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Pax Core Bond Fund Company Examples

At Pax World, we fully integrate environmental, social and governance (ESG) factors into investment analysis and portfolio construction. Here are a few Pax Core Bond Fund fixed income securities that we believe are promoting positive community or environmental outcomes:

Apple, Inc. Green Bonds

Apple’s green bonds support the company’s ongoing work to lower greenhouse gas emissions, drive renewable energy investment and conserve natural resources. The company believes that “Leadership from the business community is essential to address the threat of climate change and protect our shared planet.”1

Envest Microfinance

Envest Microfinance supports microfinance entrepreneurs in developing countries, such as Nicaragua, Kyrgyzstan, Peru, and Tajikistan. The organization targets the world’s economically marginalized populations by lending primarily to small microfinance institutions with assets under $20 million. Loans made by Envest range from $100,000 to $500,000.

North American Development Bank (NADB)

The NADB was created by the governments of the United States and Mexico in a joint effort to preserve and enhance environmental conditions and the quality of life of people living along the U.S.-Mexico border. NADB offers direct financing in the form of loans and grants to public and private entities for the implementation of their projects. Th e projects must remedy an environmental and/or human health problem.

Pax Core Bond Fund Top Ten Holdings
(As of 09/30/2017)
 Portfolio %
United States Treasury Note, 1.875%, 4/30/22 5.40
United States Treasury Note, 2.375%, 08/15/24 5.30
United States Treasury Note, 2.375%, 5/15/27 3.50
United States Treasury Note, 3.000%, 5/15/47 3.50
United States Treasury Note, 2.125%, 11/30/23 2.20
United States Treasury Note, 1.375%, 1/15/20 1.70
United States Treasury Note, 4.500%, 02/15/36 1.70
United States Treasury Note, 2.125%, 09/30/21 1.50
United States Treasury Note, 2.125%, 3/31/24 1.50
United States Treasury Note, 0.375%, 7/15/27 1.20

Holdings are subject to change.

1Valerie Volcovici, “Apple issues $1 billion green bond after Trump’s Paris climate exit,” Reuters, June 13, 2017.