UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number | 811-02064 |
PAX WORLD FUNDS SERIES TRUST I |
(Exact name of Registrant as specified in charter) |
30 Penhallow Street, Suite 400, Portsmouth, NH | 03801 |
(Address of principal executive offices) | (Zip code) |
Pax World Management LLC 30 Penhallow Street, Suite 400, Portsmouth, NH 03801 Attn.: Joseph Keefe |
(Name and address of agent for service) |
Registrant’s telephone number, including area code: | 800-767-1729 |
Date of fiscal year end: | December 31 | |
Date of reporting period: | December 31, 2018 |
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. §3507.
Item 1. | Reports to Stockholders |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds' Annual and Semi-Annual Reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Funds or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications electronically by logging in to your account at www.paxworld.com/account. If you own Fund shares through a financial intermediary, please contact your financial intermediary or follow instructions included with this report.
You may elect to receive all future Annual and Semi-Annual Reports in paper free of charge. You can inform us that you wish to continue receiving paper copies by calling 1(800) 372-7827. If you own Fund shares through a financial intermediary, please contact your financial intermediary or follow instructions included with this report to elect to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with Pax World or your financial intermediary.
Table of Contents |
Glossary of Terms | 2 |
Letter to Shareholders | 5 |
Portfolio Manager Comments and Highlights | 9 |
Pax Large Cap Fund | 10 |
Pax Mid Cap Fund | 14 |
Pax Small Cap Fund | 17 |
Pax ESG Beta Quality Fund | 21 |
Pax ESG Beta Dividend Fund | 24 |
Pax Global Opportunities Fund | 27 |
Pax Global Environmental Markets Fund | 31 |
Pax Ellevate Global Women’s Leadership Fund | 37 |
Pax MSCI EAFE ESG Leaders Index Fund | 42 |
Pax Core Bond Fund | 46 |
Pax High Yield Bond Fund | 50 |
Pax Balanced Fund | 55 |
Sustainable Investing Update | 58 |
Shareholder Expense Examples | 60 |
Schedules of Investments | 63 |
Statements of Assets and Liabilities | 110 |
Statements of Operations | 114 |
Statements of Changes in Net Assets | 116 |
Statements of Changes in Net Assets—Shares of Beneficial Interest | 122 |
Financial Highlights | 126 |
Notes to Financial Statements | 140 |
Report of Independent Registered Public Accounting Firm | 163 |
Board Considerations in Approving the New Subadvisory Agreement | 166 |
Trustees and Officers | 168 |
Account Options and Services | 173 |
For More Information | |
General Fund Information 800.767.1729
Shareholder Account Information 800.372.7827
Account Inquiries Pax World
Investment Advisers Impax Asset Management LLC | Transfer and Dividend Disbursing Agent BNY Mellon Investment
Custodian State Street Bank and Trust Company |
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Glossary of Terms |
Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based index, maintained by Bloomberg L.P. often used to represent investment grade bonds being traded in United States.
Blended Index for the Balanced Fund is composed of 60% S&P 500 Index and 40% Bloomberg Barclays U.S. Aggregate Bond Index.
FTSE Environmental Opportunities Index Series measures the performance of global companies that have significant involvement in environmental business activities, including renewable and alternative energy, energy efficiency, water technology and waste and pollution control. The FTSE Environmental Opportunities Index Series requires companies to have at least 20% of their business derived from environmental markets and technologies. The FTSE Environmental Opportunities Index Series is published by a joint venture of Impax Asset Management, Ltd. (“Impax”) with FTSE International. Impax is also the sub-adviser to the Pax Global Environmental Markets Fund.
ICE BofA Merrill Lynch U.S. High Yield - Cash Pay - BB-B (Constrained 2%) Index tracks the performance of BB- and B rated fixed income securities publicly issued in the major domestic or Eurobond markets, with total index allocation to an individual issuer limited to 2%.
Lipper Core Bond Funds Index tracks the results of the 30 largest mutual funds in the Lipper Core Bond Index Funds Average. The Lipper Core Bond Index Funds Average is a total return performance average of mutual funds tracked by Lipper, Inc. that invest at least 85% in domestic investment-grade debt issues (rated in the top four grades) with any remaining investment in non-benchmark sectors such as high-yield, global and emerging market debt. These funds maintain dollar-weighted average maturities of five to ten years.
Lipper Equity Income Funds Index tracks the results of the 30 largest mutual funds in the Lipper Equity Income Funds Index Average. The Lipper Equity Income Funds Index Funds Average is a total return performance average of mutual funds tracked by Lipper, Inc. that by prospectus language and portfolio practice, seek relatively high current income and growth of income by investing at least 65% of their portfolio in dividend-paying equity securities.
Lipper Global Multi-Cap Core Funds Index tracks the results of the 30 largest mutual funds in the Global Multi-Cap Core Funds Average. The Global Multi-Cap Core Funds Index Average is a total return performance average of mutual funds tracked by Lipper, Inc. that track the results of funds that, by portfolio practice, invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. Global multi-cap core funds typically have average characteristics compared to the MSCI World Index.
Lipper High Yield Bond Funds Index tracks the results of the 30 largest mutual funds in the Lipper High Yield Bond Funds Average. The Lipper High Yield Bond Funds Average is a total return performance average of mutual funds tracked by Lipper, Inc. that aim at high (relative) current yield from fixed income securities, have no quality or maturity restrictions and tend to invest in lower grade debt issues.
Lipper International Large-Cap Core Funds Index tracks the results of the 30 largest mutual funds in the Lipper International Large-Cap Core Funds Index Average. The Lipper International Large-Cap Core Funds Index Average is a total return performance average of mutual funds tracked by Lipper, Inc. that track the results of funds that, by portfolio practice, invest at least 75% of their equity assets in companies strictly outside of the U.S. with market capitalizations (on a three-year weighted basis) above Lipper’s international large-cap floor. International large-cap core funds typically have an average price-to-cash flow ratio, price-to-book ration, and three-year sales-per-share growth value compared to the S&P/Citigroup World ex-U.S. BMI.
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Lipper Large-Cap Core Funds Index tracks the results of the 30 largest mutual funds in the Lipper Large Cap Core Funds Index Average. The Lipper Large Cap Core Funds Index Funds Average is a total return performance average of mutual funds tracked by Lipper, Inc. that invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) above Lipper’s USDE large-cap floor. Large-cap core funds have more latitude in the companies in which they invest. These funds typically have average characteristics compared to the S&P 500 Index.
Lipper Mid-Cap Core Funds Index tracks the results of the 30 largest mutual funds in the Lipper Mid-Cap Core Funds Average. The Lipper Mid-Cap Core Funds Average is a total return performance average of the mutual funds tracked by Lipper, Inc. that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) below Lipper’s USDE mid-cap ceiling. Mid-cap core funds have more latitude in the companies in which they invest. These funds typically have an average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P MidCap 400 Index.
Lipper Multi-Cap Core Funds Index tracks the results of the 30 largest mutual funds in the Lipper Multi-Cap Core Funds Index Average. The Lipper Multi-Cap Core Funds Index Funds Average is a total return performance average of mutual funds tracked by Lipper, Inc. that invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. These funds typically have average characteristics compared to the S&P SuperComposite 1500 Index.
Lipper Small-Cap Core Funds Index tracks the results of the 30 largest mutual funds in the Lipper Small- Cap Core Funds Average. The Lipper Small-Cap Core Funds Average is a total return performance average of the mutual funds tracked by Lipper, Inc. that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) below Lipper’s USDE small-cap ceiling. Small-cap core funds have more latitude in the companies in which they invest. These funds typically have an average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P SmallCap 600 Index.
MSCI All-Country World Index (“ACWI”) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI ACWI consists of 47 country indexes comprising 23 developed and 24 emerging market country indexes. The developed market country indexes included are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, United Kingdom and United States. The emerging market country indexes included are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.
MSCI EAFE (Europe, Australasia, Far East) Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The MSCI EAFE (Net) Index consists of the following 21 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and United Kingdom.
MSCI EAFE ESG Leaders Index is a free float-adjusted market capitalization weighted index designed to measure the performance of equity securities of issuers organized or operating in developed market countries around the world excluding the U.S. and Canada that have high environmental, social and governance (ESG) ratings relative to their sector and industry group peers, as rated by MSCI ESG Research annually. MSCI ESG Research evaluates companies’ ESG characteristics and derives corresponding ESG scores and ratings. Companies are ranked by ESG
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Glossary of Terms, continued |
score against their sector peers to determine their eligibility for the MSCI ESG indices. MSCI ESG Research identifies the highest-rated companies in each peer group to meet the float-adjusted market capitalization sector targets. The rating system is based on general and industry-specific ESG criteria, assigning ratings on a 7-point scale from AAA (highest) to CCC (lowest).
MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The MSCI World Index consisted of the following 23 developed market country indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States.
Morningstar Allocation – 50% to 70% Equity seeks to provide both capital appreciation and income by investing in three major areas: stocks, bonds and cash. These portfolios tend to hold larger positions in stocks than conservative-allocation portfolios. These portfolios typically have 50% to 70% of assets in equities and the remainder in fixed income and cash.
Pax Global Women’s Leadership Index is a customized market capitalization-weighted index consisting of equity securities of issuers organized or operating in countries around the world that demonstrate a commitment to advancing and empowering women through gender diversity on their boards, in management and through other policies and programs, and an understanding of the potential business advantages associated with greater gender diversity, as rated by the Impax Asset Management (IAM) Gender Analytics team, with final approval by the IAM Women’s Index Committee. In addition, the companies comprising the Women’s Index meet certain environmental, social and governance (ESG) or sustainability thresholds, as rated by the IAM Gender Analytics team, with final approval by the IAM Women’s Index Committee.
Russell 1000 Index measures the performance of the 1,000 largest U.S. companies, as measured by market capitalization. It is a subset of the Russell 3000 Index, which measures the largest 3,000 companies. The Russell 1000 Index is comprised of over 90% of the total market capitalization of all listed U.S stocks.
Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 Index is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership.
Russell Midcap Index measures performance of the mid-capitalization sector of the U.S. equity market. The index is a float-adjusted, capitalization-weighted index of the 800 smallest issuers in the Russell 1000 Index. The index is a subset of the Russell 1000 Index and serves as the underlying index for the Russell Midcap Growth and Value Index series. The Index is reconstituted annually.
S&P 500 Index is an unmanaged index of large capitalization common stocks.
Performance for the MSCI ACWI Index, the MSCI EAFE Index, the MSCI EAFE ESG Leaders Index, the MSCI World Index and the Pax Global Women’s Leadership Index are shown “net”, which includes dividend reinvestments after deduction of foreign withholding tax.
Securities Indices above assume reinvestment of all distributions and interest payments, have no policy of sustainable investing and do not take in to account brokerage fees or expenses.
Lipper Indices above are not what are typically considered to be an “index” because they track the performance of other mutual funds rather than changes in the value of a group of securities, a securities index or some other traditional economic indicator.
Diversification does not eliminate the risk of experiencing investment losses.
One cannot invest directly in any index.
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Letter to Shareholders |
by Joseph Keefe, President & CEO |
Dear fellow shareholders,
Reflecting back on 2018 requires some degree of intestinal fortitude. It was a tumultuous year whether one is looking at financial markets, the political environment or global developments. It is hard to remember a year when political risk was more acute, given the antics of politicians in Washington, London and other capitals. Moreover, the year ended with a market rout in December that capped the worst year for mutual fund outflows in decades. According to Lipper, domestic stock funds recorded their worst monthly outflows in history in December, withdrawing a net $98 billion, which smashed the October 2008 record of $48.8 billion.1
If there was a silver lining for Pax shareholders, it was that our investment approach, with its careful attention to risk and focus on quality companies, is meant to help investors weather market volatility and downturns. As a result, our funds generally performed well amidst the steep December decline. For example, according to Reuters, using our institutional class shares,2 10 out of our 12 funds were in the top 50 percent of their peer group during the volatile fourth quarter of 2018, and seven of our 12 funds were in the top one-third of their peer group. For the one year period ended December 31, 2018, eight of 11 funds with track records longer than one year were in the top 50 percent of their peer group, while six of the 11 funds were in the top quintile.3
We firmly believe that our focus on integrating environmental, social and governance (ESG) factors into investment analysis and portfolio construction also gives us an additional leg up when it comes to managing risk. In her article “The Financial Performance of Sustainability: ESG and Risk,” my colleague Julie Gorte summarizes some of the literature on this topic, and I would highly recommend it to you. In fact, if you haven’t read some of the engaging thought leadership authored by Julie and other members of our team, on issues ranging from climate change to gender equality, I encourage you to do so. You can find it here: https://paxworld.com/thought-leadership.
In addition to potentially providing added protection to investors during sudden market downturns, we also believe that our approach to integrating ESG factors helps us build durable portfolios that are better designed for the longer term. Because we are essentially investing in the transition to a more sustainable global economy, we believe our portfolio managers and analysts uncover both risks and
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opportunities that traditional managers may often ignore. That so many other firms are suddenly embracing sustainable investing and introducing ESG funds of their own is testament to the fact that this is an investment approach whose time has come.
In fact, this is one of the big stories of 2018 as well — the explosive growth of ESG. According to Morningstar, the number of ESG funds and ETFs grew by 50 percent in the year 2018 alone.4 We believe this is remarkable growth, and we expect it to continue.
To be sure, the rapid growth of ESG will also present some challenges for financial professionals and investors. Some of the new entrants and funds are undoubtedly careful stewards of client and shareholder assets and are embracing ESG because they genuinely believe that it can add value while also addressing critical global challenges. Other efforts may amount to mere marketing ploys and attempts to gather assets by capitalizing on what they see as the latest fad. For us, this is not a fad. We strongly believe that the transition to a more sustainable global economy is both urgent and necessary, and that smart investors can both hasten and profit from that transformation.
We also continue to focus on impact. We invest in companies that we have determined are leaders in advancing women and gender equality. We invest in companies that are developing solutions to address climate change and other global resource challenges. We press companies in our investment portfolios to improve their board diversity, to embrace equal pay for male and female employees, to reduce their carbon footprints and improve their sustainability performance. We invest directly in high-impact community ventures and green bonds. We take this work seriously and have a long history of leadership in the sustainable investing community. More than ever, in considering sustainable or ESG investments, I would urge you to focus on authenticity in trying to separate the wheat from the chaff.
Finally, as I write it is just about one year since Pax’s investment adviser, Pax World Management LLC, was purchased by Impax Asset Management Group plc, a London-based investment adviser, and changed its name to Impax Asset Management LLC (the mutual funds are still called the Pax World Funds). I am pleased to report that integration between the two firms continues to go quite well, and I believe that as a larger, stronger firm with expanded capabilities and resources, we have already begun delivering on the promise of this combination. In fact, in June we launched the Pax Global Opportunities Fund (PXGOX),
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sub-advised by our London colleagues, which invests in companies around the world that we believe are well-positioned to benefit from the transition to a more sustainable global economy. More to come.
As for 2019, I hope it will turn out to be a year of peace and reconciliation for our divided nation and our troubled world, and on behalf of my wonderful colleagues here at Impax and Pax, our very best wishes to you and yours.
Sincerely,
Joseph F. Keefe
President
1 | FT Ignites, “December Redemptions Worst Ever for U.S. Stock Funds.” Jan. 4, 2019. |
2 | The minimum investment needed for investment in each of Pax Large Cap Fund - Institutional Class (PXLIX), Pax Mid Cap Fund - Institutional Class (PMIDX), Pax Small Cap Fund - Institutional Class (PXSIX), Pax ESG Beta Quality Fund - Institutional Class (PWGIX), Pax ESG Beta Dividend Fund - Institutional Class (PXDIX), Pax Ellevate Global Women’s Leadership Fund - Institutional Class (PXWIX), Pax Global Environmental Markets Fund - Institutional Class (PGINX), Pax Global Opportunities Fund - Institutional Class (PXGOX), Pax MSCI EAFE ESG Leaders Index Fund – Institutional Class (PXNIX), Pax Core Bond Fund - Institutional Class (PXBIX), Pax High Yield Bond Fund - Institutional Class (PXHIX), and Pax Balanced Fund - Institutional Class (PAXIX) is $250,000. |
3 | Lipper rankings are based on total returns (not including sales charges) for the periods indicated and compare total return performance with that of other funds in the category. |
Data shown represents rankings for the Pax Large Cap Fund - Institutional Class (PXLIX), in the Lipper Large-Cap Core category, based on average annual returns: 1-year 36th percentile rank out of 745 funds. The Pax Large Cap Fund - Investor Class (PAXLX): 1-year 40th percentile rank out of 745 funds. The PXLIX and PAXLX inception date is 12/16/16. |
Past performance does not guarantee future results. |
Data shown represents rankings for the Pax Mid Cap Fund - Institutional Class (PMIDX), in the Lipper Mid-Cap Core category based on average annual returns: 1-year 66th percentile rank out of 422 funds. The Pax Mid Cap Fund - Investor Class (PWMDX): 1-year 69th percentile rank out of 422 funds. |
Data shown represents rankings for the Pax Small Cap Fund - Institutional Class (PXSIX), in the Lipper Small-Cap Core category based on average annual returns: 1-year 76th percentile rank out of 973 funds, 3-year 89th percentile rank out of 840 funds, 5-year 76th percentile rank out of 707 funds, 10-year 34th percentile rank out of 565 funds. The Pax Small Cap Fund - Investor Class (PXSCX): 1-year 78th percentile rank out of 973 funds, 3-year 91st percentile rank out of 840 funds, 5-year 81st percentile rank out of 707 funds, 10-year 40th percentile rank out of 565 funds. |
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Data shown represents rankings for the Pax ESG Beta Quality Fund - Institutional Class (PWGIX), in the Lipper Multi-Cap Core category based on average annual returns: 1-year 17th percentile rank out of 765 funds, 3-year 39th percentile rank out of 668 funds, 5-year 21st percentile rank out of 589 funds, 10-year 13th percentile rank out of 460 funds. The ESG Beta Quality Fund – Investor Class (PXWGX): 1-year 20th percentile rank out of 765 funds, 3-year 44th percentile rank out of 668 funds, 5-Year 27th percentile rank out of 589 funds, 10-Year 18th percentile rank out of 460 funds. |
Data shown represents rankings for the Pax ESG Beta Dividend Fund - Institutional Class (PXDIX), in the Lipper Equity Income category based on average annual returns: 1-year 11th percentile rank out of 543 funds. The Pax ESG Beta Dividend Fund - Investor Class (PAXDX): 1-Year 14th percentile rank out of 543 funds. The PXDIX and PAXDX inception date is 12/16/16. |
Data shown represents rankings for the Pax MSCI EAFE ESG Leaders Index Fund – Institutional Class (PXNIX), in the Lipper International Large-Cap Core category based on average annual returns: 1-year 13th percentile rank out of 83 funds, 3-year 46th percentile rank out of 64 funds, 5-year 21st percentile rank out of 58 funds. The Pax MSCI EAFE ESG Leaders Index Fund – Investor Class (PXINX): 1-Year 15th percentile rank out of 83 funds, 3-Year 50th percentile rank out of 64 funds, 5-Year 26th percentile rank out of 58 funds. |
Data shown represents rankings for the Pax Ellevate Global Women’s Leadership Fund - Institutional Class (PXWIX) in the Lipper Global Multi-Cap Core category based on average annual returns: 1-year 19th percentile rank out of 151 funds, 3-year 11th percentile rank out of 116 funds, 5-year 18th percentile rank out of 101 funds, 10-year 73rd percentile rank out of 68 funds and 54-months: Since 06/04/14 17th percentile rank out of 102 funds. The Pax Ellevate Global Women’s Leadership Fund - Investor Class (PXWEX): 1-year 20th percentile rank out of 151 funds, 3-year 18th percentile rank out of 116 funds, 5-year 22nd percentile rank out of 101 funds, 10-year 78thpercentile rank out of 68 funds and 54-months: Since 06/04/14 28th percentile rank out of 102 funds. |
Data shown represents rankings for the Pax Global Environmental Markets Fund - Institutional Class (PGINX), in the Lipper Global Multi-Cap Core category based on average annual returns: 1-year 81st percentile rank out of 151 funds, 3-year 36th percentile rank out of 116 funds, 5-year 77th percentile rank out of 101 funds, 10-year 45th percentile rank out of 68 funds. The Pax Global Environmental Markets Fund - Investor Class (PGRNX): 1-Year 84th percentile rank out of 151 funds, 3-Year 43rd percentile rank out of 116 funds, 5-Year 84th percentile rank out of 101 funds, 10-Year 59th percentile rank out of 68 funds. |
The Pax Global Opportunities Fund - Institutional Class (PXGOX) inception date is 06/27/18 and has limited performance history. |
Data shown represents rankings for the Pax Core Bond Fund - Institutional Class (PXBIX), in the Lipper Core Bond category based on average annual returns: 1-year 18th percentile rank out of 508. The Pax Core Bond Fund - Investor Class (PAXBX): 1-Year 29th percentile rank out of 508 funds. PXBIX and PAXBX inception date is 12/16/16. |
Data shown represents rankings for the Pax High Yield Bond Fund - Institutional Class (PXHIX), in the Lipper Pax High Yield Bond category based on average annual returns: 1-year 42nd percentile rank out of 684 funds, 3-year 43rd percentile rank out of 603 funds, 5-year 80th percentile rank out of 518 funds, 10-year 91st percentile rank out of 378 funds. The Pax High Yield Bond Fund - Investor Class (PAXHX): 1-Year 56th percentile rank out of 684 funds, 3-Year 53rd percentile rank out of 603 funds, 5-Year 88th percentile rank out of 518 funds, 10-Year 94th percentile rank out of 378 funds. |
Data shown represents rankings for the Pax Balanced Fund - Institutional Class (PAXIX), in the Lipper Mixed-Asset Target Growth category based on average annual returns: 1-year 17th percentile rank out of 497 funds, 3-year 52nd percentile rank out of 467 funds, 5-year 35th percentile rank out of 432 funds, 10-year 77th percentile rank out of 354 funds. The Pax Balanced Fund - Investor Class (PAXWX): 1-year 19th percentile rank out of 497 funds, 3-year 63rd percentile rank out of 467 funds, 5-year 44th percentile rank out of 432 funds, 10-year 84th percentile rank out of 354 funds. |
4 | Morningstar, “The Continued Growth of Sustainable Investing,” Dec. 6, 2018. |
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Performance Information |
Commentary The portfolio manager commentaries in this report provide insight from the respective fund managers in an effort to help you examine your fund. The views expressed therein are those of the portfolio managers and are for the period covered by this report. Such commentary does not necessarily represent the views of the Board of Trustees of your fund. The views expressed herein are subject to change at any time based upon market and/or other conditions and Impax Asset Management LLC, Pax Ellevate Management LLC and the funds disclaim any responsibility to update such views. The commentaries should not be relied upon as investment advice.
Historical performance Historical performance can be evaluated in several ways. Each fund’s portfolio highlights provide total and average annual total returns. A comparison of this historical data to an appropriate benchmark is also provided. These performance figures include changes in a fund’s share price, plus reinvestment of any dividends (generally income) and any capital gains (generally profits the fund earns when it sells securities that have grown in value). Past performance does not guarantee future results.
The Funds’ distributor, ALPS Distributors, Inc., is not affiliated with Impax Asset Management LLC (formerly known as Pax World Management LLC), Pax Ellevate Management LLC, Aperio Group LLC, or Impax Asset Management, Ltd.
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December 31, 2018 |
Pax Large Cap Fund |
Portfolio Manager
|
Portfolio Manager |
Portfolio Managers’ Comments |
How did the Pax Large Cap Fund (the Fund) perform for the period?
For the one-year period ended December 31, 2018, the Institutional Class and Investor Class of the Fund had total returns of -4.79% and -5.01%, respectively, compared to -4.38% for the S&P 500 Index and -5.13% for the Lipper Large-Cap Core Funds Index.
After outperforming the S&P 500 Index for the year-to-date period through September 30, 2018, the Fund’s cyclical holdings were particularly hard hit during the market sell-off during the fourth quarter of 2018, leading to the Fund’s slight underperformance relative to the S&P 500 Index for the calendar year.
What factors contributed to the Fund’s performance?
During the period, the Fund enjoyed strong stock selection within the Consumer Staples and Health Care sectors. These positive performers partially offset weaker stock selection within the Financials and Materials sectors.
Can you discuss any significant changes to the Fund’s positioning throughout the period?
While we do not tend to make large sector allocation decisions, we did increase holdings in Health Care and consumer-oriented stocks, while decreasing holdings in Technology, Energy, Industrials and Real Estate stocks during the period. We became more cautious on the outlook for earnings growth in 2019 throughout the year, so we gravitated away from more cyclical stocks and into companies with more stable and predictable cash flows, particularly in the second half of 2018.
What portfolio holdings contributed positively to performance?
Notable holdings that contributed positively to performance were Eli Lilly, Zoetis, and McCormick. We purchased Eli Lilly shortly before they announced a partial separation of their animal health business (Elanco), which was a catalyst for a
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December 31, 2018 |
strong upward revaluation of the stock. Zoetis, itself a spinoff from Pfizer five years ago, continued to show strong revenue and margin trends. We sold Zoetis near the end of the period as it reached our estimate of full value.
What portfolio holdings detracted from performance?
Notably weak holdings in the Financials and Materials sectors were DowDupont, Citizens Financial Group and Prudential Financial. Banks and life insurers were particularly weak as investors fretted about recession risks and the beginnings of a downturn in credit quality. While we did reduce our holdings in financial stocks during the period, current valuations of our remaining holdings discount an overly dire outlook for the economy, in our opinion, so we expect some normalization of valuation in this sector.
Portfolio Highlights (Unaudited)
Ten Year Annual Total Return—Historical Growth of $10,000
Returns—Period ended December 31, 2018
Total | Average | ||||
Share Class | Ticker |
|
| 1 Year | Since |
Institutional Class2 | PXLIX | -4.79% | 6.72% | ||
Investor Class2 | PAXLX | -5.01% | 6.47% | ||
S&P 500 Index | -4.38% | 7.35% | |||
Lipper Large-Cap Core Funds Index | -5.13% | 6.54% |
See “Glossary of Terms” for descriptions of benchmarks.
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December 31, 2018 |
Pax Large Cap Fund, continued |
Portfolio Highlights (Unaudited), continued |
These figures represent past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Total returns for periods of less than one year have not been annualized. For most recent month-end performance data, please visit www.paxworld.com or call 800.767.1729.
1 | The Fund's inception date is December 16, 2016. |
2 | Total return figures include reinvested dividends and capital gains distributions, and changes in principal value, and do not reflect the taxes that a shareholder might pay on Fund distributions or on the redemption of Fund shares. |
Asset Allocation | Percent of Investments |
U.S. Stocks | 97.9% |
Cash & Cash Equivalents | 2.1% |
Total | 100.0% |
Top Ten Holdings
Company | Percent of Net Assets |
Microsoft Corp. | 5.1% |
Amazon.com, Inc. | 4.7% |
Apple, Inc. | 3.6% |
Ingersoll-Rand PLC | 3.3% |
JPMorgan Chase & Co. | 3.2% |
Eli Lilly & Co. | 2.8% |
Merck & Co., Inc. | 2.8% |
Becton Dickinson & Co. | 2.8% |
IBM | 2.8% |
Alphabet, Inc., Class C | 2.7% |
Total | 33.8% |
Ten largest holdings do not include money market securities, certificates of deposit, commercial paper or cash and equivalents, if applicable.
Holdings are subject to change.
12 |
December 31, 2018 |
Sector Diversification
Sector | Percent of Net Assets |
Information Technology | 17.9% |
Health Care | 17.6% |
Communication Services | 13.1% |
Financials | 12.1% |
Consumer Discretionary | 10.7% |
Consumer Staples | 8.0% |
Industrials | 7.8% |
Energy | 4.8% |
Materials | 3.7% |
Real Estate | 2.1% |
Other assets and liabilities (net) | 2.2% |
Total | 100.0% |
May include companies representing multiple industries within a single “Sector”.
13 |
December 31, 2018 |
Pax Mid Cap Fund |
Portfolio Manager |
Portfolio Manager’s Comments |
How did the Pax Mid Cap Fund (the Fund) perform for the period?
For the year ended December 31, 2018, the Institutional Class and Investor Class shares of the Fund had total returns of -13.11% and -13.33%, respectively, compared to -9.06% for the Russell Midcap Index and -11.49% for the Lipper Mid-Cap Core Funds Index.
What factors contributed to the Fund’s performance?
We entered the period with a meaningful tilt away from momentum and towards value stocks. For much of the year, this style exposure was a headwind to performance. Despite the fourth quarter sell-off, momentum was the second-best performing factor for the year. In addition, mid cap value stocks lagged growth stocks by 7.54% during the year.
Can you discuss any significant changes to the Fund’s positioning throughout the period?
During the year, we reduced the magnitude of our tilt towards value stocks. From a sector perspective, we reduced the Fund’s Industrials, Energy and Consumer Staples sector exposures. Proceeds were invested in the Financials, Healthcare and Real Estate sectors.
What portfolio holdings contributed positively to performance?
ONE Gas, a regulated utility, was the Fund’s top contributor to performance. Most of the company’s relative outperformance was generated during the fourth quarter, as investors sought out defensive holdings.
IQVIA Holdings, a contract research organization, was a strong performer on better than expected results. We continue to view the company favorably and are encouraged to date by the integration of IMS Health.
Citrix Systems, a software company, performed well during the year. Management continues to execute the transition from the license to subscription model.
What portfolio holdings detracted from performance?
Antero Resources, a natural gas-focused energy company, declined significantly. From a fundamental perspective, we believe that the company continues to execute well, and we are encouraged by their focus on restraining costs and driving free cash flow.
14 |
December 31, 2018 |
Newell Brands, a consumer products company, declined -28% on weaker than expected results. The company has been negatively impacted by a weak consumer environment and poor integration of the Jarden acquisition. While valuation remains relatively cheap, we exited our position due to deteriorating fundamentals.
Weyerhaeuser, a timber REIT, declined sharply during the year. The combination of declining wood products prices and concerns over future homebuilding trends weighed on shares. We continue to hold our position, finding the dividend yield and valuation attractive.
Portfolio Highlights (Unaudited)
Ten Year Annual Total Return—Historical Growth of $10,000
Returns—Period ended December 31, 2018
Total | Average | ||||
Share Class | Ticker |
|
| 1 Year | Since |
Institutional Class2 | PMIDX | -13.11% | 2.60% | ||
Investor Class2 | PWMDX | -13.33% | 2.37% | ||
Russell Midcap Index | -9.06% | 6.83% | |||
Lipper Mid-Cap Core Funds Index | -11.49% | 5.76% |
See 'Glossary of Terms' for descriptions of benchmarks.
These figures represent past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Total returns for periods of less than one year have not been annualized. For most recent month-end performance data, please visit www.paxworld.com or call 800.767.1729.
15 |
December 31, 2018 |
Pax Mid Cap Fund, continued |
Portfolio Highlights (Unaudited), continued |
1 | The Fund's inception date is March 31, 2016. |
2 | Total return figures include reinvested dividends and capital gains distributions, and changes in principal value, and do not reflect the taxes that a shareholder might pay on Fund distributions or on the redemption of Fund shares. |
Asset Allocation | Percent of Investments |
U.S. Stocks | 93.8% |
Foreign Stocks | 1.7% |
Cash & Cash Equivalents | 4.5% |
Total | 100.0% |
Top Ten Holdings
Company | Percent of Net Assets |
ONE Gas, Inc. | 4.9% |
Newmont Mining Corp. | 4.6% |
Biogen, Inc. | 4.2% |
Waste Management, Inc. | 4.1% |
Prologis, Inc., REIT | 3.4% |
Alleghany Corp. | 3.3% |
White Mountains Insurance Group, Ltd. | 3.2% |
Crown Castle International Corp., REIT | 3.1% |
Celanese Corp. | 3.0% |
Cooper Cos, Inc., The | 2.9% |
Total | 36.7% |
Ten largest holdings do not include money market securities, certificates of deposit, commercial paper or cash and equivalents, if applicable.
Holdings are subject to change.
Sector Diversification
Sector | Percent of Net Assets |
Financials | 15.5% |
Health Care | 13.4% |
Consumer Discretionary | 12.6% |
Information Technology | 11.0% |
Materials | 10.0% |
Industrials | 9.5% |
Real Estate | 8.6% |
Consumer Staples | 5.1% |
Energy | 4.9% |
Utilities | 4.9% |
Other assets and liabilities (net) | 4.5% |
Total | 100.0% |
May include companies representing multiple industries within a single “Sector”.
16 |
December 31, 2018 |
Pax Small Cap Fund |
Portfolio Manager |
Portfolio Manager’s Comments |
How did the Pax Small Cap Fund (the Fund) perform for the period?
For the year ended December 31, 2018, the Institutional Class, Investor Class and Class A shares of the Fund had total returns of -15.59%, -15.80% and -15.82%, respectively, compared to -11.01% for the Russell 2000 Index and -11.19% for the Lipper Small-Cap Core Funds Index.
What factors contributed to the Fund’s performance?
We entered the period with a meaningful tilt away from momentum and toward value stocks. For much of the year, this style exposure was a headwind to performance. Despite the fourth quarter sell-off, momentum was the second-best performing factor for the year. In addition, small cap value stocks lagged growth stocks by 3.56% during the year.
Can you discuss any significant changes to the Fund’s positioning throughout the period?
During the latter half of 2018, we reduced the magnitude of our tilt toward value stocks and away from momentum. From a sector perspective, we reduced the Fund’s overweight allocations to the Financials and Energy sectors, while adding exposure to the Health Care sector.
What portfolio holdings contributed positively to performance?
Unitil Corporation, a regulated utility, was the Fund’s top contributor to performance. Most of the company’s relative outperformance was generated during the fourth quarter, as investors sought out defensive holdings.
Ligand Pharmaceuticals, an innovative biotech company, increased meaningfully on better than expected financial results. We continue to like the diversified nature of the company’s revenues and the numerous potential products within its pipeline.
Apptio, Inc., an application software company, increased 61% during the period. Most of this performance was driven by its acquisition of the company by Vista Equity Partners.
17 |
December 31, 2018 |
Pax Small Cap Fund, continued |
What portfolio holdings detracted from performance?
Beacon Roofing, a distributor of roofing and building materials, was our worst performer. Results were negatively impacted by weak pricing and less severe weather events.
Antero Resources, a natural gas-focused energy company, declined significantly. From a fundamental perspective, we believe that the company continues to execute well, and we are encouraged by their focus on restraining costs and driving free cash flow.
Parsley Energy, a Permian-based energy company, declined during the year. We continue to view the company as well-positioned to perform well over the long term due to the combination of high-quality acreage and strong management.
Portfolio Highlights (Unaudited)
Ten Year Annual Total Return—Historical Growth of $10,000
* | Represents a hypothetical investment of $10,000 in the fund after deducting the maximum sales load of 5.5% ($10,000 investment minus $550 sales load = $9,450). |
Returns—Period ended December 31, 2018
Total | Average Annual Return | |||||
Share Class | Ticker |
| 1 Year | 3 Years | 5 Years | 10 Years |
Investor Class1 | PXSCX | -15.80% | 2.59% | 2.14% | 12.01% | |
Class A1,2,4 | PXSAX | NAV3 | -15.82% | 2.58% | 2.13% | 12.01% |
POP | -20.43% | 0.67% | 0.98% | 11.39% | ||
Institutional Class1 | PXSIX | -15.59% | 2.86% | 2.39% | 12.30% | |
Russell 2000 Index | -11.01% | 7.36% | 4.41% | 11.97% | ||
Lipper Small-Cap Core Funds Index | -11.19% | 7.44% | 4.33% | 12.24% |
18 |
December 31, 2018 |
See 'Glossary of Terms' for descriptions of benchmarks.
These figures represent past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Total returns for periods of less than one year have not been annualized. For most recent month-end performance data, please visit www.paxworld.com or call 800.767.1729.
1 | The Fund's investment adviser assumed certain expenses during the 5-year and 10-year periods; total returns would have been lower had these expenses not been assumed. Total return figures include reinvested dividends and capital gains distributions, and changes in principal value, and do not reflect the taxes that a shareholder might pay on Fund distributions or on the redemption of Fund shares. |
2 | A 1.00% CDSC (contingent deferred sales charge) may be charged on any shares sold within 18 months of purchase over $1 million. POP (public offering price) reflects the maximum sales load for the Fund's Class A Shares of 5.50%. NAV performance does not reflect the deduction of the sales load of the CDSC, which if reflected would reduce the performance shown. |
3 | NAV is Net Asset Value. |
4 | Inception of Class A shares is May 1, 2013. The performance information shown for Class A shares includes the performance of Investor Class shares, adjusted to reflect the sales charge applicable to Class A shares, for the period prior to Class A inception. |
Asset Allocation | Percent of Investments |
U.S. Stocks | 97.0% |
Foreign Stocks | 2.9% |
Cash & Cash Equivalents | 0.1% |
Total | 100.0% |
Top Ten Holdings
Company | Percent of Net Assets |
Unitil Corp. | 5.9% |
HomeTrust Bancshares, Inc. | 5.9% |
Natus Medical, Inc. | 4.9% |
Meridian Bancorp, Inc. | 4.3% |
Victory Capital Holdings, Inc., Class A | 3.6% |
White Mountains Insurance Group, Ltd. | 3.4% |
Comfort Systems USA, Inc. | 3.1% |
Maple Leaf Foods, Inc. | 2.9% |
Hanover Insurance Group, Inc., The | 2.7% |
Verint Systems, Inc. | 2.7% |
Total | 39.4% |
Ten largest holdings do not include money market securities, certificates of deposit, commercial paper or cash and equivalents, if applicable.
Holdings are subject to change.
19 |
December 31, 2018 |
Pax Small Cap Fund, continued |
Portfolio Highlights (Unaudited), continued |
Sector Diversification
Sector | Percent of Net Assets |
Financials | 22.8% |
Industrials | 18.3% |
Health Care | 12.6% |
Consumer Discretionary | 10.0% |
Utilities | 8.1% |
Information Technology | 7.3% |
Real Estate | 6.3% |
Consumer Staples | 4.5% |
Communication Services | 4.1% |
Energy | 4.0% |
Materials | 2.5% |
Other assets and liabilities (net) | -0.5% |
Total | 100.0% |
May include companies representing multiple industries within a single “Sector”.
20 |
December 31, 2018 |
Pax ESG Beta Quality Fund |
Portfolio Manager
|
Portfolio Manager
|
Portfolio Manager
|
Portfolio Manager
Sub-Adviser |
Portfolio Managers’ Comments |
How did the Pax ESG Beta Quality Fund (the Fund) perform for the period?
For the one-year period ended December 31, 2018, the ESG Beta Quality Fund Investor Class, Class A, and Institutional Class shares had total returns of -4.43%, -4.43% and -4.16%, respectively, compared to -4.78% for the Russell 1000 Index and -7.72% for the Lipper Multi-Cap Core Funds Index.
What factors contributed positively to performance?
During the period, the overweight to traditional quality factors such as profitability and earnings quality contributed positively to Fund returns relative to the Russell 1000 Index. The overweight to lower volatility companies contributed positively as well, particularly in the fourth quarter of 2018 as investors sought refuge from higher market volatility.
ESG factors contributed to relative results for the period. The Fund overweights the portfolio towards companies with ESG strength. During the period, companies with weaker ESG profiles performed poorly and the Fund’s significant underweight to lower-rated ESG stocks in the bottom quartile, as measured by the Pax Sustainability Score, was beneficial.
Industry exposures, which are driven by factor and ESG tilts, contributed to relative returns for the period. Particularly, an underweight to the Energy and Materials sectors and an overweight to the Utilities sector helped relative results.
What factors detracted from performance?
The portfolio’s tilt towards value companies, as measured by earnings yield, was the largest detractor for the period as value stocks underperformed growth stocks throughout the year.
21 |
December 31, 2018 |
Pax ESG Beta Quality Fund, continued |
Portfolio Highlights (Unaudited), continued |
Ten Year Annual Total Return—Historical Growth of $10,000
* | Represents a hypothetical investment of $10,000 in the fund after deducting the maximum sales load of 5.5% ($10,000 investment minus $550 sales load = $9,450). |
Returns—Period ended December 31, 2018
Total | Average Annual Return | |||||
Share Class | Ticker |
| 1 Year | 3 Years | 5 Years | 10 Years |
Investor Class1 | PXWGX | -4.43% | 7.36% | 7.15% | 13.15% | |
Class A1,2,4 | PXGAX | NAV3 | -4.43% | 7.38% | 7.17% | 13.16% |
POP | -9.67% | 5.37% | 5.96% | 12.52% | ||
Institutional Class1 | PWGIX | -4.16% | 7.64% | 7.42% | 13.45% | |
Russell 1000 Index | -4.78% | 9.09% | 8.21% | 13.28% | ||
Lipper Multi-Cap Core Funds Index | -7.72% | 7.69% | 6.25% | 12.33% |
See “Glossary of Terms” for descriptions of benchmarks.
These figures represent past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Total returns for periods of less than one year have not been annualized. For most recent month-end performance data, please visit www.paxworld.com or call 800.767.1729.
1 | The Fund's investment adviser assumed certain expenses during the 5-year and 10-year periods; total returns would have been lower had these expenses not been assumed. Total return figures include reinvested dividends and capital gains distributions, and changes in principal value, and do not reflect the taxes that a shareholder might pay on Fund distributions or on the redemption of Fund shares. |
2 | A 1.00% CDSC (contingent deferred sales charge) may be charged on any shares sold within 18 months of purchase over $1 million. POP (public offering price) reflects the maximum sales load for the Fund's Class A Shares of 5.50%. NAV performance does not reflect the deduction of the sales load of the CDSC, which if reflected would reduce the performance shown. |
22 |
December 31, 2018 |
3 | NAV is Net Asset Value. |
4 | Inception of Class A shares is May 1, 2013. The performance information shown for Class A shares includes the performance of Investor Class shares, adjusted to reflect the sales charge applicable to Class A shares, for the period prior to Class A inception. |
Asset Allocation | Percent of Investments |
U.S. Stocks | 98.6% |
Foreign Stocks | 0.7% |
Cash & Cash Equivalents | 0.7% |
Total | 100.0% |
Top Ten Holdings
Company | Percent of Net Assets |
Verizon Communications, Inc. | 3.1% |
Amazon.com, Inc. | 2.9% |
Microsoft Corp. | 2.8% |
Apple, Inc. | 2.7% |
PepsiCo, Inc. | 2.6% |
Johnson & Johnson | 2.6% |
Alphabet, Inc., Class A | 2.4% |
MasterCard, Inc., Class A | 2.3% |
Texas Instruments, Inc. | 2.2% |
3M Co. | 1.9% |
Total | 25.5% |
Ten largest holdings do not include money market securities, certificates of deposit, commercial paper or cash and equivalents, if applicable
Holdings are subject to change.
Sector Diversification
Sector | Percent of Net Assets |
Information Technology | 19.3% |
Consumer Discretionary | 13.7% |
Health Care | 12.7% |
Financials | 10.1% |
Consumer Staples | 10.1% |
Communication Services | 9.3% |
Industrials | 7.8% |
Utilities | 5.8% |
Real Estate | 5.2% |
Materials | 4.8% |
Energy | 0.5% |
Other assets & liabilities (net) | 0.7% |
Total | 100.0% |
May include companies representing multiple industries within a single “Sector”.
23 |
December 31, 2018 |
Pax ESG Beta Dividend Fund |
Portfolio Manager
|
Portfolio Manager
|
Portfolio Manager
|
Portfolio Manager
Sub-Adviser |
Portfolio Managers’ Comments |
How did the Pax ESG Beta Dividend Fund (the Fund) perform for the period?
For the one-year period ended December 31, 2018, the Fund’s Institutional Class and Investor Class shares had total returns of -3.84% and -4.21%, respectively, compared to -4.78% for the Russell 1000 Index and -6.61% for the Lipper Equity Income Funds Index.
What factors contributed positively to performance?
The Fund’s overweight toward dividend sustainability factors added to relative performance. Particularly, the portfolio’s exposure to companies with higher profitability aided relative performance. Exposure to companies with higher earnings quality and management quality benefited the Fund as well.
ESG factors contributed to relative results for the period. The Fund overweights the portfolio towards companies with ESG strength. During the period, companies with weaker ESG profiles performed poorly and the Fund’s significant underweight to lower-rated ESG stocks in the bottom quartile, as measured by the Pax Sustainability Score, was beneficial.
The tilt towards companies with higher dividend yield was a positive contributor during the period, particularly in the fourth quarter as stocks paying above-market dividend yields fared better in the downturn.
What factors detracted from performance?
An overweight to Industrials, which is driven by factor and ESG tilts, detracted from relative results during the period.
24 |
December 31, 2018 |
Portfolio Highlights (Unaudited)
Ten Year Annual Total Return—Historical Growth of $10,000
Returns—Period ended December 31, 2018
Total | Average | ||||
Share Class | Ticker |
|
| 1 Year | Since |
Institutional Class2 | PXDIX | -3.84% | 6.55% | ||
Investor Class2 | PAXDX | -4.21% | 6.26% | ||
Russell 1000 Index | -4.78% | 7.08% | |||
Lipper Equity Income Funds Index | -6.61% | 3.92% |
See “Glossary of Terms” for descriptions of benchmarks.
These figures represent past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Total returns for periods of less than one year have not been annualized. For most recent month-end performance data, please visit www.paxworld.com or call 800.767.1729.
1 | The Fund's inception date is December 16, 2016. |
2 | Total return figures include reinvested dividends and capital gains distributions, and changes in principal value, and do not reflect the taxes that a shareholder might pay on Fund distributions or on the redemption of Fund shares. |
Asset Allocation | Percent of Investments |
U.S. Stocks | 99.2% |
Foreign Stocks | 0.3% |
Cash & Cash Equivalents | 0.5% |
Total | 100.0% |
25 |
December 31, 2018 |
Pax ESG Beta Dividend Fund, continued |
Portfolio Highlights (Unaudited), continued |
Top Ten Holdings
Company | Percent of Net Assets |
Microsoft Corp. | 3.2% |
Cisco Systems, Inc. | 3.1% |
Johnson & Johnson | 3.0% |
Apple, Inc. | 2.9% |
Amazon.com, Inc. | 2.9% |
3M Co. | 2.6% |
Texas Instruments, Inc. | 2.3% |
UnitedHealth Group, Inc. | 2.2% |
Home Depot, Inc., The | 2.1% |
PepsiCo, Inc. | 2.0% |
Total | 26.3% |
Ten largest holdings do not include money market securities, certificates of deposit, commercial paper or cash and equivalents, if applicable.
Holdings are subject to change.
Sector Diversification
Sector | Percent of Net Assets |
Information Technology | 24.7% |
Health Care | 15.4% |
Industrials | 13.3% |
Consumer Discretionary | 13.2% |
Financials | 9.4% |
Consumer Staples | 6.1% |
Communication Services | 5.7% |
Real Estate | 4.3% |
Materials | 3.0% |
Energy | 2.5% |
Utilities | 1.8% |
Other assets and liabilities (net) | 0.6% |
Total | 100.0% |
May include companies representing multiple industries within a single “Sector”.
26 |
December 31, 2018 |
Pax Global Opportunities Fund |
Portfolio Manager
|
Portfolio Manager
Sub-Adviser |
Portfolio Managers’ Comments |
How did the Pax Global Opportunities Fund (the Fund) perform for the period?
The Pax Global Opportunities Fund commenced operations on June 27, 2018. For the since inception period ended December 31, 2018, the Institutional Class and Investor Class shares of the Fund had total returns of -8.20% and -8.20%, respectively, compared to -8.32% for the MSCI All-Country World (Net) Index (MSCI ACWI) and -9.00% for the Lipper Global Multi-Cap Core Funds Index.
What factors contributed to the Fund’s performance?
Elevated geopolitical uncertainty and concerns about the outlook for global economic growth, and therefore corporate earnings, provided the backdrop for unsettled and volatile equity markets in 2018. We believe that the Fund demonstrated resilience to this volatility during the period through its focus on investment opportunities in the transition to a more sustainable economy — companies that tend to have durable competitive advantages, steady or improving supply side conditions, more predictable revenues and cash flows, with appropriate leverage. In our opinion, these characteristics can provide resiliency to external risk factors and during times of market uncertainty. Case in point was the Fund’s outperformance during the period within the Financials and Industrials sectors, both of which both fared more poorly in the broader market.
Can you discuss any significant changes to the Fund’s positioning throughout the period?
Regional and sector allocation changes were driven mostly by bottom-up stock opportunities. The portfolio managers were favorably inclined toward selected opportunities in the U.S. market, increasing the allocation in the North American region, while exiting a number of European holdings. Within sectors, valuation opportunities presented in Industrials and Financials led to increased allocations to those sectors, while Health Care holdings were reduced.
27 |
December 31, 2018 |
Pax Global Opportunities Fund, continued |
What portfolio holdings contributed positively to performance relative to the MSCI ACWI?
On a relative basis to global equities as measured by MSCI ACWI, the Fund saw the most outperformance within Financials over the period. HDFC Bank (Diversified Banks, India) saw positive returns owing to, in our view, its position as the highest quality private sector bank in India and its superior growth opportunities. In addition, not holding large commercial bank stocks in the portfolio proved prescient.
A second area of relative outperformance was Industrials. Tomra Systems (Environmental & Facilities Services, Norway) benefited from the global need for recycling solutions and the move to reduce plastic waste. Avoidance of the large cyclical industrials, in particular in Aerospace and Conglomerates, was advantageous as well.
In terms of regions, U.S. and Asian companies in the Fund outperformed most against MSCI ACWI.
What portfolio holdings detracted from performance relative to the MSCI ACWI?
Since inception of the Fund, the Health Care component of the portfolio has lagged the most on a relative basis against MSCI ACWI. Fresensius (Health Care Services, Germany), a dialysis product company, disappointed by announcing reduced guidance. It is no longer held in the portfolio. Genus (Biotechnology, United Kingdom), which offers genetic livestock services, suffered with the U.S.-China trade war and an outbreak of swine flu.
Consumer Discretionary names in the portfolio were also down, such as Aptiv (Auto Parts & Equipment, United States) and Valeo (Auto Parts & Equipment, France) due to automotive sector weakness. Concerns about the impact of the trade war between the United States and its trading partners affected sentiment. Both companies are active in the ongoing transition to lower carbon in the transportation sector by making traditional combustion engines more energy efficient and increasing the electrical content of vehicles. The holding in Valeo was sold in October on lower conviction and preference for other electric vehicle end market exposure.
The Materials component of the portfolio underperformed as holdings such as Koninklijke DSM (Specialty Chemicals, Netherlands) and Sealed Air Corporation (Paper Packaging, United States) faced more challenging end markets and/or higher input costs.
28 |
December 31, 2018 |
Portfolio Highlights (Unaudited)
Returns—Period ended December 31, 2018
Total | ||||||
Share Class | Ticker |
|
|
| Since | |
Institutional Class2 | PXGOX | -8.20% | ||||
Investor Class2 | PAXGX | -8.20% | ||||
MSCI ACWI (Net) Index | -8.32% | |||||
Lipper Global Multi-Cap Core Funds Index | -9.00% |
See ‘Glossary of Terms’ for descriptions of benchmarks.
These figures represent past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Total returns for periods of less than one year have not been annualized. For most recent month-end performance data, please visit www.paxworld.com or call 800.767.1729.
1 | The Fund’s inception date is June 27, 2018. |
2 | Total return figures include reinvested dividends and capital gains distributions, and changes in principal value, and do not reflect the taxes that a shareholder might pay on Fund distributions or on the redemption of Fund shares. |
Asset Allocation | Percent of Investments |
U.S. Stocks | 49.9% |
Foreign Stocks | 48.1% |
Cash & Cash Equivalents | 2.0% |
Total | 100.0% |
Top Ten Holdings
Company | Percent of Net Assets |
Xylem, Inc. | 4.6% |
Ecolab, Inc. | 4.2% |
Danone SA | 4.1% |
Visa, Inc., Class A | 4.1% |
HDFC Bank, Ltd., ADR | 4.0% |
Thermo Fisher Scientific, Inc. | 3.8% |
Becton Dickinson & Co. | 3.7% |
Prudential PLC | 3.6% |
Taiwan Semiconductor Manufacturing Co, Ltd | 3.5% |
Koninklijke DSM NV | 3.5% |
Total | 39.1% |
Holdings are subject to change.
29 |
December 31, 2018 |
Pax Global Opportunities Fund, continued |
Portfolio Highlights (Unaudited) |
Sector Diversification
Sector | Percent of Net Assets |
Information Technology | 25.0% |
Health Care | 19.2% |
Materials | 16.4% |
Financials | 14.5% |
Industrials | 10.1% |
Consumer Staples | 8.4% |
Consumer Discretionary | 2.5% |
Communication Services | 2.3% |
Other assets and liabilities (net) | 1.6% |
Total | 100.0% |
May include companies representing multiple industries within a single "Sector".
Geographical Diversification
Country | Percent of Net Assets |
United States | 50.1% |
United Kingdom | 11.5% |
Japan | 6.7% |
Netherlands | 5.5% |
Germany | 4.7% |
France | 4.1% |
India | 4.0% |
Taiwan | 3.5% |
Hong Kong | 2.3% |
Spain | 2.3% |
Portugal | 1.9% |
Norway | 1.8% |
Other assets and liabilities (net) | 1.6% |
Total | 100.0% |
30 |
December 31, 2018 |
Pax Global Environmental Markets Fund |
Portfolio Manager
|
Portfolio Manager
|
Portfolio Manager
Sub-Adviser |
Portfolio Managers’ Comments |
How did the Pax Global Environmental Markets Fund perform for the period?
For the one-year period ended December 31, 2018, the Investor Class, Class A, and Institutional Class of the Fund had total returns of -14.31%, -14.33%, and -14.17%, respectively, versus -9.42% for the MSCI All-Country World (Net) Index (“MSCI ACWI”) and -12.59% for the FTSE Environmental Opportunities Index Series (“FTSE EOAS”).
What factors contributed to the Fund’s performance?
Elevated geopolitical uncertainty and concerns about the outlook for global economic growth, and therefore corporate earnings, provided the backdrop for volatile equity markets in 2018. Large differences in performance between various areas of the market was an important headwind for this Fund, which focuses on an investment universe with inherent sector tilts. Concurrently, a number of portfolio holdings suffered from deteriorating end markets or challenging operating conditions.
Holdings within Logistics, Food Safety and Packaging were down due to company specific issues including challenging operating conditions and disappointing announcements. Transport Energy Efficiency and Buildings Energy Efficiency were weak as well due to deteriorating end markets. Lastly, the allocation in Water Utilities detracted from returns with concerns about region-specific regulatory news and stock specific disappointments.
On the positive side, within environmental markets, defensive subsectors we see as less vulnerable to the business cycle, such as Diversified Water Infrastructure and General Waste Management, performed well and added positive returns.
31 |
December 31, 2018 |
Pax Global Environmental Markets Fund, continued |
Can you discuss any significant changes to the Fund’s positioning throughout the period?
There were no material changes in positioning for the Fund in the environmental markets sector. The investment team increased exposure to the better performing North American region over the year, while decreasing the allocation to European stocks. In line with more defensive positioning, the Fund’s largest subsector allocation is currently Water Infrastructure compared to Buildings Energy Efficiency a year ago. Overall turnover in the portfolio was relatively low, at 26% turnover. This reflects the portfolio managers’ conviction in the stock holdings of the Fund.
What portfolio holdings contributed positively to performance relative to the FTSE EOAS?
Compared with the FTSE EOAS, Energy Efficiency, in particular Industrial Energy Efficiency, outperformed. Strong stock selection, led by names such as PTC (Industrial Energy Efficiency, U.S.), but also not holding large industrials seen as cyclically vulnerable (e.g., ABB or Honeywell), was helpful. Similarly, performance in the Diversified Environmental subsector held relatively stable due to being underweight in large conglomerate names such as 3M (Diversified Environmental, U.S.) and instead holding a higher allocation in defensive business models such as Praxair (Diversified Environmental, U.S.).
Against FTSE EOAS, other names that were among the largest relative contributors included Ecolab (Water Treatment Equipment, U.S.) and Danaher (Diversified Water Infrastructure & Technology, U.S.), both representing the defensive Water theme, and Autodesk (Buildings Energy Efficiency, U.S.), demonstrating, in our view, the investment opportunities in software solutions contributing to resource efficiency.
What portfolio holdings detracted from performance relative to the FTSE EOAS?
On a relative basis, the biggest laggard was the Food, Agriculture and Forestry sub-sector. GEA (Germany) Sealed Air and Westrock (both U.S.), three holdings in the Logistics, Food Safety and Packaging area, all struggled with execution or operating conditions, and disappointed investors.
Sustainable and Efficient Agriculture was a detractor as well, with Welbilt (U.S.) and Kubota (Japan) both announcing disappointing earnings and lowering forward-looking guidance.
32 |
December 31, 2018 |
Lastly, Water Utilities also underperformed on a relative basis. Suez (France) and Beijing Enterprise Water (China) both detracted from performance after failing to meet investor expectations earlier in the year.
Portfolio Highlights (Unaudited)
Ten Year Annual Total Return—Historical Growth of $10,000
* | Represents a hypothetical investment of $10,000 in the fund after deducting the maximum sales load of 5.5% ($10,000 investment minus $550 sales load = $9,450). |
Returns—Period ended December 31, 2018
Total | Average Annual Return | |||||
Share Class | Ticker |
| 1 Year | 3 Years | 5 Years | 10 Years |
Investor Class1 | PGRNX | -14.31% | 6.21% | 2.80% | 9.49% | |
Class A1,2,4 | PXEAX | NAV3 | -14.33% | 6.21% | 2.81% | 9.50% |
POP | -19.06% | 4.24% | 1.66% | 8.88% | ||
Institutional Class1 | PGINX | -14.17% | 6.46% | 3.05% | 9.77% | |
MSCI ACWI (Net) Index | -9.42% | 6.60% | 4.26% | 9.46% | ||
FTSE Environmental Opportunities Index Series | -12.59% | 8.55% | 4.66% | 10.56% |
See “Glossary of Terms” for descriptions of benchmarks.
These figures represent past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Total returns for periods of less than one year have not been annualized. For most recent month-end performance data, please visit www.paxworld.com or call 800.767.1729.
33 |
December 31, 2018 |
Pax Global Environmental Markets Fund, continued |
Portfolio Highlights (Unaudited), continued |
1 | The Fund's investment adviser assumed certain expenses during the 5-year and 10-year periods; total returns would have been lower had these expenses not been assumed. Total return figures include reinvested dividends and capital gains distributions, and changes in principal value, and do not reflect the taxes that a shareholder might pay on Fund distributions or on the redemption of Fund shares. |
2 | A 1.00% CDSC (contingent deferred sales charge) may be charged on any shares sold within 18 months of purchase over $1 million. POP (public offering price) reflects the maximum sales load for the Fund's Class A Shares of 5.50%. NAV performance does not reflect the deduction of the sales load of the CDSC, which if reflected would reduce the performance shown. |
3 | NAV is Net Asset Value. |
4 | Inception of Class A shares is May 1, 2013. The performance information shown for Class A shares includes the performance of Investor Class shares, adjusted to reflect the sales charge applicable to Class A shares, for the period prior to Class A inception. |
Asset Allocation | Percent of Investments |
Foreign Stocks | 43.7% |
U.S. Stocks | 56.1% |
Cash & Cash Equivalents | 0.2% |
Total | 100.0% |
Top Ten Holdings
Company | Percent of Net Assets |
Sealed Air Corp. | 3.7% |
Danaher Corp. | 3.5% |
Xylem, Inc. | 3.5% |
Siemens AG | 3.5% |
Ecolab, Inc. | 3.3% |
TE Connectivity, Ltd. | 3.2% |
Suez | 3.2% |
East Japan Railway Co. | 3.1% |
Waste Management, Inc. | 3.1% |
Linde PLC | 3.1% |
Total | 33.2% |
Ten largest holdings do not include money market securities, certificates of deposit, commercial paper or cash and equivalents, if applicable.
Holdings are subject to change.
