Schedule of Investments (Unaudited), March 31, 2025

Impax Large Cap Fund

See Notes to Schedule of Investments

Quarterly Schedule of Investments

1

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common Stocks 98.7%

Communication Services 7.4%

Alphabet, Inc., A

............

408,212

$

63,125,903

Walt Disney Co. (The)

........

271,624

26,809,289

89,935,192

Consumer Discretionary 9.2%

a

Amazon.com, Inc.

...........

118,833

22,609,166

a

Aptiv plc

..................

335,518

19,963,321

eBay, Inc.

.................

571,497

38,707,492

Starbucks Corp.

............

178,907

17,548,988

a

Ulta Beauty, Inc.

............

38,500

14,111,790

112,940,757

Consumer Staples 5.9%

Colgate-Palmolive Co.

.......

207,886

19,478,918

McCormick & Co., Inc.

.......

288,315

23,731,208

Procter & Gamble Co. (The)

...

172,850

29,457,097

72,667,223

Financials 15.3%

Citizens Financial Group, Inc.

..

459,184

18,812,768

CME Group, Inc.

............

99,119

26,295,280

JPMorgan Chase & Co.

.......

116,976

28,694,213

KeyCorp

..................

809,725

12,947,503

Progressive Corp. (The)

......

68,975

19,520,615

RenaissanceRe Holdings Ltd.

..

83,966

20,151,840

b

Visa, Inc., A

................

96,222

33,721,962

Voya Financial, Inc.

..........

397,757

26,952,014

187,096,195

Health Care 13.9%

Agilent Technologies, Inc.

.....

205,225

24,007,220

a

Avantor, Inc.

...............

1,183,061

19,177,419

a

Boston Scientific Corp.

.......

160,332

16,174,292

CVS Health Corp.

...........

366,125

24,804,969

Danaher Corp.

.............

91,454

18,748,070

Eli Lilly & Co.

..............

27,127

22,404,461

Gilead Sciences, Inc.

........

155,724

17,448,874

Merck & Co., Inc.

...........

308,062

27,651,645

170,416,950

Industrials 8.7%

Hubbell, Inc., B

.............

65,340

21,621,659

Stanley Black & Decker, Inc.

...

292,014

22,450,036

Trane Technologies plc

.......

61,381

20,680,487

a

Uber Technologies, Inc.

.......

196,050

14,284,203

Xylem, Inc.

................

224,357

26,801,687

105,838,072

c

Information Technology 29.3%

Apple, Inc.

................

170,014

37,765,210

Applied Materials, Inc.

........

118,237

17,158,553

Marvell Technology, Inc.

......

298,287

18,365,531

Microsoft Corp.

.............

250,056

93,868,522

NVIDIA Corp.

..............

801,916

86,911,656

Oracle Corp.

...............

215,546

30,135,486

a

Palo Alto Networks, Inc.

......

111,662

19,054,004

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common Stocks

(continued)

c

Information Technology

(continued)

a

ServiceNow, Inc.

............

27,791

$

22,125,527

a

Synopsys, Inc.

.............

41,868

17,955,092

TE Connectivity plc

..........

110,236

15,578,551

358,918,132

Materials 2.7%

International Paper Co.

.......

250,303

13,353,665

Linde plc

..................

41,603

19,372,021

32,725,686

Real Estate 4.7%

American Tower Corp., REIT

...

93,721

20,393,690

Prologis, Inc., REIT

..........

187,382

20,947,434

Ventas, Inc., REIT

...........

228,277

15,696,326

57,037,450

Utilities 1.6%

American Water Works Co., Inc.

135,570

19,999,286

Total Common Stocks

(Cost $893,462,051)

..............

1,207,574,943

Money Market 1.5%

d,e

JPMorgan Prime Money Market

Fund, 4.520%

............

18,821,714

18,821,714

(Cost $18,821,714)

a

Total Investments 100.2%

(Cost $912,283,765)

.............

$1,226,396,657

Other Assets, less Liabilities (0.2)%

(2,060,487)

Net Assets 100.0%

...............

$1,224,336,170

a

Non-income producing security.

b

Security or partial position of this security was on loan as of March 31,

2025. The total market value of securities on loan as of March 31, 2025

was $32,989,370.

c

Broad industry sectors used for financial reporting.

d

Rate shown represents annualized 7-day yield as of March 31, 2025.

e

Institutional Class shares.

REIT

Real Estate Investment Trust

Schedule of Investments (Unaudited), March 31, 2025

Impax Small Cap Fund

Quarterly Schedule of Investments

See Notes to Schedule of Investments

2

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common Stocks 99.6%

Communication Services 1.2%

a,b

TechTarget, Inc.

............

526,387

$

7,795,792

Consumer Discretionary 7.9%

Autoliv, Inc.

................

55,000

4,864,750

Columbia Sportswear Co.

.....

90,515

6,851,081

a

Modine Manufacturing Co.

....

60,000

4,605,000

a

Planet Fitness, Inc., A

........

139,271

13,454,971

a

Rivian Automotive, Inc., A

.....

450,000

5,602,500

a

Visteon Corp.

..............

57,500

4,463,150

Wyndham Hotels & Resorts, Inc.

120,000

10,861,200

50,702,652

Consumer Staples 9.4%

a

BJ's Wholesale Club Holdings,

Inc.

....................

119,955

13,686,865

a

Darling Ingredients, Inc.

......

218,294

6,819,505

a

Freshpet, Inc.

..............

70,000

5,821,900

a

Simply Good Foods Co. (The)

..

258,620

8,919,804

a

US Foods Holding Corp.

......

300,000

19,638,000

a

Vital Farms, Inc.

............

185,000

5,636,950

60,523,024

Financials 17.9%

Acadian Asset Management, Inc.

1,100,000

28,446,000

Cullen/Frost Bankers, Inc.

.....

115,000

14,398,000

Eastern Bankshares, Inc.

.....

815,540

13,374,856

Pinnacle Financial Partners, Inc.

70,000

7,422,800

RenaissanceRe Holdings Ltd.

..

27,500

6,600,000

Victory Capital Holdings, Inc., A

.

625,000

36,168,750

Voya Financial, Inc.

..........

140,000

9,486,400

115,896,806

Health Care 24.3%

a

Cytokinetics, Inc.

............

175,000

7,033,250

a

Enovis Corp.

...............

210,630

8,048,172

a

Health Catalyst, Inc.

.........

2,750,000

12,457,500

a

Inspire Medical Systems, Inc.

..

50,000

7,964,000

a

Ligand Pharmaceuticals, Inc.

...

280,208

29,461,069

a

Merit Medical Systems, Inc.

....

100,000

10,571,000

a

Merus NV

.................

180,000

7,576,200

a

Neurocrine Biosciences, Inc.

...

100,000

11,060,000

a

OmniAb, Inc.

...............

761,387

1,827,329

a

Pacira BioSciences, Inc.

......

540,027

13,419,671

a

Prestige Consumer Healthcare,

Inc.

....................

135,000

11,605,950

a

Roivant Sciences Ltd.

........

2,000,000

20,180,000

a

SI-BONE, Inc.

..............

766,761

10,757,657

a

Travere Therapeutics, Inc.

.....

300,000

5,376,000

157,337,798

Industrials 15.3%

b

Advanced Drainage Systems, Inc.

56,489

6,137,530

Arcosa, Inc.

...............

81,000

6,246,720

a

Array Technologies, Inc.

......

1,250,000

6,087,500

a

AZEK Co., Inc. (The), A

.......

171,099

8,365,030

a

Casella Waste Systems, Inc., A

.

60,000

6,690,600

a

Dycom Industries, Inc.

........

43,000

6,550,620

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common Stocks

(continued)

Industrials

(continued)

Enpro, Inc.

................

48,000

$

7,765,920

a

Gates Industrial Corp. plc

.....

317,713

5,849,096

a

Generac Holdings, Inc.

.......

100,000

12,665,000

Herc Holdings, Inc.

..........

35,000

4,699,450

a

Lyft, Inc., A

................

600,000

7,122,000

MSA Safety, Inc.

............

45,089

6,614,105

Quanex Building Products Corp.

337,750

6,278,773

WillScot Holdings Corp.

.......

275,000

7,645,000

98,717,344

Information Technology 11.2%

a

8x8, Inc.

..................

2,000,000

4,000,000

A10 Networks, Inc.

..........

360,000

5,882,400

a

Ciena Corp.

...............

149,914

9,059,303

a

Extreme Networks, Inc.

.......

955,178

12,637,005

a

Mitek Systems, Inc.

..........

850,000

7,012,500

a

NetScout Systems, Inc.

.......

580,000

12,185,800

a

Onto Innovation, Inc.

.........

74,057

8,986,076

a

Sprout Social, Inc., A

.........

188,724

4,150,041

a

Workiva, Inc., A

.............

113,586

8,622,313

72,535,438

Materials 4.8%

Element Solutions, Inc.

.......

591,946

13,383,899

Graphic Packaging Holding Co.

.

423,585

10,996,267

TriMas Corp.

...............

290,000

6,794,700

31,174,866

Real Estate 7.6%

Agree Realty Corp., REIT

.....

100,000

7,719,000

Healthcare Realty Trust, Inc., A,

REIT

...................

440,000

7,436,000

a

Howard Hughes Holdings, Inc.

.

235,000

17,408,800

Rayonier, Inc., REIT

.........

318,874

8,890,207

Terreno Realty Corp., REIT

....

120,000

7,586,400

49,040,407

Total Common Stocks

(Cost $604,630,383)

..............

643,724,127

Money Market 0.6%

c,d

JPMorgan Prime Money Market

Fund, 4.520%

............

3,750,638

3,750,638

(Cost $3,750,638)

a

Total Investments 100.2%

(Cost $608,381,021)

.............

$647,474,765

Other Assets, less Liabilities (0.2)%

(1,134,060)

Net Assets 100.0%

...............

$646,340,705

a

Non-income producing security.

Schedule of Investments (Unaudited)

Impax Small Cap Fund

(continued)

See Notes to Schedule of Investments

Quarterly Schedule of Investments

3

b

Security or partial position of this security was on loan as of March 31,

2025. The total market value of securities on loan as of March 31, 2025

was $484,664.

c

Rate shown represents annualized 7-day yield as of March 31, 2025.

d

Institutional Class shares.

REIT

Real Estate Investment Trust

Schedule of Investments (Unaudited), March 31, 2025

Impax US Sustainable Economy Fund

Quarterly Schedule of Investments

See Notes to Schedule of Investments

4

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common Stocks 99.0%

Communication Services 6.1%

Alphabet, Inc., A

............

43,929

$

6,793,180

Alphabet, Inc., C

............

21,073

3,292,235

Electronic Arts, Inc.

..........

12,059

1,742,767

Iridium Communications, Inc.

..

35,227

962,402

a

Liberty Media Corp-Liberty Live

Corp., A

.................

9,478

637,301

a

Netflix, Inc.

................

1,228

1,145,147

a

Spotify Technology SA

........

1,111

611,083

Walt Disney Co. (The)

........

38,516

3,801,529

a

ZoomInfo Technologies, Inc., A

.

66,701

667,010

19,652,654

Consumer Discretionary 5.5%

a

Aptiv plc

..................

13,906

827,407

Best Buy Co., Inc.

...........

14,856

1,093,550

BorgWarner, Inc.

............

22,543

645,857

a

Bright Horizons Family Solutions,

Inc.

....................

8,251

1,048,207

a

Deckers Outdoor Corp.

.......

6,128

685,172

Domino's Pizza, Inc.

.........

1,378

633,122

a

DoorDash, Inc., A

...........

8,890

1,624,825

eBay, Inc.

.................

19,334

1,309,492

a

Etsy, Inc.

..................

18,388

867,546

Hasbro, Inc.

...............

18,304

1,125,513

Home Depot, Inc. (The)

.......

5,228

1,916,010

Lear Corp.

................

8,159

719,787

Macy's, Inc.

................

86,074

1,081,089

McDonald's Corp.

...........

2,070

646,606

Murphy USA, Inc.

...........

1,981

930,693

Vail Resorts, Inc.

............

5,144

823,143

VF Corp.

..................

52,783

819,192

Williams-Sonoma, Inc.

.......

6,678

1,055,792

17,853,003

Consumer Staples 3.1%

Casey's General Stores, Inc.

...

7,401

3,212,330

General Mills, Inc.

...........

41,771

2,497,488

Ingredion, Inc.

..............

4,780

646,304

Kellanova

.................

36,471

3,008,493

McCormick & Co., Inc.

.......

7,923

652,142

10,016,757

Financials 15.5%

Allstate Corp. (The)

..........

4,194

868,452

Bank of America Corp.

.......

18,924

789,699

Bank of New York Mellon Corp.

(The)

...................

42,510

3,565,314

Citigroup, Inc.

..............

52,784

3,747,136

Discover Financial Services

...

3,951

674,436

Fifth Third Bancorp

..........

25,675

1,006,460

Hartford Insurance Group, Inc.

(The)

...................

37,326

4,618,346

Huntington Bancshares, Inc.

...

53,192

798,412

Invesco Ltd.

...............

77,334

1,173,157

JPMorgan Chase & Co.

.......

3,682

903,195

Mastercard, Inc., A

..........

12,146

6,657,465

MetLife, Inc.

...............

59,793

4,800,780

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common Stocks

(continued)

Financials

(continued)

Moody's Corp.

..............

1,377

$

641,255

a

PayPal Holdings, Inc.

........

13,960

910,890

PNC Financial Services Group,

Inc. (The)

................

5,763

1,012,962

Progressive Corp. (The)

......

21,307

6,030,094

Prudential Financial, Inc.

......

8,224

918,456

S&P Global, Inc.

............

2,251

1,143,733

Truist Financial Corp.

........

26,596

1,094,425

b

Visa, Inc., A

................

24,321

8,523,538

49,878,205

Health Care 13.5%

Amgen, Inc.

...............

7,573

2,359,368

Cencora, Inc.

..............

2,381

662,132

a

Centene Corp.

.............

15,754

956,425

a

Edwards Lifesciences Corp.

...

18,069

1,309,641

Elevance Health, Inc.

........

11,037

4,800,654

Eli Lilly & Co.

..............

7,865

6,495,782

GE HealthCare Technologies, Inc.

8,745

705,809

Gilead Sciences, Inc.

........

51,385

5,757,689

a

IDEXX Laboratories, Inc.

......

8,853

3,717,817

a

IQVIA Holdings, Inc.

.........

5,115

901,775

McKesson Corp.

............

1,846

1,242,340

Merck & Co., Inc.

...........

41,875

3,758,700

a

Mettler-Toledo International, Inc.

2,903

3,428,182

Regeneron Pharmaceuticals, Inc.

1,228

778,834

a

Vertex Pharmaceuticals, Inc.

...

2,180

1,056,908

a

Waters Corp.

..............

2,344

863,928

Zoetis, Inc., A

..............

28,069

4,621,561

43,417,545

Industrials 12.1%

Acuity, Inc.

................

3,658

963,334

Carrier Global Corp.

.........

39,987

2,535,176

Cummins, Inc.

..............

1,993

624,686

a

Dayforce, Inc.

..............

18,822

1,097,887

Emerson Electric Co.

........

39,045

4,280,894

Fortune Brands Innovations, Inc.

18,413

1,120,984

Illinois Tool Works, Inc.

.......

3,274

811,985

Johnson Controls International plc

7,856

629,344

Lennox International, Inc.

.....

8,670

4,862,396

nVent Electric plc

...........

34,005

1,782,542

Otis Worldwide Corp.

........

14,857

1,533,242

Pentair plc

................

8,491

742,793

Republic Services, Inc., A

.....

13,257

3,210,315

Rockwell Automation, Inc.

.....

4,941

1,276,656

Tetra Tech, Inc.

.............

24,600

719,550

Trane Technologies plc

.......

11,995

4,041,355

Union Pacific Corp.

..........

24,466

5,779,848

Valmont Industries, Inc.

.......

2,149

613,260

Veralto Corp.

...............

6,616

644,729

Verisk Analytics, Inc., A

.......

