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			<regFileNumber>811-02064</regFileNumber>
			<regCik>0000076721</regCik>
			<regLei>549300TD5R23SWU72456</regLei>
			<regStreet1>30 Penhallow St.</regStreet1>
			<regStreet2>Suite 400</regStreet2>
			<regCity>Portsmouth</regCity>
			<regStateConditional regCountry="US" regState="US-NH"/>
			<regZipOrPostalCode>03801</regZipOrPostalCode>
			<regPhone>800-767-1729</regPhone>
			<seriesName>Pax Small Cap Fund</seriesName>
			<seriesId>S000021459</seriesId>
			<seriesLei>549300GOOKRMB3XGNR17</seriesLei>
			<repPdEnd>2019-12-31</repPdEnd>
			<repPdDate>2019-09-30</repPdDate>
			<isFinalFiling>N</isFinalFiling>
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			<totLiabs>520261.81</totLiabs>
			<netAssets>421298950.23</netAssets>
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			<assetsInvested>0</assetsInvested>
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				<name>BRUKER CORP</name>
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				<name>CARTER S INC</name>
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				<fairValLevel>1</fairValLevel>
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				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>1</fairValLevel>
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				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>1</fairValLevel>
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				<name>COMFORT SYSTEMS USA INC</name>
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				<title>COMMON STOCK USD.01</title>
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				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>1</fairValLevel>
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				<name>CROCS INC</name>
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				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>1</fairValLevel>
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				<isRestrictedSec>N</isRestrictedSec>

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				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>1</fairValLevel>
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				<title>COMMON STOCK USD.01</title>
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				<assetCat>EC</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>1</fairValLevel>
				<securityLending>
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				<title>COMMON STOCK USD.001</title>
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				<curCd>USD</curCd>
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				<assetCat>EC</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>1</fairValLevel>
				<securityLending>
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				<name>EVERBRIDGE INC</name>
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				<title>COMMON STOCK USD.001</title>
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					<ticker value="EVBG"/>
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				<assetCat>EC</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>1</fairValLevel>
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			<invstOrSec>
				<name>FEDERAL SIGNAL CORP</name>
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				<title>COMMON STOCK USD1.0</title>
				<cusip>313855108</cusip>
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					<isin value="US3138551086"/>
					<ticker value="FSS"/>
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				<curCd>USD</curCd>
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				<assetCat>EC</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>1</fairValLevel>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>FLEX LTD</name>
				<lei>N/A</lei>
				<title>COMMON STOCK</title>
				<cusip>Y2573F102</cusip>
				<identifiers>
					<isin value="SG9999000020"/>
					<ticker value="FLEX"/>
				</identifiers>
				<balance>30500</balance>
				<units>NS</units>
				<curCd>USD</curCd>
				<valUSD>319182.5</valUSD>
				<pctVal>0.0757615227</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>EC</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>1</fairValLevel>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>FOUR CORNERS PROPERTY TRUST</name>
				<lei>N/A</lei>
				<title>REIT USD.0001</title>
				<cusip>35086T109</cusip>
				<identifiers>
					<isin value="US35086T1097"/>
					<ticker value="FCPT"/>
				</identifiers>
				<balance>241100</balance>