34 |
December 31, 2018 |
Environmental Markets Classification System (EMCS)
Sector | Sub Sector | Percent of Net Assets | |
Renewable & Alternative Energy | 0.4% | ||
Renewable Energy Developers & Independent Power Producers (IPPs) | 0.4% | ||
Energy Efficiency | 33.8% | ||
Power Network Efficiency | 4.8% | ||
Industrial Energy Efficiency | 4.4% | ||
Buildings Energy Efficiency | 11.4% | ||
Transport Energy Efficiency | 8.7% | ||
Consumer Energy Efficiency | 1.0% | ||
Diversified Energy Efficiency | 3.5% | ||
Water Infrastructure & Technologies | 28.7% | ||
Water Infrastructure | 11.8% | ||
Water Treatment Equipment | 4.5% | ||
Water Utilities | 8.9% | ||
Diversified Water Infrastructure & Technology | 3.5% | ||
Pollution Control | 12.1% | ||
Pollution Control Solutions | 0.8% | ||
Environmental Testing & Gas Sensing | 8.2% | ||
Public Transportation | 3.1% | ||
Waste Management & Technologies | 4.6% | ||
Waste Technology Equipment | 1.5% | ||
General Waste Management | 3.1% | ||
Food, Agriculture & Forestry | 14.8% | ||
Logistics, Food Safety and Packaging | 8.1% | ||
Sustainable and Efficient Agriculture | 6.7% | ||
Diversified Environmental | 4.6% | ||
Diversified Environmental | 4.6% | ||
Other assets and liabilities (net) | 1.0% | 1.0% | |
100.0% | 100.0% |
May include companies representing multiple industries within a single “Sector”.
35 |
December 31, 2018 |
Pax Global Environmental Markets Fund, continued |
Portfolio Highlights (Unaudited), continued |
Geographical Diversification
Country | Percent of Net Assets |
United States | 55.6% |
Japan | 7.9% |
France | 7.0% |
United Kingdom | 6.8% |
China | 6.1% |
Germany | 5.4% |
Netherlands | 3.0% |
Taiwan | 2.0% |
South Korea | 1.2% |
Switzerland | 1.2% |
Ireland | 1.1% |
Spain | 0.9% |
Belgium | 0.8% |
Other assets and liabilities (net) | 1.0% |
Total | 100.0% |
36 |
December 31, 2018 |
Pax Ellevate Global Women’s Leadership Fund |
Portfolio Manager
|
Portfolio Manager
Pax Ellevate Management LLC |
Portfolio Managers’ Comments |
How did the Pax Ellevate Global Women’s Leadership Fund (the Fund) perform for the period?
For the one-year period ended December 31, 2018, the Investor and Institutional Class had total returns of -7.74% and -7.51%, respectively, compared to -8.71% for the MSCI World (Net) Index (World Index), -6.20% for the Pax Global Women’s Leadership (Net) Index (Women’s Index) and -10.76% for the Lipper Global Multi-Cap Core Funds Index.
Since the Fund adopted a strategic beta investment strategy in June of 2014, the Fund has outperformed the World Index for the period ending December 31, 2018 (54-month period): Institutional Class shares and Investor Class shares have returned 4.72% and 4.47%, respectively, versus the World Index return of 3.98%. The Fund’s overweight to the highest-rated quartile of companies within the World Index based on gender-diverse leadership has made the greatest contribution to the Fund’s relative outperformance, along with the Fund’s significant underweight to the bottom two quartiles of companies with less gender-diverse leadership, according to the Impax Gender Score.
In addition, the Fund has produced strong results compared with peers. The Institutional Class shares of the Fund (PXWIX) has posted a top 17% ranking (out of 102 funds) over the 54-month period and a top 11% ranking (out of 116 funds) for the three-year period ended December 31, 2018, based on average annual returns within the Lipper Global Multi-Cap Core classification.1
What is the investment objective of the Fund?
The Fund seeks investment returns that closely correspond to or exceed the price and yield performance, before fees and expenses, of the Women’s Index. The Fund pursues a strategic beta strategy, investing in the companies comprising the Women’s Index, the first index of the highest-rated companies in the world for gender-diverse leadership, as rated by Impax Gender Analytics.
37 |
December 31, 2018 |
Pax Ellevate Global Women’s Leadership Fund, continued |
The Fund overweights its portfolio toward Women’s Index companies with greater representation of women on boards and in senior management. Women hold 38% of the board seats and 31% of senior management positions in companies in the Fund, compared to 25% and 19%, respectively, within the World Index. In addition, 94% percent of companies in the Fund have three or more women on the board and 99% have two or more women on the board, compared with 46% and 71%, respectively, for companies in the World Index. 33% of companies in the Fund have a woman CEO or CFO, compared with 15% of companies in the World Index.2
What contributed positively and negatively to performance?
The highest-rated 25% of companies within the World Index based on gender-diverse leadership was the Fund’s largest positive contributor to relative performance during the year, along with the Fund’s significant underweight to the bottom two quartiles of companies with less gender-diverse leadership, according to the Impax Gender Score.
On a sector basis, stock selection in the Information Technology sector added the most to relative return during the year, led by strong results from Intuit, Microsoft and Cisco Systems. Stock selection in Consumer Staples also added to relative return during the year, driven by strong results from Procter & Gamble, Estee Lauder and Coca-Cola, and no allocation to tobacco companies. In addition, the Fund’s underweight allocation and stock selection within the Energy sector added to relative performance during the period.
Conversely, an overweight allocation and stock selection in Financials detracted the most from relative performance during the year, led by poor performance of Principal Financial Group and the entire Insurance group, due to interest rate uncertainty. Underweight allocations in the Health Care Providers & Services and Health Care Equipment & Supplies industries within the Health Care sector also detracted from performance during the period. In addition, an overweight allocation and selections in Telecomm, led by poor results from Telefonica Deutschland and Vodafone, detracted from performance during the period.
On a regional basis, the Fund’s European and Pacific holdings added the most to relative performance during the year, while holdings in North America slightly detracted. Within Europe, companies in the Netherlands, UK, Sweden and Germany added the most to relative return during the period. Within the Pacific region, the Fund’s significant underweight to Japan – no Japanese companies rank in the top 400 companies in the world based on our gender leadership criteria – helped relative performance.
38 |
December 31, 2018 |
Footnotes:
1 | Data shown represents rankings for the Pax Ellevate Global Women’s Leadership Fund - Institutional Class (PXWIX) in the Lipper Global Multi-Cap Core category based on average annual returns. Lipper rankings are based on total returns (not including sales charges) for the periods indicated and compare total return performance with that of other funds in the category. The Pax Ellevate Global Women’s Leadership Fund - Institutional Class (PXWIX) 1-year 19th percentile rank out of 151 funds, 3-year 11th percentile rank out of 116 funds, 5-year 18th percentile rank out of 101 funds, 10-year 73rd percentile rank out of 68 funds and 54-months: Since 06/04/14 17th percentile rank out of 102 funds. |
2 | Pax Gender Analytics, December 31, 2018. The Fund’s investable universe, the Women’s Index, had its annual reconstitution on 11/30/2018. |
Portfolio Highlights (Unaudited)
Ten Year Annual Total Return—Historical Growth of $10,000
Returns—Period ended December 31, 2018
Total | Average Annual Return | ||||
Share Class | Ticker | 1 Year | 3 Years | 5 Years | 10 Years |
Investor Class1 | PXWEX | -7.74% | 6.88% | 5.06% | 8.60% |
Institutional Class1 | PXWIX | -7.51% | 7.15% | 5.31% | 8.86% |
MSCI World (Net) Index | -8.71% | 6.30% | 4.56% | 9.67% | |
Pax Global Women's Leadership (Net) Index* | -6.20% | 6.99% | N/A | N/A | |
Lipper Global Multi-Cap Core Funds Index | -10.76% | 5.83% | 3.78% | 9.58% |
See “Glossary of Terms” for descriptions of benchmarks.
These figures represent past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Total returns for periods of less than one year have not been annualized. For most recent month-end performance data, please visit www.paxworld.com or call 800.767.1729.
* | A custom Index calculated by MSCI. Inception date of the Women's Index is February 28, 2014. |
39 |
December 31, 2018 |
Pax Ellevate Global Women’s Leadership Fund, continued |
Portfolio Highlights (Unaudited), continued |
1 | On June 4, 2014 the Pax World Global Women's Equality Fund merged into the Pax Ellevate Global Women's Leadership Fund (the Fund), pursuant to an Agreement and Plan of Reorganization dated March 4, 2014 (the "Reorganization"). Because the Fund had no investment operations prior to the closing of the Reorganization, Pax World Global Women's Equality Fund (the "Predecessor Fund") is treated as the survivor of the Reorganization for account and performance reporting purposes. Accordingly, all performance and other information shown for the Fund for periods prior to June 4, 2014 is that of the Predecessor Fund. Total return figures include reinvested dividends and capital gains distributions, and changes in principal value, and do not reflect the taxes that a shareholder might pay on Fund distributions or on the redemption of Fund shares. |
Asset Allocation | Percent of Investments |
U.S. Stocks | 61.7% |
Foreign Stocks | 35.3% |
Exchange-Traded Funds | 2.9% |
Cash & Cash Equivalents | 0.1% |
Total | 100.0% |
Top Ten Holdings
Company | Percent of Net Assets |
Microsoft Corp. | 4.0% |
Canadian Utilities, Ltd., Class A | 2.0% |
American Water Works Co., Inc. | 2.0% |
Texas Instruments, Inc. | 2.0% |
Wolters Kluwer NV | 2.0% |
Intuit, Inc. | 2.0% |
Swedbank AB, Class A | 1.9% |
Estee Lauder Cos, Inc., The, Class A | 1.9% |
Cisco Systems, Inc. | 1.9% |
Johnson & Johnson | 1.9% |
Total | 21.6% |
Ten largest holdings do not include money market securities, certificates of deposit, commercial paper or cash and equivalents, if applicable
Holdings are subject to change.
40 |
December 31, 2018 |
Sector Diversification
Sector | Percent of Net Assets |
Financials | 20.4% |
Information Technology | 15.9% |
Consumer Discretionary | 13.9% |
Consumer Staples | 11.5% |
Health Care | 9.0% |
Utilities | 7.2% |
Communication Services | 6.1% |
Industrials | 5.9% |
Exchange-Traded Funds | 2.9% |
Energy | 2.4% |
Materials | 2.3% |
Real Estate | 1.3% |
Other assets and liabilities (net) | 1.2% |
Total | 100.0% |
May include companies representing multiple industries within a single "Sector".
Geographical Diversification
Country | Percent of Net Assets |
United States | 63.9% |
France | 7.8% |
Canada | 5.2% |
Sweden | 4.1% |
United Kingdom | 3.9% |
Netherlands | 3.4% |
Australia | 3.1% |
Germany | 2.6% |
Hong Kong | 1.1% |
Norway | 1.0% |
Finland | 0.5% |
Switzerland | 0.5% |
Spain | 0.5% |
Denmark | 0.3% |
Italy | 0.3% |
Singapore | 0.2% |
Belgium | 0.2% |
Money Market | 0.1% |
New Zealand | 0.1% |
Israel | 0.1% |
Ireland | 0.0%* |
Other assets and liabilities (net) | 1.1% |
Total | 100.0% |
* | Rounds to less than 0.05%. |
41 |
December 31, 2018 |
Pax MSCI EAFE ESG Leaders Index Fund |
Portfolio Manager |
Portfolio Manager’s Comments |
How did the Pax MSCI EAFE ESG Leaders Index Fund (the Fund) perform for the period?
For the one-year period ended December 31, 2018, the Institutional Class and Investor Class had total returns of -12.90% and -13.15%, respectively, compared to -13.41% for the MSCI EAFE ESG Leaders (Net) Index (the “Index”) and -13.79% for the MSCI EAFE (Net) Index (“EAFE Index”), and -15.42% for the Lipper International Large-Cap Core Funds Index.
What is the investment objective of the Fund?
The Fund is designed to track the performance of the Index. The Fund and the Index are constructed to have a better ESG profile than the EAFE Index, and the Fund’s holdings averaged an overall score of 7.74 on MSCI ESG Research’s 0 to 10 scale compared to an overall score of 6.61 for the EAFE Index as of December 31, 2018.1 Long term, the Fund seeks to generate better risk-adjusted performance than the EAFE Index through its ESG focus.
What contributed positively and negatively to performance?
The Fund’s ESG focus added to relative performance versus the EAFE Index during the period. The highest-rated and average-rated ESG companies were strong positive contributors to performance, and the Fund’s large underweight to ESG laggards added slightly to relative performance. Longer term, since the Fund’s inception, an overweight to the highest-rated ESG companies has contributed the most to relative performance.
From a sector perspective, five out of eleven sectors produced positive relative results for the Fund. Stock selection in Consumer Staples, led by Household Products, Food & Staples Retailing, Personal Products and no allocation to Tobacco stocks, contributed to performance. Stock selection in Financials, driven by strong results from Banks and Capital Markets holdings, also had a positive impact on relative performance. In addition, stock selection in Information Technology and the Communication Services sectors, added to relative return.
Conversely, stock selection in Materials, led by Metals & Mining and Construction Materials, detracted the most from relative performance over the year. Stock selection in Industrials, driven by Building Products and an underweight to
42 |
December 31, 2018 |
Aerospace & Defense companies based on the Fund’s ESG investment policies, had a negative impact on relative performance. In addition, an underweight allocation in Energy, led by the sustainability challenged Oil, Gas & Consumable Fuels industry, detracted from performance.
On a regional basis, Europe and the Pacific regions added to relative performance during the year versus the EAFE Index. Within Europe, companies with leading ESG profiles in Germany, Spain and the UK added to relative performance. In the Pacific region, Japan produced positive relative results.
1 | MSCI ESG Research evaluates companies’ ESG characteristics and derives corresponding ESG scores and ratings. Companies are ranked by ESG score against their sector peers to determine their eligibility for the MSCI ESG indices. MSCI ESG Research identifies the highest-rated companies in each peer group to meet the float-adjusted market capitalization sector targets. The scoring system is based on general and industry-specific ESG criteria, assigning a score on a 0 to 10-point scale (0 lowest to 10 highest). |
Portfolio Highlights (Unaudited)
Ten Year Annual Total Return—Historical Growth of $10,000
Returns—Period ended December 31, 2018
Total | Average Annual Return | ||||
Share Class | Ticker | 1 Year | 3 Years | 5 Years | Since |
Institutional Class1 | PXNIX | -12.90% | 1.85% | 0.21% | 3.06% |
Investor Class1,2 | PXINX | -13.15% | 1.60% | -0.08% | 2.79% |
MSCI EAFE ESG Leaders (Net) Index | -13.41% | 2.07% | 0.79% | 3.48% | |
MSCI EAFE (Net) Index | -13.79% | 2.87% | 0.53% | 2.91% | |
Lipper International Large-Cap Core Funds Index | -15.42% | 2.89% | 0.08% | 2.39% |
See “Glossary of Terms” for descriptions of benchmarks.
43 |
December 31, 2018 |
Pax MSCI EAFE ESG Leaders Index Fund, continued |
Portfolio Highlights (Unaudited), continued |
These figures represent past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Total returns for periods of less than one year have not been annualized. For most recent month-end performance data, please visit www.paxworld.com or call 800.767.1729.
1 | The Fund's inception date is January 27, 2011. On March 31, 2014, Pax World International Fund and Pax MSCI EAFE ESG Index ETF merged into the Pax MSCI EAFE ESG Leaders Index Fund (the Fund), a passively managed index fund which seeks investment returns that closely correspond to the price and yield performance, before fees and expenses, of the MSCI EAFE ESG Leaders Index. Based on the similarity of the Fund to Pax MSCI EAFE ESG Index ETF, Pax MSCI EAFE ESG Index ETF (the Predecessor Fund) is treated as the survivor of the mergers for accounting and performance reporting purposes. Accordingly, all performance and other information shown for the Fund for periods prior to March 31, 2014 is that of the Predecessor Fund. Total return figures include reinvested dividends and capital gains distributions, and changes in principal value, and do not reflect the taxes that a shareholder might pay on Fund distributions or on the redemption of Fund shares. |
2 | Inception of the Investor Class is March 31, 2014. The performance information shown for the Investor Class shares for periods prior to March 31, 2014 includes the performance of the Predecessor Fund. These returns have been adjusted to reflect the expenses allocable to Investor Class. |
Asset Allocation | Percent of Investments |
Foreign Stocks | 98.5% |
Exchange-Traded Funds | 1.2% |
Cash & Cash Equivalents | 0.3% |
Total | 100.0% |
Top Ten Holdings
Company | Percent of Net Assets |
Roche Holding AG | 2.7% |
TOTAL SA | 2.0% |
GlaxoSmithKline PLC | 1.9% |
SAP SE | 1.5% |
Commonwealth Bank of Australia | 1.5% |
Unilever NV | 1.5% |
Allianz SE | 1.4% |
Novo Nordisk A/S, Class B | 1.4% |
Siemens AG | 1.3% |
iShares Core MSCI EAFE ETF | 1.2% |
Total | 16.4% |
Ten largest holdings do not include money market securities, certificates of deposit, commercial paper or cash and equivalents, if applicable.
Holdings are subject to change.
44 |
December 31, 2018 |
Sector Diversification
Sector | Percent of Net Assets |
Financials | 19.2% |
Industrials | 13.5% |
Consumer Discretionary | 11.1% |
Health Care | 10.7% |
Consumer Staples | 10.3% |
Materials | 8.0% |
Information Technology | 7.3% |
Communication Services | 5.9% |
Energy | 4.1% |
Utilities | 3.8% |
Real Estate | 3.6% |
Exchange-Traded Funds | 1.2% |
Other assets and liabilities (net) | 1.3% |
Total | 100.0% |
May include companies representing multiple industries within a single “Sector”.
Geographical Diversification
Country | Percent of Net Assets |
Japan | 23.0% |
United Kingdom | 11.8% |
France | 10.5% |
Germany | 10.1% |
Australia | 9.5% |
Switzerland | 7.2% |
Netherlands | 5.5% |
Spain | 4.2% |
Sweden | 4.0% |
Denmark | 2.6% |
Hong Kong | 2.3% |
Singapore | 1.4% |
Italy | 1.4% |
Finland | 0.9% |
Norway | 0.9% |
Ireland | 0.7% |
Belgium | 0.6% |
Portugal | 0.3% |
Israel | 0.3% |
New Zealand | 0.2% |
Austria | 0.1% |
Other assets and liabilities (net) | 2.5% |
Total | 100.0% |
45 |
December 31, 2018 |
Pax Core Bond Fund |
Portfolio Manager |
Portfolio Manager’s Comments |
How did the Pax Core Bond Fund (the Fund) perform for the period?
For the one-year period ended December 31, 2018, the Institutional Class and Investor Class shares of the Fund had total returns of 0.01% and -0.24%, respectively, compared to 0.01% for the Bloomberg Barclays U.S. Aggregate Bond Index and -0.45% for the Lipper Core Bond Funds Index.
What factors contributed to the Fund’s performance?
The Fund’s corporate, securitized and municipal sectors were positive contributors to performance. Conversely, the Fund’s Treasury positions detracted from performance.
Can you discuss any significant changes to the Fund’s positioning throughout the period?
In general, the Fund continues to be positioned as a high credit quality portfolio with an average credit rating of AA-. We maintain the view that we are in the latter part of the credit cycle and choose to position the portfolio with relatively lower credit risk and more liquidity.
Additionally, during the year the Fund continued to increase its impact holdings, which are securities that help drive positive impact on environmental or social issues. We currently own 70 impact bonds that represent 18.5% of the Fund. Investment selections during the year included a number of solar asset-backed securities which we found of particular value.
What portfolio holdings contributed positively to performance?
The Fund’s positioning within corporate bonds was a top contributor to performance. We have positioned the corporate bonds portion of the portfolio to have less sensitivity to credit spread widening. During the period, the spread difference between Treasuries and corporate bonds increased meaningfully, which was a benefit to the Fund’s relative performance.
What portfolio holdings detracted from performance?
The Fund’s Treasury holdings detracted from performance. The Federal Reserve raised rates during the period and Treasuries were negatively impacted as a result.
46 |
December 31, 2018 |
Portfolio Highlights (Unaudited)
Ten Year Annual Total Return—Historical Growth of $10,000
Returns—Period ended December 31, 2018
Total | Average | ||||
Share Class | Ticker |
|
| 1 Year | Since |
Institutional Class2 | PXBIX | 0.01% | 1.82% | ||
Investor Class2 | PAXBX | -0.24% | 1.56% | ||
Bloomberg Barclays U.S. Aggregate Bond Index | 0.01% | 2.28% | |||
Lipper Core Bond Funds Index | -0.45% | 2.17% |
See “Glossary of Terms” for descriptions of benchmarks.
These figures represent past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Total returns for periods of less than one year have not been annualized. For most recent month-end performance data, please visit www.paxworld.com or call 800.767.1729.
1 | The Fund's inception date is December 16, 2016. |
2 | Total return figures include reinvested dividends and capital gains distributions, and changes in principal value, and do not reflect the taxes that a shareholder might pay on Fund distributions or on the redemption of Fund shares. |
Asset Allocation | Percent of Investments |
U.S. Bonds | 88.9% |
Foreign Bonds | 6.6% |
Exchange-Traded Funds | 0.9% |
Cash & Cash Equivalents | 3.6% |
Total | 100.0% |
47 |
December 31, 2018 |
Pax Core Bond Fund, continued |
Portfolio Highlights (Unaudited), continued |
Top Ten Holdings
Company | Percent of Net Assets |
United States Treasury Note, 3.125%, 05/15/48 | 5.3% |
United States Treasury Note, 2.375%, 08/15/24 | 4.9% |
United States Treasury Note, 2.625%, 02/28/23 | 4.2% |
United States Treasury Note, 2.750%, 09/30/20 | 2.5% |
United States Treasury Note, 2.125%, 11/30/23 | 2.1% |
United States Treasury Note, 4.500%, 02/15/36 | 1.6% |
United States Treasury Note (TIPS), 0.375%, 07/15/27 | 1.4% |
United States Treasury Note, 4.375%, 11/15/39 | 1.4% |
United States Treasury Note, 2.375%, 03/15/21 | 1.0% |
iShares Core U.S. Aggregate Bond ETF | 0.9% |
Total | 25.3% |
Ten largest holdings do not include money market securities, certificates of deposit, commercial paper or cash and equivalents, if applicable
Holdings are subject to change.
Fixed Income Sector Diversification
Sector | Percent of Net Assets |
Mortgage-Backed Bonds | 31.0% |
Treasury Bonds | 30.2% |
Corporate Bonds | 28.7% |
Municipal Bonds | 4.3% |
Community Investment Notes | 0.5% |
Gov't Bonds | 0.3% |
Agency/Gov't Related Bonds | 0.1% |
Other assets and liabilities (net) | 4.9% |
Total | 100.0% |
48 |
December 31, 2018 |
Credit Quality*
Bond Rating | Percent of Bonds |
U.S. Government | 56.1% |
AAA | 8.9% |
AA+ | 1.8% |
AA | 2.0% |
AA- | 3.8% |
A+ | 2.1% |
A | 3.5% |
A- | 4.6% |
BBB+ | 3.0% |
BBB | 4.5% |
BBB- | 1.9% |
BB+ | 0.4% |
BB | 1.0% |
BB- | 1.1% |
B+ | 0.3% |
Not Rated | 5.0% |
100.0% |
* | Credit quality ratings by Standard & Poor’s assist investors by evaluating the credit worthiness of many bond issues. AAA: An obligation rated ‘AAA’ has the highest rating assigned by S&P Global Ratings. The obligor’s capacity to meet its financial commitment on the obligation is extremely strong. AA: An obligation rated ‘AA’ differs from the highest-rated obligations only to a small degree. The obligor’s capacity to meet its financial commitment on the obligation is very strong. A: An obligation rated ‘A’ is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor’s capacity to meet its financial commitment on the obligation is still strong. BBB: An obligation rated ‘BBB’ exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation. BB: An obligation rated ‘BB’ is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions which could lead to the obligor’s inadequate capacity to meet its financial commitment on the obligation. Not Rated: This indicates that no rating has been requested, or that there is insufficient information on which to base a rating, or that Standard & Poor’s does not rate a particular obligation as a matter of policy. |
49 |
December 31, 2018 |
Pax High Yield Bond Fund |
Portfolio Manager
|
Portfolio Manager |
Portfolio Manager’s Comments |
How did the Pax High Yield Bond Fund (the Fund) perform for the period?
For the one-year period ended December 31, 2018, the Institutional Class, Class A, and Investor Class shares of the Fund had total returns of -2.70%, -3.05%, and -3.07%, respectively, compared to -2.04% for the ICE BofA Merrill Lynch U.S. High Yield—Cash Pay—BB-B (Constrained 2%) Index and -2.98% for the Lipper High Yield Bond Funds Index.
The Fund’s performance in the period was broadly consistent with our expectations during volatile market conditions. Despite relatively stable economic indicators and continued strength in corporate profits, the asset class was negatively impacted by fears of slowing growth, political uncertainty and poor performance in global equity markets.
What factors contributed to the Fund’s performance?
The Fund’s performance was driven by positive sector allocation with underweights to the Energy and Basic Industry sectors. Offsetting this was negative credit selection in the Retail, Energy and Consumer Products sectors. The Fund's average cash balance of approximately 3.5% contributed to relative performance by approximately 12 basis points.1
Can you discuss any significant changes to the Fund’s positioning throughout the period?
The Fund’s credit rating exposure did not change materially in 2018. Over the course of the year, the Fund’s allocation to BB rated bonds increased to 52.7% from 50.8%, B rated bonds declined to 33.8% from 37.7% and CCC rated bonds decreased slightly to 6.6% from 7.0%. As of December 31, 2018, the average credit quality of the Fund as measured by S&P Global Ratings was B+. The duration of the Fund at year end was 4.07 years (versus the benchmark of 4.28 years).
1 | Basis point is 0.01%. |
50 |
December 31, 2018 |
By sector, the Fund increased exposure to the Services, Capital Goods and Real Estate sectors. The Fund reduced exposure to the Energy, Leisure and Telecommunications sectors. The top 10 positions in the Fund at year end made up 15% of the Fund versus 16.5% as of December 31, 2017.
What portfolio holdings contributed positively to performance?
JC Penney, a retailer, performed very well early in the year and we exited the position. Frontier Communications, a wireline telecommunications service provider, added to performance as the bonds outperformed after a difficult 2017. We reduced this position size in the fourth quarter of 2018. Lastly, Carlson Travel, a travel service provider, performed well in 2018 as they consistently outperformed market expectations over the course of the year.
What portfolio holdings detracted from performance?
Charlotte Russe, an apparel retailer, has been facing declining mall traffic and heightened competition in its “fast fashion” category. The company performed poorly despite reducing debt through an out of court restructuring. Chapparral Energy, an oil exploration & production company, underperformed due to volatile oil prices and waning investor confidence in the productivity of their acreage. Lastly, Highridge Brands, a consumer products company, performed poorly due to competitive pressures and near-term shortage of new products.
Portfolio Highlights (Unaudited)
Ten Year Annual Total Return—Historical Growth of $10,000
* | Represents a hypothetical investment of $10,000 in the fund after deducting the maximum sales load of 4.5% ($10,000 investment minus $450 sales load = $9,550). |
51 |
December 31, 2018 |
Pax High Yield Bond Fund, continued |
Portfolio Highlights (Unaudited), continued |
Returns—Period ended December 31, 2018
Total | Average Annual Return | |||||
Share Class | Ticker |
| 1 Year | 3 Years | 5 Years | 10 Years |
Investor Class1 | PAXHX | -3.07% | 5.47% | 1.75% | 7.51% | |
Class A1,2,4 | PXHAX | NAV3 | -3.05% | 5.47% | 1.78% | 7.52% |
POP | -7.42% | 3.89% | 0.84% | 7.03% | ||
Institutional Class1 | PXHIX | -2.70% | 5.74% | 2.02% | 7.78% | |
ICE BofA Merrill Lynch U.S. High Yield - Cash Pay - BB-B (Constrained 2%) Index | -2.04% | 6.34% | 3.87% | 9.98% | ||
Lipper High Yield Bond Funds Index | -2.98% | 6.12% | 3.05% | 9.82% |
See 'Glossary of Terms' for descriptions of benchmarks.
These figures represent past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Total returns for periods of less than one year have not been annualized. For most recent month-end performance data, please visit www.paxworld.com or call 800.767.1729.
1 | The Fund's investment adviser assumed certain expenses during the 10-year period; total returns would have been lower had these expenses not been assumed. Total return figures include reinvested dividends and capital gains distributions, and changes in principal value, and do not reflect the taxes that a shareholder might pay on Fund distributions or on the redemption of Fund shares. |
2 | A 1.00% CDSC (contingent deferred sales charge) may be charged on any shares sold within 18 months of purchase over $1 million. POP (public offering price) reflects the maximum sales load for the Fund's Class A Shares of 4.50%. NAV performance does not reflect the deduction of the sales load of the CDSC, which if reflected would reduce the performance shown. |
3 | NAV is Net Asset Value. |
4 | Inception of Class A shares is May 1, 2013. The performance information shown for Class A shares includes the performance of Investor Class shares, adjusted to reflect the sales charge applicable to Class A shares, for the period prior to Class A inception. |
Asset Allocation | Percent of Investments |
U.S. Bonds | 79.4% |
Foreign Bonds | 17.3% |
Loans | 0.3% |
U.S. Stocks | 0.4% |
Cash & Cash Equivalents | 2.6% |
Total | 100.0% |
52 |
December 31, 2018 |
Credit Quality*
Bond Rating | Percent of Bonds |
U.S. Government | 0.7% |
BBB- | 5.0% |
BB+ | 13.7% |
BB | 23.3% |
BB- | 15.8% |
B+ | 8.9% |
B | 13.4% |
B- | 11.7% |
CCC+ | 5.8% |
CCC | 1.1% |
CCC- | 0.1% |
CC | 0.5% |
Total | 100.0% |
* | See bond rating descriptions on page 49. |
Top Ten Holdings
Company | Percent of Net Assets |
Manitowoc Co, Inc., The, 144A, 12.750%, 08/15/21 | 0.9% |
Scientific Games International, Inc., 10.000%, 12/01/22 | 0.9% |
Fly Leasing, Ltd., 6.375%, 10/15/21 | 0.8% |
Sprint Corp., 7.250%, 09/15/21 | 0.8% |
Ally Financial, Inc., 4.250%, 04/15/21 | 0.8% |
Lamb Weston Holdings, Inc., 144A, 4.625%, 11/01/24 | 0.8% |
United Rentals North America, Inc., 5.750%, 11/15/24 | 0.8% |
HCA, Inc., 5.875%, 05/01/23 | 0.8% |
Air Canada, 144A, 7.750%, 04/15/21 | 0.7% |
Ally Financial, Inc., 3.500%, 01/27/19 | 0.7% |
Total | 8.0% |
Ten largest holdings do not include money market securities, certificates of deposit, commercial paper or cash and equivalents, if applicable
Holdings are subject to change.
53 |
December 31, 2018 |
Pax High Yield Bond Fund, continued |
Portfolio Highlights (Unaudited), continued |
Fixed Income Sector Diversification
Sector | Percent of Net Assets |
Basic Industry | 11.1% |
Media | 11.0% |
Energy | 10.6% |
Telecommunications | 9.1% |
Health Care | 7.3% |
Capital Goods | 6.6% |
Services | 6.1% |
Consumer Goods | 5.4% |
Banking | 4.1% |
Technology & Electronics | 4.1% |
Retail | 3.9% |
Financial Services | 3.1% |
Leisure | 2.9% |
Real Estate | 2.9% |
Automotive | 2.9% |
Utility | 2.3% |
Transportation | 1.0% |
Insurance | 0.8% |
U.S. Government | 0.7% |
Other assets and liabilities (net) | 4.1% |
Total | 100.0% |
May include companies representing multiple industries within a single "Sector".
54 |
December 31, 2018 |
Pax Balanced Fund |
Portfolio Manager
|
Portfolio Manager
|
Portfolio Manager
|
Portfolio Manager |
Portfolio Managers’ Comments |
How did the Pax Balanced Fund (the Fund) perform for the period?
For the one-year period ended December 31, 2018, the Investor Class and Institutional Class of the Fund had total returns of -4.08% and -3.85%, respectively, compared to -4.38% for the S&P 500 Index, -2.35% for the 60% S&P 500 Index/ 40% Bloomberg Barclays U.S. Aggregate Bond Index blend (the Blended Index) and -5.76% for the Morningstar Allocation--50% to 70% Equity category average.
What factors contributed to the Fund’s performance?
The main driver of the Fund's 2018 performance relative to its benchmarks was exposure to non-U.S. equity as the MSCI EAFE Index returned -13.8%, significantly underperforming U.S. equities with the S&P 500 Index returning -4.38%. The non-U.S. equity allocation was a headwind for performance relative to the Blended Index because it does not contain non-U.S. exposure. However, the modest, intentional underweight position to non-U.S. stocks relative to peers contributed positively to the Fund’s strong performance relative to the Morningstar Allocation--50%-70% Equity Index. The Fund’s modest overweight to equities through September 2018 was also a positive contributor to performance during the period.
Can you discuss any significant changes to the Fund’s positioning throughout the period?
The Fund’s equity allocation was reduced in late-September and early-October and remains modestly below its 60% neutral target. The fixed income allocation remains in-line with its 40% target, with the Fund maintaining a modest, transitional allocation to cash. The fourth quarter decline in the market brought equity prices to more attractive valuation levels, both relative to its own history and investment grade bonds, particularly with the 10-year Treasury closing the year at a yield of 2.69%. Amid this volatility, we are continually assessing whether current valuations across asset classes fully reflect a myriad of risks, or if recent volatility has overly discounted these risks.
55 |
December 31, 2018 |
Pax Balanced Fund, continued |
What portfolio holdings contributed positively and negatively to performance?
The Pax Mid Cap Fund was the largest detractor to 2018 performance as it underperformed the Russell Midcap Index. Its lower risk bias struggled during the first three quarters of 2018 before rebounding strongly in the market sell-off in the fourth quarter. The Pax Large Cap Fund trailed the S&P 500 Index by a small margin and was a modest detractor to performance versus the Blended Index.
The Pax ESG Beta Dividend Fund was a positive contributor, outperforming the Russell 1000 Index due to tilts toward companies with higher dividend yield, higher profitability and higher earnings quality, which are style factors that performed relatively well during the period.
Portfolio Highlights (Unaudited)
Ten Year Annual Total Return—Historical Growth of $10,000
Returns—Period ended December 31, 2018
Total | Average Annual Return | ||||
Share Class | Ticker | 1 Year | 3 Years | 5 Years | 10 Years |
Investor Class1 | PAXWX | -4.08% | 4.72% | 4.29% | 7.85% |
Institutional Class1 | PAXIX | -3.85% | 4.96% | 4.54% | 8.12% |
S&P 500 Index | -4.38% | 9.26% | 8.49% | 13.12% | |
Blended Index | -2.35% | 6.50% | 6.24% | 9.42% | |
Morningstar Allocation--50% to 70% Equity | -5.76% | 4.71% | 3.67% | 8.33% |
See “Glossary of Terms” for descriptions of benchmarks.
56 |
December 31, 2018 |
These figures represent past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Total returns for periods of less than one year have not been annualized. For most recent month-end performance data, please visit www.paxworld.com or call 800.767.1729.
1 | Total return figures include reinvested dividends and capital gains distributions, and changes in principal value, and do not reflect the taxes that a shareholder might pay on Fund distributions or on the redemption of Fund shares. |
Manager Allocations
Fund Allocation | Percent of Net Assets |
Equity | |
Large-Cap/Multi-Cap Core Strategies | |
Pax Large Cap Fund | 34.8% |
Pax ESG Beta Dividend Fund | 6.8% |
Small/Mid-Cap Core Strategies | |
Pax Mid Cap Fund | 6.1% |
Foreign Strategies | |
Pax Global Environmental Markets Fund | 0.9% |
Pax Global Opportunities Fund | 1.4% |
Pax MSCI EAFE ESG Leaders Index Fund | 7.5% |
Total Equity | 57.5% |
Fixed Income | |
Investment Grade/Intermediate | |
Pax Core Bond Fund | 40.2% |
Total Fixed Income | 40.2% |
Cash & Cash Equivalents | 2.3% |
Total | 100.0% |
57 |
December 31, 2018 |
Sustainable Investing Update (Unaudited) |
Senior Vice President
Julie Gorte, Ph.D. |
Sustainability is a journey, and we have all been on journeys that don’t proceed in a straight line. The year 2018 was a reminder of that.
Every year there are bound to be a few stories about how long it will take to close the gender gap, or some portion of it. This year, the disheartening news from the World Economic Forum was that it will take 202 years to fully bridge the gap in economic opportunities between men and women at the current rate of progress.1 The improvement last year was a very underwhelming 0.01 percent.
What that means for us is that we must simply keep working toward equality, and, if anything, redouble our efforts. At the moment, we are working with, or planning to work with, 11 companies to urge them to improve their gender equality profiles — two on board diversity, one on executive diversity and nine on gender pay equity. All of these are pieces of the gender equality puzzle, and while that’s a lot of work for us, it can often sound like a drop in the bucket outside the industry. The good news is that this kind of engagement often has a halo effect that magnifies beyond the specific company or companies we engage with.
Companies compete with each other on many dimensions, and these days, that’s increasingly including sustainability. As evidence of the financial materiality and impact of various aspects of sustainability on financial performance grows, companies know they need to inform their stakeholders — including shareholders — about what they’re doing to lighten their footprints on the planet and treat workers, supply chains and communities with respect and fairness. So when we convince one company to commit to pay equity or board/executive diversification, or to offer family-friendly benefits, that company’s competitors are likely to pay attention. We’ve seen this happen time after time, which is one reason that we try to focus our engagements on companies that are seen as industry leaders as often as we can.
Another area where we need to buckle down to work is climate change. After three years of reducing our greenhouse gas emissions even with a growing economy, 2018 showed that we haven’t completely turned the corner. Estimated greenhouse gas emissions in the U.S. went up 3.4 percent2, led by emissions from transportation
1 | Bloomberg, “Women Are on Track To Earn the Same as Men — in 202 Years.” Dec. 17, 2018 |
2 | The New York Times, “U.S. Carbon Emissions Surged in 2018 Even as Coal Plants Closed.” Jan. 8, 2019 |
58 |
December 31, 2018 |
Sustainable Investing Update (Unaudited), continued |
— planes, trucks and other motor vehicles are now the largest category of U.S. emissions. The good news buried in the bad was that the U.S. continues to close coal power plants, which are the most carbon-intensive of all the ways to generate electricity. The progress we have made in phasing out coal shows no signs of halting despite the Trump administration’s promise to revive coal; as Michael Bloomberg said, the market killed coal, not the Obama administration.
Again, that means we need to maintain and amp up our efforts to convince companies to reduce emissions and set goals for emissions reduction that are compatible with the goals of the Paris Accord. We are engaging with, or have plans to engage with, 12 companies on the issue of climate change. In some cases, we will ask companies to assure that their lobbying and political spending is not working against other stated company commitments to tackle climate change; in others, we will ask companies to report on their emissions and emissions reduction plans, the impact of their supply chain on deforestation, or their commitments to renewable energy. We were also part of a coalition of investors who wrote to the EPA arguing that the agency’s plan to roll back fuel-efficiency standards for motor vehicles was unnecessary and damaging, not only to the climate but to the economy.
Our successes on these big stages may seem small individually, but together with those of other investors and concerned people, they can be significant. They have to be: This is how we as a society tackle big issues like gender inequality and climate change. We don’t have any silver-bullet options that would change everything overnight; we have these tools, and we can either use them or not. We choose to use them.
59 |
December 31, 2018 |
Shareholder Expense Examples (Unaudited) |
Examples As a shareholder of the Funds, you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. The examples on the next page are intended to help you understand your ongoing costs (in dollars) of investing in each of the Funds and compare these costs with the ongoing costs of investing in other mutual funds. For more information, see the relevant Fund’s prospectus or talk to your financial adviser.
The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period beginning on July 1, 2018 and ending on December 31, 2018.
Please note that Individual Retirement Account (IRA), Coverdell Education Savings, Roth IRA, SEP-IRA, SIMPLE IRA, and 403(b)(7) accounts are charged an annual custodial fee of fifteen dollars. If you are invested in one of these account types, you should add an additional $7.50 to the estimated expenses paid during the period.
Actual Expenses For each Fund, the first table on the next page provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. For the Fund, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Examples for Comparison Purposes For each Fund, the second table on the following pages provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not each Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition if these transactional costs were included, our costs would have been higher.
60 |
December 31, 2018 |
Shareholder Expense Examples (Unaudited), continued |
Based on Actual Fund Return | ||||
| Beginning | Ending | Annualized | Expenses |
Large Cap Fund - Investor | $1,000.00 | $921.20 | 0.96% | $4.65 |
Large Cap Fund - Institutional | 1,000.00 | 922.30 | 0.70% | 3.39 |
Mid Cap Fund - Investor | 1,000.00 | 876.90 | 1.19% | 5.63 |
Mid Cap Fund - Institutional | 1,000.00 | 877.40 | 0.94% | 4.45 |
Small Cap Fund - Investor | 1,000.00 | 829.40 | 1.19% | 5.49 |
Small Cap Fund - Class A | 1,000.00 | 829.20 | 1.19% | 5.49 |
Small Cap Fund - Institutional | 1,000.00 | 830.60 | 0.94% | 4.34 |
ESG Beta Quality Fund - Investor | 1,000.00 | 945.90 | 0.90% | 4.41 |
ESG Beta Quality Fund - Class A | 1,000.00 | 946.40 | 0.90% | 4.42 |
ESG Beta Quality Fund - Institutional | 1,000.00 | 947.30 | 0.65% | 3.19 |
ESG Beta Dividend Fund - Investor | 1,000.00 | 949.90 | 0.90% | 4.42 |
ESG Beta Dividend Fund - Institutional | 1,000.00 | 951.10 | 0.65% | 3.20 |
Global Opportunities Fund - Investor | 1,000.00 | 920.80 | 1.16% | 5.62 |
Global Opportunities Fund - Institutional | 1,000.00 | 920.80 | 0.92% | 4.45 |
Global Environmental Markets Fund - Investor | 1,000.00 | 903.60 | 1.23% | 5.90 |
Global Environmental Markets Fund - Class A | 1,000.00 | 903.40 | 1.23% | 5.90 |
Global Environmental Markets Fund - Institutional | 1,000.00 | 904.20 | 0.98% | 4.70 |
Global Women's Leadership Fund - Investor | 1,000.00 | 919.40 | 0.80% | 3.87 |
Global Women's Leadership Fund - Institutional | 1,000.00 | 920.30 | 0.55% | 2.66 |
MSCI EAFE ESG Leaders Index Fund - Investor | 1,000.00 | 895.00 | 0.80% | 3.82 |
MSCI EAFE ESG Leaders Index Fund - Institutional | 1,000.00 | 896.70 | 0.55% | 2.63 |
Core Bond Fund - Investor | 1,000.00 | 1,013.30 | 0.71% | 3.60 |
Core Bond Fund - Institutional | 1,000.00 | 1,014.60 | 0.46% | 2.34 |
High Yield Bond Fund - Investor | 1,000.00 | 977.30 | 0.96% | 4.78 |
High Yield Bond Fund - Class A | 1,000.00 | 977.40 | 0.96% | 4.78 |
High Yield Bond Fund - Institutional | 1,000.00 | 978.40 | 0.71% | 3.54 |
Balanced Fund - Investor | 1,000.00 | 955.50 | 0.30% | 1.48 |
Balanced Fund - Institutional | 1,000.00 | 956.20 | 0.05% | 0.25 |
1 | Expenses are equal to each Funds' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period beginning on July 1, 2018 and ending on December 31, 2018). |
61 |
December 31, 2018 |
Shareholder Expense Examples (Unaudited), continued |
Based on Hypothetical 5% Return (before expenses) | ||||
| Beginning | Ending | Annualized | Expenses |
Large Cap Fund - Investor | $1,000.00 | $1,020.37 | 0.96% | $4.89 |
Large Cap Fund - Institutional | 1,000.00 | 1,021.68 | 0.70% | 3.57 |
Mid Cap Fund - Investor | 1,000.00 | 1,019.21 | 1.19% | 6.06 |
Mid Cap Fund - Institutional | 1,000.00 | 1,020.47 | 0.94% | 4.79 |
Small Cap Fund - Investor | 1,000.00 | 1,019.21 | 1.19% | 6.06 |
Small Cap Fund - Class A | 1,000.00 | 1,019.21 | 1.19% | 6.06 |
Small Cap Fund - Institutional | 1,000.00 | 1,020.47 | 0.94% | 4.79 |
ESG Beta Quality Fund - Investor | 1,000.00 | 1,020.67 | 0.90% | 4.58 |
ESG Beta Quality Fund - Class A | 1,000.00 | 1,020.67 | 0.90% | 4.58 |
ESG Beta Quality Fund - Institutional | 1,000.00 | 1,021.93 | 0.65% | 3.31 |
ESG Beta Dividend Fund - Investor | 1,000.00 | 1,020.67 | 0.90% | 4.58 |
ESG Beta Dividend Fund - Institutional | 1,000.00 | 1,021.93 | 0.65% | 3.31 |
Global Opportunities Fund - Investor | 1,000.00 | 1,019.36 | 1.16% | 5.90 |
Global Opportunities Fund - Institutional | 1,000.00 | 1,020.57 | 0.92% | 4.69 |
Global Environmental Markets Fund - Investor | 1,000.00 | 1,019.00 | 1.23% | 6.26 |
