	3,056,250
Epicore Software Corp., 8.625%, 05/01/19		6,250,000		6,421,874
Evertec, Inc., 11.000%, 10/01/18		6,000,000		6,555,000
Lawson Software, Inc., 144A, 9.375%, 04/01/19 (a)		250,000		250,000
MMI International, Ltd., 144A, 8.000%, 03/01/17 (a)(f)		1,000,000		1,040,000
Spansion, Inc., 7.875%, 11/15/17		5,000,000		4,850,000
				22,173,124
TELECOMMUNICATIONS: 13.4%
America Movil SAB de CV, 9.000%, 01/15/16 (b)(d)(MX)		25,000,000		2,143,810
Axtel SAB de CV, 144A, 9.000%, 09/22/19 (a)		3,000,000		2,475,000
CenturyLink, Inc., 7.600%, 09/15/39		5,000,000		4,742,695
Cricket Communications, Inc., 10.000%, 07/15/15 (f)		2,000,000		2,115,000
Digicel Group, Ltd., 144A, 8.875%, 01/15/15 (a)		4,000,000		4,090,000
Digicel Group, Ltd., 144A, 10.500%, 04/15/18 (a)		1,000,000		1,115,000
Digicel, Ltd., 144A, 12.000%, 04/01/14 (a)		2,000,000		2,245,000
Equinix, Inc., 3.000%, 10/15/14		2,000,000		3,017,500
Intelsat Luxembourg S.A., 11.250%, 02/04/17		3,000,000		3,127,500
InterDigital, Inc., 2.500%, 03/15/16		2,000,000		2,015,000
Maxcom Telecomunicacione SA, 11.000%, 12/15/14		6,000,000		4,080,000
MetroPCS Wireless, Inc., 7.875%, 09/01/18		5,100,000		5,393,250
NII Capital Corp., 10.000%, 08/15/16		1,000,000		1,137,500
NII Capital Corp., 8.875%, 12/15/19		2,000,000		2,105,000
NII Capital Corp., 7.625%, 04/01/21		500,000		491,250
Pacnet, Ltd., 144A, 9.250%, 11/09/15 (a)(f)		6,745,000		6,340,300
Sable International Finance, Ltd., 144A, 8.750%, 02/01/20 (a)(f)		200,000		213,000
Syniverse Holdings, Inc., 9.125%, 01/15/19		7,013,000		7,766,897
Windstream Corp., 7.500%, 04/01/23		2,000,000		2,070,000
Zayo Group LLC/Zayo Cap, 10.250%, 03/15/17		6,250,000		7,015,625
				63,699,327
UTILITY: 0.9%
Atlantic Power Corp., 144A, 9.000%, 11/15/18 (a)		250,000		253,750
FPL Energy National Wind Portfolio, 144A, 6.125%, 03/25/19 (a)(b)		439,220		430,680
Intergen NV, 144A, 9.000%, 06/30/17 (a)		3,000,000		3,172,500
Ormat Funding Corp., 8.250%, 12/30/20 (b)		551,957		521,600
				4,378,530
TOTAL CORPORATE BONDS (Cost $455,561,538)				461,550,132

Pax World High Yield Bond Fund Schedule of Investments (Unaudited) March 31, 2012

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
WARRANTS: 0.0%
Interactive Health, 0.000%, 04/01/11 (b)(e)		2,495	$	0
TOTAL WARRANTS (Cost $0)
CERTIFICATES OF DEPOSIT: 0.2%
One California Bank, FSB CDARS, 0.200%, 05/24/12	$	100,000		100,000
One PacificCoast Bank, 4.470%, 05/10/12		100,000		100,000
One PacificCoast Bank, 1.100%, 01/21/15		200,000		200,000
One PacificCoast Bank, FSB CDARS, 0.490%, 07/05/12		200,912		200,912
Self Help Credit Union, 1.050%, 01/04/13		100,000		100,000
Urban Partnership Bank, 0.650%, 08/03/12		100,000		100,000
Urban Partnership Bank, 0.650%, 07/01/12		100,564		100,564
TOTAL CERTIFICATES OF DEPOSIT (Cost $901,476)				901,476
TIME DEPOSIT: 2.1%
State Street Euro Dollar Time Deposit, 0.010%, 01/00/00		10,049,000		10,049,000
TOTAL TIME DEPOSIT (Cost $10,049,000)
SECURITIES PURCHASED WITH CASH COLLATERAL
FROM SECURITIES LENDING: 7.4%
SSgA Institutional U.S. Government Money Market Fund (Cost $35,630,423)		35,630,423		35,630,423
TOTAL INVESTMENTS: 109.8% (Cost $520,851,684)				526,074,858
Payable upon return of securities loaned—(Net): -7.4%				(35,630,423	)
Other assets and liabilities—(Net):-2.4%				(11,457,530	)
Net Assets: 100.0%			$	478,986,905

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

(b) Illiquid security.