				<units>NS</units>
				<curCd>USD</curCd>
				<valUSD>6818308</valUSD>
				<pctVal>1.6184013742</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>RE</assetCat>
				<issuerCat>RF</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>1</fairValLevel>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>GRAND CANYON EDUCATION INC</name>
				<lei>N/A</lei>
				<title>COMMON STOCK USD.01</title>
				<cusip>38526M106</cusip>
				<identifiers>
					<isin value="US38526M1062"/>
					<ticker value="LOPE"/>
				</identifiers>
				<balance>33426</balance>
				<units>NS</units>
				<curCd>USD</curCd>
				<valUSD>3282433.2</valUSD>
				<pctVal>0.7791220933</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>EC</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>1</fairValLevel>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>GREAT LAKES DREDGE + DOCK CO</name>
				<lei>N/A</lei>
				<title>COMMON STOCK USD.0001</title>
				<cusip>390607109</cusip>
				<identifiers>
					<isin value="US3906071093"/>
					<ticker value="GLDD"/>
				</identifiers>
				<balance>434453</balance>
				<units>NS</units>
				<curCd>USD</curCd>
				<valUSD>4540033.85</valUSD>
				<pctVal>1.0776276199</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>EC</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>1</fairValLevel>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>HANOVER INSURANCE GROUP INC/</name>
				<lei>N/A</lei>
				<title>COMMON STOCK USD.01</title>
				<cusip>410867105</cusip>
				<identifiers>
					<isin value="US4108671052"/>
					<ticker value="THG"/>
				</identifiers>
				<balance>53861</balance>
				<units>NS</units>
				<curCd>USD</curCd>
				<valUSD>7300319.94</valUSD>
				<pctVal>1.7328122788</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>EC</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>1</fairValLevel>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>HEALTHCARE REALTY TRUST INC</name>
				<lei>N/A</lei>
				<title>REIT USD.01</title>
				<cusip>421946104</cusip>
				<identifiers>
					<isin value="US4219461047"/>
					<ticker value="HR"/>
				</identifiers>
				<balance>250000</balance>
				<units>NS</units>
				<curCd>USD</curCd>
				<valUSD>8375000</valUSD>
				<pctVal>1.9878995652</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>RE</assetCat>
				<issuerCat>RF</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>1</fairValLevel>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>HOMETRUST BANCSHARES INC</name>
				<lei>N/A</lei>
				<title>COMMON STOCK</title>
				<cusip>437872104</cusip>
				<identifiers>
					<isin value="US4378721041"/>
					<ticker value="HTBI"/>
				</identifiers>
				<balance>911536</balance>
				<units>NS</units>
				<curCd>USD</curCd>
				<valUSD>23763743.52</valUSD>
				<pctVal>5.6405893029</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>EC</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>1</fairValLevel>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>INFINERA CORP</name>
				<lei>N/A</lei>
				<title>COMMON STOCK USD.001</title>
				<cusip>45667G103</cusip>
				<identifiers>
					<isin value="US45667G1031"/>
					<ticker value="INFN"/>
				</identifiers>
				<balance>557835</balance>
				<units>NS</units>
				<curCd>USD</curCd>
				<valUSD>3040200.75</valUSD>
				<pctVal>0.7216255223</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>EC</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>1</fairValLevel>
				<securityLending>
					<cashCollateralCondition cashCollateralVal="337525" isCashCollateral="Y"/>
					<nonCashCollateralCondition isNonCashCollateral="Y" nonCashCollateralVal="2870026.25"/>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>INTEGRA LIFESCIENCES HOLDING</name>
				<lei>N/A</lei>
				<title>COMMON STOCK USD.01</title>
				<cusip>457985208</cusip>
				<identifiers>
					<isin value="US4579852082"/>
					<ticker value="IART"/>
				</identifiers>
				<balance>55000</balance>
				<units>NS</units>
				<curCd>USD</curCd>
				<valUSD>3303850</valUSD>
				<pctVal>0.7842056094</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>EC</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>1</fairValLevel>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>ISHARES RUSSELL 2000 VALUE ETF</name>
				<lei>N/A</lei>
				<title>ISHARES RUSSELL 2000 VALUE E</title>
				<cusip>464287630</cusip>
				<identifiers>
					<isin value="US4642876308"/>
					<ticker value="IWN"/>