Global Environmental Markets Fund - Class A | 1,000.00 | 1,019.00 | 1.23% | 6.26 |
Global Environmental Markets Fund - Institutional | 1,000.00 | 1,020.27 | 0.98% | 4.99 |
Global Women's Leadership Fund - Investor | 1,000.00 | 1,021.17 | 0.80% | 4.08 |
Global Women's Leadership Fund - Institutional | 1,000.00 | 1,022.43 | 0.55% | 2.80 |
MSCI EAFE ESG Leaders Index Fund - Investor | 1,000.00 | 1,021.17 | 0.80% | 4.08 |
MSCI EAFE ESG Leaders Index Fund - Institutional | 1,000.00 | 1,022.43 | 0.55% | 2.80 |
Core Bond Fund - Investor | 1,000.00 | 1,021.63 | 0.71% | 3.62 |
Core Bond Fund - Institutional Investor | 1,000.00 | 1,022.82 | 0.46% | 2.35 |
High Yield Bond Fund - Investor | 1,000.00 | 1,020.37 | 0.96% | 4.89 |
High Yield Bond Fund - Class A | 1,000.00 | 1,020.37 | 0.96% | 4.89 |
High Yield Bond Fund - Institutional | 1,000.00 | 1,021.63 | 0.71% | 3.62 |
Balanced Fund - Investor | 1,000.00 | 1,023.69 | 0.30% | 1.53 |
Balanced Fund - Institutional | 1,000.00 | 1,024.95 | 0.05% | 0.26 |
1 | Expenses are equal to each Funds' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period beginning on July 1, 2018 and ending on December 31, 2018). |
62 |
December 31, 2018 |
Schedule of Investments |
Pax Large Cap Fund
Percent of Net Assets | Shares/ | Value | ||||||
COMMON STOCKS: 97.8% | ||||||||
Communication Services: 13.1% | ||||||||
Alphabet, Inc., Class A (a) | 15,223 | $ | 15,907,425 | |||||
Alphabet, Inc., Class C (a) | 15,375 | 15,922,508 | ||||||
AT&T, Inc. | 527,000 | 15,040,580 | ||||||
Discovery, Inc., Class A (a)(b) | 337,414 | 8,347,622 | ||||||
T-Mobile US, Inc. (a) | 152,500 | 9,700,525 | ||||||
Walt Disney Co., The | 115,130 | 12,624,005 | ||||||
77,542,665 | ||||||||
Consumer Discretionary: 10.7% | ||||||||
Amazon.com, Inc. (a) | 18,604 | 27,942,650 | ||||||
Aptiv PLC | 131,500 | 8,096,455 | ||||||
Lowe's Cos., Inc. | 127,062 | 11,735,446 | ||||||
PVH Corp. | 91,900 | 8,542,105 | ||||||
Target Corp. | 109,250 | 7,220,333 | ||||||
63,536,989 | ||||||||
Consumer Staples: 8.0% | ||||||||
Colgate-Palmolive Co. | 167,000 | 9,939,840 | ||||||
McCormick & Co., Inc. | 67,600 | 9,412,624 | ||||||
Mondelez International, Inc., Class A | 391,800 | 15,683,754 | ||||||
PepsiCo, Inc. | 111,945 | 12,367,684 | ||||||
47,403,902 | ||||||||
Energy: 4.8% | ||||||||
ConocoPhillips | 202,000 | 12,594,700 | ||||||
Pioneer Natural Resources Co. | 70,214 | 9,234,545 | ||||||
Schlumberger, Ltd. | 188,277 | 6,793,034 | ||||||
28,622,279 | ||||||||
Financials: 12.1% | ||||||||
Bank of America Corp. | 396,400 | 9,767,296 | ||||||
BlackRock, Inc. | 27,100 | 10,645,422 | ||||||
Citizens Financial Group, Inc. | 357,700 | 10,634,421 | ||||||
JPMorgan Chase & Co. | 191,818 | 18,725,273 | ||||||
Prudential Financial, Inc. | 121,100 | 9,875,704 | ||||||
Voya Financial, Inc. | 294,300 | 11,813,202 | ||||||
71,461,318 | ||||||||
Health Care: 17.6% | ||||||||
Becton Dickinson & Co. | 73,800 | 16,628,616 | ||||||
Biogen, Inc. (a) | 28,518 | 8,581,637 | ||||||
Celgene Corp. (a) | 135,000 | 8,652,150 | ||||||
Elanco Animal Health, Inc. (a)(b) | 291,727 | 9,198,152 | ||||||
Eli Lilly & Co. | 145,500 | 16,837,260 | ||||||
Humana, Inc. | 45,300 | 12,977,544 | ||||||
Merck & Co., Inc. | 218,000 | 16,657,379 | ||||||
Thermo Fisher Scientific, Inc. | 65,927 | 14,753,803 | ||||||
104,286,541 | ||||||||
Industrials: 7.8% | ||||||||
Ingersoll-Rand PLC | 211,403 | 19,286,296 | ||||||
Waste Management, Inc. | 160,727 | 14,303,096 | ||||||
Xylem, Inc. | 190,300 | 12,696,816 | ||||||
46,286,208 | ||||||||
Information Technology: 17.9% | ||||||||
Apple, Inc. | 134,375 | 21,196,313 | ||||||
IBM | 145,100 | 16,493,517 | ||||||
Microsoft Corp. | 299,757 | 30,446,317 | ||||||
salesforce.com, Inc. (a) | 91,400 | 12,519,058 | ||||||
TE Connectivity, Ltd. | 128,000 | 9,680,640 | ||||||
Visa, Inc., Class A | 119,900 | 15,819,606 | ||||||
106,155,451 | ||||||||
Materials: 3.7% | ||||||||
DowDuPont, Inc. | 227,600 | 12,172,048 | ||||||
Vulcan Materials Co. | 97,800 | 9,662,640 | ||||||
21,834,688 | ||||||||
Real Estate: 2.1% | ||||||||
Prologis, Inc., REIT | 214,400 | 12,589,568 | ||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $522,984,991) | 579,719,609 | |||||||
MONEY MARKET: 2.1% | ||||||||
State Street Institutional U.S. Government Money Market Fund, 2.318% (c)(d) | 12,558,737 | 12,558,737 | ||||||
(Cost $12,558,737) | ||||||||
63 | SEE NOTES TO FINANCIAL STATEMENTS |
December 31, 2018 |
Schedule of Investments, continued |
Pax Large Cap Fund, continued
Percent of Net Assets | Shares/ | Value | ||||||
SECURITIES PURCHASED WITH CASH COLLATERAL FROM SECURITIES LENDING: 0.4% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio, 2.299% (c) | 2,346,095 | $ | 2,346,095 | |||||
(Cost $2,346,095) | ||||||||
TOTAL INVESTMENTS: 100.3% | ||||||||
(Cost $537,889,823) | 594,624,441 | |||||||
PAYABLE UPON RETURN OF SECURITIES LOANED: — | ||||||||
(NET): -0.4% | (2,346,095 | ) | ||||||
OTHER ASSETS AND LIABILITIES — | ||||||||
(NET): 0.1% | 360,482 | |||||||
NET ASSETS: 100.0% | $ | 592,638,828 |
(a) | Non-income producing security. |
(b) | Security or partial position of this security was on loan as of December 31, 2018. The total market value of securities on loan as of December 31, 2018 was $15,998,156. |
(c) | Rate shown represents annualized 7-day yield as of December 31, 2018. |
(d) | Premier Class shares |
REIT - Real Estate Investment Trust
SEE NOTES TO FINANCIAL STATEMENTS | 64 |
December 31, 2018 |
Schedule of Investments, continued |
Pax Mid Cap Fund
Percent of Net Assets | Shares/ | Value | ||||||
COMMON STOCKS: 95.5% | ||||||||
Consumer Discretionary: 12.6% | ||||||||
Aramark | 75,000 | $ | 2,172,750 | |||||
Carter's, Inc. | 12,671 | 1,034,207 | ||||||
Macy's, Inc. | 31,020 | 923,776 | ||||||
Ross Stores, Inc. | 25,000 | 2,079,999 | ||||||
Service Corp International | 38,556 | 1,552,265 | ||||||
Williams-Sonoma, Inc. (a) | 20,000 | 1,009,000 | ||||||
Wyndham Hotels & Resorts, Inc. | 35,000 | 1,587,950 | ||||||
Yum! Brands, Inc. | 30,044 | 2,761,644 | ||||||
13,121,591 | ||||||||
Consumer Staples: 5.1% | ||||||||
Lamb Weston Holdings, Inc. | 18,333 | 1,348,575 | ||||||
Maple Leaf Foods, Inc. | 89,900 | 1,799,712 | ||||||
US Foods Holding Corp. (b) | 69,399 | 2,195,784 | ||||||
5,344,071 | ||||||||
Energy: 4.9% | ||||||||
Antero Resources Corp. (a)(b) | 181,900 | 1,708,041 | ||||||
Concho Resources, Inc. (b) | 15,459 | 1,589,031 | ||||||
Pioneer Natural Resources Co. | 14,000 | 1,841,280 | ||||||
5,138,352 | ||||||||
Financials: 15.5% | ||||||||
Alleghany Corp. | 5,500 | 3,428,260 | ||||||
Citizens Financial Group, Inc. | 85,000 | 2,527,050 | ||||||
LegacyTexas Financial Group, Inc. | 66,700 | 2,140,403 | ||||||
Legg Mason, Inc. | 33,993 | 867,161 | ||||||
RenaissanceRe Holdings, Ltd. | 10,034 | 1,341,546 | ||||||
White Mountains Insurance Group, Ltd. | 3,924 | 3,365,576 | ||||||
Zions Bancorp NA | 60,000 | 2,444,400 | ||||||
16,114,396 | ||||||||
Health Care: 13.4% | ||||||||
Biogen, Inc. (b) | 14,500 | 4,363,340 | ||||||
Catalent, Inc. (b) | 35,791 | 1,115,963 | ||||||
Cooper Cos, Inc., The | 12,000 | 3,054,000 | ||||||
IQVIA Holdings, Inc. (b) | 24,469 | 2,842,564 | ||||||
Laboratory Corp of America Holdings (b) | 20,263 | 2,560,433 | ||||||
13,936,300 | ||||||||
Industrials: 9.5% | ||||||||
Expeditors Intl. of Washington, Inc. | 18,575 | 1,264,772 | ||||||
Masco Corp. | 40,597 | 1,187,056 | ||||||
nVent Electric PLC | 73,172 | 1,643,443 | ||||||
Waste Management, Inc. | 48,000 | 4,271,520 | ||||||
WESCO International, Inc. (b) | 30,000 | 1,440,000 | ||||||
9,806,791 | ||||||||
Information Technology: 11.0% | ||||||||
Amdocs, Ltd. | 42,500 | 2,489,650 | ||||||
Citrix Systems, Inc. | 21,393 | 2,191,927 | ||||||
Envestnet, Inc. (b) | 35,000 | 1,721,650 | ||||||
Skyworks Solutions, Inc. | 16,500 | 1,105,830 | ||||||
SS&C Technologies Holdings, Inc. | 22,915 | 1,033,696 | ||||||
Versum Materials, Inc. | 38,526 | 1,067,941 | ||||||
Zebra Technologies Corp., Class A (b) | 11,000 | 1,751,530 | ||||||
11,362,224 | ||||||||
Materials: 10.0% | ||||||||
Alcoa Corp. (b) | 24,999 | 664,473 | ||||||
Celanese Corp. | 35,000 | 3,148,950 | ||||||
Ecolab, Inc. | 12,000 | 1,768,200 | ||||||
Newmont Mining Corp. | 138,309 | 4,792,407 | ||||||
10,374,030 | ||||||||
Real Estate: 8.6% | ||||||||
Crown Castle International Corp., REIT | 30,000 | 3,258,900 | ||||||
Prologis, Inc., REIT | 60,000 | 3,523,200 | ||||||
Weyerhaeuser Co., REIT | 98,482 | 2,152,817 | ||||||
8,934,917 | ||||||||
Utilities: 4.9% | ||||||||
ONE Gas, Inc. | 64,044 | 5,097,902 | ||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $95,491,222) | 99,230,574 | |||||||
MONEY MARKET: 4.6% | ||||||||
State Street Institutional U.S. Government Money Market Fund, 2.318% (c)(d) | 4,825,417 | 4,825,417 | ||||||
(Cost $4,825,417) | ||||||||
65 | SEE NOTES TO FINANCIAL STATEMENTS |
December 31, 2018 |
Schedule of Investments, continued |
Pax Mid Cap Fund, continued
Percent of Net Assets | Shares/ | Value | ||||||
SECURITIES PURCHASED WITH CASH COLLATERAL FROM SECURITIES LENDING: 1.0% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio, 2.299% (c) | 1,020,000 | $ | 1,020,000 | |||||
(Cost $1,020,000) | ||||||||
TOTAL INVESTMENTS: 101.1% | ||||||||
(Cost $101,336,639) | 105,075,991 | |||||||
PAYABLE UPON RETURN OF SECURITIES LOANED: — | ||||||||
(NET): -1.0% | (1,020,000 | ) | ||||||
OTHER ASSETS AND LIABILITIES — | ||||||||
(NET):- 0.1% | (70,410 | ) | ||||||
NET ASSETS: 100.0% | $ | 103,985,581 |
(a) | Security or partial position of this security was on loan as of December 31, 2018. The total market value of securities on loan as of December 31, 2018 was $2,659,969. |
(b) | Non-income producing security. |
(c) | Rate shown represents annualized 7-day yield as of December 31, 2018. |
(d) | Premier Class shares |
REIT - Real Estate Investment Trust
SEE NOTES TO FINANCIAL STATEMENTS | 66 |
December 31, 2018 |
Schedule of Investments, continued |
Pax Small Cap Fund
Percent of Net Assets | Shares/ | Value | ||||||
COMMON STOCKS: 100.5% | ||||||||
Communication Services: 4.1% | ||||||||
AMC Networks, Inc., Class A (a)(b) | 110,139 | $ | 6,044,428 | |||||
ORBCOMM, Inc. (a) | 866,213 | 7,154,919 | ||||||
Yelp, Inc. (a)(b) | 150,000 | 5,248,500 | ||||||
18,447,847 | ||||||||
Consumer Discretionary: 10.0% | ||||||||
At Home Group, Inc. (a)(b) | 150,000 | 2,799,000 | ||||||
Carter's, Inc. | 68,804 | 5,615,782 | ||||||
Michaels Cos, Inc., The (a)(b) | 380,665 | 5,154,204 | ||||||
National Vision Holdings, Inc. (a) | 172,724 | 4,865,636 | ||||||
Wendy's Co, The | 750,944 | 11,722,236 | ||||||
Williams-Sonoma, Inc. (b) | 106,900 | 5,393,105 | ||||||
Wyndham Hotels & Resorts, Inc. | 198,770 | 9,018,195 | ||||||
44,568,158 | ||||||||
Consumer Staples: 4.5% | ||||||||
Maple Leaf Foods, Inc. | 641,600 | 12,844,219 | ||||||
Performance Food Group Co. (a) | 225,420 | 7,274,303 | ||||||
20,118,522 | ||||||||
Energy: 4.0% | ||||||||
Antero Resources Corp. (a)(b) | 782,756 | 7,350,079 | ||||||
Parsley Energy, Inc., Class A (a) | 656,814 | 10,495,888 | ||||||
17,845,967 | ||||||||
Financials: 22.8% | ||||||||
Hanover Insurance Group, Inc., The | 103,861 | 12,127,849 | ||||||
HomeTrust Bancshares, Inc. | 1,007,672 | 26,380,853 | ||||||
LegacyTexas Financial Group, Inc. | 256,378 | 8,227,170 | ||||||
Meridian Bancorp, Inc. | 1,333,086 | 19,089,792 | ||||||
TheStreet, Inc. (a) | 2,252,775 | 4,573,133 | ||||||
Victory Capital Holdings, Inc., Class A (a) | 1,585,710 | 16,205,956 | ||||||
White Mountains Insurance Group, Ltd. | 17,612 | 15,105,636 | ||||||
101,710,389 | ||||||||
Health Care: 12.6% | ||||||||
Aratana Therapeutics, Inc. (a) | 36,057 | 221,029 | ||||||
Ligand Pharmaceuticals, Inc. (a)(b) | 80,959 | 10,986,136 | ||||||
Medpace Holdings, Inc. (a) | 99,487 | 5,265,847 | ||||||
Merit Medical Systems, Inc. (a) | 173,850 | 9,702,569 | ||||||
Natus Medical, Inc. (a) | 642,167 | 21,852,943 | ||||||
Wright Medical Group NV (a) | 300,000 | 8,166,000 | ||||||
56,194,524 | ||||||||
Industrials: 18.3% | ||||||||
Beacon Roofing Supply, Inc. (a) | 276,267 | 8,763,189 | ||||||
Casella Waste Systems, Inc., Class A (a) | 229,500 | 6,538,455 | ||||||
Comfort Systems USA, Inc. | 315,946 | 13,800,521 | ||||||
EMCOR Group, Inc. | 101,400 | 6,052,566 | ||||||
Federal Signal Corp. | 300,000 | 5,970,000 | ||||||
Landstar System, Inc. | 50,000 | 4,783,500 | ||||||
MasTec, Inc. (a)(b) | 257,889 | 10,459,978 | ||||||
MRC Global, Inc. (a) | 766,170 | 9,370,259 | ||||||
Thermon Group Holdings, Inc. (a) | 237,230 | 4,811,024 | ||||||
Watts Water Technologies, Inc., Class A | 98,426 | 6,351,430 | ||||||
WESCO International, Inc. (a) | 102,453 | 4,917,744 | ||||||
81,818,666 | ||||||||
Information Technology: 7.3% | ||||||||
8x8, Inc. (a) | 5,900 | 106,436 | ||||||
Envestnet, Inc. (a) | 210,476 | 10,353,314 | ||||||
KEMET Corp. | 313,700 | 5,502,298 | ||||||
Proofpoint, Inc. (a) | 9,470 | 793,681 | ||||||
Verint Systems, Inc. (a) | 284,679 | 12,044,768 | ||||||
Versum Materials, Inc. | 128,612 | 3,565,125 | ||||||
32,365,622 | ||||||||
Materials: 2.5% | ||||||||
Platform Specialty Products Corp. (a) | 598,942 | 6,187,071 | ||||||
Valvoline, Inc. | 253,606 | 4,907,276 | ||||||
11,094,347 | ||||||||
Real Estate: 6.3% | ||||||||
CatchMark Timber Trust, Inc, Class A, REIT | 1,351,215 | 9,593,627 | ||||||
Ryman Hospitality Properties, Inc., REIT | 147,012 | 9,804,230 | ||||||
Terreno Realty Corp., REIT | 252,170 | 8,868,819 | ||||||
28,266,676 | ||||||||
Utilities: 8.1% | ||||||||
ONE Gas, Inc. | 121,706 | 9,687,798 | ||||||
Unitil Corp. | 523,054 | 26,487,455 | ||||||
36,175,253 | ||||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $479,819,559) | 448,605,971 |
67 | SEE NOTES TO FINANCIAL STATEMENTS |
December 31, 2018 |
Schedule of Investments, continued |
Pax Small Cap Fund, continued
Percent of Net Assets | Shares/ | Value | ||||||
MONEY MARKET: 0.1% | ||||||||
State Street Institutional U.S. Government Money Market Fund, 2.318% (c)(d) | 625,692 | $ | 625,692 | |||||
(Cost $625,692) | ||||||||
SECURITIES PURCHASED WITH CASH COLLATERAL FROM SECURITIES LENDING: 1.2% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio, 2.299% (c) | 5,399,931 | 5,399,931 | ||||||
(Cost $5,399,931) | ||||||||
TOTAL INVESTMENTS: 101.8% | ||||||||
(Cost $485,845,182) | 454,631,594 | |||||||
PAYABLE UPON RETURN OF SECURITIES LOANED — | ||||||||
(NET): -1.2% | (5,399,931 | ) | ||||||
OTHER ASSETS AND LIABILITIES — | ||||||||
(NET): -0.6% | (2,637,036 | ) | ||||||
NET ASSETS: 100.0% | $ | 446,594,627 |
(a) | Non-income producing security. |
(b) | Security or partial position of this security was on loan as of December 31, 2018. The total market value of securities on loan as of December 31, 2018 was $46,027,861. |
(c) | Rate shown represents annualized 7-day yield as of December 31, 2018. |
(d) | Premier Class shares |
REIT - Real Estate Investment Trust
SEE NOTES TO FINANCIAL STATEMENTS | 68 |
December 31, 2018 |
Schedule of Investments, continued |
Pax ESG Beta Quality Fund
Percent of Net Assets | Shares/ | Value | ||||||
COMMON STOCKS: 99.3% | ||||||||
Communication Services: 9.3% | ||||||||
Alphabet, Inc., Class A (a) | 4,465 | $ | 4,665,746 | |||||
Alphabet, Inc., Class C (a) | 1,456 | 1,507,851 | ||||||
AT&T, Inc. | 72,669 | 2,073,973 | ||||||
Facebook, Inc., Class A (a) | 14,536 | 1,905,524 | ||||||
Verizon Communications, Inc. | 107,241 | 6,029,088 | ||||||
Viacom, Inc., Class B | 38,176 | 981,123 | ||||||
Walt Disney Co., The | 7,959 | 872,704 | ||||||
18,036,009 | ||||||||
Consumer Discretionary: 13.7% | ||||||||
Amazon.com, Inc. (a) | 3,733 | 5,606,853 | ||||||
AutoNation, Inc. (a) | 6,242 | 222,839 | ||||||
Best Buy Co., Inc. | 6,531 | 345,882 | ||||||
BorgWarner, Inc. | 8,566 | 297,583 | ||||||
Burlington Stores, Inc. (a) | 231 | 37,577 | ||||||
Darden Restaurants, Inc. | 8,884 | 887,156 | ||||||
Foot Locker, Inc. | 2,128 | 113,210 | ||||||
Gap Inc., The | 22,699 | 584,726 | ||||||
Home Depot, Inc., The | 15,500 | 2,663,210 | ||||||
Lowe's Cos., Inc. | 4,402 | 406,569 | ||||||
Macy's, Inc. | 6,111 | 181,986 | ||||||
Marriott International, Inc., Class A | 14,364 | 1,559,356 | ||||||
McDonald's Corp. | 9,028 | 1,603,102 | ||||||
Michael Kors Holdings, Ltd. (a) | 17,516 | 664,207 | ||||||
Murphy USA, Inc. (a) | 1,847 | 141,554 | ||||||
NIKE, Inc., Class B | 26,027 | 1,929,642 | ||||||
Nordstrom, Inc. (b) | 7,112 | 331,490 | ||||||
Penske Automotive Group, Inc. | 20,894 | 842,446 | ||||||
Sally Beauty Holdings, Inc. (a) | 29,798 | 508,056 | ||||||
Starbucks Corp. | 45,300 | 2,917,320 | ||||||
Target Corp. | 25,701 | 1,698,579 | ||||||
TJX Cos., Inc., The | 25,238 | 1,129,148 | ||||||
Tractor Supply Co. | 806 | 67,253 | ||||||
Ulta Beauty, Inc. (a) | 845 | 206,890 | ||||||
VF Corp. | 13,046 | 930,702 | ||||||
Williams-Sonoma, Inc. (b) | 13,332 | 672,599 | ||||||
26,549,935 | ||||||||
Consumer Staples: 10.1% | ||||||||
Clorox Co., The | 3,081 | 474,905 | ||||||
Colgate-Palmolive Co. | 14,200 | 845,184 | ||||||
Estee Lauder Cos, Inc., The, Class A | 8,219 | 1,069,292 | ||||||
General Mills, Inc. | 29,116 | 1,133,777 | ||||||
Herbalife Nutrition, Ltd. (a)(b) | 7,728 | 455,566 | ||||||
Hershey Co.,The | 6,551 | 702,136 | ||||||
J.M. Smucker Co., The | 6,835 | 639,004 | ||||||
Kellogg Co. | 18,583 | 1,059,417 | ||||||
Keurig Dr Pepper, Inc. (b) | 19,439 | 498,416 | ||||||
Kimberly-Clark Corp. | 11,992 | 1,366,368 | ||||||
Kroger Co., The | 78,534 | 2,159,685 | ||||||
McCormick & Co., Inc. | 804 | 111,949 | ||||||
PepsiCo, Inc. | 45,180 | 4,991,486 | ||||||
Procter & Gamble Co., The | 22,100 | 2,031,432 | ||||||
Sysco Corp. | 11,928 | 747,408 | ||||||
US Foods Holding Corp. (a) | 6,879 | 217,652 | ||||||
Walgreens Boots Alliance, Inc. | 15,281 | 1,044,151 | ||||||
19,547,828 | ||||||||
Energy: 0.5% | ||||||||
Cabot Oil & Gas Corp. | 8,819 | 197,105 | ||||||
ConocoPhillips | 2,845 | 177,386 | ||||||
Newfield Exploration Co. (a) | 36,330 | 532,598 | ||||||
Pioneer Natural Resources Co. | 989 | 130,073 | ||||||
Valero Energy Corp. | 31 | 2,324 | ||||||
1,039,486 | ||||||||
Financials: 10.1% | ||||||||
Affiliated Managers Group, Inc. | 6,857 | 668,146 | ||||||
Aflac, Inc. | 72,634 | 3,309,205 | ||||||
Allstate Corp., The | 13,782 | 1,138,807 | ||||||
Ally Financial, Inc. | 8,336 | 188,894 | ||||||
American Express Co. | 6,578 | 627,015 | ||||||
American National Insurance Co. | 3,170 | 403,351 | ||||||
Bank of America Corp. | 8,327 | 205,177 | ||||||
Citizens Financial Group, Inc. | 23,648 | 703,055 | ||||||
Comerica, Inc. | 2,902 | 199,338 | ||||||
Discover Financial Services | 1,735 | 102,330 | ||||||
East West Bancorp, Inc. | 22,447 | 977,118 | ||||||
FactSet Research Systems, Inc. (b) | 379 | 75,849 | ||||||
Fifth Third Bancorp | 12,260 | 288,478 | ||||||
First American Financial Corp. | 1,345 | 60,041 | ||||||
Lincoln National Corp. | 19,154 | 982,792 | ||||||
Morningstar, Inc. | 5,153 | 566,006 | ||||||
PNC Financial Services Group, Inc. | 30,700 | 3,589,136 | ||||||
Prudential Financial, Inc. | 34,130 | 2,783,302 |
69 | SEE NOTES TO FINANCIAL STATEMENTS |
December 31, 2018 |
Schedule of Investments, continued |
Pax ESG Beta Quality Fund, continued
Percent of Net Assets | Shares/ | Value | ||||||
COMMON STOCKS, continued | ||||||||
Financials, continued | ||||||||
Reinsurance Group of America, Inc. | 16,893 | $ | 2,368,905 | |||||
Unum Group | 10,776 | 316,599 | ||||||
19,553,544 | ||||||||
Health Care: 12.7% | ||||||||
AbbVie, Inc. | 11,166 | 1,029,394 | ||||||
Agilent Technologies, Inc. | 17,334 | 1,169,352 | ||||||
Allergan PLC | 687 | 91,824 | ||||||
Amgen, Inc. | 6,007 | 1,169,383 | ||||||
Anthem, Inc. | 2,937 | 771,344 | ||||||
Biogen, Inc. (a) | 3,447 | 1,037,271 | ||||||
Bristol-Myers Squibb Co. | 4,306 | 223,826 | ||||||
Cardinal Health, Inc. | 3,659 | 163,191 | ||||||
Celgene Corp. (a) | 17,207 | 1,102,797 | ||||||
Centene Corp. (a) | 846 | 97,544 | ||||||
CVS Health Corp. | 5,450 | 357,084 | ||||||
Eli Lilly & Co. | 13,746 | 1,590,687 | ||||||
Gilead Sciences, Inc. | 4,440 | 277,722 | ||||||
HCA Healthcare, Inc. | 9,560 | 1,189,742 | ||||||
IQVIA Holdings, Inc. (a) | 1,162 | 134,990 | ||||||
Johnson & Johnson | 38,356 | 4,949,841 | ||||||
Laboratory Corp of America Holdings (a) | 461 | 58,252 | ||||||
Merck & Co., Inc. | 24,224 | 1,850,956 | ||||||
Patterson Cos., Inc. | 7,801 | 153,368 | ||||||
Thermo Fisher Scientific, Inc. | 14,287 | 3,197,288 | ||||||
UnitedHealth Group, Inc. | 14,112 | 3,515,581 | ||||||
Zoetis, Inc. | 5,434 | 464,824 | ||||||
24,596,261 | ||||||||
Industrials: 7.8% | ||||||||
3M Co. | 19,189 | 3,656,272 | ||||||
CSX Corp. | 1,665 | 103,446 | ||||||
Expeditors Intl. of Washington, Inc. | 8,194 | 557,929 | ||||||
Landstar System, Inc. | 15,792 | 1,510,821 | ||||||
ManpowerGroup, Inc. | 4,287 | 277,798 | ||||||
Owens Corning | 1,148 | 50,489 | ||||||
PACCAR, Inc. | 2,024 | 115,651 | ||||||
Pitney Bowes, Inc. | 112,778 | 666,518 | ||||||
Robert Half International, Inc. | 3,188 | 182,354 | ||||||
Roper Technologies, Inc. | 8,210 | 2,188,129 | ||||||
Ryder System, Inc. | 37,196 | 1,790,987 | ||||||
Stanley Black & Decker, Inc. | 6,402 | 766,575 | ||||||
United Parcel Service, Inc., Class B | 16,564 | 1,615,487 | ||||||
W.W. Grainger, Inc. | 2,057 | 580,815 | ||||||
Waste Management, Inc. | 13,039 | 1,160,341 | ||||||
15,223,612 | ||||||||
Information Technology: 19.3% | ||||||||
Accenture PLC, Class A | 13,221 | 1,864,293 | ||||||
Apple, Inc. | 33,144 | 5,228,135 | ||||||
Booz Allen Hamilton Holding Corp. | 7,488 | 337,484 | ||||||
CDW Corp. | 3,783 | 306,612 | ||||||
Cisco Systems, Inc. | 33,712 | 1,460,741 | ||||||
Citrix Systems, Inc. | 3,516 | 360,249 | ||||||
Cognizant Technology Solutions, Class A | 24,303 | 1,542,754 | ||||||
Commscope Holding Co., Inc. (a) | 8,148 | 133,546 | ||||||
F5 Networks, Inc. (a) | 5,175 | 838,505 | ||||||
HP, Inc. | 106,836 | 2,185,865 | ||||||
IBM | 8,364 | 950,736 | ||||||
Intel Corp. | 60,776 | 2,852,218 | ||||||
Intuit, Inc. | 2,033 | 400,196 | ||||||
Jabil, Inc. | 7,490 | 185,677 | ||||||
MasterCard, Inc., Class A | 23,200 | 4,376,680 | ||||||
Microsoft Corp. | 52,646 | 5,347,254 | ||||||
Oracle Corp. | 25,848 | 1,167,037 | ||||||
Red Hat, Inc. (a) | 9,990 | 1,754,644 | ||||||
Seagate Technology PLC | 1,572 | 60,663 | ||||||
Synopsys, Inc. (a) | 7,939 | 668,781 | ||||||
Texas Instruments, Inc. | 45,595 | 4,308,728 | ||||||
Visa, Inc., Class A | 7,634 | 1,007,230 | ||||||
37,338,028 | ||||||||
Materials: 4.8% | ||||||||
Celanese Corp. | 3,032 | 272,789 | ||||||
Eastman Chemical Co. | 31,018 | 2,267,726 | ||||||
Ecolab, Inc. | 4,443 | 654,676 | ||||||
Linde PLC | 8,176 | 1,275,783 | ||||||
LyondellBasell Industries NV, Class A | 35,300 | 2,935,548 | ||||||
WestRock Co. | 51,514 | 1,945,169 | ||||||
9,351,691 | ||||||||
Real Estate: 5.2% | ||||||||
Apple Hospitality REIT, Inc., REIT | 122,436 | 1,745,937 | ||||||
Brixmor Property Group, Inc., REIT | 21,538 | 316,393 | ||||||
CBRE Group, Inc., Class A (a) | 46,993 | 1,881,600 | ||||||
Hospitality Properties Trust, REIT | 121,077 | 2,891,319 |
SEE NOTES TO FINANCIAL STATEMENTS | 70 |
December 31, 2018 |
Schedule of Investments, continued |
Pax ESG Beta Quality Fund, continued
Percent of Net Assets | Shares/ | Value | ||||||
COMMON STOCKS, continued | ||||||||
Real Estate, continued | ||||||||
Host Hotels & Resorts, Inc., REIT | 48,926 | $ | 815,596 | |||||
Jones Lang LaSalle, Inc. | 351 | 44,437 | ||||||
Lamar Advertising Co., Class A, REIT | 794 | 54,929 | ||||||
Simon Property Group, Inc., REIT | 11,298 | 1,897,951 | ||||||
Tanger Factory Outlet Centers, Inc., REIT (b) | 18400 | 372,048 | ||||||
10,020,210 | ||||||||
Utilities: 5.8% | ||||||||
American Water Works Co., Inc. | 36,715 | 3,332,621 | ||||||
CenterPoint Energy, Inc. | 78,186 | 2,207,191 | ||||||
Consolidated Edison, Inc. | 15,152 | 1,158,522 | ||||||
Eversource Energy | 3,182 | 206,957 | ||||||
Exelon Corp. | 49,922 | 2,251,482 | ||||||
NextEra Energy, Inc. | 12,516 | 2,175,531 | ||||||
11,332,304 | ||||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $128,508,135) | 192,588,908 | |||||||
MONEY MARKET: 0.7% | ||||||||
State Street Institutional U.S. Government Money Market Fund, 2.318% (c)(d) | 1,320,510 | 1,320,510 | ||||||
(Cost $1,320,510) | ||||||||
SECURITIES PURCHASED WITH CASH COLLATERAL FROM SECURITIES LENDING: 0.2% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio, 2.299% (c) | 459,816 | 459,816 | ||||||
(Cost $459,816) | ||||||||
TOTAL INVESTMENTS: 100.2% | ||||||||
(Cost $130,288,461) | 194,369,234 | |||||||
PAYABLE UPON RETURN OF SECURITIES LOANED: | ||||||||
-0.2% | (459,816 | ) | ||||||
OTHER ASSETS AND LIABILITIES — | ||||||||
(NET): 0.0% (e) | 73,785 | |||||||
NET ASSETS: 100.0% | $ | 193,983,203 |
(a) | Non-income producing security. |
(b) | Security or partial position of this security was on loan as of December 31, 2018. The total market value of securities on loan as of December 31, 2018 was $2,405,969. |
(c) | Rate shown represents annualized 7-day yield as of December 31, 2018. |
(d) | Premier Class shares |
(e) | Rounds to less than 0.05%. |
REIT - Real Estate Investment Trust
71 | SEE NOTES TO FINANCIAL STATEMENTS |
December 31, 2018 |
Schedule of Investments, continued |
Pax ESG Beta Dividend Fund
Percent of Net Assets | Shares/ | Value | ||||||
COMMON STOCKS: 99.4% | ||||||||
Communication Services: 5.7% | ||||||||
Activision Blizzard, Inc. | 5,670 | $ | 264,052 | |||||
Alphabet, Inc., Class A (a) | 1,953 | 2,040,807 | ||||||
AT&T, Inc. | 52,861 | 1,508,653 | ||||||
CenturyLink, Inc. | 35,950 | 544,643 | ||||||
John Wiley & Sons, Inc., Class A | 393 | 18,459 | ||||||
Omnicom Group, Inc. | 3,209 | 235,027 | ||||||
Telephone & Data Systems, Inc. | 1,719 | 55,936 | ||||||
Verizon Communications, Inc. | 32,188 | 1,809,609 | ||||||
Walt Disney Co., The | 1,469 | 161,076 | ||||||
6,638,262 | ||||||||
Consumer Discretionary: 13.2% | ||||||||
Amazon.com, Inc. (a) | 2,244 | 3,370,421 | ||||||
Aptiv PLC | 2,676 | 164,761 | ||||||
Best Buy Co., Inc. | 5,583 | 295,676 | ||||||
Darden Restaurants, Inc. | 11,313 | 1,129,716 | ||||||
Foot Locker, Inc. | 5,896 | 313,667 | ||||||
Gap Inc., The | 7,621 | 196,317 | ||||||
Home Depot, Inc., The | 14,576 | 2,504,448 | ||||||
Kohl's Corp. | 10,428 | 691,794 | ||||||
L Brands, Inc. | 9,036 | 231,954 | ||||||
Las Vegas Sands Corp. | 25,581 | 1,331,491 | ||||||
Lowe's Cos., Inc. | 2,325 | 214,737 | ||||||
lululemon athletica, Inc. (a) | 252 | 30,646 | ||||||
Macy's, Inc. | 6,309 | 187,882 | ||||||
McDonald's Corp. | 7,454 | 1,323,607 | ||||||
NIKE, Inc., Class B | 6,166 | 457,147 | ||||||
Nordstrom, Inc. (b) | 2,339 | 109,021 | ||||||
Ralph Lauren Corp. | 2,089 | 216,128 | ||||||
Royal Caribbean Cruises, Ltd. | 4,657 | 455,408 | ||||||
Starbucks Corp. | 4,542 | 292,505 | ||||||
Tapestry, Inc. | 4,851 | 163,721 | ||||||
Target Corp. | 14,137 | 934,314 | ||||||
Tupperware Brands Corp. | 10,819 | 341,556 | ||||||
VF Corp. | 546 | 38,952 | ||||||
Wayfair, Inc., Class A (a)(b) | 258 | 23,241 | ||||||
Whirlpool Corp. | 1,574 | 168,213 | ||||||
Williams-Sonoma, Inc. (b) | 5,890 | 297,151 | ||||||
15,484,474 | ||||||||
Consumer Staples: 6.1% | ||||||||
Clorox Co., The | 1,730 | 266,662 | ||||||
Coca-Cola Co., The | 7,163 | 339,168 | ||||||
General Mills, Inc. | 10,872 | 423,356 | ||||||
Kimberly-Clark Corp. | 9,244 | 1,053,261 | ||||||
Kroger Co., The | 7,654 | 210,485 | ||||||
PepsiCo, Inc. | 21,230 | 2,345,490 | ||||||
Procter & Gamble Co., The | 21,163 | 1,945,303 | ||||||
Sysco Corp. | 6,781 | 424,897 | ||||||
Walgreens Boots Alliance, Inc. | 1,621 | 110,763 | ||||||
7,119,385 | ||||||||
Energy: 2.5% | ||||||||
ConocoPhillips | 4,915 | 306,450 | ||||||
Occidental Petroleum Corp. | 5,341 | 327,831 | ||||||
ONEOK, Inc. | 35,486 | 1,914,470 | ||||||
Schlumberger, Ltd. | 10,253 | 369,928 | ||||||
2,918,679 | ||||||||
Financials: 9.4% | ||||||||
Aflac, Inc. | 21,602 | 984,187 | ||||||
Bank of America Corp. | 28,340 | 698,298 | ||||||
BlackRock, Inc. | 877 | 344,503 | ||||||
CME Group, Inc. | 9,265 | 1,742,932 | ||||||
Cullen/Frost Bankers, Inc. | 2,265 | 199,184 | ||||||
JPMorgan Chase & Co. | 7,747 | 756,262 | ||||||
Legg Mason, Inc. | 3,602 | 91,887 | ||||||
MetLife, Inc. | 18,059 | 741,503 | ||||||
Morningstar, Inc. | 2,231 | 245,053 | ||||||
New York Community Bancorp, Inc. (b) | 14,486 | 136,313 | ||||||
People's United Financial, Inc. | 41,496 | 598,787 | ||||||
PNC Financial Services Group, Inc. | 874 | 102,179 | ||||||
ProAssurance Corp. | 21,882 | 887,534 | ||||||
Prudential Financial, Inc. | 15,808 | 1,289,142 | ||||||
Regions Financial Corp. | 23,014 | 307,927 | ||||||
TFS Financial Corp. | 38,073 | 614,117 | ||||||
U.S. Bancorp | 22,746 | 1,039,492 | ||||||
Unum Group | 10,547 | 309,871 | ||||||
11,089,171 | ||||||||
Health Care: 15.4% | ||||||||
Abbott Laboratories | 27,383 | 1,980,612 | ||||||
AbbVie, Inc. | 17,172 | 1,583,087 | ||||||
Amgen, Inc. | 8,843 | 1,721,467 | ||||||
Anthem, Inc. | 948 | 248,973 | ||||||
Baxter International, Inc. | 5,263 | 346,411 | ||||||
Becton Dickinson & Co. | 16 | 3,605 | ||||||
Bristol-Myers Squibb Co. | 6,032 | 313,543 | ||||||
Cardinal Health, Inc. | 12,642 | 563,833 | ||||||
CVS Health Corp. | 6,929 | 453,988 | ||||||
Eli Lilly & Co. | 14,434 | 1,670,302 | ||||||
Gilead Sciences, Inc. | 425 | 26,584 |
SEE NOTES TO FINANCIAL STATEMENTS | 72 |
December 31, 2018 |
Schedule of Investments, continued |
Pax ESG Beta Dividend Fund, continued
Percent of Net Assets | Shares/ | Value | ||||||
COMMON STOCKS, continued | ||||||||
Health Care, continued | ||||||||
IDEXX Laboratories, Inc. (a) | 768 | $ | 142,863 | |||||
Illumina, Inc. (a) | 708 | 212,350 | ||||||
Johnson & Johnson | 27,519 | 3,551,327 | ||||||
Merck & Co., Inc. | 21,720 | 1,659,625 | ||||||
Patterson Cos., Inc. (b) | 24,167 | 475,123 | ||||||
Quest Diagnostics, Inc. | 81 | 6,745 | ||||||
ResMed, Inc. | 4,908 | 558,874 | ||||||
UnitedHealth Group, Inc. | 10,119 | 2,520,845 | ||||||
18,040,157 | ||||||||
Industrials: 13.3% | ||||||||
3M Co. | 15,945 | 3,038,160 | ||||||
Dover Corp. | 5,825 | 413,284 | ||||||
Eaton Corp PLC | 20,772 | 1,426,206 | ||||||
Emerson Electric Co. | 27,247 | 1,628,008 | ||||||
Hubbell, Inc. | 758 | 75,300 | ||||||
Illinois Tool Works, Inc. | 11,576 | 1,466,563 | ||||||
Ingersoll-Rand PLC | 9,262 | 844,972 | ||||||
Nielsen Holdings PLC | 17,306 | 403,749 | ||||||
PACCAR, Inc. | 1,335 | 76,282 | ||||||
Pitney Bowes, Inc. | 97,591 | 576,763 | ||||||
Robert Half International, Inc. | 8,803 | 503,532 | ||||||
Rockwell Automation, Inc. | 8,687 | 1,307,220 | ||||||
Ryder System, Inc. | 2,682 | 129,138 | ||||||
Stanley Black & Decker, Inc. | 1,914 | 229,182 | ||||||
Union Pacific Corp. | 5,221 | 721,699 | ||||||
United Parcel Service, Inc., Class B | 11,207 | 1,093,019 | ||||||
W.W. Grainger, Inc. | 3,335 | 941,671 | ||||||
Waste Management, Inc. | 7,965 | 708,805 | ||||||
15,583,553 | ||||||||
Information Technology: 24.7% | ||||||||
Accenture PLC, Class A | 15,254 | 2,150,967 | ||||||
Adobe, Inc. (a) | 3,445 | 779,397 | ||||||
Apple, Inc. | 21,762 | 3,432,738 | ||||||
Autodesk, Inc. (a) | 2,823 | 363,066 | ||||||
Automatic Data Processing, Inc. | 4,917 | 644,717 | ||||||
Cisco Systems, Inc. | 84,384 | 3,656,359 | ||||||
Corning, Inc. | 7,028 | 212,316 | ||||||
Fortinet, Inc. (a) | 863 | 60,781 | ||||||
HP, Inc. | 28,588 | 584,910 | ||||||
IBM | 18,654 | 2,120,400 | ||||||
Intel Corp. | 40,084 | 1,881,142 | ||||||
Jack Henry & Associates, Inc. | 2,038 | 257,848 | ||||||
Manhattan Associates, Inc. (a) | 7,114 | 301,420 | ||||||
MasterCard, Inc., Class A | 1,507 | 284,296 | ||||||
Maxim Integrated Products, Inc. | 17,024 | 865,670 | ||||||
Microsoft Corp. | 37,111 | 3,769,364 | ||||||
National Instruments Corp. | 16,747 | 759,979 | ||||||
NetApp, Inc. | 4,673 | 278,838 | ||||||
Oracle Corp. | 3,778 | 170,577 | ||||||
Paychex, Inc. | 19,082 | 1,243,192 | ||||||
PayPal Holdings Inc (a) | 1,332 | 112,008 | ||||||
QUALCOMM, Inc. | 13,965 | 794,748 | ||||||
salesforce.com, Inc. (a) | 5,385 | 737,583 | ||||||
Seagate Technology PLC (b) | 5,301 | 204,566 | ||||||
Square, Inc. (a) | 510 | 28,606 | ||||||
Texas Instruments, Inc. | 28,208 | 2,665,656 | ||||||
VMware, Inc., Class A | 948 | 129,999 | ||||||
Western Union Co., The | 20,322 | 346,693 | ||||||
Xilinx, Inc. | 1,831 | 155,946 | ||||||
28,993,782 | ||||||||
Materials: 3.0% | ||||||||
Air Products & Chemicals, Inc. | 6,952 | 1,112,668 | ||||||
Avery Dennison Corp. | 3,769 | 338,569 | ||||||
Celanese Corp. | 1,047 | 94,199 | ||||||
Eastman Chemical Co. | 1,797 | 131,379 | ||||||
Ecolab, Inc. | 1,088 | 160,317 | ||||||
Linde PLC | 8,577 | 1,338,355 | ||||||
WestRock Co. | 7,785 | 293,962 | ||||||
3,469,449 | ||||||||
Real Estate: 4.3% | ||||||||
Apple Hospitality REIT, Inc., REIT | 6,168 | 87,956 | ||||||
Brandywine Realty Trust, REIT | 7,102 | 91,403 | ||||||
Brookfield Property REIT, Inc., REIT | 4,438 | 71,452 | ||||||
Crown Castle International Corp., REIT | 580 | 63,005 | ||||||
HCP, Inc., REIT | 12,217 | 341,221 | ||||||
Hospitality Properties Trust, REIT | 9,729 | 232,329 | ||||||
Host Hotels & Resorts, Inc., REIT | 18,041 | 300,743 | ||||||
Iron Mountain, Inc., REIT | 10,388 | 336,675 | ||||||
Lamar Advertising Co., Class A, REIT | 2,463 | 170,390 | ||||||
MFA Financial, Inc., REIT | 12,845 | 85,805 | ||||||
Public Storage, REIT | 1,792 | 362,719 |
73 | SEE NOTES TO FINANCIAL STATEMENTS |
December 31, 2018 |
Schedule of Investments, continued |
Pax ESG Beta Dividend Fund, continued
Percent of Net Assets | Shares/ | Value | ||||||
COMMON STOCKS, continued | ||||||||
Real Estate, continued | ||||||||
Senior Housing Properties Trust, REIT | 3,562 | $ | 41,747 | |||||
Simon Property Group, Inc., REIT | 4,288 | 720,341 | ||||||
Starwood Property Trust, Inc., REIT | 22,115 | 435,887 | ||||||
Tanger Factory Outlet Centers, Inc., REIT (b) | 17,480 | 353,446 | ||||||
Uniti Group, Inc., REIT (b) | 1,768 | 27,528 | ||||||
Welltower, Inc., REIT | 7,123 | 494,407 | ||||||
WP Carey, Inc., REIT | 11,927 | 779,310 | ||||||
4,996,364 | ||||||||
Utilities: 1.8% | ||||||||
CenterPoint Energy, Inc. | 29,965 | 845,912 | ||||||
Consolidated Edison, Inc. | 2,062 | 157,661 | ||||||
Dominion Energy, Inc. | 8,490 | 606,695 | ||||||
Edison International | 9,293 | 527,564 | ||||||
2,137,832 | ||||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $97,032,462) | 116,471,108 | |||||||
MONEY MARKET: 0.5% | ||||||||
State Street Institutional U.S. Government Money Market Fund, 2.318% (c)(d) | 579,647 | 579,647 | ||||||
(Cost $579,647) | ||||||||
SECURITIES PURCHASED WITH CASH COLLATERAL FROM SECURITIES LENDING: 0.3% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio, 2.299% (c) | 293,709 | $ | 293,709 | |||||
(Cost $293,709) | ||||||||
TOTAL INVESTMENTS: 100.2% | ||||||||
(Cost $97,905,818) | 117,344,464 | |||||||
PAYABLE UPON RETURN OF SECURITIES LOANED — | ||||||||
(NET): -0.3% | (293,709 | ) | ||||||
OTHER ASSETS AND LIABILITIES — | ||||||||
(NET): 0.1% | 156,971 | |||||||
NET ASSETS: 100.0% | $ | 117,207,726 |
(a) | Non-income producing security. |
(b) | Security or partial position of this security was on loan as of December 31, 2018. The total market value of securities on loan as of December 31, 2018 was $1,461,908. |
(c) | Rate shown represents annualized 7-day yield as of December 31, 2018. |
(d) | Premier Class shares |
REIT - Real Estate Investment Trust
SEE NOTES TO FINANCIAL STATEMENTS | 74 |
December 31, 2018 |
Schedule of Investments, continued |
Pax Global Opportunities Fund
Percent of Net Assets | Shares/ | Value | ||||||
COMMON STOCKS: 97.6% | ||||||||
Communication Services: 2.3% | ||||||||
KDDI Corp. | 24,100 | $ | 575,867 | |||||
Consumer Discretionary: 2.5% | ||||||||
Aptiv PLC | 9,994 | 615,331 | ||||||
Consumer Staples: 8.4% | ||||||||
Danone SA | 14,594 | 1,028,623 | ||||||
Jeronimo Martins SGPS SA | 40,379 | 478,511 | ||||||
Sprouts Farmers Market, Inc. (a) | 24,523 | 576,536 | ||||||
2,083,670 | ||||||||
Financials: 14.5% | ||||||||
AIA Group, Ltd. | 70,400 | 584,799 | ||||||
Beazley PLC | 78,373 | 503,697 | ||||||
HDFC Bank, Ltd., ADR | 9,739 | 1,008,863 | ||||||
Hiscox, Ltd. | 30,282 | 625,883 | ||||||
Prudential PLC | 50,528 | 902,251 | ||||||
3,625,493 | ||||||||
Health Care: 18.4% | ||||||||
Abcam PLC | 23,974 | 333,706 | ||||||
Agilent Technologies, Inc. | 11,029 | 744,016 | ||||||
Becton Dickinson & Co. | 4,149 | 934,853 | ||||||
Danaher Corp. | 5,462 | 563,241 | ||||||
Genus PLC | 17,841 | 488,003 | ||||||
Grifols SA, ADR | 30,791 | 565,323 | ||||||
Thermo Fisher Scientific, Inc. | 4,271 | 955,807 | ||||||
4,584,949 | ||||||||
Industrials: 10.1% | ||||||||
IDEX Corp. | 3,901 | 492,540 | ||||||
Kubota Corp. | 31,200 | 443,468 | ||||||
Tomra Systems ASA | 19,682 | 443,267 | ||||||
Xylem, Inc. | 17,164 | 1,145,182 | ||||||
2,524,457 | ||||||||
Information Technology: 25.0% | ||||||||
ASML Holding NV | 1,515 | 237,339 | ||||||
Cadence Design Systems, Inc. (a) | 14,017 | 609,459 | ||||||
Cognizant Technology Solutions, Class A | 6,926 | 439,662 | ||||||
Keyence Corp. | 1,275 | 644,443 | ||||||
MasterCard, Inc., Class A | 2,615 | 493,320 | ||||||
Microsoft Corp. | 7,357 | 747,250 | ||||||
SAP SE | 5,270 | 523,046 | ||||||
Taiwan Semiconductor Manufacturing Co, Ltd | 120,000 | 871,347 | ||||||
TE Connectivity, Ltd. | 8,448 | 638,922 | ||||||
Visa, Inc., Class A | 7,690 | 1,014,620 | ||||||
6,219,408 | ||||||||
Materials: 16.4% | ||||||||
Corbion NV | 9,096 | 254,720 | ||||||
Ecolab, Inc. | 7,140 | 1,052,080 | ||||||
Koninklijke DSM NV | 10,683 | 866,666 | ||||||
Linde PLC | 5,232 | 816,401 | ||||||
Sealed Air Corp. | 18,685 | 650,985 | ||||||
Symrise AG | 6,180 | 457,895 | ||||||
4,098,747 | ||||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $26,358,332) | 24,327,922 | |||||||
PREFERRED STOCKS: 0.8% | ||||||||
Health Care: 0.8% | ||||||||
Sartorius AG | 1,691 | 210,457 | ||||||
(Cost $261,419) | ||||||||
MONEY MARKET: 1.7% | ||||||||
State Street Institutional U.S. Government Money Market Fund, 2.318% (b)(c) | 426,182 | 426,182 | ||||||
(Cost $426,182) | ||||||||
TOTAL INVESTMENTS: 100.1% | ||||||||
(Cost $27,045,933) | 24,964,561 | |||||||
OTHER ASSETS AND LIABILITIES — | ||||||||
(NET): -0.1% | (22,164 | ) | ||||||
NET ASSETS: 100.0% | $ | 24,942,397 |
(a) | Non-income producing security. |
(b) | Rate shown represents annualized 7-day yield as of December 31, 2018. |
(c) | Premier Class shares |
ADR - American Depository Receipt
75 | SEE NOTES TO FINANCIAL STATEMENTS |
December 31, 2018 |
Schedule of Investments, continued |
Pax Global Opportunities Fund, continued
SUMMARY OF INVESTMENTS BY COUNTRY
Country | Value | Percent | ||||||
France | $ | 1,028,623 | 4.1 | % | ||||
Germany | 1,191,398 | 4.7 | % | |||||
Hong Kong | 584,799 | 2.3 | % | |||||
India | 1,008,863 | 4.0 | % | |||||
Japan | 1,663,778 | 6.7 | % | |||||
Netherlands | 1,358,725 | 5.5 | % | |||||
Norway | 443,267 | 1.8 | % | |||||
Portugal | 478,511 | 1.9 | % | |||||
Spain | 565,323 | 2.3 | % | |||||
Taiwan | 871,347 | 3.5 | % | |||||
United Kingdom | 2,853,540 | 11.5 | % | |||||
United States | 12,490,205 | 50.1 | % | |||||
Money Market | 426,182 | 1.7 | % | |||||
Other assets and liabilities (net) | (22,164 | ) | -0.1 | % | ||||
TOTAL | $ | 24,942,397 | 100.0 | % |
SEE NOTES TO FINANCIAL STATEMENTS | 76 |
December 31, 2018 |
Schedule of Investments, continued |
Pax Global Environmental Markets Fund
Percent of Net Assets | Shares/ | Value | ||||||
COMMON STOCKS: 99.0% | ||||||||
RENEWABLE & ALTERNATIVE ENERGY: 0.4% | ||||||||
Renewable Energy Developers & Independent Power Producers (IPPS) : 0.4% | ||||||||
Huaneng Renewables Corp., Ltd. | 9,722,000 | $ | 2,612,887 | |||||
ENERGY EFFICIENCY: 33.8% | ||||||||
Power Network Efficiency: 4.8% | ||||||||
Hubbell, Inc. | 148,958 | 14,797,488 | ||||||
Schneider Electric SE | 198,195 | 13,443,806 | ||||||
28,241,294 | ||||||||
Industrial Energy Efficiency: 4.4% | ||||||||
Delta Electronics, Inc. | 2,831,475 | 11,917,167 | ||||||
PTC, Inc. (a) | 170,651 | 14,146,968 | ||||||
26,064,135 | ||||||||
Buildings Energy Efficiency: 11.4% | ||||||||
A.O. Smith Corp. | 146,051 | 6,236,378 | ||||||
Autodesk, Inc. (a) | 68,493 | 8,808,885 | ||||||
Ingersoll-Rand PLC | 183,885 | 16,775,828 | ||||||
Kingspan Group PLC | 148,078 | 6,347,724 | ||||||
Legrand SA | 163,648 | 9,251,423 | ||||||
Sekisui Chemical Co., Ltd. | 596,800 | 8,871,810 | ||||||
Signify NV | 486,601 | 11,383,301 | ||||||
67,675,349 | ||||||||
Transport Energy Efficiency: 8.7% | ||||||||
Aptiv PLC | 230,472 | 14,190,161 | ||||||
Delphi Technologies PLC | 207,118 | 2,965,930 | ||||||
TE Connectivity, Ltd. | 251,674 | 19,034,105 | ||||||
Zhuzhou CRRC Times Electric Co. Ltd. | 2,795,900 | 15,523,726 | ||||||
51,713,922 | ||||||||
Consumer Energy Efficiency: 1.0% | ||||||||
Murata Manufacturing Co., Ltd. | 45,000 | 6,063,738 | ||||||
Diversified Energy Efficiency: 3.5% | ||||||||
Siemens AG | 183,400 | 20,467,725 | ||||||
WATER INFRASTRUCTURE & TECHNOLOGIES: 28.7% | ||||||||
Water Infrastructure: 11.8% | ||||||||
Ferguson PLC | 264,891 | 16,926,058 | ||||||
Georg Fischer AG | 8,510 | 6,827,399 | ||||||
IDEX Corp. | 120,951 | 15,271,273 | ||||||
Watts Water Technologies, Inc., Class A | 160,544 | 10,359,904 | ||||||
Xylem, Inc. | 308,109 | 20,557,032 | ||||||
69,941,666 | ||||||||
Water Treatment Equipment: 4.5% | ||||||||
Coway Co, Ltd. | 108,393 | 7,198,352 | ||||||
Ecolab, Inc. | 131,985 | 19,447,990 | ||||||
26,646,342 | ||||||||
Water Utilities: 8.9% | ||||||||
American Water Works Co., Inc. | 177,798 | 16,138,724 | ||||||
Beijing Enterprises Water Group, Ltd. (a) | 16,906,000 | 8,629,243 | ||||||
Pennon Group PLC | 1,009,855 | 8,927,073 | ||||||
Suez | 1,421,615 | 18,780,236 | ||||||
52,475,276 | ||||||||
Diversified Water Infrastructure & Technology: 3.5% | ||||||||
Danaher Corp. | 200,030 | 20,627,094 | ||||||
POLLUTION CONTROL: 12.1% | ||||||||
Pollution Control Solutions: 0.8% | ||||||||
Umicore SA | 119,755 | 4,778,824 | ||||||
Environmental Testing & Gas Sensing: 8.2% | ||||||||
Agilent Technologies, Inc. | 252,260 | 17,017,460 | ||||||
Applus Services SA | 505,972 | 5,613,511 | ||||||
Intertek Group PLC | 190,421 | 11,654,301 | ||||||
Waters Corp. (a) | 74,458 | 14,046,502 | ||||||
48,331,774 | ||||||||
Public Transportation: 3.1% | ||||||||
East Japan Railway Co. | 205,700 | 18,165,382 | ||||||
WASTE MANAGEMENT & TECHNOLOGIES: 4.6% | ||||||||
Waste Technology Equipment: 1.5% | ||||||||
China Everbright International, Ltd. | 10,065,555 | 9,020,023 | ||||||
General Waste Management: 3.1% | ||||||||
Waste Management, Inc. | 202,939 | 18,059,542 | ||||||
FOOD, AGRICULTURE & FORESTRY: 14.8% | ||||||||
Logistics, Food Safety & Packaging: 8.1% | ||||||||
GEA Group AG | 449,994 | 11,585,387 | ||||||
Sealed Air Corp. | 622,732 | 21,695,983 |
77 | SEE NOTES TO FINANCIAL STATEMENTS |
December 31, 2018 |
Schedule of Investments, continued |
Pax Global Environmental Markets Fund, continued
Percent of Net Assets | Shares/ | Value | ||||||
COMMON STOCKS, continued | ||||||||
FOOD, AGRICULTURE & FORESTRY, continued | ||||||||
Logistics, Food Safety & Packaging, continued | ||||||||
WestRock Co. | 390,990 | $ | 14,763,782 | |||||
48,045,152 | ||||||||
Sustainable & Efficient Agriculture: 6.7% | ||||||||
Koninklijke DSM NV | 75,000 | 6,084,425 | ||||||
Kubota Corp. | 954,800 | 13,571,257 | ||||||
Trimble, Inc. (a) | 436,855 | 14,376,898 | ||||||
Welbilt, Inc. (a) | 497,119 | 5,522,992 | ||||||
39,555,572 | ||||||||
Diversified Environmental: 4.6% | ||||||||
3M Co. | 48,144 | 9,173,358 | ||||||
Linde PLC | 115,590 | 18,036,663 | ||||||
27,210,021 | ||||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $568,126,213) | 585,695,718 | |||||||
MONEY MARKET: 0.2% | ||||||||
State Street Institutional U.S. Government Money Market Fund, 2.318% (b)(c) | 890,911 | 890,911 | ||||||
(Cost $890,911) | ||||||||
TOTAL INVESTMENTS: 99.2% | ||||||||
(Cost $569,017,124) | 586,586,629 | |||||||
OTHER ASSETS AND LIABILITIES — | ||||||||
(NET): 0.8% | 4,513,803 | |||||||
NET ASSETS: 100.0% | $ | 591,100,432 |
(a) | Non-income producing security. |
(b) | Rate shown represents annualized 7-day yield as of December 31, 2018. |
(c) | Premier Class shares |
SUMMARY OF INVESTMENTS BY COUNTRY
Country | Value | Percent | ||||||
Belgium | $ | 4,778,824 | 0.8 | % | ||||
China | 35,785,879 | 6.1 | % | |||||
France | 41,475,465 | 7.0 | % | |||||
Germany | 32,053,112 | 5.4 | % | |||||
Ireland | 6,347,724 | 1.1 | % | |||||
Japan | 46,672,187 | 7.9 | % | |||||
Netherlands | 17,467,725 | 3.0 | % | |||||
South Korea | 7,198,352 | 1.2 | % | |||||
Spain | 5,613,511 | 0.9 | % | |||||
Switzerland | 6,827,399 | 1.2 | % | |||||
Taiwan | 11,917,167 | 2.0 | % | |||||
United Kingdom | 40,473,362 | 6.8 | % | |||||
United States | 329,085,011 | 55.6 | % | |||||
Money Market | 890,911 | 0.2 | % | |||||
Other assets and liabilities (net) | 4,513,803 | 0.8 | % | |||||
Total | $ | 591,100,432 | 100.0 | % |
SEE NOTES TO FINANCIAL STATEMENTS | 78 |
December 31, 2018 |
Schedule of Investments, continued |
Pax Ellevate Global Women’s Leadership Fund
Percent of Net Assets | Shares/ | Value | ||||||
COMMON STOCKS: 95.8% | ||||||||
Communication Services: 6.1% | ||||||||
Auto Trader Group PLC | 12,388 | $ | 71,892 | |||||
CenturyLink, Inc. | 12,689 | 192,238 | ||||||
Deutsche Telekom AG | 43,556 | 740,309 | ||||||
Elisa OYJ | 1,859 | 76,998 | ||||||
Iliad SA | 347 | 48,699 | ||||||
Omnicom Group, Inc. (a) | 2,970 | 217,523 | ||||||
Orange SA | 26,071 | 422,500 | ||||||
ProSiebenSat.1 Media SE | 3,044 | 54,164 | ||||||
Proximus SADP | 1,988 | 53,793 | ||||||
Publicis Groupe SA | 2,715 | 154,909 | ||||||
REA Group, Ltd. | 688 | 35,895 | ||||||
Singapore Press Holdings, Ltd. | 20,900 | 36,016 | ||||||
Singapore Telecommunications, Ltd. | 107,500 | 231,365 | ||||||
Spark New Zealand, Ltd. | 23,984 | 66,901 | ||||||
Take-Two Interactive Software, Inc. (b) | 1,494 | 153,792 | ||||||
Tele2 AB, Class B | 4,727 | 60,287 | ||||||
Telefonica Deutschland Holding AG | 9,718 | 38,249 | ||||||
Telenet Group Holding NV | 691 | 32,140 | ||||||
Telenor ASA | 9,811 | 190,533 | ||||||
Telia Co AB | 242,705 | 1,154,520 | ||||||
Telstra Corp., Ltd. | 54,401 | 109,175 | ||||||
Twitter, Inc. (b) | 27,629 | 794,057 | ||||||
