Schedule of Investments (Unaudited)
Pax Large Cap Fund	March 31, 2019

PERCENT OF NET ASSETS	SHARES/
NAME OF ISSUER AND TITLE OF ISSUE	PRINCIPAL		VALUE
COMMON STOCKS: 98.2%
COMMUNICATION SERVICES: 11.8%
Alphabet, Inc., Class A (a)	15,223	$	17,915,796
Alphabet, Inc., Class C (a)	15,375		18,039,642
AT&T, Inc.	527,000		16,526,720
T-Mobile US, Inc. (a)	152,500		10,537,750
Walt Disney Co., The	130,130		14,448,334
			77,468,242
CONSUMER DISCRETIONARY: 11.8%
Amazon.com, Inc. (a)	16,732		29,795,509
Aptiv PLC	131,500		10,452,935
Lowe's Cos., Inc.	146,562		16,044,142
PVH Corp.	75,200		9,170,640
Target Corp.	154,850		12,428,261
			77,891,487
CONSUMER STAPLES: 6.0%
McCormick & Co., Inc. (b)	44,400		6,687,972
Mondelez International, Inc., Class A	325,100		16,228,992
Procter & Gamble Co., The	158,700		16,512,735
			39,429,699
ENERGY: 4.9%
ConocoPhillips	202,000		13,481,480
Pioneer Natural Resources Co.	70,214		10,692,188
Schlumberger, Ltd.	188,277		8,203,229
			32,376,897
FINANCIALS: 12.0%
Bank of America Corp.	396,400		10,936,676
BlackRock, Inc.	27,100		11,581,727
Citizens Financial Group, Inc.	399,700		12,990,250
JPMorgan Chase & Co.	175,818		17,798,056
Prudential Financial, Inc.	121,100		11,126,668
Voya Financial, Inc.	294,300		14,703,228
			79,136,605
HEALTH CARE: 15.3%
Becton Dickinson & Co.	34,609		8,642,906
Biogen, Inc. (a)	28,518		6,741,085
Bristol-Myers Squibb Co.	192,012		9,160,893
Celgene Corp. (a)	106,672		10,063,436
Cigna Corp.	78,194		12,575,159
Elanco Animal Health, Inc. (a)	291,727		9,355,685
Humana, Inc.	46,664		12,412,624
Merck & Co., Inc.	253,937		21,119,940
Thermo Fisher Scientific, Inc.	38,359		10,499,625
			100,571,353
INDUSTRIALS: 9.3%
Eaton Corp PLC	102,871		8,287,288
Ingersoll-Rand PLC	196,403		21,201,703
Waste Management, Inc.	160,727		16,701,143
Xylem, Inc.	190,300		15,041,312
			61,231,446
INFORMATION TECHNOLOGY: 19.5%
Apple, Inc.	142,412		27,051,158
Applied Materials, Inc.	193,442		7,671,910
IBM	118,425		16,709,768
Microsoft Corp.	301,908		35,607,030
salesforce.com, Inc. (a)	81,400		12,891,318
TE Connectivity, Ltd.	128,000		10,336,000
Visa, Inc., Class A	119,900		18,727,181
			128,994,365

MATERIALS: 3.6%
DowDuPont, Inc.	227,600		12,133,356
Vulcan Materials Co.	97,800		11,579,520
			23,712,876
REAL ESTATE: 4.0%
Equinix, Inc., REIT	33,300		15,090,228
Prologis, Inc., REIT	153,500		11,044,325
			26,134,553
TOTAL COMMON STOCKS			646,947,523
(Cost $531,107,898)
MONEY MARKET: 2.3%
State Street Institutional U.S. Government Money Market Fund, 2.390% (c)(d)	15,122,917		15,122,917
(Cost $15,122,917)
TOTAL INVESTMENTS: 100.5%			662,070,440
(Cost $546,230,815)
Other assets and liabilities - (net):- 0.5%			(3,528,201	)
Net Assets: 100.0%		$	658,542,239

(a) Non-income producing security.

(b) Security or partial position of this security was on loan as of March 31, 2019. The total market value of securities on loan as of March 31, 2019 was $6,687,972.

(c) Rate shown represents annualized 7-day yield as of March 31, 2019.

(d) Premier Class shares

REIT - Real Estate Investment Trust

	Schedule of Investments (Unaudited)
Pax Mid Cap Fund	March 31, 2019

PERCENT OF NET ASSETS	SHARES/
NAME OF ISSUER AND TITLE OF ISSUE	PRINCIPAL		VALUE
COMMON STOCKS: 93.0%
CONSUMER DISCRETIONARY: 11.7%
Aramark	75,000	$	2,216,250
Carter's, Inc.	17,671		1,781,060
Columbia Sportswear Co.	16,494		1,718,345
Ross Stores, Inc.	25,000		2,327,500
Service Corp International	28,556		1,146,523
Wyndham Hotels & Resorts, Inc.	35,000		1,749,650
Yum! Brands, Inc.	25,044		2,499,642
			13,438,970
CONSUMER STAPLES: 5.1%
Lamb Weston Holdings, Inc.	18,333		1,373,875
Maple Leaf Foods, Inc.	89,900		2,079,402
US Foods Holding Corp. (a)	69,399		2,422,719
			5,875,996
ENERGY: 4.2%
Antero Resources Corp. (a)(b)	154,539		1,364,579
Concho Resources, Inc.	15,459		1,715,331
Pioneer Natural Resources Co.	11,500		1,751,220
			4,831,130
FINANCIALS: 13.5%
Alleghany Corp. (a)	5,500		3,368,200
Citizens Financial Group, Inc.	65,000		2,112,500
RenaissanceRe Holdings, Ltd.	20,034		2,874,879
Voya Financial, Inc.	35,000		1,748,600
White Mountains Insurance Group, Ltd.	3,424		3,168,844
Zions Bancorp NA	50,000		2,270,500
			15,543,523
HEALTH CARE: 10.6%
Biogen, Inc. (a)	13,500		3,191,130
Cooper Cos, Inc., The	8,000		2,369,360
IQVIA Holdings, Inc. (a)	14,469		2,081,365
Laboratory Corp of America Holdings (a)	12,263		1,875,994
Wright Medical Group NV (a)	85,000		2,673,250
			12,191,099
INDUSTRIALS: 10.2%
Expeditors Intl. of Washington, Inc.	18,575		1,409,843
Masco Corp.	40,597		1,595,867
nVent Electric PLC	109,573		2,956,280
Waste Management, Inc.	40,000		4,156,400
WESCO International, Inc. (a)	30,000		1,590,300
			11,708,690
INFORMATION TECHNOLOGY: 14.7%
Ciena Corp. (a)	35,000		1,306,900
Citrix Systems, Inc.	10,393		1,035,766
Envestnet, Inc. (a)	20,000		1,307,800
Genpact, Ltd.	50,000		1,759,000
Proofpoint, Inc. (a)	12,500		1,517,875
ServiceNow, Inc. (a)	5,000		1,232,450
Skyworks Solutions, Inc.	25,000		2,062,000
SS&C Technologies Holdings, Inc.	37,915		2,414,806
Tableau Software, Inc., Class A (a)	11,624		1,479,503
Zebra Technologies Corp., Class A (a)	13,000		2,723,890
			16,839,990
MATERIALS: 9.0%
Alcoa Corp. (a)	24,999		703,972
Celanese Corp.	20,000		1,972,200
Ecolab, Inc.	15,000		2,648,100
Newmont Mining Corp.	138,309		4,947,313
			10,271,585

REAL ESTATE: 9.0%
Crown Castle International Corp., REIT	23,000		2,944,000
Extra Space Storage, Inc., REIT	24,000		2,445,840
Prologis, Inc., REIT	33,000		2,374,350
Weyerhaeuser Co., REIT	98,482		2,594,016
			10,358,206
UTILITIES: 5.0%
ONE Gas, Inc.	64,044		5,701,837
TOTAL COMMON STOCKS			106,761,026
(Cost $91,317,143)
EXCHANGE-TRADED FUNDS: 2.4%
iShares Russell Mid-Cap ETF	50,000		2,697,500
(Cost $2,646,710)
MONEY MARKET: 5.5%
State Street Institutional U.S. Government Money Market Fund, 2.390% (c)(d)	6,281,795		6,281,795
(Cost $6,281,795)
TOTAL INVESTMENTS: 100.9%			115,740,321
(Cost $100,245,648)
Other assets and liabilities - (net):- 0.9%			(1,063,437	)
Net Assets: 100.0%		$	114,676,884

(a) Security or partial position of this security was on loan as of March 31, 2019. The total market value of securities on loan as of March 31, 2019 was $29,015.

(b) Non-income producing security.

(c) Rate shown represents annualized 7-day yield as of March 31, 2019.

(d) Premier Class shares

REIT - Real Estate Investment Trust

	Schedule of Investments (Unaudited)
Pax Small Cap Fund	March 31, 2019

PERCENT OF NET ASSETS	SHARES/
NAME OF ISSUER AND TITLE OF ISSUE	PRINCIPAL		VALUE
COMMON STOCKS: 95.1%
COMMUNICATION SERVICES: 1.8%
AMC Networks, Inc., Class A (a)	75,139	$	4,264,890
ORBCOMM, Inc. (a)	581,213		3,940,624
			8,205,514
CONSUMER DISCRETIONARY: 9.9%
At Home Group, Inc. (a)	150,000		2,679,000
Carter's, Inc.	83,804		8,446,605
Dunkin' Brands Group, Inc.	70,000		5,257,000
Michaels Cos, Inc., The (a)	280,665		3,205,194
National Vision Holdings, Inc. (a)	132,724		4,171,515
Wendy's Co, The	650,944		11,645,389
Wyndham Hotels & Resorts, Inc.	198,770		9,936,512
			45,341,215
CONSUMER STAPLES: 4.0%
Maple Leaf Foods, Inc.	545,800		12,624,445
Performance Food Group Co. (a)	150,559		5,968,159
			18,592,604
ENERGY: 3.9%
Antero Resources Corp. (a)	682,756		6,028,735
Parsley Energy, Inc., Class A (a)	606,814		11,711,511
			17,740,246
FINANCIALS: 20.6%
Hanover Insurance Group, Inc., The	63,861		7,291,010
HomeTrust Bancshares, Inc.	915,936		23,081,587
Meridian Bancorp, Inc.	1,346,986		21,134,210
TheStreet, Inc. (a)	2,252,775		5,248,966
Victory Capital Holdings, Inc., Class A (a)	1,546,282		23,225,156
White Mountains Insurance Group, Ltd.	15,612		14,448,594
			94,429,523
HEALTH CARE: 11.3%
Aratana Therapeutics, Inc. (a)	969,319		3,489,548
Ligand Pharmaceuticals, Inc. (a)	80,959		10,177,356
Merit Medical Systems, Inc. (a)	173,850		10,749,146
Natus Medical, Inc. (a)	630,122		15,992,496
Wright Medical Group NV (a)(b)	360,000		11,322,000
			51,730,546
INDUSTRIALS: 17.3%
Beacon Roofing Supply, Inc. (a)	276,267		8,884,747
Casella Waste Systems, Inc., Class A (a)	134,181		4,771,476
Comfort Systems USA, Inc.	215,274		11,278,205
EMCOR Group, Inc.	92,200		6,737,976
Federal Signal Corp.	235,003		6,107,728
Landstar System, Inc.	33,000		3,609,870
MasTec, Inc. (a)(b)	212,889		10,239,961
MRC Global, Inc. (a)	666,170		11,644,652
Thermon Group Holdings, Inc. (a)	237,230		5,814,507
Watts Water Technologies, Inc., Class A	73,426		5,934,289
WESCO International, Inc. (a)	82,453		4,370,834
			79,394,245
INFORMATION TECHNOLOGY: 10.9%
8x8, Inc. (a)	240,900		4,866,180
Appian Corp. (a)	102,189		3,518,367
Ciena Corp. (a)	79,129		2,954,677
Cypress Semiconductor Corp.	225,000		3,357,000
Envestnet, Inc. (a)	76,870		5,026,529
Genpact, Ltd.	185,000		6,508,300
KEMET Corp.	313,700		5,323,489
MKS Instruments, Inc.	37,500		3,489,375
Proofpoint, Inc. (a)	24,470		2,971,392
RealPage, Inc. (a)	30,200		1,832,838
Talend SA, ADR (a)	40,000		2,022,800
Verint Systems, Inc. (a)	139,679		8,361,185
			50,232,132

MATERIALS: 2.3%
Element Solutions, Inc. (a)	598,942		6,049,315
Valvoline, Inc.	253,606		4,706,927
			10,756,242
REAL ESTATE: 5.8%
CatchMark Timber Trust, Inc, Class A, REIT	1,001,215		9,831,931
CubeSmart, REIT	100,000		3,204,000
Ryman Hospitality Properties, Inc., REIT	107,012		8,800,667
Terreno Realty Corp., REIT	111,897		4,704,150
			26,540,748
UTILITIES: 7.3%
ONE Gas, Inc.	111,706		9,945,185
Unitil Corp.	440,258		23,848,776
			33,793,961
TOTAL COMMON STOCKS			436,756,976
(Cost $416,415,393)
EXCHANGE-TRADED FUNDS: 1.0%
iShares Russell 2000 Value ETF	37,500		4,496,250
(Cost $4,476,041)
MONEY MARKET: 2.8%
State Street Institutional U.S. Government Money Market Fund, 2.390% (c)(d)	12,631,506		12,631,506
(Cost $12,631,506)
TOTAL INVESTMENTS: 98.9%			453,884,732
(Cost $433,522,940)
Other assets and liabilities - (net): 1.1%			5,304,624
Net Assets: 100.0%		$	459,189,356

(a) Non-income producing security.

(b) Security or partial position of this security was on loan as of March 31, 2019. The total market value of securities on loan as of March 31, 2019 was $9,112,090.

(c) Rate shown represents annualized 7-day yield as of March 31, 2019.

(d) Premier Class shares

ADR - American Depository Receipt

REIT - Real Estate Investment Trust

	Schedule of Investments (Unaudited)
Pax ESG Beta Quality Fund	March 31, 2019

PERCENT OF NET ASSETS	SHARES/
NAME OF ISSUER AND TITLE OF ISSUE	PRINCIPAL		VALUE
COMMON STOCKS: 99.3%
COMMUNICATION SERVICES: 8.8%
Alphabet, Inc., Class A (a)	4,465	$	5,254,814
Alphabet, Inc., Class C (a)	1,456		1,708,339
AT&T, Inc.	123,618		3,876,660
CBS Corp., Class B	8,244		391,837
Verizon Communications, Inc.	102,420		6,056,094
Viacom, Inc., Class B	39,255		1,101,888
Walt Disney Co., The	7,959		883,688
			19,273,320
CONSUMER DISCRETIONARY: 14.3%
Amazon.com, Inc. (a)	3,733		6,647,539
Best Buy Co., Inc.	3,094		219,860
BorgWarner, Inc.	8,566		329,020
Burlington Stores, Inc. (a)	2,338		366,318
Capri Holdings, Ltd. (a)	17,516		801,357
Chipotle Mexican Grill, Inc. (a)	447		317,509
Darden Restaurants, Inc.	8,884		1,079,139
Foot Locker, Inc.	4,984		302,030
Gap Inc., The	10,649		278,791
Gentex Corp.	8,073		166,950
Home Depot, Inc., The	15,500		2,974,295
Kohl's Corp.	674		46,351
Lear Corp.	4,142		562,111
Lowe's Cos., Inc.	7,558		827,374
Macy's, Inc.	5,885		141,417
Marriott International, Inc., Class A	11,760		1,471,058
McDonald's Corp.	8,195		1,556,231
NIKE, Inc., Class B	26,027		2,191,734
Nordstrom, Inc.	10,938		485,428
Penske Automotive Group, Inc.	30,947		1,381,784
Starbucks Corp.	45,300		3,367,602
Target Corp.	25,701		2,062,762
TJX Cos., Inc., The	25,238		1,342,914
Tractor Supply Co.	806		78,795
Ulta Beauty, Inc. (a)	1,393		485,781
VF Corp.	13,046		1,133,828
Wendy's Co, The	6,294		112,600
Williams-Sonoma, Inc.	13,332		750,192
			31,480,770
CONSUMER STAPLES: 11.6%
Clorox Co., The	3,763		603,811
Colgate-Palmolive Co.	10,659		730,568
Estee Lauder Cos, Inc., The, Class A	8,219		1,360,655
General Mills, Inc.	29,116		1,506,753
Herbalife Nutrition, Ltd. (a)	7,728		409,507
Hershey Co.,The	14,882		1,708,900
Ingredion, Inc.	1,112		105,295
J.M. Smucker Co., The	3,387		394,586
Kellogg Co.	30,867		1,771,148
Keurig Dr Pepper, Inc.	19,439		543,709
Kimberly-Clark Corp.	23,022		2,852,425
Kroger Co., The	104,432		2,569,027
McCormick & Co., Inc. (b)	804		121,107
PepsiCo, Inc.	45,180		5,536,809
Procter & Gamble Co., The	22,100		2,299,505
Sysco Corp.	11,904		794,711
US Foods Holding Corp. (a)	17,953		626,739
Walgreens Boots Alliance, Inc.	22,852		1,445,846
			25,381,101
ENERGY: 0.3%
Encana Corp.	97,070		702,787
Valero Energy Corp.	31		2,630
			705,417