				</identifiers>
				<balance>75000</balance>
				<units>NS</units>
				<curCd>USD</curCd>
				<valUSD>8955750</valUSD>
				<pctVal>2.1257470485</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>EC</assetCat>
				<issuerCat>RF</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>1</fairValLevel>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<loanByFundCondition isLoanByFund="Y" loanVal="1532000"/>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>ITRON INC</name>
				<lei>N/A</lei>
				<title>COMMON STOCK</title>
				<cusip>465741106</cusip>
				<identifiers>
					<isin value="US4657411066"/>
					<ticker value="ITRI"/>
				</identifiers>
				<balance>2300</balance>
				<units>NS</units>
				<curCd>USD</curCd>
				<valUSD>170108</valUSD>
				<pctVal>0.0403770292</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>EC</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>1</fairValLevel>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>KNOWLES CORP</name>
				<lei>N/A</lei>
				<title>COMMON STOCK USD.01</title>
				<cusip>49926D109</cusip>
				<identifiers>
					<isin value="US49926D1090"/>
					<ticker value="KN"/>
				</identifiers>
				<balance>100000</balance>
				<units>NS</units>
				<curCd>USD</curCd>
				<valUSD>2034000</valUSD>
				<pctVal>0.4827925631</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>EC</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>1</fairValLevel>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>LIGAND PHARMACEUTICALS</name>
				<lei>N/A</lei>
				<title>COMMON STOCK USD.001</title>
				<cusip>53220K504</cusip>
				<identifiers>
					<isin value="US53220K5048"/>
					<ticker value="LGND"/>
				</identifiers>
				<balance>72303</balance>
				<units>NS</units>
				<curCd>USD</curCd>
				<valUSD>7197040.62</valUSD>
				<pctVal>1.7082977814</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>EC</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>1</fairValLevel>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<nonCashCollateralCondition isNonCashCollateral="Y" nonCashCollateralVal="7302603"/>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>LIONS GATE ENTERTAINMENT B</name>
				<lei>N/A</lei>
				<title>COMMON STOCK</title>
				<cusip>535919500</cusip>
				<identifiers>
					<isin value="CA5359195008"/>
					<ticker value="LGF.B"/>
				</identifiers>
				<balance>300000</balance>
				<units>NS</units>
				<curCd>USD</curCd>
				<valUSD>2622000</valUSD>
				<pctVal>0.6223609146</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>EC</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>1</fairValLevel>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>MAPLE LEAF FOODS INC</name>
				<lei>N/A</lei>
				<title>COMMON STOCK</title>
				<cusip>564905958</cusip>
				<identifiers>
					<isin value="CA5649051078"/>
					<ticker value="MFI"/>
				</identifiers>
				<balance>545800</balance>
				<units>NS</units>
				<currencyConditional curCd="CAD" exchangeRt="1.324849999976"/>
				<valUSD>12243783.07</valUSD>
				<pctVal>2.9061983333</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>EC</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>CA</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>1</fairValLevel>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>MASTEC INC</name>
				<lei>N/A</lei>
				<title>COMMON STOCK USD.1</title>
				<cusip>576323109</cusip>
				<identifiers>
					<isin value="US5763231090"/>
					<ticker value="MTZ"/>
				</identifiers>
				<balance>121609</balance>
				<units>NS</units>
				<curCd>USD</curCd>
				<valUSD>7896072.37</valUSD>
				<pctVal>1.874220756</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>EC</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>1</fairValLevel>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>MERIDIAN BANCORP INC</name>
				<lei>N/A</lei>
				<title>COMMON STOCK</title>
				<cusip>58958U103</cusip>
				<identifiers>
					<isin value="US58958U1034"/>
					<ticker value="EBSB"/>
				</identifiers>
				<balance>1272186</balance>
				<units>NS</units>
				<curCd>USD</curCd>
				<valUSD>23853487.5</valUSD>
				<pctVal>5.6618910365</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>EC</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>1</fairValLevel>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>MRC GLOBAL INC</name>
				<lei>N/A</lei>
				<title>COMMON STOCK USD.01</title>
				<cusip>55345K103</cusip>
				<identifiers>