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

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

(e) Fair Valued security.

Pax World High Yield Bond Fund Schedule of Investments (Unaudited) March 31, 2012

(f) Security or partial position of this security was on loan as of March 31, 2012. The total market value of securities on loan as of March 31, 2012 was $34,936,808.

(g) Non-income producing security.

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

LP—Limited Partnership

MX—Mexico

SA—South Africa

SCHEDULE OF SECURITIES SHORT SOLD	SHARES			VALUE
COMMON STOCK:
TELECOMMUNICATIONS:
Equinix, Inc.		(6,000	)	$	(944,700	)
TOTAL SECURITIES SOLD SHORT (Proceeds $775,246)				$	(944,700	)

SCHEDULE OF WRITTEN OPTIONS	CONTRACTS		VALUE
PUTS:
AT&T, Inc. expires January 2013, exercise price $22.50		1,000	$	(40,000	)
TOTAL WRITTEN PUTS OPTIONS     (Premiums Received $176,198)			$	(40,000	)

Pax World Global Women’s Equality Fund Schedule of Investments (Unaudited) March 31, 2012

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
COMMON STOCKS: 96.5%
CONSUMER DISCRETIONARY: 8.9%
Bayerische Motoren Werke AG		6,500	$	584,716
Brown Shoe Co., Inc.		27,600		254,748
Hennes & Mauritz AB, B Shares		10,300		372,338
Johnson Controls, Inc. (b)		17,700		574,896
NIKE, Inc., Class B		4,100		444,604
Starwood Hotels & Resorts Worldwide, Inc.		8,300		468,203
Time Warner Cable, Inc.		7,150		582,725
Vera Bradley, Inc. (a)		3,000		90,570
				3,372,800
CONSUMER STAPLES: 10.9%
Coca-Cola Co., The		5,450		403,355
General Mills, Inc.		17,250		680,513
Metro AG		13,100		506,543
Natura Cosmeticos SA		22,700		493,681
PepsiCo, Inc.		6,900		457,815
Procter & Gamble Co., The		8,800		591,448
Reckitt Benckiser Group PLC		9,400		531,833
Shiseido Co., Ltd.		25,000		432,951
				4,098,139
ENERGY: 12.5%
BG Group PLC		28,100		651,545
Baker Hughes, Inc.		13,250		555,705
Noble Corp. (a)		15,000		562,050
Sasol Ltd., ADR		9,900		481,536
Statoil ASA, ADR		44,800		1,214,528
Suncor Energy, Inc.		6,800		222,360
Talisman Energy, Inc.		25,300		318,780
Woodside Petroleum, Ltd.		19,800		715,574
				4,722,078
FINANCIALS: 17.1%
AXA SA		24,000		398,277
American Express Co.		11,500		665,390
American Tower Corp., REIT		5,350		337,157
Bank of New York Mellon Corp., The		30,500		735,965
BlackRock, Inc.		3,050		624,945
National Australia Bank, Ltd.		29,600		755,632
PNC Financial Services Group, Inc.		9,450		609,431
Powszechny Zaklad Ubezpieczen SA		4,780		499,835
Resona Holdings, Inc.		81,000		374,675
Royal Bank of Canada (Canadian)		7,400		428,888

Pax World Global Women’s Equality Fund Schedule of Investments (Unaudited) March 31, 2012