FINANCIALS: 10.5%
Affiliated Managers Group, Inc.	5,753	616,204
Aflac, Inc.	72,634	3,631,700
Allstate Corp., The	12,331	1,161,334
Ally Financial, Inc.	26,928	740,251
American Express Co.	6,578	718,975
American National Insurance Co.	4,883	589,964
Citizens Financial Group, Inc.	41,403	1,345,598
Comerica, Inc.	12,191	893,844
Discover Financial Services	11,514	819,336
East West Bancorp, Inc.	22,447	1,076,783
FactSet Research Systems, Inc. (b)	379	94,094
Fifth Third Bancorp	5,667	142,922
Lincoln National Corp.	34,521	2,026,383
Morningstar, Inc.	5,153	649,226
Old Republic International Corp.	24,507	512,686
OneMain Holdings, Inc.	4,957	157,385
PNC Financial Services Group, Inc., The	30,700	3,765,661
Prudential Financial, Inc.	4,974	457,011
Reinsurance Group of America, Inc.	10,587	1,503,142
Torchmark Corp.	16,471	1,349,798
Unum Group	7,417	250,917
U.S. Bancorp	10,752	518,139
		23,021,353
HEALTH CARE: 12.2%
AbbVie, Inc.	17,373	1,400,090
Agilent Technologies, Inc.	17,334	1,393,307
AmerisourceBergen Corp.	4,951	393,704
Amgen, Inc.	6,007	1,141,210
Anthem, Inc.	2,937	842,860
Bio-Rad Laboratories, Inc. (a)	275	84,062
Biogen, Inc. (a)	3,775	892,335
Bristol-Myers Squibb Co.	3,886	185,401
Cardinal Health, Inc.	942	45,357
Celgene Corp. (a)	17,207	1,623,308
Centene Corp. (a)	1,692	89,845
CVS Health Corp.	555	29,931
Eli Lilly & Co.	13,746	1,783,681
Gilead Sciences, Inc.	5,860	380,959
HCA Healthcare, Inc.	9,560	1,246,433
IQVIA Holdings, Inc. (a)	1,162	167,154
Johnson & Johnson	36,360	5,082,763
Laboratory Corp of America Holdings (a)	3,046	465,977
MEDNAX, Inc. (a)	977	26,545
Merck & Co., Inc.	26,024	2,164,416
Thermo Fisher Scientific, Inc.	14,287	3,910,638
UnitedHealth Group, Inc.	14,112	3,489,333
		26,839,309
INDUSTRIALS: 8.2%
3M Co.	19,189	3,987,090
Expeditors Intl. of Washington, Inc.	8,194	621,925
Landstar System, Inc.	15,792	1,727,487
ManpowerGroup, Inc.	12,727	1,052,396
PACCAR, Inc.	6,863	467,645
Robert Half International, Inc.	3,188	207,730
Roper Technologies, Inc.	8,210	2,807,574
Ryder System, Inc.	42,621	2,642,076
Stanley Black & Decker, Inc.	4,000	544,680
United Parcel Service, Inc., Class B	16,564	1,850,861
United Rentals, Inc. (a)	2,739	312,931
Waste Management, Inc.	13,039	1,354,882
WESCO International, Inc. (a)	3,841	203,611
W.W. Grainger, Inc.	1,072	322,597
		18,103,485
INFORMATION TECHNOLOGY: 20.0%
Accenture PLC, Class A	9,603	1,690,320
Apple, Inc.	33,144	6,295,702
Booz Allen Hamilton Holding Corp.	2,506	145,699
CDW Corp.	1,459	140,604
Cisco Systems, Inc.	33,712	1,820,111
Citrix Systems, Inc.	3,857	384,389
Cognizant Technology Solutions, Class A	24,303	1,760,752

Commscope Holding Co., Inc. (a)	8,148		177,056
DXC Technology Co.	8,087		520,075
F5 Networks, Inc. (a)	3,807		597,433
HP, Inc.	106,836		2,075,823
Intel Corp.	60,776		3,263,671
IBM	16,578		2,339,156
Intuit, Inc.	2,033		531,447
Manhattan Associates, Inc. (a)	4,771		262,930
MasterCard, Inc., Class A	23,200		5,462,440
Microsoft Corp.	52,646		6,209,069
Oracle Corp.	25,848		1,388,296
Red Hat, Inc. (a)	9,990		1,825,173
Seagate Technology PLC	1,572		75,283
Skyworks Solutions, Inc.	518		42,725
Synopsys, Inc. (a)	7,939		914,176
Texas Instruments, Inc.	45,595		4,836,262
Visa, Inc., Class A	7,634		1,192,354
			43,950,946
MATERIALS: 3.8%
Air Products & Chemicals, Inc.	235		44,876
Celanese Corp.	3,032		298,986
Chemours Co., The	24,492		910,123
Eastman Chemical Co.	27,372		2,076,987
Ecolab, Inc.	2,348		414,516
Huntsman Corp.	26,708		600,663
International Paper Co.	3,889		179,944
Linde PLC	8,176		1,438,404
LyondellBasell Industries NV, Class A	27,935		2,348,775
Owens-Illinois, Inc.	2,114		40,124
			8,353,398
REAL ESTATE: 5.3%
Apartment Investment & Management Co., REIT	3,117		156,754
Brixmor Property Group, Inc., REIT	13,728		252,183
CBRE Group, Inc., Class A (a)	45,500		2,249,975
Hospitality Properties Trust, REIT	144,009		3,788,877
Host Hotels & Resorts, Inc., REIT	74,722		1,412,246
Iron Mountain, Inc., REIT	5,429		192,512
Lamar Advertising Co., Class A, REIT	5,720		453,367
Simon Property Group, Inc., REIT	17,047		3,106,134
			11,612,048
UTILITIES: 4.3%
American Water Works Co., Inc.	36,715		3,827,906
CMS Energy Corp.	3,785		210,219
Eversource Energy	12,455		883,682
Exelon Corp.	48,655		2,439,075
NextEra Energy, Inc.	10,974		2,121,494
			9,482,376
TOTAL COMMON STOCKS			218,203,523
(Cost $132,348,696)
MONEY MARKET: 0.7%
State Street Institutional U.S. Government Money Market Fund, 2.390% (c)(d)	1,451,547		1,451,547
(Cost $1,451,547)
TOTAL INVESTMENTS: 100.0%			219,655,070
(Cost $133,800,243)
Other assets and liabilities - (net): 0.0% (e)			(8,399	)
Net Assets: 100.0%		$	219,646,671

(a) Non-income producing security.

(b) Security or partial position of this security was on loan as of March 31, 2019. The total market value of securities on loan as of March 31, 2019 was $215,201.

(c) Rate shown represents annualized 7-day yield as of March 31, 2019.

(d) Premier Class shares

(e) Rounds to less than 0.05%.

REIT - Real Estate Investment Trust

	Schedule of Investments (Unaudited)
Pax ESG Beta Dividend Fund	March 31, 2019

PERCENT OF NET ASSETS	SHARES/
NAME OF ISSUER AND TITLE OF ISSUE	PRINCIPAL		VALUE
COMMON STOCKS: 99.3%
COMMUNICATION SERVICES: 5.9%
Activision Blizzard, Inc.	2,262	$	102,989
Alphabet, Inc., Class A (a)	1,953		2,298,466
AT&T, Inc.	76,225		2,390,416
Cinemark Holdings, Inc.	5,827		233,022
Omnicom Group, Inc.	3,209		234,225
TripAdvisor, Inc. (a)	788		40,543
Verizon Communications, Inc.	40,729		2,408,306
Walt Disney Co., The	615		68,283
			7,776,250
CONSUMER DISCRETIONARY: 14.0%
Amazon.com, Inc. (a)	2,244		3,996,003
Aptiv PLC	1,810		143,877
Best Buy Co., Inc.	5,129		364,467
Chipotle Mexican Grill, Inc. (a)	341		242,216
Darden Restaurants, Inc.	11,313		1,374,190
Foot Locker, Inc.	5,896		357,298
Gap Inc., The	7,105		186,009
Harley-Davidson, Inc. (b)	4,557		162,503
Home Depot, Inc., The	13,261		2,544,653
Kohl's Corp.	10,428		717,134
Las Vegas Sands Corp.	30,048		1,831,726
Leggett & Platt, Inc.	549		23,179
Lowe's Cos., Inc.	4,505		493,162
lululemon athletica, Inc. (a)	657		107,663
Macy's, Inc.	9,075		218,072
McDonald's Corp.	7,089		1,346,201
NIKE, Inc., Class B	8,233		693,301
Nordstrom, Inc.	9,296		412,556
Ralph Lauren Corp.	1,135		147,187
Royal Caribbean Cruises, Ltd.	4,657		533,785
Starbucks Corp.	4,542		337,652
Tapestry, Inc.	8,402		272,981
Target Corp.	14,137		1,134,636
Under Armour, Inc., Class A (a)	806		17,039
VF Corp.	546		47,453
Wayfair, Inc., Class A (a)	94		13,954
Whirlpool Corp.	1,805		239,866
Williams-Sonoma, Inc.	7,706		433,617
			18,392,380
CONSUMER STAPLES: 7.0%
Clorox Co., The	1,730		277,596
Coca-Cola Co., The	21,110		989,215
Colgate-Palmolive Co.	4,684		321,041
General Mills, Inc.	6,810		352,418
Kimberly-Clark Corp.	13,805		1,710,440
Kraft Heinz Co., The	10,914		356,342
PepsiCo, Inc.	21,230		2,601,736
Procter & Gamble Co., The	21,163		2,202,010
Sysco Corp.	6,781		452,700
			9,263,498
ENERGY: 3.4%
ONEOK, Inc.	19,333		1,350,217
Schlumberger, Ltd.	52,427		2,284,244
Targa Resources Corp.	21,464		891,829
			4,526,290
FINANCIALS: 7.4%
Aflac, Inc.	21,602		1,080,100
Bank of America Corp.	28,340		781,901
BlackRock, Inc.	877		374,803
CME Group, Inc.	3,306		544,101
Invesco, Ltd.	15,713		303,418
JPMorgan Chase & Co.	838		84,831
MetLife, Inc.	19,440		827,561

Morningstar, Inc.	2,231	281,084
New York Community Bancorp, Inc.	23,573	272,740
Old Republic International Corp.	12,835	268,508
People's United Financial, Inc.	32,773	538,788
Principal Financial Group, Inc.	8,379	420,542
Prudential Financial, Inc.	7,880	724,014
Regions Financial Corp.	34,227	484,312
TFS Financial Corp. (b)	38,073	627,062
U.S. Bancorp	18,607	896,671
Umpqua Holdings Corp.	63,898	1,054,317
Unum Group	7,096	240,058
		9,804,811
HEALTH CARE: 13.6%
Abbott Laboratories	27,383	2,188,997
AbbVie, Inc.	18,527	1,493,091
Agilent Technologies, Inc.	2,073	166,628
Allergan PLC	437	63,981
Amgen, Inc.	8,843	1,679,993
Anthem, Inc.	948	272,057
Baxter International, Inc.	5,263	427,935
Bristol-Myers Squibb Co.	14,483	690,984
Cardinal Health, Inc.	12,590	606,209
Eli Lilly & Co.	14,434	1,872,956
IDEXX Laboratories, Inc. (a)	768	171,725
Illumina, Inc. (a)	708	219,969
Johnson & Johnson	27,519	3,846,880
Merck & Co., Inc.	21,720	1,806,452
Quest Diagnostics, Inc.	1,090	98,013
UnitedHealth Group, Inc.	9,435	2,332,898
		17,938,768
INDUSTRIALS: 13.3%
3M Co.	15,219	3,162,204
Dover Corp.	5,825	546,385
Eaton Corp PLC	20,193	1,626,748
Emerson Electric Co.	19,479	1,333,727
Fastenal Co.	5,596	359,879
Hubbell, Inc.	758	89,429
Illinois Tool Works, Inc.	12,296	1,764,845
Ingersoll-Rand PLC	9,262	999,833
Nielsen Holdings PLC	31,680	749,866
PACCAR, Inc.	13,701	933,586
Robert Half International, Inc.	8,803	573,603
Rockwell Automation, Inc.	8,452	1,482,988
Ryder System, Inc.	3,171	196,570
Stanley Black & Decker, Inc.	1,914	260,629
Union Pacific Corp.	5,221	872,951
United Parcel Service, Inc., Class B	10,841	1,211,373
W.W. Grainger, Inc.	3,335	1,003,602
Waste Management, Inc.	3,509	364,620
		17,532,838
INFORMATION TECHNOLOGY: 26.0%
Accenture PLC, Class A	12,450	2,191,449
Adobe, Inc. (a)	3,445	918,058
Apple, Inc.	20,804	3,951,720
Autodesk, Inc. (a)	3,350	521,997
Automatic Data Processing, Inc.	4,917	785,442
Broadridge Financial Solutions, Inc.	748	77,560
Cisco Systems, Inc.	73,890	3,989,321
Citrix Systems, Inc.	6,185	616,397
Corning, Inc.	9,080	300,548
Fortinet, Inc. (a)	1,875	157,444
HP, Inc.	56,777	1,103,177
IBM	17,017	2,401,099
Intel Corp.	37,590	2,018,583
Jack Henry & Associates, Inc.	2,038	282,752
Manhattan Associates, Inc. (a)	6,196	341,462
MasterCard, Inc., Class A	1,507	354,823
Maxim Integrated Products, Inc.	17,024	905,166
Microsoft Corp.	37,111	4,376,871
National Instruments Corp.	21,599	958,132
NetApp, Inc.	2,972	206,078

Oracle Corp.	3,778		202,916
Paychex, Inc.	15,656		1,255,611
PayPal Holdings Inc (a)	5,468		567,797
QUALCOMM, Inc.	6,999		399,153
Sabre Corp.	3,421		73,175
salesforce.com, Inc. (a)	5,385		852,822
Seagate Technology PLC	9,055		433,644
Square, Inc. (a)	83		6,218
Symantec Corp.	4,886		112,329
Texas Instruments, Inc.	28,208		2,992,023
VMware, Inc., Class A	948		171,123
Western Union Co., The	10,931		201,896
Xerox Corp.	12,762		408,129
Xilinx, Inc.	1,831		232,152
			34,367,067
MATERIALS: 2.7%
Air Products & Chemicals, Inc.	6,287		1,200,566
Avery Dennison Corp.	3,769		425,897
Celanese Corp.	1,047		103,245
Eastman Chemical Co.	810		61,463
Ecolab, Inc.	1,088		192,076
Linde PLC	8,577		1,508,951
Sonoco Products Co.	827		50,885
			3,543,083
REAL ESTATE: 5.0%
Brandywine Realty Trust, REIT	3,339		52,957
Crown Castle International Corp., REIT	124		15,872
HCP, Inc., REIT	12,217		382,392
Hospitality Properties Trust, REIT	41,330		1,087,392
Host Hotels & Resorts, Inc., REIT	22,896		432,734
Iron Mountain, Inc., REIT	16,017		567,963
Kimco Realty Corp., REIT	1,265		23,403
Lamar Advertising Co., Class A, REIT	732		58,018
Macerich Co., The, REIT	10,582		458,730
MFA Financial, Inc., REIT	12,845		93,383
Outfront Media, Inc., REIT	3,993		93,436
Park Hotels & Resorts, Inc., REIT	13,986		434,685
Public Storage, REIT	1,036		225,620
Simon Property Group, Inc., REIT	3,385		616,781
Starwood Property Trust, Inc., REIT	57,409		1,283,091
Welltower, Inc., REIT	1,699		131,842
WP Carey, Inc., REIT	7,173		561,861
			6,520,160
UTILITIES: 1.0%
Consolidated Edison, Inc.	825		69,968
Dominion Energy, Inc.	8,490		650,843
Edison International	10,687		661,739
			1,382,550
TOTAL COMMON STOCKS			131,047,695
(Cost $98,895,445)
MONEY MARKET: 0.6%
State Street Institutional U.S. Government Money Market Fund, 2.390% (c)(d)	854,073		854,073
(Cost $854,073)
TOTAL INVESTMENTS: 99.9%			131,901,768
(Cost $99,749,518)
Other assets and liabilities - (net): 0.1%			131,339
Net Assets: 100.0%		$	132,033,107

(a) Non-income producing security.

(b) Security or partial position of this security was on loan as of March 31, 2019. The total market value of securities on loan as of March 31, 2019 was $598,809.

(c) Rate shown represents annualized 7-day yield as of March 31, 2019.