					<isin value="US55345K1034"/>
					<ticker value="MRC"/>
				</identifiers>
				<balance>616170</balance>
				<units>NS</units>
				<curCd>USD</curCd>
				<valUSD>7474142.1</valUSD>
				<pctVal>1.7740709052</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>EC</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>1</fairValLevel>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>NATIONAL VISION HOLDINGS INC</name>
				<lei>N/A</lei>
				<title>COMMON STOCK USD.01</title>
				<cusip>63845R107</cusip>
				<identifiers>
					<isin value="US63845R1077"/>
					<ticker value="EYE"/>
				</identifiers>
				<balance>157724</balance>
				<units>NS</units>
				<curCd>USD</curCd>
				<valUSD>3796416.68</valUSD>
				<pctVal>0.9011217991</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>EC</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>1</fairValLevel>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>NATUS MEDICAL INC</name>
				<lei>N/A</lei>
				<title>COMMON STOCK USD.001</title>
				<cusip>639050103</cusip>
				<identifiers>
					<isin value="US6390501038"/>
					<ticker value="NTUS"/>
				</identifiers>
				<balance>580122</balance>
				<units>NS</units>
				<curCd>USD</curCd>
				<valUSD>18471084.48</valUSD>
				<pctVal>4.3843177083</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>EC</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>1</fairValLevel>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>NEUROCRINE BIOSCIENCES INC</name>
				<lei>N/A</lei>
				<title>COMMON STOCK USD.001</title>
				<cusip>64125C109</cusip>
				<identifiers>
					<isin value="US64125C1099"/>
					<ticker value="NBIX"/>
				</identifiers>
				<balance>22000</balance>
				<units>NS</units>
				<curCd>USD</curCd>
				<valUSD>1982420</valUSD>
				<pctVal>0.4705494754</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>EC</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>1</fairValLevel>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>ONE GAS INC</name>
				<lei>N/A</lei>
				<title>COMMON STOCK</title>
				<cusip>68235P108</cusip>
				<identifiers>
					<isin value="US68235P1084"/>
					<ticker value="OGS"/>
				</identifiers>
				<balance>71706</balance>
				<units>NS</units>
				<curCd>USD</curCd>
				<valUSD>6891663.66</valUSD>
				<pctVal>1.6358131574</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>EC</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>1</fairValLevel>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>ORBCOMM INC</name>
				<lei>N/A</lei>
				<title>COMMON STOCK USD.001</title>
				<cusip>68555P100</cusip>
				<identifiers>
					<isin value="US68555P1003"/>
					<ticker value="ORBC"/>
				</identifiers>
				<balance>847082</balance>
				<units>NS</units>
				<curCd>USD</curCd>
				<valUSD>4032110.32</valUSD>
				<pctVal>0.9570663107</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>EC</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>1</fairValLevel>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<nonCashCollateralCondition isNonCashCollateral="Y" nonCashCollateralVal="570000"/>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>PARSLEY ENERGY INC CLASS A</name>
				<lei>N/A</lei>
				<title>COMMON STOCK USD.01</title>
				<cusip>701877102</cusip>
				<identifiers>
					<isin value="US7018771029"/>
					<ticker value="PE"/>
				</identifiers>
				<balance>786814</balance>
				<units>NS</units>
				<curCd>USD</curCd>
				<valUSD>13218475.2</valUSD>
				<pctVal>3.1375523705</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>EC</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>1</fairValLevel>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>PERFORMANCE FOOD GROUP CO</name>
				<lei>N/A</lei>
				<title>COMMON STOCK USD.01</title>
				<cusip>71377A103</cusip>
				<identifiers>
					<isin value="US71377A1034"/>
					<ticker value="PFGC"/>
				</identifiers>
				<balance>120559</balance>
				<units>NS</units>
				<curCd>USD</curCd>
				<valUSD>5546919.59</valUSD>
				<pctVal>1.3166231691</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>EC</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>1</fairValLevel>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>PROOFPOINT INC</name>
				<lei>N/A</lei>
				<title>COMMON STOCK USD.0001</title>
				<cusip>743424103</cusip>
				<identifiers>
					<isin value="US7434241037"/>
					<ticker value="PFPT"/>
				</identifiers>
				<balance>54470</balance>
				<units>NS</units>