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
COMMON STOCKS, continued
FINANCIALS, continuted
Standard Chartered PLC		25,500	$	636,777
Turkiye Halk Bankasi AS		53,000		379,210
				6,446,182
HEALTH CARE: 12.0%
Allergan, Inc.		5,000		477,150
Hologic, Inc. (a)		18,500		398,675
Mylan, Inc. (a)		18,000		422,100
Pfizer, Inc.		34,500		781,770
Roche Holding AG		3,740		650,873
St. Jude Medical, Inc.		9,650		427,592
Teva Pharmaceutical Industries, Ltd., ADR		17,400		784,044
Thermo Fisher Scientific, Inc. (a)		10,100		569,438
				4,511,642
INDUSTRIALS: 11.3%
3M Co.		7,750		691,378
Bombardier, Inc., Class B		100,000		415,058
Deere & Co.		6,750		546,075
Emerson Electric Co.		11,950		623,551
Komatsu, Ltd.		21,000		603,844
Pentair, Inc.		10,000		476,100
Timken Co.		9,250		469,345
Watsco, Inc.		5,750		425,730
				4,251,081
INFORMATION TECHNOLOGY: 12.3%
Autodesk, Inc. (a)		5,750		243,340
EMC Corp. (a)		15,900		475,092
Google, Inc., Class A (a)		1,000		641,240
IBM		2,610		544,577
Intuit, Inc.		8,300		499,079
MasterCard, Inc., Class A		1,000		420,540
Microsoft Corp. (b)		15,300		493,425
Oracle Corp.		19,000		554,040
Qualcomm, Inc.		6,400		435,328
Trend Micro, Inc.		11,000		340,378
				4,647,039
MATERIALS: 6.0%
Air Products & Chemicals, Inc.		4,800		440,640
Potash Corp. of Saskatchewan, Inc.		9,600		438,624
Rio Tinto PLC, ADR		13,500		750,465
Syngenta AG, ADR (a)		9,300		640,119
				2,269,848

Pax World Global Women’s Equality Fund Schedule of Investments (Unaudited) March 31, 2012

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
COMMON STOCKS, continued
TELECOMMUNICATION SERVICES: 3.3%
Deutsche Telekom AG		39,400	$	474,697
Telefonica SA, ADR		26,000		426,660
Vodafone Group PLC, ADR		12,800		354,176
				1,255,533
UTILITIES: 2.2%
Fortum Oyj		33,800		820,652
TOTAL COMMON STOCKS (Cost $34,655,286)				36,394,994
EXCHANGE TRADED FUNDS: 2.7%
iShares Silver Trust (a)(b)		6,500		203,905
SPDR Gold Shares (a)		5,000		810,700
TOTAL EXHANGE TRADED FUNDS (Cost $647,114)				1,014,605
TIME DEPOSIT: 0.5%
State Street Euro Dollar Time Deposit, 0.010%, 04/02/12	$	200,000		200,000
TOTAL TIME DEPOSIT (Cost $200,000)				200,000
SECURITIES PURCHASED WITH CASH COLLATERAL
FROM SECURITIES LENDING: 0.5%
SSgA Institutional U.S. Government Money Market Fund		205,920		205,920
(Cost $205,920)
TOTAL INVESTMENTS: 100.2% (Cost $35,708,320)				37,815,519
Payable upon return of securities loaned—(Net): -0.5%				(205,920	)
Other assets and liabilities—(Net): 0.3%				95,630
Net Assets: 100.0%			$	37,705,229

Pax World Global Women’s Equality Fund Schedule of Investments (Unaudited) March 31, 2012

(a) Non-income producing security.

(b) Security or partial position of this security was on loan as of March 31, 2012. The total market value of securities on loan as of March 31, 2012 was $1,259,644.

ADR—American Depository Receipt

REIT—Real Estate Investment Trust

SUMMARY OF INVESTMENTS BY COUNTRY

PERCENT OF NET ASSETS	VALUE		PERCENT OF NET ASSETS
AUSTRALIA	$	1,471,206		3.9	%
BRAZIL		493,681		1.3	%
CANADA		1,823,710		4.8	%
FINLAND		820,652		2.2	%
FRANCE		398,277		1.1	%
GERMANY		1,565,956		4.2	%
ISRAEL		784,044		2.1	%
JAPAN		1,751,848		4.6	%
NORWAY		1,214,528		3.2	%
POLAND		499,835		1.3	%
SOUTH AFRICA		481,536		1.3	%
SPAIN		426,660		1.1	%
SWEDEN		372,338		1.0	%
SWITZERLAND		1,853,042		4.9	%
TURKEY		379,210		1.0	%
UNITED KINGDOM		2,924,796		7.8	%
UNITED STATES		19,133,675		50.7	%
EXCHANGE TRADED FUNDS		1,014,605		2.7	%
TIME DEPOSIT		200,000		0.5	%
Other assets and liabilities—(Net):		95,630		0.3	%
TOTAL	$	37,705,229		100.0	%