(d) Premier Class shares

REIT - Real Estate Investment Trust

	Schedule of Investments (Unaudited)
Pax Global Opportunities Fund	March 31, 2019

PERCENT OF NET ASSETS	SHARES/
NAME OF ISSUER AND TITLE OF ISSUE	PRINCIPAL		VALUE
COMMON STOCKS: 96.3%
COMMUNICATION SERVICES: 1.8%
KDDI Corp.	24,100	$	519,049
CONSUMER DISCRETIONARY: 2.7%
Aptiv PLC	9,994		794,423
CONSUMER STAPLES: 7.7%
Danone SA	14,594		1,123,752
Jeronimo Martins SGPS SA	40,379		596,210
Sprouts Farmers Market, Inc. (a)	24,523		528,225
			2,248,187
FINANCIALS: 14.5%
AIA Group, Ltd.	70,400		703,984
Beazley PLC	78,373		525,926
HDFC Bank, Ltd., ADR	10,769		1,248,235
Hiscox, Ltd.	35,881		729,206
Prudential PLC	50,528		1,012,857
			4,220,208
HEALTH CARE: 19.8%
Abcam PLC	26,665		394,746
Agilent Technologies, Inc.	9,062		728,404
Becton Dickinson & Co.	4,149		1,036,130
Danaher Corp.	5,462		721,093
Genus PLC	17,841		515,766
Grifols SA, ADR	30,791		619,207
Siemens Healthineers AG	13,919		581,123
Thermo Fisher Scientific, Inc.	4,271		1,169,057
			5,765,526
INDUSTRIALS: 9.7%
IDEX Corp.	3,901		591,938
Kubota Corp.	31,200		453,500
Tomra Systems ASA	19,682		586,751
Xylem, Inc.	15,198		1,201,250
			2,833,439
INFORMATION TECHNOLOGY: 24.6%
ASML Holding NV	1,515		284,744
Cadence Design Systems, Inc. (a)	14,017		890,220
Cognizant Technology Solutions, Class A	6,926		501,789
Keyence Corp.	1,275		797,124
MasterCard, Inc., Class A	2,615		615,702
Microsoft Corp.	7,357		867,684
SAP SE	5,270		609,236
Taiwan Semiconductor Manufacturing Co, Ltd	110,000		880,996
TE Connectivity, Ltd.	6,642		536,342
Visa, Inc., Class A	7,690		1,201,101
			7,184,938
MATERIALS: 15.5%
Corbion NV	9,096		273,649
Ecolab, Inc.	5,823		1,027,991
Koninklijke DSM NV	7,980		870,496
Linde PLC	5,232		920,466
Sealed Air Corp.	18,685		860,631
Symrise AG	6,180		557,115
			4,510,348
TOTAL COMMON STOCKS			28,076,118
(Cost $26,229,994)

PREFERRED STOCKS: 1.0%
HEALTH CARE: 1.0%
Sartorius AG	1,691		290,611
(Cost $261,418)
MONEY MARKET: 3.1%
State Street Institutional U.S. Government Money Market Fund, 2.390% (b)(c)	889,033		889,033
(Cost $889,033)
TOTAL INVESTMENTS: 100.4%			29,255,762
(Cost $27,380,445)
Other assets and liabilities - (net): -0.4%			(117,555	)
Net Assets: 100.0%		$	29,138,207

(a) Non-income producing security.

(b) Rate shown represents annualized 7-day yield as of March 31, 2019.

(c) Premier Class shares

SUMMARY OF INVESTMENTS BY COUNTRY 

				PERCENT
COUNTRY	VALUE			OF NET ASSETS
France		1,123,752			3.9	%
Germany		2,038,084			7.0	%
Hong Kong		703,984			2.4	%
India		1,248,235			4.3	%
Japan		1,769,672			6.1	%
Netherlands		1,428,889			4.9	%
Norway		586,751			2.0	%
Portugal		596,210			2.0	%
Spain		619,207			2.1	%
Taiwan		880,996			3.0	%
United Kingdom		3,178,501			10.9	%
United States		14,192,448			48.7	%
Money Market		889,033			3.1	%
Other assets and liabilities (net)		(117,555	)		-0.4	%
TOTAL	$	29,138,207			100.0	%

	Schedule of Investments (Unaudited)
Pax Global Environmental Markets Fund	March 31, 2019

PERCENT OF NET ASSETS	SHARES/
NAME OF ISSUER AND TITLE OF ISSUE	PRINCIPAL		VALUE
COMMON STOCKS: 96.0%
RENEWABLE & ALTERNATIVE ENERGY: 0.9%
RENEWABLE ENERGY DEVELOPERS &
INDEPENDENT POWER PRODUCERS (IPPS) : 0.9%
Huaneng Renewables Corp., Ltd. (a)	24,211,107	$	6,736,242
ENERGY EFFICIENCY: 32.9% (b)
POWER NETWORK EFFICIENCY: 5.7%
Hubbell, Inc.	148,958		17,574,065
Schneider Electric SE	324,701		25,485,313
			43,059,378
INDUSTRIAL ENERGY EFFICIENCY: 7.0%
Delta Electronics, Inc.	2,670,475		13,797,899
PTC, Inc. (a)	170,651		15,730,609
Siemens AG	210,925		22,683,398
			52,211,906
BUILDINGS ENERGY EFFICIENCY: 9.6%
A.O. Smith Corp.	172,620		9,204,098
Autodesk, Inc. (a)	77,429		12,064,987
Ingersoll-Rand PLC	183,885		19,850,385
Kingspan Group PLC	148,078		6,861,472
Sekisui Chemical Co., Ltd.	676,100		10,894,493
Signify NV	486,601		13,018,399
			71,893,834
TRANSPORT ENERGY EFFICIENCY: 9.7%
Aptiv PLC	257,585		20,475,431
Delphi Technologies PLC (a)	318,396		6,132,307
TE Connectivity, Ltd.	251,674		20,322,676
Umicore SA (a)	203,608		9,062,080
Zhuzhou CRRC Times Electric Co. Ltd. (a)	2,795,900		16,551,821
			72,544,315
CONSUMER ENERGY EFFICIENCY: 0.9%
Murata Manufacturing Co., Ltd.	135,000		6,756,070
WATER INFRASTRUCTURE & TECHNOLOGIES: 27.5% (b)
WATER INFRASTRUCTURE: 11.4%
Ferguson PLC (a)	320,842		20,434,757
Georg Fischer AG	9,958		9,078,809
IDEX Corp.	120,951		18,353,105
Watts Water Technologies, Inc., Class A	159,746		12,910,672
Xylem, Inc.	308,277		24,366,214
			85,143,557
WATER TREATMENT EQUIPMENT: 4.4%
Coway Co, Ltd.	108,393		9,023,997
Ecolab, Inc.	129,456		22,854,162
Pentair PLC	34,985		1,557,182
			33,435,341
WATER UTILITIES: 8.7%
American Water Works Co., Inc.	199,825		20,833,755
Beijing Enterprises Water Group, Ltd. (a)	16,906,000		10,458,344
Pennon Group PLC	1,089,985		10,560,575
Suez	1,745,867		23,129,021
			64,981,695
DIVERSIFIED WATER INFRASTRUCTURE & TECHNOLOGY: 3.0%
Danaher Corp.	170,998		22,575,156
POLLUTION CONTROL: 11.4%
ENVIRONMENTAL TESTING & GAS SENSING: 8.5%
Agilent Technologies, Inc.	252,260		20,276,658
Applus Services SA (a)	623,683		7,450,419
Intertek Group PLC	269,758		17,088,964
Waters Corp. (a)	74,458		18,741,823
			63,557,864
PUBLIC TRANSPORTATION: 2.9%
East Japan Railway Co. (a)	222,000		21,437,646

WASTE MANAGEMENT & TECHNOLOGIES: 4.3%
WASTE TECHNOLOGY EQUIPMENT: 1.3%
China Everbright International, Ltd. (a)	9,464,555		9,640,298
GENERAL WASTE MANAGEMENT: 3.0%
Waste Management, Inc.	219,433		22,801,283
FOOD, AGRICULTURE & FORESTRY: 14.2%
LOGISTICS, FOOD SAFETY & PACKAGING: 6.9%
GEA Group AG	531,054		13,918,285
Sealed Air Corp.	489,796		22,560,003
WestRock Co. (a)	390,990		14,994,467
			51,472,755
SUSTAINABLE & EFFICIENT AGRICULTURE: 7.3%
Koninklijke DSM NV	91,545		9,986,162
Kubota Corp.	1,047,000		15,218,417
Trimble, Inc. (a)	483,165		19,519,866
Welbilt, Inc. (a)	613,832		10,054,568
			54,779,013
DIVERSIFIED ENVIRONMENTAL: 4.8%
3M Co.	55,130		11,454,911
Linde PLC	137,514		24,192,838
			35,647,749
TOTAL COMMON STOCKS
(Cost $612,897,359)			718,674,102
MONEY MARKET: 3.4%
State Street Institutional U.S. Government Money Market Fund, 2.390% (c)(d)	25,532,970		25,532,970
(Cost $25,532,970)
TOTAL INVESTMENTS: 99.4%
(Cost $638,430,329)			744,207,072
Other assets and liabilities - (net): 0.6%			4,313,511
Net Assets: 100.0%		$	748,520,583

(a) Non-income producing security.

(b) Broad industry sectors used for financial reporting.

(c) Rate shown represents annualized 7-day yield as of March 31, 2019.

(d) Premier Class shares

SUMMARY OF INVESTMENTS BY COUNTRY 

			PERCENT
COUNTRY	VALUE		OF NET ASSETS
Belgium	$	9,062,080		1.2	%
China		43,386,706		5.8	%
France		48,614,334		6.5	%
Germany		36,601,683		4.9	%
Ireland		6,861,472		0.9	%
Japan		54,306,625		7.3	%
Netherlands		23,004,561		3.1	%
South Korea		9,023,997		1.2	%
Spain		7,450,418		1.0	%
Switzerland		9,078,809		1.2	%
Taiwan		13,797,899		1.8	%
United Kingdom		54,216,602		7.2	%
United States		403,268,916		53.9	%
Money Market		25,532,970		3.4	%
Other assets and liabilities (net)		4,313,511		0.6	%
Total	$	748,520,583		100.0	%

	Schedule of Investments (Unaudited)
Pax MSCI EAFE ESG Leaders Index Fund	March 31, 2019

PERCENT OF NET ASSETS	SHARES/
NAME OF ISSUER AND TITLE OF ISSUE	PRINCIPAL		VALUE
COMMON STOCKS: 97.1%
AUSTRALIA: 9.5%
AGL Energy, Ltd.	79,357	$	1,226,683
Amcor, Ltd.	141,658		1,549,932
AMP, Ltd.	292,338		436,599
APA Group	112,095		795,718
Aurizon Holdings, Ltd.	198,382		641,365
Australia & New Zealand Banking Group, Ltd	272,473		5,039,201
Bendigo & Adelaide Bank, Ltd.	40,827		280,983
BlueScope Steel, Ltd.	49,718		493,475
Brambles, Ltd.	128,037		1,070,376
Caltex Australia, Ltd.	33,218		617,995
Coca-Cola Amatil, Ltd.	87,817		539,727
Commonwealth Bank of Australia	152,667		7,662,979
CSL, Ltd.	30,166		4,185,603
Dexus, REIT	130,219		1,178,550
Goodman Group, REIT	160,090		1,518,249
GPT Group, The, REIT	299,654		1,321,786
Insurance Australia Group, Ltd.	252,716		1,379,471
LendLease Group	42,951		377,935
Macquarie Group, Ltd.	27,385		2,522,048
Mirvac Group, REIT	395,528		772,627
National Australia Bank, Ltd.	247,517		4,447,427
Newcrest Mining, Ltd.	58,612		1,061,464
Origin Energy, Ltd.	53,414		273,426
Stockland, REIT	314,895		861,323
Sydney Airport	199,822		1,054,827
Telstra Corp., Ltd.	329,474		776,920
Transurban Group	250,358		2,348,132
Wesfarmers, Ltd.	99,042		2,438,902
Westpac Banking Corp.	318,705		5,874,824
Woodside Petroleum, Ltd.	60,480		1,484,785
			54,233,332
AUSTRIA: 0.2%
OMV AG	12,673		688,161
Voestalpine AG	6,760		205,493
			893,654
BELGIUM: 0.6%
Colruyt SA	9,202		679,950
KBC Group NV	17,301		1,209,526
Solvay SA	4,851		525,197
UCB SA	5,277		453,307
Umicore SA (a)	11,631		517,667
			3,385,647
DENMARK: 2.7%
Chr. Hansen Holding A/S	6,755		685,660
Coloplast A/S, Class B	7,507		824,048
Demant A/S (a)	8,492		251,335
Genmab A/S (a)	5,670		983,845
H Lundbeck A/S	3,267		141,674
ISS A/S	20,843		634,809
Novo Nordisk A/S, Class B	159,466		8,334,544
Novozymes A/S, Class B	16,921		778,210
Orsted A/S	11,123		842,991
Pandora A/S	10,285		481,535
Vestas Wind Systems A/S	20,510		1,728,709
			15,687,360
FINLAND: 1.1%
Metso OYJ	7,588		261,612
Neste OYJ	9,446		1,006,950
Nokia OYJ	462,531		2,634,864
Nokian Renkaat OYJ	15,965		535,061
Orion OYJ, Class B (a)	5,221		196,186
UPM-Kymmene OYJ	21,240		620,354
Wartsila OYJ Abp	67,813		1,096,719
			6,351,746

FRANCE: 10.4%
Accor SA	22,050	893,229
Air Liquide SA	40,330	5,132,452
Atos SE	6,725	649,219
AXA SA	150,676	3,789,636
Capgemini SE	14,442	1,752,419
Carrefour SA	37,900	707,864
Cie de Saint-Gobain	51,022	1,850,005
Credit Agricole SA	50,372	608,188
Danone SA	48,232	3,713,909
EssilorLuxottica SA	22,819	2,492,745
Gecina SA, REIT	5,301	784,168
Getlink SE	56,362	854,687
Ingenico Group SA	4,295	306,799
Ipsen SA	3,049	418,113
Kering SA	6,112	3,505,857
L'Oreal SA	15,819	4,259,920
Michelin (CGDE)	15,104	1,784,448
Natixis SA	100,025	535,763
Orange SA	216,044	3,522,176
Renault SA	19,306	1,276,469
Rexel SA	39,617	447,089
Schneider Electric SE	43,300	3,398,555
SES SA	32,337	502,940
Societe BIC SA	2,881	256,835
STMicroelectronics NV	51,935	770,316
TOTAL SA	199,313	11,091,625
Unibail-Rodamco-Westfield, REIT	9,318	1,527,524
Vivendi SA	97,916	2,837,611
		59,670,561
GERMANY: 9.6%
adidas AG	14,783	3,595,542
Allianz SE	36,664	8,170,480
BASF SE	76,606	5,649,450
Bayerische Motoren Werke AG	30,565	2,360,047
Beiersdorf AG	6,675	694,906
Commerzbank AG (a)	64,431	499,507
Deutsche Boerse AG	13,021	1,669,548
Deutsche Post AG	69,729	2,269,188
Deutsche Wohnen SE	16,889	819,543
E.ON SE	166,728	1,855,389
Evonik Industries AG	11,480	313,279
Fraport AG Frankfurt Airport Svc Worldwide	6,084	466,733
HeidelbergCement AG	16,202	1,167,869
Henkel AG & Co. KGaA	8,634	821,550
Merck KGaA	18,172	2,074,715
METRO AG	24,240	402,593
Muenchener Rueckversicherungs AG	11,706	2,774,256
OSRAM Licht AG	10,665	367,401
ProSiebenSat.1 Media SE	24,684	351,424
QIAGEN NV (a)	9,584	389,035
RWE AG	32,494	872,536
SAP SE	80,029	9,251,713
Siemens AG	59,416	6,389,744
Symrise AG	16,319	1,471,125
		54,697,573
HONG KONG: 2.4%
BOC Hong Kong Holdings, Ltd.	338,057	1,402,911
CLP Holdings, Ltd.	154,000	1,786,182
Hang Seng Bank, Ltd.	58,400	1,442,064
Hong Kong & China Gas Co., Ltd.	754,702	1,809,958
Hong Kong Exchanges and Clearing, Ltd.	104,864	3,663,793
Hysan Development Co, Ltd.	92,000	493,138
MTR Corp., Ltd.	83,766	519,003
Shangri-La Asia, Ltd.	68,000	96,673
Swire Pacific, Ltd., Class A	67,000	863,020
Swire Properties, Ltd.	164,000	705,837
Techtronic Industries Co, Ltd.	105,500	710,505
Wharf Real Estate Investment Co, Ltd.	54,000	402,446
		13,895,530