Ubisoft Entertainment SA (b) | 1,020 | 82,173 | ||||||
Verizon Communications, Inc. | 53,996 | 3,035,655 | ||||||
Viacom, Inc., Class B | 158,006 | 4,060,753 | ||||||
Vodafone Group PLC | 348,608 | 677,795 | ||||||
Walt Disney Co., The | 19,429 | 2,130,390 | ||||||
Zayo Group Holdings, Inc. (b) | 2,760 | 63,038 | ||||||
14,985,759 | ||||||||
Consumer Discretionary: 13.9% | ||||||||
Accor SA | 2,458 | 104,525 | ||||||
Aristocrat Leisure, Ltd. | 7,510 | 115,607 | ||||||
Barratt Developments PLC | 13,334 | 78,654 | ||||||
Bayerische Motoren Werke AG | 4,327 | 350,942 | ||||||
Best Buy Co., Inc. | 78,990 | 4,183,310 | ||||||
Burberry Group PLC | 5,466 | 120,028 | ||||||
Daimler AG | 11,884 | 626,464 | ||||||
Dollar General Corp. | 3,497 | 377,956 | ||||||
eBay, Inc. (b) | 12,340 | 346,384 | ||||||
EssilorLuxottica SA | 2,720 | 344,781 | ||||||
Gap Inc., The | 3,042 | 78,362 | ||||||
H&R Block, Inc. | 2,734 | 69,362 | ||||||
Hasbro, Inc. (a) | 1,551 | 126,019 | ||||||
Hennes & Mauritz AB, Class B | 59,114 | 840,665 | ||||||
Hermes International | 414 | 230,002 | ||||||
Hilton Worldwide Holdings, Inc. | 3,730 | 267,814 | ||||||
Husqvarna AB, Class B | 5,456 | 40,505 | ||||||
InterContinental Hotels Group PLC | 2,367 | 128,038 | ||||||
Kering SA | 6,080 | 2,848,286 | ||||||
Kingfisher PLC | 28,033 | 73,707 | ||||||
Kohl's Corp. | 2,198 | 145,815 | ||||||
lululemon athletica, Inc. (b) | 19,430 | 2,362,882 | ||||||
Macy's, Inc. | 24,238 | 721,808 | ||||||
Marks & Spencer Group PLC | 21,232 | 66,592 | ||||||
Marriott International, Inc., Class A | 3,925 | 426,098 | ||||||
Merlin Entertainments PLC | 9,349 | 37,869 | ||||||
Michael Kors Holdings, Ltd. (b) | 77,605 | 2,942,782 | ||||||
Michelin | 2,229 | 219,394 | ||||||
Minth Group, Ltd. | 548,000 | 1,768,379 | ||||||
Moncler SpA | 2,338 | 77,803 | ||||||
Next PLC | 1,840 | 93,687 | ||||||
Nokian Renkaat OYJ | 1,527 | 46,900 | ||||||
Nordstrom, Inc. (a) | 1,521 | 70,894 | ||||||
PVH Corp. | 1,007 | 93,601 | ||||||
Ralph Lauren Corp. | 728 | 75,319 | ||||||
Renault SA | 2,512 | 156,480 | ||||||
Sodexo SA | 5,451 | 559,029 | ||||||
Starbucks Corp. | 18,035 | 1,161,454 | ||||||
Tabcorp Holdings, Ltd. | 24,990 | 75,550 | ||||||
Tapestry, Inc. | 75,255 | 2,539,856 | ||||||
Target Corp. | 45,753 | 3,023,815 | ||||||
Taylor Wimpey PLC | 42,817 | 74,453 | ||||||
Tiffany & Co. | 1,463 | 117,786 | ||||||
TJX Cos., Inc., The | 16,386 | 733,110 | ||||||
TUI AG | 5,757 | 82,744 | ||||||
Ulta Beauty, Inc. (b) | 16,849 | 4,125,309 | ||||||
Vail Resorts, Inc. | 588 | 123,962 | ||||||
Valeo SA | 3,132 | 91,347 | ||||||
Wesfarmers, Ltd. | 14,817 | 336,622 | ||||||
Whitbread PLC | 2,415 | 141,028 | ||||||
33,843,779 |
79 | SEE NOTES TO FINANCIAL STATEMENTS |
December 31, 2018 |
Schedule of Investments, continued |
Pax Ellevate Global Women’s Leadership Fund, continued
Percent of Net Assets | Shares/ | Value | ||||||
COMMON STOCKS, continued | ||||||||
Consumer Staples: 11.4% | ||||||||
a2 Milk Co., Ltd. (b) | 9,540 | $ | 71,670 | |||||
Campbell Soup Co. (a) | 2,357 | 77,757 | ||||||
Carrefour SA | 7,593 | 129,741 | ||||||
Clorox Co., The | 1,692 | 260,805 | ||||||
Coca-Cola Amatil, Ltd. | 6,623 | 38,199 | ||||||
Coca-Cola Co., The | 52,828 | 2,501,406 | ||||||
Colgate-Palmolive Co. | 10,829 | 644,542 | ||||||
Danone SA | 8,047 | 567,174 | ||||||
Diageo PLC | 32,159 | 1,149,182 | ||||||
Empire Co., Ltd., Class A | 2,268 | 47,895 | ||||||
Essity AB, Class B | 7,924 | 194,784 | ||||||
Estee Lauder Cos, Inc., The, Class A | 35,767 | 4,653,287 | ||||||
General Mills, Inc. | 7,748 | 301,707 | ||||||
George Weston, Ltd. | 669 | 44,128 | ||||||
Heineken Holding NV | 1,506 | 127,237 | ||||||
Heineken NV | 3,387 | 299,366 | ||||||
Henkel AG & Co. KGaA | 1,358 | 133,658 | ||||||
Hershey Co.,The | 8,736 | 936,324 | ||||||
ICA Gruppen AB | 1,052 | 37,582 | ||||||
Ingredion, Inc. | 944 | 86,282 | ||||||
J.M. Smucker Co., The | 5,514 | 515,504 | ||||||
Kellogg Co. | 71,564 | 4,079,864 | ||||||
Kimberly-Clark Corp. | 4,565 | 520,136 | ||||||
Kroger Co., The | 10,622 | 292,105 | ||||||
Loblaw Cos, Ltd. | 2,476 | 110,832 | ||||||
L'Oreal SA | 3,304 | 756,035 | ||||||
Marine Harvest ASA | 5,445 | 114,767 | ||||||
McCormick & Co., Inc. | 1,585 | 220,695 | ||||||
Metro, Inc. | 3,179 | 110,236 | ||||||
PepsiCo, Inc. | 18,529 | 2,047,084 | ||||||
Procter & Gamble Co., The | 32,861 | 3,020,583 | ||||||
Remy Cointreau SA | 296 | 33,558 | ||||||
Saputo, Inc. | 3,039 | 87,238 | ||||||
Tesco PLC | 127,852 | 310,062 | ||||||
Tyson Foods, Inc., Class A | 3,890 | 207,726 | ||||||
Unilever NV | 20,167 | 1,092,492 | ||||||
Unilever PLC | 16,078 | 844,140 | ||||||
Walgreens Boots Alliance, Inc. | 11,015 | 752,655 | ||||||
Woolworths Group, Ltd. | 17,163 | 356,029 | ||||||
27,774,467 | ||||||||
Energy: 2.4% | ||||||||
Aker BP ASA | 1,412 | 35,601 | ||||||
Caltex Australia, Ltd. | 3,408 | 61,144 | ||||||
Cameco Corp. | 5,172 | 58,645 | ||||||
ConocoPhillips | 15,291 | 953,394 | ||||||
Encana Corp. | 12,586 | 72,647 | ||||||
Equinor ASA | 15,270 | 323,909 | ||||||
Imperial Oil, Ltd. | 3,769 | 95,495 | ||||||
John Wood Group PLC | 8,856 | 56,979 | ||||||
Lundin Petroleum AB | 2,446 | 61,087 | ||||||
Neste OYJ | 1,675 | 129,683 | ||||||
Occidental Petroleum Corp. | 10,007 | 614,230 | ||||||
Phillips 66 | 5,789 | 498,722 | ||||||
Snam SpA | 29,466 | 129,013 | ||||||
TOTAL SA | 31,268 | 1,649,234 | ||||||
TransCanada Corp. | 11,670 | 416,725 | ||||||
Valero Energy Corp. | 5,632 | 422,231 | ||||||
Woodside Petroleum, Ltd. | 12,234 | 269,483 | ||||||
5,848,222 | ||||||||
Financials: 20.4% | ||||||||
Admiral Group PLC | 2,632 | 68,679 | ||||||
Aegon NV | 23,278 | 109,026 | ||||||
AIB Group PLC | 10,641 | 44,870 | ||||||
Allianz SE | 5,753 | 1,156,095 | ||||||
Allstate Corp., The | 4,594 | 379,602 | ||||||
Ally Financial, Inc. | 5,621 | 127,372 | ||||||
American International Group, Inc. | 11,731 | 462,319 | ||||||
AMP, Ltd. | 38,138 | 65,836 | ||||||
Aon PLC | 3,195 | 464,425 | ||||||
Assicurazioni Generali SpA | 15,341 | 256,409 | ||||||
Assurant, Inc. | 688 | 61,535 | ||||||
ASX, Ltd. | 2,530 | 106,905 | ||||||
Australia & New Zealand Banking Group, Ltd | 38,934 | 672,728 | ||||||
Aviva PLC | 52,297 | 250,293 | ||||||
AXA SA | 25,362 | 547,360 | ||||||
Banco Santander SA | 212,584 | 965,342 | ||||||
Bank Leumi Le-Israel BM | 19,691 | 119,032 | ||||||
Bank of America Corp. | 175,253 | 4,318,234 | ||||||
Bank of Montreal | 8,451 | 552,113 | ||||||
Bank of Nova Scotia, The | 15,663 | 780,741 | ||||||
Bank of Queensland, Ltd. | 5,192 | 35,488 | ||||||
Bankinter SA | 8,809 | 70,684 | ||||||
Bendigo & Adelaide Bank, Ltd. | 6,356 | 48,292 | ||||||
Canadian Imperial Bank of Commerce | 5,812 | 432,877 | ||||||
CIT Group, Inc. | 1,511 | 57,826 | ||||||
Citizens Financial Group, Inc. | 6,335 | 188,340 | ||||||
CNP Assurances | 144,983 | 3,077,481 |
SEE NOTES TO FINANCIAL STATEMENTS | 80 |
December 31, 2018 |
Schedule of Investments, continued |
Pax Ellevate Global Women’s Leadership Fund, continued
Percent of Net Assets | Shares/ | Value | ||||||
COMMON STOCKS, continued | ||||||||
Financials, continued | ||||||||
Comerica, Inc. | 2,246 | $ | 154,278 | |||||
Commerzbank AG (b) | 13,092 | 86,932 | ||||||
Commonwealth Bank of Australia | 27,071 | 1,380,829 | ||||||
Danske Bank A/S | 9,366 | 185,938 | ||||||
Deutsche Boerse AG | 2,523 | 301,638 | ||||||
Discover Financial Services | 4,560 | 268,949 | ||||||
DNB ASA | 71,534 | 1,148,239 | ||||||
E*TRADE Financial Corp. | 3,449 | 151,342 | ||||||
Eurazeo SA | 612 | 43,328 | ||||||
EXOR NV | 1,417 | 76,925 | ||||||
First Republic Bank | 2,114 | 183,707 | ||||||
Gjensidige Forsikring ASA | 2,616 | 40,924 | ||||||
Groupe Bruxelles Lambert SA | 1,055 | 91,935 | ||||||
Hang Seng Bank, Ltd. | 10,000 | 224,012 | ||||||
Hartford Financial Services Group | 4,680 | 208,026 | ||||||
Huntington Bancshares, Inc. | 14,440 | 172,125 | ||||||
Industrial Alliance Ins & Fin Svc, Inc. | 1,444 | 46,085 | ||||||
Industrivarden AB, Class C | 2,183 | 44,197 | ||||||
Insurance Australia Group, Ltd. | 30,197 | 148,937 | ||||||
Intact Financial Corp. | 9,683 | 703,528 | ||||||
Investor AB, Class B | 5,953 | 252,969 | ||||||
KeyCorp. | 251,453 | 3,716,475 | ||||||
Legal & General Group PLC | 77,870 | 229,434 | ||||||
Lincoln National Corp. | 2,858 | 146,644 | ||||||
Macquarie Group, Ltd. | 4,301 | 329,439 | ||||||
Manulife Financial Corp. | 26,240 | 372,304 | ||||||
Medibank Pvt, Ltd. | 35,989 | 65,154 | ||||||
Mizrahi Tefahot Bank, Ltd. | 1,826 | 30,840 | ||||||
MSCI, Inc. | 1,163 | 171,461 | ||||||
Muenchener Rueckversicherungs AG | 1,955 | 426,383 | ||||||
National Australia Bank, Ltd. | 36,997 | 627,814 | ||||||
National Bank of Canada | 4,437 | 182,167 | ||||||
Natixis SA | 12,303 | 58,027 | ||||||
Nordea Bank Apb | 39,694 | 334,152 | ||||||
PNC Financial Services Group, Inc. | 6,136 | 717,360 | ||||||
Poste Italiane SpA | 6,827 | 54,744 | ||||||
Principal Financial Group, Inc. | 101,870 | 4,499,598 | ||||||
Progressive Corp., The | 7,611 | 459,172 | ||||||
Reinsurance Group of America, Inc. | 843 | 118,214 | ||||||
Royal Bank of Canada | 18,844 | 1,289,762 | ||||||
Royal Bank of Scotland Group PLC | 62,869 | 174,402 | ||||||
S&P Global, Inc. | 3,284 | 558,083 | ||||||
Schroders PLC | 1,625 | 50,609 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 21,268 | 206,744 | ||||||
Societe Generale SA | 10,030 | 317,997 | ||||||
Standard Chartered PLC | 36,696 | 285,189 | ||||||
State Street Corp. | 4,775 | 301,159 | ||||||
Sun Life Financial, Inc. | 7,941 | 263,440 | ||||||
Suncorp Group, Ltd. | 16,970 | 151,029 | ||||||
Svenska Handelsbanken AB, Class A | 19,985 | 222,347 | ||||||
Swedbank AB, Class A | 211,096 | 4,718,237 | ||||||
Synchrony Financial | 9,370 | 219,820 | ||||||
TD Ameritrade Holding Corp. | 3,707 | 181,495 | ||||||
Toronto-Dominion Bank, The | 24,119 | 1,198,883 | ||||||
Travelers Cos., Inc., The | 3,532 | 422,957 | ||||||
U.S. Bancorp | 20,391 | 931,869 | ||||||
UBS Group AG (b) | 50,370 | 628,277 | ||||||
Unum Group | 2,891 | 84,938 | ||||||
Voya Financial, Inc. | 62,115 | 2,493,296 | ||||||
Wendel SA | 362 | 43,424 | ||||||
Willis Towers Watson PLC | 1,722 | 261,503 | ||||||
Zurich Insurance Group AG | 1,978 | 589,619 | ||||||
49,469,208 | ||||||||
Health Care: 9.0% | ||||||||
Abbott Laboratories | 22,911 | 1,657,153 | ||||||
Alkermes PLC (a)(b) | 1,999 | 58,990 | ||||||
Anthem, Inc. | 3,335 | 875,871 | ||||||
AstraZeneca PLC | 16,553 | 1,235,614 | ||||||
Becton Dickinson & Co. | 3,492 | 786,817 | ||||||
Biogen, Inc. (b) | 2,758 | 829,937 | ||||||
Cardinal Health, Inc. | 4,070 | 181,522 | ||||||
CSL, Ltd. | 5,912 | 772,213 | ||||||
CVS Health Corp. | 16,021 | 1,049,696 | ||||||
DaVita, Inc. (b) | 1,824 | 93,863 | ||||||
Eli Lilly & Co. | 12,766 | 1,477,282 | ||||||
Genmab A/S (b) | 803 | 132,030 | ||||||
GlaxoSmithKline PLC | 64,809 | 1,235,131 | ||||||
Hologic, Inc. (b) | 3,567 | 146,604 | ||||||
IDEXX Laboratories, Inc. (b) | 1,135 | 211,133 | ||||||
Ipsen SA | 493 | 63,788 |
81 | SEE NOTES TO FINANCIAL STATEMENTS |
December 31, 2018 |
Schedule of Investments, continued |
Pax Ellevate Global Women’s Leadership Fund, continued
Percent of Net Assets | Shares/ | Value | ||||||
COMMON STOCKS, continued | ||||||||
Health Care, continued | ||||||||
Johnson & Johnson | 35,051 | $ | 4,523,332 | |||||
Koninklijke Philips NV | 12,296 | 431,091 | ||||||
McKesson Corp. | 3,718 | 410,727 | ||||||
Medtronic PLC | 17,697 | 1,609,719 | ||||||
Orion OYJ, Class B | 1,361 | 47,348 | ||||||
Quest Diagnostics, Inc. | 1,775 | 147,804 | ||||||
Recordati SpA | 1,366 | 47,305 | ||||||
Ryman Healthcare, Ltd. | 5,227 | 37,722 | ||||||
Sanofi | 14,690 | 1,274,355 | ||||||
Shire PLC | 11,943 | 694,934 | ||||||
Smith & Nephew PLC | 11,428 | 213,917 | ||||||
Stryker Corp. | 4,396 | 689,073 | ||||||
UCB SA | 1,652 | 134,930 | ||||||
United Therapeutics Corp. (b) | 569 | 61,964 | ||||||
Varian Medical Systems, Inc. (b) | 1,196 | 135,519 | ||||||
Vertex Pharmaceuticals, Inc. (b) | 3,330 | 551,814 | ||||||
21,819,198 | ||||||||
Industrials: 5.9% | ||||||||
Aeroports de Paris | 388 | 73,575 | ||||||
Alfa Laval AB | 3,837 | 82,485 | ||||||
Allegion PLC | 1,241 | 98,920 | ||||||
Alstom SA | 2,033 | 82,122 | ||||||
Atlas Copco AB, Class A | 8,775 | 209,354 | ||||||
Atlas Copco AB, Class B | 5,099 | 111,728 | ||||||
Auckland International Airport, Ltd. | 12,572 | 60,678 | ||||||
Aurizon Holdings, Ltd. | 26,008 | 78,466 | ||||||
Brambles, Ltd. | 20,803 | 148,838 | ||||||
Bureau Veritas SA | 3,466 | 70,628 | ||||||
Cie de Saint-Gobain | 6,511 | 216,142 | ||||||
Cummins, Inc. | 2,046 | 273,427 | ||||||
Deutsche Lufthansa AG | 3,079 | 69,535 | ||||||
Deutsche Post AG | 12,901 | 352,316 | ||||||
easyJet PLC | 2,084 | 29,365 | ||||||
Epiroc AB, Class A (b) | 8,775 | 83,403 | ||||||
Epiroc AB, Class B (b) | 5,099 | 45,516 | ||||||
Finning International, Inc. | 2,200 | 38,353 | ||||||
Fraport AG Frankfurt Airport Svc Worldwide | 543 | 38,861 | ||||||
GEA Group AG | 2,264 | 58,288 | ||||||
Getlink SE | 6,109 | 82,089 | ||||||
Ingersoll-Rand PLC | 3,240 | 295,585 | ||||||
Intertek Group PLC | 2,109 | 129,077 | ||||||
KION Group AG | 926 | 47,091 | ||||||
Kone OYJ, Class B | 4,429 | 211,446 | ||||||
Legrand SA | 40,528 | 2,291,146 | ||||||
ManpowerGroup, Inc. | 861 | 55,793 | ||||||
MTR Corp., Ltd. | 20,020 | 105,362 | ||||||
Randstad NV | 1,557 | 71,388 | ||||||
Royal Mail PLC | 11,762 | 40,825 | ||||||
Sandvik AB | 14,753 | 211,385 | ||||||
Schneider Electric SE | 7,138 | 484,179 | ||||||
Securitas AB, Class B | 4,092 | 65,922 | ||||||
SEEK, Ltd. | 4,359 | 52,004 | ||||||
Siemens AG | 9,997 | 1,115,681 | ||||||
Skanska AB, Class B | 4,445 | 70,876 | ||||||
Societe BIC SA | 335 | 34,222 | ||||||
Southwest Airlines Co. | 1,890 | 87,847 | ||||||
Stanley Black & Decker, Inc. | 2,016 | 241,396 | ||||||
Sydney Airport | 14,428 | 68,415 | ||||||
Transurban Group | 34,173 | 280,476 | ||||||
United Parcel Service, Inc., Class B | 9,011 | 878,843 | ||||||
Volvo AB, Class B | 20,466 | 267,983 | ||||||
Weir Group PLC, The | 3,148 | 52,128 | ||||||
Wolters Kluwer NV | 82,768 | 4,867,353 | ||||||
WSP Global, Inc. | 1,356 | 58,275 | ||||||
14,388,787 | ||||||||
Information Technology: 15.9% | ||||||||
Accenture PLC, Class A | 8,404 | 1,185,048 | ||||||
Autodesk, Inc. (b) | 24,391 | 3,136,927 | ||||||
Capgemini SE | 2,096 | 208,479 | ||||||
CDW Corp. | 1,983 | 160,722 | ||||||
Cisco Systems, Inc. | 106,859 | 4,630,200 | ||||||
Dassault Systemes SA | 1,702 | 202,163 | ||||||
Ericsson, Class B | 40,151 | 355,415 | ||||||
Hewlett Packard Enterprise Co. | 19,955 | 263,606 | ||||||
Hexagon AB, Class B | 3,378 | 156,157 | ||||||
HP, Inc. | 21,450 | 438,867 | ||||||
IBM | 11,996 | 1,363,585 | ||||||
Ingenico Group SA | 775 | 43,964 | ||||||
Intuit, Inc. | 24,193 | 4,762,392 | ||||||
Leidos Holdings, Inc. | 1,884 | 99,324 | ||||||
Micro Focus International PLC | 5,702 | 99,891 | ||||||
Microsoft Corp. | 95,385 | 9,688,254 | ||||||
Nokia OYJ | 73,594 | 427,222 | ||||||
Oracle Corp. | 40,012 | 1,806,542 | ||||||
salesforce.com, Inc. (b) | 9,210 | 1,261,493 | ||||||
Square, Inc. (b) | 3,789 | 212,525 |
SEE NOTES TO FINANCIAL STATEMENTS | 82 |
December 31, 2018 |
Schedule of Investments, continued |
Pax Ellevate Global Women’s Leadership Fund, continued
Percent of Net Assets | Shares/ | Value | ||||||
COMMON STOCKS, continued | ||||||||
Information Technology, continued | ||||||||
Texas Instruments, Inc. | 51,944 | $ | 4,908,708 | |||||
Visa, Inc., Class A | 23,342 | 3,079,743 | ||||||
Wirecard AG | 1,534 | 231,254 | ||||||
38,722,481 | ||||||||
Materials: 2.3% | ||||||||
Air Liquide SA | 5,603 | 695,756 | ||||||
Akzo Nobel NV | 3,301 | 265,843 | ||||||
Arkema SA | 900 | 77,263 | ||||||
Avery Dennison Corp. | 1,167 | 104,832 | ||||||
BlueScope Steel, Ltd. | 7,190 | 55,464 | ||||||
Boliden AB | 3,574 | 77,445 | ||||||
Boral, Ltd. | 15,320 | 53,314 | ||||||
Chr. Hansen Holding A/S | 1,293 | 114,775 | ||||||
Clariant AG (b) | 2,603 | 48,004 | ||||||
Ecolab, Inc. | 3,393 | 499,959 | ||||||
Evonik Industries AG | 2,132 | 53,217 | ||||||
Fortescue Metals Group, Ltd. | 20,350 | 60,008 | ||||||
Incitec Pivot, Ltd. | 21,708 | 50,179 | ||||||
International Flavors & Fragrances, Inc. | 1,011 | 135,715 | ||||||
Johnson Matthey PLC | 2,529 | 90,300 | ||||||
Kinross Gold Corp. (b) | 16,333 | 52,641 | ||||||
Koninklijke DSM NV | 13,146 | 1,066,478 | ||||||
Methanex Corp. | 871 | 41,891 | ||||||
Newmont Mining Corp. | 29,009 | 1,005,162 | ||||||
Norsk Hydro ASA | 93,494 | 423,627 | ||||||
Novozymes A/S, Class B | 2,861 | 127,836 | ||||||
Orica, Ltd. | 4,941 | 60,055 | ||||||
Solvay SA | 968 | 96,802 | ||||||
Stora Enso OYJ, Class R | 7,201 | 83,486 | ||||||
UPM-Kymmene OYJ | 6,975 | 176,564 | ||||||
Yara International ASA | 2,321 | 89,473 | ||||||
5,606,089 | ||||||||
Real Estate: 1.3% | ||||||||
Ascendas Real Estate Investment Trust, REIT | 34,500 | 65,108 | ||||||
Azrieli Group, Ltd. | 554 | 26,504 | ||||||
British Land Co. PLC, The, REIT | 12,202 | 82,977 | ||||||
Camden Property Trust, REIT | 1,212 | 106,717 | ||||||
CapitaLand Commercial Trust, REIT | 34,200 | 43,927 | ||||||
CK Asset Holdings, Ltd. | 34,000 | 248,764 | ||||||
Covivio, REIT | 490 | 47,277 | ||||||
Dexus, REIT | 13,293 | 99,493 |
Federal Realty Investment Trust, REIT | 957 | 112,964 | ||||||
First Capital Realty, Inc. | 2,240 | 30,929 | ||||||
Gecina SA, REIT | 590 | 76,375 | ||||||
GPT Group, The, REIT | 23,587 | 88,759 | ||||||
Host Hotels & Resorts, Inc., REIT | 9,688 | 161,499 | ||||||
ICADE, REIT | 436 | 33,229 | ||||||
Iron Mountain, Inc., REIT | 3,550 | 115,056 | ||||||
Jones Lang LaSalle, Inc. | 594 | 75,200 | ||||||
Klepierre SA, REIT | 2,670 | 82,514 | ||||||
Land Securities Group PLC, REIT | 9,690 | 99,495 | ||||||
Link, REIT | 28,000 | 283,856 | ||||||
Mirvac Group, REIT | 48,494 | 76,588 | ||||||
Realty Income Corp., REIT | 3,716 | 234,257 | ||||||
Scentre Group, REIT | 69,579 | 191,284 | ||||||
Stockland, REIT | 31,813 | 78,921 | ||||||
Suntec Real Estate Investment Trust, REIT | 27,800 | 36,263 | ||||||
Swire Properties, Ltd. | 15,200 | 53,407 | ||||||
UDR, Inc., REIT | 3,497 | 138,551 | ||||||
Vicinity Centres, REIT | 43,005 | 78,801 | ||||||
Vonovia SE | 6,345 | 286,026 | ||||||
Weyerhaeuser Co., REIT | 9,892 | 216,239 | ||||||
3,270,980 | ||||||||
Utilities: 7.2% | ||||||||
AGL Energy, Ltd. | 8,570 | 124,455 | ||||||
Alliant Energy Corp. | 3,025 | 127,806 | ||||||
American Electric Power Co., Inc. | 6,437 | 481,101 | ||||||
American Water Works Co., Inc. | 54,725 | 4,967,387 | ||||||
APA Group | 15,419 | 92,362 | ||||||
Atco, Ltd., Class I | 995 | 28,140 | ||||||
AusNet Services | 626 | 686 | ||||||
Canadian Utilities, Ltd., Class A | 217,141 | 4,981,582 | ||||||
CMS Energy Corp. | 3,692 | 183,308 | ||||||
Consolidated Edison, Inc. | 4,061 | 310,504 | ||||||
Dominion Energy, Inc. | 8,527 | 609,339 | ||||||
Edison International | 4,258 | 241,727 | ||||||
Emera, Inc. | 753 | 24,109 | ||||||
Engie SA | 23,869 | 342,948 | ||||||
Entergy Corp. | 2,363 | 203,383 | ||||||
Evergy, Inc. | 3,546 | 201,306 |
83 | SEE NOTES TO FINANCIAL STATEMENTS |
December 31, 2018 |
Schedule of Investments, continued |
Pax Ellevate Global Women’s Leadership Fund, continued
Percent of Net Assets | Shares/ | Value | ||||||
COMMON STOCKS, continued | ||||||||
Utilities, continued | ||||||||
Fortis, Inc./Canada | 13,250 | $ | 441,699 | |||||
Fortum OYJ | 5,805 | 127,068 | ||||||
Hydro One, Ltd. | 4,283 | 63,530 | ||||||
Innogy SE | 1,815 | 84,753 | ||||||
National Grid PLC | 43,859 | 429,087 | ||||||
Orsted A/S | 2,473 | 165,488 | ||||||
PG&E Corp. (b) | 6,749 | 160,289 | ||||||
Red Electrica Corporacion, S.A. | 5,657 | 126,152 | ||||||
Sempra Energy (a) | 26,736 | 2,892,568 | ||||||
Severn Trent PLC | 3,091 | 71,651 | ||||||
Suez | 4,872 | 64,362 | ||||||
United Utilities Group PLC | 8,911 | 83,786 | ||||||
17,630,576 | ||||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $236,696,024) | 233,359,546 | |||||||
PREFERRED STOCKS: 0.1% | ||||||||
Consumer Discretionary: 0.0% (c) | ||||||||
Bayerische Motoren Werke AG | 622 | 51,344 | ||||||
Consumer Staples: 0.1% | ||||||||
Henkel AG & Co. KGaA | 2,329 | 254,394 | ||||||
Materials: 0.0% (c) | ||||||||
FUCHS PETROLUB SE | 908 | 37,539 | ||||||
TOTAL PREFERRED STOCKS | ||||||||
(Cost $380,748) | 343,277 | |||||||
EXCHANGE-TRADED FUNDS: 2.9% | ||||||||
iShares Core MSCI EAFE ETF | 50,077 | 2,754,235 | ||||||
iShares Core S&P 500 ETF | 17,069 | 4,294,731 | ||||||
TOTAL EXCHANGE-TRADED FUNDS | ||||||||
(Cost $6,923,863) | 7,048,966 | |||||||
MONEY MARKET: 0.1% | ||||||||
State Street Institutional U.S. Government Money Market Fund, 2.318% (d)(e) | 268,898 | 268,898 | ||||||
(Cost $268,898) | ||||||||
TOTAL INVESTMENTS: 98.9% | ||||||||
(Cost $244,269,533) | 241,020,687 | |||||||
OTHER ASSETS AND LIABILITIES — | ||||||||
(NET): 1.1% | 2,666,024 | |||||||
NET ASSETS: 100.0% | $ | 243,686,711 |
(a) | Security or partial position of this security was on loan as of December 31, 2018. The total market value of securities on loan as of December 31, 2018 was $3,443,751. |
(b) | Non-income producing security. |
(c) | Rounds to less than 0.05%. |
(d) | Rate shown represents annualized 7-day yield as of December 31, 2018. |
(e) | Premier Class shares |
REIT - Real Estate Investment Trust
SEE NOTES TO FINANCIAL STATEMENTS | 84 |
December 31, 2018 |
Schedule of Investments, continued |
Pax Ellevate Global Women’s Leadership Fund, continued
SUMMARY OF INVESTMENTS BY COUNTRY
Country | Value | Percent | ||||||
Australia | $ | 7,540,939 | 3.1 | % | ||||
Belgium | 409,600 | 0.2 | % | |||||
Canada | 12,626,890 | 5.2 | % | |||||
Denmark | 726,066 | 0.3 | % | |||||
Finland | 1,326,715 | 0.5 | % | |||||
France | 19,032,059 | 7.8 | % | |||||
Germany | 6,595,131 | 2.6 | % | |||||
Hong Kong | 2,683,781 | 1.1 | % | |||||
Ireland | 44,870 | 0.0 | %* | |||||
Israel | 176,377 | 0.1 | % | |||||
Italy | 642,199 | 0.3 | % | |||||
Netherlands | 8,330,274 | 3.4 | % | |||||
New Zealand | 236,972 | 0.1 | % | |||||
Norway | 2,367,072 | 1.0 | % | |||||
Singapore | 412,680 | 0.2 | % | |||||
Spain | 1,162,179 | 0.5 | % | |||||
Sweden | 9,905,742 | 4.1 | % | |||||
Switzerland | 1,265,900 | 0.5 | % | |||||
United Kingdom | 9,653,631 | 3.9 | % | |||||
United States | 148,563,746 | 61.0 | % | |||||
Exchange-Traded Funds | 7,048,966 | 2.9 | % | |||||
Money Market | 268,898 | 0.1 | % | |||||
Other assets and liabilities (net) | 2,666,024 | 1.1 | % | |||||
TOTAL | $ | 243,686,711 | 100.0 | % |
* | Rounds to less than 0.05%. |
85 | SEE NOTES TO FINANCIAL STATEMENTS |
December 31, 2018 |
Schedule of Investments, continued |
Pax MSCI EAFE ESG Leaders Index Fund
Percent of Net Assets | Shares/ | Value | ||||||
COMMON STOCKS: 97.1% | ||||||||
Australia: 9.5% | ||||||||
AGL Energy, Ltd. | 77,378 | $ | 1,123,700 | |||||
Amcor, Ltd. | 141,658 | 1,322,725 | ||||||
AMP, Ltd. | 287,405 | 496,138 | ||||||
APA Group | 112,095 | 671,465 | ||||||
Aurizon Holdings, Ltd. | 198,382 | 598,518 | ||||||
Australia & New Zealand Banking Group, Ltd | 272,473 | 4,707,970 | ||||||
Bendigo & Adelaide Bank, Ltd. | 39,413 | 299,457 | ||||||
BlueScope Steel, Ltd. | 49,718 | 383,530 | ||||||
Brambles, Ltd. | 128,037 | 916,060 | ||||||
Caltex Australia, Ltd. | 33,218 | 595,976 | ||||||
Coca-Cola Amatil, Ltd. | 87,817 | 506,491 | ||||||
Commonwealth Bank of Australia | 148,608 | 7,580,148 | ||||||
CSL, Ltd. | 26,133 | 3,413,437 | ||||||
Dexus, REIT | 130,219 | 974,639 | ||||||
Fortescue Metals Group, Ltd. | 3,528 | 10,403 | ||||||
Goodman Group, REIT | 160,090 | 1,199,212 | ||||||
GPT Group, The, REIT | 299,654 | 1,127,610 | ||||||
Insurance Australia Group, Ltd. | 248,668 | 1,226,483 | ||||||
LendLease Group | 42,561 | 348,669 | ||||||
Macquarie Group, Ltd. | 27,385 | 2,097,580 | ||||||
Mirvac Group, REIT | 395,528 | 624,667 | ||||||
National Australia Bank, Ltd. | 247,517 | 4,200,198 | ||||||
Newcrest Mining, Ltd. | 58,365 | 897,015 | ||||||
Origin Energy, Ltd. (a) | 52,697 | 240,384 | ||||||
Stockland, REIT | 314,895 | 781,189 | ||||||
Sydney Airport | 194,117 | 920,470 | ||||||
Telstra Corp., Ltd. | 321,380 | 644,965 | ||||||
Transurban Group | 244,210 | 2,004,361 | ||||||
Wesfarmers, Ltd. | 99,042 | 2,250,102 | ||||||
Westpac Banking Corp. | 318,705 | 5,631,480 | ||||||
Woodside Petroleum, Ltd. | 60,480 | 1,332,217 | ||||||
49,127,259 | ||||||||
Austria: 0.1% | ||||||||
OMV AG | 12,673 | 553,469 | ||||||
Voestalpine AG | 6,760 | 201,613 | ||||||
755,082 | ||||||||
Belgium: 0.6% | ||||||||
Colruyt SA | 9,202 | 656,297 | ||||||
KBC Group NV | 16,984 | 1,092,732 | ||||||
Solvay SA | 4,851 | 485,111 | ||||||
UCB SA | 5,277 | 431,007 | ||||||
Umicore SA | 11,631 | 464,135 | ||||||
3,129,282 | ||||||||
Denmark: 2.6% | ||||||||
Chr. Hansen Holding A/S | 6,755 | 599,619 | ||||||
Coloplast A/S, Class B | 4,320 | 401,827 | ||||||
Genmab A/S (a) | 5,670 | 932,264 | ||||||
H. Lundbeck A/S | 3,267 | 143,790 | ||||||
ISS A/S | 20,843 | 583,537 | ||||||
Novo Nordisk A/S, Class B | 159,466 | 7,323,805 | ||||||
Novozymes A/S, Class B | 16,921 | 756,071 | ||||||
Orsted A/S | 9,400 | 629,027 | ||||||
Pandora A/S | 10,285 | 419,884 | ||||||
Vestas Wind Systems A/S | 20,510 | 1,552,578 | ||||||
William Demant Holding A/S (a) | 8,492 | 241,783 | ||||||
13,584,185 | ||||||||
Finland: 0.9% | ||||||||
Neste OYJ | 6,832 | 528,951 | ||||||
Nokia OYJ | 462,531 | 2,685,046 | ||||||
Nokian Renkaat OYJ | 15,965 | 490,344 | ||||||
Wartsila OYJ Abp | 67,813 | 1,082,496 | ||||||
4,786,837 | ||||||||
France: 10.5% | ||||||||
Accor SA | 22,050 | 937,663 | ||||||
Air Liquide SA | 40,330 | 5,007,999 | ||||||
AXA SA | 150,676 | 3,251,873 | ||||||
Capgemini SE | 14,442 | 1,436,473 | ||||||
Carrefour SA | 37,900 | 647,594 | ||||||
Cie de Saint-Gobain | 51,022 | 1,693,751 | ||||||
CNP Assurances | 1,624 | 34,472 | ||||||
Credit Agricole SA | 50,372 | 542,125 | ||||||
Danone SA | 48,232 | 3,399,517 | ||||||
EssilorLuxottica SA | 22,819 | 2,892,488 | ||||||
Gecina SA, REIT | 5,301 | 686,214 | ||||||
Getlink SE | 56,362 | 757,356 | ||||||
Ingenico Group SA | 4,295 | 243,644 | ||||||
Ipsen SA | 3,049 | 394,500 | ||||||
Kering SA | 6,112 | 2,863,277 | ||||||
L'Oreal SA | 15,819 | 3,619,771 | ||||||
Michelin | 15,104 | 1,486,641 | ||||||
Natixis SA | 55,412 | 261,350 | ||||||
Orange SA | 216,044 | 3,501,157 | ||||||
Renault SA | 19,306 | 1,202,630 | ||||||
Rexel SA | 39,617 | 422,004 | ||||||
Schneider Electric SE | 43,300 | 2,937,091 | ||||||
Societe BIC SA | 2,881 | 294,307 | ||||||
TOTAL SA | 196,908 | 10,385,934 | ||||||
Unibail-Rodamco-Westfield, REIT | 9,318 | 1,441,909 |
SEE NOTES TO FINANCIAL STATEMENTS | 86 |
December 31, 2018 |
Schedule of Investments, continued |
Pax MSCI EAFE ESG Leaders Index Fund, continued
Percent of Net Assets | Shares/ | Value | ||||||
COMMON STOCKS, continued | ||||||||
France, continued | ||||||||
Vivendi SA | 97,916 | $ | 2,373,221 | |||||
SES SA | 32,337 | 619,128 | ||||||
STMicroelectronics NV | 51,935 | 736,106 | ||||||
54,070,195 | ||||||||
Germany: 9.7% | ||||||||
adidas AG | 14,783 | 3,089,483 | ||||||
Allianz SE | 36,664 | 7,367,820 | ||||||
BASF SE | 76,606 | 5,335,883 | ||||||
Bayerische Motoren Werke AG | 30,565 | 2,478,978 | ||||||
Beiersdorf AG | 6,675 | 696,219 | ||||||
Deutsche Boerse AG | 13,021 | 1,556,729 | ||||||
Deutsche Post AG | 69,729 | 1,904,244 | ||||||
Deutsche Wohnen SE | 15,993 | 730,892 | ||||||
E.ON SE | 166,728 | 1,645,825 | ||||||
Evonik Industries AG | 11,480 | 286,554 | ||||||
Fraport AG Frankfurt Airport Svc Worldwide | 6,084 | 435,420 | ||||||
HeidelbergCement AG | 16,202 | 993,147 | ||||||
Henkel AG & Co. KGaA | 8,634 | 849,783 | ||||||
Merck KGaA | 18,172 | 1,870,489 | ||||||
METRO AG | 24,240 | 372,984 | ||||||
Muenchener Rueckversicherungs AG | 11,706 | 2,553,062 | ||||||
OSRAM Licht AG | 10,665 | 464,125 | ||||||
ProSiebenSat.1 Media SE | 24,684 | 439,216 | ||||||
RWE AG | 32,494 | 707,715 | ||||||
SAP SE | 80,029 | 7,942,847 | ||||||
Siemens AG | 59,416 | 6,630,917 | ||||||
Symrise AG | 16,319 | 1,209,125 | ||||||
QIAGEN NV (a) | 9,584 | 327,492 | ||||||
49,888,949 | ||||||||
Hong Kong: 2.3% | ||||||||
BOC Hong Kong Holdings, Ltd. | 338,057 | 1,254,775 | ||||||
CLP Holdings, Ltd. | 154,000 | 1,740,337 | ||||||
Hang Seng Bank, Ltd. | 58,400 | 1,308,232 | ||||||
Hong Kong & China Gas Co., Ltd. | 754,702 | 1,559,251 | ||||||
Hong Kong Exchanges and Clearing, Ltd. | 104,864 | 3,031,465 | ||||||
Hysan Development Co, Ltd. | 92,000 | 437,495 | ||||||
MTR Corp., Ltd. | 83,766 | 440,846 | ||||||
Shangri-La Asia, Ltd. | 68,000 | 100,386 | ||||||
Swire Pacific, Ltd., Class A | 63,000 | 665,154 | ||||||
Swire Properties, Ltd. | 164,000 | 576,237 | ||||||
Techtronic Industries Co, Ltd. | 100,500 | 533,320 | ||||||
Wharf Real Estate Investment Co, Ltd. | 24,000 | 143,542 | ||||||
11,791,040 | ||||||||
Ireland: 0.7% | ||||||||
CRH PLC | 65,725 | 1,740,845 | ||||||
Kerry Group PLC, Class A | 20,844 | 2,064,027 | ||||||
3,804,872 | ||||||||
Israel: 0.3% | ||||||||
Bank Hapoalim BM | 199,295 | 1,260,371 | ||||||
Bank Leumi Le-Israel BM | 29,191 | 176,460 | ||||||
1,436,831 | ||||||||
Italy: 1.4% | ||||||||
Assicurazioni Generali SpA | 97,746 | 1,633,724 | ||||||
CNH Industrial NV | 87,534 | 790,894 | ||||||
Intesa Sanpaolo SpA | 1,152,933 | 2,567,146 | ||||||
Snam SpA | 258,694 | 1,132,656 | ||||||
Tenaris SA | 61,227 | 658,054 | ||||||
EXOR NV | 7,870 | 427,241 | ||||||
7,209,715 | ||||||||
Japan: 23.0% | ||||||||
Aeon Co., Ltd. | 56,400 | 1,102,398 | ||||||
AEON Financial Service Co., Ltd. | 11,600 | 205,794 | ||||||
AGC, Inc. | 23,300 | 724,233 | ||||||
Ajinomoto Co., Inc. | 44,400 | 788,948 | ||||||
Amada Holdings Co., Ltd. | 26,300 | 236,092 | ||||||
ANA Holdings, Inc. | 6,700 | 240,524 | ||||||
Asahi Kasei Corp. | 104,100 | 1,068,417 | ||||||
Asics Corp. | 15,100 | 191,779 | ||||||
Astellas Pharma, Inc. | 148,900 | 1,902,439 | ||||||
Benesse Holdings, Inc. | 9,700 | 246,754 | ||||||
Bridgestone Corp. | 4,800 | 184,156 | ||||||
Casio Computer Co., Ltd. | 15,500 | 183,772 | ||||||
Central Japan Railway Co. | 10,700 | 2,257,563 | ||||||
Chugai Pharmaceutical Co., Ltd. | 21,300 | 1,235,383 | ||||||
CyberAgent, Inc. | 5,700 | 220,348 | ||||||
Dai Nippon Printing Co., Ltd. | 41,600 | 868,363 | ||||||
Daifuku Co, Ltd. | 7,500 | 340,054 | ||||||
Daikin Industries, Ltd. | 34,100 | 3,623,310 | ||||||
Daiwa House Industry Co., Ltd. | 54,300 | 1,732,084 | ||||||
Denso Corp. | 50,000 | 2,213,383 | ||||||
Dentsu, Inc. | 17,000 | 759,232 | ||||||
East Japan Railway Co. | 34,900 | 3,082,022 | ||||||
Eisai Co., Ltd. | 25,700 | 1,989,689 |
87 | SEE NOTES TO FINANCIAL STATEMENTS |
December 31, 2018 |
Schedule of Investments, continued |
Pax MSCI EAFE ESG Leaders Index Fund, continued
Percent of Net Assets | Shares/ | Value | ||||||
COMMON STOCKS, continued | ||||||||
Japan, continued | ||||||||
Fast Retailing Co., Ltd. | 4,100 | $ | 2,094,037 | |||||
Fujitsu, Ltd. | 15,600 | 972,444 | ||||||
Hitachi Chemical Co., Ltd. | 15,500 | 233,178 | ||||||
Hitachi Construction Machinery Co., Ltd. | 16,700 | 390,800 | ||||||
Hitachi High-Technologies Corp. | 3,300 | 103,338 | ||||||
Hitachi Metals, Ltd. | 27,600 | 287,055 | ||||||
Honda Motor Co., Ltd. | 182,100 | 4,797,435 | ||||||
Hulic Co., Ltd. | 4,900 | 43,788 | ||||||
Inpex Corp. | 60,000 | 531,649 | ||||||
JFE Holdings, Inc. | 500 | 7,964 | ||||||
Kajima Corp. | 53,500 | 718,670 | ||||||
Kansai Paint Co., Ltd. | 33,200 | 637,682 | ||||||
Kao Corp. | 52,700 | 3,900,728 | ||||||
KDDI Corp. | 137,300 | 3,280,771 | ||||||
Keio Corp. | 7,700 | 448,086 | ||||||
Keyence Corp. | 8,300 | 4,195,199 | ||||||
Kikkoman Corp. | 17,000 | 909,747 | ||||||
Kobe Steel, Ltd. | 25,000 | 173,280 | ||||||
Komatsu, Ltd. | 77,100 | 1,656,874 | ||||||
Konica Minolta, Inc. | 51,800 | 466,274 | ||||||
Kubota Corp. | 83,200 | 1,182,581 | ||||||
Kuraray Co., Ltd. | 54,800 | 770,736 | ||||||
Kyocera Corp. | 32,100 | 1,604,519 | ||||||
Lawson, Inc. | 4,900 | 309,947 | ||||||
Marui Group Co., Ltd. | 15,600 | 302,327 | ||||||
Mazda Motor Corp. | 38,100 | 391,683 | ||||||
Mitsubishi Estate Co., Ltd. | 141,100 | 2,219,997 | ||||||
Mitsubishi Materials Corp. | 10,800 | 284,588 | ||||||
Mitsubishi UFJ Lease & Finance Co., Ltd. | 51,900 | 248,758 | ||||||
Mitsui Fudosan Co., Ltd. | 83,200 | 1,848,030 | ||||||
Mitsui OSK Lines, Ltd. | 12,000 | 259,678 | ||||||
Mizuho Financial Group, Inc. | 2,034,000 | 3,147,077 | ||||||
Murata Manufacturing Co., Ltd. | 14,700 | 1,980,821 | ||||||
Nagoya Railroad Co., Ltd. | 2,900 | 76,376 | ||||||
NEC Corp. | 21,000 | 624,411 | ||||||
NGK Insulators, Ltd. | 30,300 | 410,687 | ||||||
NGK Spark Plug Co., Ltd. | 15,300 | 302,862 | ||||||
Nikon Corp. | 30,000 | 446,853 | ||||||
Nintendo Co., Ltd. | 8,700 | 2,310,189 | ||||||
Nippon Express Co., Ltd. | 2,000 | 111,107 | ||||||
Nitori Holdings Co, Ltd. | 4,500 | 563,581 | ||||||
Nitto Denko Corp. | 12,600 | 631,946 | ||||||
Nomura Real Estate Holdings, Inc. | 2,400 | 44,010 | ||||||
Nomura Research Institute, Ltd. | 6,800 | 252,162 | ||||||
NSK, Ltd. | 38,700 | 332,037 | ||||||
NTT DOCOMO, Inc. | 95,300 | 2,141,316 | ||||||
Obayashi Corp. | 93,200 | 843,919 | ||||||
Odakyu Electric Railway Co., Ltd. | 13,600 | 299,072 | ||||||
Omron Corp. | 17,700 | 641,658 | ||||||
Oriental Land Co., Ltd./Japan | 16,600 | 1,669,453 | ||||||
Osaka Gas Co., Ltd. | 11,400 | 207,958 | ||||||
Otsuka Corp. | 1,200 | 33,026 | ||||||
Panasonic Corp. | 186,200 | 1,672,713 | ||||||
Rakuten, Inc. | 17,500 | 117,401 | ||||||
Recruit Holdings Co, Ltd. | 87,700 | 2,118,721 | ||||||
Resona Holdings, Inc. | 210,500 | 1,009,659 | ||||||
Secom Co., Ltd. | 19,200 | 1,592,650 | ||||||
Sekisui House, Ltd. | 83,900 | 1,232,078 | ||||||
Seven & i Holdings Co., Ltd. | 66,500 | 2,889,765 | ||||||
Sharp Corp./Japan | 4,700 | 47,056 | ||||||
Shimadzu Corp. | 29,400 | 579,763 | ||||||
Shimizu Corp. | 60,500 | 492,163 | ||||||
Shin-Etsu Chemical Co., Ltd. | 29,100 | 2,235,834 | ||||||
Shiseido Co., Ltd. | 32,200 | 2,016,620 | ||||||
Sohgo Security Services Co., Ltd. | 3,200 | 149,512 | ||||||
Sompo Holdings, Inc. | 27,900 | 947,767 | ||||||
Sony Corp. | 114,300 | 5,510,359 | ||||||
Stanley Electric Co., Ltd. | 11,200 | 313,315 | ||||||
Sumitomo Chemical Co., Ltd. | 81,400 | 394,197 | ||||||
Sumitomo Electric Industries, Ltd. | 55,000 | 728,384 | ||||||
Sumitomo Metal Mining Co., Ltd. | 27,400 | 733,757 | ||||||
Sumitomo Mitsui Trust Holdings Inc | 20,100 | 731,981 | ||||||
Suntory Beverage & Food, Ltd. | 3,000 | 135,458 | ||||||
Sysmex Corp. | 13,900 | 660,126 | ||||||
T&D Holdings, Inc. | 58,200 | 673,230 | ||||||
Taisei Corp. | 14,200 | $ | 608,163 | |||||
Takeda Pharmaceutical Co., Ltd. | 59,100 | 2,003,163 | ||||||
TDK Corp. | 12,400 | 868,067 |
SEE NOTES TO FINANCIAL STATEMENTS | 88 |
December 31, 2018 |
Schedule of Investments, continued |
Pax MSCI EAFE ESG Leaders Index Fund, continued
Percent of Net Assets | Shares/ | Value | ||||||
COMMON STOCKS, continued | ||||||||
Japan, continued | ||||||||
Teijin, Ltd. | 15,300 | $ | 244,186 | |||||
Tobu Railway Co., Ltd. | 2,900 | 78,301 | ||||||
Toho Gas Co., Ltd. | 9,800 | 412,229 | ||||||
Tokyo Electron, Ltd. | 12,900 | 1,452,208 | ||||||
Tokyo Gas Co., Ltd. | 34,300 | 867,521 | ||||||
Tokyu Corp. | 86,100 | 1,406,957 | ||||||
Toray Industries, Inc. | 128,600 | 909,216 | ||||||
TOTO, Ltd. | 18,600 | 643,377 | ||||||
Toyota Tsusho Corp. | 4,600 | 135,159 | ||||||
Unicharm Corp. | 26,100 | 844,125 | ||||||
West Japan Railway Co. | 4,000 | 282,605 | ||||||
Yakult Honsha Co., Ltd. | 8,500 | 595,031 | ||||||
Yamada Denki Co., Ltd. | 118,700 | 570,083 | ||||||
Yamaha Corp. | 17,600 | 748,692 | ||||||
Yamaha Motor Co., Ltd. | 20,500 | 400,235 | ||||||
Yaskawa Electric Corp. | 27,300 | 667,326 | ||||||
Yokogawa Electric Corp. | 11,700 | 201,969 | ||||||
118,660,223 | ||||||||
Netherlands: 5.5% | ||||||||
Aegon NV | 170,128 | 796,818 | ||||||
Akzo Nobel NV | 20,772 | 1,672,852 | ||||||
ASML Holding NV | 32,686 | 5,120,572 | ||||||
ING Groep NV | 350,960 | 3,775,132 | ||||||
Koninklijke Ahold Delhaize NV | 108,402 | 2,738,470 | ||||||
Koninklijke DSM NV | 18,258 | 1,481,192 | ||||||
Koninklijke KPN NV | 303,362 | 886,119 | ||||||
Koninklijke Philips NV | 100,615 | 3,527,510 | ||||||
NN Group NV | 25,872 | 1,028,634 | ||||||
Unilever NV | 139,074 | 7,533,953 | ||||||
28,561,252 | ||||||||
New Zealand: 0.2% | ||||||||
Auckland International Airport, Ltd. | 171,322 | 826,876 | ||||||
Norway: 0.9% | ||||||||
Aker BP ASA | 15,324 | 386,364 | ||||||
Equinor ASA | 78,184 | 1,658,449 | ||||||
Marine Harvest ASA | 10,457 | 220,407 | ||||||
Norsk Hydro ASA | 133,300 | 603,990 | ||||||
Schibsted ASA, Class B | 11,431 | 347,732 | ||||||
Telenor ASA | 63,954 | 1,242,006 | ||||||
4,458,948 | ||||||||
Portugal: 0.3% | ||||||||
EDP - Energias de Portugal SA | 172,471 | 603,353 | ||||||
Galp Energia SGPS SA | 57,049 | 898,283 | ||||||
1,501,636 | ||||||||
Singapore: 1.4% | ||||||||
Ascendas Real Estate Investment Trust, REIT | 175,800 | 331,768 | ||||||
CapitaLand Commercial Trust, REIT | 151,000 | 193,948 | ||||||
CapitaLand Mall Trust, REIT | 240,600 | 398,985 | ||||||
CapitaLand, Ltd. | 193,200 | 440,579 | ||||||
City Developments, Ltd. | 87,900 | 524,034 | ||||||
DBS Group Holdings, Ltd. | 155,583 | 2,705,564 | ||||||
Keppel Corp., Ltd. | 166,200 | 721,509 | ||||||
Singapore Press Holdings, Ltd. | 249,300 | 429,603 | ||||||
Singapore Telecommunications, Ltd. | 709,500 | 1,527,010 | ||||||
7,273,000 | ||||||||
Spain: 4.2% | ||||||||
Amadeus IT Group SA | 35,796 | 2,490,598 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 530,716 | 2,819,064 | ||||||
Bankinter SA | 28,821 | 231,263 | ||||||
CaixaBank SA | 299,445 | 1,084,420 | ||||||
Enagas SA | 16,145 | 436,432 | ||||||
Ferrovial SA | 31,157 | 631,013 | ||||||
Grifols SA | 24,099 | 632,642 | ||||||
Iberdrola SA | 553,776 | 4,446,754 | ||||||
Industria de Diseno Textil SA | 88,484 | 2,258,524 | ||||||
Naturgy Energy Group SA | 33,401 | 852,083 | ||||||
Red Electrica Corporacion, S.A. | 35,960 | 801,915 | ||||||
Repsol SA | 126,859 | 2,039,518 | ||||||
Telefonica SA | 332,997 | 2,802,967 | ||||||
21,527,193 | ||||||||
Sweden: 4.0% | ||||||||
Millicom International Cellular SA | 2,810 | 177,805 | ||||||
Assa Abloy AB, Class B | 92,085 | 1,648,946 | ||||||
Atlas Copco AB, Class A | 62,079 | 1,481,083 | ||||||
Atlas Copco AB, Class B | 41,179 | 902,305 | ||||||
Boliden AB | 29,045 | 629,377 | ||||||
Ericsson, Class B | 238,314 | 2,109,544 | ||||||
Essity AB, Class B | 26,580 | 653,376 | ||||||
Hennes & Mauritz AB, Class B | 81,706 | 1,161,947 | ||||||
Husqvarna AB, Class B | 59,721 | 443,365 | ||||||
Kinnevik AB, Class B | 26,042 | 630,200 | ||||||
Nordea Bank Apb | 269,010 | 2,264,578 | ||||||
Sandvik AB | 127,127 | 1,821,510 |
89 | SEE NOTES TO FINANCIAL STATEMENTS |
December 31, 2018 |
Schedule of Investments, continued |
Pax MSCI EAFE ESG Leaders Index Fund, continued
Percent of Net Assets | Shares/ | Value | ||||||
COMMON STOCKS, continued | ||||||||
Sweden, continued | ||||||||
Skandinaviska Enskilda Banken AB, Class A | 152,460 | $ | 1,482,047 | |||||
SKF AB, Class B | 47,006 | 714,427 | ||||||
Svenska Handelsbanken AB, Class A | 129,358 | 1,439,195 | ||||||
Swedbank AB, Class A | 81,456 | 1,820,635 | ||||||
Telia Company AB | 293,935 | 1,398,216 | ||||||
20,778,556 | ||||||||
Switzerland: 7.2% | ||||||||
ABB, Ltd. | 169,470 | 3,236,216 | ||||||
Adecco Group AG | 18,710 | 879,415 | ||||||
Chocoladefabriken Lindt & Spruengli AG | 202 | 1,255,200 | ||||||
Clariant AG (a) | 9,648 | 177,926 | ||||||
Givaudan SA | 759 | 1,759,870 | ||||||
Kuehne & Nagel International AG | 9,381 | 1,207,584 | ||||||
LafargeHolcim, Ltd. (a) | 48,108 | 1,985,347 | ||||||
Lonza Group AG (a) | 6,748 | 1,754,174 | ||||||
Roche Holding AG | 55,347 | 13,740,383 | ||||||
SGS SA | 565 | 1,271,827 | ||||||
Sika AG | 12,883 | 1,636,444 | ||||||
Sonova Holding AG | 4,404 | 724,221 | ||||||
Straumann Holding AG | 1,104 | 697,245 | ||||||
Swiss Re AG | 23,874 | 2,196,416 | ||||||
Swisscom AG | 1,627 | 777,668 | ||||||
Vifor Pharma AG | 2,425 | 263,877 | ||||||
Zurich Insurance Group AG | 11,622 | 3,464,385 | ||||||
37,028,198 | ||||||||
United Kingdom: 11.8% | ||||||||
3i Group PLC | 109,308 | 1,078,566 | ||||||
Associated British Foods PLC | 38,084 | 992,604 | ||||||
Aviva PLC | 299,329 | 1,432,588 | ||||||
Barratt Developments PLC | 96,332 | 568,236 | ||||||
Berkeley Group Holdings PLC | 3,582 | 158,873 | ||||||
British Land Co. PLC, The, REIT | 76,503 | 520,241 | ||||||
BT Group PLC | 691,772 | 2,103,397 | ||||||
Burberry Group PLC | 44263 | 919,401 | ||||||
Compass Group PLC | 144,419 | 2,609,558 | ||||||
ConvaTec Group PLC | 71,121 | 119,846 | ||||||
Croda International PLC | 21302 | 1,211,857 | ||||||
Ferguson PLC | 525643 | 1,170,551 | ||||||
GlaxoSmithKline PLC | 503,556 | 9,596,779 | ||||||
InterContinental Hotels Group PLC | 27,839 | 1,505,890 | ||||||
Intertek Group PLC | 20,539 | 1,257,045 | ||||||
Investec PLC | 43,337 | 243,628 | ||||||
ITV PLC | 394,497 | 627,906 | ||||||
J Sainsbury PLC | 81,540 | 275,646 | ||||||
Johnson Matthey PLC | 24,473 | 873,824 | ||||||
Kingfisher PLC | 163,800 | 430,678 | ||||||
Legal & General Group PLC | 423,442 | 1,247,616 | ||||||
London Stock Exchange Group PLC | 23,431 | 1,215,613 | ||||||
Marks & Spencer Group PLC | 135,620 | 425,358 | ||||||
Mondi PLC | 36,425 | 758,650 | ||||||
National Grid PLC | 257,475 | 2,518,960 | ||||||
Next PLC | 15,003 | 763,905 | ||||||
NMC Health PLC | 6,053 | 211,257 | ||||||
Pearson PLC | 75,690 | 906,758 | ||||||
Prudential PLC | 207,283 | 3,701,338 | ||||||
Reckitt Benckiser Group PLC | 57,760 | 4,423,047 | ||||||
RELX PLC | 78,463 | 1,617,938 | ||||||
Royal Mail PLC | 79,974 | 277,580 | ||||||
RSA Insurance Group PLC | 67,225 | 441,181 | ||||||
Schroders PLC | 9,559 | 297,704 | ||||||
Segro PLC, REIT | 59,525 | 446,863 | ||||||
SSE PLC | 67,954 | 938,416 | ||||||
Standard Chartered PLC | 237,285 | 1,844,098 | ||||||
Standard Life Aberdeen PLC | 178,434 | 584,254 | ||||||
Taylor Wimpey PLC | 398,585 | 693,082 | ||||||
Tesco PLC | 637,745 | 1,546,634 | ||||||
Unilever PLC | 102,757 | 5,395,026 | ||||||
Whitbread PLC | 19,015 | 1,110,415 | ||||||
Wm Morrison Supermarkets PLC | 324,771 | 882,904 | ||||||
WPP PLC | 87,026 | 947,103 | ||||||
60,892,814 | ||||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $511,641,848) | 501,092,943 | |||||||
PREFERRED STOCKS: 0.4% | ||||||||
Germany: 0.4% | ||||||||
Bayerische Motoren Werke AG | 5,439 | 387,864 | ||||||
Henkel AG & Co. KGaA | 11,474 | 1,253,293 | ||||||
Sartorius AG | 3,121 | 388,430 | ||||||
2,029,587 | ||||||||
TOTAL PREFERRED STOCKS | ||||||||
(Cost $2,044,296) | 2,029,587 |
SEE NOTES TO FINANCIAL STATEMENTS | 90 |
December 31, 2018 |
Schedule of Investments, continued |
Pax MSCI EAFE ESG Leaders Index Fund, continued
Percent of Net Assets | Shares/ | Value | ||||||
EXCHANGE-TRADED FUNDS: 1.2% | ||||||||
iShares Core MSCI EAFE ETF | 110,715 | $ | 6,089,325 | |||||
(Cost $6,079,057) | ||||||||
RIGHTS: 0.0% (b) | ||||||||
Spain: 0.0% (b) | ||||||||
Repsol SA | 129,575 | 59,384 | ||||||
TOTAL RIGHTS | ||||||||
(Cost $60,495) | ||||||||
MONEY MARKET: 0.3% | ||||||||
State Street Institutional U.S. Government Money Market Fund, 2.318% (c)(d) | 1,438,695 | 1,438,695 | ||||||
(Cost $1,438,695) | ||||||||
TOTAL INVESTMENTS: 99.0% | ||||||||
(Cost $521,264,391) | 510,709,934 | |||||||
OTHER ASSETS AND LIABILITIES — | ||||||||
(NET): 1.0% | 5,076,988 | |||||||
NET ASSETS: 100.0% | $ | 515,786,922 |
(a) | Non-income producing security. |
(b) | Rounds to less than 0.05%. |
(c) | Rate shown represents annualized 7-day yield as of December 31, 2018. |
(d) | Premier Class shares |
REIT - Real Estate Investment Trust
SUMMARY OF INVESTMENTS BY SECTOR
Sector | Value | Percent | ||||||
Communication Services | $ | 30,463,832 | 5.9 | % | ||||
Consumer Discretionary | 57,110,682 | 11.1 | % | |||||
Consumer Staples | 53,476,011 | 10.3 | % | |||||
Energy | 21,437,720 | 4.1 | % | |||||
Financials | 99,348,235 | 19.2 | % | |||||
Health Care | 54,927,557 | 10.7 | % | |||||
Industrials | 69,704,456 | 13.5 | % | |||||
Information Technology | 37,408,016 | 7.3 | % | |||||
Materials | 41,097,140 | 8.0 | % | |||||
Real Estate | 18,481,756 | 3.6 | % | |||||
Utilities | 19,726,509 | 3.8 | % | |||||
Exchange-Traded Funds | 6,089,325 | 1.2 | % | |||||
Money Market | 1,438,695 | 0.3 | % | |||||
Other assets and liabilities (net) | 5,076,988 | 1.0 | % | |||||
Total | $ | 515,786,922 | 100.0 | % |
91 | SEE NOTES TO FINANCIAL STATEMENTS |
December 31, 2018 |
Schedule of Investments, continued |
Pax Core Bond Fund
Percent of Net Assets | Shares/ | Value | ||||||
EXCHANGE-TRADED FUNDS: 0.9% | ||||||||
iShares Core U.S. Aggregate Bond ETF | 57,800 | $ | 6,155,122 | |||||
(Cost $6,033,843) | ||||||||
BONDS: 95.1% | ||||||||
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) | 276,251 | 276,251 | ||||||
Envest Microfinance Fund, LLC, Sr. Note, Series A, 4.000%, 09/15/20 | 100,000 | 97,538 | ||||||
TOTAL COMMUNITY INVESTMENT NOTES | ||||||||
(Cost $3,376,251) | 3,373,789 | |||||||
CORPORATE BONDS: 28.7% | ||||||||
Communication Services: 1.8% | ||||||||
AT&T, Inc., 3.600%, 02/17/23 | 2,000,000 | 1,989,494 | ||||||
Discovery Communications, LLC, 3.950%, 03/20/28 | 2,000,000 | 1,857,987 | ||||||
Level 3 Financing, Inc., 5.375%, 01/15/24 | 1,000,000 | 955,000 | ||||||
Nexstar Broadcasting, Inc., 144A, 6.125%, 02/15/22 (c) | 1,000,000 | 997,500 | ||||||
Verizon Communications, Inc., 3.500%, 11/01/24 | 1,500,000 | 1,481,348 | ||||||
Verizon Communications, Inc., 4.500%, 08/10/33 | 1,000,000 | 989,703 | ||||||
Virgin Media Secured Finance PLC, 144A, 5.500%, 08/15/26 (c) | 2,000,000 | 1,854,700 | ||||||
Walt Disney Co., The, 3.750%, 06/01/21 | 2,026,000 | 2,064,728 | ||||||
12,190,460 | ||||||||
Consumer Discretionary: 2.5% | ||||||||
Amazon.com, Inc., 2.800%, 08/22/24 | 1,000,000 | 972,710 | ||||||
Amazon.com, Inc., 3.875%, 08/22/37 | 500,000 | 483,825 | ||||||
Dollar General Corp., 4.125%, 05/01/28 | 1,000,000 | 972,415 | ||||||
eBay, Inc., 2.750%, 01/30/23 | 1,000,000 | 962,305 | ||||||
GLP Capital, LP/Financing II, Inc., 5.300%, 01/15/29 | 2,000,000 | 1,963,560 | ||||||