Pax World Global Green Fund Schedule of Investments (Unaudited) March 31, 2012

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
COMMON STOCKS: 97.5%
RENEWABLE & ALTERNATIVE ENERGY: 7.5%
OTHER RENEWABLES EQUIPMENT: 1.6%
Daiseki Co., Ltd.		40,500	$	752,982
RENEWABLE ENERGY DEVELOPERS & INDEPENDENT POWER PRODUCERS (IPPS): 4.5%
China Longyuan Power Group Corp.		1,475,600		1,229,423
EDP Renovaveis SA (a)		174,108		865,330
				2,094,753
BIOFUELS: 1.4%
Abengoa SA		35,889		655,963
ENERGY EFFICIENCY: 33.9%
POWER NETWORK EFFICIENCY: 6.8%
Cooper Industries PLC		13,400		856,930
Emerson Electric Co.		26,600		1,387,988
Itron, Inc. (a)		19,585		889,355
				3,134,273
INDUSTRIAL ENERGY EFFICIENCY: 9.8%
Delta Electronics, Inc.		278,004		818,270
GEA Group AG		37,485		1,293,025
Infineon Technologies AG		97,261		994,044
Murata Manufacturing Co., Ltd.		17,200		1,026,222
Rogers Corp. (a)		11,100		430,125
				4,561,686
BUILDINGS ENERGY EFFICIENCY: 11.1%
Epistar Corp.		426,000		1,089,700
Johnson Controls, Inc.		56,300		1,828,624
Kingspan Group PLC		84,813		877,839
Legrand SA		37,267		1,372,284
				5,168,447
DIVERSIFIED ENERGY EFFICIENCY: 6.2%
IMI PLC		90,786		1,411,711
Invensys PLC		462,791		1,474,026
				2,885,737
WATER INFRASTRUCTURE & TECHNOLOGIES: 21.0%
WATER INFRASTRUCTURE: 9.9%
IDEX Corp.		29,650		1,249,155
Pentair, Inc.		11,150		530,852

Pax World Global Green Fund Schedule of Investments (Unaudited) March 31, 2012

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
COMMON STOCKS, continued
WATER INFRASTRUCTURE & TECHNOLOGIES, continued
WATER INFRASTRUCTURE, continued
Roper Industries, Inc.		6,900	$	684,204
Watts Water Technologies, Inc., Class A		27,400		1,116,550
Xylem, Inc.		36,500		1,012,875
				4,593,636
WATER TREATMENT EQUIPMENT: 5.6%
Kemira Oyj		46,500		616,810
Kurita Water Industries, Ltd.		34,050		838,287
Pall Corp.		19,400		1,156,822
				2,611,919
WATER UTILITIES: 5.5%
American Water Works Co., Inc.		32,700		1,112,781
Manila Water Co., Inc.		808,400		437,751
Veolia Environnement SA		60,507		1,002,549
				2,553,081
POLLUTION CONTROL: 14.9%
POLLUTION CONTROL SOLUTIONS: 6.4%
ENN Energy Holdings, Ltd.		409,500		1,419,577
SMC Corp./Japan		3,700		592,113
Umicore SA		17,050		939,742
				2,951,432
ENVIRONMENTAL TESTING & GAS SENSING: 8.5%
Agilent Technologies, Inc. (a)		20,600		916,906
Campbell Brothers, Ltd.		8,680		606,854
Ecolab, Inc.		15,200		938,144
Horiba, Ltd.		19,300		666,127
Thermo Fisher Scientific, Inc. (a)		14,600		823,148
				3,951,179
WASTE MANAGEMENT & TECHNOLOGIES: 9.1%
WASTE TECHNOLOGY EQUIPMENT: 3.1%
China Everbright International, Ltd.		3,089,200		1,449,704
HAZARDOUS WASTE MANAGEMENT: 2.2%
Stericycle, Inc. (a)		12,250		1,024,590
GENERAL WASTE MANAGEMENT: 3.8%
Pennon Group PLC		108,944		1,239,875
Shanks Group PLC		314,658		497,969
				1,737,844