IRELAND: 0.7%
CRH PLC	65,725	2,037,185
Kerry Group PLC, Class A	20,844	2,326,485
		4,363,670
ISRAEL: 0.3%
Bank Hapoalim BM	199,295	1,324,452
Bank Leumi Le-Israel BM	39,803	260,771
		1,585,223
ITALY: 1.4%
Assicurazioni Generali SpA	97,746	1,812,263
CNH Industrial NV	87,534	891,855
EXOR NV	7,870	511,107
Intesa Sanpaolo SpA	1,152,933	2,813,751
Snam SpA	258,694	1,330,756
Tenaris SA	61,227	862,507
		8,222,239
JAPAN: 22.8%
Aeon Co., Ltd.	56,400	1,181,317
AEON Financial Service Co., Ltd.	11,600	236,560
AGC, Inc.	23,300	818,423
Ajinomoto Co., Inc.	44,400	710,710
Amada Holdings Co., Ltd.	26,300	260,955
ANA Holdings, Inc.	6,700	245,808
Asahi Kasei Corp.	104,100	1,078,084
Asics Corp.	15,100	203,193
Astellas Pharma, Inc.	148,900	2,237,338
Benesse Holdings, Inc.	9,700	252,425
Bridgestone Corp.	9,300	358,361
Casio Computer Co., Ltd.	15,500	202,834
Central Japan Railway Co.	10,700	2,487,177
Chugai Pharmaceutical Co., Ltd.	21,300	1,467,122
CyberAgent, Inc.	5,700	233,246
Dai Nippon Printing Co., Ltd.	41,600	996,439
Daifuku Co, Ltd.	7,500	392,319
Daikin Industries, Ltd.	34,100	4,008,271
Daiwa House Industry Co., Ltd.	54,300	1,729,325
Denso Corp.	50,000	1,953,461
Dentsu, Inc.	17,000	719,479
East Japan Railway Co. (a)	34,900	3,370,152
Eisai Co., Ltd.	25,700	1,446,057
Fast Retailing Co., Ltd.	4,200	1,978,036
Fujitsu, Ltd.	15,600	1,128,186
Hitachi Chemical Co., Ltd.	15,500	344,938
Hitachi Construction Machinery Co., Ltd.	16,700	445,202
Hitachi High-Technologies Corp.	3,300	135,595
Hitachi Metals, Ltd.	27,600	321,547
Honda Motor Co., Ltd.	182,100	4,945,974
Inpex Corp.	95,500	908,484
Kajima Corp.	53,500	791,411
Kansai Paint  Co., Ltd.	33,200	634,616
Kao Corp.	52,700	4,159,434
KDDI Corp.	137,300	2,957,069
Keio Corp.	7,700	498,089
Keyence Corp.	8,300	5,189,118
Kikkoman Corp.	17,000	835,909
Kobe Steel, Ltd.	25,000	188,084
Komatsu, Ltd.	77,100	1,798,246
Konica Minolta, Inc.	51,800	510,755
Kubota Corp.	83,200	1,209,334
Kuraray Co., Ltd.	54,800	699,045
Kyocera Corp.	32,100	1,890,140
Lawson, Inc.	4,900	271,828
Marui Group  Co., Ltd.	15,600	315,419
Mazda Motor Corp.	38,100	427,174
Mitsubishi Estate Co., Ltd.	141,100	2,560,248
Mitsubishi Materials Corp.	10,800	285,582
Mitsubishi UFJ Lease & Finance Co., Ltd.	65,000	331,807
Mitsui Fudosan Co., Ltd.	83,200	2,095,935
Mitsui OSK Lines, Ltd.	12,000	258,914
Mizuho Financial Group, Inc.	2,034,000	3,147,557

Murata Manufacturing Co., Ltd.	44,100	2,206,983
Nabtesco Corp	9,700	284,248
NEC Corp.	21,000	711,745
NGK Insulators, Ltd.	30,300	441,433
NGK Spark Plug Co., Ltd.	15,300	284,970
Nikon Corp.	30,000	424,159
Nintendo Co., Ltd.	8,900	2,551,548
Nippon Express Co., Ltd.	4,000	223,025
Nitori Holdings Co, Ltd.	4,500	581,829
Nitto Denko Corp.	12,600	664,136
Nomura Research Institute, Ltd.	6,800	309,737
NSK, Ltd.	38,700	363,866
NTT DOCOMO, Inc.	98,400	2,180,902
Obayashi Corp.	93,200	939,333
Odakyu Electric Railway Co., Ltd.	13,600	330,025
Omron Corp.	17,700	831,567
Oriental Land Co., Ltd.	16,600	1,888,017
Osaka Gas Co., Ltd.	22,400	442,873
Panasonic Corp.	186,200	1,605,434
Rakuten, Inc.	63,200	599,758
Recruit Holdings Co, Ltd.	87,700	2,514,397
Resona Holdings, Inc.	210,500	911,902
Secom Co., Ltd.	19,200	1,646,571
Sekisui Chemical Co., Ltd.	33,500	539,810
Sekisui House, Ltd.	83,900	1,390,345
Seven & i Holdings Co., Ltd.	66,500	2,509,058
Sharp Corp.	13,700	151,364
Shimadzu Corp.	29,400	853,329
Shimizu Corp.	60,500	526,908
Shin-Etsu Chemical Co., Ltd.	29,100	2,448,731
Shiseido Co., Ltd.	32,200	2,331,435
Sohgo Security Services Co., Ltd.	3,200	139,578
Sompo Holdings, Inc.	27,900	1,033,220
Sony Corp.	114,300	4,825,880
Stanley Electric Co., Ltd.	11,200	301,813
Sumitomo Chemical Co., Ltd.	81,400	380,000
Sumitomo Electric Industries, Ltd.	55,000	731,669
Sumitomo Metal Mining Co., Ltd.	27,400	811,912
Sumitomo Mitsui Trust Holdings Inc	21,900	787,066
Suntory Beverage & Food, Ltd.	5,500	258,673
Sysmex Corp.	14,200	860,187
T&D Holdings, Inc.	58,200	612,891
Taisei Corp.	14,200	660,623
Takeda Pharmaceutical Co., Ltd.	116,700	4,779,125
TDK Corp.	12,400	975,932
Teijin, Ltd.	15,300	253,001
Toho Gas Co., Ltd.	9,800	440,728
Tokyo Electron, Ltd.	12,900	1,871,253
Tokyo Gas Co., Ltd.	34,300	928,491
Tokyu Corp.	86,100	1,505,130
Toray Industries, Inc.	128,600	820,646
TOTO, Ltd.	18,600	790,872
Toyota Tsusho Corp.	4,600	150,300
Unicharm Corp.	26,100	865,272
West Japan Railway Co.	4,600	346,590
Yakult Honsha Co., Ltd.	8,500	595,966
Yamada Denki Co., Ltd.	118,700	585,413
Yamaha Corp.	17,600	881,293
Yamaha Motor Co., Ltd.	20,500	403,243
Yaskawa Electric Corp.	27,300	861,958
Yokogawa Electric Corp.	11,700	242,959
		130,243,854
NETHERLANDS: 5.6%
Aegon NV	170,128	817,203
Akzo Nobel NV	18,464	1,640,219
ASML Holding NV	32,686	6,143,326
ING Groep NV	350,960	4,252,684
Koninklijke Ahold Delhaize NV	108,402	2,886,070
Koninklijke DSM NV	18,258	1,991,669
Koninklijke KPN NV	303,362	962,983
Koninklijke Philips NV	100,615	4,110,883
NN Group NV	25,872	1,076,442
Unilever NV	139,074	8,108,210
		31,989,689

NEW ZEALAND: 0.2%
Auckland International Airport, Ltd.	171,322	950,426
NORWAY: 0.9%
Aker BP ASA	15,324	546,488
Equinor ASA	78,184	1,713,798
Mowi ASA	13,265	296,353
Norsk Hydro ASA	133,300	542,105
Orkla ASA	21,340	163,887
Schibsted ASA, Class B	11,431	409,530
Telenor ASA	63,954	1,280,611
		4,952,772
PORTUGAL: 0.3%
EDP - Energias de Portugal SA	172,471	678,570
Galp Energia SGPS SA	57,049	914,135
		1,592,705
SINGAPORE: 1.4%
Ascendas Real Estate Investment Trust, REIT	175,800	377,862
CapitaLand Commercial Trust, REIT	151,000	216,344
CapitaLand Mall Trust, REIT	240,600	422,791
CapitaLand, Ltd.	193,200	521,283
City Developments, Ltd.	87,900	588,266
DBS Group Holdings, Ltd.	155,583	2,904,247
Keppel Corp., Ltd.	166,200	764,743
Singapore Press Holdings, Ltd.	249,300	444,223
Singapore Telecommunications, Ltd.	709,500	1,584,110
		7,823,869
SPAIN: 4.1%
Amadeus IT Group SA	35,796	2,869,009
Banco Bilbao Vizcaya Argentaria SA	530,716	3,032,423
Banco de Sabadell SA	224,711	223,973
Bankinter SA	28,821	219,666
CaixaBank SA	299,445	936,419
Enagas SA	16,145	470,020
Ferrovial SA	31,157	730,116
Grifols SA	24,099	675,737
Iberdrola SA	566,082	4,970,067
Industria de Diseno Textil SA	88,484	2,601,557
Naturgy Energy Group SA	33,401	934,876
Red Electrica Corp. SA	35,960	766,547
Repsol SA	126,859	2,170,338
Telefonica SA	332,997	2,789,475
		23,390,223
SWEDEN: 3.7%
Assa Abloy AB, Class B	92,085	1,987,407
Atlas Copco AB, Class A	62,079	1,669,988
Atlas Copco AB, Class B	41,179	1,021,338
Boliden AB	29,045	827,755
Ericsson, Class B	238,314	2,195,322
Essity AB, Class B	34,106	984,241
Hennes & Mauritz AB, Class B	81,706	1,363,122
Husqvarna AB, Class B	59,721	488,424
Kinnevik AB, Class B	26,042	675,427
Millicom International Cellular SA	2,810	170,656
Nordea Bank Apb (a)	269,010	2,048,473
Sandvik AB	127,127	2,067,607
Skandinaviska Enskilda Banken AB, Class A	152,460	1,320,748
SKF AB, Class B	47,006	782,053
Svenska Handelsbanken AB, Class A (a)	129,358	1,365,761
Swedbank AB, Class A (a)	81,456	1,151,211
Telia Co AB	293,935	1,324,953
		21,444,486
SWITZERLAND: 7.2%
ABB, Ltd.	169,470	3,185,088
Adecco Group AG	18,710	999,199
Chocoladefabriken Lindt & Spruengli AG	202	1,373,477
Clariant AG (a)	9,648	203,077

Givaudan SA (a)	759	1,942,684
Kuehne & Nagel International AG	9,381	1,287,128
LafargeHolcim, Ltd. (a)	48,108	2,378,588
Lonza Group AG (a)	6,748	2,094,961
Roche Holding AG	55,347	15,251,134
SGS SA	565	1,407,244
Sika AG	12,883	1,801,715
Sonova Holding AG	4,404	872,739
Straumann Holding AG	1,104	902,519
Swiss Re AG	23,874	2,333,567
Swisscom AG	1,627	796,043
Vifor Pharma AG	2,704	365,934
Zurich Insurance Group AG	11,622	3,847,307
		41,042,404
UNITED KINGDOM: 12.0%
3i Group PLC	111,408	1,428,629
Associated British Foods PLC	38,673	1,229,723
Aviva PLC	299,329	1,609,621
Barratt Developments PLC	96,332	752,480
Berkeley Group Holdings PLC	3,582	172,204
British Land Co. PLC, The, REIT	76,503	587,361
BT Group PLC	705,685	2,050,240
Burberry Group PLC	144,419	1,073,779
Coca-Cola HBC AG (a)	71,121	178,475
Compass Group PLC	21302	2,960,201
Croda International PLC	525643	1,333,138
DCC PLC	2,101	181,786
Ferguson PLC (a)	18,319	1,166,756
GlaxoSmithKline PLC	510,101	10,597,746
InterContinental Hotels Group PLC	27,719	1,668,198
Intertek Group PLC	20,539	1,301,130
Investec PLC	43,337	249,732
ITV PLC	394,497	653,659
J Sainsbury PLC	81,540	250,218
John Wood Group PLC	24,600	162,607
Johnson Matthey PLC	24,664	1,011,448
Kingfisher PLC	163,800	502,328
Legal & General Group PLC	423,442	1,519,574
London Stock Exchange Group PLC	23,431	1,449,348
Marks & Spencer Group PLC	139,115	504,886
Mondi PLC	36,425	806,563
National Grid PLC	262,749	2,916,599
Next PLC	15,003	1,090,206
NMC Health PLC	6,053	180,420
Pearson PLC	75,690	825,755
Prudential PLC	207,283	4,155,085
Reckitt Benckiser Group PLC	57,760	4,806,936
RELX PLC	109,166	2,336,073
Royal Mail PLC	82,312	255,768
RSA Insurance Group PLC	67,225	444,869
Schroders PLC	9,559	336,598
Segro PLC, REIT	59,525	522,514
Smith & Nephew PLC	8,209	163,023
SSE PLC	69,720	1,078,695
Standard Chartered PLC	237,285	1,829,073
Standard Life Aberdeen PLC	178,434	613,283
Taylor Wimpey PLC	398,585	911,642
Tesco PLC	637,745	1,930,132
Unilever PLC	103,552	5,960,721
Whitbread PLC	19,015	1,258,340
Wm Morrison Supermarkets PLC	324,771	963,455
WPP PLC	87,026	919,347
		68,900,364
TOTAL COMMON STOCKS
(Cost $523,515,587)		555,317,327
PREFERRED STOCKS: 0.4%
GERMANY: 0.4%
Bayerische Motoren Werke AG	5,439	358,064
Henkel AG & Co. KGaA	11,474	1,172,349
Sartorius AG	3,121	536,367
TOTAL PREFERRED STOCKS		2,066,780
(Cost $2,044,296)

EXCHANGE-TRADED FUNDS: 1.7%
iShares Core MSCI EAFE ETF	164,282		9,983,417
(Cost $9,266,876)
MONEY MARKET: 0.3%
State Street Institutional U.S. Government Money Market Fund, 2.390% (b)(c)	1,433,350		1,433,350
(Cost $1,433,350)
TOTAL INVESTMENTS: 99.5%			568,800,874
(Cost $536,260,109)
Other assets and liabilities - (net): 0.5%			3,055,137
Net Assets: 100.0%		$	571,856,011

(a) Non-income producing security.

(b) Rate shown represents annualized 7-day yield as of March 31, 2019.

(c) Premier Class shares

REIT - Real Estate Investment Trust

SUMMARY OF INVESTMENTS BY SECTOR
			PERCENT
SECTOR	VALUE		OF NET ASSETS
Communication Services	$	30,844,901		5.4	%
Consumer Discretionary		61,708,316		10.8	%
Consumer Staples		58,170,753		10.2	%
Energy		24,242,076		4.2	%
Financials		107,033,913		18.7	%
Health Care		64,793,698		11.3	%
Industrials		77,085,134		13.5	%
Information Technology		44,292,246		7.8	%
Materials		45,618,093		8.0	%
Real Estate		21,248,073		3.7	%
Utilities		22,346,904		3.9	%
Exchange-Traded Funds		9,983,417		1.7	%
Money Market		1,433,350		0.3	%
Other assets and liabilities (net)		3,055,137		0.5	%
Total	$	571,856,011		100.0	%

	Schedule of Investments (Unaudited)
Pax Core Bond Fund	March 31, 2019

PERCENT OF NET ASSETS		SHARES/
NAME OF ISSUER AND TITLE OF ISSUE		PRINCIPAL		VALUE
EXCHANGE-TRADED FUNDS: 1.2%
iShares Core U.S. Aggregate Bond ETF		76,800	$	8,376,576
(Cost $8,074,189)
BONDS: 97.2%
COMMUNITY INVESTMENT NOTES: 0.5%
Calvert Social Investment Foundation, Inc., 1.500%, 04/30/20	$	3,000,000		3,000,000
CINI Investment Note, 2.000%, 10/31/20 (a)(b)		281,307		281,307
Envest Microfinance Fund, LLC, Sr. Note, Series A, 4.000%, 09/15/20		100,000		98,188
TOTAL COMMUNITY INVESTMENT NOTES				3,379,495
(Cost $3,381,307)
CORPORATE BONDS: 31.2%
COMMUNICATION SERVICES: 2.6%
AT&T, Inc., 3.600%, 02/17/23		2,000,000		2,039,797
AT&T, Inc., 4.350%, 03/01/29		1,500,000		1,533,741
AT&T, Inc., 4.300%, 02/15/30		1,000,000		1,012,422
Charter Communications Operating LLC/Capital, 5.050%, 03/30/29		1,000,000		1,054,632
Discovery Communications, LLC, 3.950%, 03/20/28		2,000,000		1,945,078
Level 3 Financing, Inc., 5.375%, 01/15/24		1,950,000		1,021,100
Nexstar Broadcasting, Inc., 144A, 6.125%, 02/15/22 (c)		1,171,000		1,017,500
Verizon Communications, Inc., 3.875%, 02/08/29		3,000,000		3,074,624
Verizon Communications, Inc., 4.500%, 08/10/33		1,000,000		1,058,456
Virgin Media Secured Finance PLC, 144A, 5.500%, 08/15/26 (c)		1,000,000		2,040,000
Walt Disney Co., The, 3.750%, 06/01/21		2,026,000		2,075,269
				17,872,619
CONSUMER DISCRETIONARY: 2.7%
Amazon.com, Inc., 2.800%, 08/22/24		1,000,000		1,002,311
Amazon.com, Inc., 3.875%, 08/22/37		500,000		520,435
Dollar General Corp., 4.125%, 05/01/28		1,000,000		1,025,883
eBay, Inc., 2.750%, 01/30/23		1,000,000		988,166
GLP Capital, LP/Financing II, Inc., 5.300%, 01/15/29		2,000,000		2,094,700
Home Depot, Inc., The, 2.800%, 09/14/27		2,000,000		1,973,378
IHO Verwaltungs GmbH, 144A, 4.500%, 09/15/23 (c)		1,000,000		997,500
Marriott International, Inc., 3.250%, 09/15/22		1,000,000		1,004,467
Marriott International, Inc., 3.600%, 04/15/24		1,000,000		1,009,686
New Red Finance, Inc., 144A, 4.250%, 05/15/24 (c)		1,500,000		992,500
QVC, Inc., 3.125%, 04/01/19		2,000,000		2,000,000
Ross Stores, Inc., 3.375%, 09/15/24		2,000,000		2,036,565
Sirius XM Radio, Inc., 144A, 4.625%, 05/15/23 (c)		1,500,000		1,524,375
TJX Cos, Inc., The, 2.250%, 09/15/26		1,000,000		949,938
				18,119,904
CONSUMER STAPLES: 1.4%
Campbell Soup Co., 3.300%, 03/19/25		1,000,000		971,429
Capital Impact Partners, 3.000%, 11/15/19		1,000,000		999,002
Constellation Brands, Inc., 3.200%, 02/15/23		2,000,000		2,013,842
CVS Health Corp., 3.231%, 03/09/20 (d)		500,000		501,279
CVS Health Corp., 4.300%, 03/25/28		1,000,000		1,014,168
Ingles Markets Inc, 5.750%, 06/15/23		2,000,000		1,023,750
Lamb Weston Holdings, Inc., 144A, 4.625%, 11/01/24 (c)		2,000,000		1,013,750
PepsiCo, Inc., 3.000%, 10/15/27		1,000,000		995,242
Performance Food Group, Inc., 144A, 5.500%, 06/01/24 (c)		2,500,000		1,012,500
				9,544,962
ENERGY: 1.0%
AmeriGas Partners LP / Finance Corp., 5.875%, 08/20/26		2,000,000		2,005,000
MidAmerican Energy Co., 3.100%, 05/01/27		1,000,000		1,006,242
MidAmerican Energy Corp., 3.650%, 04/15/29		1,000,000		1,041,624
Sabine Pass Liquefaction, LLC, 5.625%, 03/01/25		1,000,000		1,099,911
Schlumberger Finance Canada, Ltd., 144A, 2.650%, 11/20/22 (c)		500,000		499,064
Targa Resources Partners, LP/Finance Corp., 144A, 6.875%, 01/15/29 (c)		500,000		1,088,750
				6,740,591
FINANCIALS: 13.8%
Allstate Corp., The, 3.031%, 03/29/21 (d)		1,000,000		999,235
Allstate Corp., The, 3.150%, 06/15/23		2,000,000		2,025,556
Ally Financial, Inc., 4.250%, 04/15/21		2,000,000		1,016,250
Asian Development Bank, 2.750%, 03/17/23		3,000,000		3,046,554
Asian Development Bank, 2.125%, 03/19/25		2,000,000		1,968,996
Avolon Holdings Funding, Ltd., 144A, 5.250%, 05/15/24 (c)		500,000		516,250
Bank of America Corp., 2.151%, 11/09/20		2,000,000		1,981,222