3,682

1,095,837

WW Grainger, Inc.

...........

758

748,775

39,115,588

c

Information Technology 32.8%

Accenture plc, A

............

5,909

1,843,844

Schedule of Investments (Unaudited)

Impax US Sustainable Economy Fund

(continued)

See Notes to Schedule of Investments

Quarterly Schedule of Investments

5

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common Stocks

(continued)

c

Information Technology

(continued)

a

Adobe, Inc.

................

2,267

$

869,462

a

Advanced Micro Devices, Inc.

..

7,672

788,221

Analog Devices, Inc.

.........

19,065

3,844,839

a

ANSYS, Inc.

...............

8,319

2,633,463

Apple, Inc.

................

96,550

21,446,651

Applied Materials, Inc.

........

22,362

3,245,173

a

Atlassian Corp., A

...........

5,540

1,175,643

a

Autodesk, Inc.

..............

12,646

3,310,723

Broadcom, Inc.

.............

34,618

5,796,092

a

Confluent, Inc., A

............

34,311

804,250

Hewlett Packard Enterprise Co.

.

46,175

712,480

a

HubSpot, Inc.

..............

5,413

3,092,393

Intel Corp.

.................

28,093

637,992

International Business Machines

Corp.

...................

12,455

3,097,060

Intuit, Inc.

.................

1,809

1,110,708

a

Keysight Technologies, Inc.

....

8,129

1,217,480

Microsoft Corp.

.............

47,277

17,747,313

NVIDIA Corp.

..............

162,683

17,631,584

QUALCOMM, Inc.

...........

11,442

1,757,606

Salesforce, Inc.

.............

8,029

2,154,662

a

ServiceNow, Inc.

............

4,027

3,206,056

Texas Instruments, Inc.

.......

32,301

5,804,490

a

Trimble, Inc.

...............

14,623

960,000

a

Workday, Inc., A

............

3,171

740,524

105,628,709

Materials 3.7%

Air Products and Chemicals, Inc.

11,110

3,276,561

Alcoa Corp.

................

38,761

1,182,211

Ecolab, Inc.

................

8,087

2,050,216

International Flavors &

Fragrances, Inc.

...........

20,912

1,622,980

Martin Marietta Materials, Inc.

..

2,102

1,005,029

PPG Industries, Inc.

.........

18,553

2,028,771

Sherwin-Williams Co. (The)

....

2,226

777,297

11,943,065

Real Estate 4.1%

Alexandria Real Estate Equities,

Inc., REIT

...............

22,093

2,043,823

American Tower Corp., REIT

...

4,501

979,418

a

CBRE Group, Inc., A

.........

4,937

645,661

Crown Castle, Inc., REIT

......

7,365

767,654

Prologis, Inc., REIT

..........

33,559

3,751,561

Rayonier, Inc., REIT

.........

35,422

987,565

SBA Communications Corp., A,

REIT

...................

3,478

765,195

Ventas, Inc., REIT

...........

32,837

2,257,872

Weyerhaeuser Co., REIT

.....

29,358

859,602

13,058,351

Utilities 2.6%

American Water Works Co., Inc.

35,155

5,186,066

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common Stocks

(continued)

Utilities

(continued)

Edison International

.........

55,668

$

3,279,958

8,466,024

Total Common Stocks

(Cost $227,312,062)

..............

319,029,901

Money Market 1.0%

d,e

JPMorgan Prime Money Market

Fund, 4.520%

............

3,099,395

3,099,395

(Cost $3,099,395)

a

Total Investments 100.0%

(Cost $230,411,457)

.............

$322,129,296

f

Other Assets, less Liabilities (0.0)%

(63,245)

Net Assets 100.0%

...............

$322,066,051

a

Non-income producing security.

b

Security or partial position of this security was on loan as of March 31,

2025. The total market value of securities on loan as of March 31, 2025

was $7,963,720.

c

Broad industry sectors used for financial reporting.

d

Rate shown represents annualized 7-day yield as of March 31, 2025.

e

Institutional Class shares.

f

Rounds to less than 0.05%.

REIT

Real Estate Investment Trust

Schedule of Investments (Unaudited), March 31, 2025

Impax Global Sustainable Infrastructure Fund

Quarterly Schedule of Investments

See Notes to Schedule of Investments

6

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common Stocks 98.6%

Communication Services 13.2%

Elisa OYJ

.................

70,369

$

3,430,137

KDDI Corp.

................

141,800

2,239,824

Koninklijke KPN NV

.........

568,779

2,409,154

Tele2 AB, B

................

179,925

2,426,315

Vodacom Group Ltd.

.........

282,735

1,942,239

12,447,669

Financials 2.5%

Hannover Rueck SE

.........

3,534

1,053,336

Legal & General Group plc

....

407,322

1,284,547

2,337,883

Health Care 3.5%

Chemed Corp.

.............

5,447

3,351,648

Industrials 24.1%

AECOM

..................

14,127

1,309,997

Canadian Pacific Kansas City Ltd.

31,954

2,242,476

a

Clean Harbors, Inc.

..........

11,871

2,339,774

Hubbell, Inc., B

.............

4,680

1,548,659

Otis Worldwide Corp.

........

14,094

1,454,501

Schneider Electric SE

........

5,611

1,295,274

Spirax Group plc

............

15,389

1,240,565

Trane Technologies plc

.......

3,153

1,062,309

Union Pacific Corp.

..........

6,000

1,417,440

Voltronic Power Technology Corp.

29,000

1,356,106

Waste Connections, Inc.

......

17,581

3,431,635

Waste Management, Inc.

......

17,532

4,058,833

22,757,569

Information Technology 5.3%

KLA Corp.

.................

3,409

2,317,438

Microsoft Corp.

.............

4,185

1,571,007

Nemetschek SE

............

9,159

1,067,720

4,956,165

Materials 3.4%

Linde plc

..................

4,619

2,150,791

Sika AG

..................

4,463

1,087,117

3,237,908

Real Estate 13.6%

American Tower Corp., REIT

...

15,351

3,340,377

Digital Realty Trust, Inc., REIT

..

12,413

1,778,659

Keppel DC REIT, REIT

.......

1,011,400

1,611,173

Prologis, Inc., REIT

..........

20,963

2,343,454

Welltower, Inc., REIT

.........

24,162

3,701,860

12,775,523

b

Utilities 33.0%

American Water Works Co., Inc.

19,586

2,889,327

a

Cia de Saneamento Basico do

Estado de Sao Paulo SABESP,

ADR

...................

94,812

1,693,342

Hydro One Ltd., Reg S

.......

49,339

1,659,090

Iberdrola SA

...............

180,682

2,917,668

National Grid plc

............

271,279

3,538,626

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common Stocks

(continued)

b

Utilities

(continued)

NextEra Energy, Inc.

.........

36,321

$

2,574,796

Northland Power, Inc.

........

206,995

2,829,361

a

Orsted A/S, Reg S

...........

33,251

1,452,108

Severn Trent plc

............

95,674

3,132,159

SSE plc

..................

139,020

2,863,586

United Utilities Group plc

......

147,202

1,920,688

Veolia Environnement SA

.....

105,150

3,616,300

31,087,051

Total Common Stocks

(Cost $84,433,442)

...............

92,951,416

Money Market 1.1%

c,d

JPMorgan Prime Money Market

Fund, 4.520%

............

1,019,641

1,019,641

(Cost $1,019,641)

a

Total Investments 99.7%

(Cost $85,453,083)

..............

$93,971,057

Other Assets, less Liabilities 0.3%

265,046

Net Assets 100.0%

...............

$94,236,103

a

Non-income producing security.

b

Broad industry sectors used for financial reporting.

c

Rate shown represents annualized 7-day yield as of March 31, 2025.

d

Institutional Class shares.

ADR

American Depositary Receipt

REIT

Real Estate Investment Trust

Schedule of Investments (Unaudited)

Impax Global Sustainable Infrastructure Fund

(continued)

See Notes to Schedule of Investments

Quarterly Schedule of Investments

7

Summary Of Investments

By Country

Country

Value

Percent of

Net Assets

Brazil

......................

$

1,693,342

1.8%

Canada

.....................

6,730,927

7.2%

Denmark

....................

1,452,108

1.6%

Finland

.....................

3,430,137

3.6%

France

.....................

3,616,300

3.8%

Germany

...................

2,121,056

2.2%

Japan

......................

2,239,824

2.4%

Netherlands

.................

2,409,154

2.5%

Singapore

...................

1,611,173

1.7%

South Africa

.................

1,942,239

2.1%

Spain

......................

2,917,668

3.1%

Sweden

....................

2,426,315

2.6%

Switzerland

..................

1,087,117

1.1%

Taiwan

.....................

1,356,106

1.4%

United Kingdom

..............

13,980,170

14.8%

United States

................

43,937,780

46.7%

Money Market

................

1,019,641

1.1%

Other assets and liabilities (net)

265,046

0.3%

Total

$94,236,103

100.0%

Schedule of Investments (Unaudited), March 31, 2025

Impax Global Opportunities Fund

Quarterly Schedule of Investments

See Notes to Schedule of Investments

8

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common Stocks 98.4%

Communication Services 1.4%

KDDI Corp.

................

109,800

$

1,734,363

Consumer Discretionary 2.4%

a

Aptiv plc

..................

22,642

1,347,199

eBay, Inc.

.................

23,013

1,558,670

2,905,869

Consumer Staples 4.1%

Jeronimo Martins SGPS SA

...

103,328

2,189,880

Kerry Group plc, A

...........

25,862

2,708,134

4,898,014

Financials 24.3%

Cullen/Frost Bankers, Inc.

.....

16,544

2,071,309

Hannover Rueck SE

.........

1,857

553,493

HDFC Bank Ltd., ADR

........

40,381

2,682,914

KBC Group NV

.............

27,187

2,477,920

London Stock Exchange Group

plc

.....................

23,404

3,476,132

Marsh & McLennan Cos., Inc.

..

18,071

4,409,866

Mastercard, Inc., A

..........

9,500

5,207,140

RenaissanceRe Holdings Ltd.

..

13,179

3,162,960

b

Visa, Inc., A

................

9,442

3,309,043

Voya Financial, Inc.

..........

29,198

1,978,457

29,329,234

Health Care 19.0%

Alcon AG

.................

43,683

4,144,862

a

Boston Scientific Corp.

.......

52,276

5,273,603

a

Cooper Cos., Inc. (The)

.......

8,092

682,560

Danaher Corp.

.............

11,701

2,398,705

Haleon plc

................

709,051

3,580,855

a

Intuitive Surgical, Inc.

........

4,961

2,457,035

Thermo Fisher Scientific, Inc.

..

7,684

3,823,558

Zoetis, Inc., A

..............

3,673

604,759

22,965,937

Industrials 13.2%

Ashtead Group plc

..........

47,151

2,549,302

Cintas Corp.

...............

14,175

2,913,388

Hubbell, Inc., B

.............

8,772

2,902,743

Schneider Electric SE

........

12,243

2,826,240

Wolters Kluwer NV

..........

11,730

1,826,318

Xylem, Inc.

................

24,257

2,897,741

15,915,732

c

Information Technology 26.0%

Analog Devices, Inc.

.........

16,114

3,249,710

Applied Materials, Inc.

........

16,309

2,366,762

a

Cadence Design Systems, Inc.

.

12,116

3,081,462

Keyence Corp.

.............

8,550

3,361,947

Marvell Technology, Inc.

......

22,503

1,385,510

Microsoft Corp.

.............

14,776

5,546,763

NVIDIA Corp.

..............

36,046

3,906,666

Oracle Corp.

...............

31,447

4,396,605

a

ServiceNow, Inc.

............

1,495

1,190,229

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common Stocks

(continued)

c

Information Technology

(continued)

TE Connectivity plc

..........

20,179

$

2,851,696

31,337,350

Materials 8.0%

DSM-Firmenich AG

..........

23,794

2,355,561

Linde plc

..................

10,257

4,776,070

Sika AG

..................

10,408

2,535,225

9,666,856

Total Common Stocks

(Cost $95,693,060)

...............

118,753,355

Money Market 0.7%

d,e

JPMorgan Prime Money Market

Fund, 4.520%

............

898,845

898,845

(Cost $898,845)

a

Total Investments 99.1%

(Cost $96,591,905)

..............

$119,652,200

Other Assets, less Liabilities 0.9%

1,066,356

Net Assets 100.0%

...............

$120,718,556

a

Non-income producing security.

b

Security or partial position of this security was on loan as of March 31,

2025. The total market value of securities on loan as of March 31, 2025

was $2,988,281.

c

Broad industry sectors used for financial reporting.

d

Rate shown represents annualized 7-day yield as of March 31, 2025.

e

Institutional Class shares.

ADR

American Depositary Receipt

Schedule of Investments (Unaudited)

Impax Global Opportunities Fund

(continued)

See Notes to Schedule of Investments

Quarterly Schedule of Investments

9

Summary Of Investments

By Country

Country

Value

Percent of

Net Assets

Belgium

....................

$

2,477,920

2.1%

Bermuda

....................

3,162,960

2.6%

Germany

...................

553,493

0.5%

India

......................

2,682,914

2.2%

Ireland

.....................

2,708,134

2.3%

Japan

......................

5,096,310

4.2%

Jersey

.....................

1,347,199

1.1%

Netherlands

.................

1,826,318

1.5%

Portugal

....................

2,189,880

1.8%

Switzerland

..................

7,742,483

6.4%

United Kingdom

..............

6,025,435

5.0%

United States

................

82,940,309

68.7%

Money Market

................

898,845

0.7%

Other assets and liabilities (net)

1,066,356

0.9%

Total

$120,718,556

100.0%

Schedule of Investments (Unaudited), March 31, 2025

Impax Global Environmental Markets Fund

Quarterly Schedule of Investments

See Notes to Schedule of Investments

10

a

a

Shares/

Principal

a

Value

a

Common Stocks 99.8%

CIRCULAR ECONOMY 10.2%

General Waste Management 6.6%

Republic Services, Inc., A

.......

187,459

$

45,395,071

Waste Management, Inc.

........

397,653

92,060,646

137,455,717

Resource Circularity & Efficiency 3.6%

Ashtead Group plc

............

637,616

34,473,839

eBay, Inc.

...................

613,924

41,581,073

76,054,912

CLEAN AND EFFICIENT TRANSPORT 8.4%

Advanced Road Vehicles & Devices 5.8%

Amphenol Corp., A

............

629,170

41,267,260

a

Aptiv plc

....................

477,247

28,396,197

TE Connectivity plc

............

368,796

52,118,251

121,781,708

Railways 2.6%

Union Pacific Corp.

............

230,780

54,519,467

NEW ENERGY 20.7%

Buildings Energy Efficiency 6.1%

A O Smith Corp.

..............

414,179

27,070,739

Carrier Global Corp.

...........

665,979

42,223,068

Sika AG

....................

151,441

36,888,645

Trane Technologies plc

.........

63,857

21,514,700

127,697,152

Industrial Energy Efficiency 9.4%

Air Liquide SA

................

475,120

90,246,773

Cognex Corp.

................

429,182

12,802,499

Delta Electronics, Inc.

..........

3,411,475

37,731,798

Keyence Corp.

...............

51,700

20,328,966

Spirax Group plc

..............

455,057

36,683,861

197,793,897

Smart & Efficient Grids 5.2%

Hubbell, Inc., B

...............

145,680

48,206,969

Schneider Electric SE

..........

261,256

60,309,745

108,516,714

SMART ENVIRONMENT 35.8%

Cloud Computing 8.4%

Microsoft Corp.

...............

310,399

116,520,680

NVIDIA Corp.

................

538,361

58,347,565

174,868,245

Efficient IT 17.1%

a

ANSYS, Inc.

.................

146,041

46,230,739

Applied Materials, Inc.

..........

294,658

42,760,769

a

Autodesk, Inc.

................

146,906

38,459,991

Marvell Technology, Inc.

........

537,288

33,080,822

MediaTek, Inc.

...............

1,222,000

52,668,754

a

Synopsys, Inc.