Pax World Global Green Fund Schedule of Investments (Unaudited) March 31, 2012

PERCENT OF NET ASSETS NAME OF ISSUER AND TITLE OF ISSUE	SHARES/ PRINCIPAL/ CONTRACTS		VALUE
DIVERSIFIED ENVIRONMENTAL: 11.1%
DIVERSIFIED ENVIRONMENTAL: 11.1%
3M Co.		7,700	$	686,917
Air Products & Chemicals, Inc.		18,700		1,716,660
Linde AG		7,919		1,420,550
Yingde Gases Group Co.		1,162,600		1,318,964
				5,143,091
TOTAL COMMON STOCKS (Cost $39,817,182)				45,270,317
REPURCHASE AGREEMENT: 3.7%
State Street Repo, 0.010%, 04/02/2012 (collateralized by Fannie Mae, 1.150%, due 02/22/17, principal amount $1,785,000; market value $1,773,779)
TOTAL REPURCHASE AGREEMENT (Cost $1,736,000)	$	1,736,000		1,736,000
TOTAL INVESTMENTS: 101.2% (Cost $41,553,182)				47,006,317
Other assets and liabilities—(Net): -1.2%				(577,575	)
Net Assets: 100.0%			$	46,428,742

(a) Non-income producing security.

Pax World Global Green Fund Schedule of Investments (Unaudited) March 31, 2012

SUMMARY OF INVESTMENTS BY COUNTRY

PERCENT OF NET ASSETS	VALUE			PERCENT OF NET ASSETS
AUSTRALIA	$	606,854			1.3	%
BELGIUM		939,742			2.0	%
CHINA		2,649,001			5.7	%
FINLAND		616,810			1.3	%
FRANCE		2,374,833			5.1	%
GERMANY		3,707,619			8.0	%
HONG KONG		2,768,668			6.0	%
IRELAND		877,839			1.9	%
JAPAN		3,875,731			8.3	%
PHILIPPINES		437,751			0.9	%
SPAIN		1,521,293			3.3	%
TAIWAN		1,907,969			4.1	%
UNITED KINGDOM		4,623,581			10.0	%
UNITED STATES		18,362,626			39.6	%
REPURCHASE AGREEMENT		1,736,000			3.7	%
Other assets and liabilities—(Net)		(577,575	)		-1.2	%
TOTAL	$	46,428,742			100.0	%

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

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”).

Valuation of Investments Investments for which market quotations are readily available are valued at fair value. Fair values for various types of securities and other instruments are determined on the basis of closing prices or last sales prices on an exchange or other market, or based on quotes or other market information obtained from quotation reporting systems, established market makers or pricing services. Short-term investments having a maturity of 60 days or less are generally valued at amortized cost, which approximates fair value.

Investments denominated in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services. As a result, 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 (“NYSE”) is closed, and the net asset value of a Fund’s shares may change on days when an investor is not able to purchase, redeem or exchange shares. If market quotations are not readily available (including in cases when available market quotations are deemed to be unreliable), the Funds’ investments will be valued as determined in good faith pursuant to policies and procedures approved by the Trustees (so called “fair value pricing”). Fair value pricing may require subjective determinations about the value of a security or other asset, and fair values used to determine a Fund’s NAV may differ from quoted or published prices, or from prices that are used by others, for the same investments.

The Funds may determine that market quotations are not readily available due to events relating to a single issuer (e.g., corporate actions or announcements) or events relating to multiple issuers (e.g., governmental actions or natural disasters). The Funds may determine the fair value of investments based on information provided by pricing services and other third-party vendors, which may recommend fair value prices or adjustments with reference to other securities, indices or assets. Various factors may be considered in order to make a good faith determination of a security’s fair value. These factors include, but are not limited to, the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded similar or related securities; conversion or exchange rights on the security; related corporate actions; significant events (which may be considered to include changes in the value of U.S. securities or securities indices) that occur after the close of the relevant market and before the time at which Funds’ net asset value is determined; and changes in overall market conditions. At March 31, 2012, nine

securities were fair valued in good faith pursuant to policies and procedures approved by the Board, the Balanced Fund held three security fair valued at $13,795,644, representing 0.72% of the Fund’s net asset value, the Growth Fund held one security fair valued at $607,650, representing 0.45% of the Fund’s net asset value, the International Fund held two securities valued at $50,286, representing 0.11% of the Fund’s net asset value and the High Yield Bond Fund held three securities fair valued at a total of $0 representing 0.00% of the Fund’s net asset value.

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

The NAV of each class of a Fund’s shares is determined ordinarily as of the close of regular trading (normally 4:00 p.m. Eastern time) (the “NYSE Close”) on the New York Stock Exchange on each day (a “Business Day”) that the New York Stock Exchange is open for trading.