Bank of America Corp., 3.499%, 05/17/22 (d)	3,000,000	3,036,081
Bank of America Corp., 3.500%, 04/19/26	1,000,000	1,009,451
Bank of New York Mellon Corp., The, 3.400%, 01/29/28	1,000,000	1,022,678
BlackRock, Inc., 3.375%, 06/01/22	2,350,000	2,410,927
Charles Schwab Corp., The, 3.550%, 02/01/24	2,000,000	2,078,537
Charles Schwab Corp., The, 3.200%, 01/25/28	1,000,000	999,258
Chubb INA Holdings, Inc., 3.350%, 05/03/26	2,000,000	2,037,109
CIT Group, Inc., 4.125%, 03/09/21	1,000,000	1,015,000
Digital Realty Trust LP, 3.950%, 07/01/22	1,750,000	1,796,400
Discover Bank, 3.200%, 08/09/21	1,000,000	1,005,085
Discover Bank, 4.650%, 09/13/28	1,000,000	1,045,640
European Investment Bank, 1.625%, 03/16/20	2,000,000	1,984,233
European Investment Bank, 1.625%, 08/14/20	3,000,000	2,968,334
European Investment Bank, 2.000%, 03/15/21	3,000,000	2,978,243
Fifth Third Bank, 2.250%, 06/14/21	2,000,000	1,979,467
Ford Motor Credit Co., LLC, 3.408%, 04/05/21 (d)	1,086,000	1,060,700
General Motors Financial Co., Inc., 5.100%, 01/17/24	500,000	521,084
ING Groep NV, 144A, 4.625%, 01/06/26 (c)	2,000,000	2,100,310
International Bank for Reconstruction & Development, 2.530%, 03/11/22	4,000,000	4,030,462
International Bank for Reconstruction & Development, 2.125%, 03/03/25	4,000,000	3,952,128
International Bank for Reconstruction & Development, 2.750%, 05/31/36	2,000,000	1,857,119
International Finance Corp., 2.500%, 04/15/23 (d)	3,000,000	2,997,231
International Finance Corp., 1.500%, 04/15/26 (d)	1,034,000	962,681
JPMorgan Chase & Co., 2.972%, 01/15/23	2,000,000	2,000,303
JPMorgan Chase & Co., 2.950%, 10/01/26	2,000,000	1,955,527
Kreditanstalt fuer Wiederaufbau, 2.125%, 06/15/22	1,000,000	994,389
Kreditanstalt fuer Wiederaufbau, 2.375%, 12/29/22	3,000,000	3,005,672
Kreditanstalt fuer Wiederaufbau, 2.625%, 02/28/24	3,000,000	3,037,950
MetLife, Inc., 4.875%, 11/13/43	1,000,000	1,114,713
Morgan Stanley, 2.625%, 11/17/21	2,000,000	1,991,750
Morgan Stanley, 3.941%, 01/20/22 (d)	3,000,000	3,030,383
North American Development Bank, 2.400%, 10/26/22	2,000,000	1,975,272
PNC Bank NA, 2.625%, 02/17/22	2,000,000	1,998,205
PNC Bank NA, 3.100%, 10/25/27	1,000,000	998,079
Prudential Financial, Inc., 7.375%, 06/15/19	2,000,000	2,017,611
Prudential Financial, Inc., 4.350%, 02/25/50	1,000,000	1,035,373
Raymond James Financial, Inc., 3.625%, 09/15/26	1,000,000	990,644
Regions Financial Corp., 3.800%, 08/14/23	2,500,000	2,571,227
Toronto-Dominion Bank, The, 1.850%, 09/11/20	2,000,000	1,979,043
Toyota Motor Credit Corp., 2.684%, 01/10/20 (d)	2,000,000	2,000,389
Toyota Motor Credit Corp., 3.450%, 09/20/23	3,000,000	3,094,402
Travelers Cos, Inc., The, 3.750%, 05/15/46	1,000,000	980,431
Travelers Cos, Inc., The, 4.100%, 03/04/49	1,000,000	1,036,067
		94,209,651
HEALTH CARE: 2.6%
Abbott Laboratories, 3.750%, 11/30/26	1,133,000	1,178,806
AbbVie, Inc., 3.200%, 05/14/26	1,000,000	970,174
AbbVie, Inc., 4.875%, 11/14/48	1,000,000	985,138
Amgen, Inc., 3.625%, 05/22/24	2,000,000	2,054,448
Anthem, Inc., 4.101%, 03/01/28	1,000,000	1,029,919
Becton Dickinson & Co., 3.363%, 06/06/24	1,000,000	1,000,586
Becton Dickinson & Co., 3.700%, 06/06/27	1,000,000	997,095
Eli Lilly & Co., 3.375%, 03/15/29	1,000,000	1,026,795
Eli Lilly & Co., 3.875%, 03/15/39	500,000	512,842
HCA, Inc., 4.500%, 02/15/27	1,000,000	1,028,582
Merck & Co., Inc., 2.800%, 05/18/23	1,000,000	1,010,714
Merck & Co., Inc., 3.400%, 03/07/29	1,000,000	1,027,168
Quest Diagnostics, Inc., 3.450%, 06/01/26	1,000,000	993,299
UnitedHealth Group, Inc., 2.375%, 10/15/22	2,000,000	1,980,415
Zoetis, Inc., 3.000%, 09/12/27	1,000,000	961,894
Zoetis, Inc., 3.900%, 08/20/28	1,000,000	1,021,272
		17,779,147
INDUSTRIALS: 2.1%
Burlington Northern Santa Fe LLC, 4.050%, 06/15/48	1,000,000	1,031,957
Cummins, Inc., 7.125%, 03/01/28	1,000,000	1,279,181
Ingersoll-Rand Co., 6.443%, 11/15/27	2,000,000	2,376,053
Masco Corp., 4.375%, 04/01/26	1,000,000	1,017,952
Mueller Water Products, Inc., 144A, 5.500%, 06/15/26 (c)	2,000,000	1,017,500
Standard Industries, Inc., 144A, 4.750%, 01/15/28 (c)	1,000,000	957,500
Tesla Energy Operations, Inc., 4.700%, 05/29/25 (b)	2,000,000	1,949,291
Union Pacific Corp., 3.700%, 03/01/29	2,000,000	2,057,118
Waste Management, Inc., 3.150%, 11/15/27	2,500,000	2,493,905
		14,180,457
INFORMATION TECHNOLOGY: 2.8%
Adobe, Inc., 4.750%, 02/01/20	1,150,000	1,168,923
Apple, Inc., 2.850%, 02/23/23	1,000,000	1,009,696
Apple, Inc., 2.850%, 05/11/24	500,000	501,780
Apple, Inc., 3.000%, 06/20/27	2,500,000	2,491,298

CA, Inc., 5.375%, 12/01/19	1,500,000	1,520,749
Dell International, LLC/EMC Corp., 144A, 6.020%, 06/15/26 (c)	1,000,000	1,076,471
Intel Corp., 3.150%, 05/11/27 (e)	1,500,000	1,517,686
MasterCard, Inc., 3.500%, 02/26/28	1,000,000	1,045,147
Microsoft Corp., 2.875%, 02/06/24	1,000,000	1,011,584
Microsoft Corp., 2.400%, 08/08/26	3,000,000	2,911,292
NetApp, Inc., 3.250%, 12/15/22	671,000	670,913
salesforce.com, Inc., 3.700%, 04/11/28	2,000,000	2,095,354
Visa, Inc., 3.650%, 09/15/47	2,000,000	2,007,992
		19,028,885
MATERIALS: 0.3%
LyondellBasell Industries NV, 6.000%, 11/15/21	2,000,000	2,139,889
REAL ESTATE: 1.0%
Alexandria Real Estate Equities, Inc., 4.000%, 01/15/24	2,000,000	2,069,638
Boston Properties, LP, 4.500%, 12/01/28	2,000,000	2,123,785
Iron Mountain, Inc., 144A, 4.875%, 09/15/27 (c)	1,000,000	965,000
iStar, Inc., 6.000%, 04/01/22	1,000,000	1,006,250
Starwood Property Trust, Inc., 3.625%, 02/01/21	1,350,000	998,750
		7,163,423
UTILITIES: 0.9%
CenterPoint Energy Houston Electric LLC, 2.250%, 08/01/22	1,000,000	986,008
DTE Electric Co., 3.950%, 03/01/49	2,000,000	2,048,397
NextEra Energy Operating Partners, LP, 144A, 4.250%, 09/15/24 (c)	500,000	996,250
Southern Power Co., 4.150%, 12/01/25	2,000,000	2,078,514
		6,109,169
TOTAL CORPORATE BONDS
(Cost $209,810,726)		212,888,697
U.S. GOVERNMENT AGENCY BONDS: 0.1%
FEDERAL HOME LOAN BANK SYSTEM (AGENCY): 0.1%
2.375%, 03/12/21	1,000,000	1,000,862
(Cost $998,184)
GOVERNMENT BONDS: 0.3%
Overseas Private Investment Corp., 3.520%, 09/20/32	1,928,571	2,014,481
(Cost $1,928,571)
MUNICIPAL BONDS: 5.2%
City & County of Honolulu HI, 3.974%, 09/01/35	1,475,000	1,528,749
City & County of San Francisco CA Community Facilities District No 2014-1, 4.221%, 09/01/39	1,000,000	1,031,050
City & County of San Francisco CA Community Facilities District No 2014-1, 4.000%, 09/01/48	2,000,000	2,004,920
City of Houston TX Combined Utility System Revenue, 3.923%, 11/15/30	1,500,000	1,586,280
City of Los Angeles CA Wastewater System Revenue, 3.144%, 06/01/26	2,000,000	2,049,100
City of San Francisco CA Public Utilities Commission Water Revenue, 6.000%, 11/01/40	2,815,000	3,559,286
Commonwealth of Pennsylvania, 4.600%, 05/01/23	1,000,000	1,021,700
Dallas Independent School District, 6.450%, 02/15/35	1,000,000	1,068,930
Metropolitan Transportation Authority, 6.089%, 11/15/40	1,595,000	2,058,268
New York City Water & Sewer System, 5.440%, 06/15/43	2,500,000	3,230,150
Ohio State University, The, 4.910%, 06/01/40	2,485,000	3,001,308
Santa Clara Valley Water District, 3.369%, 06/01/27	1,305,000	1,337,964
State of California, 5.000%, 10/01/28	1,000,000	1,164,360
State of Georgia, 4.310%, 10/01/26	2,000,000	2,189,320
State of Oregon, 3.227%, 05/01/24	1,000,000	1,028,750
Taft Independent School District, 4.207%, 08/15/36	1,500,000	1,577,025
University of Massachusetts Building Authority, 6.573%, 05/01/39	1,800,000	1,805,364
Virginia Resources Authority, 5.790%, 11/01/40	2,655,000	2,784,909
Virginia Small Business Financing Authority, 144A, 4.200%, 07/01/50 (c)(d)	1,000,000	1,001,820
TOTAL MUNICIPAL BONDS
(Cost $34,329,620)		35,029,253
U.S. TREASURY NOTES: 27.9%
0.010%, 04/23/19	2,000,000	1,997,086
1.000%, 10/15/19	6,000,000	5,953,242
1.250%, 07/15/20	4,616,480	4,685,324
2.750%, 09/30/20	17,000,000	17,098,281
2.375%, 03/15/21  (TIPS)	7,000,000	7,012,715
0.125%, 04/15/21	3,185,940	3,161,190
0.125%, 04/15/22  (TIPS)	6,209,760	6,146,664
2.625%, 02/28/23  (TIPS)	29,000,000	29,425,371
2.125%, 11/30/23	15,000,000	14,920,898
0.125%, 07/15/24	4,240,080	4,187,832
2.625%, 12/31/25	20,000,000	20,387,891
0.625%, 01/15/26  (TIPS)	3,177,840	3,214,464

0.375%, 07/15/27	10,289,400	10,214,200
2.750%, 02/15/28  (TIPS)	1,000,000	1,028,691
4.500%, 02/15/36  (TIPS)	9,000,000	11,402,227
5.000%, 05/15/37	2,000,000	2,704,414
4.500%, 05/15/38	3,000,000	3,858,867
4.375%, 11/15/39	8,000,000	10,169,062
1.000%, 02/15/48	1,020,680	1,042,548
3.125%, 05/15/48	29,000,000	30,756,991
TOTAL U.S. TREASURY NOTES
(Cost $187,379,414)		189,367,958
MORTGAGE-BACKED SECURITIES: 32.0%
GINNIE MAE (MORTGAGE-BACKED): 1.7%
1.550%, 06/16/36	2,900,809	2,802,477
6.000%, 01/15/38	253,197	277,363
3.020%, 09/15/41	1,866,264	1,815,597
3.000%, 05/15/43	1,488,631	1,502,451
3.500%, 11/20/46	1,433,786	1,467,892
2.905%, 09/16/50 (d)	2,000,000	1,944,539
2.628%, 03/16/55 (d)	2,097,544	2,028,919
		11,839,238
FREDDIE MAC (MORTGAGE-BACKED): 7.1%
4.000%, 06/01/26	2,267,000	2,341,501
3.500%, 12/01/30	1,481,093	1,517,096
3.000%, 07/01/33	1,687,195	1,715,699
3.500%, 01/01/34	1,479,828	1,523,306
4.500%, 01/01/34	2,384,674	2,452,192
4.000%, 10/01/35	2,943,760	3,074,858
3.500%, 04/01/42	1,243,662	1,271,467
2.438%, 01/01/43 (d)	1,701,568	1,698,531
3.500%, 01/01/44	1,898,976	1,943,626
4.000%, 08/01/44	1,212,654	1,268,245
3.500%, 02/01/45	1,960,324	2,016,275
3.000%, 06/01/46	2,259,331	2,263,902
3.000%, 01/01/47	2,863,946	2,859,319
3.500%, 08/01/47	2,745,296	2,791,128
4.000%, 08/01/47	1,677,254	1,732,382
3.500%, 09/01/47	1,825,235	1,855,519
3.500%, 10/01/47	2,772,112	2,817,821
3.500%, 12/01/47	1,838,684	1,869,001
3.500%, 03/01/48	2,796,521	2,842,623
4.000%, 04/01/48	5,633,530	5,816,680
3.500%, 05/01/48	2,842,401	2,889,262
		48,560,433
FANNIE MAE (MORTGAGE-BACKED): 14.9%
2.480%, 08/01/26	1,979,482	1,958,214
2.270%, 09/01/26	2,000,000	1,902,519
3.270%, 09/01/27	2,362,677	2,408,751
3.555%, 09/25/28 (d)	1,250,000	1,310,069
3.660%, 01/01/29	1,994,608	2,105,595
4.500%, 04/01/34	1,385,493	1,457,616
3.500%, 07/01/35	1,741,298	1,781,512
4.000%, 07/01/36	1,325,768	1,381,360
3.500%, 09/01/37	1,706,768	1,746,215
4.000%, 03/01/38	2,609,820	2,709,351
4.000%, 01/01/41	1,557,039	1,615,469
4.000%, 02/01/41	3,303,313	3,453,688
4.500%, 03/01/41	9,258	9,792
4.000%, 01/01/42	3,184,966	3,335,318
4.000%, 07/01/42	2,964,503	3,074,959
3.500%, 01/01/43	3,813,611	3,882,986
4.000%, 08/01/43	17,920	18,566
3.783%, 09/01/43 (d)	914,229	946,683
3.500%, 08/01/45	3,781,376	3,869,354
4.000%, 09/01/45	1,795,684	1,869,999
3.500%, 10/01/45	1,993,779	2,031,437
4.000%, 10/01/45	1,776,467	1,837,884
4.000%, 11/01/45	4,140,067	4,283,160
3.500%, 04/01/46	1,842,513	1,877,082
3.500%, 06/01/46	1,511,766	1,545,763
4.000%, 06/01/46	1,811,175	1,873,215
3.000%, 06/01/46	3,148,411	3,139,803
4.000%, 07/01/46	2,222,645	2,299,966
4.000%, 08/01/46	1,393,498	1,450,197
4.500%, 09/01/46	3,301,844	3,491,819
3.000%, 10/01/46	1,611,431	1,607,025
4.000%, 10/01/46	1,471,045	1,521,173
4.500%, 01/01/47	1,592,006	1,666,943