				<curCd>USD</curCd>
				<valUSD>7029353.5</valUSD>
				<pctVal>1.6684953751</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>EC</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>1</fairValLevel>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>REALPAGE INC</name>
				<lei>N/A</lei>
				<title>COMMON STOCK USD.001</title>
				<cusip>75606N109</cusip>
				<identifiers>
					<isin value="US75606N1090"/>
					<ticker value="RP"/>
				</identifiers>
				<balance>90000</balance>
				<units>NS</units>
				<curCd>USD</curCd>
				<valUSD>5657400</valUSD>
				<pctVal>1.3428469254</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>EC</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>1</fairValLevel>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>SMARTSHEET INC CLASS A</name>
				<lei>N/A</lei>
				<title>COMMON STOCK</title>
				<cusip>83200N103</cusip>
				<identifiers>
					<isin value="US83200N1037"/>
					<ticker value="SMAR"/>
				</identifiers>
				<balance>50000</balance>
				<units>NS</units>
				<curCd>USD</curCd>
				<valUSD>1801500</valUSD>
				<pctVal>0.4276060975</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>EC</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>1</fairValLevel>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>SSC GOVERNMENT MM GVMXX</name>
				<lei>N/A</lei>
				<title>SSC GOVERNMENT MM GVMXX</title>
				<cusip>7839989D1</cusip>
				<identifiers>
					<other otherDesc="Additional identifier not available." value="N/A"/>
				</identifiers>
				<balance>19217616.09</balance>
				<units>NS</units>
				<curCd>USD</curCd>
				<valUSD>19217616.09</valUSD>
				<pctVal>4.5615153039</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>STIV</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>1</fairValLevel>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>TECHTARGET</name>
				<lei>N/A</lei>
				<title>COMMON STOCK USD.001</title>
				<cusip>87874R100</cusip>
				<identifiers>
					<isin value="US87874R1005"/>
					<ticker value="TTGT"/>
				</identifiers>
				<balance>100000</balance>
				<units>NS</units>
				<curCd>USD</curCd>
				<valUSD>2252500</valUSD>
				<pctVal>0.5346559726</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>EC</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>1</fairValLevel>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>THERMON GROUP HOLDINGS INC</name>
				<lei>N/A</lei>
				<title>COMMON STOCK USD.001</title>
				<cusip>88362T103</cusip>
				<identifiers>
					<isin value="US88362T1034"/>
					<ticker value="THR"/>
				</identifiers>
				<balance>359712</balance>
				<units>NS</units>
				<curCd>USD</curCd>
				<valUSD>8266181.76</valUSD>
				<pctVal>1.9620703435</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>EC</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>1</fairValLevel>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>UNITIL CORP</name>
				<lei>N/A</lei>
				<title>COMMON STOCK</title>
				<cusip>913259107</cusip>
				<identifiers>
					<isin value="US9132591077"/>
					<ticker value="UTL"/>
				</identifiers>
				<balance>212553</balance>
				<units>NS</units>
				<curCd>USD</curCd>
				<valUSD>13484362.32</valUSD>
				<pctVal>3.200663641</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>EC</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>1</fairValLevel>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>UNIVEST FINANCIAL CORP</name>
				<lei>N/A</lei>
				<title>COMMON STOCK USD5.0</title>
				<cusip>915271100</cusip>
				<identifiers>
					<isin value="US9152711001"/>
					<ticker value="UVSP"/>
				</identifiers>
				<balance>329507</balance>
				<units>NS</units>
				<curCd>USD</curCd>
				<valUSD>8405723.57</valUSD>
				<pctVal>1.9951921469</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>EC</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>1</fairValLevel>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>VANGUARD SMALL CAP VALUE ETF</name>
				<lei>N/A</lei>
				<title>VANGUARD SMALL CAP VALUE ETF</title>
				<cusip>922908611</cusip>
				<identifiers>
					<isin value="US9229086114"/>
					<ticker value="VBR"/>
				</identifiers>
				<balance>70000</balance>
				<units>NS</units>
				<curCd>USD</curCd>
				<valUSD>9019500</valUSD>
				<pctVal>2.1408788213</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>EC</assetCat>
				<issuerCat>RF</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>1</fairValLevel>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>VERRA MOBILITY CORP</name>