For purposes of calculating NAV, the Funds normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close. Domestic fixed income and foreign securities are normally priced using data reflecting the earlier closing of the principal markets for those securities, subject to possible fair value adjustments. Information that becomes known to the Funds or their agents after NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or NAV determined earlier that day.

Fair value is defined as the price that the Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy has been established to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.

¨ Level 1—quoted prices in active markets for identical investments

¨ Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

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

Investments that use Level 2 or Level 3 inputs may include, but are not limited to: (i) an unlisted security related to corporate actions; (ii) a restricted security (e.g., one that may not be publicly sold without registration under the Securities Act of 1933, as amended); (iii) a security whose trading has been suspended or which has been de-listed from its primary exchange; (iv) a security that is thinly traded; (v) a security in default or bankruptcy proceedings for which there is no current market quotation; (vi) a security affected by currency controls or restrictions; and (vii) a security affected by a significant event (e.g., an event that occurs after the close of the markets on which a security is traded but before the time at which the Funds’ net assets are computed and that may materially affect the value of the Funds’ investments). Examples of events that may be “significant events” are government actions, natural disasters, armed conflict, acts of terrorism, and significant market fluctuations.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Funds’ net assets as of March 31, 2012:

	Level One			Level Two		Level Three		Totals
Balanced
Common Stocks-Domestic	$	1,061,087,462		$	—	$	11,545,350	$	1,072,632,812
Common Stocks-Foreign		225,007,521			40,354,012		—		265,361,533
Exchange Traded Funds		8,366,900			—		—		8,366,900
Community Investments		—			3,000,000		2,250,294		5,250,294
Corporate Bonds		—			238,931,657		—		238,931,657
U.S. Govt Agency Bonds		—			103,437,974		—		103,437,974
Government Bonds		—			14,472,770		—		14,472,770
Municipal Bonds		—			27,499,569		—		27,499,569
U.S. Treasury Notes		—			44,557,878		—		44,557,878
Mortgage-Backed Securities		—			105,539,889		—		105,539,889
Cash Equivalents		26,944,342			26,499,000		—		53,443,342
Equity Call/Put Options Written		(2,180,950	)		—		—		(2,180,950	)
Total	$	1,319,225,275		$	604,292,749	$	13,795,644	$	1,937,313,668
Growth
Common Stocks-Domestic	$	116,287,909		$	—	$	607,650	$	116,895,559
Common Stocks-Foreign		11,727,714			2,221,024		—		13,948,738
Cash Equivalents		4,395,246			3,291,000		—		7,686,246
Equity Call Options Written		(82,850	)		—		—		(82,850	)
Total	$	132,328,019		$	5,512,024	$	607,650	$	138,447,693
Small Cap
Common Stocks-Domestic	$	14,135,341		$	—	$	—	$	14,135,341
Common Stocks-Foreign		458,625			—		—		458,625
Cash Equivalents		—			1,505,000		—		1,505,000
Total	$	14,593,666		$	1,505,000	$	—	$	16,098,966
International
Common Stocks-Foreign	$	13,542,997		$	29,340,476	$	50,286	$	42,933,759
Exchange Traded Funds		1,090,705			—		—		1,090,705
Cash Equivalents		—			233,000		—		233,000
Total	$	14,633,702		$	29,573,476	$	50,286	$	44,257,464
High Yield Bond
Common Stocks - Domestic	$	4,229,202		$	—	$	—	$	4,229,202
Common Stocks-Foreign		—			—		0		0
Exchange Traded Funds		13,714,625			—		—		13,714,625
Corporate Bonds		—			461,550,132		—		461,550,132
Cash Equivalents		35,630,423			10,950,476		—		46,580,899
Warrants		—			—		0		0
Securities Sold Short		(944,700	)		—		—		(944,700	)
Equity Put Options Written		(40,000	)		—		—		(40,000	)
Total	$	52,589,550		$	472,500,608	$	0	$	525,090,158
Global Women’s Equality
Common Stocks - Domestic	$	19,132,993		$	—	$	—	$	19,132,993
Common Stocks-Foreign		7,530,969			9,731,032		—		17,262,001
Exchange Traded Funds		1,014,605			—		—		1,014,605
Warrants		—			—		—		—
Purchased Call Options		—			—		—		—
Cash Equivalents		205,920			200,000		—		405,920
Equity Call/Put Options Written		—			—		—		—
Total	$	27,884,487		$	9,931,032	$	—	$	37,815,519
Global Green
Common Stocks-Domestic	$	18,362,626		$	—	$	—	$	18,362,626
Common Stocks-Foreign		—			26,907,691		—		26,907,691
Cash Equivalents		—			1,736,000		—		1,736,000
Total	$	18,362,626		$	28,643,691	$	—	$	47,006,317