4.000%, 01/01/47	1,828,402	1,893,212
4.000%, 05/01/47	5,619,680	5,796,571
3.500%, 06/01/47	2,624,391	2,674,584
4.000%, 06/01/47	4,991,319	5,159,895
3.500%, 08/01/47	1,786,196	1,814,464
3.500%, 11/01/47	2,719,663	2,776,730
4.000%, 01/01/48	2,876,780	2,990,354
3.500%, 04/01/48	3,846,973	3,928,200
3.500%, 06/01/48	2,941,534	2,997,786
4.500%, 06/01/48	1,819,138	1,912,247
		101,407,526
COMMERCIAL MORTGAGE-BACKED: 8.3%
Arroyo Mortgage Trust 2018-1, 144A, 3.763%, 04/25/48 (c)(d)	2,104,322	2,132,280
Bayview Opportunity Master Fund IVa Trust 2016, 144A, 4.000%, 04/28/55 (c)	1,452,336	1,473,434
Bellemeade Re 2018-1, Ltd., 144A, 4.086%, 04/25/28 (c)(d)	1,000,000	1,004,530
Bellemeade Re 2018-2, Ltd., 144A, 3.836%, 08/25/28 (c)(d)	2,000,000	2,001,584
COLT 2018-1 Mortgage Loan Trust, 144A, 2.981%, 02/25/48 (c)(d)	181,505	181,171
COLT 2018-3 Mortgage Loan Trust, 144A, 3.763%, 10/26/48 (c)(d)	847,926	851,020
COLT 2019-2 Mortgage Loan Trust, 144A, 3.337%, 05/25/49 (c)(d)	3,000,000	2,999,995
Commonbond Student Loan Trust 2016-B, 144A, 2.730%, 10/25/40 (c)	1,347,737	1,336,690
Commonbond Student Loan Trust 2018-C-GS, 144A, 3.870%, 02/25/46 (c)	1,922,981	1,951,230
Deephaven Residential Mortgage Trust 2018-1, 144A, 3.027%, 12/25/57 (c)(d)	756,368	755,505
Drive Auto Receivables Trust, 4.090%, 01/15/26	2,000,000	2,035,311
Invitation Homes 2018-SFR3 Trust, 144A, 3.482%, 07/17/37 (c)(d)	2,475,094	2,474,603
Invitation Homes 2018-SFR4 Trust, 144A, 3.732%, 01/17/38 (c)(d)	2,000,000	2,006,464
Mastr Asset Backed Securities Trust 2007-NCW, 144A, 3.086%, 05/25/37 (b)(c)(d)	1,560,467	1,520,552
Metlife Securitization Trust, 144A, 3.000%, 04/25/55 (c)(d)	599,778	595,507
Mill City Mortgage Trust 2015-1, 144A, 3.854%, 06/25/56 (c)(d)	2,000,000	2,067,855
Mill City Solar Loan 2019-1, Ltd., 144A, 4.340%, 03/20/43 (c)	1,000,000	1,010,000
Mosaic Solar Loans 2017-1 LLC, 144A, 4.450%, 06/20/42 (c)	1,090,799	1,111,371
Mosaic Solar Loans 2017-2 LLC, 144A, 2.000%, 06/22/43 (c)	1,876,517	1,754,864
Mosaic Solar Loans 2017-2 LLC, 144A, 3.820%, 06/22/43 (c)	708,224	706,428
Mosaic Solar Loan Trust 2018-1, 144A, 4.010%, 06/22/43 (c)	1,245,278	1,251,841
Navistar Financial Dealer Note Master Owner Trust II, 144A, 3.536%, 09/25/23 (c)(d)	2,250,000	2,256,795
New Residential Mortgage Loan Trust 2018-4, 144A, 3.386%, 01/25/48 (c)(d)	1,693,722	1,686,099
Radnor RE 2018-1, Ltd., 144A, 3.886%, 03/25/28 (c)(d)	3,000,000	2,995,315
Santander Drive Auto Receivables Trust 2018-5, 4.190%, 12/16/24	1,250,000	1,276,490
Sequoia Mortgage Trust 2017-CH2, 144A, 4.000%, 12/25/47 (c)(d)	700,456	712,992
Sequoia Mortgage Trust 2018-CH1, 144A, 4.000%, 02/25/48 (c)(d)	608,976	619,339
Sequoia Mortgage Trust 2018-CH3, 144A, 4.500%, 08/25/48 (c)(d)	1,627,859	1,679,943
SoFi Professional Loan Program 2015-d, LLC, 144A, 3.590%, 10/26/37 (c)	1,643,944	1,652,186
SoFi Professional Loan Program 2017-B, LLC, 144A, 3.700%, 05/25/40 (c)(d)	1,400,000	1,431,797
SoFi Professional Loan Program 2019-A, LLC, 144A, 3.180%, 06/15/48 (c)	975,984	979,531
Sunrun Athena Issuer 2018-1, LLC, 144A, 5.310%, 04/30/49 (c)	979,872	1,013,645
TES 2017-2 LLC, 144A, 4.120%, 02/20/48 (c)	1,928,022	1,906,133
Tesla Auto Lease Trust 2018-A, 144A, 2.750%, 02/20/20 (c)	610,000	609,242
Tesla Auto Lease Trust 2018-B, 144A, 3.710%, 08/20/21 (c)	2,346,835	2,374,314
Towd Point Mortgage Trust, 144A, 3.750%, 11/25/57 (c)(d)	1,000,000	1,023,293
Towd Point Mortgage Trust, 144A, 3.776%, 11/25/60 (c)(d)	2,000,000	2,062,637
Vivint Solar Financing V, LLC, 144A, 4.730%, 04/30/48 (c)	998,587	1,036,042
		56,538,028
TOTAL MORTGAGE-BACKED SECURITIES
(Cost $218,740,472)		218,345,225
TOTAL BONDS
(Cost $656,568,294)		662,025,971
CERTIFICATES OF DEPOSIT: 0.1%
Community Credit Union of Lynn, 2.200%, 11/29/22 (b)	250,000	244,609
Self-Help Federal Credit Union, 1.700%, 04/13/20 (b)	250,000	248,051
TOTAL CERTIFICATES OF DEPOSIT		492,660
(Cost $500,000)
MONEY MARKET: 0.8%
State Street Institutional U.S. Government Money Market Fund, 2.390% (f)(g)	5,261,046	5,261,046
TOTAL MONEY MARKET
(Cost $5,261,046)
SECURITIES PURCHASED WITH CASH COLLATERAL FROM SECURITIES LENDING: 0.2%
State Street Navigator Securities Lending Government Money Market Portfolio, 2.415% (f)	1,026,550	1,026,550
(Cost $1,026,550)

TOTAL INVESTMENTS: 99.5%
(Cost $671,430,079)		677,182,803
PAYABLE UPON RETURN OF SECURITIES LOANED (NET):- 0.2%		(1,026,550	)
Other assets and liabilities - (net): 0.7%		4,576,293
Net Assets: 100.0%	$	680,732,546

(a) Security valued using significant unobservable inputs.

(b) Illiquid security.

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

(d) Rate shown reflects the accrual rate as of March 31, 2019 on securities with variable or step rates.

(e) Security of partial position of this security was on loan as of March 31, 2019. The total market value of securities on loan as of March 31, 2019 was $1,002,552.

(f) Rate shown represents annualized 7-day yield as of March 31, 2019.

(g) Premier Class shares

LP - Limited Partnership

TIPS - Treasury Inflation Protected Securities

	Schedule of Investments (Unaudited)
Pax High Yield Bond Fund	March 31, 2019

	SHARES/
PERCENT OF NET ASSETS		PRINCIPAL/
NAME OF ISSUER AND TITLE OF ISSUE		CONTRACTS		VALUE
COMMON STOCKS: 0.1%
ENERGY: 0.1%
Chaparral Energy, Inc., Class A (a)		83,306	$	474,844
HEALTH CARE: 0.0%
Interactive Health, Inc. (a)(b)(c)		706		0
TOTAL COMMON STOCKS				474,844
(Cost $2,023,802)
PREFERRED STOCKS: 0.4%
HEALTH CARE: 0.0%
Interactive Health, Inc., 0.000% (a)(b)(c)		1,412		0
LEISURE: 0.4%
RLJ Lodging Trust, REIT, 1.950%		58,500		1,471,860
TOTAL PREFERRED  STOCKS				1,471,860
(Cost $1,860,897)
BONDS: 97.1%
CORPORATE BONDS: 96.4%
AUTOMOTIVE: 3.4%
Allison Transmission, Inc., 144A, 5.000%, 10/01/24 (d)	$	1,000,000		1,001,250
Allison Transmission, Inc., 144A, 4.750%, 10/01/27 (d)		500,000		479,375
Allison Transmission, Inc., 144A, 5.875%, 06/01/29 (d)		1,000,000		1,013,750
FXI Holdings, Inc., 144A, 7.875%, 11/01/24 (d)		1,450,000		1,352,125
IHO Verwaltungs GmbH, 144A, 4.125%, 09/15/21 (d)		1,500,000		1,509,375
IHO Verwaltungs GmbH, 144A, 4.500%, 09/15/23 (d)		1,000,000		997,500
IHO Verwaltungs GmbH, 144A, 4.750%, 09/15/26 (d)		675,000		644,625
Meritor, Inc., 6.250%, 02/15/24		2,225,000		2,297,313
Nexteer Automotive Group Ltd., 144A, 5.875%, 11/15/21 (d)		2,000,000		2,030,603
Panther BF Aggregator 2, LP/Panther Finance Co., Inc., 144A, 6.250%, 05/15/26 (d)		1,000,000		1,022,500
Panther BF Aggregator 2, LP/Panther Finance Co., Inc., 144A, 8.500%, 05/15/27 (d)		1,000,000		1,005,000
				13,353,416
BANKING: 3.4%
Ally Financial, Inc., 4.250%, 04/15/21		2,000,000		2,032,500
Ally Financial, Inc., 4.125%, 02/13/22		2,500,000		2,528,125
Ally Financial, Inc., 5.750%, 11/20/25		2,000,000		2,137,720
Ally Financial, Inc., 8.000%, 11/01/31		1,500,000		1,869,375
CIT Group, Inc., 5.000%, 08/01/23		2,000,000		2,102,500
CIT Group, Inc., 5.250%, 03/07/25		500,000		533,275
CIT Group, Inc., 6.125%, 03/09/28		1,000,000		1,115,000
Royal Bank of Scotland Group PLC, 6.125%, 12/15/22		950,000		1,011,165
				13,329,660
BASIC INDUSTRY: 11.2%
Alcoa Nederland Holding BV, 144A, 7.000%, 09/30/26 (d)		1,000,000		1,083,120
Aleris International, Inc., 144A, 10.750%, 07/15/23 (d)		500,000		526,250
Arconic, Inc., 5.900%, 02/01/27		2,000,000		2,078,730
Cleveland-Cliffs, Inc., 144A, 4.875%, 01/15/24 (d)		1,450,000		1,435,500
Core & Main, LP, 144A, 6.125%, 08/15/25 (d)		1,500,000		1,474,200
First Quantum Minerals, Ltd., 144A, 6.500%, 03/01/24 (d)		1,000,000		940,000
Ingevity Corp., 144A, 4.500%, 02/01/26 (d)		1,425,000		1,396,970
Koppers, Inc., 144A, 6.000%, 02/15/25 (d)		1,000,000		982,500
Lennar Corp., 6.625%, 05/01/20		1,000,000		1,033,750
Lennar Corp., 4.875%, 12/15/23		975,000		1,007,906
Lennar Corp., 4.750%, 05/30/25		1,000,000		1,025,000
Lennar Corp., 5.250%, 06/01/26		2,000,000		2,065,000
M/I Homes, Inc., 5.625%, 08/01/25		1,000,000		962,500
Mercer International, Inc., 6.500%, 02/01/24		950,000		976,125
Mercer International, Inc., 144A, 7.375%, 01/15/25 (d)		1,000,000		1,052,500
Neon Holdings, Inc., 144A, 10.125%, 04/01/26 (d)		1,000,000		1,022,500

New Enterprise Stone & Lime Co., Inc., 144A, 10.125%, 04/01/22 (d)	1,500,000	1,526,250
New Enterprise Stone & Lime Co., Inc., 144A, 6.250%, 03/15/26 (d)	950,000	926,355
New Gold, Inc., 144A, 6.375%, 05/15/25 (d)	1,500,000	1,222,500
Novelis Corp., 144A, 5.875%, 09/30/26 (d)	1,500,000	1,498,125
Sappi Papier Holding GmbH, 144A, 7.500%, 06/15/32 (d)	930,000	942,834
SPCM SA, 144A, 4.875%, 09/15/25 (d)	950,000	932,473
Standard Industries, Inc., 144A, 6.000%, 10/15/25 (d)	2,500,000	2,630,225
Standard Industries, Inc., 144A, 5.000%, 02/15/27 (d)	2,000,000	1,940,600
Starfruit Finco BV/US Holdco, LLC, 144A, 8.000%, 10/01/26 (d)	2,000,000	2,020,000
Taylor Morrison Communities, Inc./Holdings II, Inc., 144A, 5.625%, 03/01/24 (d)	2,550,000	2,530,186
TRI Pointe Group, Inc., 5.250%, 06/01/27	1,000,000	921,250
US Concrete, Inc., 6.375%, 06/01/24	2,500,000	2,543,750
USG Corp., 144A, 4.875%, 06/01/27 (d)	2,000,000	2,026,250
Valvoline, Inc., 5.500%, 07/15/24	900,000	918,000
Venator Finance Sarl/Materials, LLC, 144A, 5.750%, 07/15/25 (d)	1,000,000	880,000
WESCO Distribution, Inc., 5.375%, 06/15/24	2,000,000	2,032,500
		44,553,849
CAPITAL GOODS: 5.8%
ARD Finance SA, 7.125%, 09/15/23	1,500,000	1,501,875
ARD Securities Finance SARL, 144A, 8.750%, 01/31/23 (d)	1,613,318	1,532,652
Ardagh Packaging Finance PLC/ Holdings USA, Inc., 144A, 7.250%, 05/15/24 (d)	1,000,000	1,057,200
Bombardier, Inc., 144A, 8.750%, 12/01/21 (d)	1,000,000	1,108,749
Bombardier, Inc., 144A, 7.500%, 12/01/24 (d)	1,450,000	1,509,813
Crown Americas, LLC/Crown Americas Capital Corp. VI, 4.750%, 02/01/26	1,650,000	1,662,045
CTP Transportation Products LLC/Finance, Inc., 144A, 8.250%, 12/15/19 (d)	1,100,000	1,080,750
Flex Acquisition Co, Inc., 144A, 7.875%, 07/15/26 (d)	1,000,000	967,500
Manitowoc Co, Inc., The, 144A, 12.750%, 08/15/21 (d)	2,000,000	2,139,800
Manitowoc Co, Inc., The, 144A, 9.000%, 04/01/26 (d)	2,000,000	2,030,000
Mueller Water Products, Inc., 144A, 5.500%, 06/15/26 (d)	2,000,000	2,035,000
OI European Group BV, 144A, 4.000%, 03/15/23 (d)	2,269,000	2,232,129
Owens-Brockway Glass Container, Inc., 144A, 6.375%, 08/15/25 (d)	950,000	1,004,625
RBS Global, Inc. / Rexnord LLC, 144A, 4.875%, 12/15/25 (d)	1,450,000	1,439,125
Vertiv Group Corp., 144A, 9.250%, 10/15/24 (d)	1,450,000	1,450,000
Vertiv Intermediate Holding Corp., 144A, 12.000%, 02/15/22 (d)	500,000	484,375
		23,235,638
CONSUMER GOODS: 5.9%
Central Garden & Pet Co, 5.125%, 02/01/28	2,000,000	1,840,000
Cott Holdings, Inc., 144A, 5.500%, 04/01/25 (d)	2,400,000	2,430,000
High Ridge Brands Co., 144A, 8.875%, 03/15/25 (d)	2,995,000	1,212,975
KeHE Distributors, LLC/KeHE Finance Corp., 144A, 7.625%, 08/15/21 (d)	1,000,000	995,000
Lamb Weston Holdings, Inc., 144A, 4.625%, 11/01/24 (d)	2,000,000	2,027,500
Performance Food Group, Inc., 144A, 5.500%, 06/01/24 (d)	2,500,000	2,531,250
Post Holdings, Inc., 144A, 5.000%, 08/15/26 (d)	1,450,000	1,415,563
Post Holdings, Inc., 144A, 5.750%, 03/01/27 (d)	1,950,000	1,967,062
Prestige Brands, Inc., 144A, 6.375%, 03/01/24 (d)	2,500,000	2,556,250
Sigma Holdco BV, 144A, 7.875%, 05/15/26 (d)	1,000,000	927,500
Spectrum Brands, Inc., 6.125%, 12/15/24	2,000,000	2,030,000
Tempur Sealy International, Inc., 5.500%, 06/15/26	1,500,000	1,506,555
US Foods, Inc., 144A, 5.875%, 06/15/24 (d)	2,000,000	2,050,000
		23,489,655
ENERGY: 11.3%
AmeriGas Partners LP/Finance Corp., 5.625%, 05/20/24	1,000,000	1,021,250
AmeriGas Partners LP/Finance Corp., 5.750%, 05/20/27	950,000	942,875
Antero Resources Corp., 5.625%, 06/01/23	2,000,000	2,035,000
Antero Resources Corp., 5.000%, 03/01/25	1,500,000	1,481,250
Apergy Corp., 6.375%, 05/01/26	2,000,000	2,032,500
Archrock Partners LP/Finance Corp., 6.000%, 04/01/21	1,750,000	1,749,233
Archrock Partners LP/Finance Corp., 6.000%, 10/01/22	1,500,000	1,518,750
Archrock Partners LP/Finance Corp., 144A, 6.875%, 04/01/27 (d)	1,000,000	1,022,200
Ascent Resources Utica Holdings, LLC/ARU Finance Corp., 144A, 10.000%, 04/01/22 (d)	1,500,000	1,650,450
Ascent Resources Utica Holdings, LLC/ARU Finance Corp., 144A, 7.000%, 11/01/26 (d)	1,000,000	966,250
Chaparral Energy, Inc., 144A, 8.750%, 07/15/23 (d)	1,500,000	1,035,000
Cheniere Corpus Christi Holdings, LLC, 5.125%, 06/30/27	1,000,000	1,051,250
DCP Midstream Operating, LP, 8.125%, 08/16/30	970,000	1,138,538
Ensco PLC, 7.750%, 02/01/26	1,000,000	848,750
Exterran Energy Solutions LP/EES Finance Corp., 8.125%, 05/01/25	2,000,000	2,050,000
Extraction Oil & Gas, Inc., 144A, 5.625%, 02/01/26 (d)	475,000	366,938
Genesis Energy LP / Finance Corp., 5.625%, 06/15/24	1,000,000	965,000
Genesis Energy, LP/Genesis Energy Finance Corp., 6.500%, 10/01/25	1,000,000	977,500
Great Western Petroleum LLC/Finance Corp., 144A, 9.000%, 09/30/21 (d)	1,800,000	1,395,000
Hess Infrastructure Partners LP/Finance Corp., 144A, 5.625%, 02/15/26 (d)	1,950,000	1,993,875