				<lei>N/A</lei>
				<title>COMMON STOCK USD.0001</title>
				<cusip>92511U102</cusip>
				<identifiers>
					<isin value="US92511U1025"/>
					<ticker value="VRRM"/>
				</identifiers>
				<balance>325000</balance>
				<units>NS</units>
				<curCd>USD</curCd>
				<valUSD>4663750</valUSD>
				<pctVal>1.1069930266</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>EC</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>1</fairValLevel>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>VICTORY CAPITAL HOLDING   A</name>
				<lei>N/A</lei>
				<title>COMMON STOCK USD.01</title>
				<cusip>92645B103</cusip>
				<identifiers>
					<isin value="US92645B1035"/>
					<ticker value="VCTR"/>
				</identifiers>
				<balance>1358553</balance>
				<units>NS</units>
				<curCd>USD</curCd>
				<valUSD>20894545.14</valUSD>
				<pctVal>4.9595530985</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>EC</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>1</fairValLevel>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>WENDY S CO/THE</name>
				<lei>N/A</lei>
				<title>COMMON STOCK USD.1</title>
				<cusip>95058W100</cusip>
				<identifiers>
					<isin value="US95058W1009"/>
					<ticker value="WEN"/>
				</identifiers>
				<balance>210944</balance>
				<units>NS</units>
				<curCd>USD</curCd>
				<valUSD>4214661.12</valUSD>
				<pctVal>1.0003967771</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>EC</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>1</fairValLevel>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>WHITE MOUNTAINS INSURANCE GP</name>
				<lei>N/A</lei>
				<title>COMMON STOCK USD1.0</title>
				<cusip>G9618E107</cusip>
				<identifiers>
					<isin value="BMG9618E1075"/>
					<ticker value="WTM"/>
				</identifiers>
				<balance>11886</balance>
				<units>NS</units>
				<curCd>USD</curCd>
				<valUSD>12836880</valUSD>
				<pctVal>3.046976498</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>EC</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>1</fairValLevel>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>WRIGHT MEDICAL GROUP NV</name>
				<lei>N/A</lei>
				<title>COMMON STOCK USD.03</title>
				<cusip>N96617118</cusip>
				<identifiers>
					<isin value="NL0011327523"/>
					<ticker value="WMGI"/>
				</identifiers>
				<balance>360000</balance>
				<units>NS</units>
				<curCd>USD</curCd>
				<valUSD>7426800</valUSD>
				<pctVal>1.7628337303</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>EC</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>NL</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>1</fairValLevel>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<nonCashCollateralCondition isNonCashCollateral="Y" nonCashCollateralVal="7650000"/>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>WYNDHAM HOTELS + RESORTS INC</name>
				<lei>N/A</lei>
				<title>COMMON STOCK USD.01</title>
				<cusip>98311A105</cusip>
				<identifiers>
					<isin value="US98311A1051"/>
					<ticker value="WH"/>
				</identifiers>
				<balance>158770</balance>
				<units>NS</units>
				<curCd>USD</curCd>
				<valUSD>8214759.8</valUSD>
				<pctVal>1.9498647684</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>EC</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>1</fairValLevel>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>ZUORA INC   CLASS A</name>
				<lei>N/A</lei>
				<title>COMMON STOCK</title>
				<cusip>98983V106</cusip>
				<identifiers>
					<isin value="US98983V1061"/>
					<ticker value="ZUO"/>
				</identifiers>
				<balance>215000</balance>
				<units>NS</units>
				<curCd>USD</curCd>
				<valUSD>3235750</valUSD>
				<pctVal>0.7680413156</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>EC</assetCat>
				<issuerCat>CORP</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>1</fairValLevel>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<nonCashCollateralCondition isNonCashCollateral="Y" nonCashCollateralVal="155000"/>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
		</invstOrSecs>
		<signature>
			<ncom:dateSigned>2019-11-25</ncom:dateSigned>
			<ncom:nameOfApplicant>PAX WORLD FUNDS SERIES TRUST I</ncom:nameOfApplicant>
			<ncom:signature>/s/ Alicia DuBois</ncom:signature>
			<ncom:signerName>Alicia DuBois</ncom:signerName>
			<ncom:title>Treasurer</ncom:title>
		</signature>
	</formData>
	<documents>XXXX</documents>
</edgarSubmission>