Home Depot, Inc., The, 2.800%, 09/14/27 (d) | 2,000,000 | 1,879,296 | ||||||
IHO Verwaltungs GmbH, 144A, 4.500%, 09/15/23 (c) | 1,000,000 | 920,000 | ||||||
Marriott International, Inc., 3.250%, 09/15/22 | 2,000,000 | 1,960,325 | ||||||
New Red Finance, Inc., 144A, 4.250%, 05/15/24 (c) | 1,000,000 | 922,500 | ||||||
QVC, Inc., 3.125%, 04/01/19 | 2,000,000 | 1,995,563 | ||||||
Ross Stores, Inc., 3.375%, 09/15/24 | 2,000,000 | 1,966,415 | ||||||
Sirius XM Radio, Inc., 144A, 4.625%, 05/15/23 (c) | 1,500,000 | 1,443,750 | ||||||
TJX Cos, Inc., The, 2.250%, 09/15/26 | 1,000,000 | 908,233 | ||||||
17,350,897 | ||||||||
Consumer Staples: 1.5% | ||||||||
Anheuser-Busch InBev Finance, Inc., 3.300%, 02/01/23 | 2,000,000 | 1,946,531 | ||||||
Campbell Soup Co., 3.300%, 03/19/25 | 1,000,000 | 925,066 | ||||||
Capital Impact Partners, 3.000%, 11/15/19 | 1,000,000 | 997,114 | ||||||
Constellation Brands, Inc., 3.200%, 02/15/23 | 2,000,000 | 1,941,266 | ||||||
CVS Health Corp., 3.397%, 03/09/20 (e) | 500,000 | 499,178 | ||||||
CVS Health Corp., 3 month LIBOR + 0.63%, 4.300%, 03/25/28 | 1,000,000 | 979,449 | ||||||
Lamb Weston Holdings, Inc., 144A, 4.625%, 11/01/24 (c) | 1,000,000 | 975,000 | ||||||
PepsiCo, Inc., 3.000%, 10/15/27 | 1,000,000 | 965,160 | ||||||
Performance Food Group, Inc., 144A, 5.500%, 06/01/24 (c) | 1,000,000 | 971,250 | ||||||
10,200,014 |
SEE NOTES TO FINANCIAL STATEMENTS | 92 |
December 31, 2018 |
Schedule of Investments, continued |
Pax Core Bond Fund, continued
Percent of Net Assets | Shares/ | Value | ||||||
BONDS, continued | ||||||||
CORPORATE BONDS, continued | ||||||||
Energy: 1.5% | ||||||||
AmeriGas Partners LP / Finance Corp., 5.875%, 08/20/26 | $ | 2,000,000 | $ | 1,835,000 | ||||
ConocoPhillips Co., 4.950%, 03/15/26 | 1,000,000 | 1,071,089 | ||||||
ConocoPhillips Co., 6.500%, 02/01/39 | 500,000 | 619,919 | ||||||
MidAmerican Energy Co., 3.100%, 05/01/27 | 3,000,000 | 2,923,057 | ||||||
ONEOK Partners, LP, 8.625%, 03/01/19 | 2,000,000 | 2,014,247 | ||||||
Sabine Pass Liquefaction, LLC, 5.625%, 03/01/25 | 1,000,000 | 1,039,760 | ||||||
Schlumberger Finance Canada, Ltd., 144A, 2.650%, 11/20/22 (c) | 500,000 | 485,514 | ||||||
9,988,586 | ||||||||
Financials: 12.8% | ||||||||
Allstate Corp., The 3 month LIBOR + 0.43%, 3.233%, 03/29/21 (d)(e) | 1,000,000 | 989,475 | ||||||
Allstate Corp., The, 3.150%, 06/15/23 | 2,000,000 | 1,999,515 | ||||||
Ally Financial, Inc., 4.250%, 04/15/21 | 1,000,000 | 985,160 | ||||||
Asian Development Bank, 2.750%, 03/17/23 | 3,000,000 | 3,011,553 | ||||||
Asian Development Bank, 2.125%, 03/19/25 | 2,000,000 | 1,930,961 | ||||||
Bank of America Corp., 2.151%, 11/09/20 | 2,000,000 | 1,964,650 | ||||||
Bank of America Corp., 3.499%, 05/17/22 (e) | 3,000,000 | 3,001,467 | ||||||
Bank of America Corp., 3.300%, 01/11/23 | 1,000,000 | 985,410 | ||||||
Bank of America Corp., 3.500%, 04/19/26 | 1,000,000 | 963,254 | ||||||
Bank of New York Mellon Corp., The, 3.400%, 01/29/28 | 1,000,000 | 973,485 | ||||||
BlackRock, Inc., 3.375%, 06/01/22 | 2,350,000 | 2,368,658 | ||||||
Charles Schwab Corp., The, 3.200%, 01/25/28 | 1,000,000 | 959,454 | ||||||
Chubb INA Holdings, Inc., 3.350%, 05/03/26 | 2,000,000 | 1,958,334 | ||||||
CIT Group, Inc., 4.125%, 03/09/21 | 1,000,000 | 987,500 | ||||||
Digital Realty Trust LP, 3.950%, 07/01/22 | 1,750,000 | 1,761,758 | ||||||
Discover Bank, 3.200%, 08/09/21 | 1,000,000 | 990,223 | ||||||
Discover Bank, 4.650%, 09/13/28 | 1,000,000 | 983,204 | ||||||
European Investment Bank, 1.625%, 03/16/20 | 2,000,000 | 1,977,345 | ||||||
European Investment Bank, 1.625%, 08/14/20 | 3,000,000 | 2,954,061 | ||||||
European Investment Bank, 2.000%, 03/15/21 | 3,000,000 | 2,963,961 | ||||||
Fifth Third Bank, 2.250%, 06/14/21 | 2,000,000 | 1,953,796 | ||||||
Ford Motor Credit Co., LLC, 3.606%, 03/12/19 (e) | 1,000,000 | 999,304 | ||||||
Ford Motor Credit Co., LLC, 3 month LIBOR + 0.83%, 3.218%, 04/05/21 (e) | 1,086,000 | 1,058,484 | ||||||
Ford Motor Credit Co., LLC, 3 month LIBOR + 0.81%, 3.851%, 02/15/23 (e) | 2,000,000 | 1,851,320 | ||||||
Goldman Sachs Group, Inc., The, 4.750%, 10/21/45 | 1,000,000 | 953,576 | ||||||
ING Groep NV, 144A, 4.625%, 01/06/26 (c) | 2,000,000 | 2,016,499 | ||||||
International Bank for Reconstruction & Development, 2.125%, 03/03/25 | 4,000,000 | 3,861,600 | ||||||
International Bank for Reconstruction & Development, 2.750%, 05/31/36 | 2,000,000 | 1,774,016 | ||||||
International Finance Corp., 2.500%, 04/15/23 (e) | 3,000,000 | 2,985,614 | ||||||
International Finance Corp., 1.500%, 04/15/26 (e) | 1,034,000 | 945,358 |
93 | SEE NOTES TO FINANCIAL STATEMENTS |
December 31, 2018 |
Schedule of Investments, continued |
Pax Core Bond Fund, continued
Percent of Net Assets | Shares/ | Value | ||||||
BONDS, continued | ||||||||
CORPORATE BONDS, continued | ||||||||
Financials, continued | ||||||||
JPMorgan Chase & Co., 2.972%, 01/15/23 | $ | 2,000,000 | $ | 1,951,058 | ||||
JPMorgan Chase & Co., 2.950%, 10/01/26 | 2,000,000 | 1,848,942 | ||||||
Kreditanstalt fuer Wiederaufbau, 2.125%, 06/15/22 | 2,000,000 | 1,967,422 | ||||||
Kreditanstalt fuer Wiederaufbau, 2.375%, 12/29/22 | 3,000,000 | 2,971,023 | ||||||
Morgan Stanley, 2.625%, 11/17/21 | 2,000,000 | 1,952,856 | ||||||
Morgan Stanley, 3 month LIBOR + 1.18%, 3.649%, 01/20/22 (e) | 4,000,000 | 3,988,053 | ||||||
North American Development Bank, 2.400%, 10/26/22 | 2,000,000 | 1,956,436 | ||||||
PNC Bank NA, 2.625%, 02/17/22 | 2,000,000 | 1,955,612 | ||||||
PNC Bank NA, 3.100%, 10/25/27 | 1,000,000 | 954,983 | ||||||
Prudential Financial, Inc., 7.375%, 06/15/19 | 2,000,000 | 2,036,505 | ||||||
Raymond James Financial, Inc., 3.625%, 09/15/26 | 1,000,000 | 943,936 | ||||||
Regions Financial Corp., 3.800%, 08/14/23 | 2,500,000 | 2,506,485 | ||||||
Royal Bank of Scotland Group PLC, 6.125%, 12/15/22 | 2,000,000 | 2,028,680 | ||||||
The Charles Schwab Corp., 3.550%, 02/01/24 | 2,000,000 | 2,001,845 | ||||||
Toyota Motor Credit Corp., 3 month LIBOR + 0.10%, 2.514%, 01/10/20 (e) | 2,000,000 | 1,996,156 | ||||||
Toyota Motor Credit Corp., 3.450%, 09/20/23 | 3,000,000 | 3,006,950 | ||||||
Travelers Cos, Inc., The, 3.750%, 05/15/46 | 1,000,000 | 920,500 | ||||||
88,096,437 |
Health Care: 2.4% | ||||||||
Abbott Laboratories, 3.750%, 11/30/26 | 1,133,000 | 1,120,844 | ||||||
AbbVie, Inc., 3.200%, 05/14/26 | 2,000,000 | 1,856,555 | ||||||
Amgen, Inc., 3.625%, 05/22/24 | 2,000,000 | 1,996,345 | ||||||
Anthem, Inc., 4.101%, 03/01/28 | 1,000,000 | 981,988 | ||||||
Becton Dickinson and Co, 3.363%, 06/06/24 | 1,000,000 | 961,652 | ||||||
Eli Lilly & Co., 3.100%, 05/15/27 | 2,000,000 | 1,938,510 | ||||||
HCA, Inc., 4.500%, 02/15/27 | 1,000,000 | 947,500 | ||||||
Merck & Co., Inc., 2.800%, 05/18/23 | 2,000,000 | 1,974,279 | ||||||
Quest Diagnostics, Inc., 3.450%, 06/01/26 | 1,000,000 | 961,359 | ||||||
UnitedHealth Group, Inc., 2.375%, 10/15/22 | 2,000,000 | 1,939,654 | ||||||
Zoetis, Inc., 3.000%, 09/12/27 | 1,000,000 | 925,281 | ||||||
Zoetis, Inc., 3.900%, 08/20/28 | 1,000,000 | 981,658 | ||||||
16,585,625 | ||||||||
Industrials: 1.4% | ||||||||
Burlington Northern Santa Fe LLC, 4.050%, 06/15/48 | 1,000,000 | 966,166 | ||||||
Cummins, Inc., 7.125%, 03/01/28 | 1,000,000 | 1,239,615 | ||||||
Ingersoll-Rand Co., 6.443%, 11/15/27 | 2,000,000 | 2,253,790 | ||||||
Masco Corp., 4.375%, 04/01/26 | 1,000,000 | 1,001,653 | ||||||
Tesla Energy Operations, Inc., 4.700%, 05/29/25 (b) | 2,000,000 | 1,918,773 | ||||||
Waste Management, Inc., 3.150%, 11/15/27 | 2,500,000 | 2,391,390 | ||||||
9,771,387 | ||||||||
Information Technology: 3.0% | ||||||||
Adobe, Inc., 4.750%, 02/01/20 | 1,150,000 | 1,173,131 | ||||||
Apple, Inc., 2.850%, 02/23/23 | 1,000,000 | 988,314 | ||||||
Apple, Inc., 2.850%, 05/11/24 | 500,000 | 488,181 |
SEE NOTES TO FINANCIAL STATEMENTS | 94 |
December 31, 2018 |
Schedule of Investments, continued |
Pax Core Bond Fund, continued
Percent of Net Assets | Shares/ | Value | ||||||
BONDS, continued | ||||||||
CORPORATE BONDS, continued | ||||||||
Information Technology, continued | ||||||||
Apple, Inc., 3.000%, 06/20/27 | $ | 2,500,000 | $ | 2,384,977 | ||||
CA, Inc., 5.375%, 12/01/19 | 1,500,000 | 1,519,630 | ||||||
Cisco Systems, Inc., 3 month LIBOR + 0.50%, 3.238%, 03/01/19 (e) | 2,000,000 | 2,001,249 | ||||||
Dell International, LLC/EMC Corp., 144A, 6.020%, 06/15/26 (c) | 1,000,000 | 1,005,974 | ||||||
Intel Corp., 3.150%, 05/11/27 (d) | 1,500,000 | 1,458,343 | ||||||
MasterCard, Inc., 3.500%, 02/26/28 | 1,000,000 | 1,001,741 | ||||||
Microsoft Corp., 2.875%, 02/06/24 | 1,000,000 | 991,272 | ||||||
Microsoft Corp., 2.400%, 08/08/26 | 3,000,000 | 2,799,916 | ||||||
NetApp, Inc., 3.250%, 12/15/22 | 671,000 | 655,911 | ||||||
salesforce.com, Inc., 3.700%, 04/11/28 | 2,000,000 | 2,012,868 | ||||||
Visa, Inc., 3.650%, 09/15/47 | 2,000,000 | 1,887,701 | ||||||
20,369,208 | ||||||||
Materials: 0.3% | ||||||||
LyondellBasell Industries NV, 6.000%, 11/15/21 | 2,000,000 | 2,115,317 | ||||||
Real Estate: 1.1% | ||||||||
Alexandria Real Estate Equities, Inc., 4.000%, 01/15/24 | 2,000,000 | 2,025,254 | ||||||
Boston Properties, LP, 4.500%, 12/01/28 | 2,000,000 | 2,048,887 | ||||||
Iron Mountain, Inc., 144A, 4.875%, 09/15/27 (c) | 1,000,000 | 877,500 | ||||||
iStar, Inc., 5.000%, 07/01/19 | 487,000 | 485,783 | ||||||
iStar, Inc., 6.000%, 04/01/22 | 1,000,000 | 970,000 | ||||||
Starwood Property Trust, Inc., 3.625%, 02/01/21 | 1,000,000 | 965,000 | ||||||
7,372,424 | ||||||||
Utilities: 0.4% | ||||||||
CenterPoint Energy Houston Electric LLC, 2.250%, 08/01/22 | 1,000,000 | 966,488 | ||||||
Southern Power Co., 4.150%, 12/01/25 | 2,000,000 | 1,984,852 | ||||||
2,951,340 | ||||||||
TOTAL CORPORATE BONDS | ||||||||
(Cost $200,885,963) | 196,991,695 | |||||||
U.S. GOVERNMENT AGENCY BONDS: 0.1% | ||||||||
Federal Home Loan Bank System (Agency): 0.1% | ||||||||
2.375%, 03/12/21 | 1,000,000 | 996,249 | ||||||
(Cost $997,959) | ||||||||
GOVERNMENT BONDS: 0.3% | ||||||||
Overseas Private Investment Corp., 3.520%, 09/20/32 | 1,964,286 | 2,014,410 | ||||||
(Cost $1,964,286) | ||||||||
MUNICIPAL BONDS: 4.3% | ||||||||
City & County of San Francisco CA , 4.000%, 09/01/48 | 2,000,000 | 1,976,620 | ||||||
City of Houston TX Combined Utility System Revenue, 3.923%, 11/15/30 | 1,500,000 | 1,543,560 | ||||||
City of Los Angeles CA Wastewater System Revenue, 3.144%, 06/01/26 | 2000000 | 2,006,500 | ||||||
City of San Francisco CA Public Utilities Commission Water R, 2.619%, 11/01/22 | 1,000,000 | 989,120 | ||||||
City of San Francisco CA Public Utilities Commission Water R, 6.000%, 11/01/40 | 2,815,000 | 3,464,674 | ||||||
Dallas Independent School District, 6.450%, 02/15/35 | 1,000,000 | 1,068,680 | ||||||
New York City Water & Sewer System, 5.440%, 06/15/43 | 2,500,000 | 3,038,650 |
95 | SEE NOTES TO FINANCIAL STATEMENTS |
December 31, 2018 |
Schedule of Investments, continued |
Pax Core Bond Fund, continued
Percent of Net Assets | Shares/ | Value | ||||||
BONDS, continued | ||||||||
MUNICIPAL BONDS, continued | ||||||||
Ohio State University/The, 4.910%, 06/01/40 | $ | 2,000,000 | $ | 2,320,680 | ||||
Santa Clara Valley Water District, 3.369%, 06/01/27 | 1,305,000 | 1,316,027 | ||||||
State of California, 5.000%, 10/01/28 | 1,000,000 | 1,145,640 | ||||||
State of Georgia, 4.310%, 10/01/26 | 2,000,000 | 2,143,040 | ||||||
State of Oregon, 3.227%, 05/01/24 | 1,000,000 | 1,016,830 | ||||||
Taft Independent School District/TX, 4.207%, 08/15/36 | 1,500,000 | 1,560,405 | ||||||
University of Massachusetts Building Authority, 6.573%, 05/01/39 | 1,800,000 | 1,821,618 | ||||||
Virginia Resources Authority, 5.790%, 11/01/40 | 2,655,000 | 2,790,352 | ||||||
Virginia Small Business Financing Authority, 144A, 4.200%, 07/01/50 (c)(e) | 1,000,000 | 1,000,000 | ||||||
TOTAL MUNICIPAL BONDS | ||||||||
(Cost $29,350,005) | 29,202,396 | |||||||
U.S. TREASURY NOTES: 30.2% | ||||||||
1.000%, 10/15/19 | 6,000,000 | 5,924,766 | ||||||
1.250%, 07/15/20 | 4,638,000 | 4,629,109 | ||||||
2.750%, 09/30/20 | 17,000,000 | 17,066,738 | ||||||
2.375%, 03/15/21 | 7,000,000 | 6,982,910 | ||||||
0.125%, 04/15/21 (TIPS) | 3,200,790 | 3,113,987 | ||||||
0.125%, 04/15/22 | 6,238,680 | 6,037,304 | ||||||
2.625%, 02/28/23 (TIPS) | 29,000,000 | 29,153,496 | ||||||
2.125%, 11/30/23 (TIPS) | 15,000,000 | 14,732,813 | ||||||
2.125%, 03/31/24 | 1,000,000 | 980,527 | ||||||
0.125%, 07/15/24 | 4,259,840 | 4,086,069 | ||||||
2.375%, 08/15/24 | 34,000,000 | 33,698,516 | ||||||
2.750%, 08/31/25 (TIPS) | 2,000,000 | 2,020,000 | ||||||
0.625%, 01/15/26 | 3,192,660 | 3,109,601 | ||||||
0.375%, 07/15/27 (TIPS) | 10,337,400 | 9,812,992 | ||||||
2.750%, 02/15/28 (TIPS) | 1,000,000 | 1,005,410 | ||||||
4.500%, 02/15/36 | 9,000,000 | 11,097,070 | ||||||
5.000%, 05/15/37 | 2,000,000 | 2,626,055 | ||||||
4.500%, 05/15/38 | 3,000,000 | 3,735,703 | ||||||
4.375%, 11/15/39 | 8,000,000 | 9,812,656 | ||||||
0.875%, 02/15/47 | 1,047,550 | 963,664 | ||||||
3.125%, 05/15/48 | 36,000,000 | 36,693,983 | ||||||
TOTAL U.S. TREASURY NOTES | ||||||||
(Cost $209,881,393) | 207,283,369 | |||||||
MORTGAGE-BACKED SECURITIES: 31.0% | ||||||||
Ginnie Mae (Mortgage-Backed): 1.7% | ||||||||
1.550%, 06/16/36 | 2,942,506 | 2,826,433 | ||||||
6.000%, 01/15/38 | 285,922 | 313,420 | ||||||
3.020%, 09/15/41 | 1,880,144 | 1,835,367 | ||||||
3.000%, 05/15/43 | 1,541,236 | 1,529,521 | ||||||
3.500%, 11/20/46 | 1,482,743 | 1,493,053 | ||||||
2.917%, 09/16/50 (e) | 2,000,000 | 1,948,159 | ||||||
2.621%, 03/16/55 (e) | 2,107,642 | 2,056,547 | ||||||
12,002,500 | ||||||||
Freddie Mac (Mortgage-Backed): 5.4% | ||||||||
4.000%, 06/01/26 | 2,374,213 | 2,436,682 | ||||||
3.500%, 12/01/30 | 1,571,645 | 1,592,425 | ||||||
3.000%, 07/01/33 | 1,741,729 | 1,734,997 | ||||||
3.500%, 01/01/34 | 1,540,385 | 1,568,903 | ||||||
4.000%, 10/01/35 | 3,079,600 | 3,196,623 | ||||||
3.500%, 04/01/42 | 1,275,401 | 1,285,246 | ||||||
2.456%, 01/01/43 (e) | 1,951,413 | 1,939,882 | ||||||
4.000%, 08/01/44 | 1,245,508 | 1,279,451 | ||||||
3.500%, 02/01/45 | 1,977,162 | 1,995,510 | ||||||
4.000%, 08/01/47 | 1,714,796 | 1,750,250 | ||||||
3.500%, 09/01/47 | 1,848,238 | 1,849,220 | ||||||
3.500%, 10/01/47 | 2,797,564 | 2,797,967 | ||||||
3.500%, 12/01/47 | 1,860,686 | 1,860,936 | ||||||
3.500%, 03/01/48 | 2,841,509 | 2,841,810 | ||||||
4.000%, 04/01/48 | 5,704,199 | 5,819,879 | ||||||
3.500%, 05/01/48 | 2,910,972 | 2,911,196 | ||||||
36,860,977 | ||||||||
Fannie Mae (Mortgage-Backed): 16.6% | ||||||||
2.480%, 08/01/26 | 1,988,513 | 1,928,007 | ||||||
2.270%, 09/01/26 | 2,000,000 | 1,885,250 | ||||||
3.270%, 09/01/27 | 2,371,550 | 2,364,388 | ||||||
3.660%, 01/01/29 | 2,000,000 | 2,047,526 | ||||||
4.500%, 04/01/34 | 1,420,701 | 1,485,977 | ||||||
3.500%, 07/01/35 | 1,792,582 | 1,816,531 | ||||||
4.000%, 07/01/36 | 1,358,320 | 1,403,144 | ||||||
3.500%, 09/01/37 | 1,746,683 | 1,770,039 |
SEE NOTES TO FINANCIAL STATEMENTS | 96 |
December 31, 2018 |
Schedule of Investments, continued |
Pax Core Bond Fund, continued
Percent of Net Assets | Shares/ | Value | ||||||
BONDS, continued | ||||||||
MORTGAGE-BACKED SECURITIES, continued | ||||||||
Fannie Mae (Mortgage-Backed), continued | ||||||||
4.000%, 03/01/38 | $ | 2,731,765 | $ | 2,816,827 | ||||
3.500%, 12/01/40 | 1,422,373 | 1,433,914 | ||||||
4.000%, 01/01/41 | 1,570,628 | 1,615,583 | ||||||
4.000%, 02/01/41 | 3,401,491 | 3,499,188 | ||||||
4.500%, 03/01/41 | 1,257,214 | 1,317,449 | ||||||
3.500%, 10/01/41 | 1,303,594 | 1,314,179 | ||||||
4.000%, 01/01/42 | 3,273,141 | 3,371,935 | ||||||
4.000%, 07/01/42 | 3,046,344 | 3,133,246 | ||||||
3.500%, 01/01/43 | 3,918,993 | 3,938,583 | ||||||
3.500%, 06/01/43 | 1,946,456 | 1,960,297 | ||||||
4.000%, 08/01/43 | 1,368,561 | 1,402,223 | ||||||
3.054%, 09/01/43 (e) | 960,137 | 995,599 | ||||||
3.500%, 08/01/45 | 3,856,648 | 3,880,309 | ||||||
4.000%, 09/01/45 | 1,923,735 | 1,974,904 | ||||||
4.000%, 10/01/45 | 1,827,477 | 1,865,927 | ||||||
3.500%, 10/01/45 | 2,037,360 | 2,045,175 | ||||||
4.000%, 11/01/45 | 4,237,452 | 4,326,762 | ||||||
3.500%, 04/01/46 | 1,879,645 | 1,885,981 | ||||||
4.000%, 06/01/46 | 1,884,811 | 1,923,686 | ||||||
3.500%, 06/01/46 | 1,560,299 | 1,566,687 | ||||||
3.000%, 06/01/46 | 4,741,173 | 4,625,465 | ||||||
4.000%, 07/01/46 | 2,262,603 | 2,312,010 | ||||||
4.000%, 08/01/46 | 1,433,372 | 1,469,531 | ||||||
4.500%, 09/01/46 | 1,224,678 | 1,280,409 | ||||||
4.000%, 10/01/46 | 1,519,330 | 1,550,439 | ||||||
3.000%, 10/01/46 | 1,690,644 | 1,649,419 | ||||||
4.500%, 01/01/47 | 1,653,668 | 1,714,589 | ||||||
4.000%, 01/01/47 | 1,908,119 | 1,950,866 | ||||||
3.000%, 04/01/47 | 3,533,192 | 3,446,921 | ||||||
4.000%, 05/01/47 | 3,694,449 | 3,775,094 | ||||||
4.000%, 06/01/47 | 5,103,868 | 5,209,213 | ||||||
3.500%, 06/01/47 | 2,681,646 | 2,688,060 | ||||||
3.500%, 07/01/47 | 2,725,120 | 2,730,558 | ||||||
3.500%, 08/01/47 | 3,690,650 | 3,694,333 | ||||||
3.500%, 11/01/47 | 2,786,158 | 2,795,844 | ||||||
4.000%, 01/01/48 | 2,918,632 | 2,986,265 | ||||||
3.500%, 04/01/48 | 3,956,189 | 3,974,171 | ||||||
4.500%, 06/01/48 | 1,912,113 | 1,988,580 | ||||||
3.500%, 06/01/48 | 2,955,717 | 2,962,793 | ||||||
113,773,876 | ||||||||
Commercial Mortgage-Backed: 7.3% | ||||||||
Arroyo Mortgage Trust 2018-1, 144A, 3.763%, 04/25/48 (c)(e) | 2,203,370 | 2,204,454 | ||||||
Bayview Opportunity Master Fund IVa Trust 2016, 144A, 4.000%, 04/28/55 (c) | 1,546,795 | 1,552,626 | ||||||
Bellemeade Re 2018-1, Ltd., 144A, 1 month LIBOR + 1.35%, 3.915%, 04/25/28 (c)(e) | 1,000,000 | 1,000,501 | ||||||
Bellemeade Re 2018-2, Ltd., 144A 1 month LIBOR + 1.35%, 3.665%, 08/25/28 (c)(e) | 2,000,000 | 1,992,245 | ||||||
COLT 2018-1 Mortgage Loan Trust, 144A, 2.981%, 02/25/48 (c)(e) | 220,596 | 218,759 | ||||||
COLT 2018-3 Mortgage Loan Trust, 144A, 3.763%, 10/26/48 (c)(e) | 938,782 | 946,323 | ||||||
Commonbond Student Loan Trust 2018-C-GS, 144A, 3.870%, 02/25/46 (c) | 2,000,000 | 2,000,000 | ||||||
Deephaven Residential Mortgage Trust 2018-1, 144A, 3.027%, 12/25/57 (c)(e) | 889,032 | 882,094 | ||||||
Drive Auto Receivables Trust, 4.090%, 01/15/26 | 2,000,000 | 2,021,388 | ||||||
Invitation Homes 2018-SFR3 Trust, 144A, 1 month LIBOR + 1.00%, 3.455%, 07/17/37 (c)(e) | 2,490,544 | 2,480,769 | ||||||
Invitation Homes 2018-SFR4 Trust, 144A, 1 month LIBOR + 1.25%, 3.705%, 01/17/21 (c)(e) | 2,000,000 | 1,996,620 | ||||||
Mastr Asset Backed Securities Trust 2007-NCW, 144A, 1 month LIBOR + 0.60%, 2.915%, 05/25/37 (b)(c)(e) | 1,612,105 | 1,564,021 |
97 | SEE NOTES TO FINANCIAL STATEMENTS |
December 31, 2018 |
Schedule of Investments, continued |
Pax Core Bond Fund, continued
Percent of Net Assets | Shares/ | Value | ||||||
BONDS, continued | ||||||||
MORTGAGE-BACKED SECURITIES, continued | ||||||||
Commercial Mortgage-Backed, continued | ||||||||
Metlife Securitization Trust, 144A, 3.000%, 04/25/55 (c)(e) | $ | 618,413 | $ | 610,628 | ||||
Mill City Mortgage Trust 2015-1, 144A, 3.785%, 06/25/56 (c)(e) | 2,000,000 | 2,063,408 | ||||||
Mosaic Solar Loan Trust 2018-1, 144A, 4.010%, 06/22/43 (c) | 1,313,639 | 1,331,227 | ||||||
Mosaic Solar Loans 2017-1 LLC, 144A, 4.450%, 06/20/42 (c) | 1,142,552 | 1,152,148 | ||||||
Mosaic Solar Loans 2017-2 LLC, 144A, 3.820%, 06/22/43 (c) | 739,301 | 744,672 | ||||||
Mosaic Solar Loans 2017-2 LLC, 144A, 2.000%, 06/22/43 (c) | 1,967,046 | 1,874,829 | ||||||
Navistar Financial Dealer Note Master Owner Trust II, 144A, 1 month LIBOR + 1.05%, 3.365%, 09/25/23 (c)(e) | 2,250,000 | 2,256,457 | ||||||
New Residential Mortgage Loan Trust 2018-4, 144A, 1 month LIBOR + 0.90%, 3.215%, 01/25/48 (c)(e) | 1,823,377 | 1,818,385 | ||||||
Radnor RE 2018-1, Ltd., 144A, 1 month LIBOR + 1.40%, 3.715%, 03/25/28 (c)(e) | 3,000,000 | 2,994,760 | ||||||
Santander Drive Auto Receivables Trust 2018-5, 4.190%, 12/16/24 | 1,250,000 | 1,265,714 | ||||||
Sequoia Mortgage Trust 2017-CH2, 144A, 4.000%, 12/25/47 (c)(e) | 732,251 | 741,955 | ||||||
Sequoia Mortgage Trust 2018-CH1, 144A, 4.000%, 02/25/48 (c)(e) | 626,999 | 631,848 | ||||||
Sequoia Mortgage Trust 2018-CH3, 144A, 4.500%, 08/25/48 (c)(e) | 1,766,895 | 1,805,128 | ||||||
SoFi Professional Loan Program 2015-d, LLC, 144A, 3.590%, 10/26/37 (c) | 1,525,862 | 1,514,402 | ||||||
Sunrun Athena Issuer 2018-1, LLC, 144A, 5.310%, 04/30/49 (c) | 1,000,000 | 993,514 | ||||||
TES 2017-2 LLC, 144A, 4.120%, 02/20/48 (c) | 1,953,289 | 1,901,540 | ||||||
Tesla Auto Lease Trust 2018-A, 144A, 2.750%, 02/20/20 (c) | 500,000 | 498,439 | ||||||
Tesla Auto Lease Trust 2018-B, 144A, 3.710%, 08/20/21 (c) | 530,000 | 531,459 | ||||||
Towd Point Asset Trust 2018-SL1, 144A, 2.906%, 01/25/46 (c)(e) | 1,715,741 | 1,710,613 | ||||||
Towd Point Mortgage Trust 2017-5, 144A, 1 month LIBOR + 0.60%, 2.915%, 02/25/57 (c)(e) | 686,745 | 684,712 | ||||||
Towd Point Mortgage Trust, 144A, 3.750%, 11/25/57 (c)(e) | 1,000,000 | 1,015,567 | ||||||
Towd Point Mortgage Trust, 144A, 3.711%, 11/25/60 (c)(e) | 2,000,000 | 2,030,982 | ||||||
Vivint Solar Financing V LLC, 144A, 4.730%, 04/30/48 (c) | 998,587 | 1,026,390 | ||||||
50,058,577 | ||||||||
TOTAL MORTGAGE-BACKED SECURITIES | ||||||||
(Cost $215,745,166) | 212,695,930 | |||||||
TOTAL BONDS | ||||||||
(Cost $662,201,023) | 652,557,838 |
SEE NOTES TO FINANCIAL STATEMENTS | 98 |
December 31, 2018 |
Schedule of Investments, continued |
Pax Core Bond Fund, continued
Percent of Net Assets | Shares/ | Value | ||||||
CERTIFICATES OF DEPOSIT: 0.1% | ||||||||
Community Credit Union of Lynn, 2.200%, 11/29/22 (b) | $ | 250,000 | $ | 238,965 | ||||
Self-Help Federal Credit Union, 1.700%, 04/13/20 (b) | 250,000 | 246,543 | ||||||
TOTAL CERTIFICATES OF DEPOSIT | ||||||||
(Cost $500,000) | 485,508 | |||||||
MONEY MARKET: 3.4% | ||||||||
State Street Institutional U.S. Government Money Market Fund, 2.318% (f)(g) | 23,744,751 | 23,744,751 | ||||||
TOTAL MONEY MARKET | ||||||||
(Cost $23,744,751) |
SECURITIES PURCHASED WITH CASH COLLATERAL FROM SECURITIES LENDING: 0.1% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio, 2.299% (f) | 858,285 | 858,285 | ||||||
(Cost $858,285) | ||||||||
TOTAL INVESTMENTS: 99.6% | ||||||||
(Cost $693,337,902) | 683,801,504 | |||||||
PAYABLE UPON RETURN OF SECURITIES LOANED | ||||||||
(NET):- 0.1% | (858,285 | ) | ||||||
OTHER ASSETS AND LIABILITIES — | ||||||||
(NET): 0.5% | 3,535,286 | |||||||
NET ASSETS: 100.0% | $ | 686,478,505 |
(a) | Fair valued security. |
(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) | Security of partial position of this security was on loan as of December 31, 2018. The total market value of securities on loan as of December 31, 2018 was $1,415,146. |
(e) | Rate shown reflects the accrual rate as of December 31, 2018 on securities with variable or step rates. |
(f) | Rate shown represents annualized 7-day yield as of December 31, 2018. |
(g) | Premier Class shares |
ETF - Exchange Traded Fund
LP - Limited Partnership
LIBOR - London Internabank Offered Rate. At December 31, 2018 the 1 month and 3 month LIBOR rates were 2.52% and 2.80%, respectively.
TIPS - Treasury Inflation Protected Securities
99 | SEE NOTES TO FINANCIAL STATEMENTS |
December 31, 2018 |
Schedule of Investments, continued |
Pax High Yield Bond Fund
Percent of Net Assets | Shares/ | Value | ||||||
COMMON STOCKS: 0.1% | ||||||||
Energy: 0.1% | ||||||||
Chaparral Energy, Inc., Class A (a) | 83,306 | $ | 409,865 | |||||
Health Care: 0.0% | ||||||||
Interactive Health, Inc. (a)(b)(c) | 706 | 0 | ||||||
Retail: 0.0% (d) | ||||||||
Charlotte Russe, Inc. (a)(b) | 7,784 | 78 | ||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $2,169,753) | 409,943 | |||||||
PREFERRED STOCKS: 0.3% | ||||||||
Health Care: 0.0% | ||||||||
Interactive Health, Inc., 0.000% (a)(b)(c) | 1,412 | 0 | ||||||
Leisure: 0.3% | ||||||||
RLJ Lodging Trust, REIT, 1.950% | 38,500 | 954,030 | ||||||
TOTAL PREFERRED STOCKS | ||||||||
(Cost $1,355,497) | 954,030 | |||||||
BONDS: 95.9% | ||||||||
CORPORATE BONDS: 94.9% | ||||||||
Automotive: 2.9% | ||||||||
Allison Transmission, Inc., 144A, 5.000%, 10/01/24 (e) | $ | 950,000 | 915,563 | |||||
Allison Transmission, Inc., 144A, 4.750%, 10/01/27 (e) | 950,000 | 850,250 | ||||||
Delphi Technologies PLC, 144A, 5.000%, 10/01/25 (e) | 1,500,000 | 1,263,750 | ||||||
FXI Holdings, Inc., 144A, 7.875%, 11/01/24 (e) | 950,000 | 817,000 | ||||||
IHO Verwaltungs GmbH, 144A, 4.500%, 09/15/23 (e) | 1,900,000 | 1,748,000 | ||||||
IHO Verwaltungs GmbH, 144A, 4.750%, 09/15/26 (e) | 475,000 | 414,438 | ||||||
Meritor, Inc., 6.250%, 02/15/24 | 2,225,000 | 2,136,000 | ||||||
Nexteer Automotive Group Ltd., 144A, 5.875%, 11/15/21 (e) | 2,000,000 | 2,034,058 | ||||||
10,179,059 | ||||||||
Banking: 4.1% | ||||||||
Ally Financial, Inc., 3.500%, 01/27/19 | 2,500,000 | 2,499,687 | ||||||
Ally Financial, Inc., 4.250%, 04/15/21 | 3,000,000 | 2,955,480 | ||||||
Ally Financial, Inc., 4.125%, 02/13/22 | 2,300,000 | 2,239,625 | ||||||
Ally Financial, Inc., 5.750%, 11/20/25 | 1,800,000 | 1,797,750 | ||||||
CIT Group, Inc., 5.000%, 08/01/23 | 2,000,000 | 1,965,000 | ||||||
CIT Group, Inc., 5.250%, 03/07/25 | 500,000 | 490,000 | ||||||
CIT Group, Inc., 6.125%, 03/09/28 | 950,000 | 947,625 | ||||||
Royal Bank of Scotland Group PLC, 6.125%, 12/15/22 | 950,000 | 963,623 | ||||||
Royal Bank of Scotland Group PLC, 5.125%, 05/28/24 | 900,000 | 873,623 | ||||||
14,732,413 | ||||||||
Basic Industry: 11.1% | ||||||||
Alcoa Nederland Holding BV, 144A, 7.000%, 09/30/26 (e) | 1,000,000 | 1,025,000 | ||||||
Alcoa Nederland Holding BV, 144A, 6.125%, 05/15/28 (e) | 475,000 | 456,000 | ||||||
Arconic, Inc., 5.900%, 02/01/27 | 1,000,000 | 957,500 | ||||||
Cleveland-Cliffs, Inc., 5.750%, 03/01/25 | 500,000 | 451,250 |
SEE NOTES TO FINANCIAL STATEMENTS | 100 |
December 31, 2018 |
Schedule of Investments, continued |
Pax High Yield Bond Fund, continued
Percent of Net Assets | Shares/ | Value | ||||||
BONDS, continued | ||||||||
CORPORATE BONDS, continued | ||||||||
Basic Industry, continued | ||||||||
Cleveland-Cliffs, Inc., 144A, 4.875%, 01/15/24 (e) | $ | 1,450,000 | $ | 1,352,125 | ||||
Core & Main, LP, 144A, 6.125%, 08/15/25 (e) | 1,500,000 | 1,327,500 | ||||||
Ingevity Corp., 144A, 4.500%, 02/01/26 (e) | 1,425,000 | 1,293,188 | ||||||
Koppers, Inc., 144A, 6.000%, 02/15/25 (e) | 1,500,000 | 1,327,500 | ||||||
Lennar Corp., 4.875%, 12/15/23 | 975,000 | 939,656 | ||||||
Lennar Corp., 4.750%, 05/30/25 | 1,000,000 | 941,250 | ||||||
Lennar Corp., 5.250%, 06/01/26 | 1,000,000 | 946,250 | ||||||
Lennar Corp., 4.750%, 11/29/27 | 950,000 | 860,938 | ||||||
M/I Homes, Inc., 5.625%, 08/01/25 | 1,000,000 | 920,000 | ||||||
Mercer International, Inc., 6.500%, 02/01/24 | 950,000 | 933,375 | ||||||
Mercer International, Inc., 144A, 7.375%, 01/15/25 (e) | 1,000,000 | 1,000,000 | ||||||
Meritage Homes Corp., 5.125%, 06/06/27 | 1,900,000 | 1,619,750 | ||||||
New Enterprise Stone & Lime Co., Inc., 144A, 10.125%, 04/01/22 (e) | 1,000,000 | 980,000 | ||||||
New Enterprise Stone & Lime Co., Inc., 144A, 6.250%, 03/15/26 (e) | 950,000 | 866,875 | ||||||
New Gold, Inc., 144A, 6.375%, 05/15/25 (e) | 1,000,000 | 765,000 | ||||||
Novelis Corp., 144A, 5.875%, 09/30/26 (e) | 1,000,000 | 887,500 | ||||||
Sappi Papier Holding GmbH, 144A, 7.500%, 06/15/32 (e) | 900,000 | 846,000 | ||||||
SPCM SA, 144A, 4.875%, 09/15/25 (e) | 950,000 | 828,875 | ||||||
Standard Industries, Inc., 144A, 6.000%, 10/15/25 (e) | 2,500,000 | 2,407,124 | ||||||
Standard Industries, Inc., 144A, 5.000%, 02/15/27 (e) | 1,850,000 | 1,623,375 | ||||||
Starfruit Finco BV/US Holdco, LLC, 144A, 8.000%, 10/01/26 (e) | 2,000,000 | 1,855,000 | ||||||
Taylor Morrison Communities, Inc./Holdings II, Inc., 144A, 5.625%, 03/01/24 (e) | 2,550,000 | 2,435,250 | ||||||
TRI Pointe Group, Inc., 5.250%, 06/01/27 | 2,000,000 | 1,561,900 | ||||||
US Concrete, Inc., 6.375%, 06/01/24 | 2,400,000 | 2,220,000 | ||||||
USG Corp., 144A, 4.875%, 06/01/27 (e) | 1,900,000 | 1,919,000 | ||||||
Valvoline, Inc., 5.500%, 07/15/24 | 900,000 | 882,000 | ||||||
WESCO Distribution, Inc., 5.375%, 06/15/24 | 1,900,000 | 1,797,875 | ||||||
Zachry Holdings, Inc., 144A, 7.500%, 02/01/20 (e) | 1,400,000 | 1,379,000 | ||||||
39,606,056 | ||||||||
Capital Goods: 6.6% | ||||||||
ARD Finance SA, 7.125%, 09/15/23 | 1,500,000 | 1,353,750 | ||||||
ARD Securities Finance SARL, 144A, 8.750%, 01/31/23 (e) | 1,545,694 | 1,313,840 | ||||||
Ardagh Packaging Finance PLC/ Holdings USA, Inc., 144A, 7.250%, 05/15/24 (e) | 1,000,000 | 1,001,250 | ||||||
Bombardier, Inc., 144A, 7.750%, 03/15/20 (e) | 1,500,000 | 1,528,124 | ||||||
Bombardier, Inc., 144A, 8.750%, 12/01/21 (e) | 1,000,000 | 1,033,750 | ||||||
Bombardier, Inc., 144A, 7.500%, 12/01/24 (e) | 1,450,000 | 1,370,250 | ||||||
Crown Americas, LLC/Capital Corp. VI, 144A, 4.750%, 02/01/26 (e) | 1,650,000 | 1,559,250 |
101 | SEE NOTES TO FINANCIAL STATEMENTS |
December 31, 2018 |
Schedule of Investments, continued |
Pax High Yield Bond Fund, continued
Percent of Net Assets | Shares/ | Value | ||||||
BONDS, continued | ||||||||
CORPORATE BONDS, continued | ||||||||
Capital Goods, continued | ||||||||
CTP Transportation Products LLC/Finance, Inc., 144A, 8.250%, 12/15/19 (e) | $ | 1,100,000 | $ | 1,080,750 | ||||
Flex Acquisition Co, Inc., 144A, 7.875%, 07/15/26 (e) | 1,000,000 | 902,500 | ||||||
Manitowoc Co, Inc., The, 144A, 12.750%, 08/15/21 (e) | 3,000,000 | 3,202,500 | ||||||
Mueller Water Products, Inc., 144A, 5.500%, 06/15/26 (e) | 1,900,000 | 1,847,750 | ||||||
OI European Group BV, 144A, 4.000%, 03/15/23 (e) | 2,400,000 | 2,250,000 | ||||||
Owens-Brockway Glass Container, Inc., 144A, 6.375%, 08/15/25 (e) | 950,000 | 945,250 | ||||||
RBS Global, Inc. / Rexnord LLC, 144A, 4.875%, 12/15/25 (e) | 1,450,000 | 1,323,125 | ||||||
Vertiv Group Corp., 144A, 9.250%, 10/15/24 (e) | 1,450,000 | 1,341,250 | ||||||
Vertiv Intermediate Holding Corp., 144A, 12.000%, 02/15/22 (e) | 1,500,000 | 1,385,625 | ||||||
23,438,964 | ||||||||
Consumer Goods: 5.4% | ||||||||
Central Garden & Pet Co, 5.125%, 02/01/28 | 2,000,000 | 1,795,000 | ||||||
Cott Holdings, Inc., 144A, 5.500%, 04/01/25 (e) | 2,400,000 | 2,271,000 | ||||||
High Ridge Brands Co., 144A, 8.875%, 03/15/25 (e) | 2,995,000 | 1,332,775 | ||||||
Lamb Weston Holdings, Inc., 144A, 4.625%, 11/01/24 (e) | 2,900,000 | 2,827,500 | ||||||
Performance Food Group, Inc., 144A, 5.500%, 06/01/24 (e) | 2,425,000 | 2,355,281 | ||||||
Post Holdings, Inc., 144A, 5.000%, 08/15/26 (e) | 1,450,000 | 1,326,750 | ||||||
Post Holdings, Inc., 144A, 5.750%, 03/01/27 (e) | 1,950,000 | 1,837,875 | ||||||
Prestige Brands, Inc., 144A, 6.375%, 03/01/24 (e) | 2,500,000 | 2,425,000 | ||||||
Tempur Sealy International, Inc., 5.500%, 06/15/26 | 1,500,000 | 1,376,250 | ||||||
US Foods, Inc., 144A, 5.875%, 06/15/24 (e) | 1,900,000 | 1,854,875 | ||||||
19,402,306 | ||||||||
Energy: 10.6% | ||||||||
AmeriGas Partners LP/Finance Corp., 5.625%, 05/20/24 | 1,500,000 | 1,425,000 | ||||||
AmeriGas Partners LP/Finance Corp., 5.750%, 05/20/27 | 950,000 | 845,500 | ||||||
Antero Resources Corp., 5.625%, 06/01/23 | 1,900,000 | 1,812,125 | ||||||
Apergy Corp., 6.375%, 05/01/26 | 1,000,000 | 975,000 | ||||||
Archrock Partners LP/Finance Corp., 6.000%, 04/01/21 | 1,750,000 | 1,688,750 | ||||||
Archrock Partners LP/Finance Corp., 6.000%, 10/01/22 | 1,000,000 | 945,000 | ||||||
Ascent Resources Utica Holdings, LLC/ARU Finance Corp., 144A, 10.000%, 04/01/22 (e) | 1,000,000 | 1,027,800 | ||||||
Ascent Resources Utica Holdings, LLC/ARU Finance Corp., 144A, 7.000%, 11/01/26 (e) | 1,000,000 | 910,000 | ||||||
Chaparral Energy, Inc., 144A, 8.750%, 07/15/23 (e) | 1,500,000 | 1,080,000 | ||||||
Ensco PLC, 7.750%, 02/01/26 | 1,000,000 | 745,000 | ||||||
Exterran Energy Solutions LP/EES Finance Corp., 8.125%, 05/01/25 | 2,000,000 | 1,925,000 |
SEE NOTES TO FINANCIAL STATEMENTS | 102 |
December 31, 2018 |
Schedule of Investments, continued |
Pax High Yield Bond Fund, continued
Percent of Net Assets | Shares/ | Value | ||||||
BONDS, continued | ||||||||
CORPORATE BONDS, continued | ||||||||
Energy, continued | ||||||||
Extraction Oil & Gas, Inc., 144A, 7.375%, 05/15/24 (e) | $ | 950,000 | $ | 788,500 | ||||
Extraction Oil & Gas, Inc., 144A, 5.625%, 02/01/26 (e) | 975,000 | 716,625 | ||||||
Genesis Energy LP / Finance Corp., 6.000%, 05/15/23 | 1,000,000 | 927,500 | ||||||
Genesis Energy LP / Finance Corp., 5.625%, 06/15/24 | 1,000,000 | 862,500 | ||||||
Great Western Petroleum LLC/Finance Corp., 144A, 9.000%, 09/30/21 (e) | 2,000,000 | 1,830,000 | ||||||
Hess Infrastructure Partners LP/Finance Corp., 144A, 5.625%, 02/15/26 (e) | 1,950,000 | 1,896,375 | ||||||
Laredo Petroleum, Inc., 6.250%, 03/15/23 | 1,350,000 | 1,218,375 | ||||||
Oasis Petroleum, Inc., 144A, 6.250%, 05/01/26 (e) | 950,000 | 800,375 | ||||||
Parkland Fuel Corp., 144A, 6.000%, 04/01/26 (e) | 2,400,000 | 2,261,999 | ||||||
Parsley Energy LLC/Finance Corp., 144A, 5.625%, 10/15/27 (e) | 1,000,000 | 913,750 | ||||||
Pride International, Inc., 6.875%, 08/15/20 | 1,000,000 | 1,017,500 | ||||||
Southwestern Energy Co., 6.200%, 01/23/25 | 334,000 | 300,183 | ||||||
Sunoco LP/ Finance Corp., 5.500%, 02/15/26 | 500,000 | 475,000 | ||||||
Sunoco LP/ Finance Corp., 5.875%, 03/15/28 | 900,000 | 844,092 | ||||||
Superior Plus, LP/General Partner, Inc., 144A, 7.000%, 07/15/26 (e) | 1,900,000 | 1,843,000 | ||||||
Tallgrass Energy Partners LP/Finance Corp., 144A, 5.500%, 09/15/24 (e) | 1,900,000 | 1,876,250 | ||||||
Tallgrass Energy Partners LP/Finance Corp., 144A, 5.500%, 01/15/28 (e) | 475,000 | 458,375 | ||||||
Tapstone Energy, LLC/Finance Corp., 144A, 9.750%, 06/01/22 (e) | 1,000,000 | 795,000 | ||||||
Targa Resources Partners, LP/Finance Corp., 5.250%, 05/01/23 | 1,350,000 | 1,326,375 | ||||||
Targa Resources Partners, LP/Finance Corp., 5.000%, 01/15/28 | 900,000 | 816,750 | ||||||
Targa Resources Partners, LP/Finance Corp., 144A, 5.875%, 04/15/26 (e) | 1,000,000 | 977,500 | ||||||
TransMontaigne Partners LP/TLP Finance Corp., 6.125%, 02/15/26 | 950,000 | 855,000 | ||||||
WildHorse Resource Development Corp., 6.875%, 02/01/25 | 900,000 | 855,000 | ||||||
38,035,199 | ||||||||
Financial Services: 3.1% | ||||||||
Avolon Holdings Funding, Ltd., 144A, 5.125%, 10/01/23 (e) | 500,000 | 478,750 | ||||||
Fair Isaac Corp, 144A, 5.250%, 05/15/26 (e) | 1,550,000 | 1,507,375 | ||||||
Fly Leasing, Ltd., 6.375%, 10/15/21 | 3,000,000 | 3,000,000 | ||||||
Park Aerospace Holdings, Ltd., 144A, 5.250%, 08/15/22 (e) | 1,500,000 | 1,456,875 | ||||||
Park Aerospace Holdings, Ltd., 144A, 5.500%, 02/15/24 (e) | 975,000 | 943,313 | ||||||
Springleaf Finance Corp., 6.125%, 05/15/22 | 1,000,000 | 974,710 | ||||||
Springleaf Finance Corp., 6.875%, 03/15/25 | 1,500,000 | 1,346,250 | ||||||
Springleaf Finance Corp., 7.125%, 03/15/26 | 1,400,000 | 1,252,125 | ||||||
10,959,398 |
103 | SEE NOTES TO FINANCIAL STATEMENTS |
December 31, 2018 |
Schedule of Investments, continued |
Pax High Yield Bond Fund, continued
Percent of Net Assets | Shares/ | Value | ||||||
BONDS, continued | ||||||||
CORPORATE BONDS, continued | ||||||||
Health Care: 7.3% | ||||||||
Avantor, Inc., 144A, 6.000%, 10/01/24 (e) | $ | 2,000,000 | $ | 1,970,000 | ||||
Avantor, Inc., 144A, 9.000%, 10/01/25 (e) | 1,500,000 | 1,503,750 | ||||||
Centene Corp., 5.625%, 02/15/21 | 450,000 | 452,250 | ||||||
Centene Corp., 6.125%, 02/15/24 | 900,000 | 923,625 | ||||||
Centene Corp., 144A, 5.375%, 06/01/26 (e) | 950,000 | 926,250 | ||||||
Change Healthcare Holdings LLC/Finance, Inc., 144A, 5.750%, 03/01/25 (e) | 1,000,000 | 936,250 | ||||||
Charles River Laboratories International, Inc., 144A, 5.500%, 04/01/26 (e) | 582,000 | 574,725 | ||||||
Endo Dac/Finance, LLC/Finco, Inc., 144A, 6.000%, 07/15/23 (e) | 1,000,000 | 767,500 | ||||||
Endo Finance, LLC/Finco, Inc., 144A, 7.250%, 01/15/22 (e) | 850,000 | 739,500 | ||||||
HCA, Inc., 5.875%, 05/01/23 | 2,750,000 | 2,791,250 | ||||||
HCA, Inc., 5.375%, 02/01/25 | 1,000,000 | 977,500 | ||||||
HCA, Inc., 5.875%, 02/15/26 | 2,350,000 | 2,344,125 | ||||||
HCA, Inc., 5.250%, 06/15/26 | 500,000 | 497,500 | ||||||
HCA, Inc., 5.375%, 09/01/26 | 475,000 | 463,125 | ||||||
HCA, Inc., 5.625%, 09/01/28 | 475,000 | 459,563 | ||||||
MPT Operating Partnership LP/Finance Corp., 6.375%, 03/01/24 | 1,000,000 | 1,030,000 | ||||||
MPT Operating Partnership LP/Finance Corp., 5.000%, 10/15/27 | 1,500,000 | 1,375,313 | ||||||
Ortho-Clinical Diagnostics, Inc., 144A, 6.625%, 05/15/22 (e) | 1,000,000 | 904,999 | ||||||
Sabra Health Care, LP, REIT, 5.125%, 08/15/26 | 2,400,000 | 2,227,671 | ||||||
Teva Pharmaceutical Finance Netherlands III BV, 6.000%, 04/15/24 | 950,000 | 917,428 | ||||||
Teva Pharmaceutical Finance Netherlands III BV, 3.150%, 10/01/26 | $ | 1,950,000 | $ | 1,490,708 | ||||
Verscend Escrow Corp., 144A, 9.750%, 08/15/26 (e) | 2,000,000 | 1,887,500 | ||||||
26,160,532 | ||||||||
Insurance: 0.8% | ||||||||
AssuredPartners, Inc., 144A, 7.000%, 08/15/25 (e) | 2,000,000 | 1,814,400 | ||||||
Fidelity & Guaranty Life Holdings, Inc., 144A, 5.500%, 05/01/25 (e) | 950,000 | 912,285 | ||||||
2,726,685 | ||||||||
Leisure: 2.9% | ||||||||
Carlson Travel, Inc., 144A, 6.750%, 12/15/23 (e) | 450,000 | 434,813 | ||||||
Carlson Travel, Inc., 144A, 9.500%, 12/15/24 (e) | 1,000,000 | 912,500 | ||||||
Cedar Fair LP, 5.375%, 04/15/27 | 1,400,000 | 1,328,250 | ||||||
ESH Hospitality, Inc., 144A, 5.250%, 05/01/25 (e) | 950,000 | 885,875 | ||||||
GLP Capital, LP/Financing II, Inc., 5.750%, 06/01/28 | 1,900,000 | 1,926,125 | ||||||
Hilton Worldwide Finance, LLC/Corp., 4.625%, 04/01/25 | 450,000 | 427,500 | ||||||
Hilton Worldwide Finance, LLC/Corp., 4.875%, 04/01/27 | 1,425,000 | 1,341,281 | ||||||
Scientific Games International, Inc., 10.000%, 12/01/22 | 3,073,000 | 3,130,619 | ||||||
10,386,963 | ||||||||
Media: 11.0% | ||||||||
Altice Financing SA, 144A, 6.625%, 02/15/23 (e) | 2,000,000 | 1,925,000 | ||||||
Altice Financing SA, 144A, 7.500%, 05/15/26 (e) | 1,250,000 | 1,143,750 |
SEE NOTES TO FINANCIAL STATEMENTS | 104 |
December 31, 2018 |
Schedule of Investments, continued |
Pax High Yield Bond Fund, continued
Percent of Net Assets | Shares/ | Value | ||||||
BONDS, continued | ||||||||
CORPORATE BONDS, continued | ||||||||
Media, continued | ||||||||
Altice France SA/France, 144A, 6.250%, 05/15/24 (e) | $ | 1,850,000 | $ | 1,732,063 | ||||
Altice France SA/France, 144A, 7.375%, 05/01/26 (e) | 1,900,000 | 1,748,000 | ||||||
Altice Luxembourg SA, 144A, 7.750%, 05/15/22 (e) | 950,000 | 868,063 | ||||||
AMC Networks, Inc., 4.750%, 08/01/25 | 950,000 | 864,500 | ||||||
Cablevision Systems Corp., 8.000%, 04/15/20 | 1,000,000 | 1,015,000 | ||||||
Cablevision Systems Corp., 5.875%, 09/15/22 | 1,000,000 | 985,000 | ||||||
CBS Radio, Inc., 144A, 7.250%, 11/01/24 (e) | 1,400,000 | 1,309,000 | ||||||
CCO Holdings, LLC/Capital Corp., 144A, 4.000%, 03/01/23 (e) | 1,000,000 | 935,000 | ||||||
CCO Holdings, LLC/Capital Corp., 144A, 5.125%, 05/01/23 (e) | 1,000,000 | 975,000 | ||||||
CCO Holdings, LLC/Capital Corp., 144A, 5.375%, 05/01/25 (e) | 1,900,000 | 1,826,375 | ||||||
CCO Holdings, LLC/Capital Corp., 144A, 5.750%, 02/15/26 (e) | 2,000,000 | 1,965,000 | ||||||
CCO Holdings, LLC/Capital Corp., 144A, 5.500%, 05/01/26 (e) | 1,000,000 | 963,750 | ||||||
Cimpress NV, 144A, 7.000%, 06/15/26 (e) | 950,000 | 916,749 | ||||||
CSC Holdings, LLC, 144A, 10.125%, 01/15/23 (e) | 1,900,000 | 2,049,625 | ||||||
CSC Holdings, LLC, 144A, 5.375%, 07/15/23 (e) | 1,000,000 | 977,700 | ||||||
CSC Holdings, LLC, 144A, 5.500%, 05/15/26 (e) | 1,000,000 | 945,000 | ||||||
CSC Holdings, LLC, 144A, 5.500%, 04/15/27 (e) | 500,000 | 466,250 | ||||||
CSC Holdings, LLC, 144A, 7.500%, 04/01/28 (e) | 1,000,000 | 1,002,500 | ||||||
Gray Escrow, Inc., 144A, 7.000%, 05/15/27 (e) | 500,000 | 487,835 | ||||||
Harland Clarke Holdings Corp., 144A, 6.875%, 03/01/20 (e) | 2,000,000 | 1,955,000 | ||||||
Harland Clarke Holdings Corp., 144A, 8.375%, 08/15/22 (e) | 500,000 | 458,125 | ||||||
Nexstar Broadcasting, Inc., 144A, 6.125%, 02/15/22 (e) | 1,150,000 | 1,147,125 | ||||||
Nielsen Finance LLC / Nielsen Finance Co., 144A, 5.000%, 04/15/22 (e) | 950,000 | 912,000 | ||||||
Sirius XM Radio, Inc., 144A, 6.000%, 07/15/24 (e) | 1,400,000 | 1,408,750 | ||||||
Sirius XM Radio, Inc., 144A, 5.375%, 04/15/25 (e) | 2,100,000 | 1,997,625 | ||||||
Sirius XM Radio, Inc., 144A, 5.375%, 07/15/26 (e) | 1,950,000 | 1,830,563 | ||||||
The Neilsen Co. Luxembourg SARL, 144A, 5.000%, 02/01/25 (e) | 975,000 | 916,500 | ||||||
Virgin Media Finance PLC, 144A, 6.000%, 10/15/24 (e) | 950,000 | 916,038 | ||||||
Virgin Media Secured Finance PLC, 144A, 5.500%, 08/15/26 (e) | 950,000 | 880,983 | ||||||
VTR Finance BV, 144A, 6.875%, 01/15/24 (e) | 1,707,000 | 1,713,401 | ||||||
39,237,270 | ||||||||
Real Estate: 2.9% | ||||||||
CBL & Associates, LP, 5.250%, 12/01/23 | 1,500,000 | 1,192,500 | ||||||
Five Point Operating Co., LP/Capital Corp., 144A, 7.875%, 11/15/25 (e) | 1,450,000 | 1,402,875 | ||||||
Greystar Real Estate Partners LLC, 144A, 5.750%, 12/01/25 (e) | 1,450,000 | 1,421,000 | ||||||
iStar, Inc., 5.000%, 07/01/19 | 463,000 | 461,843 |
105 | SEE NOTES TO FINANCIAL STATEMENTS |
December 31, 2018 |
Schedule of Investments, continued |
Pax High Yield Bond Fund, continued
Percent of Net Assets | Shares/ | Value | ||||||
BONDS, continued | ||||||||
CORPORATE BONDS, continued | ||||||||
Real Estate, continued | ||||||||
iStar, Inc., 6.500%, 07/01/21 | $ | 1,500,000 | $ | 1,488,750 | ||||
iStar, Inc., 6.000%, 04/01/22 | 1,000,000 | 970,000 | ||||||
iStar, Inc., 5.250%, 09/15/22 | 500,000 | 468,700 | ||||||
Kennedy-Wilson, Inc., 5.875%, 04/01/24 | 1,700,000 | 1,598,000 | ||||||
Starwood Property Trust, Inc., 3.625%, 02/01/21 | 1,350,000 | 1,302,750 | ||||||
10,306,418 | ||||||||
Retail: 3.6% | ||||||||
Ingles Markets, Inc., 5.750%, 06/15/23 | 1,000,000 | 992,500 | ||||||
KFC Holding/Pizza Hut Holdings/Taco Bell of America, 144A, 5.000%, 06/01/24 (e) | 1,500,000 | 1,451,250 | ||||||
KFC Holding/Pizza Hut Holdings/Taco Bell of America, 144A, 4.750%, 06/01/27 (e) | 1,400,000 | 1,305,500 | ||||||
L Brands, Inc., 5.250%, 02/01/28 | 1,950,000 | 856,250 | ||||||
New Red Finance, Inc., 144A, 4.250%, 05/15/24 (e) | 1,500,000 | 1,383,750 | ||||||
New Red Finance, Inc., 144A, 5.000%, 10/15/25 (e) | 1,450,000 | 1,337,625 | ||||||
Party City Holdings, Inc.,144A, 6.625%, 08/01/26 (e) | 2,000,000 | 1,825,000 | ||||||
PetSmart, Inc., 144A, 8.875%, 06/01/25 (e) | 750,000 | 438,750 | ||||||
PetSmart, Inc., 144A, 5.875%, 06/01/25 (e) | 1,500,000 | 1,091,250 | ||||||
Sally Holdings LLC/Capital, Inc., 5.625%, 12/01/25 | 2,400,000 | 2,217,000 | ||||||
12,898,875 | ||||||||
Services: 6.1% | ||||||||
Algeco Global Finance PLC, 144A, 8.000%, 02/15/23 (e) | 1,450,000 | 1,359,375 | ||||||
Aramark Services, Inc., 4.750%, 06/01/26 | 450,000 | 424,125 | ||||||
Aramark Services, Inc., 144A, 5.000%, 04/01/25 (e) | 1,450,000 | 1,421,000 | ||||||
Aramark Services, Inc., 144A, 5.000%, 02/01/28 (e) | 500,000 | 467,500 | ||||||
Ashtead Capital, Inc., 144A, 5.250%, 08/01/26 (e) | 1,400,000 | 1,358,000 | ||||||
GFL Environmental, Inc., 144A, 5.375%, 03/01/23 (e) | 1,900,000 | 1,672,000 | ||||||
Hertz Corp., The, 7.375%, 01/15/21 | 1,000,000 | 976,250 | ||||||
Iron Mountain US Holdings, Inc., 144A, 5.375%, 06/01/26 (e) | 475,000 | 434,625 | ||||||
Iron Mountain, Inc., 5.750%, 08/15/24 | 1,950,000 | 1,857,375 | ||||||
KAR Auction Services, Inc., 144A, 5.125%, 06/01/25 (e) | 1,450,000 | 1,315,875 | ||||||
Prime Security Services Borrower LLC/Finance, Inc., 144A, 9.250%, 05/15/23 (e) | 1,811,000 | 1,872,120 | ||||||
Resideo Funding, Inc., 144A, 6.125%, 11/01/26 (e) | 1,500,000 | 1,481,250 | ||||||
Staples, Inc., 144A, 8.500%, 09/15/25 (e) | 2,000,000 | 1,814,400 | ||||||
United Rentals North America, Inc., 5.750%, 11/15/24 | 2,900,000 | 2,802,125 | ||||||
United Rentals North America, Inc., 6.500%, 12/15/26 | 1,000,000 | 987,500 | ||||||
Williams Scotsman International, Inc., 144A, 6.875%, 08/15/23 (e) | 1,450,000 | 1,395,625 | ||||||
21,639,145 | ||||||||
Technology & Electronics: 4.1% | ||||||||
CommScope Technologies LLC, 144A, 5.000%, 03/15/27 (e) | 1,400,000 | 1,137,500 |
SEE NOTES TO FINANCIAL STATEMENTS | 106 |
December 31, 2018 |
Schedule of Investments, continued |
Pax High Yield Bond Fund, continued
Percent of Net Assets | Shares/ | Value | ||||||
BONDS, continued | ||||||||
CORPORATE BONDS, continued | ||||||||
Technology & Electronics, continued | ||||||||
CommScope, Inc., 144A, 5.500%, 06/15/24(e) | $ | 950,000 | $ | 872,813 | ||||
Dell International LLC/EMC Corp, 144A, 5.875%, 06/15/21(e) | 1,450,000 | 1,452,062 | ||||||
Dell International LLC/EMC Corp, 144A, 7.125%, 06/15/24(e) | 1,000,000 | 1,018,270 | ||||||
Exela Intermediate LLC/Finance, Inc., 144A, 10.000%, 07/15/23(e) | 975,000 | 934,781 | ||||||
First Data Corp., 144A, 5.000%, 01/15/24(e) | 1,900,000 | 1,835,875 | ||||||
HNA Echotech Panorama Cayman Co. Ltd., 144A, 8.000%, 04/15/21(b)(e) | 1,600,000 | 1,522,965 | ||||||
Rackspace Hosting, Inc., 144A, 8.625%, 11/15/24(e) | 950,000 | 743,375 | ||||||
Syniverse Holdings, Inc., 9.125%, 01/15/19 | 2,025,000 | 2,007,280 | ||||||
TIBCO Software, Inc., 144A, 11.375%, 12/01/21(e) | 2,000,000 | 2,100,000 | ||||||
VeriSign, Inc., 4.750%, 07/15/27 | 950,000 | 894,473 | ||||||
14,519,394 | ||||||||
Telecommunications: 9.1% | ||||||||
CenturyLink, Inc., 7.500%, 04/01/24 | 900,000 | 870,750 | ||||||
CenturyLink, Inc., 5.625%, 04/01/25 | 450,000 | 397,125 | ||||||
Cogent Communications Group, Inc., 144A, 5.375%, 03/01/22(e) | 1,700,000 | 1,695,750 | ||||||
Digicel Group, Ltd., 144A, 8.250%, 09/30/20(e) | 500,000 | 340,000 | ||||||
Equinix, Inc., 5.375%, 04/01/23 | 1,000,000 | 998,750 | ||||||
Equinix, Inc., 5.750%, 01/01/25 | 1,000,000 | 1,011,250 | ||||||
Equinix, Inc., 5.375%, 05/15/27 | 1,500,000 | 1,470,000 | ||||||
Frontier Communications Corp., 8.500%, 04/15/20 | 1,000,000 | 890,000 | ||||||
Frontier Communications Corp, 10.500%, 09/15/22 | 1,000,000 | 700,000 | ||||||
Frontier Communications Corp., 11.000%, 09/15/25 | 500,000 | 313,725 | ||||||
Frontier Communications Corp.,144A, 8.500%, 04/01/26 (e) | 900,000 | 789,750 | ||||||
Frontier Communications Corp., 9.000%, 08/15/31 | 1,000,000 | 540,000 | ||||||
Level 3 Financing, Inc., 5.375%, 01/15/24 | 1,950,000 | 1,862,250 | ||||||
Level 3 Financing, Inc., 5.250%, 03/15/26 | 1,000,000 | 917,500 | ||||||
Level 3 Parent, LLC, 5.750%, 12/01/22 | 900,000 | 886,500 | ||||||