...............

115,229

49,415,957

Taiwan Semiconductor

Manufacturing Co. Ltd.

........

1,519,000

42,779,583

Texas Instruments, Inc.

.........

299,151

53,757,435

359,154,050

a

a

Shares/

Principal

a

Value

a

Common Stocks

(continued)

Environmental Testing & Monitoring 8.1%

Agilent Technologies, Inc.

.......

749,592

$

87,687,272

Veralto Corp.

.................

410,616

40,014,529

a

Waters Corp.

................

115,870

42,706,206

170,408,007

Finance & Investment 2.2%

RenaissanceRe Holdings Ltd.

....

188,726

45,294,240

SUSTAINABLE FOOD 9.1%

Food Safety & Packaging 2.4%

a

Mettler-Toledo International, Inc.

..

42,333

49,991,463

Sustainable Agriculture 4.7%

DSM-Firmenich AG

............

452,188

44,765,764

Kerry Group plc, A

.............

517,868

54,228,436

98,994,200

Technology & Logistics 2.0%

GEA Group AG

...............

711,758

43,267,009

WATER 15.6%

Water Distribution & Infrastructure 6.0%

Ferguson Enterprises, Inc.

......

203,171

32,243,386

IDEX Corp.

..................

238,606

43,180,528

Xylem, Inc.

..................

419,053

50,060,071

125,483,985

Water Treatment 6.7%

Linde plc

....................

219,929

102,407,740

Pentair plc

..................

425,888

37,256,682

139,664,422

Water Utilities 2.9%

Veolia Environnement SA

.......

1,783,184

61,326,946

Total Common Stocks

(Cost $1,634,250,330)

.............

2,092,272,134

—

a

a

a

a

Money Market Funds 0.4%

b,c

JPMorgan Prime Money Market

Fund, 4.520%

(Cost $9,055,632)

...........

9,055,632

9,055,632

a

Total Investments 100.2%

(Cost $1,643,305,962)

.............

$2,101,327,766

Other Assets, less Liabilities (0.2)%

(5,593,049)

Net Assets 100.0%

................

$2,095,734,717

a

Non-income producing security.

b

Rate shown represents annualized 7-day yield as of March 31, 2025.

c

Institutional Class shares.

Schedule of Investments (Unaudited)

Impax Global Environmental Markets Fund

(continued)

See Notes to Schedule of Investments

Quarterly Schedule of Investments

11

Summary Of Investments

By Country

Country

Value

Percent of

Net Assets

Bermuda

....................

$

45,294,240

2.2%

France

.....................

151,573,719

7.2%

Germany

...................

43,267,009

2.0%

Ireland

.....................

54,228,436

2.6%

Japan

......................

20,328,966

1.0%

Jersey

.....................

28,396,197

1.3%

Switzerland

..................

133,772,659

6.4%

Taiwan

.....................

133,180,135

6.3%

United Kingdom

..............

71,157,699

3.3%

United States

................

1,411,073,074

67.5%

Money Market

................

9,055,632

0.4%

Other assets and liabilities (net)

(5,593,049)

-0.2%

Total

$2,095,734,717

100.0%

Schedule of Investments (Unaudited), March 31, 2025

Impax Global Social Leaders Fund

Quarterly Schedule of Investments

See Notes to Schedule of Investments

12

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common Stocks 96.1%

Communication Services 1.7%

Vodacom Group Ltd.

.........

4,546

$

31,229

Consumer Discretionary 18.3%

Autoliv, Inc.

................

413

36,530

a

Bright Horizons Family Solutions,

Inc.

....................

293

37,223

a

Duolingo, Inc., A

............

75

23,291

eBay, Inc.

.................

1,380

93,467

Home Depot, Inc. (The)

.......

82

30,052

a

MercadoLibre, Inc.

..........

27

52,674

a

Mobileye Global, Inc., A

.......

1,039

14,956

a

On Holding AG, A

...........

498

21,872

Trip.com Group Ltd.

.........

600

38,140

348,205

Consumer Staples 4.7%

Colgate-Palmolive Co.

.......

332

31,108

Danone SA

................

768

58,741

89,849

Financials 21.8%

a

Adyen NV, Reg S

...........

27

41,385

AIA Group Ltd.

.............

4,300

32,550

Banco Bilbao Vizcaya Argentaria

SA

.....................

2,913

39,755

HDFC Bank Ltd., ADR

........

633

42,057

Legal & General Group plc

....

19,250

60,708

Mastercard, Inc., A

..........

140

76,737

Progressive Corp. (The)

......

158

44,716

Prudential plc

..............

3,504

37,812

Voya Financial, Inc.

..........

569

38,555

414,275

Health Care 15.9%

Agilent Technologies, Inc.

.....

273

31,935

Alcon AG

.................

580

55,033

a

Boston Scientific Corp.

.......

243

24,514

Haleon plc

................

7,269

36,710

a

Intuitive Surgical, Inc.

........

95

47,051

a

IQVIA Holdings, Inc.

.........

203

35,789

Novo Nordisk A/S, B

.........

406

27,762

Thermo Fisher Scientific, Inc.

..

88

43,789

302,583

Industrials 8.3%

Experian plc

...............

1,455

67,418

Recruit Holdings Co. Ltd.

.....

900

46,630

Wolters Kluwer NV

..........

284

44,218

158,266

Information Technology 18.0%

Halma plc

.................

2,233

74,921

Intuit, Inc.

.................

119

73,065

NVIDIA Corp.

..............

892

96,675

a

Palo Alto Networks, Inc.

......

254

43,342

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common Stocks

(continued)

Information Technology

(continued)

a

ServiceNow, Inc.

............

68

$

54,137

342,140

Real Estate 7.4%

American Tower Corp., REIT

...

191

41,562

a

Howard Hughes Holdings, Inc.

.

374

27,706

UNITE Group plc (The), REIT

..

3,005

31,623

Ventas, Inc., REIT

...........

577

39,674

140,565

Total Common Stocks

(Cost $1,642,342)

................

1,827,112

Preferred Stocks 1.6%

Health Care 1.6%

Sartorius AG, 0.690%

........

134

31,238

(Cost $31,474)

Total Long Term Investments

(Cost $1,673,816)

................

1,858,350

a

Money Market 3.7%

b,c

JPMorgan Prime Money Market

Fund, 4.520%

............

71,176

71,176

(Cost $71,176)

a

Total Investments 101.4%

(Cost $1,744,992)

...............

$1,929,526

Other Assets, less Liabilities (1.4)%

(27,397)

Net Assets 100.0%

...............

$1,902,129

a

Non-income producing security.

b

Rate shown represents annualized 7-day yield as of March 31, 2025.

c

Institutional Class shares.

ADR

American Depositary Receipt

REIT

Real Estate Investment Trust

Schedule of Investments (Unaudited)

Impax Global Social Leaders Fund

(continued)

See Notes to Schedule of Investments

Quarterly Schedule of Investments

13

Summary Of Investments

By Country

Country

Value

Percent of

Net Assets

Brazil

......................

$

52,673

2.8%

China

......................

38,140

2.0%

Denmark

....................

27,762

1.4%

France

.....................

58,741

3.1%

Germany

...................

31,238

1.6%

Hong Kong

..................

70,362

3.7%

India

......................

42,057

2.2%

Israel

......................

14,956

0.8%

Japan

......................

46,630

2.5%

Netherlands

.................

85,603

4.5%

South Africa

.................

31,229

1.7%

Spain

......................

39,755

2.1%

Sweden

....................

36,530

1.9%

Switzerland

..................

21,872

1.1%

United Kingdom

..............

167,252

8.8%

United States

................

1,093,550

57.5%

Money Market

................

71,176

3.7%

Other assets and liabilities (net)

(27,397)

-1.4%

Total

$1,902,129

100.0%

Schedule of Investments (Unaudited), March 31, 2025

Impax Ellevate Global Women’s Leadership Fund

Quarterly Schedule of Investments

See Notes to Schedule of Investments

14

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common Stocks 98.6%

Communication Services 8.3%

Alphabet, Inc., A

............

26,012

$

4,022,496

Alphabet, Inc., C

............

12,218

1,908,818

Auto Trader Group plc, Reg S

..

598,819

5,790,350

Deutsche Telekom AG

........

178,499

6,590,180

a

Netflix, Inc.

................

11,034

10,289,536

Omnicom Group, Inc.

........

69,881

5,793,834

Orange SA

................

219,609

2,844,847

a

Pinterest, Inc., A

............

72,840

2,258,040

Publicis Groupe SA

..........

70,027

6,606,954

Vodafone Group plc

.........

2,664,412

2,503,538

Walt Disney Co. (The)

........

80,988

7,993,516

56,602,109

Consumer Discretionary 12.9%

Accor SA

.................

50,984

2,325,140

a

Amazon.com, Inc.

...........

91,833

17,472,147

Best Buy Co., Inc.

...........

72,232

5,316,997

Cie Generale des Etablissements

Michelin SCA

.............

76,712

2,696,164

a

Deckers Outdoor Corp.

.......

34,379

3,843,916

eBay, Inc.

.................

51,166

3,465,473

Expedia Group, Inc.

.........

39,776

6,686,346

H & M Hennes & Mauritz AB, B

.

153,234

2,021,169

Hermes International SCA

.....

2,554

6,719,880

Kering SA

.................

31,230

6,497,098

a

Lululemon Athletica, Inc.

......

20,126

5,696,865

Marriott International, Inc., A

...

28,768

6,852,538

McDonald's Corp.

...........

12,395

3,871,826

Pearson plc

...............

139,019

2,199,206

Starbucks Corp.

............

77,427

7,594,814

a

Ulta Beauty, Inc.

............

13,357

4,895,875

88,155,454

Consumer Staples 6.6%

Coca-Cola Co. (The)

.........

132,448

9,485,926

General Mills, Inc.

...........

97,056

5,802,978

Kellanova

.................

65,517

5,404,497

L'Oreal SA

................

6,254

2,324,568

Pernod Ricard SA

...........

47,592

4,701,739

Procter & Gamble Co. (The)

...

63,084

10,750,775

Woolworths Group Ltd.

.......

367,605

6,825,449

45,295,932

Financials 19.9%

Admiral Group plc

...........

131,892

4,869,468

Allianz SE

.................

7,538

2,884,867

American Express Co.

.......

10,797

2,904,933

Aviva plc

..................

369,961

2,666,345

AXA SA

...................

63,790

2,725,477

Canadian Imperial Bank of

Commerce

...............

123,289

6,935,301

Citigroup, Inc.

..............

128,227

9,102,835

DNB Bank ASA

.............

255,618

6,725,996

Fifth Third Bancorp

..........

171,095

6,706,924

Hang Seng Bank Ltd.

........

497,300

6,772,630

JPMorgan Chase & Co.

.......

55,986

13,733,366

M&G plc

..................

2,610,952

6,725,683

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common Stocks

(continued)

Financials

(continued)

National Bank of Canada

.....

81,398

$

6,718,071

Progressive Corp. (The)

......

29,809

8,436,245

Royal Bank of Canada

.......

41,028

4,621,548

S&P Global, Inc.

............

5,657

2,874,322

Standard Chartered plc

.......

453,116

6,723,958

Sun Life Financial, Inc.

.......

121,050

6,927,958

UniCredit SpA

..............

57,980

3,254,542

b

Visa, Inc., A

................

28,273

9,908,555

Westpac Banking Corp.

.......

332,396

6,623,804

Willis Towers Watson plc

......

20,148

6,809,017

135,651,845

Health Care 13.7%

AstraZeneca plc

............

53,621

7,873,967

a

Biogen, Inc.

...............

35,846

4,905,167

Bristol-Myers Squibb Co.

......

131,431

8,015,977

Cardinal Health, Inc.

.........

50,254

6,923,493

Elevance Health, Inc.

........

17,633

7,669,650

Eli Lilly & Co.

..............

14,528

11,998,820

Gilead Sciences, Inc.

........

71,375

7,997,569

GSK plc

..................

131,896

2,520,560

a

Illumina, Inc.

...............

50,270

3,988,422

Johnson & Johnson

.........

65,018

10,782,585

Merck & Co., Inc.

...........

38,425

3,449,028

Novo Nordisk A/S, B

.........

54,678

3,738,791

Stryker Corp.

..............

5,984

2,227,544

a

Vertex Pharmaceuticals, Inc.

...

4,819

2,336,347

a

Waters Corp.

..............

5,950

2,192,991

Zoetis, Inc., A

..............

43,544

7,169,520

93,790,431

Industrials 8.0%

Booz Allen Hamilton Holding

Corp., A

.................

44,506

4,654,438

Cummins, Inc.

..............

21,490

6,735,826

Metso OYJ

................

628,487

6,516,298

Otis Worldwide Corp.

........

67,395

6,955,164

Schneider Electric SE

........

32,910

7,597,122

Stantec, Inc.

...............

81,635

6,766,563

Thomson Reuters Corp.

......

11,861

2,046,796

Veralto Corp.

...............

64,761

6,310,959

Wolters Kluwer NV

..........

42,854

6,672,209

54,255,375

c

Information Technology 25.2%

Accenture plc, A

............

27,481

8,575,171

a

ANSYS, Inc.

...............

6,527

2,066,187

Apple, Inc.

................

142,298

31,608,655

a

Autodesk, Inc.

..............

26,146

6,845,023

Broadcom, Inc.

.............

74,350

12,448,420

CDW Corp.

................

40,302

6,458,798

Cisco Systems, Inc.

.........

147,136

9,079,763

Halma plc

.................

204,712

6,868,417

a

HubSpot, Inc.

..............

11,325

6,469,859

Intuit, Inc.

.................

13,432

8,247,114

Microsoft Corp.

.............

74,504

27,968,057

NVIDIA Corp.

..............

279,785

30,323,098

Schedule of Investments (Unaudited)

Impax Ellevate Global Women’s Leadership Fund

(continued)

See Notes to Schedule of Investments

Quarterly Schedule of Investments

15

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common Stocks

(continued)

c

Information Technology

(continued)

Salesforce, Inc.

.............

16,946

$

4,547,629

a

ServiceNow, Inc.

............

2,458

1,956,912

Texas Instruments, Inc.

.......

11,714

2,105,006

a

Xero Ltd.

..................

68,059

6,652,327

172,220,436

Materials 1.5%

BlueScope Steel Ltd.

.........

143,498

1,922,004

Fortescue Ltd.

..............

667,177

6,457,625

Yara International ASA

.......

67,028

2,021,935

10,401,564

Utilities 2.5%

American Water Works Co., Inc.

47,785

7,049,243

Edison International

.........

118,608

6,988,383

National Grid plc

............

243,802

3,180,210

17,217,836

Total Common Stocks

(Cost $518,417,808)

..............

673,590,982

Money Market 1.5%

d,e

JPMorgan Prime Money Market

Fund, 4.520%

............

10,474,562

10,474,562

(Cost $10,474,562)

a

Total Investments 100.1%

(Cost $528,892,370)

.............

$684,065,544

Other Assets, less Liabilities (0.1)%

(963,895)

Net Assets 100.0%

...............

$683,101,649

a

Non-income producing security.

b

Security or partial position of this security was on loan as of March 31,

2025. The total market value of securities on loan as of March 31, 2025

was $8,938,785.

c

Broad industry sectors used for financial reporting.

d

Rate shown represents annualized 7-day yield as of March 31, 2025.

e

Institutional Class shares.

Schedule of Investments (Unaudited)

Impax Ellevate Global Women’s Leadership Fund

(continued)

Quarterly Schedule of Investments

See Notes to Schedule of Investments

16

Summary Of Investments

By Country

Country

Value

Percent of

Net Assets

Australia

....................

$

21,828,882

3.2%

Brazil

......................

2,021,935

0.3%

Canada

.....................

34,016,239

5.0%

Denmark

....................

3,738,791

0.5%

Finland

.....................

6,516,297

1.0%

France

.....................

37,441,866

5.4%

Germany

...................

9,475,048

1.4%

Hong Kong

..................

6,772,630

1.0%

Ireland

.....................