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

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

	Balanced			High Yield Bond
Corporate Bonds
Balance as of December 31, 2011	$	2,250,298		$	0
Purchases		—			—
Sales		—			—
Accrued Discounts (Premiums)		—			—
Realized Gain (loss)		—			—
Change in unrealized appreciation (depreciation)		(4	)		—
Transfers into Level Three		—			—
Transfers out of Level Three		—			—
Balance as of March 31, 2012	$	2,250,294		$	0

	Balanced		Growth		International		High Yield Bond
Common Stock
Balance as of December 31, 2011	$	—	$	—	$	50,279	$	—
Purchases		9,157,050		481,950		—		—
Sales		—		—		—		—
Accrued Discounts (Premiums)		—		—		—		—
Realized Gain (loss)		—		—		—		—
Change in unrealized appreciation (depreciation)		2,388,300		125,700		7		—
Transfers into Level Three		—		—		0		0
Transfers out of Level Three		—		—		—		—
Balance as of March 31, 2012	$	11,545,350	$	607,650	$	50,286	$	0

Transfers in and out of Levels during the period are assumed to be transferred on the last day of the period at their current value. One common stock security, held in two Funds was transferred from Level 2 to Level 3 during the period, fair valued at zero, due to lack of marketability and delisting of shares in the market. 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.

The following provides quantitative information about Level 3 fair value measurements:

Corporate Bonds—Two Community Investment Notes held in the Funds were initially valued at par, representing cost, at the time of purchase. On a daily basis, the notes are adjusted to fair market value by applying a daily change in an applicable U.S. swap rate. The Funds also held a corporate bond which was valued at zero based on financial statement analysis.

Common Stock—Two Funds purchased pre-IPO shares in private-placement transactions. Unobservable inputs used to value this security included an average equivalent value of three similar securities which were actively traded, the result to which an illiquidity discount was applied, and a discounted cash flow evaluation. Two Funds held a position in a foreign common stock security which was delisted from a foreign exchange following an announcement that the company was unable to resolve significant financial difficulties. Based on financial analysis, the security was valued at zero. Another foreign common stock security was delisted in late-2011.

Unobservable inputs used to value this security included monitoring of reported data and an illiquidity discount applied to its last traded price.

Non-U.S. Securities Non-U.S. markets can be significantly more volatile than domestic markets, causing the prices of some of the Funds’ investments to fluctuate significantly, rapidly, and unpredictably. Non-U.S. securities may be less liquid than domestic securities; consequently, the Fund may at times be unable to sell non-U.S. securities at desirable times or prices. Other risks related to non-U.S. securities include delays in the settlement of transactions; less publically available information about issuers; different reporting, accounting and auditing standards; the effect of political, social, diplomatic, or economic events; seizure, expropriation or nationalization of the issuer or its assets; and the possible imposition of currency exchange controls. If the Fund invests substantially in securities of non-U.S. issuers tied economically to a particular country or geographic region, it will be subject to the risks associated with such country or geographic region to a greater extent than a fund that is more diversified across countries or regions.

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

The Funds have the right under the Lending Agreement to recover the securities from the borrower on demand. The primary risk associated with securities lending is if the Borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons. The Funds could experience delays and costs in recovering securities loaned or in gaining access to the collateral. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to the Funds, or at the discretion of the lending agent, replace the loaned securities.

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

As of March 31, 2012, the value of securities loaned, payable for collateral due to brokers and non-cash collateral pledged by brokers were as follows.

Fund	Market Value of Securities Loaned		Payable on Collateral Due to Broker		Non-Cash Collateral Value
Balanced	$	94,017,852	$	26,680,796	$	68,834,972
Growth		10,390,829		4,395,246		6,213,294
High Yield Bond		34,936,808		35,630,423		—
Global Women’s Equality		1,259,644		205,920		1,078,110

Short Sales A Fund may engage in short sales, whereby it sells a security it generally does not own (the security is borrowed) when a portfolio manager anticipates that the security’s market

purchase price will be less than its borrowing price. To complete a short sell transaction, the Fund will borrow the security to deliver it to the purchaser and buy that same security in the market at a later time to return it to the lender. A Fund will not make short sales of securities or maintain a short position if doing so could create liabilities or require collateral deposits and segregation of assets aggregating more than 25% of the value of the Fund’s total assets.