Qwest Corp., 6.875%, 09/15/33 | 1,000,000 | 895,843 | ||||||
Sprint Capital Corp., 6.875%, 11/15/28 | 1,000,000 | 947,500 | ||||||
Sprint Communications, Inc., 7.000%, 08/15/20 | 1,650,000 | 1,693,395 | ||||||
Sprint Communications, Inc., 11.500%, 11/15/21 | 1,000,000 | 1,137,500 | ||||||
Sprint Communications, Inc., 6.000%, 11/15/22 | 2,000,000 | 1,967,660 | ||||||
Sprint Corp., 7.250%, 09/15/21 | 2,900,000 | 2,975,400 | ||||||
Sprint Corp., 7.875%, 09/15/23 | 1,000,000 | 1,028,750 | ||||||
Sprint Corp., 7.125%, 06/15/24 | 1,000,000 | 992,840 | ||||||
Sprint Corp., 7.625%, 03/01/26 | 1,000,000 | 990,000 | ||||||
Telecom Italia Capital SA, 7.721%, 06/04/38 | 950,000 | 948,223 | ||||||
T-Mobile USA, Inc., 6.000%, 04/15/24 | 2,000,000 | 2,005,000 | ||||||
T-Mobile USA, Inc., 6.375%, 03/01/25 | 1,000,000 | 1,012,500 | ||||||
T-Mobile USA, Inc., 5.125%, 04/15/25 | 500,000 | 487,500 |
107 | SEE NOTES TO FINANCIAL STATEMENTS |
December 31, 2018 |
Schedule of Investments, continued |
Pax High Yield Bond Fund, continued
Percent of Net Assets | Shares/ | Value | ||||||
BONDS, continued | ||||||||
CORPORATE BONDS, continued | ||||||||
Telecommunications, continued | ||||||||
T-Mobile USA, Inc., 6.500%, 01/15/26 | $ | 1,000,000 | $ | 1,022,500 | ||||
Windstream Services, LLC/Finance Corp., 144A, 10.500%, 06/30/24 (e) | 1,000,000 | 765,000 | ||||||
32,552,961 | ||||||||
Transportation: 1.0% | ||||||||
Air Canada, 144A, 7.750%, 04/15/21 (e) | 2,500,000 | 2,655,625 | ||||||
Great Lakes Dredge & Dock Corp., 8.000%, 05/15/22 | 1,000,000 | 1,018,750 | ||||||
3,674,375 | ||||||||
Utility: 2.3% | ||||||||
AES Corp./VA, 4.500%, 03/15/23 | 950,000 | 929,813 | ||||||
Atlantica Yield PLC, 144A, 7.000%, 11/15/19 (e) | 1,900,000 | 1,933,250 | ||||||
Clearway Energy Operating, LLC, 144A, 5.750%, 10/15/25 (e) | 2,000,000 | 1,917,500 | ||||||
NextEra Energy Operating Partners LP, 144A, 4.500%, 09/15/27 (e) | 1,500,000 | 1,340,625 | ||||||
TerraForm Power Operating LLC, 144A, 4.250%, 01/31/23 (e) | 1,000,000 | 937,500 | ||||||
TerraForm Power Operating LLC, 144A, 5.000%, 01/31/28 (e) | 1,400,000 | 1,237,250 | ||||||
8,295,938 | ||||||||
TOTAL CORPORATE BONDS | ||||||||
(Cost $358,841,128) | 338,751,951 | |||||||
LOANS: 0.3% | ||||||||
Retail: 0.3% | ||||||||
Charlotte Russe, Inc., 8.500%, 02/05/23 (b) | 3,242,492 | 972,747 | ||||||
TOTAL LOANS | ||||||||
(Cost $2,979,048) | ||||||||
U.S. TREASURY NOTES: 0.7% | ||||||||
United States Treasury Note, 2.500%, 05/31/20 | $ | 2,500,000 | $ | 2,498,096 | ||||
TOTAL U.S. TREASURY NOTES | ||||||||
(Cost $2,499,567) | ||||||||
TOTAL BONDS | ||||||||
(Cost $364,319,743) | 342,222,794 | |||||||
CERTIFICATES OF DEPOSIT: 0.3% | ||||||||
Beneficial State Bank, 1.000%, 01/21/19 (b) | 200,000 | 200,000 | ||||||
Self Help Credit Union, 1.300%, 01/04/19 (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 | ||||||||
(Cost $1,000,000) | 1,000,000 | |||||||
MONEY MARKET: 2.3% | ||||||||
State Street Institutional U.S. Government Money Market Fund, 2.318% (f)(g) | 8,267,495 | 8,267,495 | ||||||
(Cost $8,267,495) | ||||||||
TOTAL INVESTMENTS: 98.9% | ||||||||
(Cost $377,112,488) | 352,854,262 | |||||||
OTHER ASSETS AND LIABILITIES — | ||||||||
(NET): 1.1% | 4,067,343 | |||||||
NET ASSETS: 100.0% | $ | 356,921,605 |
(a) | Non-income producing security. |
(b) | Illiquid security. |
(c) | Security valued using significant unobservable inputs. |
(d) | Rounds to less than 0.05%. |
(e) | Security purchased pursuant to Rule 144A of the Securities Act of 1933 and may be resold only to qualified institutional buyers. |
(f) | Rate shown represents annualized 7-day yield as of December 31, 2018. |
(g) | Premier Class shares |
REIT - Real Estate Investment Trust
SEE NOTES TO FINANCIAL STATEMENTS | 108 |
December 31, 2018 |
Schedule of Investments, continued |
Pax Balanced Fund
Percent of Net Assets | Shares/ | Value | ||||||
AFFILIATED INVESTMENT COMPANIES: 97.7% | ||||||||
Pax Core Bond Fund (a) | 69,553,433 | $ | 680,232,578 | |||||
Pax ESG Beta Dividend Fund (a) | 10,763,761 | 114,741,693 | ||||||
Pax Global Environmental Markets Fund (a) | 1,107,513 | 14,796,378 | ||||||
Pax Global Opportunities Fund (a)(b) | 2,500,000 | 22,950,000 | ||||||
Pax Large Cap Fund (a) | 73,702,287 | 588,144,250 | ||||||
Pax MSCI EAFE ESG Leaders Index Fund (a) | 16,289,028 | 127,054,421 | ||||||
Pax Mid Cap Fund (a) | 11,550,983 | 102,457,216 | ||||||
TOTAL AFFILIATED INVESTMENT COMPANIES | ||||||||
(Cost $1,797,361,994) | 1,650,376,536 | |||||||
MONEY MARKET: 2.2% | ||||||||
State Street Institutional U.S. Government Money Market Fund, 2.318% (c)(d) | 38,133,412 | 38,133,412 | ||||||
(Cost $38,133,412) | ||||||||
TOTAL INVESTMENTS: 99.9% | ||||||||
(Cost $1,835,495,406) | 1,688,509,948 | |||||||
OTHER ASSETS AND LIABILITIES — | ||||||||
(NET): 0.1% | 1,150,777 | |||||||
NET ASSETS: 100.0% | $ | 1,689,660,725 |
(a) | Institutional Class shares |
(b) | Non-income producing security. |
(c) | Rate shown represents annualized 7-day yield as of December 31, 2018. |
(d) | Premier Class shares |
109 | SEE NOTES TO FINANCIAL STATEMENTS |
December 31, 2018 |
Statements of Assets and Liabilities |
| Large Cap | Mid Cap | Small Cap | ESG Beta | ||||||||||||
ASSETS | ||||||||||||||||
Investments, at cost - Note A | $ | 537,889,823 | $ | 101,336,639 | $ | 485,845,182 | $ | 130,288,461 | ||||||||
Investments in unaffiliated issuers, at value | $ | 594,624,441 | $ | 105,075,991 | $ | 454,631,594 | $ | 194,369,234 | ||||||||
Investments in affiliated issuers, at value | — | — | — | — | ||||||||||||
Total investments, at value - Note A1 | 594,624,441 | 105,075,991 | 454,631,594 | 194,369,234 | ||||||||||||
Cash | 112,046 | — | 37 | 4 | ||||||||||||
Foreign currency at value (cost $23 and $1,539, respectively) | — | — | — | — | ||||||||||||
Prepaid expenses | 12,814 | 3,925 | 13,410 | — | ||||||||||||
Receivables: | ||||||||||||||||
Capital stock sold | 4,698 | 270 | 3,078,326 | 164,127 | ||||||||||||
Dividends and interest - Note A | 621,196 | 50,828 | 301,716 | 163,178 | ||||||||||||
Investment securities sold | — | — | — | — | ||||||||||||
Investment Adviser reimbursement | — | — | — | — | ||||||||||||
Other | 2,820 | 259 | 5,208 | 7,206 | ||||||||||||
Total Assets | 595,378,015 | 105,131,273 | 458,030,291 | 194,703,749 | ||||||||||||
LIABILITIES | ||||||||||||||||
Collateral on securities loaned, at value | 2,346,095 | 1,020,000 | 5,399,931 | 459,816 | ||||||||||||
Payables: | ||||||||||||||||
Capital stock reacquired | — | — | 5,414,949 | 119,313 | ||||||||||||
Investment securities purchased | — | — | — | — | ||||||||||||
Dividend payable - Note A | — | — | — | — | ||||||||||||
Payable to foreign banks (cost $319,870) | — | — | — | — | ||||||||||||
Accrued expenses: | ||||||||||||||||
Investment advisory fees - Note B | 334,813 | 68,818 | 339,245 | 110,792 | ||||||||||||
Distribution expense | 415 | 261 | 29,878 | 30,625 | ||||||||||||
Trustees fees | 3,238 | 1,878 | 4,386 | — | ||||||||||||
Compliance expense | — | — | — | — | ||||||||||||
Transfer agent fees | 2,674 | 2,696 | 151,358 | — | ||||||||||||
Printing and other | ||||||||||||||||
shareholder communication fees | 36 | 80 | 5,576 | — | ||||||||||||
Custodian fees | 10,293 | 2,779 | 12,121 | — | ||||||||||||
Legal and audit fees | 34,692 | 24,970 | 36,568 | — | ||||||||||||
Other accrued expenses | 6,931 | 24,210 | 41,652 | — | ||||||||||||
Total Liabilities | 2,739,187 | 1,145,692 | 11,435,664 | 720,546 | ||||||||||||
NET ASSETS | $ | 592,638,828 | $ | 103,985,581 | $ | 446,594,627 | $ | 193,983,203 |
1 | Investments at market value include securities loaned. At December 31, 2018, the Large Cap Fund, Mid Cap Fund, Small Cap Fund, ESG Beta Quality Fund, ESG Beta Dividend Fund, Global Women's Leadership Fund, and Core Bond Fund had total market values of securities on loan of $15,998,156; $2,659,969; $46,027,861; $2,405,969; $1,461,908; $3,443,751; and $1,415,146, respectively. |
SEE NOTES TO FINANCIAL STATEMENTS | 110 |
December 31, 2018 |
|
ESG Beta | Global | Global | Global | EAFE | Core Bond | High Yield | Balanced | ||||||||||||||||||||||||
$ | 97,905,818 | $ | 27,045,933 | $ | 569,017,124 | $ | 244,269,533 | $ | 521,264,391 | $ | 693,337,902 | $ | 377,112,488 | $ | 1,835,495,406 | ||||||||||||||||
$ | 117,344,464 | $ | 24,964,561 | $ | 586,586,629 | $ | 241,020,687 | $ | 510,709,934 | $ | 683,801,504 | $ | 352,854,262 | $ | 38,133,412 | ||||||||||||||||
— | — | — | — | — | — | — | 1,650,376,536 | ||||||||||||||||||||||||
117,344,464 | 24,964,561 | 586,586,629 | 241,020,687 | 510,709,934 | 683,801,504 | 352,854,262 | 1,688,509,948 | ||||||||||||||||||||||||
14,979 | 63,470 | 97,459 | 2,980 | 10 | 4 | 52,027 | 12 | ||||||||||||||||||||||||
— | 23 | — | 1,593 | — | — | — | — | ||||||||||||||||||||||||
— | 3,711 | 11,067 | — | — | 13,324 | 8,023 | — | ||||||||||||||||||||||||
150 | — | 5,775,752 | 3,154,253 | 6,445,543 | 4,000 | 478,063 | 3,236,976 | ||||||||||||||||||||||||
208,532 | 11,897 | 277,746 | 296,224 | 747,383 | 3,844,151 | 6,034,309 | 1,656,460 | ||||||||||||||||||||||||
— | — | 751,153 | — | 7,157,288 | — | — | — | ||||||||||||||||||||||||
— | 22,015 | 70,675 | — | — | — | — | — | ||||||||||||||||||||||||
306 | 1,185 | 76,162 | 172,970 | 1,168,233 | 1,075 | — | — | ||||||||||||||||||||||||
117,568,431 | 25,066,862 | 593,646,643 | 244,648,707 | 526,228,391 | 687,664,058 | 359,426,684 | 1,693,403,396 | ||||||||||||||||||||||||
293,709 | — | — | — | — | 858,285 | — | — | ||||||||||||||||||||||||
— | — | 1,837,955 | 562,620 | 3,767,364 | 23,956 | 866,110 | 1,802,585 | ||||||||||||||||||||||||
— | 63,470 | 21,364 | 265,706 | 6,079,057 | — | 1,010,460 | 1,582,494 | ||||||||||||||||||||||||
— | — | — | — | — | 3,429 | 287,297 | — | ||||||||||||||||||||||||
— | — | — | — | 320,575 | — | — | — | ||||||||||||||||||||||||
66,543 | 15,993 | 423,930 | 114,803 | 257,327 | 230,878 | 154,321 | 73,033 | ||||||||||||||||||||||||
453 | 26 | 28,688 | 18,867 | 17,146 | 820 | 36,571 | 284,559 | ||||||||||||||||||||||||
— | 1,049 | 3,019 | — | — | 2,835 | 2,310 | — | ||||||||||||||||||||||||
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
— | 4,862 | 126,563 | — | — | 2,543 | 72,304 | — | ||||||||||||||||||||||||
— | 352 | 3,930 | — | — | — | 10,320 | — | ||||||||||||||||||||||||
— | 3,525 | 21,968 | — | — | 16,439 | 12,884 | — | ||||||||||||||||||||||||
— | 35,099 | 37,923 | — | — | 39,437 | 36,479 | — | ||||||||||||||||||||||||
— | 89 | 40,871 | — | — | 6,931 | 16,023 | — | ||||||||||||||||||||||||
360,705 | 124,465 | 2,546,211 | 961,996 | 10,441,469 | 1,185,553 | 2,505,079 | 3,742,671 | ||||||||||||||||||||||||
$ | 117,207,726 | $ | 24,942,397 | $ | 591,100,432 | $ | 243,686,711 | $ | 515,786,922 | $ | 686,478,505 | $ | 356,921,605 | $ | 1,689,660,725 |
111 | SEE NOTES TO FINANCIAL STATEMENTS |
December 31, 2018 |
Statements of Assets and Liabilities, continued |
| Large Cap | Mid Cap | Small Cap | ESG Beta | ||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||
Paid in Capital | $ | 534,828,456 | $ | 99,587,958 | $ | 483,137,874 | $ | 129,894,008 | ||||||||
Total distributable earnings | 57,810,372 | 4,397,623 | (36,543,247 | ) | 64,089,195 | |||||||||||
NET ASSETS | $ | 592,638,828 | $ | 103,985,581 | $ | 446,594,627 | $ | 193,983,203 | ||||||||
Investor Class | ||||||||||||||||
Net assets | $ | 1,975,244 | $ | 1,201,659 | $ | 116,887,079 | $ | 134,434,591 | ||||||||
Capital Shares Outstanding (unlimited/authorized) | 247,799 | 135,441 | 9,732,321 | 7,715,540 | ||||||||||||
Net asset value per share | $ | 7.97 | $ | 8.87 | $ | 12.01 | $ | 17.42 | ||||||||
Class A | ||||||||||||||||
Net assets | $ | 12,290,429 | $ | 5,417,182 | ||||||||||||
Capital Shares Outstanding (unlimited/authorized) | 1,025,960 | 311,776 | ||||||||||||||
Net asset value per share | $ | 11.98 | $ | 17.38 | ||||||||||||
Institutional Class | ||||||||||||||||
Net assets | $ | 590,663,584 | $ | 102,783,922 | $ | 317,417,119 | $ | 54,131,430 | ||||||||
Capital Shares Outstanding (unlimited/authorized) | 74,021,495 | 11,583,715 | 26,197,289 | 3,017,983 | ||||||||||||
Net asset value per share | $ | 7.98 | $ | 8.87 | $ | 12.12 | $ | 17.94 |
SEE NOTES TO FINANCIAL STATEMENTS | 112 |
December 31, 2018 |
|
ESG Beta | Global | Global | Global | EAFE | Core Bond | High Yield | Balanced | ||||||||||||||||||||||||
$ | 97,607,883 | $ | 27,146,006 | $ | 587,812,997 | $ | 244,697,549 | $ | 553,208,955 | $ | 706,124,157 | $ | 442,949,746 | $ | 1,584,799,753 | ||||||||||||||||
19,599,843 | (2,203,609 | ) | 3,287,435 | (1,010,838 | ) | (37,422,033 | ) | (19,645,652 | ) | (86,028,141 | ) | 104,860,972 | |||||||||||||||||||
$ | 117,207,726 | $ | 24,942,397 | $ | 591,100,432 | $ | 243,686,711 | $ | 515,786,922 | $ | 686,478,505 | $ | 356,921,605 | $ | 1,689,660,725 | ||||||||||||||||
$ | 1,846,116 | $ | 126,146 | $ | 118,979,828 | $ | 86,726,662 | $ | 77,879,848 | $ | 4,277,449 | $ | 162,840,865 | $ | 1,324,582,105 | ||||||||||||||||
173,445 | 13,738 | 8,960,693 | 3,938,950 | 9,794,235 | 437,487 | 26,048,889 | 62,655,336 | ||||||||||||||||||||||||
$ | 10.64 | $ | 9.18 | $ | 13.28 | $ | 22.02 | $ | 7.95 | $ | 9.78 | $ | 6.25 | $ | 21.14 | ||||||||||||||||
$ | 12,766,144 | $ | 5,747,265 | ||||||||||||||||||||||||||||
963,073 | 917,891 | ||||||||||||||||||||||||||||||
$ | 13.26 | $ | 6.26 | ||||||||||||||||||||||||||||
$ | 115,361,610 | $ | 24,816,251 | $ | 459,354,460 | $ | 156,960,049 | $ | 437,907,074 | $ | 682,201,056 | $ | 188,333,475 | $ | 365,078,620 | ||||||||||||||||
10,817,839 | 2,702,469 | 34,371,724 | 7,095,603 | 56,167,480 | 69,766,382 | 30,234,477 | 17,000,281 | ||||||||||||||||||||||||
$ | 10.66 | $ | 9.18 | $ | 13.36 | $ | 22.12 | $ | 7.80 | $ | 9.78 | $ | 6.23 | $ | 21.47 |
113 | SEE NOTES TO FINANCIAL STATEMENTS |
For the Year Ended December 31, 2018 |
Statements of Operations |
| Large Cap | Mid Cap | Small Cap | ESG Beta | ||||||||||||
INVESTMENT INCOME | ||||||||||||||||
Income | ||||||||||||||||
Dividends (net of foreign withholding tax of $0; $6,911; $43,774; $0; $0; $3,774; $788,689; $365,065; $1,989,432; $0; $0 and $0 respectively) | $ | 10,596,115 | $ | 2,180,007 | $ | 8,440,876 | $ | 5,269,327 | ||||||||
Dividends from affiliate - Note C | — | — | — | — | ||||||||||||
Interest | 233,815 | 114,754 | 496,111 | 28,066 | ||||||||||||
Income from securities lending - Note A | 61,146 | 12,393 | 149,927 | 9,029 | ||||||||||||
Other income - Note B | — | — | — | 1,355 | ||||||||||||
Total Income | 10,891,076 | 2,307,154 | 9,086,914 | 5,307,777 | ||||||||||||
Expenses | ||||||||||||||||
Investment advisory fees - Note B | 4,566,589 | 961,125 | 5,588,740 | 1,385,350 | ||||||||||||
Distribution expenses - Investor Class (Note B) | 3,528 | 3,193 | 474,873 | 379,946 | ||||||||||||
Distribution expenses - Class A (Note B) | — | — | 50,763 | 14,431 | ||||||||||||
Transfer agent fees - Note A | 14,320 | 19,586 | 845,270 | — | ||||||||||||
Printing and other shareholder communication fees | — | — | 75,205 | — | ||||||||||||
Custodian fees | 57,925 | 17,055 | 66,552 | — | ||||||||||||
Legal fees and related expenses | 89,535 | 63,652 | 121,694 | — | ||||||||||||
Trustees' fees and expenses - Note B | 63,221 | 34,821 | 66,949 | — | ||||||||||||
Compliance expense | 15,269 | 11,972 | 14,113 | — | ||||||||||||
Audit fees | 46,252 | 33,292 | 48,753 | — | ||||||||||||
Registration fees | 51,208 | 42,078 | 76,440 | — | ||||||||||||
Other expenses | 26,413 | 2,520 | 27,847 | — | ||||||||||||
Total Expenses | 4,934,260 | 1,189,294 | 7,457,199 | 1,779,727 | ||||||||||||
Less: Advisory fee waiver - Note B | — | — | — | — | ||||||||||||
Expenses assumed by Adviser - Note B | — | — | — | — | ||||||||||||
Net expenses | 4,934,260 | 1,189,294 | 7,457,199 | 1,779,727 | ||||||||||||
Net investment income | 5,956,816 | 1,117,860 | 1,629,715 | 3,528,050 | ||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) - Notes A and C | ||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments in unaffiliated issuers | 93,935,443 | 5,680,410 | 38,087,597 | 10,226,771 | ||||||||||||
Investments in affiliated issuers | — | — | — | — | ||||||||||||
Foreign currency transactions | — | 1,073 | (1,831 | ) | (792 | ) | ||||||||||
Change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments in unaffiliated issuers | (123,969,436 | ) | (22,766,172 | ) | (143,894,129 | ) | (22,507,971 | ) | ||||||||
Investments in affiliated issuers | — | — | — | — | ||||||||||||
Foreign currency translation | — | — | 7 | 1,272 | ||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency | (30,033,993 | ) | (17,084,689 | ) | (105,808,356 | ) | (12,280,720 | ) | ||||||||
Net increase in net assets resulting from operations | $ | (24,077,177 | ) | $ | (15,966,829 | ) | $ | (104,178,641 | ) | $ | (8,752,670 | ) |
1 | Commencement of Operations is June 27, 2018. |
SEE NOTES TO FINANCIAL STATEMENTS | 114 |
For the Year Ended December 31, 2018 |
|
ESG Beta | Global | Global | Global | EAFE | Core Bond | High Yield | Balanced | ||||||||||||||||||||||||||
$ | 4,017,000 | $ | 120,005 | $ | 14,061,013 | $ | 6,107,906 | $ | 20,228,538 | $ | 108,927 | $ | 84,071 | $ | 68,142 | ||||||||||||||||||
— | — | — | — | — | — | — | 31,637,088 | ||||||||||||||||||||||||||
18,384 | 8,640 | 206,406 | 6,329 | 7,048 | 20,134,080 | 23,100,028 | 556,050 | ||||||||||||||||||||||||||
4,118 | — | 5,940 | 3,262 | 7,565 | 53,593 | — | — | ||||||||||||||||||||||||||
— | — | 4,401 | 1,574 | 1,727 | 14 | 12,965 | 223,088 | ||||||||||||||||||||||||||
4,039,502 | 128,645 | 14,277,760 | 6,119,071 | 20,244,878 | 20,296,614 | 23,197,064 | 32,484,368 | ||||||||||||||||||||||||||
907,953 | 110,343 | 5,540,764 | 1,325,032 | 3,561,347 | 2,743,218 | 1,941,257 | 938,183 | ||||||||||||||||||||||||||
2,754 | 67 | 354,259 | 235,075 | 266,164 | 8,646 | 460,247 | 3,622,330 | ||||||||||||||||||||||||||
— | — | 39,099 | — | — | — | 15,495 | — | ||||||||||||||||||||||||||
— | 5,000 | 756,404 | — | — | 14,415 | 438,389 | — | ||||||||||||||||||||||||||
— | 3,750 | 52,281 | — | — | — | 40,650 | — | ||||||||||||||||||||||||||
— | 14,417 | 139,885 | — | — | 96,024 | 74,337 | — | ||||||||||||||||||||||||||
— | 18,000 | 103,791 | — | — | 86,926 | 86,833 | — | ||||||||||||||||||||||||||
— | 13,149 | 63,159 | — | — | 62,170 | 47,671 | — | ||||||||||||||||||||||||||
— | 6,370 | 13,807 | — | — | 15,200 | 12,843 | — | ||||||||||||||||||||||||||
— | 35,174 | 50,561 | — | — | 52,579 | 51,412 | — | ||||||||||||||||||||||||||
— | 42,000 | 79,979 | — | — | 51,208 | 61,151 | — | ||||||||||||||||||||||||||
— | 2,001 | 31,237 | — | — | 19,459 | 15,059 | — | ||||||||||||||||||||||||||
910,707 | 250,271 | 7,225,226 | 1,560,107 | 3,827,511 | 3,149,845 | 3,245,344 | 4,560,513 | ||||||||||||||||||||||||||
— | (8,151 | ) | — | (35,657 | ) | — | — | — | — | ||||||||||||||||||||||||
— | (115,035 | ) | (127,495 | ) | — | — | — | — | — | ||||||||||||||||||||||||
910,707 | 127,085 | 7,097,731 | 1,524,450 | 3,827,511 | 3,149,845 | 3,245,344 | 4,560,513 | ||||||||||||||||||||||||||
3,128,795 | 1,560 | 7,180,029 | 4,594,621 | 16,417,367 | 17,146,769 | 19,951,720 | 27,923,855 | ||||||||||||||||||||||||||
1,471,924 | (121,396 | ) | 3,798,815 | 4,504,079 | (13,384,615 | ) | (8,889,342 | ) | (7,322,455 | ) | (184,716 | ) | |||||||||||||||||||||
— | — | — | — | — | — | — | 136,274,656 | ||||||||||||||||||||||||||
— | (15,761 | ) | (331,474 | ) | 39,850 | (127,632 | ) | — | — | — | |||||||||||||||||||||||
(9,179,815 | ) | (2,081,372 | ) | (115,312,090 | ) | (30,293,135 | ) | (88,080,433 | ) | (8,759,690 | ) | (23,448,233 | ) | — | |||||||||||||||||||
— | — | — | — | — | — | — | (236,378,335 | ) | |||||||||||||||||||||||||
— | 48 | 5,083 | (1,903 | ) | (55,942 | ) | — | — | — | ||||||||||||||||||||||||
(7,707,891 | ) | (2,218,481 | ) | (111,839,666 | ) | (25,751,109 | ) | (101,648,622 | ) | (17,649,032 | ) | (30,770,688 | ) | (100,288,395 | ) | ||||||||||||||||||
$ | (4,579,096 | ) | $ | (2,216,921 | ) | $ | (104,659,637 | ) | $ | (21,156,488 | ) | $ | (85,231,255 | ) | $ | (502,263 | ) | $ | (10,818,968 | ) | $ | (72,364,540 | ) |
115 | SEE NOTES TO FINANCIAL STATEMENTS |
Statements of Changes in Net Assets |
Large Cap Fund | ||||||||
| Year Ended | Year Ended | ||||||
Increase (Decrease) in Net Assets | ||||||||
Operations | ||||||||
Investment income, net | $ | 5,956,816 | $ | 7,248,407 | ||||
Net realized gain (loss) on investments and foreign currency transactions | 93,935,443 | 98,387,289 | ||||||
Change in unrealized appreciation (depreciation) on investments and foreign currency translations | (123,969,436 | ) | 39,988,495 | |||||
Net increase (decrease) in net assets resulting from operations | (24,077,177 | ) | 145,624,191 | |||||
Total distributions to shareholders1 | (121,477,531 | ) | (86,854,203 | ) | ||||
From capital share transactions: | ||||||||
Investor Class | ||||||||
Proceeds from shares sold | 1,854,205 | 717,200 | ||||||
Proceeds from reinvestment of distributions | 378,040 | 86,920 | ||||||
Cost of shares redeemed | (469,237 | ) | (4,493 | ) | ||||
Net increase (decrease) from Individual Investor Class transactions | 1,763,008 | 799,627 | ||||||
Class A | ||||||||
Proceeds from shares sold | ||||||||
Proceeds from reinvestment of distributions | ||||||||
Cost of shares redeemed | ||||||||
Net increase from Class A transactions | ||||||||
Institutional Class | ||||||||
Proceeds from shares sold | 2,183,271 | 2,544,197 | ||||||
Proceeds from reinvestment of distributions | 120,740,909 | 86,548,028 | ||||||
Cost of shares redeemed | (105,880,616 | ) | (219,225,445 | ) | ||||
Net increase (decrease) from Institutional Class transactions | 17,043,564 | (130,133,220 | ) | |||||
Class R | ||||||||
Proceeds from shares sold | ||||||||
Proceeds from reinvestment of distributions | ||||||||
Cost of shares redeemed | ||||||||
Net increase (decrease) from Class R transactions | ||||||||
Net increase (decrease) from capital share transactions | 18,806,572 | (129,333,593 | ) | |||||
Net increase (decrease) in net assets | (126,748,136 | ) | (70,563,605 | ) | ||||
Net assets | ||||||||
Beginning of period | 719,386,964 | 789,950,569 | ||||||
End of period2 | $ | 592,638,828 | $ | 719,386,964 |
1 | Total distributions to shareholders from the Large Cap Fund for the year ended December 31, 2017 include distributions from Net Investment Income of $4,736 and $7,210,885, and distributions from Capital Gains of $84,125 and $79,554,457 for Investor Class shares and Institutional Class shares, respectively. |
Total distributions to shareholders from the Mid Cap Fund for the year ended December 31, 2017 include distributions from Net Investment Income of $2,959 and $651,484, and distributions from Capital Gains of $87,870 and $10,183,452 for Investor Class shares and Institutional Class shares, respectively. |
Total distributions to shareholders from the Small Cap Fund for the year ended December 31, 2017 include distributions from Net Investment Income of $351,030, $58,113 and $2,071,336, and distributions from Capital Gains of $3,765,094, $566,632 and $8,413,570 for Investor Class shares, Class A shares and Institutional Class shares, respectively. |
SEE NOTES TO FINANCIAL STATEMENTS | 116 |
|
Mid Cap Fund | Small Cap Fund | ESG Beta Quality | |||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||||
$ | 1,117,860 | $ | 680,244 | $ | 1,629,715 | $ | 2,969,938 | $ | 3,528,050 | $ | 2,567,507 | ||||||||||||
5,681,483 | 13,181,376 | 38,085,766 | 21,960,809 | 10,225,979 | 7,104,679 | ||||||||||||||||||
(22,766,172 | ) | 5,874,723 | (143,894,122 | ) | 45,319,689 | (22,506,699 | ) | 30,253,018 | |||||||||||||||
(15,966,829 | ) | 19,736,343 | (104,178,641 | ) | 70,250,436 | (8,752,670 | ) | 39,925,204 | |||||||||||||||
(8,670,038 | ) | (10,925,765 | ) | (63,093,193 | ) | (15,225,775 | ) | (14,594,985 | ) | (9,425,044 | ) | ||||||||||||
265,257 | 910,461 | 27,143,565 | 61,624,298 | 6,906,257 | 11,581,693 | ||||||||||||||||||
95,684 | 90,616 | 14,901,248 | 3,938,892 | 9,849,538 | 7,125,272 | ||||||||||||||||||
(75,297 | ) | (122,675 | ) | (106,433,647 | ) | (129,180,600 | ) | (30,715,552 | ) | (40,487,056 | ) | ||||||||||||
285,644 | 878,402 | (64,388,834 | ) | (63,617,410 | ) | (13,959,757 | ) | (21,780,091 | ) | ||||||||||||||
2,726,982 | 9,640,883 | 871,385 | 1,805,111 | ||||||||||||||||||||
1,457,637 | 578,488 | 385,235 | 238,860 | ||||||||||||||||||||
(14,876,475 | ) | (24,878,475 | ) | (765,281 | ) | (1,587,676 | ) | ||||||||||||||||
(10,691,856 | ) | (14,659,104 | ) | 491,339 | 456,295 | ||||||||||||||||||
290,918 | 169,169 | 208,965,645 | 268,927,524 | 23,489,257 | 18,310,653 | ||||||||||||||||||
8,572,877 | 10,834,936 | 35,907,879 | 8,708,526 | 3,905,430 | 1,646,124 | ||||||||||||||||||
(20,188,249 | ) | (54,513,869 | ) | (387,138,870 | ) | (217,140,698 | ) | (9,238,350 | ) | (9,297,910 | ) | ||||||||||||
(11,324,454 | ) | (43,509,764 | ) | (142,265,346 | ) | 60,495,352 | 18,156,337 | 10,658,867 | |||||||||||||||
1,343,627 | 60,075 | ||||||||||||||||||||||
— | — | ||||||||||||||||||||||
(5,989,744 | ) | (1,766,489 | ) | ||||||||||||||||||||
(4,646,117 | ) | (1,706,414 | ) | ||||||||||||||||||||
(11,038,810 | ) | (42,631,362 | ) | (217,346,036 | ) | (22,427,279 | ) | 4,687,919 | (12,371,343 | ) | |||||||||||||
(35,675,677 | ) | (33,820,784 | ) | (384,617,870 | ) | 32,597,382 | (18,659,736 | ) | 18,128,817 | ||||||||||||||
139,661,258 | 173,482,042 | 831,212,497 | 798,615,115 | 212,642,939 | 194,514,122 | ||||||||||||||||||
$ | 103,985,581 | $ | 139,661,258 | $ | 446,594,627 | $ | 831,212,497 | $ | 193,983,203 | $ | 212,642,939 |
Total distributions to shareholders from the ESG Beta Quality Fund for the year ended December 31, 2017 include distributions from Net Investment Income of $1,885,804, $68,358 and $538,531, and distributions from Capital Gains of $5,389,555, $184,711 and $1,358,085 for Investor Class shares, Class A shares and Institutional Class shares, respectively. |
2 | Net assets at end of period for the year ended December 31, 2017 includes undistributed net investment income of $0, $0, $0 and $165,570 for the Large Cap Fund, Mid Cap Fund, Small Cap Fund and ESG Beta Quality Fund, respectively. |
117 | SEE NOTES TO FINANCIAL STATEMENTS |
Statements of Changes in Net Assets, continued |
ESG Beta | ||||||||
| Year Ended | Year Ended | ||||||
Increase (Decrease) in Net Assets | ||||||||
Operations | ||||||||
Investment income, net | $ | 3,128,795 | $ | 3,280,434 | ||||
Net realized gain (loss) on investments and foreign currency transactions | 1,471,924 | 212,681 | ||||||
Change in unrealized appreciation (depreciation) on investments and foreign currency translations | (9,179,815 | ) | 22,087,907 | |||||
Net increase (decrease) in net assets resulting from operations | (4,579,096 | ) | 25,581,022 | |||||
Total distributions to shareholders2 | (4,474,817 | ) | (3,423,944 | ) | ||||
From capital share transactions: | ||||||||
Investor Class | ||||||||
Proceeds from shares sold | 2,109,381 | 367,609 | ||||||
Proceeds from reinvestment of distributions | 49,133 | 6,555 | ||||||
Cost of shares redeemed | (424,469 | ) | (53,240 | ) | ||||
Net increase (decrease) from Individual Investor Class transactions | 1,734,045 | 320,924 | ||||||
Class A | ||||||||
Proceeds from shares sold | ||||||||
Proceeds from reinvestment of distributions | ||||||||
Cost of shares redeemed | ||||||||
Net increase from Class A transactions | ||||||||
Institutional Class | ||||||||
Proceeds from shares sold | 574,498 | 35,312 | ||||||
Proceeds from reinvestment of distributions | 4,423,030 | 3,416,958 | ||||||
Cost of shares redeemed | (30,001,142 | ) | (13,000,000 | ) | ||||
Net increase (decrease) from Institutional Class transactions | (25,003,614 | ) | (9,547,730 | ) | ||||
Class R | ||||||||
Proceeds from shares sold | ||||||||
Proceeds from reinvestment of distributions | ||||||||
Cost of shares redeemed | ||||||||
Net increase (decrease) from Class R transactions | ||||||||
Net increase (decrease) from capital share transactions | (23,269,569 | ) | (9,226,806 | ) | ||||
Net increase (decrease) in net assets | (32,323,482 | ) | 12,930,272 | |||||
Net assets | ||||||||
Beginning of period | 149,531,208 | 136,600,936 | ||||||
End of period3 | $ | 117,207,726 | $ | 149,531,208 |
1 | Commencement of operations on June 27, 2018. |
2 | Total distributions to shareholders from the ESG Beta Dividend Fund for the year ended December 31, 2017 include distributions from Net Investment Income of $6,438 and $3,187,814, and distributions from Capital Gains of $539 and $229,153 for Investor Class shares and Institutional Class shares, respectively. |
Total distributions to shareholders from the Global Environmental Markets Fund for the year ended December 31, 2017 include distributions from Net Investment Income of $528,741, $56,756 and $2,014,280, and distributions from Capital Gains of $4,347,511, $430,243 and $11,964,232 for Investor Class shares, Class A shares and Institutional Class shares, respectively. |
SEE NOTES TO FINANCIAL STATEMENTS | 118 |
|
Global | Global | Global Women’s | |||||||||||||||||
Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||
$ | 1,560 | $ | 7,180,029 | $ | 2,817,286 | $ | 4,594,621 | $ | 2,543,490 | ||||||||||
(137,157 | ) | 3,467,341 | 17,876,323 | 4,543,929 | 6,246,932 | ||||||||||||||
(2,081,324 | ) | (115,307,007 | ) | 87,077,900 | (30,295,038 | ) | 23,053,549 | ||||||||||||
(2,216,921 | ) | (104,659,637 | ) | 107,771,509 | (21,156,488 | ) | 31,843,971 | ||||||||||||
— | (24,601,219 | ) | (19,341,763 | ) | (11,244,598 | ) | (4,429,812 | ) | |||||||||||
134,696 | 24,299,647 | 40,712,990 | 27,719,215 | 24,804,794 | |||||||||||||||
— | 4,435,239 | 4,691,395 | 3,913,444 | 2,120,984 | |||||||||||||||
(30 | ) | (38,687,270 | ) | (41,826,396 | ) | (21,848,645 | ) | (27,493,615 | ) | ||||||||||
134,666 | (9,952,384 | ) | 3,577,989 | 9,784,014 | (567,837 | ) | |||||||||||||
4,306,843 | 4,803,904 | ||||||||||||||||||
456,482 | 438,414 | ||||||||||||||||||
(4,617,110 | ) | (5,977,573 | ) | ||||||||||||||||
146,215 | (735,255 | ) | |||||||||||||||||
27,024,652 | 263,433,141 | 194,316,210 | 94,660,752 | 51,128,743 | |||||||||||||||
— | 17,446,839 | 12,649,209 | 6,036,396 | 1,718,620 | |||||||||||||||
— | (160,411,403 | ) | (33,654,349 | ) | (16,544,918 | ) | (8,232,557 | ) | |||||||||||
27,024,652 | 120,468,577 | 173,311,070 | 84,152,230 | 44,614,806 | |||||||||||||||
335,410 | |||||||||||||||||||
— | |||||||||||||||||||
(3,425,230 | ) | ||||||||||||||||||
(3,089,820 | ) | ||||||||||||||||||
27,159,318 | 110,662,408 | 173,063,984 | 93,936,244 | 44,046,969 | |||||||||||||||
24,942,397 | (18,598,448 | ) | 261,493,730 | 61,535,158 | 71,461,128 | ||||||||||||||
— | 609,698,880 | 348,205,150 | 182,151,553 | 110,690,425 | |||||||||||||||
$ | 24,942,397 | $ | 591,100,432 | $ | 609,698,880 | $ | 243,686,711 | $ | 182,151,553 |
Total distributions to shareholders from the Global Women’s Leadership Fund for the year ended December 31, 2017 include distributions from Net Investment Income of $1,337,614 and $1,252,556, and distributions from Capital Gains of $911,492 and $928,150 for Investor Class shares and Institutional Class shares, respectively. |
3 | Net assets at end of period for the year ended December 31, 2017 includes undistributed net investment income (loss) of $3,272, $(57,889) and $(82,064) for the ESG Beta Dividend Fund, Global Environmental Markets Fund and Global Women’s Leadership Fund, respectively. |
119 | SEE NOTES TO FINANCIAL STATEMENTS |
Statements of Changes in Net Assets, continued |
EAFE ESG | ||||||||
| Year Ended | Year Ended | ||||||
Increase (Decrease) in Net Assets | ||||||||
Operations | ||||||||
Investment income, net | $ | 16,417,367 | $ | 14,135,032 | ||||
Net realized gain (loss) on investments and foreign currency transactions | (13,512,247 | ) | 5,405,870 | |||||
Change in unrealized appreciation (depreciation) on investments and foreign currency translations | (88,136,375 | ) | 96,432,097 | |||||
Net increase (decrease) in net assets resulting from operations | (85,231,255 | ) | 115,972,999 | |||||
Total distributions to shareholders1 | (15,419,557 | ) | (15,553,251 | ) | ||||
From capital share transactions: | ||||||||
Investor Class | ||||||||
Proceeds from shares sold | 27,995,455 | 47,763,495 | ||||||
Proceeds from reinvestment of distributions | 1,866,131 | 2,643,375 | ||||||
Cost of shares redeemed | (61,228,193 | ) | (45,743,529 | ) | ||||
Net increase (decrease) from Individual Investor Class transactions | (31,366,607 | ) | 4,663,341 | |||||
Class A | ||||||||
Proceeds from shares sold | ||||||||
Proceeds from reinvestment of distributions | ||||||||
Cost of shares redeemed | ||||||||
Net increase from Class A transactions | ||||||||
Institutional Class | ||||||||
Proceeds from shares sold | 198,395,377 | 198,735,762 | ||||||
Proceeds from reinvestment of distributions | 12,477,288 | 12,038,491 | ||||||
Cost of shares redeemed | (247,192,450 | ) | (132,235,626 | ) | ||||
Net increase (decrease) from Institutional Class transactions | (36,319,785 | ) | 78,538,627 | |||||
Class R | ||||||||
Proceeds from shares sold | 134,742 | |||||||
Proceeds from reinvestment of distributions | — | |||||||
Cost of shares redeemed | (1,330,457 | ) | ||||||
Net increase (decrease) from Class R transactions | (1,195,715 | ) | ||||||
Net increase (decrease) from capital share transactions | (67,686,392 | ) | 82,006,253 | |||||
Net increase (decrease) in net assets | (168,337,204 | ) | 182,426,001 | |||||
Net assets | ||||||||
Beginning of period | 684,124,126 | 501,698,125 | ||||||
End of period2 | $ | 515,786,922 | $ | 684,124,126 |
1 | Total distributions to shareholders from the EAFE ESG Leaders Index Fund for the year ended December 31, 2017 include distributions from Net Investment Income of $2,888,709 and $12,664,542 for Investor Class shares and Institutional Class shares, respectively. |
Total distributions to shareholders from the Core Bond Fund for the year ended December 31, 2017 include distributions from Net Investment Income of $42,304 and $15,852,783, and distributions from Capital Gains of $4,364 and $1,023,179 for Investor Class shares and Institutional Class shares, respectively. |
Total distributions to shareholders from the High Yield Bond Fund for the year ended December 31, 2017 include distributions from Net Investment Income of $11,446,516, $337,464, $10,044,454 and $14,343 for Investor Class shares, Class A shares, Institutional Class shares and Class R shares, respectively. |
SEE NOTES TO FINANCIAL STATEMENTS | 120 |
|
Core Bond Fund | High Yield Bond | Balanced Fund | |||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||||
$ | 17,146,769 | $ | 15,892,219 | $ | 19,951,720 | $ | 21,772,151 | $ | 27,923,855 | $ | 27,691,780 | ||||||||||||
(8,889,342 | ) | 763,372 | (7,322,455 | ) | 6,124,601 | 136,089,940 | 111,475,651 | ||||||||||||||||
(8,759,690 | ) | 2,146,891 | (23,448,233 | ) | (2,055,990 | ) | (236,378,335 | ) | 102,496,518 | ||||||||||||||
(502,263 | ) | 18,802,482 | (10,818,968 | ) | 25,840,762 | (72,364,540 | ) | 241,663,949 | |||||||||||||||
(18,085,574 | ) | (16,922,630 | ) | (19,943,186 | ) | (21,862,777 | ) | (49,897,585 | ) | (202,996,650 | ) | ||||||||||||
2,631,988 | 3,311,065 | 33,908,204 | 60,328,605 | 77,259,243 | 94,095,851 | ||||||||||||||||||
79,120 | 46,088 | 8,745,497 | 10,754,166 | 36,965,250 | 148,520,049 | ||||||||||||||||||
(1,320,396 | ) | (494,080 | ) | (67,312,690 | ) | (100,590,330 | ) | (192,583,681 | ) | (380,905,789 | ) | ||||||||||||
1,390,712 | 2,863,073 | (24,658,989 | ) | (29,507,559 | ) | (78,359,188 | ) | (138,289,889 | ) | ||||||||||||||
1,867,173 | 2,521,209 | ||||||||||||||||||||||
294,312 | 297,767 | ||||||||||||||||||||||
(1,738,221 | ) | (2,702,362 | ) | ||||||||||||||||||||
423,264 | 116,614 | ||||||||||||||||||||||
821,250 | 82,975,921 | 46,486,488 | 73,274,034 | 76,179,161 | 228,761,939 | ||||||||||||||||||
17,970,721 | 16,859,170 | 7,390,756 | 7,388,838 | 10,559,398 | 46,821,995 | ||||||||||||||||||
(15,135,419 | ) | (7,051,447 | ) | (55,263,696 | ) | (42,536,098 | ) | (198,822,395 | ) | (49,604,993 | ) | ||||||||||||
3,656,552 | 92,783,644 | (1,386,452 | ) | 38,126,774 | (112,083,836 | ) | 225,978,941 | ||||||||||||||||
58,321 | 421,792 | ||||||||||||||||||||||
14,197 | — | ||||||||||||||||||||||
(877,900 | ) | (6,966,369 | ) | ||||||||||||||||||||
(805,382 | ) | (6,544,577 | ) | ||||||||||||||||||||
5,047,264 | 95,646,717 | (25,622,177 | ) | 7,930,447 | (190,443,024 | ) | 81,144,475 | ||||||||||||||||
(13,540,573 | ) | 97,526,569 | (56,384,331 | ) | 11,908,432 | (312,705,149 | ) | 119,811,774 | |||||||||||||||
700,019,078 | 602,492,509 | 413,305,936 | 401,397,504 | 2,002,365,874 | 1,882,554,100 | ||||||||||||||||||
$ | 686,478,505 | $ | 700,019,078 | $ | 356,921,605 | $ | 413,305,936 | $ | 1,689,660,725 | $ | 2,002,365,874 |
Total distributions to shareholders from the Balanced Fund for the year ended December 31, 2017 include distributions from Net Investment Income of $8,898,099 and $3,417,417, and distributions from Capital Gains of $144,857,198 and $45,823,936 for Investor Class shares and Institutional Class shares, respectively. |
2 | Net assets at end of period for the year ended December 31, 2017 includes undistributed net investment income (loss) of $(2,001,946), $(2,326), $(213,735) and $18,083,285 for the EAFE ESG Leaders Index Fund, Core Bond Fund, High Yield Bond Fund and Balanced Fund, respectively. |
121 | SEE NOTES TO FINANCIAL STATEMENTS |
Statements of Changes in Net Assets—Shares of Beneficial Interest |
Large Cap Fund | ||||||||
| Year Ended | Year Ended | ||||||
Investor Class | ||||||||
Shares sold | 168,351 | 66,582 | ||||||
Shares issued in reinvestment of distributions | 48,165 | 8,190 | ||||||
Shares redeemed | (43,179 | ) | (412 | ) | ||||
Net increase (decrease) in shares outstanding | 173,337 | 74,360 | ||||||
Class A | ||||||||
Shares sold | ||||||||
Shares issued in reinvestment of distributions | ||||||||
Shares redeemed | ||||||||
Net increase in shares outstanding | ||||||||
Institutional Class | ||||||||
Shares sold | 202,368 | 239,386 | ||||||
Shares issued in reinvestment of distributions | 15,305,123 | 8,150,188 | ||||||
Shares redeemed | (9,495,832 | ) | (20,122,892 | ) | ||||
Net increase (decrease) in shares outstanding | 6,011,659 | (11,733,318 | ) |
ESG Beta | ||||||||
| Year Ended | Year Ended | ||||||
Investor Class | ||||||||
Shares sold | 176,903 | 35,024 | ||||||
Shares issued in reinvestment of distributions | 4,635 | 591 | ||||||
Shares redeemed | (38,775 | ) | (4,934 | ) | ||||
Net increase (decrease) in shares outstanding | 142,763 | 30,681 | ||||||
Class A | ||||||||
Shares sold | ||||||||
Shares issued in reinvestment of distributions | ||||||||
Shares redeemed | ||||||||
Net increase in shares outstanding | ||||||||
Institutional Class | ||||||||
Shares sold | 49,024 | 3,451 | ||||||
Shares issued in reinvestment of distributions | 407,811 | 309,526 | ||||||
Shares redeemed | (2,607,666 | ) | (1,199,017 | ) | ||||
Net increase (decrease) in shares outstanding | (2,150,831 | ) | (886,040 | ) |
1 | Commencement of Operations on June 27, 2018. |
SEE NOTES TO FINANCIAL STATEMENTS | 122 |
Mid Cap Fund | Small Cap Fund | ESG Beta Quality | |||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||||
24,469 | 80,710 | 1,712,488 | 3,987,956 | 346,520 | 637,330 | ||||||||||||||||||
10,890 | 8,156 | 1,268,191 | 257,954 | 566,137 | 366,696 | ||||||||||||||||||
(6,863 | ) | (10,763 | ) | (6,855,862 | ) | (8,379,786 | ) | (1,524,943 | ) | (2,206,108 | ) | ||||||||||||
28,496 | 78,103 | (3,875,183 | ) | (4,133,876 | ) | (612,286 | ) | (1,202,082 | ) | ||||||||||||||
170,581 | 626,850 | 43,454 | 100,972 | ||||||||||||||||||||
124,372 | 38,071 | 22,231 | 12,339 | ||||||||||||||||||||
(923,444 | ) | (1,588,940 | ) | (38,407 | ) | (83,645 | ) | ||||||||||||||||
(628,491 | ) | (924,019 | ) | 27,278 | 29,666 | ||||||||||||||||||
26,520 | 15,072 | 13,248,223 | 17,270,957 | 1,132,971 | 964,010 | ||||||||||||||||||
971,708 | 974,870 | 3,027,646 | 563,915 | 218,111 | 82,437 | ||||||||||||||||||
(1,840,484 | ) | (4,879,369 | ) | (25,209,722 | ) | (13,931,801 | ) | (460,144 | ) | (509,915 | ) | ||||||||||||
(842,256 | ) | (3,889,427 | ) | (8,933,853 | ) | 3,903,071 | 890,938 | 536,532 |
Global | Global | Global Women’s | |||||||||||||||||||||
Period Ended |
| Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||||
13,741 | 1,570,344 | 2,749,891 | 1,104,657 | 1,082,859 | |||||||||||||||||||
— | 328,674 | 294,192 | 173,919 | 88,070 | |||||||||||||||||||
(3 | ) | (2,518,707 | ) | (2,777,243 | ) | (870,126 | ) | (1,180,407 | ) | ||||||||||||||
13,738 | (619,689 | ) | 266,840 | 408,450 | (9,478 | ) | |||||||||||||||||
273,883 | 323,083 | ||||||||||||||||||||||
33,851 | 27,546 | ||||||||||||||||||||||
(300,947 | ) | (386,717 | ) | ||||||||||||||||||||
6,787 | (36,088 | ) | |||||||||||||||||||||
2,702,469 | 16,808,306 | 12,731,664 | 3,776,638 | 2,182,540 | |||||||||||||||||||
— | 1,283,472 | 788,198 | 268,772 | 70,269 | |||||||||||||||||||
— | (10,844,638 | ) | (2,233,222 | ) | (682,478 | ) | (356,803 | ) | |||||||||||||||
2,702,469 | 7,247,140 | 11,286,640 | 3,362,932 | 1,896,006 |
123 | SEE NOTES TO FINANCIAL STATEMENTS |
EAFE ESG | ||||||||
| Year Ended | Year Ended | ||||||
Investor Class | ||||||||
Shares sold | 3,063,037 | 5,515,881 | ||||||
Shares issued in reinvestment of distributions | 214,296 | 296,232 | ||||||
Shares redeemed | (6,705,211 | ) | (5,154,834 | ) | ||||
Net increase (decrease) in shares outstanding | (3,427,878 | ) | 657,279 | |||||
Class A | ||||||||
Shares sold | ||||||||
Shares issued in reinvestment of distributions | ||||||||
Shares redeemed | ||||||||
Net increase in shares outstanding | ||||||||
Institutional Class | ||||||||
Shares sold | 22,282,794 | 22,849,844 | ||||||
Shares issued in reinvestment of distributions | 1,467,047 | 1,367,862 | ||||||
Shares redeemed | (28,565,934 | ) | (15,850,146 | ) | ||||
Net increase (decrease) in shares outstanding | (4,816,093 | ) | 8,367,560 |
SEE NOTES TO FINANCIAL STATEMENTS | 124 |
Statements of Changes in Net Assets—Shares of Beneficial Interest, |
Core Bond Fund | High Yield Bond | Balanced Fund | |||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||||
269,286 | 328,887 | 5,131,750 | 8,846,297 | 3,426,578 | 4,182,153 | ||||||||||||||||||
8,114 | 4,573 | 1,331,014 | 1,574,174 | 1,689,865 | 6,953,188 | ||||||||||||||||||
(135,570 | ) | (48,656 | ) | (10,216,674 | ) | (14,741,633 | ) | (8,481,918 | ) | (16,590,657 | ) | ||||||||||||
141,830 | 284,804 | (3,753,910 | ) | (4,321,162 | ) | (3,365,475 | ) | (5,455,316 | ) | ||||||||||||||
281,595 | 368,582 | ||||||||||||||||||||||
44,764 | 43,511 | ||||||||||||||||||||||
(262,747 | ) | (394,550 | ) | ||||||||||||||||||||
63,612 | 17,543 | ||||||||||||||||||||||
84,734 | 8,281,029 | 7,078,778 | 10,775,047 | 3,286,107 | 9,669,399 | ||||||||||||||||||
1,842,152 | 1,673,238 | 1,129,286 | 1,085,891 | 475,858 | 2,161,680 | ||||||||||||||||||
(1,574,756 | ) | (696,120 | ) | (8,417,614 | ) | (6,257,459 | ) | (8,758,108 | ) | (2,191,046 | ) | ||||||||||||
352,130 | 9,258,147 | (209,550 | ) | 5,603,479 | (4,996,143 | ) | 9,640,033 |
125 | SEE NOTES TO FINANCIAL STATEMENTS |
December 31, 2018 |
Financial Highlights |
Selected data for a share outstanding throughout each period. |
Income | Distributions to | |||||||||||||||||||||||
| Net asset | Net | Net | Total from | From net | From net | ||||||||||||||||||
Large Cap Fund | ||||||||||||||||||||||||
Investor Class | ||||||||||||||||||||||||
Year Ended December 31, 2018 | $ | 10.56 | $ | 0.07 | $ | (0.63 | ) | $ | (0.56 | ) | $ | 0.07 | $ | 1.96 | ||||||||||
Year Ended December 31, 2017 | 9.91 | 0.09 | 1.95 | 2.04 | 0.09 | 1.30 | ||||||||||||||||||
Period Ended December 31, 20165 | 10.00 | — | (0.08 | ) | (0.08 | ) | 0.01 | — | ||||||||||||||||
Institutional Class | ||||||||||||||||||||||||
Year Ended December 31, 2018 | $ | 10.57 | $ | 0.10 | $ | (0.63 | ) | $ | (0.53 | ) | $ | 0.10 | $ | 1.96 | ||||||||||
Year Ended December 31, 2017 | 9.91 | 0.10 | 1.97 | 2.07 | 0.11 | 1.30 | ||||||||||||||||||
Period Ended December 31, 20165 | 10.00 | 0.01 | (0.09 | ) | (0.08 | ) | 0.01 | — | ||||||||||||||||
Mid Cap Fund | ||||||||||||||||||||||||
Investor Class | ||||||||||||||||||||||||
Year Ended December 31, 2018 | $ | 11.14 | $ | 0.07 | $ | (1.57 | ) | $ | (1.50 | ) | $ | 0.05 | $ | 0.72 | ||||||||||
Year Ended December 31, 2017 | 10.62 | 0.03 | 1.41 | 1.44 | 0.03 | 0.89 | ||||||||||||||||||
Period Ended December 31, 20166 | 10.00 | 0.14 | 0.70 | 0.84 | 0.12 | 0.10 | ||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||
Year Ended December 31, 2018 | $ | 11.14 | $ | 0.10 | $ | (1.57 | ) | $ | (1.47 | ) | $ | 0.08 | $ | 0.72 | ||||||||||
Year Ended December 31, 2017 | 10.61 | 0.05 | 1.42 | 1.47 | 0.05 | 0.89 | ||||||||||||||||||
Period Ended December 31, 20166 | 10.00 | 0.14 | 0.71 | 0.85 | 0.14 | 0.10 |
1 | Based on average shares outstanding during the period. |
2 | Total return represents aggregate total return for the period indicated, includes reinvestment of all dividends and distributions, and does not reflect the deduction of any applicable sales charges. Total returns for periods of less than one year have not been annualized. |
3 | Ratios representing periods of less than one year have been annualized. |
4 | Not annualized |
SEE NOTES TO FINANCIAL STATEMENTS | 126 |
December 31, 2018 |
|
| Ratios to | ||||||||||||||||||||||||||||||||||
Total | Net asset | Total return2 | Net assets | Net | Net | Total | Portfolio | ||||||||||||||||||||||||||||
$ | 2.03 | $ | 7.97 | (5.01 | %) | $ | 1,975 | 0.96 | % | 0.67 | % | 0.96 | % | 54 | % | ||||||||||||||||||||
1.39 | 10.56 | 20.65 | % | 786 | 0.95 | % | 0.82 | % | 0.95 | % | 57 | % | |||||||||||||||||||||||
0.01 | 9.91 | (0.83 | %) | 1 | 0.96 | % | 1.06 | % | 0.96 | % | 3 | %7 | |||||||||||||||||||||||
$ | 2.06 | $ | 7.98 | (4.79 | %) | $ | 590,664 | 0.70 | % | 0.85 | % | 0.70 | % | 54 | % | ||||||||||||||||||||
1.41 | 10.57 | 20.96 | % | 718,601 | 0.70 | % | 0.94 | % | 0.70 | % | 57 | % | |||||||||||||||||||||||