8,575,171

1.3%

Italy

.......................

3,254,542

0.5%

Netherlands

.................

6,672,209

1.0%

New Zealand

................

6,652,327

1.0%

Norway

.....................

6,725,996

1.0%

Sweden

....................

2,021,170

0.3%

United Kingdom

..............

49,401,141

7.3%

United States

................

468,476,738

68.4%

Money Market

................

10,474,562

1.5%

Other assets and liabilities (net)

(963,895)

-0.1%

Total

$683,101,649

100.0%

Schedule of Investments (Unaudited), March 31, 2025

Impax International Sustainable Economy Fund

See Notes to Schedule of Investments

Quarterly Schedule of Investments

17

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common Stocks 97.6%

Australia 5.5%

ANZ Group Holdings Ltd.

.......

724,720

$

13,268,952

Aristocrat Leisure Ltd.

..........

370,074

14,966,948

Coles Group Ltd.

..............

421,985

5,165,417

Goodman Group, REIT

.........

142,672

2,560,483

QBE Insurance Group Ltd.

......

1,302,084

17,991,105

REA Group Ltd.

...............

47,995

6,659,044

Suncorp Group Ltd.

............

307,102

3,719,520

Transurban Group

.............

857,438

7,221,931

71,553,400

Austria 0.6%

Mondi plc

...................

174,622

2,604,878

Verbund AG

.................

71,872

5,086,459

7,691,337

Belgium 0.7%

KBC Group NV

...............

98,093

8,940,546

China 0.7%

Prosus NV

..................

202,993

9,430,884

Denmark 2.5%

AP Moller - Maersk A/S, A

.......

1,500

2,569,514

AP Moller - Maersk A/S, B

.......

1,471

2,560,171

Novo Nordisk A/S, B

...........

283,987

19,418,559

a

Orsted A/S, Reg S

.............

99,514

4,345,888

ROCKWOOL A/S, B

...........

5,880

2,437,308

31,331,440

Finland 1.4%

Nokia OYJ

..................

3,552,569

18,710,656

France 8.8%

AXA SA

.....................

244,454

10,444,486

BNP Paribas SA

..............

297,555

24,869,457

Carrefour SA

.................

1,054,932

15,087,540

Credit Agricole SA

.............

944,207

17,191,225

Danone SA

..................

85,685

6,553,641

Dassault Systemes SE

.........

443,081

16,869,305

Hermes International SCA

.......

2,187

5,754,259

L'Oreal SA

..................

34,497

12,822,292

LVMH Moet Hennessy Louis Vuitton

SE

.......................

10,949

6,780,482

116,372,687

Germany 8.6%

Beiersdorf AG

................

34,050

4,398,713

Commerzbank AG

.............

632,658

14,478,368

Deutsche Boerse AG

...........

15,036

4,436,519

Heidelberg Materials AG

........

65,191

11,237,469

Henkel AG & Co. KGaA

.........

61,660

4,442,348

Infineon Technologies AG

.......

626,453

20,882,750

Knorr-Bremse AG

.............

149,443

13,600,044

Merck KGaA

.................

155,857

21,447,474

Muenchener Rueckversicherungs-

Gesellschaft AG

.............

30,615

19,340,138

114,263,823

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common Stocks

(continued)

Hong Kong 2.0%

AIA Group Ltd.

...............

2,416,600

$

18,293,356

Hong Kong Exchanges & Clearing

Ltd.

......................

63,800

2,838,093

MTR Corp. Ltd.

...............

1,405,999

4,606,279

25,737,728

Ireland 0.7%

Kingspan Group plc

...........

121,649

9,826,588

Israel 0.7%

a

Nice Ltd.

....................

60,250

9,300,188

Italy 3.1%

Enel SpA

...................

845,089

6,850,719

Generali

....................

611,804

21,492,122

Intesa Sanpaolo SpA

...........

1,675,363

8,634,268

Moncler SpA

.................

56,652

3,489,598

40,466,707

Japan 21.6%

Aeon Co. Ltd.

................

205,900

5,163,957

Daifuku Co. Ltd.

..............

186,400

4,581,994

Daiichi Sankyo Co. Ltd.

.........

417,700

9,947,059

Daiwa House Industry Co. Ltd.

...

93,200

3,082,548

FANUC Corp.

................

303,900

8,279,986

FUJIFILM Holdings Corp.

.......

209,600

4,015,721

Fujitsu Ltd.

..................

1,023,500

20,368,567

Hitachi Ltd.

..................

916,800

21,525,919

Hoya Corp.

..................

61,500

6,940,797

Isuzu Motors Ltd.

.............

618,400

8,408,754

Kao Corp.

...................

112,400

4,865,427

KDDI Corp.

..................

1,240,200

19,589,775

Mitsubishi Chemical Group Corp.

.

922,500

4,558,519

Mitsubishi Estate Co. Ltd.

.......

207,600

3,393,416

Mitsui Fudosan Co. Ltd.

........

546,800

4,896,636

Mizuho Financial Group, Inc.

.....

183,500

5,035,925

NEC Corp.

..................

752,000

16,018,145

Nomura Holdings, Inc.

..........

488,400

3,009,483

Nomura Research Institute Ltd.

...

124,000

4,036,492

Oriental Land Co. Ltd.

..........

335,300

6,612,360

ORIX Corp.

..................

562,000

11,733,945

Panasonic Holdings Corp.

.......

295,500

3,525,168

Recruit Holdings Co. Ltd.

.......

104,300

5,403,916

Renesas Electronics Corp.

......

196,200

2,631,562

Secom Co. Ltd.

...............

79,000

2,690,669

Sekisui Chemical Co. Ltd.

.......

249,400

4,253,724

Seven & i Holdings Co. Ltd.

......

354,700

5,136,378

SoftBank Corp.

...............

13,802,000

19,253,449

SoftBank Group Corp.

..........

254,800

13,032,999

Sompo Holdings, Inc.

..........

182,400

5,554,298

Sony Group Corp.

.............

264,500

6,692,645

Sumitomo Mitsui Financial Group,

Inc.

......................

192,300

4,944,920

Sumitomo Mitsui Trust Group, Inc.

.

213,500

5,374,069

Tokio Marine Holdings, Inc.

......

137,900

5,364,701

Tokyo Electron Ltd.

............

101,900

13,973,812

Yamaha Motor Co. Ltd.

.........

837,300

6,703,694

Schedule of Investments (Unaudited)

Impax International Sustainable Economy Fund

(continued)

Quarterly Schedule of Investments

See Notes to Schedule of Investments

18

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common Stocks

(continued)

Japan

(continued)

Yokogawa Electric Corp.

........

250,000

$

4,879,000

285,480,429

Netherlands 3.6%

ASML Holding NV

.............

34,983

23,150,831

ING Groep NV

...............

221,054

4,330,736

Koninklijke Ahold Delhaize NV

....

256,461

9,580,116

Universal Music Group NV

......

243,417

6,721,474

Wolters Kluwer NV

............

32,101

4,998,007

48,781,164

New Zealand 0.4%

a

Xero Ltd.

....................

50,943

4,979,349

Norway 0.6%

Norsk Hydro ASA

.............

599,692

3,466,816

Telenor ASA

.................

251,372

3,591,849

7,058,665

Portugal 0.2%

Jeronimo Martins SGPS SA

.....

131,795

2,793,195

Singapore 1.9%

CapitaLand Integrated Commercial

Trust, REIT

................

3,328,500

5,172,332

STMicroelectronics NV

.........

210,208

4,609,345

United Overseas Bank Ltd.

......

542,500

15,307,456

25,089,133

Spain 3.1%

ACS Actividades de Construccion y

Servicios SA

...............

215,140

12,313,172

Cellnex Telecom SA, Reg S

......

75,920

2,698,862

Iberdrola SA

.................

1,661,953

26,837,360

41,849,394

Sweden 3.5%

Alfa Laval AB

................

73,361

3,145,362

Assa Abloy AB, B

.............

239,914

7,202,522

Atlas Copco AB, A

.............

684,860

10,939,565

Atlas Copco AB, B

.............

498,810

7,014,327

Epiroc AB, B

.................

321,347

5,659,974

EQT AB

....................

84,952

2,590,446

Nibe Industrier AB, B

...........

741,838

2,821,585

a

Svenska Cellulosa AB SCA, B

....

211,385

2,789,054

Telia Co. AB

.................

1,662,822

6,003,284

48,166,119

Switzerland 5.6%

ABB Ltd.

....................

400,109

20,644,807

DSM-Firmenich AG

............

51,484

5,096,819

Kuehne + Nagel International AG

.

20,301

4,688,126

Lonza Group AG

..............

13,110

8,098,963

Sika AG

....................

34,865

8,492,565

Sonova Holding AG

............

46,911

13,697,095

Swisscom AG

................

9,703

5,591,370

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common Stocks

(continued)

Switzerland

(continued)

Zurich Insurance Group AG

......

12,172

$

8,496,155

74,805,900

United Kingdom 14.7%

3i Group plc

.................

173,002

8,134,662

AstraZeneca plc

..............

261,713

38,431,204

Auto Trader Group plc, Reg S

....

544,937

5,269,332

HSBC Holdings plc

............

2,852,924

32,342,130

Informa plc

..................

643,966

6,456,985

J Sainsbury plc

...............

1,637,389

4,990,899

Lloyds Banking Group plc

.......

25,411,835

23,834,185

National Grid plc

..............

1,137,552

14,838,490

Reckitt Benckiser Group plc

.....

142,835

9,658,578

RELX plc

...................

496,791

24,954,155

Sage Group plc (The)

..........

233,379

3,664,127

Spirax Group plc

..............

34,090

2,748,123

Tesco plc

...................

2,355,992

10,136,151

Unilever plc

..................

81,646

4,871,578

Vodafone Group plc

...........

4,581,492

4,304,867

194,635,466

United States 7.1%

CSL Ltd.

....................

71,200

11,206,114

a

James Hardie Industries plc, CDI

.

110,916

2,646,934

Novartis AG

.................

316,954

35,204,017

Schneider Electric SE

..........

111,109

25,649,001

Swiss Re AG

.................

120,332

20,477,964

95,184,030

Total Common Stocks

(Cost $1,063,442,962)

.............

1,292,448,828

Preferred Stocks 0.4%

Germany 0.4%

Sartorius AG, 0.690%

..........

21,015

4,899,020

(Cost $5,249,228)

Total Long Term Investments

(Cost $1,068,692,190)

.............

1,297,347,848

a

Money Market 1.7%

b,c

JPMorgan Prime Money Market

Fund, 4.520%

..............

22,890,039

22,890,039

(Cost $22,890,039)

a

Total Investments 99.7%

(Cost $1,091,582,229)

.............

$1,320,237,887

Other Assets, less Liabilities 0.3%

..

3,478,888

Net Assets 100.0%

................

$1,323,716,775

Schedule of Investments (Unaudited)

Impax International Sustainable Economy Fund

(continued)

See Notes to Schedule of Investments

Quarterly Schedule of Investments

19

a

Non-income producing security.

b

Rate shown represents annualized 7-day yield as of March 31, 2025.

c

Institutional Class shares.

REIT

Real Estate Investment Trust

Summary Of Investments By Sector

Sector

Value

Percent of

Net Assets

Communication Services

........

$

99,173,290

7.5%

Consumer Discretionary

........

72,364,792

5.4%

Consumer Staples

............

105,666,230

8.0%

Financials

...................

342,469,231

25.9%

Health Care

.................

169,290,301

12.8%

Industrials

...................

222,336,769

16.8%

Information Technology

.........

168,089,850

12.7%

Materials

....................

40,893,054

3.1%

Real Estate

..................

19,105,415

1.4%

Utilities

.....................

57,958,916

4.4%

Money Market

................

22,890,039

1.7%

Other assets and liabilities (net)

3,478,888

0.3%

Total

$1,323,716,775

100.0%

Schedule of Investments (Unaudited), March 31, 2025

Impax Core Bond Fund

Quarterly Schedule of Investments

See Notes to Schedule of Investments

20

a

a

Shares/

Principal

a

Value

a

a

a

a

BONDS: 99.0%

a

Community Investment Notes 0.0%

a

Financials 0.0%

b,c

CEI Investments LLC, 4.000%,

10/31/25

................

323,622

$

323,622

c

Envest Microfinance Cooperative,

b

4.000%, 10/24/25

.........

150,000

150,000

4.000%, 4/20/26

..........

250,000

246,405

720,027

Total Community Investment Notes

(Cost $723,622)

.................

720,027

Corporate Bonds 28.5%

Communication Services 3.0%

AT&T, Inc.,

5.400%, 2/15/34

..........

2,750,000

2,795,154

4.350%, 6/15/45

..........

3,250,000

2,696,774

4.750%, 5/15/46

..........

775,000

674,706

3.500%, 9/15/53

..........

1,000,000

682,417

d

Cogent Communications Group

LLC, 144A, 7.000%, 6/15/27

.

500,000

504,176

Comcast Corp.,

4.600%, 10/15/38

.........

2,750,000

2,533,787

5.350%, 5/15/53

..........

1,200,000

1,120,164

Sprint Capital Corp., 8.750%,

3/15/32

.................

2,500,000

3,007,979

T-Mobile USA, Inc., 4.375%,

4/15/40

.................

3,500,000

3,082,464

Verizon Communications, Inc.,

2.550%, 3/21/31

..........

2,000,000

1,762,907

4.812%, 3/15/39

..........

3,500,000

3,270,554

2.650%, 11/20/40

.........

600,000

421,626

3.400%, 3/22/41

..........

600,000

462,217

3.550%, 3/22/51

..........

500,000

357,254

Walt Disney Co. (The), 4.750%,

9/15/44

.................

3,000,000

2,725,141

26,097,320

Consumer Discretionary 1.0%

d

1011778 BC ULC / New Red

Finance, Inc., 144A, 6.125%,

6/15/29

.................

1,000,000

1,007,288

Amazon.com, Inc.,

2.875%, 5/12/41

..........

800,000

598,119

2.500%, 6/03/50

..........

1,000,000

605,438

American University (The), 2019,

3.672%, 4/01/49

...........

1,000,000

757,234

Aptiv Swiss Holdings Ltd.,

5.150%, 9/13/34

...........

800,000

756,795

Lowe's Cos., Inc.,

5.000%, 4/15/33

..........

2,250,000

2,241,730

2.800%, 9/15/41

..........

750,000

519,476

5.750%, 7/01/53

..........

750,000

736,080

Massachusetts Institute of

Technology, 3.067%, 4/01/52

.

700,000

479,589

a

a

Shares/

Principal

a

Value

a

a

a

a

Consumer Discretionary

(continued)

Toyota Motor Corp., 5.275%,

7/13/26

.................

500,000

$

505,687

8,207,436

Consumer Staples 1.3%

d,e

Albertsons Cos., Inc. / Safeway,

Inc. / New Albertsons LP /

Albertsons LLC, 144A, 6.250%,

3/15/33

.................

2,000,000

2,021,377

Church & Dwight Co., Inc.,

3.950%, 8/01/47

...........

1,500,000

1,175,098

Conagra Brands, Inc., 5.300%,

11/01/38

................

1,250,000

1,190,189

Haleon US Capital LLC, 3.625%,

3/24/32

.................

2,250,000

2,072,336

Kraft Heinz Foods Co., 5.000%,

6/04/42

.................

2,000,000

1,824,360

e

Kroger Co. (The), 5.500%,

9/15/54

.................

2,000,000

1,887,872

d

Post Holdings, Inc., 144A,

6.250%, 2/15/32

...........

1,000,000

1,007,119

11,178,351

Financials 9.9%

d

200 Park Funding Trust, 144A,

5.740%, 2/15/55

...........

1,000,000

993,115

ACE Capital Trust II, 9.700%,

4/01/30

.................

500,000

595,731

Aflac, Inc.,

1.125%, 3/15/26

..........

1,500,000

1,453,074

3.600%, 4/01/30

..........

1,000,000

961,091

d

Alliant Holdings Intermediate LLC

/ Alliant Holdings Co-Issuer,

144A, 7.000%, 1/15/31

......