Laredo Petroleum, Inc., 6.250%, 03/15/23	1,500,000	1,346,250
Oasis Petroleum, Inc., 6.875%, 03/15/22	1,000,000	1,012,500
Oasis Petroleum, Inc., 144A, 6.250%, 05/01/26 (d)	1,000,000	955,000
Parkland Fuel Corp., 144A, 6.000%, 04/01/26 (d)	2,500,000	2,535,125
Parsley Energy LLC/Finance Corp., 144A, 5.625%, 10/15/27 (d)	2,000,000	2,000,000
Pride International, Inc., 6.875%, 08/15/20	1,000,000	995,000
Southwestern Energy Co., 6.200%, 01/23/25	334,000	329,825
Sunoco LP/ Finance Corp., 5.500%, 02/15/26	1,000,000	992,500
Sunoco, LP/Finance Corp., 144A, 6.000%, 04/15/27 (d)	1,000,000	1,007,200
Superior Plus, LP/General Partner, Inc., 144A, 7.000%, 07/15/26 (d)	1,900,000	1,940,375
Targa Resources Partners, LP/Finance Corp., 5.250%, 05/01/23	1,500,000	1,530,660
Targa Resources Partners, LP/Finance Corp., 4.250%, 11/15/23	1,000,000	998,750
Targa Resources Partners, LP/Finance Corp., 144A, 6.500%, 07/15/27 (d)	500,000	540,625
Targa Resources Partners, LP/Finance Corp., 5.000%, 01/15/28	500,000	494,375
Targa Resources Partners, LP/Finance Corp., 144A, 6.875%, 01/15/29 (d)	500,000	544,375
TransMontaigne Partners LP/TLP Finance Corp., 6.125%, 02/15/26	1,500,000	1,417,500
		44,881,669
FINANCIAL SERVICES: 3.8%
Avolon Holdings Funding, Ltd., 144A, 5.125%, 10/01/23 (d)	500,000	510,000
Avolon Holdings Funding, Ltd., 144A, 5.250%, 05/15/24 (d)	500,000	516,250
Fair Isaac Corp, 144A, 5.250%, 05/15/26 (d)	2,050,000	2,121,750
Fly Leasing, Ltd., 6.375%, 10/15/21	3,000,000	3,045,000
Park Aerospace Holdings, Ltd., 144A, 5.250%, 08/15/22 (d)	1,500,000	1,541,100
Park Aerospace Holdings, Ltd., 144A, 5.500%, 02/15/24 (d)	2,000,000	2,081,300
Springleaf Finance Corp., 7.750%, 10/01/21	1,000,000	1,081,250
Springleaf Finance Corp., 6.125%, 05/15/22	1,000,000	1,040,000
Springleaf Finance Corp., 6.875%, 03/15/25	1,500,000	1,550,625
Springleaf Finance Corp., 7.125%, 03/15/26	1,500,000	1,529,993
		15,017,268
HEALTH CARE: 7.2%
Avantor, Inc., 144A, 6.000%, 10/01/24 (d)	3,000,000	3,120,000
Avantor, Inc., 144A, 9.000%, 10/01/25 (d)	2,000,000	2,172,500
Centene Corp., 6.125%, 02/15/24	1,000,000	1,049,050
Centene Corp., 144A, 5.375%, 06/01/26 (d)	950,000	993,938
Charles River Laboratories International, Inc., 144A, 5.500%, 04/01/26 (d)	582,000	605,280
Endo Dac/Finance, LLC/Finco, Inc., 144A, 6.000%, 07/15/23 (d)	819,000	634,725
HCA, Inc., 5.875%, 05/01/23	2,750,000	2,939,062
HCA, Inc., 5.375%, 02/01/25	1,000,000	1,062,500
HCA, Inc., 5.875%, 02/15/26	1,000,000	1,082,500
HCA, Inc., 5.375%, 09/01/26	475,000	501,719
MPT Operating Partnership LP/Finance Corp., 6.375%, 03/01/24	1,000,000	1,047,500
MPT Operating Partnership LP/Finance Corp., 5.000%, 10/15/27	2,000,000	2,040,000
Ortho-Clinical Diagnostics, Inc., 144A, 6.625%, 05/15/22 (d)	2,000,000	1,908,000
Par Pharmaceutical, Inc., 144A, 7.500%, 04/01/27 (d)	1,500,000	1,524,750
Sabra Health Care, LP, REIT, 5.125%, 08/15/26	2,500,000	2,449,655
Teva Pharmaceutical Finance Netherlands III BV, 6.000%, 04/15/24	2,000,000	2,007,838
Teva Pharmaceutical Finance Netherlands III BV, 3.150%, 10/01/26	2,000,000	1,635,818
Verscend Escrow Corp., 144A, 9.750%, 08/15/26 (d)	2,000,000	2,002,500
		28,777,335
INSURANCE: 0.5%
AssuredPartners, Inc., 144A, 7.000%, 08/15/25 (d)	1,000,000	930,000
Fidelity & Guaranty Life Holdings, Inc., 144A, 5.500%, 05/01/25 (d)	950,000	958,313
		1,888,313
LEISURE: 3.5%
Carlson Travel, Inc., 144A, 6.750%, 12/15/23 (d)	450,000	451,125
Carlson Travel, Inc., 144A, 9.500%, 12/15/24 (d)	1,000,000	967,500
Cedar Fair LP, 5.375%, 04/15/27	1,500,000	1,513,125
ESH Hospitality, Inc., 144A, 5.250%, 05/01/25 (d)	950,000	946,038
GLP Capital, LP/Financing II, Inc., 5.750%, 06/01/28	2,000,000	2,154,900
GLP Capital, LP/GLP Financing II, Inc., 5.375%, 04/15/26	1,000,000	1,047,400
Hilton Grand Vacations Borrower, LLC /Inc., 6.125%, 12/01/24	1,000,000	1,042,500
Hilton Worldwide Finance, LLC/Corp., 4.625%, 04/01/25	450,000	455,625
Hilton Worldwide Finance, LLC/Corp., 4.875%, 04/01/27	1,425,000	1,446,375
Scientific Games International, Inc., 10.000%, 12/01/22	1,676,000	1,767,510
Scientific Games International, Inc., 144A, 8.250%, 03/15/26 (d)	2,000,000	2,046,300
		13,838,398

MEDIA: 11.6%
Altice Financing SA, 144A, 6.625%, 02/15/23 (d)	1,500,000	1,537,500
Altice Financing SA, 144A, 7.500%, 05/15/26 (d)	1,250,000	1,236,875
Altice France SA/France, 144A, 6.250%, 05/15/24 (d)	2,000,000	2,022,500
Altice France SA/France, 144A, 7.375%, 05/01/26 (d)	2,500,000	2,456,250
Altice Luxembourg SA, 144A, 7.750%, 05/15/22 (d)	950,000	953,563
AMC Networks, Inc., 4.750%, 08/01/25	950,000	945,250
Cablevision Systems Corp., 8.000%, 04/15/20	1,000,000	1,047,500
Cablevision Systems Corp., 5.875%, 09/15/22	1,000,000	1,047,500
CBS Radio, Inc., 144A, 7.250%, 11/01/24 (d)	2,000,000	2,000,000
CCO Holdings, LLC/Capital Corp., 144A, 4.000%, 03/01/23 (d)	1,000,000	1,001,550
CCO Holdings, LLC/Capital Corp., 144A, 5.125%, 05/01/23 (d)	1,000,000	1,025,990
CCO Holdings, LLC/Capital Corp., 144A, 5.375%, 05/01/25 (d)	3,000,000	3,105,000
CCO Holdings, LLC/Capital Corp., 144A, 5.750%, 02/15/26 (d)	2,000,000	2,097,500
CCO Holdings, LLC/Capital Corp., 144A, 5.500%, 05/01/26 (d)	1,000,000	1,035,000
Clear Channel Worldwide Holdings, Inc., 144A, 9.250%, 02/15/24 (d)	1,000,000	1,062,500
CSC Holdings, LLC, 144A, 5.375%, 07/15/23 (d)	1,000,000	1,021,250
CSC Holdings, LLC, 144A, 10.875%, 10/15/25 (d)	1,000,000	1,157,000
CSC Holdings, LLC, 144A, 5.500%, 05/15/26 (d)	1,000,000	1,030,300
CSC Holdings, LLC, 144A, 5.500%, 04/15/27 (d)	500,000	511,825
CSC Holdings, LLC, 144A, 7.500%, 04/01/28 (d)	1,000,000	1,076,550
Gray Escrow, Inc., 144A, 7.000%, 05/15/27 (d)	500,000	532,500
Harland Clarke Holdings Corp., 144A, 6.875%, 03/01/20 (d)	2,000,000	1,980,000
Harland Clarke Holdings Corp., 144A, 8.375%, 08/15/22 (d)	500,000	453,350
Lamar Media Corp., 144A, 5.750%, 02/01/26 (d)	1,000,000	1,048,750
LSC Communications, Inc., 144A, 8.750%, 10/15/23 (d)	1,500,000	1,593,750
Nexstar Broadcasting, Inc., 144A, 6.125%, 02/15/22 (d)	1,171,000	1,191,493
Nexstar Broadcasting, Inc., 5.875%, 11/15/22	500,000	514,375
Nielsen Finance LLC / Nielsen Finance Co., 144A, 5.000%, 04/15/22 (d)	950,000	942,875
Sirius XM Radio, Inc., 144A, 6.000%, 07/15/24 (d)	1,500,000	1,560,000
Sirius XM Radio, Inc., 144A, 5.375%, 04/15/25 (d)	2,100,000	2,163,000
Sirius XM Radio, Inc., 144A, 5.375%, 07/15/26 (d)	1,950,000	1,999,335
The Neilsen Co. Luxembourg SARL, 144A, 5.000%, 02/01/25 (d)	975,000	942,094
Virgin Media Finance PLC, 144A, 6.000%, 10/15/24 (d)	1,000,000	1,037,480
Virgin Media Secured Finance PLC, 144A, 5.500%, 08/15/26 (d)	1,000,000	1,020,000
VTR Finance BV, 144A, 6.875%, 01/15/24 (d)	1,707,000	1,756,075
		46,106,480
REAL ESTATE: 2.8%
CBL & Associates, LP, 5.250%, 12/01/23	500,000	390,000
Five Point Operating Co., LP/Capital Corp., 144A, 7.875%, 11/15/25 (d)	1,450,000	1,392,000
Greystar Real Estate Partners LLC, 144A, 5.750%, 12/01/25 (d)	1,450,000	1,457,250
iStar, Inc., 6.500%, 07/01/21	1,500,000	1,530,000
iStar, Inc., 6.000%, 04/01/22	1,000,000	1,006,250
Kennedy-Wilson, Inc., 5.875%, 04/01/24	1,700,000	1,697,875
Realogy Group, LLC/Realogy Co-Issuer Corp., 144A, 4.875%, 06/01/23 (d)	2,000,000	1,875,000
Realogy Group, LLC/Realogy Co-Issuer Corp., 144A, 9.375%, 04/01/27 (d)	500,000	513,125
Starwood Property Trust, Inc., 3.625%, 02/01/21	1,350,000	1,348,313
		11,209,813
RETAIL: 4.0%
Albertsons Cos., LLC/Safeway, Inc./New Albertsons, LP/Albertson's, LLC, 144A, 7.500%, 03/15/26 (d)	2,000,000	2,067,500
Ingles Markets Inc, 5.750%, 06/15/23	2,000,000	2,047,500
KFC Holding/Pizza Hut Holdings/Taco Bell of America, 144A, 5.000%, 06/01/24 (d)	500,000	511,250
KFC Holding/Pizza Hut Holdings/Taco Bell of America, 144A, 4.750%, 06/01/27 (d)	1,500,000	1,477,500
L Brands, Inc., 5.250%, 02/01/28	1,000,000	892,500
New Red Finance, Inc., 144A, 4.250%, 05/15/24 (d)	1,500,000	1,488,750
New Red Finance, Inc., 144A, 5.000%, 10/15/25 (d)	2,500,000	2,475,750
Party City Holdings, Inc., 144A, 6.625%, 08/01/26 (d)	2,000,000	1,995,000
PetSmart, Inc., 144A, 8.875%, 06/01/25 (d)	500,000	376,250
Sally Holdings LLC/Capital, Inc., 5.625%, 12/01/25	2,500,000	2,493,750
		15,825,750
SERVICES: 6.3%
Algeco Global Finance PLC, 144A, 8.000%, 02/15/23 (d)	950,000	957,125
Aramark Services, Inc., 144A, 5.000%, 04/01/25 (d)	1,000,000	1,026,500
Aramark Services, Inc., 4.750%, 06/01/26	450,000	450,000
Aramark Services, Inc., 144A, 5.000%, 02/01/28 (d)	1,000,000	998,380
Ashtead Capital, Inc., 144A, 5.250%, 08/01/26 (d)	1,500,000	1,541,250
Cloud Crane, LLC, 144A, 10.125%, 08/01/24 (d)	1,000,000	1,077,500
GFL Environmental, Inc., 144A, 5.375%, 03/01/23 (d)	1,500,000	1,425,000
Hertz Corp., The, 144A, 7.625%, 06/01/22 (d)	500,000	513,000
Iron Mountain US Holdings, Inc., 144A, 5.375%, 06/01/26 (d)	475,000	469,063
Iron Mountain, Inc., 5.750%, 08/15/24	1,950,000	1,974,375
KAR Auction Services, Inc., 144A, 5.125%, 06/01/25 (d)	2,000,000	1,987,500
Prime Security Services Borrower LLC/Finance, Inc., 144A, 9.250%, 05/15/23 (d)	1,598,000	1,681,895
Prime Security Services Borrower, LLC/Finance, Inc., 144A, 5.250%, 04/15/24 (d)	1,000,000	1,002,500