0.01 | 9.91 | (0.83 | %) | 789,950 | 0.71 | % | 1.31 | % | 0.71 | % | 3 | %7 | |||||||||||||||||||||||
$ | 0.77 | $ | 8.87 | (13.33 | %) | $ | 1,202 | 1.18 | % | 0.66 | % | 1.18 | % | 50 | % | ||||||||||||||||||||
0.92 | 11.14 | 13.57 | % | 1,191 | 1.14 | % | 0.27 | % | 1.14 | % | 34 | % | |||||||||||||||||||||||
0.22 | 10.62 | 8.35 | % | 306 | 1.15 | % | 1.82 | % | 1.15 | % | 53 | %7 | |||||||||||||||||||||||
$ | 0.80 | $ | 8.87 | (13.11 | %) | $ | 102,784 | 0.93 | % | 0.87 | % | 0.93 | % | 50 | % | ||||||||||||||||||||
0.94 | 11.14 | 13.91 | % | 138,470 | 0.89 | % | 0.45 | % | 0.89 | % | 34 | % | |||||||||||||||||||||||
0.24 | 10.61 | 8.41 | % | 173,176 | 0.90 | % | 1.75 | % | 0.90 | % | 53 | %7 |
5 | Per share data is reflected from the Fund's inception date of December 16, 2016. |
6 | Per share data is reflected from the Fund's inception date of March 31, 2016. |
7 | For purposes of calculating the turnover ratio for the Large Cap Fund and Mid Cap Fund, transactions related to an in-kind subscription have been excluded. |
127 | SEE NOTES TO FINANCIAL STATEMENTS |
December 31, 2018 |
Financial Highlights, continued |
Selected data for a share outstanding throughout each period. |
Income | Distributions to | |||||||||||||||||||||||
| Net asset | Net | Net | Total from | From net | From net | ||||||||||||||||||
Small Cap Fund | ||||||||||||||||||||||||
Investor Class | ||||||||||||||||||||||||
Year Ended December 31, 2018 | $ | 16.41 | $ | 0.00 | 5 | $ | (2.64 | ) | $ | (2.64 | ) | $ | 0.00 | 5 | $ | 1.76 | ||||||||
Year Ended December 31, 2017 | 15.34 | 0.03 | 1.30 | 1.33 | 0.02 | 0.24 | ||||||||||||||||||
Year Ended December 31, 2016 | 13.30 | 0.12 | 2.26 | 2.38 | 0.10 | 0.24 | ||||||||||||||||||
Year Ended December 31, 2015 | 13.92 | 0.03 | (0.56 | ) | (0.53 | ) | 0.02 | 0.07 | ||||||||||||||||
Year Ended December 31, 2014 | 13.58 | 0.12 | 0.83 | 0.95 | 0.10 | 0.51 | ||||||||||||||||||
Class A | ||||||||||||||||||||||||
Year Ended December 31, 2018 | $ | 16.38 | $ | 0.00 | 5 | $ | (2.63 | ) | $ | (2.63 | ) | $ | 0.01 | $ | 1.76 | |||||||||
Year Ended December 31, 2017 | 15.31 | 0.03 | 1.30 | 1.33 | 0.02 | 0.24 | ||||||||||||||||||
Year Ended December 31, 2016 | 13.28 | 0.12 | 2.25 | 2.37 | 0.10 | 0.24 | ||||||||||||||||||
Year Ended December 31, 2015 | 13.90 | 0.03 | (0.56 | ) | (0.53 | ) | 0.02 | 0.07 | ||||||||||||||||
Year Ended December 31, 2014 | 13.56 | 0.13 | 0.83 | 0.96 | 0.11 | 0.51 | ||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||
Year Ended December 31, 2018 | $ | 16.53 | $ | 0.05 | $ | (2.67 | ) | $ | (2.62 | ) | $ | 0.03 | $ | 1.76 | ||||||||||
Year Ended December 31, 2017 | 15.44 | 0.07 | 1.32 | 1.39 | 0.06 | 0.24 | ||||||||||||||||||
Year Ended December 31, 2016 | 13.38 | 0.16 | 2.27 | 2.43 | 0.13 | 0.24 | ||||||||||||||||||
Year Ended December 31, 2015 | 14.00 | 0.06 | (0.56 | ) | (0.50 | ) | 0.05 | 0.07 | ||||||||||||||||
Year Ended December 31, 2014 | 13.65 | 0.16 | 0.83 | 0.99 | 0.13 | 0.51 |
1 | Based on average shares outstanding during the period. |
2 | Total return represents aggregate total return for the period indicated, includes reinvestment of all dividends and distributions, and does not reflect the deduction of any applicable sales charges. Total returns for periods of less than one year have not been annualized. |
3 | Ratios representing periods of less than one year have been annualized. |
4 | Not annualized |
5 | Rounds to less than $0.01 |
SEE NOTES TO FINANCIAL STATEMENTS | 128 |
December 31, 2018 |
|
| Ratios to | ||||||||||||||||||||||||||||||||||
Total | Net asset | Total return2 | Net assets | Net | Net | Total | Portfolio | ||||||||||||||||||||||||||||
$ | 1.76 | $ | 12.01 | (15.80 | %) | $ | 116,887 | 1.18 | % | 0.03 | % | 1.18 | % | 57 | % | ||||||||||||||||||||
0.26 | 16.41 | 8.77 | % | 223,360 | 1.19 | % | 0.18 | % | 1.19 | % | 56 | % | |||||||||||||||||||||||
0.34 | 15.34 | 17.90 | % | 272,159 | 1.19 | % | 0.82 | % | 1.19 | % | 49 | % | |||||||||||||||||||||||
0.09 | 13.30 | (3.85 | %) | 216,844 | 1.22 | % | 0.20 | % | 1.23 | % | 48 | % | |||||||||||||||||||||||
0.61 | 13.92 | 7.06 | % | 103,508 | 1.24 | % | 0.88 | % | 1.37 | % | 167 | % | |||||||||||||||||||||||
$ | 1.77 | $ | 11.98 | (15.82 | %) | $ | 12,290 | 1.18 | % | 0.02 | % | 1.18 | % | 57 | % | ||||||||||||||||||||
0.26 | 16.38 | 8.80 | % | 27,100 | 1.19 | % | 0.19 | % | 1.19 | % | 56 | % | |||||||||||||||||||||||
0.34 | 15.31 | 17.85 | % | 39,477 | 1.19 | % | 0.84 | % | 1.19 | % | 49 | % | |||||||||||||||||||||||
0.09 | 13.28 | (3.87 | %) | 28,394 | 1.22 | % | 0.19 | % | 1.23 | % | 48 | % | |||||||||||||||||||||||
0.62 | 13.90 | 7.10 | % | 19,698 | 1.24 | % | 0.91 | % | 1.37 | % | 167 | % | |||||||||||||||||||||||
$ | 1.79 | $ | 12.12 | (15.59 | %) | $ | 317,417 | 0.93 | % | 0.29 | % | 0.93 | % | 57 | % | ||||||||||||||||||||
0.30 | 16.53 | 9.10 | % | 580,752 | 0.95 | % | 0.45 | % | 0.95 | % | 56 | % | |||||||||||||||||||||||
0.37 | 15.44 | 18.17 | % | 482,315 | 0.94 | % | 1.14 | % | 0.94 | % | 49 | % | |||||||||||||||||||||||
0.12 | 13.38 | (3.62 | %) | 260,786 | 0.97 | % | 0.44 | % | 0.98 | % | 48 | % | |||||||||||||||||||||||
0.64 | 14.00 | 7.31 | % | 77,469 | 0.99 | % | 1.14 | % | 1.11 | % | 167 | % |
129 | SEE NOTES TO FINANCIAL STATEMENTS |
December 31, 2018 |
Financial Highlights, continued |
Selected data for a share outstanding throughout each period. |
Income | Distributions to | |||||||||||||||||||||||
| Net asset | Net | Net | Total from | From net | From net | ||||||||||||||||||
ESG Beta Quality Fund | ||||||||||||||||||||||||
Investor Class | ||||||||||||||||||||||||
Year Ended December 31, 2018 | $ | 19.69 | $ | 0.32 | $ | (1.20 | ) | $ | (0.88 | ) | $ | 0.32 | $ | 1.07 | ||||||||||
Year Ended December 31, 2017 | 16.90 | 0.23 | 3.45 | 3.68 | 0.23 | 0.66 | ||||||||||||||||||
Year Ended December 31, 2016 | 17.55 | 0.16 | 0.95 | 1.11 | 0.16 | 1.60 | ||||||||||||||||||
Year Ended December 31, 2015 | 18.26 | 0.03 | 0.38 | 0.41 | 0.03 | 1.09 | ||||||||||||||||||
Year Ended December 31, 2014 | 17.08 | 0.12 | 1.87 | 1.99 | 0.11 | 0.70 | ||||||||||||||||||
Class A | ||||||||||||||||||||||||
Year Ended December 31, 2018 | $ | 19.65 | $ | 0.32 | $ | (1.20 | ) | $ | (0.88 | ) | $ | 0.32 | $ | 1.07 | ||||||||||
Year Ended December 31, 2017 | 16.86 | 0.23 | 3.45 | 3.68 | 0.23 | 0.66 | ||||||||||||||||||
Year Ended December 31, 2016 | 17.52 | 0.17 | 0.93 | 1.10 | 0.16 | 1.60 | ||||||||||||||||||
Year Ended December 31, 2015 | 18.23 | 0.04 | 0.38 | 0.42 | 0.04 | 1.09 | ||||||||||||||||||
Year Ended December 31, 2014 | 17.06 | 0.08 | 1.91 | 1.99 | 0.12 | 0.70 | ||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||
Year Ended December 31, 2018 | $ | 20.23 | $ | 0.38 | $ | (1.23 | ) | $ | (0.85 | ) | $ | 0.37 | $ | 1.07 | ||||||||||
Year Ended December 31, 2017 | 17.34 | 0.28 | 3.55 | 3.83 | 0.28 | 0.66 | ||||||||||||||||||
Year Ended December 31, 2016 | 17.97 | 0.19 | 0.99 | 1.18 | 0.21 | 1.60 | ||||||||||||||||||
Year Ended December 31, 2015 | 18.66 | 0.08 | 0.39 | 0.47 | 0.07 | 1.09 | ||||||||||||||||||
Year Ended December 31, 2014 | 17.44 | 0.16 | 1.91 | 2.07 | 0.15 | 0.70 | ||||||||||||||||||
ESG Beta Dividend Fund | ||||||||||||||||||||||||
Investor Class | ||||||||||||||||||||||||
Year Ended December 31, 2018 | $ | 11.50 | $ | 0.24 | $ | (0.73 | ) | $ | (0.49 | ) | $ | 0.24 | $ | 0.13 | ||||||||||
Year Ended December 31, 2017 | 9.86 | 0.22 | 1.67 | 1.89 | 0.23 | 0.02 | ||||||||||||||||||
Period Ended December 31, 20165 | 9.96 | 0.01 | (0.10 | ) | (0.09 | ) | 0.01 | — | ||||||||||||||||
Institutional Class | ||||||||||||||||||||||||
Year Ended December 31, 2018 | $ | 11.50 | $ | 0.26 | $ | (0.70 | ) | $ | (0.44 | ) | $ | 0.27 | $ | 0.13 | ||||||||||
Year Ended December 31, 2017 | 9.86 | 0.24 | 1.67 | 1.91 | 0.25 | 0.02 | ||||||||||||||||||
Period Ended December 31, 20165 | 9.96 | 0.01 | (0.10 | ) | (0.09 | ) | 0.01 | — |
1 | Based on average shares outstanding during the period. |
2 | Total return represents aggregate total return for the period indicated, includes reinvestment of all dividends and distributions, and does not reflect the deduction of any applicable sales charges. Total returns for periods of less than one year have not been annualized. |
3 | Ratios representing periods of less than one year have been annualized. |
SEE NOTES TO FINANCIAL STATEMENTS | 130 |
December 31, 2018 |
|
| Ratios to | ||||||||||||||||||||||||||||||||||
Total | Net asset | Total return2 | Net assets | Net | Net | Total | Portfolio | ||||||||||||||||||||||||||||
$ | 1.39 | $ | 17.42 | (4.43 | %) | $ | 134,435 | 0.90 | % | 1.59 | % | 0.90 | % | 55 | % | ||||||||||||||||||||
0.89 | 19.69 | 21.89 | % | 164,016 | 0.90 | % | 1.25 | % | 0.90 | % | 36 | % | |||||||||||||||||||||||
1.76 | 16.90 | 6.26 | % | 161,041 | 1.07 | % | 0.93 | % | 1.09 | % | 80 | % | |||||||||||||||||||||||
1.12 | 17.55 | 2.20 | % | 161,334 | 1.24 | % | 0.18 | % | 1.28 | % | 26 | % | |||||||||||||||||||||||
0.81 | 18.26 | 11.66 | % | 159,794 | 1.26 | % | 0.69 | % | 1.32 | % | 29 | % | |||||||||||||||||||||||
$ | 1.39 | $ | 17.38 | (4.43 | %) | $ | 5,417 | 0.90 | % | 1.59 | % | 0.90 | % | 55 | % | ||||||||||||||||||||
0.89 | 19.65 | 21.96 | % | 5,589 | 0.90 | % | 1.25 | % | 0.90 | % | 36 | % | |||||||||||||||||||||||
1.76 | 16.86 | 6.24 | % | 4,296 | 1.06 | % | 0.96 | % | 1.09 | % | 80 | % | |||||||||||||||||||||||
1.13 | 17.52 | 2.24 | % | 3,251 | 1.24 | % | 0.20 | % | 1.28 | % | 26 | % | |||||||||||||||||||||||
0.82 | 18.23 | 11.68 | % | 1,729 | 1.26 | % | 0.47 | % | 1.33 | % | 29 | % | |||||||||||||||||||||||
$ | 1.44 | $ | 17.94 | (4.16 | %) | $ | 54,131 | 0.65 | % | 1.84 | % | 0.65 | % | 55 | % | ||||||||||||||||||||
0.94 | 20.23 | 22.22 | % | 43,038 | 0.65 | % | 1.48 | % | 0.65 | % | 36 | % | |||||||||||||||||||||||
1.81 | 17.34 | 6.49 | % | 27,580 | 0.84 | % | 1.08 | % | 0.84 | % | 80 | % | |||||||||||||||||||||||
1.16 | 17.97 | 2.50 | % | 38,741 | 0.99 | % | 0.44 | % | 1.03 | % | 26 | % | |||||||||||||||||||||||
0.85 | 18.66 | 11.91 | % | 37,629 | 1.01 | % | 0.91 | % | 1.07 | % | 29 | % | |||||||||||||||||||||||
$ | 0.37 | $ | 10.64 | (4.21 | %) | $ | 1,846 | 0.90 | % | 2.11 | % | 0.90 | % | 52 | % | ||||||||||||||||||||
0.25 | 11.50 | 19.24 | % | 353 | 0.90 | % | 2.10 | % | 0.90 | % | 31 | % | |||||||||||||||||||||||
0.01 | 9.86 | (0.89 | %) | 10 | 0.90 | % | 1.93 | % | 0.90 | % | 0 | %6 | |||||||||||||||||||||||
$ | 0.40 | $ | 10.66 | (3.84 | %) | $ | 115,362 | 0.65 | % | 2.24 | % | 0.65 | % | 52 | % | ||||||||||||||||||||
0.27 | 11.50 | 19.44 | % | 149,178 | 0.65 | % | 2.31 | % | 0.65 | % | 31 | % | |||||||||||||||||||||||
0.01 | 9.86 | (0.89 | %) | 136,601 | 0.65 | % | 2.18 | % | 0.65 | % | 0 | %6 |
4 | Not annualized |
5 | Per share data is reflected from the Fund's inception date of December 16, 2016. |
6 | For purposes of calculating the turnover ratio for ESG Beta Dividend Fund, transactions related to an in-kind subscription have been excluded. |
131 | SEE NOTES TO FINANCIAL STATEMENTS |
December 31, 2018 |
Financial Highlights, continued |
Selected data for a share outstanding throughout each period. |
Income | Distributions to | |||||||||||||||||||||||
| Net asset | Net | Net | Total from | From net | From net | ||||||||||||||||||
Global Opportunities Fund | ||||||||||||||||||||||||
Investor Class | ||||||||||||||||||||||||
Period Ended December 31, 20185 | $ | 10.00 | $ | (0.01 | ) | $ | (0.81 | ) | $ | (0.82 | ) | $ | — | $ | — | |||||||||
Institutional Class | ||||||||||||||||||||||||
Period Ended December 31, 20185 | $ | 10.00 | $ | 0.00 | 6 | $ | (0.82 | ) | $ | (0.82 | ) | $ | — | $ | — | |||||||||
Global Environmental Markets Fund | ||||||||||||||||||||||||
Investor Class | ||||||||||||||||||||||||
Year Ended December 31, 2018 | $ | 16.11 | $ | 0.13 | $ | (2.43 | ) | $ | (2.30 | ) | $ | 0.12 | $ | 0.41 | ||||||||||
Year Ended December 31, 2017 | 13.16 | 0.07 | 3.40 | 3.47 | 0.05 | 0.47 | ||||||||||||||||||
Year Ended December 31, 2016 | 11.96 | 0.08 | 1.19 | 1.27 | 0.07 | — | ||||||||||||||||||
Year Ended December 31, 2015 | 12.25 | 0.04 | (0.21 | ) | (0.17 | ) | 0.04 | 0.08 | ||||||||||||||||
Year Ended December 31, 2014 | 12.80 | 0.07 | (0.42 | ) | (0.35 | ) | 0.12 | 0.08 | ||||||||||||||||
Class A | ||||||||||||||||||||||||
Year Ended December 31, 2018 | $ | 16.09 | $ | 0.13 | $ | (2.43 | ) | $ | (2.30 | ) | $ | 0.12 | $ | 0.41 | ||||||||||
Year Ended December 31, 2017 | 13.14 | 0.07 | 3.40 | 3.47 | 0.05 | 0.47 | ||||||||||||||||||
Year Ended December 31, 2016 | 11.94 | 0.08 | 1.19 | 1.27 | 0.07 | — | ||||||||||||||||||
Year Ended December 31, 2015 | 12.23 | 0.04 | (0.21 | ) | (0.17 | ) | 0.04 | 0.08 | ||||||||||||||||
Year Ended December 31, 2014 | 12.78 | 0.04 | (0.38 | ) | (0.34 | ) | 0.13 | 0.08 | ||||||||||||||||
Institutional Class | ||||||||||||||||||||||||
Year Ended December 31, 2018 | $ | 16.22 | $ | 0.17 | $ | (2.46 | ) | $ | (2.29 | ) | $ | 0.16 | $ | 0.41 | ||||||||||
Year Ended December 31, 2017 | 13.24 | 0.10 | 3.44 | 3.54 | 0.09 | 0.47 | ||||||||||||||||||
Year Ended December 31, 2016 | 12.03 | 0.11 | 1.20 | 1.31 | 0.10 | — | ||||||||||||||||||
Year Ended December 31, 2015 | 12.31 | 0.07 | (0.21 | ) | (0.14 | ) | 0.06 | 0.08 | ||||||||||||||||
Year Ended December 31, 2014 | 12.86 | 0.08 | (0.40 | ) | (0.32 | ) | 0.15 | 0.08 |
1 | Based on average shares outstanding during the period. |
2 | Total return represents aggregate total return for the period indicated, includes reinvestment of all dividends and distributions, and does not reflect the deduction of any applicable sales charges. Total returns for periods of less than one year have not been annualized. |
3 | Ratios representing periods of less than one year have been annualized. |
SEE NOTES TO FINANCIAL STATEMENTS | 132 |
December 31, 2018 |
|
| Ratios to | ||||||||||||||||||||||||||||||||||
Total | Net asset | Total return2 | Net assets | Net | Net | Total | Portfolio | ||||||||||||||||||||||||||||
$ | — | $ | 9.18 | (8.20 | %) | $ | 126 | 1.16 | % | (0.14 | %) | 2.06 | % | 17 | % | ||||||||||||||||||||
$ | — | $ | 9.18 | (8.20 | %) | $ | 24,816 | 0.92 | % | 0.01 | % | 1.81 | % | 17 | % | ||||||||||||||||||||
$ | 0.53 | $ | 13.28 | (14.31 | %) | $ | 118,980 | 1.22 | % | 0.83 | % | 1.24 | % | 26 | % | ||||||||||||||||||||
0.52 | 16.11 | 26.42 | % | 154,325 | 1.23 | % | 0.46 | % | 1.26 | % | 18 | % | |||||||||||||||||||||||
0.07 | 13.16 | 10.62 | % | 122,610 | 1.29 | % | 0.61 | % | 1.34 | % | 30 | % | |||||||||||||||||||||||
0.12 | 11.96 | (1.45 | %) | 104,712 | 1.40 | % | 0.31 | % | 1.41 | % | 22 | % | |||||||||||||||||||||||
0.20 | 12.25 | (2.78 | %) | 96,255 | 1.40 | % | 0.56 | % | 1.46 | % | 27 | % | |||||||||||||||||||||||
$ | 0.53 | $ | 13.26 | (14.33 | %) | $ | 12,766 | 1.22 | % | 0.86 | % | 1.24 | % | 26 | % | ||||||||||||||||||||
0.52 | 16.09 | 26.45 | % | 15,383 | 1.23 | % | 0.47 | % | 1.26 | % | 18 | % | |||||||||||||||||||||||
0.07 | 13.14 | 10.62 | % | 13,042 | 1.30 | % | 0.63 | % | 1.34 | % | 30 | % | |||||||||||||||||||||||
0.12 | 11.94 | (1.44 | %) | 13,330 | 1.40 | % | 0.30 | % | 1.41 | % | 22 | % | |||||||||||||||||||||||
0.21 | 12.23 | (2.73 | %) | 9,763 | 1.40 | % | 0.31 | % | 1.46 | % | 27 | % | |||||||||||||||||||||||
$ | 0.57 | $ | 13.36 | (14.17 | %) | $ | 459,354 | 0.97 | % | 1.10 | % | 0.99 | % | 26 | % | ||||||||||||||||||||
0.56 | 16.22 | 26.79 | % | 439,991 | 0.98 | % | 0.67 | % | 1.02 | % | 18 | % | |||||||||||||||||||||||
0.10 | 13.24 | 10.91 | % | 209,759 | 1.04 | % | 0.86 | % | 1.09 | % | 30 | % | |||||||||||||||||||||||
0.14 | 12.03 | (1.21 | %) | 133,930 | 1.15 | % | 0.55 | % | 1.16 | % | 22 | % | |||||||||||||||||||||||
0.23 | 12.31 | (2.53 | %) | 87,605 | 1.15 | % | 0.63 | % | 1.21 | % | 27 | % |
4 | Not annualized |
5 | Per share data is reflected from the Fund's inception date of June 27, 2018. |
6 | Rounds to less than $0.01. |
133 | SEE NOTES TO FINANCIAL STATEMENTS |
December 31, 2018 |
Financial Highlights, continued |
Selected data for a share outstanding throughout each period. |
Income | Distributions to | |||||||||||||||||||||||
| Net asset | Net | Net | Total from | From net | From net | ||||||||||||||||||
Global Women's Leadership Fund | ||||||||||||||||||||||||
Investor Class | ||||||||||||||||||||||||
Year Ended December 31, 2018 | $ | 25.02 | $ | 0.47 | $ | (2.39 | ) | $ | (1.92 | ) | $ | 0.44 | $ | 0.64 | ||||||||||
Year Ended December 31, 2017 | 20.56 | 0.39 | 4.69 | 5.08 | 0.36 | 0.26 | ||||||||||||||||||
Year Ended December 31, 2016 | 19.75 | 0.39 | 0.79 | 1.18 | 0.37 | — | ||||||||||||||||||
Year Ended December 31, 2015 | 20.43 | 0.33 | (0.53 | ) | (0.20 | ) | 0.32 | 0.16 | ||||||||||||||||
Year Ended December 31, 20145 | 21.78 | 0.47 | 0.84 | 1.31 | 0.45 | 2.21 | ||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||
Year Ended December 31, 2018 | $ | 25.13 | $ | 0.53 | $ | (2.40 | ) | $ | (1.87 | ) | $ | 0.50 | $ | 0.64 | ||||||||||
Year Ended December 31, 2017 | 20.65 | 0.43 | 4.73 | 5.16 | 0.42 | 0.26 | ||||||||||||||||||
Year Ended December 31, 2016 | 19.83 | 0.42 | 0.82 | 1.24 | 0.42 | — | ||||||||||||||||||
Year Ended December 31, 2015 | 20.52 | 0.38 | (0.54 | ) | (0.16 | ) | 0.37 | 0.16 | ||||||||||||||||
Year Ended December 31, 20145 | 21.86 | 0.39 | 0.99 | 1.38 | 0.51 | 2.21 | ||||||||||||||||||
EAFE ESG Leaders Index Fund | ||||||||||||||||||||||||
Investor Class | ||||||||||||||||||||||||
Year Ended December 31, 2018 | $ | 9.36 | $ | 0.22 | $ | (1.43 | ) | $ | (1.21 | ) | $ | 0.20 | $ | — | ||||||||||
Year Ended December 31, 2017 | 7.79 | 0.21 | 1.57 | 1.78 | 0.21 | — | ||||||||||||||||||
Year Ended December 31, 2016 | 8.13 | 0.20 | (0.35 | ) | (0.15 | ) | 0.19 | — | ||||||||||||||||
Year Ended December 31, 2015 | 8.19 | 0.16 | (0.08 | ) | 0.08 | 0.14 | 0.00 | 9 | ||||||||||||||||
Period Ended December 31, 20146 | 8.84 | 0.20 | (0.70 | ) | (0.50 | ) | 0.11 | 0.04 | ||||||||||||||||
Institutional Class | ||||||||||||||||||||||||
Year Ended December 31, 2018 | $ | 9.19 | $ | 0.23 | $ | (1.40 | ) | $ | (1.17 | ) | $ | 0.22 | $ | — | ||||||||||
Year Ended December 31, 2017 | 7.65 | 0.21 | 1.56 | 1.77 | 0.23 | — | ||||||||||||||||||
Year Ended December 31, 2016 | 7.99 | 0.21 | (0.34 | ) | (0.13 | ) | 0.21 | — | ||||||||||||||||
Year Ended December 31, 2015 | 8.05 | 0.18 | (0.08 | ) | 0.10 | 0.16 | 0.00 | 9 | ||||||||||||||||
Year Ended December 31, 20147 | 8.84 | 0.34 | (0.80 | ) | (0.46 | ) | 0.29 | 0.04 |
1 | Based on average shares outstanding during the period. |
2 | Total return represents aggregate total return for the period indicated, includes reinvestment of all dividends and distributions, and does not reflect the deduction of any applicable sales charges. Total returns for periods of less than one year have not been annualized. |
3 | Ratios representing periods of less than one year have been annualized. |
4 | Not annualized. |
5 | Effective June 4, 2014, the Global Women's Leadership Fund acquired the assets of the Pax World Global Women's Equality Fund, Pax World Global Women's Equality Fund (the "Predecessor Fund") is treated as the survivor of the Reorganization for accounting and performance reporting purposes. Accordingly, all performance and other information shown for the period prior to June 4, 2014 is that of the Predecessor Fund. and does not reflect the deduction of any applicable sales charges. |
6 | Per share data is reflected from class inception date of March 31, 2014 |
7 | Pax MSCI EAFE ESG Leaders Index Fund acquired the assets of Pax World International Fund, a series of Pax World Funds Series Trust I, and the assets of Pax MSCI EAFE ESG Index ETF, a series of Pax World Funds Trust II, on March 31, 2014 (the "Reorganizations"). Pax MSCI EAFE ESG Index ETF (the "Predecessor Fund") is treated as the survivor of the Reorganizations for accounting and performance reporting purposes. Accordingly, performance information shown for the period prior to the Reorganization is that of the Predecessor Fund. Per share data shown for the period prior to the Reorganization has been restated to reflect the share conversion that occurred upon completion of the Reorganizations. |
SEE NOTES TO FINANCIAL STATEMENTS | 134 |
December 31, 2018 |
|
| Ratios to | ||||||||||||||||||||||||||||||||||
Total | Net asset | Total return2 | Net assets | Net | Net | Total | Portfolio | ||||||||||||||||||||||||||||
$ | 1.08 | $ | 22.02 | (7.74 | %) | $ | 86,727 | 0.81 | % | 1.88 | % | 0.83 | % | 67 | %8 | ||||||||||||||||||||
0.62 | 25.02 | 24.86 | % | 88,332 | 0.90 | % | 1.69 | % | 0.90 | % | 56 | %8 | |||||||||||||||||||||||
0.37 | 20.56 | 6.01 | % | 72,771 | 0.92 | % | 1.93 | % | 0.92 | % | 49 | %8 | |||||||||||||||||||||||
0.48 | 19.75 | (1.08 | %) | 64,587 | 0.98 | % | 1.62 | % | 0.98 | % | 50 | %8 | |||||||||||||||||||||||
2.66 | 20.43 | 5.95 | % | 55,548 | 1.09 | % | 2.13 | % | 1.22 | % | 134 | %8 | |||||||||||||||||||||||
$ | 1.14 | $ | 22.12 | (7.51 | %) | $ | 156,960 | 0.56 | % | 2.09 | % | 0.58 | % | 67 | %8 | ||||||||||||||||||||
0.68 | 25.13 | 25.14 | % | 93,820 | 0.65 | % | 1.84 | % | 0.65 | % | 56 | %8 | |||||||||||||||||||||||
0.42 | 20.65 | 6.30 | % | 37,920 | 0.67 | % | 2.09 | % | 0.67 | % | 49 | %8 | |||||||||||||||||||||||
0.53 | 19.83 | (0.86 | %) | 20,422 | 0.74 | % | 1.85 | % | 0.74 | % | 50 | %8 | |||||||||||||||||||||||
2.72 | 20.52 | 6.21 | % | 13,146 | 0.78 | % | 1.73 | % | 0.84 | % | 134 | %8 | |||||||||||||||||||||||
$ | 0.20 | $ | 7.95 | (13.15 | %) | $ | 77,880 | 0.80 | % | 2.46 | % | 0.80 | % | 30 | %10 | ||||||||||||||||||||
0.21 | 9.36 | 23.01 | % | 123,776 | 0.80 | % | 2.38 | % | 0.80 | % | 42 | %10 | |||||||||||||||||||||||
0.19 | 7.79 | (1.85 | %) | 97,924 | 0.80 | % | 2.55 | % | 0.80 | % | 44 | %10 | |||||||||||||||||||||||
0.14 | 8.13 | 0.91 | % | 67,823 | 0.80 | % | 1.94 | % | 0.80 | % | 86 | %10 | |||||||||||||||||||||||
0.15 | 8.19 | (5.75 | %) | 37,603 | 0.80 | % | 2.27 | % | 0.80 | % | 36 | %10,11 | |||||||||||||||||||||||
$ | 0.22 | $ | 7.80 | (12.90 | %) | $ | 437,907 | 0.55 | % | 2.55 | % | 0.55 | % | 30 | %10 | ||||||||||||||||||||
0.23 | 9.19 | 23.34 | % | 560,348 | 0.55 | % | 2.47 | % | 0.55 | % | 42 | %10 | |||||||||||||||||||||||
0.21 | 7.65 | (1.63 | %) | 402,694 | 0.55 | % | 2.76 | % | 0.55 | % | 44 | %10 | |||||||||||||||||||||||
0.16 | 7.99 | 1.16 | % | 324,651 | 0.55 | % | 2.13 | % | 0.55 | % | 86 | %10 | |||||||||||||||||||||||
0.33 | 8.05 | (5.49 | %) | 89,098 | 0.55 | % | 3.91 | % | 0.55 | % | 36 | %10,11 |
8 | To manage cash flows, minimize trading costs and equitize cash balances in between trading blocks of securities, the Global Women’s Leadership Fund utilizes one or more exchange-traded funds (ETFs), the combination of which is intended to track the Fund’s broad-based benchmark. These investments are frequent and short-term, however, the Fund is required to include such ETF investment activity in the calculation of its portfolio turnover. Had such transactions been excluded, the portfolio turnover would have been 30% for the year ended December 31, 2018, 25% for the year ended December 31, 2017, 21% for the year ended December 31, 2016, 25% for the year ended December 31, 2015, and 99% for the year ended December 31, 2014. |
9 | Rounds to less than $0.01 |
10 | To manage cash flows, minimize trading costs and equitize cash balances in between trading blocks of securities, the EAFE ESG Leaders Index Fund utilizes one or more exchange-traded funds (ETFs) which have an investment objective that tracks the Fund’s broad-based benchmark. These investments are frequent and short-term, however, the Fund is required to include such ETF investment activity in the calculation of its portfolio turnover. Had such transactions been excluded, the portfolio turnover would have been 9% for the year ended December 31, 2018, 16% for the year ended December 31, 2017, 10% for the year ended December 31, 2016, 8% for the year ended December 31, 2015, and 15% for the year ended December 31, 2014. |
11 | For purposes of calculating turnover ratio for the ESG Leaders Index Fund, transactions related to the Reorganization have been excluded. |
135 | SEE NOTES TO FINANCIAL STATEMENTS |
December 31, 2018 |
Financial Highlights, continued |
Selected data for a share outstanding throughout each period. |
Income | Distributions to | |||||||||||||||||||||||
| Net asset | Net | Net | Total from | From net | From net | ||||||||||||||||||
Core Bond Fund | ||||||||||||||||||||||||
Investor Class | ||||||||||||||||||||||||
Year Ended December 31, 2018 | $ | 10.04 | $ | 0.22 | $ | (0.25 | ) | $ | (0.03 | ) | $ | 0.23 | $ | — | ||||||||||
Year Ended December 31, 2017 | 10.01 | 0.21 | 0.04 | 0.25 | 0.21 | 0.01 | ||||||||||||||||||
Period Ended December 31, 20165 | 9.93 | 0.01 | 0.08 | 0.09 | 0.01 | — | ||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||
Year Ended December 31, 2018 | $ | 10.04 | $ | 0.24 | $ | (0.24 | ) | $ | — | $ | 0.26 | $ | — | |||||||||||
Year Ended December 31, 2017 | 10.01 | 0.24 | 0.04 | 0.28 | 0.24 | 0.01 | ||||||||||||||||||
Period Ended December 31, 20165 | 9.93 | 0.01 | 0.08 | 0.09 | 0.01 | — | ||||||||||||||||||
High Yield Bond Fund | ||||||||||||||||||||||||
Investor Class | ||||||||||||||||||||||||
Year Ended December 31, 2018 | $ | 6.78 | $ | 0.33 | $ | (0.53 | ) | $ | (0.20 | ) | $ | 0.33 | $ | — | ||||||||||
Year Ended December 31, 2017 | 6.71 | 0.35 | 0.07 | 0.42 | 0.35 | — | ||||||||||||||||||
Year Ended December 31, 2016 | 6.25 | 0.38 | 0.45 | 0.83 | 0.37 | — | ||||||||||||||||||
Year Ended December 31, 2015 | 7.03 | 0.40 | (0.78 | ) | (0.38 | ) | 0.40 | — | ||||||||||||||||
Year Ended December 31, 2014 | 7.57 | 0.44 | (0.53 | ) | (0.09 | ) | 0.44 | 0.01 | ||||||||||||||||
Class A | ||||||||||||||||||||||||
Year Ended December 31, 2018 | $ | 6.79 | $ | 0.33 | $ | (0.53 | ) | $ | (0.20 | ) | $ | 0.33 | $ | — | ||||||||||
Year Ended December 31, 2017 | 6.72 | 0.35 | 0.07 | 0.42 | 0.35 | — | ||||||||||||||||||
Year Ended December 31, 2016 | 6.26 | 0.38 | 0.45 | 0.83 | 0.37 | — | ||||||||||||||||||
Year Ended December 31, 2015 | 7.04 | 0.40 | (0.78 | ) | (0.38 | ) | 0.40 | — | ||||||||||||||||
Year Ended December 31, 2014 | 7.57 | 0.43 | (0.51 | ) | (0.08 | ) | 0.44 | 0.01 | ||||||||||||||||
Institutional Class | ||||||||||||||||||||||||
Year Ended December 31, 2018 | $ | 6.75 | $ | 0.35 | $ | (0.52 | ) | $ | (0.17 | ) | $ | 0.35 | $ | — | ||||||||||
Year Ended December 31, 2017 | 6.68 | 0.36 | 0.08 | 0.44 | 0.37 | — | ||||||||||||||||||
Year Ended December 31, 2016 | 6.23 | 0.39 | 0.45 | 0.84 | 0.39 | — | ||||||||||||||||||
Year Ended December 31, 2015 | 7.01 | 0.42 | (0.78 | ) | (0.36 | ) | 0.42 | — | ||||||||||||||||
Year Ended December 31, 2014 | 7.54 | 0.46 | (0.52 | ) | (0.06 | ) | 0.46 | 0.01 |
1 | Based on average shares outstanding during the period. |
2 | Total return represents aggregate total return for the period indicated, includes reinvestment of all dividends and distributions, and does not reflect the deduction of any applicable sales charges. Total returns for periods of less than one year have not been annualized. |
3 | Ratios representing periods of less than one year have been annualized. |
4 | Not annualized |
5 | Per share data is reflected from the Fund's inception date of December 16, 2016. |
SEE NOTES TO FINANCIAL STATEMENTS | 136 |
December 31, 2018 |
|
| Ratios to | ||||||||||||||||||||||||||||||||||
Total | Net asset | Total return2 | Net assets | Net | Net | Total | Portfolio | ||||||||||||||||||||||||||||
$ | 0.23 | $ | 9.78 | (0.24 | %) | $ | 4,277 | 0.71 | % | 2.23 | % | 0.71 | % | 62 | % | ||||||||||||||||||||
0.22 | 10.04 | 2.56 | % | 2,969 | 0.71 | % | 2.11 | % | 0.71 | % | 60 | % | |||||||||||||||||||||||
0.01 | 10.01 | 0.87 | % | 109 | 0.74 | % | 1.99 | % | 0.74 | % | 1 | %6 | |||||||||||||||||||||||
$ | 0.26 | $ | 9.78 | 0.01 | % | $ | 682,201 | 0.46 | % | 2.50 | % | 0.46 | % | 62 | % | ||||||||||||||||||||
0.25 | 10.04 | 2.82 | % | 697,050 | 0.46 | % | 2.34 | % | 0.46 | % | 60 | % | |||||||||||||||||||||||
0.01 | 10.01 | 0.93 | % | 602,384 | 0.49 | % | 2.23 | % | 0.49 | % | 1 | %6 | |||||||||||||||||||||||
$ | 0.33 | $ | 6.25 | (3.07 | %) | $ | 162,841 | 0.97 | % | 5.01 | % | 0.97 | % | 57 | % | ||||||||||||||||||||
0.35 | 6.78 | 6.37 | % | 201,953 | 0.99 | % | 5.14 | % | 0.99 | % | 91 | % | |||||||||||||||||||||||
0.37 | 6.71 | 13.81 | % | 228,936 | 0.99 | % | 5.90 | % | 0.99 | % | 111 | % | |||||||||||||||||||||||
0.40 | 6.25 | (5.74 | %) | 242,038 | 0.96 | % | 5.82 | % | 0.96 | % | 78 | % | |||||||||||||||||||||||
0.45 | 7.03 | (1.41 | %)7 | 351,180 | 0.98 | % | 5.81 | % | 0.98 | % | 74 | % | |||||||||||||||||||||||
$ | 0.33 | $ | 6.26 | (3.05 | %) | $ | 5,747 | 0.97 | % | 5.01 | % | 0.97 | % | 57 | % | ||||||||||||||||||||
0.35 | 6.79 | 6.36 | % | 5,798 | 0.99 | % | 5.13 | % | 0.99 | % | 91 | % | |||||||||||||||||||||||
0.37 | 6.72 | 13.80 | % | 5,623 | 0.98 | % | 5.88 | % | 0.98 | % | 111 | % | |||||||||||||||||||||||
0.40 | 6.26 | (5.73 | %) | 5,923 | 0.96 | % | 5.87 | % | 0.96 | % | 78 | % | |||||||||||||||||||||||
0.45 | 7.04 | (1.27 | %)7 | 3,061 | 0.98 | % | 5.80 | % | 0.98 | % | 74 | % | |||||||||||||||||||||||
$ | 0.35 | $ | 6.23 | (2.70 | %) | $ | 188,333 | 0.72 | % | 5.26 | % | 0.72 | % | 57 | % | ||||||||||||||||||||
0.37 | 6.75 | 6.64 | % | 205,555 | 0.74 | % | 5.37 | % | 0.74 | % | 91 | % | |||||||||||||||||||||||
0.39 | 6.68 | 13.96 | % | 166,051 | 0.74 | % | 6.15 | % | 0.74 | % | 111 | % | |||||||||||||||||||||||
0.42 | 6.23 | (5.54 | %) | 162,425 | 0.71 | % | 6.08 | % | 0.71 | % | 78 | % | |||||||||||||||||||||||
0.47 | 7.01 | (1.05 | %)7 | 201,435 | 0.73 | % | 6.07 | % | 0.73 | % | 74 | % |
6 | For purposes of calculating the turnover rate for the Core Bond Fund, transactions related to an in-kind subscription have been excluded. |
7 | In 2014, the Investment Adviser reimbursed the Fund $90,278 for a realized loss incurred by the Fund due to a trading error. Before the reimbursement from Adviser for the loss on trading error, the difference in the total return for the year would have been less than 0.005% for each class of shares. |
137 | SEE NOTES TO FINANCIAL STATEMENTS |
December 31, 2018 |
Financial Highlights, continued |
Selected data for a share outstanding throughout each period. |
Income | Distributions to | |||||||||||||||||||||||
| Net asset | Net | Net | Total from | From net | From net | ||||||||||||||||||
Balanced Fund | ||||||||||||||||||||||||
Investor Class | ||||||||||||||||||||||||
Year Ended December 31, 2018 | $ | 22.66 | $ | 0.33 | $ | (1.23 | ) | $ | (0.90 | ) | $ | 0.47 | $ | 0.15 | ||||||||||
Year Ended December 31, 2017 | 22.34 | 0.30 | 2.55 | 2.85 | 0.20 | 2.33 | ||||||||||||||||||
Year Ended December 31, 2016 | 21.76 | 0.29 | 0.97 | 1.26 | 0.29 | 0.39 | ||||||||||||||||||
Year Ended December 31, 2015 | 23.70 | 0.25 | (0.37 | ) | (0.12 | ) | 0.20 | 1.62 | ||||||||||||||||
Year Ended December 31, 2014 | 24.47 | 0.23 | 1.72 | 1.95 | 0.22 | 2.50 | ||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||
Year Ended December 31, 2018 | $ | 23.01 | $ | 0.38 | $ | (1.24 | ) | $ | (0.86 | ) | $ | 0.53 | $ | 0.15 | ||||||||||
Year Ended December 31, 2017 | 22.63 | 0.41 | 2.53 | 2.94 | 0.23 | 2.33 | ||||||||||||||||||
Year Ended December 31, 2016 | 22.04 | 0.35 | 0.98 | 1.33 | 0.35 | 0.39 | ||||||||||||||||||
Year Ended December 31, 2015 | 23.97 | 0.32 | (0.37 | ) | (0.05 | ) | 0.26 | 1.62 | ||||||||||||||||
Year Ended December 31, 2014 | 24.73 | 0.29 | 1.74 | 2.03 | 0.29 | 2.50 |
1 | Based on average shares outstanding during the period. |
2 | Total return represents aggregate total return for the period indicated, includes reinvestment of all dividends and distributions, and does not reflect the deduction of any applicable sales charges. Total returns for periods of less than one year have not been annualized. |
3 | Ratios representing periods of less than one year have been annualized. |
4 | Not annualized |
SEE NOTES TO FINANCIAL STATEMENTS | 138 |
December 31, 2018 |
|
| Ratios to | ||||||||||||||||||||||||||||||||||
Total | Net asset | Total return2 | Net assets | Net | Net | Total | Portfolio | ||||||||||||||||||||||||||||
$ | 0.62 | $ | 21.14 | (4.08 | %) | $ | 1,324,582 | 0.30 | %5 | 1.44 | %6 | 0.30 | %5 | 12 | % | ||||||||||||||||||||
2.53 | 22.66 | 13.16 | % | 1,496,146 | 0.29 | %5 | 1.33 | % | 0.30 | %5 | 14 | % | |||||||||||||||||||||||
0.68 | 22.34 | 5.81 | % | 1,596,717 | 0.77 | % | 1.31 | % | 0.87 | % | 49 | % | |||||||||||||||||||||||
1.82 | 21.76 | (0.53 | %) | 1,596,682 | 0.87 | % | 1.08 | % | 0.90 | % | 61 | % | |||||||||||||||||||||||
2.72 | 23.70 | 8.00 | % | 1,740,414 | 0.91 | % | 0.91 | % | 0.92 | % | 52 | % | |||||||||||||||||||||||
$ | 0.68 | $ | 21.47 | (3.85 | %) | $ | 365,079 | 0.05 | %5 | 1.64 | %6 | 0.05 | %5 | 12 | % | ||||||||||||||||||||
2.56 | 23.01 | 13.42 | % | 506,220 | 0.04 | %5 | 1.79 | % | 0.05 | %5 | 14 | % | |||||||||||||||||||||||
0.74 | 22.63 | 6.06 | % | 279,574 | 0.52 | % | 1.56 | % | 0.62 | % | 49 | % | |||||||||||||||||||||||
1.88 | 22.04 | (0.23 | %) | 256,640 | 0.62 | % | 1.34 | % | 0.65 | % | 61 | % | |||||||||||||||||||||||
2.79 | 23.97 | 8.21 | % | 248,979 | 0.66 | % | 1.16 | % | 0.67 | % | 52 | % |
5 | The expense ratio of the Balanced Fund does not include indirect expenses of the underlying funds the Fund invests in. Indirect expenses of the underlying funds for the year ended December 31, 2018 were 0.61% and for the year ended December 31, 2017 were 0.61%. |
6 | In 2018, the Adviser reimbursed the Fund for expense overpayments related to transfer agent fees in the amount of $223,088 (see Note B). Before the reimbursement by the adviser, the difference in total returns for Investor Class and Institutional Class would have remained the same at (4.08)% and (3.85)%, respectively. The Net Investment Income for Investor Class and Institutional Class would have been 1.42% and 1.62%, respectively. |
139 | SEE NOTES TO FINANCIAL STATEMENTS |
December 31, 2018 |
Notes to Financial Statements |
Pax World Funds Series Trust I and Pax World Fund Series Trust III
NOTE A—Organization and Summary of Significant Accounting Policies
Organization Pax World Funds Series Trust I (“Trust I”), which is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), is an open-end management investment company organized under the laws of the Commonwealth of Massachusetts on May 25, 2006. As of December 31, 2018, Trust I offered eleven investment funds: Pax Large Cap Fund (the “Large Cap Fund”), Pax Mid Cap Fund (the “Mid Cap Fund”), Pax Small Cap Fund (the “Small Cap Fund”), Pax ESG Beta Quality Fund (the “ESG Beta Quality Fund”), Pax ESG Beta Dividend Fund (the “ESG Beta Dividend Fund”), Pax Global Opportunities Fund (the “Global Opportunities Fund”), Pax Global Environmental Markets Fund (the “Global Environmental Markets Fund”), Pax MSCI EAFE ESG Leaders Index Fund (the “EAFE ESG Leaders Fund”), Pax Core Bond Fund (the “Core Bond Fund”), Pax High Yield Bond Fund (the “High Yield Bond Fund”), and Pax Balanced Fund (the “Balanced Fund”).
Pax World Funds Series Trust III (“Trust III”) is an open-end management investment company that was organized under the laws of the Commonwealth of Massachusetts on December 4, 2013 and registered under the 1940 Act. Pax Ellevate Global Women’s Leadership Fund (the “Global Women’s Leadership Fund”) is a diversified series of Trust III.
These financial statements relate to all funds (each a “Fund”, collectively, the “Funds”) offered under both Trust I and Trust III (each a “Trust”, collectively, the “Trusts”).
Effective June 27, 2018, the Global Opportunities Fund commenced operations.
The Large Cap Fund, Mid Cap Fund, ESG Beta Dividend Fund, Global Opportunities Fund, Global Women’s Leadership Fund, EAFE ESG Leaders Fund, Core Bond Fund and Balanced Fund each offer two classes of shares—Investor Class shares and Institutional Class shares. The Small Cap Fund, ESG Beta Quality Fund, Global Environmental Markets Fund and High Yield Bond Fund each offer three classes of shares—Investor Class shares, Class A shares and Institutional Class shares. Although all share classes generally have identical voting, dividend and liquidation rights, each class votes separately when required by law. Different share classes pay different distribution amounts to the extent the expenses of such classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own expense structure and sales charges, as applicable.
140 |
December 31, 2018 |
|
The Funds seek to avoid investing in issuers that their investment adviser has determined are involved in the manufacture or sale of weapons or manufacture of tobacco products or engage in business practices that their investment adviser determines to be sub-standard from an Environmental, Social and Governance (ESG) or sustainability perspective in relation to their industry, sector, asset class or universe peers.
The Large Cap Fund’s investment objective is to seek long-term growth of capital. The Fund seeks to achieve this objective by investing, under normal market conditions, at least 80% of its assets in equity securities (such as common stocks, securities convertible into common or preferred stocks and warrants) of companies that, when purchased, have market capitalizations within the range of the Standard & Poor’s 500 Index as measured by market capitalization.
The Mid Cap Fund’s investment objective is to seek long-term growth of capital. The Fund seeks to achieve this objective by investing, under normal market conditions, at least 80% of its assets in equity securities (such as common stocks, securities convertible into common or preferred stocks and warrants) of companies that, when purchased, have capitalizations within the range of the Russell Midcap Index as measured by market capitalization.
The Small Cap Fund’s investment objective is to seek long-term growth of capital. The Fund seeks to achieve this objective by investing, under normal market conditions, at least 80% of its assets in equity securities (such as common stocks, securities convertible into common or preferred stocks and warrants) of companies that, when purchased, have capitalizations within the range of the Russell 2000 Index as measured by market capitalization.
The ESG Beta Quality Fund’s investment objective is to seek long-term growth of capital. The Fund seeks to achieve this objective by investing, under normal market conditions, primarily in large-capitalization domestic equity securities that the Adviser believes have strong ESG profiles and that exhibit higher “quality” characteristics and reasonable valuations.
The ESG Beta Dividend Fund’s primary investment objective is income and capital appreciation. As a secondary objective and to the extent consistent with its primary investment objective, the ESG Beta Dividend Fund seeks capital preservation. The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in equity securities that pay dividends.
141 |
December 31, 2018 |
Notes to Financial Statements, continued |
The Global Opportunities Fund’s investment objective is to seek long term growth of capital by investing in companies benefiting from the transition to a more sustainable global economy. The Fund seeks to achieve this objective by investing, under normal market conditions, at least 80% of its net assets in companies that its Adviser or Sub-Adviser believe will benefit from the transition to a more sustainable global economy - the shift away from a depletive economy to one that preserves ecological and societal balance for the benefit of future generations. The Fund seeks to invest in companies with durable business models that are well-positioned to benefit from or avoid the risks associated with this transition. Under normal market conditions, the Global Opportunities Fund will invest primarily in equity securities (such as common stocks, preferred stocks and securities convertible into common or preferred stocks) of companies located around the world, including at least 40% of its net assets in securities of companies organized or located outside the United States or doing a substantial amount of business outside the United States, including those located in emerging markets.
The Global Environmental Markets Fund’s investment objective is to seek long term growth of capital by investing in innovative companies around the world whose businesses and technologies focus on environmental markets, including alternative energy and energy efficiency; water infrastructure technologies and pollution control; environmental support services and waste management technologies; and sustainable food, agriculture and forestry. The Fund seeks to achieve this objective by investing, under normal market conditions, at least 80% of its net assets in the foregoing companies and will invest primarily in equity securities (such as common stocks, preferred stocks and securities convertible into common and preferred stocks) of companies located around the world, including at least 40% of its net assets in securities of non-U.S. issuers, including those located in emerging markets.
The Global Women’s Leadership Fund’s investment objective is to seek investment returns that closely correspond to or exceed the price and yield performance, before fees and expenses, of the Pax Global Women’s Leadership Index (the “Women’s Index”), while maintaining risk characteristics that the Adviser believes are generally similar to those of the Women’s Index. The Fund seeks to achieve this objective by investing, under normal market conditions, more than 80% of its total assets in the component securities of the Women’s Index and in American depositary receipts, global depositary receipts and euro depositary receipts representing the component securities of the Women’s Index, including at least 40% of its net assets (unless market conditions are not deemed favorable, in which
142 |
December 31, 2018 |
|
case the Global Women’s Leadership Fund would normally invest at least 30% of its assets) in companies organized or located outside the U.S. or doing a substantial amount of business outside the U.S.
The EAFE ESG Leaders Fund’s investment objective is to seek investment returns that closely correspond to the price and yield performance, before fees and expenses, of the MSCI EAFE ESG Leaders Index. The Fund seeks to achieve this objective by investing, under normal circumstances, more than 80% of its total assets in the component securities of the MSCI EAFE ESG Leaders Index and in American depositary receipts, global depositary receipts and euro depositary receipts representing the component securities of the MSCI EAFE ESG Leaders Index.
The Core Bond Fund’s investment objective is to seek income and conservation of principal. The Fund seeks to achieve this objective by investing, under normal market conditions, at least 80% of its assets in bonds, which include debt obligations such as mortgage-related securities, securities issued by the United States Government or its agencies and instrumentalities, municipal bonds, corporate bonds and high-impact bonds (which provide financing to support solutions to global sustainability challenges) across the spectrum of issuers, each of which is, at the time of purchase, rated at least investment grade (rated BBB- or higher by Standard and Poor’s Ratings Group or Baa3 or higher by Moody’s Investors Service) or unrated and determined by the Adviser to be of comparable quality.
The High Yield Bond Fund’s primary investment objective is to seek high current income. As a secondary investment objective, the High Yield Bond Fund seeks capital appreciation. The Fund seeks to achieve this objective by investing, under normal market conditions, at least 80% of its assets in high-yield, fixed income securities (such as bonds, notes or debentures) that are rated below BBB- by Standard & Poor’s Ratings Group or below Baa3 by Moody’s Investors Service, similarly rated by another major rating service, or unrated and determined by the High Yield Bond Fund’s investment adviser to be of comparable quality. These fixed income securities are commonly referred to as “junk bonds.”
The Balanced Fund’s primary investment objective is to seek income and conservation of principal. As a secondary investment objective, the Fund seeks long-term growth of capital. The Fund uses a team approach to allocate among multiple underlying funds managed by the Adviser (“Underlying Funds”) in order to seek to achieve its investment objectives. The Adviser will allocate the Fund’s assets among Underlying Funds in its sole discretion. The Fund seeks to achieve its investment objectives, under normal market conditions, by investing (directly or
143 |
December 31, 2018 |
Notes to Financial Statements, continued |
indirectly through the use of Underlying Funds) approximately 50%-75% of its assets in equity securities (such as common stocks, preferred stocks and securities convertible into common or preferred stocks) and 25%-50% of its assets in debt securities (including but not limited to debt securities convertible into equity securities).
Under the Trusts’ organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trusts. Additionally, in the normal course of business, the Trusts enter into contracts with service providers that contain general indemnification clauses. The Trusts’ maximum exposure under these arrangements is unknown as this could involve future claims that may be made against the Trusts that have not yet occurred. However, based on experience, the Trusts expect this risk of loss to be remote.
Accounting Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Funds apply Investment Company accounting and reporting guidance.
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.
144 |
December 31, 2018 |
|
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 December 31, 2018, 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 $276,251, representing 0.04% of the Fund’s net asset value and the High Yield Bond Fund held three securities fair valued at $78, 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
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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.