1,000,000

1,003,858

Aon North America, Inc., 5.450%,

3/01/34

.................

2,000,000

2,037,143

Assured Guaranty US Holdings,

Inc.,

6.125%, 9/15/28

..........

750,000

786,242

3.150%, 6/15/31

..........

1,000,000

910,306

Bank of America Corp.,

2.572% to 10/19/31, FRN

thereafter, 10/20/32

........

3,750,000

3,236,625

5.872% to 9/14/33, FRN

thereafter, 9/15/34

.........

2,500,000

2,609,746

5.468% to 1/22/34, FRN

thereafter, 1/23/35

.........

1,500,000

1,522,465

Bank of Montreal, 4.64% to

9/09/29, FRN thereafter, 9/10/30

2,000,000

1,989,743

e

Bank of New York Mellon Corp.

(The), Junior Sub. Bond, 6.3%

to 3/19/30, FRN thereafter,

Perpetual

................

2,000,000

2,054,846

d

Block, Inc., 144A, 6.500%,

5/15/32

.................

1,000,000

1,011,331

BlueHub Loan Fund, Inc., 2020,

2.890%, 1/01/27

...........

1,000,000

960,108

Schedule of Investments (Unaudited)

Impax Core Bond Fund

(continued)

See Notes to Schedule of Investments

Quarterly Schedule of Investments

21

a

a

Shares/

Principal

a

Value

a

a

a

a

Financials

(continued)

Chubb INA Holdings LLC,

5.000%, 3/15/34

..........

1,500,000

$

1,502,275

4.350%, 11/03/45

.........

250,000

214,962

Citigroup, Inc., 2.572% to 6/02/30,

FRN thereafter, 6/03/31

.....

2,000,000

1,781,758

Citizens Financial Group, Inc.,

5.841% to 1/22/29, FRN

thereafter, 1/23/30

.........

1,000,000

1,027,441

5.253% to 3/04/30, FRN

thereafter, 3/05/31

.........

1,500,000

1,508,399

Corebridge Financial, Inc.,

5.750%, 1/15/34

...........

1,500,000

1,540,418

d

Corebridge Global Funding,

Secured Note, 144A, 4.900%,

1/07/28

.................

1,000,000

1,009,582

Fiserv, Inc., 5.150%, 8/12/34

...

2,850,000

2,828,433

Goldman Sachs Group, Inc. (The),

4.692% to 10/22/29, FRN

thereafter, 10/23/30

........

2,000,000

1,988,110

5.851% to 4/24/34, FRN

thereafter, 4/25/35

.........

2,500,000

2,584,634

d

HA Sustainable Infrastructure

Capital, Inc., 144A, 6.375%,

7/01/34

.................

1,000,000

989,046

d

HAT Holdings I LLC / HAT

Holdings II LLC, 144A, 8.000%,

6/15/27

.................

1,500,000

1,554,720

d

High Street Funding Trust III,

144A, 5.807%, 2/15/55

......

1,000,000

987,080

John Deere Capital Corp.,

2.000%, 6/17/31

...........

1,250,000

1,078,753

JPMorgan Chase & Co.,

2.947% to 2/23/27, FRN

thereafter, 2/24/28

.........

1,000,000

971,697

5.581% to 4/21/29, FRN

thereafter, 4/22/30

.........

1,000,000

1,031,645

4.603% to 10/21/29, FRN

thereafter, 10/22/30

........

500,000

496,821

5.336% to 1/22/34, FRN

thereafter, 1/23/35

.........

1,000,000

1,011,003

5.766% to 4/21/34, FRN

thereafter, 4/22/35

.........

2,500,000

2,599,437

5.294% to 7/21/34, FRN

thereafter, 7/22/35

.........

2,500,000

2,511,118

M&T Bank Corp., 7.413% to

10/29/28, FRN thereafter,

10/30/29

................

2,000,000

2,155,172

MetLife, Inc.,

4.875%, 11/13/43

.........

1,000,000

915,151

5.250%, 1/15/54

..........

1,000,000

950,428

Morgan Stanley,

5.652% to 4/12/27, FRN

thereafter, 4/13/28

.........

2,000,000

2,041,743

4.654% to 10/17/29, FRN

thereafter, 10/18/30

........

2,000,000

1,984,424

5.831% to 4/18/34, FRN

thereafter, 4/19/35

.........

3,250,000

3,369,494

a

a

Shares/

Principal

a

Value

a

a

a

a

Financials

(continued)

Morgan Stanley Bank NA, 4.968%

to 7/13/27, FRN thereafter,

7/14/28

.................

1,000,000

$

1,008,845

Nasdaq, Inc.,

5.350%, 6/28/28

..........

441,000

451,529

5.550%, 2/15/34

..........

871,000

893,696

NatWest Group plc, 4.964% to

8/14/29, FRN thereafter, 8/15/30

1,000,000

1,001,262

OneMain Finance Corp., 3.500%,

1/15/27

.................

1,000,000

959,078

PNC Financial Services Group,

Inc. (The), 4.812% to 10/20/31,

FRN thereafter, 10/21/32

....

1,600,000

1,583,256

Principal Financial Group, Inc.,

5.375%, 3/15/33

...........

2,000,000

2,035,850

Progressive Corp. (The), 3.200%,

3/26/30

.................

1,500,000

1,409,593

Prudential Financial, Inc., 5.800%,

11/16/41

................

1,000,000

982,968

d

Ryan Specialty LLC, 144A,

5.875%, 8/01/32

...........

1,000,000

988,553

Travelers Cos., Inc. (The),

5.450%, 5/25/53

...........

1,000,000

983,036

Truist Financial Corp., 5.122% to

1/25/33, FRN thereafter, 1/26/34

2,000,000

1,964,668

Unum Group, 6.000%, 6/15/54

.

1,000,000

1,003,675

Wells Fargo & Co.,

3.35% to 3/01/32, FRN

thereafter, 3/02/33

.........

2,250,000

2,019,413

5.499% to 1/22/34, FRN

thereafter, 1/23/35

.........

2,000,000

2,027,906

3.068% to 4/29/40, FRN

thereafter, 4/30/41

.........

2,750,000

2,051,027

d

WLB Asset VI Pte. Ltd., 144A,

7.250%, 12/21/27

..........

1,000,000

1,044,672

85,168,195

Health Care 2.6%

AbbVie, Inc.,

5.050%, 3/15/34

..........

1,000,000

1,007,439

4.250%, 11/21/49

.........

1,500,000

1,243,677

5.400%, 3/15/54

..........

500,000

491,451

Agilent Technologies, Inc.,

4.750%, 9/09/34

...........

2,000,000

1,939,498

Amgen, Inc.,

4.200%, 3/01/33

..........

500,000

474,170

6.400%, 2/01/39

..........

2,000,000

2,156,579

d

Avantor Funding, Inc., 144A,

4.625%, 7/15/28

...........

1,000,000

964,750

CVS Health Corp., 4.780%,

3/25/38

.................

1,000,000

897,732

Elevance Health, Inc.,

1.500%, 3/15/26

..........

500,000

486,178

2.250%, 5/15/30

..........

1,000,000

891,083

5.650%, 6/15/54

..........

1,000,000

965,301

Schedule of Investments (Unaudited)

Impax Core Bond Fund

(continued)

Quarterly Schedule of Investments

See Notes to Schedule of Investments

22

a

a

Shares/

Principal

a

Value

a

a

a

a

Health Care

(continued)

HCA, Inc.,

5.500%, (TW + 50.000%),

3/01/32

.................

1,500,000

$

1,515,092

7.500%, 11/06/33

.........

1,000,000

1,131,501

Kaiser Foundation Hospitals,

2021, 2.810%, 6/01/41

......

1,000,000

717,591

Laboratory Corp. of America

Holdings, 4.350%, 4/01/30

...

1,500,000

1,470,579

Merck & Co., Inc., 2.350%,

6/24/40

.................

1,000,000

701,107

Novant Health, Inc., 2.637%,

11/01/36

................

1,500,000

1,181,815

Seattle Children's Hospital, 2021,

1.208%, 10/01/27

..........

1,000,000

921,178

UnitedHealth Group, Inc.,

3.050%, 5/15/41

..........

1,500,000

1,105,278

5.500%, 7/15/44

..........

500,000

492,818

Zoetis, Inc.,

3.900%, 8/20/28

..........

1,000,000

982,412

5.600%, 11/16/32

.........

1,000,000

1,043,482

22,780,711

Industrials 2.7%

AGCO Corp., 5.450%, 3/21/27

.

2,000,000

2,025,785

American Museum of Natural

History (The), 2021, 3.121%,

7/15/52

.................

750,000

504,901

Burlington Northern Santa Fe

LLC, 5.500%, 3/15/55

......

1,000,000

997,289

California Endowment (The),

2021, 2.498%, 4/01/51

......

1,000,000

606,843

Capital Impact Partners, 4.800%,

3/15/26

.................

500,000

499,990

Carrier Global Corp., 3.377%,

4/05/40

.................

1,000,000

787,256

d

Clean Harbors, Inc., 144A,

6.375%, 2/01/31

...........

1,000,000

1,011,762

CNH Industrial Capital LLC,

4.750%, 3/21/28

...........

800,000

801,548

Cummins, Inc., 7.125%, 3/01/28

1,000,000

1,075,257

d

Esab Corp., 144A, 6.250%,

4/15/29

.................

1,000,000

1,015,844

d

Genesee & Wyoming, Inc., 144A,

6.250%, 4/15/32

...........

1,000,000

1,000,464

Local Initiatives Support Corp.,

1.000%, 11/15/25

..........

1,000,000

973,351

Nature Conservancy (The),

A, 1.861%, 7/01/33

........

266,000

207,182

A, 3.957%, 3/01/52

........

750,000

601,582

Norfolk Southern Corp.,

2.300%, 5/15/31

..........

1,500,000

1,311,121

5.350%, 8/01/54

..........

1,000,000

961,047

nVent Finance SARL, 2.750%,

11/15/31

................

1,000,000

860,041

Pentair Finance SARL, 5.900%,

7/15/32

.................

1,705,000

1,753,850

a

a

Shares/

Principal

a

Value

a

a

a

a

Industrials

(continued)

Republic Services, Inc., 3.050%,

3/01/50

.................

1,500,000

$

1,025,740

Rockwell Automation, Inc.,

1.750%, 8/15/31

...........

1,000,000

847,471

Tesla Energy Operations, Inc.,

4.700%, 5/29/25

...........

2,000,000

1,987,851

Union Pacific Corp., 3.200%,

5/20/41

.................

2,000,000

1,522,712

d

WK Kellogg Foundation Trust,

144A, 2.443%, 10/01/50

.....

1,000,000

597,777

22,976,664

Information Technology 1.7%

d

Broadcom, Inc., 144A, 3.500%,

2/15/41

.................

3,000,000

2,350,610

Cisco Systems, Inc., 5.900%,

2/15/39

.................

2,000,000

2,149,677

Hewlett Packard Enterprise Co.,

6.350%, 10/15/45

..........

2,750,000

2,825,461

d

Insight Enterprises, Inc., 144A,

6.625%, 5/15/32

...........

1,000,000

1,008,986

e

Kyndryl Holdings, Inc., 6.350%,

2/20/34

.................

2,750,000

2,853,025

NXP BV / NXP Funding LLC /

NXP USA, Inc.,

e

5.000%, 1/15/33

..........

767,000

755,486

3.250%, 5/11/41

..........

1,538,000

1,128,445

Vontier Corp., 2.950%, 4/01/31

.

1,500,000

1,303,260

14,374,950

Materials 0.5%

Ball Corp., 6.875%, 3/15/28

....

1,000,000

1,023,362

d

Graphic Packaging International

LLC, 144A, 6.375%, 7/15/32

.

1,000,000

1,003,531

d

Sealed Air Corp., 144A, 6.500%,

7/15/32

.................

1,000,000

1,013,194

Steel Dynamics, Inc.,

5.250%, (TW + 50.000%),

5/15/35

.................

1,000,000

990,882

5.750%, (TW + 50.000%),

5/15/55

.................

500,000

484,839

4,515,808

Real Estate 1.9%

American Tower Corp., 5.900%,

11/15/33

................

3,250,000

3,407,427

Brixmor Operating Partnership

LP, 5.200%, (TW + 50.000%),

4/01/32

.................

1,500,000

1,498,415

Century Housing Corp.,

4.500%, 2/15/26

..........

1,000,000

1,000,148

4.650%, 3/15/26

..........

500,000

500,038

Equinix, Inc., 2.500%, 5/15/31

..

2,000,000

1,746,937

Kimco Realty OP LLC,

4.600%, 2/01/33

..........

2,750,000

2,657,699

4.850%, 3/01/35

..........

500,000

481,556

Prologis LP, 5.125%, 1/15/34

...

3,000,000

3,009,062

Schedule of Investments (Unaudited)

Impax Core Bond Fund

(continued)

See Notes to Schedule of Investments

Quarterly Schedule of Investments

23

a

a

Shares/

Principal

a

Value

a

a

a

a

Real Estate

(continued)

Welltower OP LLC, 6.500%,

3/15/41

.................

1,549,000

$

1,678,110

15,979,392

Utilities 3.9%

AES Corp. (The),

5.450%, 6/01/28

..........

1,000,000

1,017,658

5.800%, (TW + 50.000%),

3/15/32

.................

500,000

505,460

American Water Capital Corp.,

5.250%, 3/01/35

...........

2,500,000

2,514,696

Avangrid, Inc., 3.200%, 4/15/25

.

1,000,000

999,201

Consolidated Edison Co. of New

York, Inc., 5.125%, 3/15/35

..

2,000,000

2,003,485

DTE Electric Co.,

3.950%, 3/01/49

..........

1,000,000

791,676

A, 1.900%, 4/01/28

........

1,500,000

1,399,750

Florida Power & Light Co.,

5.600%, 6/15/54

...........

1,000,000

1,005,201

Georgia Power Co., A, 3.250%,

3/15/51

.................

1,000,000

679,140

MidAmerican Energy Co.,

3.650%, 4/15/29

..........

1,000,000

969,909

2.700%, 8/01/52

..........

2,000,000

1,222,490

d

Niagara Mohawk Power Corp.,

144A, 5.783%, 9/16/52

......

2,000,000

1,985,067

Northern States Power Co.,

5.400%, 3/15/54

...........

2,000,000

1,943,911

NSTAR Electric Co.,

4.850%, (TW + 50.000%),

3/01/30

.................

1,000,000

1,009,141

5.200%, (TW + 50.000%),

3/01/35

.................

2,000,000

1,999,839

PG&E Energy Recovery Funding

LLC, A-3, 2.822%, 7/15/46

...

750,000

533,128

PG&E Recovery Funding LLC,

A-2, 5.256%, 1/15/38

......

1,000,000

1,011,171

A-3, 5.536%, 7/15/47

......

2,625,000

2,638,692

SCE Recovery Funding LLC,

A-1, 4.697%, 6/15/40

......

2,075,725

2,015,828

A-2, 2.943%, 11/15/42

......

1,450,000

1,189,209

A-2, 5.112%, 12/15/47

......

880,000

815,198

Southern Power Co.,

4.150%, 12/01/25

.........

1,000,000

998,151

0.900%, 1/15/26

..........

500,000

485,219

Southwestern Public Service Co.,

6.000%, 6/01/54

...........

1,000,000

1,012,903

Union Electric Co.,

5.250%, 4/15/35

..........

1,000,000

1,008,562

5.125%, 3/15/55

..........

1,500,000

1,379,100

33,133,785

Total Corporate Bonds

(Cost $250,966,994)

..............

244,412,612

a

a

Shares/

Principal

a

Value

a

a

a

a

Foreign Government and Agency Securities 2.1%

d

BNG Bank NV, 144A, 0.500%,

11/24/25

................

250,000

$

243,827

d

Caisse d'Amortissement de la

Dette Sociale, 144A, 1.375%,

1/20/31

.................