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

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

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
Balanced	$	91,383,607	$	46,076,565	$	177,039,056	$	14,000,000
Growth		5,663,373		—		6,791,847		—
Small Cap		2,734,307		—		3,364,673		—
International		9,255,468		—		3,131,379		—
High Yield Bond		135,150,524		—		93,799,705		—
Global Women’s Equality		5,266,516		—		7,602,893		—
Global Green		8,381,752		—		5,048,457		—

* 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 investments for Federal income tax basis		Gross unrealized appreciation		Gross unrealized depreciation		Net unrealized appreciation (depreciation)
Balanced	$	1,647,612,035	$	334,945,528	$	43,303,620	$	291,641,908
Growth		107,048,248		34,430,888		2,948,595		31,482,293
Small Cap		16,076,443		845,387		822,864		22,523
International		44,734,330		3,887,909		4,364,776		(476,867	)
High Yield Bond		522,105,059		18,254,372		13,026,725		5,227,647
Global Women’s Equality		35,708,320		3,393,273		1,286,753		2,106,520
Global Green		41,553,182		6,601,380		1,150,121		5,451,259

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

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

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

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

Written option activity for the three-month period ended March 31, 2012 is as follows:

	Outstanding at 12/31/11		Written		Closed			Expired			Exercised			Outstanding at 03/31/12
Balanced Fund
Call Options
Number of contracts		3,205		1,700		—			(2,000	)		—			2,905
Premiums received	$	386,453	$	1,019,469	$	—		$	(173,938	)	$	—		$	1,231,984
Put Options
Number of contracts		2,100		—		(1,200	)		(300	)		(500	)		100
Premiums received	$	394,415	$	—	$	(180,662	)	$	(78,444	)	$	(118,109	)	$	17,200
Growth Fund
Call Options
Number of contracts		—		10		—			—			—			10
Premiums received	$	—	$	41,845	$	—		$	—		$	—		$	41,845
High Yield Bond Fund
Put Options
Number of contracts		1,000		—		—			—			—			1,000
Premiums received	$	176,198	$	—	$	—		$	—		$	—		$	176,198

Repurchase Agreements The Funds may enter into repurchase agreements with institutions that the Adviser has determined are creditworthy. Each repurchase agreement is recorded at cost. In the case of repurchase agreements with broker-dealers, the value of the underlying

securities (or collateral) will be at least equal at all times to the total amount of the repurchase obligation, including the interest factor. A Fund bears the risk of loss in the event the other party to a repurchase agreement defaults on its obligations and the Fund is delayed or prevented from exercising its rights to dispose of the collateral securities. This risk includes the risk of procedural costs or delays in addition to a loss on the securities if their value should fall below their repurchase price.

Restricted and Illiquid Securities The Funds may purchase certain restricted securities and limited amounts of illiquid securities. The Funds may invest in securities exempt from registration under Rule 144A of the Securities Act of 1933 (“the Act”) which are restricted from sale to the public and may only be sold to a qualified institutional buyer. The Funds do not have the right to demand that such securities be registered. The value of such securities is determined by valuations supplied by a pricing service or, if not available, in good faith by or at the direction of the Board of Trustees. At March 31, 2012, the Balanced Fund held $14,556,198, or 0.76% of net assets and the High Yield Bond Fund held $146,933,257, or 30.68% of net assets in securities exempt from registration under Rule 144A of the Act.

At March 31, 2012, the Balanced Fund, Growth Fund, International Fund and High Yield Bond Fund held illiquid securities valued at $16,004,475; $607,650; $50,286 and $10,557,216; respectively, representing 0.83%, 0.45%, 0.11% and 2.20% net assets, respectively. The Fund will classify as “illiquid” all securities that may no longer be disposed of within seven days in the ordinary course of business at approximately the amount at which the Fund has valued such security for the purpose of calculating the Fund’s net asset value. Illiquid investments may include restricted securities, repurchase agreements that mature in more than seven days or that have a notice or demand feature more than seven days, certain over-the counter option contracts and participation interests in loans. Because illiquid securities trade less frequently and in smaller volume than liquid securities, the Fund may experience difficulty in closing out positions at prevailing market prices.

Item 2. Controls and Procedures.

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

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

Item 3. Exhibits.

Certifications of the principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached hereto.

SIGNATURES

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

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