Prime Security Services Borrower, LLC/Finance, Inc., 144A, 5.750%, 04/15/26 (d)	1,000,000	1,002,710
Resideo Funding, Inc., 144A, 6.125%, 11/01/26 (d)	1,500,000	1,548,750
Staples, Inc., 144A, 8.500%, 09/15/25 (d)	1,000,000	1,096,250
United Rentals North America, Inc., 5.750%, 11/15/24	3,000,000	3,093,750
United Rentals North America, Inc., 6.500%, 12/15/26	1,000,000	1,055,000
Williams Scotsman International, Inc., 144A, 6.875%, 08/15/23 (d)	1,950,000	1,954,875
		24,855,423
TECHNOLOGY & ELECTRONICS: 3.6%
CommScope, Inc., 144A, 5.500%, 06/15/24 (d)	950,000	933,708
CommScope, Inc., 144A, 6.000%, 03/01/26 (d)	500,000	518,435
Dell International LLC/EMC Corp, 144A, 5.875%, 06/15/21 (d)	2,000,000	2,038,271
Dell International LLC/EMC Corp, 144A, 7.125%, 06/15/24 (d)	1,000,000	1,060,379
Exela Intermediate LLC/Finance, Inc., 144A, 10.000%, 07/15/23 (d)	1,500,000	1,533,000
First Data Corp., 144A, 5.000%, 01/15/24 (d)	1,900,000	1,950,350
HNA Echotech Panorama Cayman Co. Ltd., 144A, 8.000%, 04/15/21 (b)(d)	1,600,000	1,421,946
Rackspace Hosting, Inc., 144A, 8.625%, 11/15/24 (d)	1,000,000	893,380
SS&C Technologies, Inc., 144A, 5.500%, 09/30/27 (d)	2,000,000	2,023,750
TIBCO Software, Inc., 144A, 11.375%, 12/01/21 (d)	2,000,000	2,130,250
		14,503,469
TELECOMMUNICATIONS: 8.8%
C&W Senior Financing DAC, 144A, 6.875%, 09/15/27 (d)	1,000,000	1,007,500
CenturyLink, Inc., 7.500%, 04/01/24	1,500,000	1,590,000
CenturyLink, Inc., 5.625%, 04/01/25	450,000	436,500
Cogent Communications Group, Inc., 144A, 5.375%, 03/01/22 (d)	1,700,000	1,746,750
Digicel Group One, Ltd., 144A, 8.250%, 12/30/22 (d)	257,000	158,055
Equinix, Inc., 5.375%, 04/01/23	1,000,000	1,021,250
Equinix, Inc., 5.750%, 01/01/25	1,000,000	1,040,625
Equinix, Inc., 5.375%, 05/15/27	1,500,000	1,579,200
Frontier Communications Corp, 10.500%, 09/15/22	500,000	383,750
Frontier Communications Corp., 8.500%, 04/15/20	1,000,000	982,500
Frontier Communications Corp., 11.000%, 09/15/25	1,000,000	663,125
Frontier Communications Corp., 144A, 8.000%, 04/01/27 (d)	1,500,000	1,552,500
Frontier Communications Corp., 9.000%, 08/15/31	1,000,000	565,000
Level 3 Financing, Inc., 5.375%, 01/15/24	1,950,000	1,991,145
Level 3 Financing, Inc., 5.250%, 03/15/26	1,000,000	1,000,000
Level 3 Parent, LLC, 5.750%, 12/01/22	1,000,000	1,012,800
Qwest Corp., 6.875%, 09/15/33	1,500,000	1,494,157
Sable International Finance, Ltd., 144A, 6.875%, 08/01/22 (d)	1,000,000	1,043,750
Sprint Capital Corp., 6.875%, 11/15/28	500,000	481,875
Sprint Communications, Inc., 7.000%, 08/15/20	1,650,000	1,707,750
Sprint Communications, Inc., 11.500%, 11/15/21	1,000,000	1,157,500
Sprint Communications, Inc., 6.000%, 11/15/22	2,000,000	2,020,600
Sprint Corp., 7.250%, 09/15/21	2,000,000	2,105,000
Sprint Corp., 7.875%, 09/15/23	1,000,000	1,050,000
Sprint Corp., 7.125%, 06/15/24	1,000,000	1,017,500
T-Mobile USA, Inc., 6.000%, 04/15/24	2,000,000	2,082,500
T-Mobile USA, Inc., 6.375%, 03/01/25	1,000,000	1,043,800
T-Mobile USA, Inc., 5.125%, 04/15/25	500,000	513,750
T-Mobile USA, Inc., 6.500%, 01/15/26	1,000,000	1,070,000
Zayo Group, LLC /Capital, Inc., 6.375%, 05/15/25	500,000	504,375
Zayo Group, LLC /Capital, Inc., 144A, 5.750%, 01/15/27 (d)	1,000,000	1,000,300
		35,023,557
TRANSPORTATION: 0.9%
Air Canada, 144A, 7.750%, 04/15/21 (d)	2,500,000	2,690,625
Great Lakes Dredge & Dock Corp., 8.000%, 05/15/22	1,000,000	1,050,000
		3,740,625
UTILITY: 2.4%
AES Corp./VA, 4.000%, 03/15/21	1,000,000	1,015,910
AES Corp./VA, 4.500%, 03/15/23	1,000,000	1,012,500
Atlantica Yield PLC, 144A, 7.000%, 11/15/19 (d)	2,100,000	2,121,000
Clearway Energy Operating, LLC, 144A, 5.750%, 10/15/25 (d)	1,000,000	1,007,500
NextEra Energy Operating Partners, LP, 144A, 4.250%, 09/15/24 (d)	500,000	498,125
NextEra Energy Operating Partners, LP, 144A, 4.500%, 09/15/27 (d)	1,500,000	1,468,125
TerraForm Power Operating, LLC, 144A, 6.625%, 06/15/25 (d)(e)	1,000,000	1,051,250
TerraForm Power Operating, LLC, 144A, 5.000%, 01/31/28 (d)	1,500,000	1,453,125
		9,627,535

TOTAL CORPORATE BONDS			383,257,853
(Cost $381,072,587)			.
LOANS: 0.7%
RETAIL: 0.5%
PetSmart, Inc., 5.584%, 03/11/22	2,000,000		1,799,010
SERVICES: 0.2%
Dun & Bradstreet Corp., The, 7.698%, 02/06/26	1,000,000		990,625
TOTAL LOANS			2,789,635
(Cost $2,680,244)
TOTAL BONDS			386,047,488
(Cost $383,752,831)
CERTIFICATES OF DEPOSIT: 0.3%
Beneficial State Bank, 1.650%, 01/21/20 (b)	200,000		200,000
Self Help Credit Union, 2.100%, 01/04/20 (b)	100,000		100,000
Shared Interest, Inc., 2.400%, 09/30/21 (b)	500,000		500,000
Urban Partnership Bank, 0.600%, 08/03/19 (b)	200,000		200,000
TOTAL CERTIFICATES OF DEPOSIT			1,000,000
(Cost $1,000,000)
MONEY MARKET: 1.4%
State Street Institutional U.S. Government Money Market Fund, 2.390% (f)(g)	5,676,324		5,676,324
(Cost $5,676,324)
TOTAL INVESTMENTS: 99.3%			394,670,516
(Cost $394,313,854)
Other assets and liabilities - (net): 0.7%			2,877,975
Net Assets: 100.0%		$	397,548,491

(a) Non-income producing security.

(b) Illiquid security.

(c) Security valued using significant unobservable inputs.

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

(e) Rate shown reflects the accrual rate as of March 31, 2019 on securities with variable or step rates.

(f) Rate shown represents annualized 7-day yield as of March 31, 2019.

(g) Premier Class shares

	Schedule of Investments (Unaudited)
Pax Balanced Fund	March 31, 2019

PERCENT OF NET ASSETS	SHARES/
NAME OF ISSUER AND TITLE OF ISSUE	PRINCIPAL		VALUE
AFFILIATED INVESTMENT COMPANIES: 99.2%
Pax Core Bond Fund (a)	67,452,007	$	673,171,031
Pax ESG Beta Dividend Fund (a)	10,763,761		129,057,495
Pax Global Environmental Markets Fund (a)	1,468,785		22,516,475
Pax Global Opportunities Fund (a)(b)	2,500,000		26,675,000
Pax High Yield Bond Fund (a)	3,139,955		20,566,707
Pax Large Cap Fund (a)	72,365,465		653,460,143
Pax Mid Cap Fund (a)	11,251,779		112,517,794
Pax MSCI EAFE ESG Leaders Index Fund (a)	16,289,028		138,456,741
TOTAL AFFILIATED INVESTMENT COMPANIES			1,776,421,386
(Cost $1,785,046,907)
MONEY MARKET: 0.3%
State Street Institutional U.S. Government Money Market Fund, 2.390% (c)(d)	4,735,346		4,735,346
(Cost $4,735,346)
TOTAL INVESTMENTS: 99.5%			1,781,156,732
(Cost $1,789,782,253)
Other assets and liabilities - (net): 0.5%			9,616,237
Net Assets: 100.0%		$	1,790,772,969

(a) Institutional Class shares

(b) Non-income producing security.

(c) Rate shown represents annualized 7-day yield as of March 31, 2019.

(d) Premier Class shares

March 31, 2019

Pax World Funds Series Trust I and Pax World Fund Series Trust III

Valuation of Investments For purposes of calculating the net asset value (“NAV”), determined ordinarily as of the close of regular trading (normally 4:00 p.m. Eastern time) (the “NYSE Close”) on the New York Stock Exchange (“NYSE”) on each day that the NYSE is open for trading, the Funds normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close. U.S. fixed income and non-U.S. securities are normally priced using data reflecting the earlier closing of the principal markets for those securities, subject to possible fair value adjustments. 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.

For the purpose of these financial statements, 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, the NAV of a Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar.

If market quotations are not readily available (including in cases when available market quotations are deemed to be unreliable), the Funds’ investments will be valued as determined in good faith pursuant to policies and procedures approved by the Boards of Trustees of the Trusts (the "Boards" or "Boards of 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. Also, the use of fair value pricing may not always result in adjustments to the prices of securities or other assets held by a Fund. The Boards have delegated to the Advisers’ Best Execution and Valuation Committee the day-to-day responsibility for making fair value pricing determinations with respect to Fund holdings.

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. In considering whether fair value pricing is required and in determining fair values, the Funds may, among other things, consider 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 the usual time of valuation. At March 31, 2019, three securities were fair valued in good faith pursuant to policies and procedures approved by the Boards of Trustees. The Core Bond Fund held one security fair valued at $81,307, representing 0.04% of the Fund’s net asset value and the High Yield Bond Fund held two securities fair valued at $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 consider changes in the fair value of non-U.S. securities between the time of the closing of the local market’s exchange and the close of the NYSE. Generally, if there has been a movement in the U.S. market that exceeds a specified threshold, the Funds will assess whether the closing price on the local exchange is still appropriate. Although the threshold may be revised from time to time and the number of days on which fair value prices will be used will depend on market activity, it is possible that fair value prices will be used by the Funds to a significant extent. The value determined for an investment using the Funds’ fair value pricing procedures may differ from recent market prices for the investment.

Fair Value Measurements Fair value is defined as the price that the Fund would receive upon selling an investment in an orderly transaction between market participants. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.

• Level 1 – unadjusted 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)

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

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

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

Affiliated and Unaffiliated Investment Companies Investments in mutual funds are valued at the Funds’ closing net asset value and are generally categorized as Level 1.

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

The following is a summary of the inputs used to value the Funds’ net assets as of March 31, 2019:

	Level 1		Level 2		Level 3*		Totals
Large Cap
Common Stocks	$	646,947,523	$	-	$	-	$	646,947,523
Cash Equivalents		15,122,917		-		-		15,122,917
Total	$	662,070,440	$	-	$	-	$	662,070,440
Mid Cap
Common Stocks	$	106,761,026	$	-	$	-	$	106,761,026
Exchange-Traded Funds		2,697,500		-		-		2,697,500
Cash Equivalents		6,281,795		-		-		6,281,795
Total	$	115,740,321	$	-	$	-	$	115,740,321
Small Cap
Common Stocks	$	436,756,976	$	-	$	-	$	436,756,976
Exchange-Traded Funds		4,496,250		-		-		4,496,250
Cash Equivalents		12,631,506		-		-		12,631,506
Total	$	453,884,732	$	-	$	-	$	453,884,732
ESG Beta Quality
Common Stocks	$	218,203,523	$	-	$	-	$	218,203,523
Cash Equivalents		1,451,547		-		-		1,451,547
Total	$	219,655,070	$	-	$	-	$	219,655,070
ESG Beta Dividend
Common Stocks	$	131,047,695	$	-	$	-	$	131,047,695
Cash Equivalents		854,073		-		-		854,073
Total	$	131,901,768	$	-	$	-	$	131,901,768
Global Opportunities
Common Stocks	$	16,059,890	$	12,016,228	$	-	$	28,076,118
Preferred Stocks		-		290,611		-		290,611
Cash Equivalents		889,033		-		-	$	889,033
Total	$	16,948,923	$	12,306,839	$	-	$	29,255,762
Global Environmental Markets
Common Stocks	$	454,572,638	$	264,101,464	$	-	$	718,674,102
Cash Equivalents		25,532,970		-		-		25,532,970
Total	$	480,105,608	$	264,101,464	$	-	$	744,207,072
Global Women’s Leadership
Common Stocks	$	217,834,451	$	89,894,790	$	-	$	307,729,241
Preferred Stocks		-		380,997		-		380,997
Exchange-Traded Funds		8,722,408		-		-		8,722,408
Rights		-		-		-		-
Cash Equivalents		338,551		-		-		338,551
Total	$	226,895,410	$	90,275,787	$	-	$	317,171,197
EAFE ESG Leaders
Common Stocks	$	8,025,552	$	547,291,775	$	-	$	555,317,327
Preferred Stocks		-		2,066,780		-		2,066,780
Exchange-Traded Funds		9,983,417		-		-		9,983,417
Cash Equivalents		1,433,350		-		-		1,433,350
Total	$	19,442,319	$	549,358,555	$	-	$	568,800,874
Core Bond
Exchange-Traded Funds	$	8,376,576	$	-	$	-	$	8,376,576
Community Investment Notes		-		3,098,188		281,307		3,379,495
Corporate Bonds		-		212,888,697		-		212,888,697
U.S. Gov't Agency Bonds		-		1,000,862		-		1,000,862
Government Bonds		-		2,014,481		-		2,014,481
Municipal Bonds		-		35,029,253		-		35,029,253
U.S. Treasury Notes		-		189,367,958		-		189,367,958
Mortgage-Backed Securities		-		217,852,565		-		217,852,565
Medium Term Certificates of Deposit		-		492,660		-		492,660
Cash Equivalents		6,287,596		-		-		6,287,596
Total	$	14,664,172	$	661,744,664	$	281,307	$	676,690,143
High Yield Bond
Common Stocks	$	474,844	$	-	$	-	$	474,844
Preferred Stocks		1,471,860		-		0		1,471,860
Corporate Bonds		-		383,257,853		-		383,257,853
Loans		-		2,789,635		-		2,789,635
Cash Equivalents		5,676,324		1,000,000		-		6,676,324
Total	$	7,623,028	$	387,047,488	$	-	$	394,670,516
Balanced
Affiliated Investment Companies	$	1,776,421,386	$	-	$	-	$	1,776,421,386
Cash Equivalents		4,735,346		-		-		4,735,346
Total	$	1,781,156,732	$	-	$	-	$	1,781,156,732

* Table includes securities valued at zero.

Affiliated Investments The term “affiliated company” includes other investment companies that are managed by a Fund’s Adviser. At March 31, 2019, the Balanced Fund held the following investments in affiliated Funds:

												Net change in
												Unrealized
	Value at		Purchase		Sales		Dividend		Realized			Appreciation/		Value at		Shares Held
Fund	12/31/18		Cost		Proceeds		Income		Gains/Losses1			Depreciation		03/31/19		at 3/31/2019
Balanced
Core Bond	$	680,232,578	$	4,334,945	$	25,000,000	$	4,186,499	$	(481,589	)	$	14,085,098	$	673,171,031		69,833,589
EAFE ESG Leaders		127,054,421		-		-		-		-			11,402,320		138,456,741		6,229,516
ESG Beta Dividend		114,741,693		-		-		-		-			14,315,802		129,057,495		10,763,761
Global Environmental Markets		14,796,378		5,000,000		-		-		-			2,720,096		22,516,475		1,107,513
Global Opportunities		22,950,000		-		-		-		-			3,725,000		26,675,000		5,000,000
High Yield Bond		-		20,191,818		-		-		-			374,889		20,566,707		2,500,000
Large Cap		588,144,250		-		12,000,000		-		(1,368,226	)		78,684,119		653,460,143		73,702,287
Mid Cap		102,457,216		-		3,000,000		183,119		7,968			13,052,610		112,517,794		11,550,983
Total	$	1,650,376,536	$	29,526,763	$	40,000,000	$	4,464,871	$	(1,841,847	)	$	138,359,934	$	1,776,421,386

¹ Includes realized capital gain distributions, from an affiliated fund, if any.