3,000,000

2,547,228

d

Kommunalbanken A/S,

144A, 4.625%, 10/24/25

.....

500,000

500,500

144A, 1.125%, 10/26/26

.....

1,500,000

1,433,621

144A, 1.125%, 6/14/30

......

1,000,000

859,101

Kreditanstalt fuer Wiederaufbau,

2.000%, 5/02/25

...........

1,000,000

997,903

3.125%, 6/10/25

...........

2,000,000

1,994,896

0.375%, 7/18/25

...........

1,000,000

988,233

0.625%, 1/22/26

...........

5,000,000

4,859,797

4.625%, 3/18/30

...........

3,000,000

3,079,929

d

Ontario Teachers' Finance Trust,

144A, 1.250%, 9/27/30

......

1,000,000

850,603

Total Foreign Government and

Agency Securities

(Cost $19,000,430)

...............

18,355,638

U.S. Government and Agency Securities 22.5%

FFCB Funding Corp.,

1.000%, 10/07/26

..........

3,000,000

2,867,628

4.410%, 1/28/27

...........

2,000,000

2,001,598

1.850%, 3/28/30

...........

1,095,000

985,397

2.020%, 4/01/31

...........

780,000

686,370

1.880%, 6/16/31

...........

1,220,000

1,055,971

2.500%, 4/14/36

...........

3,000,000

2,414,720

FHLB,

0.520%, 2/12/26

...........

500,000

484,593

2.000%, 3/25/30

...........

1,666,667

1,499,226

U.S. Treasury Bonds,

4.750%, 2/15/45

...........

30,000,000

30,553,125

Index Linked, 1.000%, 2/15/48

1,000,000

991,017

1.875%, 11/15/51

..........

17,000,000

9,783,301

4.625%, 2/15/55

...........

22,000,000

22,151,250

U.S. Treasury Notes,

4.125%, 10/31/26

..........

5,000,000

5,013,183

3.875%, 10/15/27

..........

62,000,000

61,976,992

4.000%, 3/31/30

...........

41,000,000

41,084,883

4.125%, 3/31/32

...........

6,000,000

6,017,344

United States International

Development Finance Corp.,

3.520%, 9/20/32

...........

1,071,429

1,037,147

f

FRN, 4.550%, (3-month U.S.

Treasury Bill Rate), 9/15/26

..

500,000

500,000

1.650%, 4/15/28

...........

500,000

470,127

1.440%, 4/15/28

...........

1,000,000

935,474

3.130%, 4/15/28

...........

1,000,000

972,330

Total U.S. Government and Agency

Securities

(Cost $193,259,838)

..............

193,481,676

Schedule of Investments (Unaudited)

Impax Core Bond Fund

(continued)

Quarterly Schedule of Investments

See Notes to Schedule of Investments

24

a

a

Shares/

Principal

a

Value

a

a

a

a

Asset-Backed Securities 5.2%

Financials 5.1%

d,f

AGL CLO 23 Ltd., 2022-23A, A1R,

144A, FRN, 5.468%, (3-month

SOFR + 1.150%), 4/20/38.

...

2,000,000

$

1,994,000

d

College Ave Student Loans LLC,

2024-B, A1A, 144A, 5.690%,

8/25/54.

.................

1,663,620

1,702,382

d,f

Elmwood CLO IX Ltd., 2021-

2A, AR, 144A, FRN, 5.462%,

(3-month SOFR + 1.140%),

4/20/38.

.................

2,000,000

1,994,032

d

FHF Issuer Trust,

2024-1A, A2, 144A, 5.690%,

2/15/30

.................

623,017

629,638

2024-3A, A2, 144A, 4.940%,

11/15/30

................

1,000,000

1,002,248

2025-1A, A2, 144A, 4.920%,

2/15/31

.................

1,750,000

1,749,280

d

Foundation Finance Trust,

2023-1A, A, 144A, 5.670%,

12/15/43

................

1,511,805

1,532,906

2023-2A, A, 144A, 6.530%,

6/15/49

.................

522,686

545,415

2023-2A, C, 144A, 7.310%,

6/15/49

.................

1,350,000

1,405,879

d

Frontier Issuer LLC,

2023-1, A2, 144A, 6.600%,

8/20/53

.................

1,000,000

1,019,143

2023-1, B, 144A, 8.300%,

8/20/53

.................

1,750,000

1,809,685

2024-1, A2, 144A, 6.190%,

6/20/54

.................

1,750,000

1,808,674

d

Loanpal Solar Loan Ltd.,

2021-1GS, A, 144A, 2.290%,

1/20/48

.................

715,505

581,220

2021-2GS, A, 144A, 2.220%,

3/20/48

.................

468,635

368,818

d

Mill City Solar Loan Ltd., 2019-

2GS, A, 144A, 3.690%, 7/20/43.

402,850

362,742

d

Mosaic Solar Loan Trust,

2017-1A, A, 144A, 4.450%,

6/20/42

.................

273,199

262,943

2017-2A, A, 144A, 3.820%,

6/22/43

.................

354,679

327,649

2018-1A, A, 144A, 4.010%,

6/22/43

.................

949,819

874,072

2019-1A, A, 144A, 4.370%,

12/21/43

................

422,983

394,819

2019-2A, A, 144A, 2.880%,

9/20/40

.................

308,724

274,596

2020-1A, A, 144A, 2.100%,

4/20/46

.................

315,651

279,290

2020-2A, A, 144A, 1.440%,

8/20/46

.................

657,705

555,648

2020-2A, C, 144A, 3.000%,

8/20/46

.................

443,910

412,362

2021-1A, A, 144A, 1.510%,

12/20/46

................

625,536

517,679

a

a

Shares/

Principal

a

Value

a

a

a

a

Asset-Backed Securities

(continued)

Financials

(continued)

d

Mosaic Solar Loan Trust,

(continued)

2021-2A, B, 144A, 2.090%,

4/22/47

.................

592,313

$

435,491

2022-3A, A, 144A, 6.100%,

6/20/53

.................

1,885,484

1,889,616

d,f

OCP CLO Ltd., 2021-21A, AR,

144A, FRN, 5.505%, (3-month

SOFR + 1.180%), 1/20/38.

...

1,000,000

996,800

d

PACEWell 5 Trust, 2021-1, A,

144A, 2.628%, 10/10/59.

....

832,524

631,662

SBA Small Business Investment

Cos.,

2023-10A, 1, 5.168%, 3/10/33

904,646

919,614

2023-10B, 1, 5.688%, 9/10/33

1,008,475

1,046,387

2025-10A, 1, 4.963%, 3/10/35

1,500,000

1,518,735

d

Service Experts Issuer LLC, 2024-

1A, A, 144A, 6.390%, 11/20/35.

1,265,291

1,285,869

d

SoFi Professional Loan Program

LLC,

2017-D, BFX, 144A, 3.610%,

9/25/40

.................

1,900,000

1,817,773

2017-F, BFX, 144A, 3.620%,

1/25/41

.................

1,800,000

1,726,663

2018-B, BFX, 144A, 3.830%,

8/25/47

.................

500,000

481,990

d

Sunnova Helios II Issuer LLC,

2019-AA, A, 144A, 3.750%,

6/20/46

.................

1,293,541

1,180,057

2021-B, A, 144A, 1.620%,

7/20/48

.................

1,897,756

1,659,027

d

Sunrun Athena Issuer LLC, 2018-

1, A, 144A, 5.310%, 4/30/49.

.

813,627

780,532

d

Sunrun Atlas Issuer LLC, 2019-2,

A, 144A, 3.610%, 2/01/55.

...

834,838

781,300

d

Tesla Auto Lease Trust,

2023-B, B, 144A, 6.570%,

8/20/27

.................

1,400,000

1,418,000

2024-A, B, 144A, 5.550%,

5/22/28

.................

750,000

755,826

d

Tricon American Homes Trust,

2020-SFR2, A, 144A, 1.482%,

11/17/39.

................

1,202,127

1,110,777

d

Vivint Solar Financing V LLC,

2018-1A, A, 144A, 4.730%,

4/30/48.

.................

845,046

797,949

43,639,188

a

a

a

a

a

Utilities 0.1%

d

Sunnova Helios IV Issuer LLC,

2020-AA, A, 144A, 2.980%,

6/20/47.

.................

640,669

572,548

Total Asset-Backed Securities

(Cost $45,717,021)

...............

44,211,736

Schedule of Investments (Unaudited)

Impax Core Bond Fund

(continued)

See Notes to Schedule of Investments

Quarterly Schedule of Investments

25

a

a

Shares/

Principal

a

Value

a

a

a

a

Mortgage-Backed Securities 33.7%

Commercial Mortgage-Backed Securities 3.4%

FHLMC, Multi-class Certificates,

2021-P009, A1, 1.132%,

1/25/31

.................

1,298,572

$

1,189,538

2021-P011, A1, 1.204%, 9/25/31

381,166

348,157

f

2024-P016, A2, FRN, 4.299%,

9/25/33

.................

2,000,000

2,011,987

FHLMC, Multi-family Structured

Pass-Through Certificates,

KG01, A10, 2.939%, 4/25/29

.

3,000,000

2,847,591

KG02, A2, 2.412%, 8/25/29

..

2,000,000

1,853,255

KG04, A2, 1.487%, 11/25/30

.

2,000,000

1,716,721

f

KG07, A2, FRN, 3.123%,

8/25/32

.................

1,750,000

1,600,769

f

KSG4, A2, FRN, 3.400%,

8/25/32

.................

2,000,000

1,860,124

FNMA, ACES,

f

2018-M13, A2, FRN, 3.744%,

9/25/30

.................

1,266,298

1,229,555

f

2018-M2, A2, FRN, 2.906%,

1/25/28

.................

1,673,150

1,619,640

f

2018-M4, A2, FRN, 3.057%,

3/25/28

.................

995,497

963,783

f

2018-M8, A2, FRN, 3.303%,

6/25/28

.................

1,798,136

1,752,447

f

2019-M1, A2, FRN, 3.544%,

9/25/28

.................

1,692,622

1,655,343

2019-M9, A2, 2.937%, 6/25/29

1,325,126

1,264,206

f

2021-M1S, A2, FRN, 1.382%,

12/25/30

................

2,700,000

2,305,036

f

2023-M1S, A2, FRN, 4.499%,

4/25/33

.................

2,500,000

2,487,478

f

GNMA,

2013-101, AF, FRN, 2.830%,

9/16/50

.................

415,814

406,776

2014-164, AN, FRN, 3.111%,

3/16/55

.................

470,824

422,644

d

SLG Office Trust, 2021-OVA, A,

144A, 2.585%, 7/15/41

......

1,500,000

1,290,678

28,825,728

Federal Home Loan Mortgage Corp. (FHLMC) Fixed Rate 7.8%

FHLMC Gold Pool, 20 Year,

3.000%, 3/01/35

...........

2,154,353

2,044,035

FHLMC Pool, 20 Year, 4.500%,

11/01/44

................

2,926,171

2,858,339

FHLMC Pool, 30 Year, 4.500%,

3/01/49

.................

2,377,548

2,308,593

FHLMC Pool, 30 Year, 3.000%,

12/01/49

................

1,451,741

1,276,312

FHLMC Pool, 30 Year, 2.500%,

7/01/50

.................

3,354,505

2,818,243

FHLMC Pool, 30 Year, 2.000%,

2/01/51

.................

2,174,643

1,756,893

FHLMC Pool, 30 Year, 2.500%,

4/01/51

.................

2,380,664

1,986,888

FHLMC Pool, 30 Year, 4.000%,

8/01/51

.................

2,664,252

2,494,415

a

a

Shares/

Principal

a

Value

a

a

a

a

Mortgage-Backed Securities

(continued)

Federal Home Loan Mortgage Corp. (FHLMC) Fixed Rate

(continued)

FHLMC Pool, 30 Year, 3.000%,

4/01/52

.................

4,146,804

$

3,604,629

FHLMC Pool, 30 Year, 4.000%,

8/01/52

.................

2,208,394

2,071,216

FHLMC Pool, 30 Year, 4.500%,

8/01/52

.................

1,621,803

1,563,905

FHLMC Pool, 30 Year, 5.500%,

9/01/52

.................

3,202,709

3,206,820

FHLMC Pool, 30 Year, 5.500%,

11/01/52

................

3,305,714

3,334,160

FHLMC Pool, 30 Year, 3.000%,

1/01/53

.................

2,560,174

2,222,214

FHLMC Pool, 30 Year, 5.500%,

3/01/53

.................

5,093,722

5,112,949

FHLMC Pool, 30 Year, 3.000%,

6/01/53

.................

2,701,041

2,367,273

FHLMC Pool, 30 Year, 6.000%,

6/01/53

.................

2,591,790

2,663,750

FHLMC Pool, 30 Year, 6.500%,

6/01/53

.................

1,684,337

1,756,062

FHLMC Pool, 30 Year, 5.000%,

8/01/53

.................

2,709,297

2,662,191

FHLMC Pool, 30 Year, 5.500%,

9/01/53

.................

3,633,360

3,659,361

FHLMC Pool, 30 Year, 5.500%,

1/01/54

.................

5,524,332

5,526,503

FHLMC Pool, 30 Year, 5.000%,

3/01/54

.................

2,777,868

2,725,218

FHLMC Pool, 30 Year, 5.000%,

10/01/54

................

2,973,763

2,923,461

FHLMC Pool, 30 Year, 6.000%,

1/01/55

.................

4,000,000

4,065,338

67,008,768

Federal National Mortgage Association (FNMA) Fixed Rate

16.6%

FNMA, 15 Year, 2.000%, 3/01/36

1,773,303

1,616,015

FNMA, 20 Year, 2.000%, 11/01/40

1,417,312

1,212,718

FNMA, 20 Year, 2.000%, 12/01/40

2,067,076

1,768,674

FNMA, 20 Year, 2.500%, 12/01/40

1,964,707

1,741,194

FNMA, 20 Year, 3.000%, 1/01/42

2,128,147

1,924,100

FNMA, 30 Year, 3.500%, 7/01/43

2,897,873

2,701,853

FNMA, 30 Year, 3.000%, 11/01/46

2,273,774

2,017,113

FNMA, 30 Year, 2.500%, 2/01/47

2,496,690

2,116,196

FNMA, 30 Year, 3.500%, 9/01/49

3,744,038

3,414,189

FNMA, 30 Year, 4.000%, 9/01/49

2,096,761

1,972,435

FNMA, 30 Year, 3.500%, 1/01/50

2,140,415

1,953,984

FNMA, 30 Year, 5.500%, 2/01/50

1,997,116

2,011,512

FNMA, 30 Year, 2.500%, 8/01/50

1,427,664

1,205,432

FNMA, 30 Year, 2.500%, 9/01/50

7,433,230

6,250,500

FNMA, 30 Year, 2.000%, 10/01/50

2,856,028

2,277,282

FNMA, 30 Year, 1.500%, 11/01/50

2,033,754

1,547,970

FNMA, 30 Year, 2.500%, 11/01/50

1,495,904

1,258,804

FNMA, 30 Year, 2.000%, 12/01/50

1,426,091

1,149,403

FNMA, 30 Year, 2.500%, 12/01/50

1,808,260

1,533,282

FNMA, 30 Year, 1.500%, 1/01/51

3,806,668

2,881,902

FNMA, 30 Year, 2.500%, 1/01/51

1,412,186

1,187,078

Schedule of Investments (Unaudited)

Impax Core Bond Fund

(continued)

Quarterly Schedule of Investments

See Notes to Schedule of Investments

26

a

a

Shares/

Principal

a

Value

a

a

a

a

Mortgage-Backed Securities

(continued)

Federal National Mortgage Association (FNMA) Fixed Rate

(continued)