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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 December 31, 2018:
| Level 1 | Level 2 | Level 3* | Totals | ||||||||||||
Large Cap | ||||||||||||||||
Common Stocks | $ | 579,719,609 | $ | — | $ | — | $ | 579,719,609 | ||||||||
Cash Equivalents | 14,904,832 | — | — | 14,904,832 | ||||||||||||
Total | $ | 594,624,441 | $ | — | $ | — | $ | 594,624,441 | ||||||||
Mid Cap | ||||||||||||||||
Common Stocks | $ | 99,230,574 | $ | — | $ | — | $ | 99,230,574 | ||||||||
Cash Equivalents | 5,845,417 | — | — | 5,845,417 | ||||||||||||
Total | $ | 105,075,991 | $ | — | $ | — | $ | 105,075,991 | ||||||||
Small Cap | ||||||||||||||||
Common Stocks | $ | 448,605,971 | $ | — | $ | — | $ | 448,605,971 | ||||||||
Cash Equivalents | 6,025,623 | — | — | 6,025,623 | ||||||||||||
Total | $ | 454,631,594 | $ | — | $ | — | $ | 454,631,594 | ||||||||
ESG Beta Quality | ||||||||||||||||
Common Stocks | $ | 192,588,908 | $ | — | $ | — | $ | 192,588,908 | ||||||||
Cash Equivalents | 1,780,326 | — | — | 1,780,326 | ||||||||||||
Total | $ | 194,369,234 | $ | — | $ | — | $ | 194,369,234 | ||||||||
ESG Beta Dividend | ||||||||||||||||
Common Stocks | $ | 116,471,108 | $ | — | $ | — | $ | 116,471,108 | ||||||||
Cash Equivalents | 873,356 | — | — | 873,356 | ||||||||||||
Total | $ | 117,344,464 | $ | — | $ | — | $ | 117,344,464 |
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Notes to Financial Statements, continued |
| Level 1 | Level 2 | Level 3* | Totals | ||||||||||||
Global Opportunities | ||||||||||||||||
Common Stocks | $ | 14,552,394 | $ | 9,775,528 | $ | — | $ | 24,327,922 | ||||||||
Preferred Stocks | — | 210,457 | — | 210,457 | ||||||||||||
Cash Equivalents | 426,182 | — | — | $ | 426,182 | |||||||||||
Total | $ | 14,978,576 | $ | 9,985,985 | $ | — | $ | 24,964,561 | ||||||||
Global Environmental Markets | ||||||||||||||||
Common Stocks | $ | 358,029,528 | $ | 227,666,190 | $ | — | $ | 585,695,718 | ||||||||
Cash Equivalents | 890,911 | — | — | 890,911 | ||||||||||||
Total | $ | 358,920,439 | $ | 227,666,190 | $ | — | $ | 586,586,629 | ||||||||
Global Women’s Leadership | ||||||||||||||||
Common Stocks | $ | 161,288,556 | $ | 72,070,990 | $ | — | $ | 233,359,546 | ||||||||
Preferred Stocks | — | 343,277 | — | 343,277 | ||||||||||||
Exchange-Traded Funds | 7,048,966 | — | — | 7,048,966 | ||||||||||||
Rights | — | — | — | — | ||||||||||||
Cash Equivalents | 268,898 | — | — | 268,898 | ||||||||||||
Total | $ | 168,606,420 | $ | 72,414,267 | $ | — | $ | 241,020,687 | ||||||||
EAFE ESG Leaders | ||||||||||||||||
Common Stocks | $ | — | $ | 501,092,943 | $ | — | $ | 501,092,943 | ||||||||
Preferred Stocks | — | 2,029,587 | — | 2,029,587 | ||||||||||||
Rights | 59,384 | — | — | 59,384 | ||||||||||||
Exchange-Traded Funds | 6,089,325 | — | — | 6,089,325 | ||||||||||||
Cash Equivalents | 1,438,695 | — | — | 1,438,695 | ||||||||||||
Total | $ | 7,587,404 | $ | 503,122,530 | $ | — | $ | 510,709,934 | ||||||||
Core Bond | ||||||||||||||||
Exchange-Traded Funds | $ | 6,155,122 | $ | — | $ | — | 6,155,122 | |||||||||
Community Investment Notes | — | 3,097,538 | 276,251 | 3,373,789 | ||||||||||||
Corporate Bonds | — | 196,991,695 | — | 196,991,695 | ||||||||||||
U.S. Gov't Agency Bonds | — | 996,249 | — | 996,249 | ||||||||||||
Government Bonds | — | 2,014,410 | — | 2,014,410 | ||||||||||||
Municipal Bonds | — | 29,202,396 | — | 29,202,396 | ||||||||||||
U.S. Treasury Notes | — | 207,283,369 | — | 207,283,369 | ||||||||||||
Mortgage-Backed Securities | — | 212,695,930 | — | 212,695,930 | ||||||||||||
Medium Term Certificates of Deposit | — | 485,508 | — | 485,508 | ||||||||||||
Cash Equivalents | 24,603,036 | — | — | 24,603,036 | ||||||||||||
Total | $ | 30,758,158 | $ | 652,767,095 | $ | 276,251 | $ | 683,801,504 |
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| Level 1 | Level 2 | Level 3* | Totals | ||||||||||||
High Yield Bond | ||||||||||||||||
Common Stocks | $ | 409,865 | $ | — | $ | 78 | $ | 409,943 | ||||||||
Preferred Stocks | 954,030 | — | 0 | 954,030 | ||||||||||||
Corporate Bonds | — | 338,751,951 | — | 338,751,951 | ||||||||||||
Loans | — | 972,747 | — | 972,747 | ||||||||||||
U.S. Treasury Notes | — | 2,498,096 | — | 2,498,096 | ||||||||||||
Cash Equivalents | 8,267,495 | 1,000,000 | — | 9,267,495 | ||||||||||||
Total | $ | 9,631,390 | $ | 343,222,794 | $ | 78 | $ | 352,854,262 | ||||||||
Balanced | ||||||||||||||||
Affiliated Investment Companies | $ | 1,650,376,536 | $ | — | $ | — | $ | 1,650,376,536 | ||||||||
Cash Equivalents | 38,133,412 | — | — | 38,133,412 | ||||||||||||
Total | $ | 1,688,509,948 | $ | — | $ | — | $ | 1,688,509,948 |
* | Table includes securities valued at zero. |
See Schedules of Investments for additional detailed industry classifications.
Significant unobservable inputs were used by two Funds for Level 3 fair value measurements. The High Yield Bond Fund holds two securities of the same issuer which are deemed to be valued at zero based on company financial statements, and one security based on broker valuation levels. The Core Bond Fund holds a position in a Community Investment note which is valued based on a general obligation by the parent entity to limit investment exposure on the note.
Investment Transactions Investment transactions are recorded as of the date of purchase, sale or maturity. Net realized gains and losses from the sale or disposition of securities are determined on the identified cost basis, which is also used for federal income tax purposes. Corporate actions (including cash dividends) are recorded net of foreign tax withholdings.
Investment Income Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis and includes accretion of discount and amortization of premiums, if any. The value of additional securities received as dividend payments is recorded as income and as an increase to the cost basis of such securities. The Funds amortize purchase price premium and accrete discount on bonds, if any, over the remaining life of the bonds using the effective interest method of amortization; for callable bonds, the amortization period is to the most likely call date.
Distributions to Shareholders Distributions to shareholders are recorded by each of the Funds on the ex-dividend dates. The Funds (except Core Bond Fund and High Yield Bond Fund) expect to pay dividends of net investment income, if any, semiannually and to make distributions of capital gains, if any, at least annually.
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The Core Bond Fund and High Yield Bond Fund expect to pay dividends of net investment income, if any, monthly and to make distributions of capital gains, if any, at least annually. A shareholder begins earning dividends on the Core Bond Fund and High Yield Bond Fund shares the day after the Funds receive his or her purchase payment. Income and capital gains distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles.
Class Accounting Expenses directly attributable to a class of shares, such as 12b-1 distribution fees, are charged to that class. Each Fund has adopted a 12b-1 plan, applicable to certain classes of each of the Funds. Expenses of the Funds that are directly identifiable to a specific Fund, such as transfer agent fees, custody fees and registration fees, are applied to that Fund. Expenses that are not readily identifiable to a specific Fund, such as printing expense, Trustees’ fees and legal fees, are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Funds. Investment income, realized and unrealized gains and losses are allocated based upon the relative daily net assets of each class of shares.
Federal Income Taxes Each of the Funds intends to elect to be treated and qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended. If a Fund so qualifies and satisfies certain distribution requirements, such Fund will ordinarily not be subject to federal income tax on its net investment income (which includes short-term capital gains) and net capital gains that it distributes to shareholders. Each Fund expects to distribute all or substantially all of its income and gains to shareholders every year. Therefore, no federal income or excise tax provision is required. The Funds are treated as separate entities for federal income tax purposes.
Foreign Currency Transactions The accounting records of the Funds are maintained in U.S. dollars. In addition, purchases and sales of investment securities, dividend and interest income, and certain expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net realized and unrealized foreign currency exchange gains or losses occurring during the holding period of investment securities are a component of realized gain (loss) on investment transactions and unrealized appreciation (depreciation) on investments, respectively.
Non-U.S. Securities Non-U.S. markets can be significantly more volatile than domestic markets, causing the prices of some Fund investments to fluctuate significantly, rapidly and unpredictably. Non-U.S. securities may be less liquid than domestic securities; consequently, a Fund may at times be unable to sell
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non-U.S. securities at desirable times or prices. Other risks related to non-U.S. securities include delays in the settlement of transactions; less publicly available information about issuers; different reporting, accounting and auditing standards; the effect of political, social, diplomatic or economic events; seizure, expropriation or nationalization of the issuer or its assets; fluctuation in foreign currency exchange rates and the possible imposition of currency exchange controls. If a Fund invests substantially in securities of non-U.S. issuers tied economically to a particular country or geographic region, it will be subject to the risks associated with such country or geographic region to a greater extent than a fund that is more diversified across countries or geographic regions.
Securities Lending The Funds may lend their securities pursuant to a securities lending agreement (Lending Agreement) with State Street Bank and Trust Company. Initial security loans made pursuant to the Lending Agreement are required to be secured by collateral not less than the percentage specified in the agreement, ranging from 102% to 105%, depending on the types of securities. Cash collateral received is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a registered Rule 2a-7 money market fund. Borrowers may also pledge non-cash collateral within the guidelines for acceptable forms of non-cash collateral approved by the Boards of Trustees. At December 31, 2018, non-cash collateral consisted of U.S. Treasuries, short-term U.S. Government agency obligations and sovereign debt.
The Funds have the right under the Lending Agreement to recover the securities from the borrower on demand. The primary risk associated with securities lending is if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons. The Funds could experience delays and costs in recovering securities loaned or in gaining access to the collateral. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to the Funds, or at the discretion of the lending agent, replace the loaned securities.
A portion of the income generated upon investment of the collateral is remitted to the borrower and the remainder is allocated between the Funds and the lending agent. The Funds record security lending income net of such allocation. The Funds continue to receive dividends on the securities loaned, which are accounted for in the same manner as other dividend and interest income.
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Notes to Financial Statements, continued |
As of December 31, 2018, the value of securities loaned, payable for collateral due to brokers and non-cash collateral pledged by brokers were as follows:
Fund | Market Value | Payable on | Non-Cash | Over (Under) | ||||||||||||
Large Cap | $ | 15,998,156 | $ | 2,346,095 | $ | 13,938,184 | $ | 286,123 | ||||||||
Mid Cap | 2,659,969 | 1,020,000 | 1,670,309 | 30,340 | ||||||||||||
Small Cap | 46,027,861 | 5,399,931 | 41,338,742 | 710,812 | ||||||||||||
ESG Beta Quality | 2,405,969 | 459,816 | 1,987,737 | 41,584 | ||||||||||||
ESG Beta Dividend | 1,461,908 | 293,709 | 1,214,891 | 46,692 | ||||||||||||
Global Women's Leadership | 3,443,751 | — | 3,486,790 | 43,039 | ||||||||||||
Core Bond | 1,415,146 | 858,285 | 582,313 | 25,452 |
* | Non-cash collateral is not included in the financial statements. |
For the Large Cap Fund, Mid Cap Fund, Small Cap Fund, ESG Beta Quality Fund, ESG Beta Dividend Fund and Women’s Leadership Fund all of the securities on loan at December 31, 2018 are classified as Common Stocks in each Fund’s Schedule of Investments. For the Core Bond Fund all of the securities on loan at December 31, 2018 are classified as Corporate Bonds on the Fund’s Schedule of Investments.
NOTE B—Investment Advisory Fee and Transactions with Affiliated and Other Parties
Trust I and Trust III have entered into Investment Advisory Contracts (the “Management Contracts”) with Impax Asset Management LLC (“IAM”) and Pax Ellevate Management LLC (“PEM”), respectively (each, the “Adviser”, and collectively, the “Advisers”). Pursuant to the terms of the Management Contracts, the Advisers, subject to the supervision of the Boards of Trustees of the Trusts, are responsible for managing the assets of the Funds in accordance with the Funds’ investment objectives, investment programs and policies.
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Pursuant to the Management Contracts, the Advisers have contracted to furnish the Funds continuously with an investment program, determining what investments to purchase, sell and exchange for the Funds and what assets to hold uninvested. The Advisers also have contracted to provide office space and certain management and administrative facilities for the Funds. In return for such services, the Funds pay an advisory fee to the Advisers at the following annual rates (expressed as a percentage of the average daily net assets of such Fund):
Average Net Asset Value of Fund | ||
Fund |
| Annual Rate |
Large Cap | 0.65% | |
Mid Cap | 0.75% | |
Small Cap | 0.75% | |
ESG Beta Quality | 0.65%1 | |
ESG Beta Dividend | 0.65%1 | |
Global Opportunities | 0.80%2 | |
Global Environmental Markets | 0.80%3 | |
Global Women's Leadership | 0.55%1,4 | |
EAFE ESG Leaders | 0.55%1 | |
Core Bond | 0.40% | |
High Yield Bond | 0.50% | |
Balanced | 0.05%1 |
1 | The management fee is a unified fee that includes all of the operating costs and expenses of the Fund (other than taxes, charges of governmental agencies, interest, brokerage commissions incurred in connection with portfolio transactions, distribution and/or service fees payable under a plan pursuant to Rule 12b-1 under the Investment Company Act of 1940, acquired fund fees and expenses and extraordinary expenses), including accounting expenses, administrator, transfer agent, custodian fees, legal fees and other expenses. |
2 | The Adviser has voluntarily waived a portion of the management fee from assets attributable to $2 million investment in the Fund. There is no guarantee that the Adviser will continue to provide the waiver in the future. |
3 | Effective May 1, 2018 the management fee changed to 0.80% based on average net assets up to $1 billion; 0.75% for assets of $1 billion to $1.5 billion; 0.70% for assets of $1.5 billion to $2 billion; 0.65% for assets of $2 billion to $3 billion; and 0.60% for assets over $3 billion. Prior to May 1, 2018, the Fund’s advisory fee was 0.80%. Prior to May 1, 2018, the Fund’s annual rate (expressed as percentage of the average daily net assets of the Fund) was 0.80% on all assets. |
4 | Effective February 26, 2018, the Adviser contractually agreed to waive 0.10% of its management fee resulting in a net rate of 0.55%. Effective May 1, 2018, the waiver was replaced with a contractual reduction of the management fee to 0.55%. Prior to May 1, 2018 the Fund’s advisory fee was 0.65%. |
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Notes to Financial Statements, continued |
For the period ended December 31, 2018, the Funds incurred the following advisory fees:
Fund | Amount | |||
Large Cap | $ | 4,566,589 | ||
Mid Cap | 961,125 | |||
Small Cap | 5,588,740 | |||
ESG Beta Quality | 1,385,350 | |||
ESG Beta Dividend | 907,953 | |||
Global Opportunities | 110,343 | |||
Global Environmental Markets | 5,540,764 | |||
Global Women's Leadership | 1,325,032 | |||
EAFE ESG Leaders | 3,561,347 | |||
Core Bond | 2,743,218 | |||
High Yield Bond | 1,941,257 | |||
Balanced | 938,183 |
The Adviser has contractually agreed to reimburse the Funds or limit expenses of the Funds to the extent that each Fund’s respective expenses exceed, on an annual basis, the following percentages of average daily net assets:
Expense Caps | |||
Fund | Investor | Class A | Institutional |
ESG Beta Quality1 | 0.90% | 0.90% | 0.65% |
ESG Beta Dividend 1 | 0.90% | 0.65% | |
Global Opportunities 2 | 1.23% | 0.98% | |
Global Environmental Markets 3 | 1.23% | 1.23% | 0.98% |
Global Women's Leadership 1,4 | 0.80% | 0.55% | |
EAFE ESG Leaders 1 | 0.80% | 0.55% | |
Balanced 1 | 0.30% | 0.05% |
1 | Expense caps for funds represent their respective unified management fees plus distribution and/or service fees payable under a plan pursuant to Rule 12b-1, as applicable to particular classes of shares. |
2 | The Adviser has contractually agreed to reimburse expenses (other than interest, commissions, taxes, extraordinary expenses and acquired fund fees and expenses, if any) to the extent that they exceed the expense caps indicated. The reimbursement arrangement may not be amended or terminated without the approval of the Fund’s Board of Trustees before December 31, 2021. |
3 | The Adviser has contractually agreed to reimburse expenses (other than interest, commissions, taxes, extraordinary expenses and acquired fund fees and expenses, if any) to the extent they exceed the expense caps indicated. This reimbursement arrangement expired on December 31, 2018. |
4 | Prior to February 26, 2018 expenses were capped at 0.90% and 0.65% of Investor Class shares and Institutional Class shares, respectively. |
Such expenses include (i) management and distribution fees; (ii) the fees of affiliated and unaffiliated Trustees; (iii) the fees of the Funds’ custodian and transfer agent; (iv) the fees of the Funds’ legal counsel and independent registered public accounting firm; (v) the reimbursement of organizational expenses; and
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(vi) expenses related to shareholder communications including all expenses of shareholders’ and Boards of Trustees’ meetings and of preparing, printing and mailing reports, proxy statements and prospectuses to shareholders.
For the period ended December 31, 2018, the dollar amount of expense reimbursements were as follows:
Total Expenses Reimbursed by Adviser | ||||||||||||
Fund | Investor | Class A | Institutional | |||||||||
Global Opportunities | $ | 224 | $ | 114,811 | ||||||||
Global Environmental Markets | 25,083 | $ | 2,746 | 99,666 |
In addition, the Adviser voluntarily waived $8,151 of its management fee from the Global Opportunities Fund. The adviser contractually waived $35,657 of its management fee from the Global Women's Leadership Fund.
In 2018, the Adviser reimbursed the Balanced Fund in the amount of $223,088 for prior payments made in excess of limitations approved by the Board of Trustees. This reimbursement is included in “other income” on the Statement of Operations.
The Trusts have adopted a plan (“Plan”) pursuant to Rule 12b-1 under the 1940 Act that allows the Funds to pay distribution fees for the sale and distribution of certain shares as described below and for personal services rendered to the Fund shareholders in connection with the maintenance of shareholder accounts. Under the Plan, each Fund will pay its Distributor a distribution fee equal to 0.25% of the annual average daily net assets attributable to the Investor Class shares and Class A shares. The Distributor may pay all or any portion of the distribution fee to securities dealers or other organizations (including, but not limited to, any affiliate of the Distributor) as commissions, asset-based sales charges or other compensation with respect to the sale of indicated shares of such Fund, or for providing personal services to investors in the indicated shares of such Fund and/or the maintenance of shareholder accounts, and may retain all or any portion of the distribution fee as compensation for the Distributor’s services as principal underwriter of the indicated shares of such Fund.
Several individuals who are officers and/or Trustees of the Trusts are also employees of the Adviser.
155 |
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Notes to Financial Statements, continued |
NOTE C—Investment Information
Purchases and proceeds from sales of investments for the Funds for the period ended December 31, 2018 were as follows:
Purchases | Sales | |||||||||||||||
Fund | Investments1 | U.S. Gov’t Bonds | Investments1 | U.S. Gov’t Bonds | ||||||||||||
Large Cap | $ | 373,185,293 | $ | — | $ | 473,186,334 | $ | — | ||||||||
Mid Cap | 60,355,099 | — | 77,166,247 | — | ||||||||||||
Small Cap | 405,402,544 | — | 644,077,304 | — | ||||||||||||
ESG Beta Quality | 115,576,226 | — | 120,512,982 | — | ||||||||||||
ESG Beta Dividend | 71,617,872 | — | 95,665,347 | — | ||||||||||||
Global Opportunities | 31,149,239 | — | 4,408,092 | — | ||||||||||||
Global Environmental Markets | 274,965,889 | — | 177,087,679 | — | ||||||||||||
Global Women's Leadership | 238,185,633 | — | 153,485,684 | — | ||||||||||||
EAFE ESG Leaders | 194,682,143 | — | 266,132,709 | — | ||||||||||||
Core Bond | 191,735,172 | 239,423,018 | 146,573,385 | 266,889,030 | ||||||||||||
High Yield | 212,152,228 | — | 232,382,739 | — | ||||||||||||
Balanced | 227,693,660 | 294,737,776 |
1 | Excluding short-term investments and U.S. Government bonds. |
For federal income tax purposes, the identified cost of investments owned at December 31, 2018 as well as the gross unrealized appreciation (depreciation) of investments and resulting net unrealized appreciation (depreciation) as of December 31, 2018 were as follows for the Funds:
Fund | Identified cost of | Gross | Gross | Net unrealized | ||||||||||||
Large Cap | $ | 538,218,004 | $ | 107,779,308 | $ | 51,372,871 | $ | 56,406,437 | ||||||||
Mid Cap | 101,325,033 | 14,456,121 | 10,705,163 | 3,750,958 | ||||||||||||
Small Cap | 485,928,936 | 31,900,441 | 63,197,783 | (31,297,342 | ) | |||||||||||
ESG Beta Quality | 130,731,920 | 68,008,725 | 4,371,411 | 63,637,314 | ||||||||||||
ESG Beta Dividend | 97,822,828 | 22,540,127 | 3,018,491 | 19,521,636 | ||||||||||||
Global Opportunities | 27,045,933 | 337,437 | 2,418,809 | (2,081,372 | ) | |||||||||||
Global Environmental Markets | 570,993,554 | 68,027,547 | 52,434,472 | 15,593,075 | ||||||||||||
Global Women's Leadership | 245,359,149 | 17,720,210 | 22,058,672 | (4,338,462 | ) | |||||||||||
EAFE ESG Leaders | 525,774,478 | 47,942,474 | 63,007,018 | (15,064,544 | ) | |||||||||||
Core Bond | 693,405,895 | 2,092,906 | 11,697,297 | (9,604,391 | ) | |||||||||||
High Yield | 377,311,105 | 713,103 | 25,169,946 | (24,456,843 | ) | |||||||||||
Balanced | 1,715,450,320 | 12,839,960 | 39,780,332 | (26,940,372 | ) |
156 |
December 31, 2018 |
|
At December 31, 2018 the Beta Quality Fund, Global Opportunities Fund, Global Environmental Markets Fund, Global Women’s Leadership Fund and EAFE ESG Leaders Fund had unrealized foreign currency gains (losses) of $(274); $48; $(4,898); $(525); and $(20,172), respectively.
Netting Agreements During the ordinary course of business, the Funds may enter into transactions subject to enforceable netting agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows a Fund to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreement. Generally, a Fund manages its cash collateral and securities collateral on a counterparty basis. As of December 31, 2018, there is no collateral held at the counterparty that would be offset by a master netting agreement that the Funds have with the counterparty. The Funds did not hold any derivative instruments as of December 31, 2018.
Affiliated Investments The term “affiliated company” includes other investment companies that are managed by a Fund’s Adviser. At December 31, 2018, the Balanced Fund held the following investments in affiliated Funds:
Fund | Shares | Gross | Gross | Shares | ||||||||||||
Balanced | ||||||||||||||||
Core Bond | 69,273,277 | 1,841,030 | 1,560,874 | 69,553,433 | ||||||||||||
EAFE ESG Leaders | 26,348,540 | 442,506 | 10,502,018 | 16,289,028 | ||||||||||||
ESG Beta Dividend | 12,965,138 | 406,183 | 2,607,560 | 10,763,761 | ||||||||||||
Global Environmental Markets | — | 1,107,513 | — | 1,107,513 | ||||||||||||
Global Opportunities | — | 2,500,000 | — | 2,500,000 | ||||||||||||
Large Cap | 67,837,134 | 15,274,925 | 9,409,772 | 73,702,287 | ||||||||||||
Mid Cap | 12,404,360 | 969,050 | 1,822,427 | 11,550,983 |
Fund | Value at | Dividend | Realized | Net change | Value at | |||||||||||||||
Balanced | ||||||||||||||||||||
Core Bond | $ | 695,503,701 | $ | 18,085,626 | $ | (735,830 | ) | $ | (17,495,098 | ) | $ | 680,232,578 | ||||||||
EAFE ESG Leaders | 242,143,087 | 3,764,313 | 2,502,090 | (26,355,070 | ) | 127,054,421 | ||||||||||||||
ESG Beta Dividend | 149,099,086 | 2,995,936 | 4,862,979 | (12,216,309 | ) | 114,741,693 | ||||||||||||||
Global Environmental Markets | — | 121,201 | 436,307 | (2,761,129 | ) | 14,796,378 | ||||||||||||||
Global Opportunities | — | — | — | (2,050,000 | ) | 22,950,000 | ||||||||||||||
Large Cap | 717,038,507 | 5,786,974 | 120,866,140 | (150,547,372 | ) | 588,144,250 | ||||||||||||||
Mid Cap | 138,184,566 | 883,038 | 8,342,970 | (24,953,357 | ) | 102,457,216 | ||||||||||||||
Total | $ | 1,941,968,947 | $ | 31,637,088 | $ | 136,274,656 | $ | (236,378,335 | ) | $ | 1,650,376,536 |
1 | Includes realized capital gain distributions from an affiliated fund, if any. |
157 |
December 31, 2018 |
Notes to Financial Statements, continued |
The Funds are permitted to purchase and sell securities (“cross-trade”) from and to other Funds within the Trusts or other accounts managed by the Advisers pursuant to “Cross-Trading” Procedures adopted by the Trusts’ Boards of Trustees. These procedures have been designed to ensure that any cross-trade of securities by the respective Fund from or to another Fund or account that is or could be considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each cross-trade is effected at the current market price to save costs where allowed. Pursuant to these procedures, for the period ended December 31, 2018, the Global Women’s Leadership Fund, the EAFE ESG Leaders Fund and High Yield Bond Fund engaged in cross-trades. The Global Women’s Leadership Fund, the EAFE ESG Leaders Fund and High Yield Bond Fund had total purchases of $2,336,939, $4,527,290 and $401,281, respectively, and total sales of $4,527,290, $2,336,939 and $0, respectively. The Global Women’s Leadership Fund and EAFE ESG Leaders Fund had net losses of $31,897 and $68,982, respectively.
Restricted and Illiquid Securities The Funds may purchase certain restricted securities and limited amounts of illiquid securities. The Funds may invest in securities exempt from registration under Rule 144A of the Securities Act of 1933 (“the Act”) which are restricted from sale to the public and may only be sold to a qualified institutional buyer. The Funds do not have the right to demand that such securities be registered. The value of such securities is determined by valuations supplied by a pricing service or, if not available, in good faith by or at the direction of the Boards of Trustees. At December 31, 2018, the Core Bond Fund held $60,241,662 or 8.78% of net assets and the High Yield Bond Fund held $196,517,281 or 55.06% of net assets in securities exempt from registration under Rule 144A of the Act.
At December 31, 2018, the Core Bond Fund held $4,244,553 of illiquid securities representing 0.62% of net assets and High Yield Bond Fund held $3,495,790 of illiquid securities, representing 0.98% of net assets. The Fund will classify as “illiquid” all securities that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Illiquid investments may include restricted securities, repurchase agreements that mature in more than seven days or that have a notice or demand feature more than seven days, certain over-the-counter option contracts and participation interests in loans. Because illiquid securities trade less frequently and in smaller volume than liquid securities, the Fund may experience difficulty in closing out positions at prevailing market prices.
158 |
December 31, 2018 |
|
Security | Acquisition Date Range | Cost | Market Value | |||||||||
Core Bond | ||||||||||||
CINI Investment Note, 2.000%, 10/31/20 | 11/01/17 - 11/01/17 | $ | 276,251 | $ | 276,251 | |||||||
Community Credit Union of Lynn, 2.200%, 11/29/22 | 11/14/17 - 11/14/17 | 250,000 | 238,965 | |||||||||
Mastr Asset Backed Securities Trust 2007-NCW, 144A, 2.915%, 05/25/37 | 07/06/17 - 07/06/17 | 1,559,131 | 1,564,021 | |||||||||
Self-Help Federal Credit Union, 1.700%, 04/13/20 | 04/06/18 - 04/06/18 | 250,000 | 246,543 | |||||||||
Tesla Energy Operations, Inc., 4.700%, 05/29/25 | 05/26/15 - 05/26/15 | 1,985,073 | 1,918,773 | |||||||||
High Yield Bond | ||||||||||||
Charlotte Russe, Inc. | 02/02/18 - 02/02/18 | 145,950 | 78 | |||||||||
Charlotte Russe, Inc., 8.500%, 02/05/23 | 02/02/18 - 02/02/18 | 2,979,048 | 972,747 | |||||||||
HNA Echotech Panorama Cayman Co. Ltd., 144A, 8.000%, 04/15/21 | 03/20/14 - 03/27/14 | 1,602,645 | 1,522,965 | |||||||||
Interactive Health, Inc. | 03/19/04 - 10/01/13 | 178,981 | 0 | |||||||||
Interactive Health, Inc., 0.000% | 03/19/04 - 10/01/13 | 357,962 | 0 | |||||||||
Beneficial State Bank, 1.000%, 01/21/19 | 01/21/18 - 01/21/18 | 200,000 | 200,000 | |||||||||
Self Help Credit Union, 1.300%, 01/04/19 | 01/04/18 - 01/04/18 | 100,000 | 100,000 | |||||||||
Shared Interest, Inc., 2.400%, 09/30/21 | 09/30/18 - 09/30/18 | 500,000 | 500,000 | |||||||||
Urban Partnership Bank, 0.600%, 08/03/19 | 08/03/18 - 08/03/18 | 200,000 | 200,000 |
NOTE D—Tax Information
The timing and characterization of certain income and capital gains distributions are determined annually in accordance with federal tax regulations, which may differ from GAAP. In addition to permanent differences previously noted, temporary differences may arise from recognition of certain items of income, expense, gain or loss in different periods for financial reporting and tax purposes. Such differences will reverse at some time in the future. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. For tax purposes, short-term capital gains are considered ordinary income.
159 |
December 31, 2018 |
Notes to Financial Statements, continued |
The tax character of distributions paid during 2018 and 2017 was as follows:
Distributions paid in 2018 | Distributions paid in 2017 | |||||||||||||||
Fund | Ordinary | Long-term | Ordinary | Long-term | ||||||||||||
Large Cap | $ | 16,966,833 | $ | 104,510,698 | $ | 21,849,160 | $ | 65,005,043 | ||||||||
Mid Cap | 1,659,326 | 7,010,712 | 4,492,596 | 6,433,169 | ||||||||||||
Small Cap | 8,176,966 | 54,916,227 | 11,603,515 | 3,622,260 | ||||||||||||
ESG Beta Quality | 3,479,497 | 11,115,488 | 2,492,693 | 6,932,351 | ||||||||||||
ESG Beta Dividend | 3,008,950 | 1,465,867 | 3,194,252 | 229,692 | ||||||||||||
Global Opportunities | — | — | N/A | N/A | ||||||||||||
Global Environmental Markets | 12,646,378 | 11,954,841 | 3,464,879 | 15,876,884 | ||||||||||||
Global Women's Leadership | 7,662,777 | 3,581,821 | 3,688,140 | 741,672 | ||||||||||||
EAFE ESG Leaders | 15,419,557 | — | 15,553,251 | — | ||||||||||||
Core Bond | 18,085,574 | — | 15,895,087 | 1,027,617 | ||||||||||||
High Yield Bond | 19,943,186 | — | 21,862,777 | — | ||||||||||||
Balanced | 43,557,388 | 6,340,197 | 35,128,127 | 167,868,523 |
As of December 31, 2018, the components of distributable earnings on a tax basis are as follows:
Fund | Undistributed | Undistributed | Other | Net Unrealized | ||||||||||||
Large Cap | $ | 13,969 | $ | 1,596,831 | $ | (206,865 | ) | $ | 56,406,437 | |||||||
Mid Cap | 41,495 | 605,170 | — | 3,750,958 | ||||||||||||
Small Cap | — | — | (5,245,905 | ) | (31,297,342 | ) | ||||||||||
ESG Beta Quality | 136,147 | 316,008 | — | 63,637,040 | ||||||||||||
ESG Beta Dividend | — | 78,207 | — | 19,521,636 | ||||||||||||
Global Opportunities | — | — | (122,285 | ) | (2,081,324 | ) | ||||||||||
Global Environmental Markets | — | — | (12,300,742 | ) | 15,588,177 | |||||||||||
Global Women's Leadership | — | 4,823,747 | (1,495,598 | ) | (4,338,987 | ) | ||||||||||
EAFE ESG Leaders | 236,603 | — | (22,573,920 | ) | (15,084,716 | ) | ||||||||||
Core Bond | 3,186 | — | (10,044,447 | ) | (9,604,391 | ) | ||||||||||
High Yield | — | — | (61,571,298 | ) | (24,456,843 | ) | ||||||||||
Balanced | 19,530,336 | 112,271,008 | — | (26,940,372 | ) |
The Small Cap Fund, Global Opportunities Fund and Global Environmental Markets Fund elected to defer $1,258, $889 and $62,457, respectively, of ordinary losses recognized November 1, 2018 through December 31, 2018 for the Funds' fiscal year ending December 31, 2018; and the Large Cap Fund, Small Cap Fund, Global Environmental Markets Fund and Global Women's Leadership Fund elected to defer $206,865, $5,244,647, $12,238,285 and $1,495,598, respectively, of capital losses recognized between November 1, 2018 and December 31, 2018 for the Funds' fiscal year ending December 31, 2018. These losses are treated for federal income tax purposes as if they had occurred on January 1, 2019.
160 |
December 31, 2018 |
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As of December 31, 2018, for federal income tax purposes, the following Funds had capital loss carryforwards available to offset future gains, if any, to the extent provided by the Treasury regulations:
No Expiration | ||||||||
Fund | Short-term | Long-term | ||||||
Global Opportunities | $ | 121,396 | $ | — | ||||
EAFE ESG Leaders | 1,901,110 | 20,672,810 | ||||||
Core Bond | 4,791,845 | 5,252,602 | ||||||
High Yield Bond | 27,846,631 | 33,519,466 |
For financial reporting purposes, the capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Reclassifications are primarily due to tax treatment of gain (loss) on foreign currency transactions, tax treatment related to REITs and PFICs.
For the year ended December 31, 2018, the Funds recorded the following reclassifications:
Fund | Undistributed | Accumulated Net | Paid in Capital | |||||||||
Large Cap | $ | (115,866 | ) | $ | 115,866 | $ | — | |||||
Mid Cap | (184,473 | ) | 184,473 | — | ||||||||
Small Cap | (847,280 | ) | 867,676 | (20,396 | ) | |||||||
ESG Beta Quality | (77,976 | ) | 77,976 | — | ||||||||
ESG Beta Dividend | (96,834 | ) | 96,834 | — | ||||||||
Global Opportunities | (2,449 | ) | 15,761 | (13,312 | ) | |||||||
Global Environmental Markets | (261,443 | ) | 331,651 | (70,208 | ) | |||||||
Global Women's Leadership | (9,533 | ) | 9,533 | — | ||||||||
EAFE ESG Leaders | 19,233 | (19,233 | ) | — | ||||||||
Core Bond | 944,317 | (944,317 | ) | — |
Uncertain Tax Positions Management has analyzed the Funds’ tax positions taken for all open tax years which remain subject to examination by the Funds’ major tax jurisdictions (years 2015 through 2018). The Funds recognize interest and penalties, if any, related to tax liabilities as income tax expense in the Statement of Operations. Management has concluded that, as of and during the year ended December 31, 2018, no provision for federal income tax is necessary and, therefore, the Funds did not have a liability for any unrecognized tax expenses.
161 |
December 31, 2018 |
Notes to Financial Statements, continued |
NOTE E—RECENT ACCOUNTING PRONOUNCEMENTS
In August 2018, the Securities and Exchange Commission (SEC) released its Final Rule on Disclosure Update and Simplification (the “Final Rule”) which is intended to simplify an issuer’s disclosure compliance efforts by removing redundant or outdated disclosure requirements without significantly altering the mix of information provided to investors. Effective with the current reporting period, the Funds adopted the Final Rule with the impacts being that the Funds are no longer required to present the components of distributable earnings on the Statement of Assets and Liabilities or the sources of distributions to shareholders and the amount of undistributed net investment income on the Statements of Changes in Net Assets.
In August 2018, FASB issued Accounting Standards Update No. 2018-13 (“ASU 2018-13”), “Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement,” which amends the fair value measurement disclosure requirements of ASC Topic 820 (“ASU 820”), “Fair Value Measurement.” ASU 2018-13 includes new, eliminated, and modified disclosure requirements for ASC 820. In addition, ASU 2018-13 clarifies that materiality is an appropriate consideration when evaluating disclosure requirements. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019, including interim periods therein. Early adoption is permitted and the Funds have adopted ASU 2018-13 with changes incorporated in this report.
In October 2016, the Commission issued Final Rule Release No. 33-10233, Investment Company Liquidity Risk Management Programs. This final rule requires funds to establish a liquidity risk management program and enhances disclosures regarding funds’ liquidity. The Funds adopted some of the requirements by December 1, 2018; other requirements have been extended to June 1, 2019. Management is currently assessing the remaining requirements and the impact of this rule to the Funds’ financial statements and other filings.
162 |
December 31, 2018 |
Report of Independent Registered Public Accounting Firm |
To the Boards of Trustees and Shareholders of Pax World Funds Series Trust I and Pax World Funds Series Trust III:
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of Pax World Funds Series Trust I (“Trust I”) (comprising Pax Balanced Fund, Pax ESG Beta Quality Fund, Pax Small Cap Fund, Pax High Yield Bond Fund, Pax Global Environmental Markets Fund, Pax MSCI EAFE ESG Leaders Index Fund, Pax Mid Cap Fund, Pax Core Bond Fund, Pax Large Cap Fund, Pax Global Opportunities Fund, Pax ESG Beta Dividend Fund (collectively, with Pax Ellevate Global Women’s Leadership Fund, the “Funds”), and Pax World Funds Series Trust III (“Trust III” and collectively with Trust I, the “Trusts”) (comprising Pax Ellevate Global Women’s Leadership Fund (formerly: Pax Ellevate Global Women’s Index Fund)), including the schedules of investments, as of December 31, 2018, and the related statements of operations for the year then ended, the statements of changes in net assets and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds at December 31, 2018, the results of their operations for the year then ended, the changes in their net assets and their financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.
Funds comprising Trust I | Statement of | Statements of | Financial highlights |
Pax Balanced Fund Pax ESG Beta Quality Fund Pax Small Cap Fund Pax High Yield Bond Fund Pax Global Environmental Markets Fund Pax MSCI EAFE ESG Leaders Index Fund | For the year ended December 31, 2018 | For each of the two years in the period ended December 31, 2018 | For each of the five years in the period ended December 31, 2018 |
Pax Mid Cap Fund | For the year ended December 31, 2018 | For each of the two years in the period ended December 31, 2018 | For the years ended December 31, 2018 and December 31, 2017 and the period from March 31, 2016 (commencement of operations) through December 31, 2016 |
Pax Large Cap Fund Pax ESG Beta Dividend Fund Pax Core Bond Fund | For the year ended December 31, 2018 | For each of the two years in the period ended December 31, 2018 | For the years ended December 31, 2018 and December 31, 2017 and the period from December 16, 2016 (commencement of operations) through December 31, 2016 |
Pax Global Opportunities Fund | For the period from June 27, 2018 (commencement of operations) through December 31, 2018 |
163 |
December 31, 2018 |
Report of Independent Registered Public Accounting Firm, continued |
Funds comprising Trust III | Statement of | Statements of | Financial highlights |
Pax Ellevate Global Women’s Leadership Fund (formerly: Pax Ellevate Global Women’s Index Fund) | For the year ended December 31, 2018 | For each of the two years in the period ended December 31, 2018 | For each of the five years in the period ended December 31, 2018 |
Basis for Opinion
These financial statements are the responsibility of the Trusts’ management. Our responsibility is to express an opinion on each of the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trusts in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trusts are not required to have, nor were we engaged to perform, an audit of the Trusts’ internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trusts’ internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2018, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of the Pax World Funds Series Trust I and Pax World Funds Series Trust III since 2003.
Boston, Massachusetts
February 19, 2019
164 |
December 31, 2018 |
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Proxy Voting (Unaudited)
You may obtain a description of the Funds’ policies and procedures that the Funds use to determine how to vote proxies relating to their portfolio securities, without charge, upon request by contacting the Funds at 800.767.1729 or on the SEC’s website at www.sec.gov.
The information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by telephoning Pax (toll-free) at 800.767.1729 or visiting Pax’s website at www.paxworld.com and will be available without charge by visiting the SEC’s website at www.sec.gov.
Quarterly Portfolio Holdings Disclosure (Unaudited)
Each Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Each Fund’s Form N-Qs are available on the SEC website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 800.SEC.0330. Information contained in each Fund’s Form N-Qs may also be obtained by visiting Pax’s website at www.paxworld.com or telephoning Pax (toll- free) at 800.767.1729.
The Statement of Additional Information includes additional information about the trustees and is available upon request without charge by calling 800.767.1729 between the hours of 9:00 a.m. and 5:30 p.m. Eastern time or by visiting our website at www.paxworld.com.
165 |
December 31, 2018 |
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Board Considerations in Approving the New Subadvisory Agreement (Unaudited)
Review Process. The 1940 Act, requires that both the full Board of Trustees (the “Trustees”) of Trust I and a majority of the Trustees who are not “interested persons” (as defined in Section 2(a)(19) of the 1940 Act) of Trust I (the “Independent Trustees”), voting separately, approve any new subadvisory agreement, or any amendment thereof, for any series of Trust I.
The 1940 Act also requires that the Trustees of Trust I request and evaluate, and that each of Impax Asset Management LLC (“IAM” or the “Adviser”) and Aperio Group, LLC (“Aperio” or the “Subadviser”) furnish, such information as may reasonably be necessary for the Trustees of Trust I to evaluate the terms of the new subadvisory agreement (the “New Subadvisory Agreement”) by and between IAM and Aperio, the investment subadviser to Pax ESG Beta Quality Fund and Pax ESG Beta Dividend Fund (each a “Fund” and collectively, the “Beta Funds”).
At a meeting held on September 12-13, 2018, the Trustees, including a majority of the Independent Trustees, approved the New Subadvisory Agreement. The Trustees took such action after discussion among themselves and with representatives of the Adviser of the information provided to them by the Adviser relating to the acquisition by Aperio Holdings, LLC, a subsidiary of Golden Gate Capital Opportunity Fund, L.P. and Golden Gate Capital Opportunity Fund - A, L.P. (each a private fund advised by Golden Gate Capital, a private equity firm), of a majority of the outstanding equity interests in Aperio (the “Transaction”).
The Independent Trustees were assisted in their evaluation of the New Subadvisory Agreement by independent legal counsel, from whom they received assistance and advice, including a review of the legal standards applicable to the consideration of subadvisory arrangements, and with whom they met separately from management. The Independent Trustees requested information and discussed with the Adviser information that was provided.
The Trustees considered that the Transaction is structured as a purchase by Golden Gate Capital of a majority of the outstanding equity interests in Aperio. The Trustees, including the Independent Trustees, considered that the Transaction may be deemed to be an “assignment” of the then-current subadvisory agreement (the “Existing Agreement”), resulting in the automatic termination of such agreement under the 1940 Act upon the closing of the Transaction. The Trustees considered that the New Subadvisory Agreement would permit the Subadviser to continue to provide the same services to the Beta Funds that it was then providing, on the same
166 |
December 31, 2018 |
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terms, following the Transaction. The Trustees further considered the Adviser’s representation that the Transaction was not expected to have a material effect on the management of the Beta Funds.
The Trustees, including the Independent Trustees, considered the Transaction’s potential impact on the day-to-day operations, personnel, organizational structure, capitalization and financial and other resources of Aperio. The Trustees also considered Golden Gate Capital’s fund structure, investor base, culture, and expectation that there would be no disruption to Aperio’s day-to-day operations.
The Trustees, including the Independent Trustees, considered that the Transaction was not expected to cause any reduction in the nature, extent or quality of services now provided to the Beta Funds or to have any adverse effect on the Subadviser’s ability to fulfill its obligations to the Beta Funds under the New Subadvisory Agreement. The Trustees concluded that providing for the continued management of the Beta Funds by the Subadviser following the Transaction would benefit the Beta Funds.
The Trustees, including the Independent Trustees, also considered their deliberations and conclusions in connection with their recent approval of the Existing Agreement, including with respect to (i) the nature, extent and quality of the Subadviser’s services; (ii) the investment performance of the Beta Funds; (iii) the sub-advisory fees paid by IAM to the Subadviser relative to each Fund’s Broadridge peer group; (iv) the direct and indirect benefits to the Subadviser from its relationship with the Beta Funds, including reputational and other “fall out” benefits; and (v) the extent to which the Subadviser may realize economies of scale or other efficiencies in managing and supporting the Beta Funds. The Trustees of Trust I did not consider the profitability of the New Subadvisory Agreement to the Subadviser because the structure of the agreement is such that any profits to the Subadviser reduce the profitability of the Adviser, and the fees payable under the New Subadvisory Agreement were the product of arm’s-length bargaining between the Subadviser and the Adviser. The Trustees noted that they had approved the continuation of the Existing Agreement for the Beta Funds at their June 13-14, 2018 meeting, after evaluating materials provided in connection with the contract review process at their March and June 2018 meetings.
Conclusions. Based on the foregoing and other relevant considerations, the Trustees, including a majority of the Independent Trustees, voted to approve the New Subadvisory Agreement. Based on their evaluation of factors that they deemed to be material, including those factors described above, the Trustees, including the Independent Trustees, unanimously concluded that approval of the New Subadvisory Agreement would be in the best interests of shareholders of each Fund.
167 |
December 31, 2018 |
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Management of the Funds (Unaudited)
Interested Trustees and Officers
Name and Age | Position(s) Held With the | Principal Occupation(s) During Past | Number of |
Joseph Keefe (65) | Trust I: Trustee, Chief Executive Officer
Trust III: Trustee, Chief Executive Officer | Chief Executive Officer (2005-2018) and President (2006-present) of IAM; Chief Executive Officer of PEM (2014-present); Trustee, President and Chief Executive Officer of Pax World Funds Trust II (2008-2014); member of the Board of Impax Asset Management Ltd. and Impax Asset Management (AIFM) Ltd. (2018 - present); member of the Boards of Directors of Americans for Campaign Reform (2003-2014), Women Thrive Alliance (2009-2018) and New Hampshire Public Radio (2017 - present); Co-Chair of the Leadership Group of the Women's Empowerment Principles (2014-present). | 12 |
Lindsey Brace Martinez | Trust I: Trustee | Founder and Principal, Starpoint Advisors, LLC (2015-present); Director, Impax Asset Management Group plc (2015-present); Managing Director, Head of Global Client Service and Relations, Cambridge Associates (2009-2015); Chair of the Board of Directors, Novatus Energy, LLC (2016-present); Board Member, Yale Center for Business and Environment (2014-present); Investment Sub-Committee Member, National Geographic Society (2015-present); Member, Advisory Council, Quebec Labrador Foundation (2012-present). | 11 |
Sallie Krawcheck | Trust III: Trustee | Chair of PEM (2014-present); Chief Executive Officer of Ellevest (2016-present); Owner, Ellevate Network (2013-present); Director, 2U (2014-present); Director, Motif Investing (2012-2014); President, Bank of America Wealth Management (2009-2011); Chief Executive Officer, Citi Wealth Management (2007-2008); Chief Financial Officer, Citi (2005-2007); Chief Executive Officer, Smith Barney (2002-2005); Chief Executive Officer, Sanford C. Bernstein & Co. (2001-2002). | 1 |
168 |
December 31, 2018 |
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Interested Trustees and Officers, continued
Name and Age | Position(s) Held With the | Principal Occupation(s) During Past | Number of |
John Boese | Trust I: Chief Compliance Officer
Trust III: Chief Compliance Officer | Chief Compliance Officer of IAM (2006-present) and of PEM (2014-present); Chief Compliance Officer of Pax World Funds Trust II (2008-2014). | N/A |
Maureen Conley (56) | Trust I: Secretary
Trust III: Secretary | Senior Vice President of Shareholder Services/Operations for IAM (2005-present); Secretary of Pax World Funds Trust II (2008-2014). | N/A |
Alicia K. DuBois (59) | Trust I: Treasurer
Trust III: Treasurer | Chief Financial Officer for IAM (2006-present) and for PEM (2014-present); Treasurer for Pax World Funds Trust II (2008-2014). | N/A |
Robert Silva (52) | Trust I: Assistant Treasurer (Since 2015)
Trust III: Assistant Treasurer (Since 2015) | Director of Fund Administration for IAM (2014-present) and for PEM (2014-present); Senior Vice President, Fund Accounting and Fund Administration, Huntington Asset Services, Inc. (September 2010 to August 2014); Treasurer and Chief Financial Officer, Unified Series Trust (June 2011 to August 2014); Treasurer and Chief Financial Officer, Capitol Series Trust (September 2013 to August 2014); Treasurer, The Huntington Funds Trust (November 2010 to November 2013); Treasurer, Huntington Strategy Shares (November 2010 to November 2013); Treasurer and Chief Financial Officer, Dreman Contrarian Funds (March 2011 to February 2013); Treasurer, Valued Advisers Trust (February 2013 to December 2013). | N/A |
169 |
December 31, 2018 |
|
Disinterested Trustees
Name and Age | Position(s) Held With the | Principal Occupation(s) During Past | Number of |
Adrian P. Anderson | Trust I: Trustee
Trust III: Trustee | Tax Accountant at Shwiff, Levy & Polo, LLP (2018-present); Trustee of Pax World Funds Trust II (2008-2014); Chief Executive Officer and Consultant of North Point Advisors, LLC (2004-present). | 12 |
Anne M. Goggin (69)2 | Trust I: Trustee
Trust III: Trustee | Trustee of RS Investment Trust and RS Variable Products Trust (2006-2016) and Chair (November 2007–September 2012); attorney; Retired, Chief Counsel, Metropolitan Life Insurance Company, an insurance company; Member, Governing Council of the Independent Directors Council. | 12 |
Cynthia Hargadon | Trust I: Trustee
Trust III: Trustee | Trustee of Pax World Funds Trust II (2008-2014); Senior Consultant and Partner of North Point Advisors, LLC (2010-present). | 12 |
D'Anne Hurd (68)2 | Trust I: Trustee
Trust III: Trustee | Board Advisor, National Association of Corporate Directors, and private investor (2011–present); Chair of the Board, Monzite Corporation (2013–present); member of the Board of Directors, Audit (Chair) and Compensation Committees, Peckham Industries, Inc. (2013–present); member of the Board of Directors, Audit and Compensation Committees, Hiperos, LLC (2011–2014); member of the Board of Directors, Governance (Chair), Audit and Compensation Committees, Micronetics, Inc. (2006–2012); Business Advisory Board member, Myomo, Inc. (2012 –present). | 12 |
John L. Liechty (64)3 | Trust I: Chairman of the Board of Trustees (since 2014); Trustee (since 2009)
Trust III: Chairman of the Board of Trustees (since 2014); Trustee (since 2013) | Trustee of Pax World Funds Trust II (2009-2014); Principal, Integrated Investment Solutions (2009-present); Principal, Integrated Financial Planning Solutions, LLC (2010-present); President and CEO, Praxis Mutual Funds (1997-2008). | 12 |
170 |
December 31, 2018 |
|
Disinterested Trustees, continued
Name and Age | Position(s) Held With the | Principal Occupation(s) During Past | Number of |
Nancy S. Taylor (63)3 | Trust I: Trustee
Trust III: Trustee | Trustee of Pax World Funds Trust II (2008-2014); Senior Minister & CEO, Old South Church in Boston (2005-present); Advisory Board, Yale Divinity School (2010-present); Advisory Board, Idaho Human Rights Education Center (2009-present); Board of Managers, Old South Meeting House (2005-present); Trustee Emeritus, Benjamin Franklin Institute of Technology. | 12 |
1 | A Trustee of the Funds holds office until a successor is chosen and qualified. An Officer of the Funds is appointed by the respective Board of Trustees and holds office until a successor is chosen and qualified. |
2 | Designates a member of the Audit Committee. The Audit Committee has the responsibility of overseeing the establishment and maintenance of an effective financial control environment, for overseeing the procedures for evaluating the system of internal accounting control and for evaluating audit performance. The committee met three times in 2018. |
3 | Designates a member of the Governance and Compliance Committee. The Governance and Compliance Committee is responsible for considering and recommending Board candidates, reviewing and recommending Board compensation, and overseeing regulatory and fiduciary compliance matters. The committee met three times in 2018. |
171 |
December 31, 2018 |
|
Federal Tax Information (Unaudited)
The percentages of ordinary income distributed by each of the Funds that is Qualified Dividend Income (QDI) and that qualifies for corporate Dividends Received Deduction (DRD) are as follows:
| QDI% | DRD% |
Large Cap | 100.00% | 100.00% |
Mid Cap | 100.00% | 100.00% |
Small Cap | 100.00% | 100.00% |
ESG Beta Quality | 100.00% | 100.00% |
ESG Beta Dividend | 100.00% | 100.00% |
Global Opportunities | 100.00% | 0.00% |
Global Environmental Markets | 100.00% | 56.43% |
Global Women's Leadership | 100.00% | 55.24% |
EAFE ESG Leaders | 100.00% | 0.00% |
Core Bond | 0.45% | 0.00% |
High Yield Bond | 0.38% | 0.38% |
Balanced | 98.24% | 0.00% |
For the fiscal year ended December 31, 2018 the EAFE ESG Leaders Fund earned foreign source income totaling $22,133,354 and paid $1,887,460 foreign taxes which it intends to pass through to its shareholders.
172 |
December 31, 2018 |
Account Options and Services |
At Pax World, we are pleased to offer a variety of account options and shareholder services to help meet your investment needs.
Types of Accounts | Services |
Regular Accounts: Individual, business and trust accounts are available for all Pax World Funds.
Traditional IRA Contributions to an IRA may be tax-deductible. Taxes are paid only when funds are withdrawn, when investors may be in a lower tax bracket.
Roth IRA Contributions to a Roth IRA are not deductible, but after five years some types of withdrawals are tax-free.
SIMPLE IRA This is an easy-to maintain retirement plan designed for small businesses.
SEP IRA This is an employer funded retirement plan popular with small businesses and self-employed persons.
Education Savings Account & Uniform Gift to Minors Account (UGMA) These plans provide excellent ways to save for a child’s education. | Automatic Investment Plan You may arrange to have a fixed amount automatically deducted from your checking or savings account and invested in your Pax World account on a monthly or quarterly basis. Automatic investment plans do not assure a profit and do not protect against loss in declining markets.
Online Account Access Utilizing a unique ID number and PIN, you can access your Pax World account balances or histories; purchase or redeem fund shares; or make exchanges between different Pax World Funds.
www.paxworld.com Learn all about Pax World Funds through our web site. You can check Fund performance, read about our portfolio managers, viewConnection—our quarterly newsletter, and see how we voted on various proxies for the companies in our portfolios. |
Please note that the information contained herein does not constitute tax advice. Always consult your tax advisor before making any tax-related investment decisions.
This annual report is intended for shareholders of the Pax World Funds only, and is not authorized for distribution to other persons unless accompanied or preceded by a prospectus. Please consider the Funds’ investment objectives, risks and charges and expenses carefully before investing. The Funds’ prospectus contains this and other information about the Funds and may be obtained by calling 800.767.1729, emailing info@paxworld.com or visiting www.paxworld.com.
Distributor: ALPS Distributors, Inc. member of FINRA 2/19.
173 |
Item 2. Code of Ethics.
As of December 31, 2018, the Registrant has adopted a “code of ethics,” as such term is defined in paragraph (b) of this Item 2, that applies to all officers of the Registrant, including Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or by a third party. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
Item 3. Audit Committee Financial Expert.
The Registrant’s Board of Trustees has determined that Adrian Anderson, who serves on the Board’s Audit Committee, qualifies as “audit committee financial expert” as such term is defined in paragraph (b) of this Item 3. The Board also has determined that Mr. Anderson is “independent,” as such term is interpreted by subparagraph (a)(2) of this Item 3. The Securities and Exchange Commission has stated that the designation of a person as an audit committee financial expert pursuant to this Item 3 of the Form N-CSR does not impose on such a person any duties, obligations or liability that are greater than the duties, obligations or liability imposed on such person as a member of the Audit Committee and the Board of Trustees in the absence of such designation or identification.
Item 4. Principal Accountant Fees and Services.
(a)Audit Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements were $325,000 and $303,200 for the fiscal years ended December 31, 2018 and 2017, respectively.
(b)Audit-Related Fees. The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the Registrant’s financial statements and are not reported under paragraph (a) of this Item were $0 and $0 for the fiscal years ended December 31, 2018 and 2017, respectively.
(c)Tax Fees. The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning were $137,492 and $137,863 for the fiscal years ended December 31, 2018 and 2017, respectively. Fees disclosed under this category are for professional services related to review and execution of federal, state and excise tax returns and advice concerning tax compliance and planning.
(d)All Other Fees. The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item, are $13,200 and $3,750 for the fiscal years ended December 31, 2018 and 2017, respectively.
(e) (1) To the extent required by applicable regulations, the Audit Committee approves in advance all audit and non-audit services rendered to the Registrant by the independent registered public accounting firm and all non-audit services to the Registrant’s investment adviser and any entity controlling, controlled by or under common control with the Registrant’s investment adviser that provide ongoing services to the Registrant, if the engagement relates directly to the operations and financial reporting of the Registrant.
(2) With respect to the services described in paragraphs (b) through (d) of this Item, no amount was approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X and no amount was required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.
(f) Not applicable.
(g) The aggregate non-audit fees billed by the Registrant’s accountant for services rendered to the Registrant, or to the Registrant’s investment adviser, or to any entity controlling, controlled by or under common control with the adviser that provides ongoing services to the Registrant totaled $0 and $0, for the fiscal years ended December 31, 2018 and 2017, respectively.
(h) Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Schedule of Investments.
A complete series of schedules of investments is included as part of the report to shareholders filed under Item 1.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees that have been implemented since the Registrant last provided disclosure in response to the requirements of this Item.
Item 11. Controls and Procedures.
(a) It is the conclusion of the Registrant’s principal executive officer and principal financial officer (or persons performing similar functions), based on an evaluation of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) (the “Disclosure Controls”) as of a date within 90 days of the filing date of this report on Form N-CSR, that the design and operation of the Disclosure Controls are effective to reasonably ensure that information required to be disclosed by the Registrant in this report on Form N-CSR has been recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission.
(b) There has been no change in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) that occurred during the second fiscal quarter of the period covered by this report on Form N-CSR that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Companies
Not applicable.
Item 13. Exhibits.
(a) | (1) | The registrant’s code of ethics pursuant to Item 2 of Form N-CSR is filed with the registrant’s annual Form N-CSR. | |
(2) | Certifications of the principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are attached. | ||
(3) | Written solicitation to repurchase securities issued by closed-end companies: not applicable. |
(b) | Certification of the principal executive officer and principal financial officer of the Registrant required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | Pax World Funds Series Trust I | ||
By (Signature and Title) | /s/ Joseph F. Keefe | ||
Joseph F. Keefe, President | |||
Date | February 14, 2019 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. |
By (Signature and Title) | /s/ Joseph F. Keefe | ||
Joseph F. Keefe, President (Principal Executive Officer) | |||
Date | February 14, 2019 | ||
By (Signature and Title) | /s/ Alicia K. DuBois | ||
Alicia K. DuBois, Treasurer (Principal Financial Officer) | |||
Date | February 14, 2019 |