FNMA, 30 Year, 2.500%, 5/01/51

1,408,494

$

1,182,758

FNMA, 30 Year, 2.500%, 7/01/51

6,840,682

5,744,914

FNMA, 30 Year, 2.000%, 9/01/51

2,500,377

1,995,576

FNMA, 30 Year, 2.000%, 10/01/51

2,227,963

1,796,271

FNMA, 30 Year, 2.500%, 10/01/51

2,267,183

1,902,212

FNMA, 30 Year, 2.500%, 11/01/51

2,473,816

2,074,453

FNMA, 30 Year, 3.500%, 1/01/52

2,005,628

1,813,049

FNMA, 30 Year, 2.500%, 2/01/52

3,092,449

2,589,021

FNMA, 30 Year, 3.000%, 2/01/52

2,310,077

2,007,798

FNMA, 30 Year, 3.500%, 4/01/52

5,809,927

5,248,119

FNMA, 30 Year, 3.000%, 6/01/52

2,678,602

2,328,504

FNMA, 30 Year, 3.500%, 6/01/52

3,251,237

2,945,572

FNMA, 30 Year, 3.500%, 7/01/52

3,228,603

2,945,346

FNMA, 30 Year, 4.000%, 7/01/52

6,459,671

6,050,887

FNMA, 30 Year, 4.500%, 7/01/52

2,594,922

2,487,087

FNMA, 30 Year, 4.500%, 8/01/52

2,684,177

2,590,349

FNMA, 30 Year, 5.000%, 9/01/52

2,503,263

2,463,642

FNMA, 30 Year, 4.500%, 10/01/52

2,382,161

2,291,798

FNMA, 30 Year, 6.000%, 11/01/52

2,380,278

2,434,907

FNMA, 30 Year, 5.000%, 12/01/52

2,449,519

2,409,998

FNMA, 30 Year, 4.500%, 1/01/53

2,678,441

2,564,103

FNMA, 30 Year, 6.000%, 2/01/53

2,306,599

2,367,845

FNMA, 30 Year, 5.000%, 3/01/53

1,579,841

1,560,250

FNMA, 30 Year, 3.500%, 4/01/53

2,759,749

2,497,830

FNMA, 30 Year, 5.500%, 5/01/53

8,644,034

8,695,828

FNMA, 30 Year, 4.000%, 7/01/53

2,922,496

2,733,713

FNMA, 30 Year, 5.500%, 7/01/53

1,731,482

1,745,885

FNMA, 30 Year, 5.500%, 8/01/53

2,643,584

2,658,990

FNMA, 30 Year, 5.500%, 11/01/53

2,789,455

2,794,217

FNMA, 30 Year, 6.500%, 12/01/53

2,213,143

2,295,143

FNMA, 30 Year, 4.000%, 2/01/54

3,898,211

3,643,952

FNMA, 30 Year, 6.000%, 2/01/54

2,697,675

2,765,595

FNMA, 30 Year, 6.000%, 10/01/54

2,918,032

2,989,681

FNMA, 30 Year, 5.000%, 11/01/54

3,928,274

3,867,180

142,224,109

Government National Mortgage Association (GNMA) Adjust-

able Rate 0.3%

f

GNMA II, 3.68%, 2/20/74

......

2,677,429

2,499,439

Government National Mortgage Association (GNMA) Fixed

Rate 2.5%

GNMA I, 3.020%, 9/15/41

.....

1,496,068

1,290,104

GNMA II, Single-family, 30 Year,

2.000%, 7/20/52

...........

2,943,196

2,409,858

GNMA II, Single-family, 30 Year,

2.500%, 7/20/52

...........

1,564,460

1,335,776

GNMA II, Single-family, 30 Year,

2.500%, 8/20/52

...........

4,754,157

4,059,479

GNMA II, Single-family, 30 Year,

2.500%, 2/20/53

...........

4,118,431

3,544,341

GNMA II, Single-family, 30 Year,

2.500%, 4/20/53

...........

3,331,417

2,846,216

GNMA II, Single-family, 30 Year,

3.000%, 6/20/53

...........

4,536,215

4,022,144

a

a

Shares/

Principal

a

Value

a

a

a

a

Mortgage-Backed Securities

(continued)

Government National Mortgage Association (GNMA) Fixed

Rate

(continued)

GNMA II, Single-family, 30 Year,

3.000%, 7/20/53

...........

2,589,751

$

2,300,389

21,808,307

Residential Mortgage-Backed Securities 3.1%

d

Angel Oak Mortgage Trust,

f

2022-2, A1, 144A, FRN,

3.353%, 1/25/67

...........

1,451,669

1,370,566

2022-5, A1, 144A, 4.500%,

5/25/67

.................

1,509,127

1,489,161

d,f

Connecticut Avenue Securities

Trust,

2021-R01, 1B1, 144A, FRN,

7.440%, (30-day SOFR Average

+ 3.100%), 10/25/41

........

1,249,000

1,271,059

2021-R01, 1M2, 144A, FRN,

5.890%, (30-day SOFR Average

+ 1.550%), 10/25/41

........

465,197

465,807

2022-R08, 1M1, 144A, FRN,

6.890%, (30-day SOFR Average

+ 2.550%), 7/25/42

........

1,438,850

1,474,785

2023-R01, 1M1, 144A, FRN,

6.736%, (30-day SOFR Average

+ 2.400%), 12/25/42

........

1,071,865

1,094,767

2023-R06, 1M1, 144A, FRN,

6.040%, (30-day SOFR Average

+ 1.700%), 7/25/43

........

856,869

859,731

2025-R02, 1A1, 144A, FRN,

5.336%, (30-day SOFR Average

+ 1.000%), 2/25/45

........

1,095,538

1,095,252

d,f

FARM Mortgage Trust,

2024-1, A, 144A, FRN, 4.712%,

10/01/53

................

1,841,794

1,780,573

2024-2, A, 144A, FRN, 5.193%,

8/01/54

.................

1,461,781

1,439,733

d,f

FHLMC STACR REMIC Trust,

2020-HQA2, M2, 144A, FRN,

7.554%, (30-day SOFR Average

+ 3.214%), 3/25/50

........

723,249

745,086

2024-DNA1, A1, 144A, FRN,

5.690%, (30-day SOFR Average

+ 1.350%), 2/25/44

........

1,282,013

1,285,461

2024-DNA2, M1, 144A, FRN,

5.540%, (30-day SOFR Average

+ 1.200%), 5/25/44

........

1,349,662

1,350,144

2025-DNA1, A1, 144A, FRN,

5.290%, (30-day SOFR Average

+ 0.950%), 1/25/45

........

1,242,500

1,240,297

d,f

Flagstar Mortgage Trust,

2021-5INV, A5, 144A, FRN,

2.500%, 7/25/51

...........

625,151

557,911

2021-6INV, A6, 144A, FRN,

2.500%, 8/25/51

...........

1,293,597

1,154,293

Schedule of Investments (Unaudited)

Impax Core Bond Fund

(continued)

See Notes to Schedule of Investments

Quarterly Schedule of Investments

27

a

a

Shares/

Principal

a

Value

a

a

a

a

Mortgage-Backed Securities

(continued)

Residential Mortgage-Backed Securities

(continued)

d,f

FNMA Connecticut Avenue

Securities, 2021-R02, 2M2,

144A, FRN, 6.340%, (30-day

SOFR Average + 2.000%),

11/25/41

................

1,500,000

$

1,506,748

d,f

Mello Mortgage Capital

Acceptance, 2021-INV1, A4,

144A, FRN, 2.500%, 6/25/51

.

685,354

610,761

d,f

New Residential Mortgage Loan

Trust,

2019-2A, A1, 144A, FRN,

4.250%, 12/25/57

..........

633,243

618,382

2019-5A, A1B, 144A, FRN,

3.500%, 8/25/59

...........

358,605

339,405

d,f

Sequoia Mortgage Trust,

2018-CH1, A19, 144A, FRN,

4.000%, 3/25/48

...........

48,386

45,402

2021-4, A4, 144A, FRN,

2.500%, 6/25/51

...........

1,402,742

1,244,470

2024-2, A19, 144A, FRN,

6.000%, 3/25/54

...........

1,395,820

1,400,683

2024-3, A19, 144A, FRN,

6.000%, 4/25/54

...........

1,523,526

1,527,882

d

Towd Point Mortgage Trust, 2023-

1, A1, 144A, 3.750%, 1/25/63

.

929,770

891,491

26,859,850

Total Mortgage-Backed Securities

(Cost $304,628,510)

..............

289,226,201

Municipal Bonds 0.9%

California 0.5%

California Health Facilities

Financing Authority, State of

California Personal Income

Tax, Revenue, 2022, 4.190%,

6/01/37

.................

1,750,000

1,623,575

State of California, GO, 7.550%,

4/01/39

.................

2,000,000

2,421,851

4,045,426

Massachusetts 0.4%

Commonwealth of Massachusetts,

COVID-19 Recovery

Assessment, Revenue, 2022 A,

3.881%, 1/15/31

...........

2,000,000

1,942,090

University of Massachusetts

Building Authority, Revenue,

2010-2, 5.450%, 11/01/40

...

1,225,000

1,231,632

3,173,722

Total Municipal Bonds

(Cost $7,934,508)

................

7,219,148

Supranational 5.8%

Council of Europe Development

Bank, 3.000%, 6/16/25

......

1,000,000

996,675

a

a

Shares/

Principal

a

Value

a

a

a

a

Supranational

(continued)

European Bank for Reconstruction

& Development, 0.500%,

11/25/25

................

3,000,000

$

2,927,136

European Investment Bank,

2.750%, 8/15/25

...........

2,000,000

1,988,029

3.875%, 6/15/28

...........

1,000,000

997,917

1.750%, 3/15/29

...........

800,000

734,962

4.625%, 2/12/35

...........

500,000

511,968

Inter-American Development

Bank,

0.875%, 4/20/26

...........

2,000,000

1,934,692

1.500%, 1/13/27

...........

2,000,000

1,914,794

0.625%, 9/16/27

...........

600,000

553,533

Inter-American Investment Corp.,

2.625%, 4/22/25

...........

1,000,000

998,726

4.250%, 4/01/30

...........

2,500,000

2,511,915

International Bank for

Reconstruction & Development,

0.500%, 10/28/25

..........

500,000

489,366

3.125%, 6/15/27

...........

2,000,000

1,964,152

0.750%, 11/24/27

..........

1,000,000

920,041

1.375%, 4/20/28

...........

1,500,000

1,389,347

4.625%, 8/01/28

...........

550,000

561,104

4.125%, 3/20/30

...........

5,000,000

5,013,577

4.625%, 1/15/32

...........

1,600,000

1,639,892

1.745%, 7/31/33

...........

3,200,000

3,212,660

2.750%, 5/31/36

...........

2,000,000

1,623,934

f

FRN, 0.511%, 3/31/28

......

4,500,000

4,378,934

f

FRN, 4.705%, (SOFR Index +

0.370%), 2/11/31

..........

2,000,000

1,991,006

d

International Development

Association,

144A, 0.375%, 9/23/25

......

2,200,000

2,158,293

144A, 4.375%, 6/11/29

......

800,000

809,037

144A, 4.500%, 2/12/35

......

1,000,000

1,010,677

International Finance Corp.,

0.375%, 7/16/25

...........

1,000,000

988,108

0.750%, 10/08/26

..........

2,250,000

2,143,293

4.375%, 1/15/27

...........

1,000,000

1,006,430

4.250%, 7/02/29

...........

2,000,000

2,017,505

Total Supranational

(Cost $50,249,273)

...............

49,387,703

Loans 0.3%

Health Care 0.2%

f

Medline Borrower LP, First Lien,

Dollar Incremental CME Term

Loan, 6.575% (1-month SOFR +

2.250%), 10/23/28

.........

1,990,000

1,988,478

Schedule of Investments (Unaudited)

Impax Core Bond Fund

(continued)

Quarterly Schedule of Investments

See Notes to Schedule of Investments

28

a

a

Shares/

Principal

a

Value

a

a

a

a

Loans

(continued)

Materials 0.1%

f

Knife River Corp., First Lien, Initial

CME Term Loan, B, 6.286%

(3-month SOFR + 2.000%),

3/08/32

.................

1,000,000

$

998,750

Total Loans

(Cost $3,004,940)

................

2,987,228

Total Long Term Investments

(Cost $875,485,136)

..............

850,001,969

a

a

a

Certificates of Deposit 0.0%

c

Walden Mutual Bank, 3.930%,

11/14/25

................

500,000

499,053

(Cost $500,000)

Money Market 2.1%

g,h

JPMorgan Prime Money Market

Fund, 4.520%

............

18,071,588

18,071,588

(Cost $18,071,588)

Securities Purchased With Cash Collateral From

Securities Lending 0.8%

g,h

Invesco Government & Agency

Portfolio, 4.316%

..........

6,532,723

6,532,723

(Cost $6,532,723)

a

Total Investments 101.9%

(Cost $900,589,447)

.............

$875,105,333

Payable Upon Return Of Securities

Loaned (0.8)%

...................

(6,532,723)

Other Assets, less Liabilities (1.1)%

(10,020,807)

Net Assets 100.0%

...............

$858,551,803

a

Rounds to less than 0.05%.

b

Security valued using significant unobservable inputs.

c

Illiquid security.

d

Security purchased pursuant to Rule 144A of the Securities Act of

1933 and may be resold only to qualified institutional buyers.

e

Security or partial position of this security was on loan as of March 31,

2025. The total market value of securities on loan as of March 31, 2025

was $6,389,605.

f

Rate shown reflects the accrual rate as of March 31, 2025 on

securities with variable or step rates.

g

Rate shown represents annualized 7-day yield as of March 31, 2025.

h

Institutional Class shares.

ACES

Alternative Credit Enhancement Structure

CME

Chicago Mercantile Exchange

FRN

Floating Rate Note

LP

Limited Partnership

REMIC

Real Estate Mortgage Investment Conduit

SOFR

Secured Overnight Financing Rate

STACR

Structured Agency Credit Risk

Schedule of Investments (Unaudited), March 31, 2025

Impax High Yield Bond Fund

See Notes to Schedule of Investments

Quarterly Schedule of Investments

29

a

a

Shares/

Principal

a

Value

a

a

a

a

a

a

Common Stocks 0.0%

a

Telecommunications 0.0%

b,c,d

Digicel Holdings Bermuda Ltd.

.

24,783

$

44,114

(Cost $44,161)

a

Preferred Stocks 0.0%

a

Telecommunications 0.0%

b,c,d

Digicel Holdings Bermuda Ltd.

.

1,328

13,944

(Cost $8,925)

BONDS: 94.5%

Community Investment Notes 0.1%

Community Investment Notes 0.1%

c,d,e

CEI Investments LLC, FRN,

4.000%, 9/30/25

...........

552,735

552,735

c

Envest Microfinance Cooperative,

d

4.000%, 10/24/25

.........

150,000

150,000

4.000%, 4/20/26

..........

250,000

246,405

949,140

Total Community Investment Notes

(Cost $952,735)

.................

949,140

Corporate Bonds 85.5%

Automotive 2.3%

f

Adient Global Holdings Ltd., 144A,

7.500%, 2/15/33

...........

2,000,000

1,874,477

f

Allison Transmission, Inc.,

144A, 4.750%, 10/01/27

....

1,200,000

1,171,624

144A, 5.875%, 6/01/29

.....

1,925,000

1,919,118

144A, 3.750%, 1/30/31

.....

1,200,000

1,067,878

American Axle & Manufacturing,

Inc., 5.000%, 10/01/29

......

2,500,000

2,155,420

f

Garrett Motion Holdings, Inc.

/ Garrett LX I SARL, 144A,

7.750%, 5/31/32

...........

2,000,000

1,979,641

f

IHO Verwaltungs GmbH, 144A,

PIK, 6.375%, 5/15/29

.......

2,000,000

1,934,128

12,102,286

Banking 1.9%

Barclays plc, Junior Sub. Bond,

7.625% to 9/14/35, FRN

thereafter, Perpetual

.......

4,000,000

3,921,783

PNC Financial Services Group,

Inc. (The), V, Junior Sub. Bond,

6.2% to 9/14/27, FRN thereafter,

Perpetual

................

2,000,000

2,032,794

f

Societe Generale SA, Junior Sub.

Bond, 144A, 8.125% to 5/20/30,

FRN thereafter, Perpetual

...

4,000,000

3,994,638

9,949,215

Basic Industry 6.9%

f

Advanced Drainage Systems,

Inc.,

144A, 5.000%, 9/30/27

.....

1,600,000

1,570,911

144A, 6.375%, 6/15/30

.....

2,450,000

2,462,831

a

a

Shares/

Principal

a

Value

a

a

a

a

Basic Industry

(continued)

ATI, Inc.,

7.250%, 8/15/30

..........

1,000,000

$

1,031,525

5.125%, 10/01/31

.........

1,800,000

1,693,003

f

Avient Corp.,

144A, 7.125%, 8/01/30

.....

2,060,000

2,102,877

144A, 6.250%, 11/01/31

....

500,000

495,719

f

CVR Partners LP / CVR Nitrogen

Finance Corp., 144A, 6.125%,

6/15/28

.................

4,300,000

4,161,679

f

Dycom Industries, Inc., 144A,

4.500%, 4/15/29

...........

1,450,000

1,357,030

f

Interface, Inc., 144A, 5.500%,

12/01/28

................

3,955,000

3,854,921

f

Knife River Corp., 144A, 7.750%,

5/01/31

.................

2,675,000

2,787,374

f

Mercer International, Inc., 144A,

12.875%, 10/01/28

.........

3,800,000

4,025,526

f

Novelis Corp., 144A, 4.750%,

1/30/30

.................

2,300,000

2,146,670

f

Olympus Water US Holding Corp.,

144A, 4.250%, 10/01/28

.....

1,975,000

1,826,937

Shea Homes LP / Shea Homes

Funding Corp., 4.750%, 2/15/28

2,100,000

2,012,421

f

Standard Industries, Inc.,

144A, 5.000%, 2/15/27

.....

2,700,000

2,659,967

144A, 4.375%, 7/15/30

.....

1,875,000

1,731,598

35,920,989

Capital Goods 6.3%

f

ATS Corp., 144A, 4.125%,

12/15/28

................

3,150,000

2,928,700

Ball Corp.,

6.875%, 3/15/28

..........

1,100,000

1,125,698

6.000%, 6/15/29

..........

1,000,000

1,013,104

f

Clydesdale Acquisition Holdings,

Inc., 144A, 6.750%, 4/15/32

..

2,000,000

2,015,455

f

Esab Corp., 144A, 6.250%,

4/15/29

.................

3,000,000

3,047,532

f

Gates Corp., 144A, 6.875%,

7/01/29

.................

4,000,000

4,074,296

f

Graphic Packaging International

LLC,

144A, 3.750%, 2/01/30

.....

2,400,000

2,195,090

144A, 6.375%, 7/15/32

.....

2,000,000

2,007,062

f

Manitowoc Co., Inc. (The),

Secured Note, 144A, 9.250%,

10/01/31

................

4,000,000

4,116,760

f

Owens-Brockway Glass

Container, Inc., 144A, 6.625%,

5/13/27

.................

1,875,000

1,866,548

Regal Rexnord Corp.,

6.050%, 4/15/28

..........

1,550,000

1,590,573

6.400%, 4/15/33

..........

1,450,000

1,505,749

f

Sealed Air Corp., 144A, 6.500%,

7/15/32

.................

3,500,000

3,546,178

Schedule of Investments (Unaudited)

Impax High Yield Bond Fund

(continued)

Quarterly Schedule of Investments

See Notes to Schedule of Investments

30

a

a

Shares/

Principal

a

Value

a

a

a

a

Capital Goods

(continued)

f

Terex Corp., 144A, 6.250%,

10/15/32

................

2,000,000

$

1,942,284

32,975,029

Consumer Goods 3.9%

f

BellRing Brands, Inc., 144A,

7.000%, 3/15/30

...........

3,000,000

3,102,381

f

Land O' Lakes, Inc., Junior Sub.

Bond, 144A, 7.000%, Perpetual

3,685,000

3,043,076

Newell Brands, Inc., 6.625%,

9/15/29

.................

2,000,000

2,007,964

f

Performance Food Group, Inc.,

144A, 6.125%, 9/15/32

......

4,000,000

3,980,845

f

Post Holdings, Inc.,

144A, 5.500%, 12/15/29

....

2,500,000

2,432,578

144A, 4.500%, 9/15/31

.....

2,000,000

1,813,412

144A, 6.250%, 2/15/32

.....

2,000,000

2,014,239

f

United Natural Foods, Inc., 144A,

6.750%, 10/15/28

..........

2,000,000

1,978,022

20,372,517

Financial Services 5.4%

Ally Financial, Inc., Sub. Bond,

5.750%, 11/20/25

..........

1,000,000

1,003,096

f

Azorra Finance Ltd., 144A,

7.750%, 4/15/30

...........

5,000,000

4,989,237

f

Block, Inc., 144A, 6.500%,

5/15/32

.................

3,000,000

3,033,993

f

Diebold Nixdorf, Inc., 144A,

7.750%, 3/31/30

...........

3,000,000

3,117,197

OneMain Finance Corp.,

3.500%, 1/15/27

..........

1,450,000

1,390,663

6.625%, 1/15/28

..........

1,125,000

1,134,299

7.125%, 11/15/31

.........

1,000,000

1,006,794

f

Provident Funding Associates LP

/ PFG Finance Corp., 144A,

9.750%, 9/15/29

...........

3,000,000

3,073,209

f

RFNA LP, 144A, 7.875%, 2/15/30

4,500,000

4,448,813

f

Shift4 Payments LLC / Shift4

Payments Finance Sub, Inc.,

144A, 6.750%, 8/15/32

......

2,000,000

2,017,471

f

TrueNoord Capital DAC, 144A,

8.750%, 3/01/30

...........

3,000,000

3,047,916

28,262,688

Healthcare 7.3%

f

Acadia Healthcare Co., Inc.,

144A, 7.375%, 3/15/33

......

3,000,000

3,000,794

f

AdaptHealth LLC, 144A, 4.625%,

8/01/29

.................

3,000,000

2,732,525

f

Avantor Funding, Inc.,

144A, 4.625%, 7/15/28

.....

5,600,000

5,402,603

144A, 3.875%, 11/01/29

....

1,000,000

924,068

f

Cheplapharm Arzneimittel GmbH,

144A, 5.500%, 1/15/28

......

2,000,000

1,791,592

CVS Health Corp.,

6.125%, 9/15/39

..........

4,925,000

5,018,370

a

a

Shares/

Principal

a

Value

a

a

a

a

Healthcare

(continued)

CVS Health Corp., (continued)

Junior Sub. Bond, 6.75% to

12/09/34, FRN thereafter,

12/10/54

................

4,000,000

$

3,992,379

f

HAH Group Holding Co. LLC,

144A, 9.750%, 10/01/31

.....

3,000,000

2,892,215

f

HealthEquity, Inc., 144A, 4.500%,

10/01/29

................

3,000,000

2,815,918

f

IQVIA, Inc., 144A, 5.000%,

5/15/27

.................

2,750,000

2,713,199

f

Neogen Food Safety Corp., 144A,

8.625%, 7/20/30

...........

3,000,000

3,161,196

Tenet Healthcare Corp., 5.125%,

11/01/27

................

3,600,000

3,549,957

37,994,816

Insurance 5.1%

f

Alliant Holdings Intermediate LLC

/ Alliant Holdings Co-Issuer,

144A, 7.000%, 1/15/31

......

6,500,000

6,525,078

f

Baldwin Insurance Group

Holdings LLC / Baldwin

Insurance Group Holdings

Finance, Inc. (The), 144A,

7.125%, 5/15/31

...........

2,000,000

2,028,342

f

Howden UK Refinance plc /

Howden UK Refinance 2 plc /

Howden US Refinance LLC,

144A, 7.250%, 2/15/31

......

3,750,000

3,788,742

f

HUB International Ltd.,

144A, 7.250%, 6/15/30

.....

2,900,000

2,988,960

144A, 7.375%, 1/31/32

.....

2,000,000

2,037,616

f

Liberty Mutual Group, Inc., 144A,

4.125% to 12/14/26, FRN

thereafter, 12/15/51

........

6,000,000

5,746,439

f

Ryan Specialty LLC, 144A,

5.875%, 8/01/32

...........

3,308,000

3,270,134

26,385,311

Leisure 3.4%

f

Hilton Domestic Operating Co.,

Inc., 144A, 6.125%, 4/01/32

..

7,000,000

7,031,537

f

NCL Corp. Ltd., 144A, 6.750%,

2/01/32

.................

5,000,000

4,942,488

f

Viking Cruises Ltd., 144A,

9.125%, 7/15/31

...........

2,500,000

2,672,515

f

Viking Ocean Cruises Ship VII

Ltd., 144A, 5.625%, 2/15/29

..

3,150,000

3,103,495

17,750,035

Media 9.3%

AMC Networks, Inc.,

4.250%, 2/15/29

..........

1,000,000

751,652

f

144A, 10.250%, 1/15/29

....

3,000,000

3,111,915

f

Cars.com, Inc., 144A, 6.375%,

11/01/28

................

2,500,000

2,483,859

Schedule of Investments (Unaudited)

Impax High Yield Bond Fund

(continued)

See Notes to Schedule of Investments

Quarterly Schedule of Investments

31

a

a

Shares/

Principal

a

Value

a

a

a

a

Media

(continued)

f

CCO Holdings LLC / CCO

Holdings Capital Corp.,

144A, 5.125%, 5/01/27

.....

1,075,000

$

1,059,647

144A, 5.375%, 6/01/29

.....

3,275,000

3,171,703

144A, 4.750%, 3/01/30

.....

6,500,000

6,034,480

144A, 4.250%, 1/15/34

.....

4,000,000

3,292,980

f

Cimpress plc, 144A, 7.375%,

9/15/32

.................

1,950,000

1,794,327

f

Clear Channel Outdoor Holdings,

Inc., 144A, 7.875%, 4/01/30

..

1,000,000

981,394

f

Deluxe Corp., 144A, 8.125%,

9/15/29

.................

2,000,000

2,014,174

f

Directv Financing LLC / Directv

Financing Co-Obligor, Inc.,

144A, 10.000%, 2/15/31

.....

2,000,000

1,922,101

f

Gray Media, Inc.,

144A, 10.500%, 7/15/29

....

1,000,000

1,042,780

144A, 5.375%, 11/15/31

....

1,500,000

938,296

Lamar Media Corp., 3.625%,

1/15/31

.................

750,000

670,942

f

Midcontinent Communications,

144A, 8.000%, 8/15/32

......

3,500,000

3,543,267

f

Nexstar Media, Inc., 144A,

5.625%, 7/15/27

...........

3,000,000

2,957,871

f

Sirius XM Radio LLC,

144A, 4.000%, 7/15/28

.....

2,500,000

2,334,647

144A, 5.500%, 7/01/29

.....

2,075,000

2,005,500

144A, 4.125%, 7/01/30

.....

2,025,000

1,800,603

f

Univision Communications, Inc.,

144A, 8.000%, 8/15/28

.....

3,000,000

3,012,175

144A, 8.500%, 7/31/31

.....

3,500,000

3,423,367

48,347,680

Pfd-Financial Services 1.1%

Ally Financial, Inc., B, Junior Sub.

Bond, 4.7% to 5/14/26, FRN

thereafter, Perpetual

.......

2,000,000

1,867,538

Bank of New York Mellon Corp.

(The), Junior Sub. Bond, 6.3%

to 3/19/30, FRN thereafter,

Perpetual

................

2,000,000

2,054,846

Goldman Sachs Group, Inc.

(The), Junior Sub. Bond, 6.85%

to 2/09/30, FRN thereafter,

Perpetual

................

2,000,000

2,029,994

5,952,378

Real Estate 6.2%

f

Five Point Operating Co. LP /

Five Point Capital Corp., 144A,

10.500%, 1/15/28

..........

2,261,291

2,305,500

f

HA Sustainable Infrastructure

Capital, Inc., 144A, 6.375%,

7/01/34

.................

3,500,000

3,461,662

f

HAT Holdings I LLC / HAT

Holdings II LLC, 144A, 8.000%,

6/15/27

.................

3,000,000

3,109,440

f

Iron Mountain, Inc.,

144A, 5.000%, 7/15/28

.....

1,925,000

1,867,794

a

a

Shares/

Principal

a

Value

a

a

a

a

Real Estate

(continued)

f

Iron Mountain, Inc., (continued)

144A, 4.875%, 9/15/29

.....

2,500,000

$

2,388,587

Kennedy-Wilson, Inc.,

4.750%, 2/01/30

..........

4,000,000

3,582,436

5.000%, 3/01/31

..........

1,500,000

1,322,078

f

Outfront Media Capital LLC /

Outfront Media Capital Corp.,

144A, 4.625%, 3/15/30

......

3,500,000

3,203,656

f

Pebblebrook Hotel LP / PEB

Finance Corp., 144A, 6.375%,

10/15/29

................

3,000,000

2,968,520

f

Rithm Capital Corp.,

144A, 6.250%, 10/15/25

....

2,500,000

2,498,369

144A, 8.000%, 4/01/29

.....

3,000,000

2,985,860

f

Uniti Group LP / Uniti Group

Finance 2019, Inc. / CSL Capital

LLC, 144A, 4.750%, 4/15/28

.

3,075,000

2,940,729

32,634,631

Retail 4.3%

f

1011778 BC ULC / New Red

Finance, Inc.,

144A, 6.125%, 6/15/29

.....

2,000,000

2,014,576

Secured Bond, 144A, 4.000%,

10/15/30

................

2,000,000

1,811,740

f

Albertsons Cos., Inc. / Safeway,

Inc. / New Albertsons LP /

Albertsons LLC,

144A, 3.500%, 3/15/29

.....

1,175,000

1,082,607

144A, 6.250%, 3/15/33

.....

2,200,000

2,223,515

f

Bath & Body Works, Inc., 144A,

6.625%, 10/01/30

..........

2,750,000

2,791,443

f

Macy's Retail Holdings LLC,

144A, 6.700%, 7/15/34

......

2,000,000

1,704,106

f

Magnera Corp., 144A, 7.250%,

11/15/31

................

2,000,000

1,947,610

New Albertsons LP, 7.750%,

6/15/26

.................

1,025,000

1,060,739

Safeway, Inc., 7.250%, 2/01/31

.

2,925,000

3,043,111

f

Victoria's Secret & Co., 144A,

4.625%, 7/15/29

...........

2,000,000

1,751,124

f

Victra Holdings LLC / Victra

Finance Corp., 144A, 8.750%,

9/15/29

.................

3,000,000

3,098,193

22,528,764

Services 5.3%

f

Clean Harbors, Inc., 144A,

6.375%, 2/01/31

...........

2,500,000

2,529,405

f

Maxim Crane Works Holdings

Capital LLC, Secured Note,

144A, 11.500%, 9/01/28

.....

2,200,000

2,210,868

f

Neptune Bidco US, Inc., 144A,

9.290%, 4/15/29

...........

3,500,000

3,039,611

f

NESCO Holdings II, Inc., Secured

Note, 144A, 5.500%, 4/15/29

.

3,900,000

3,604,968

f

Resideo Funding, Inc., 144A,

6.500%, 7/15/32

...........

4,000,000

3,995,440

Schedule of Investments (Unaudited)

Impax High Yield Bond Fund

(continued)

Quarterly Schedule of Investments

See Notes to Schedule of Investments

32

a

a

Shares/

Principal

a

Value

a

a

a

a

Services

(continued)

f

Staples, Inc., 144A, 10.750%,

9/01/29

.................

2,000,000

$

1,809,379

United Rentals North America,

Inc., 5.250%, 1/15/30

.......

4,300,000

4,224,826

f

WASH Multifamily Acquisition,

Inc., 144A, 5.750%, 4/15/26

..

4,050,000

4,018,947

f

Williams Scotsman, Inc., 144A,

6.625%, 4/15/30

...........

2,000,000

2,023,140

27,456,584

Technology & Electronics 6.5%

f

Ciena Corp., 144A, 4.000%,

1/31/30

.................

2,300,000

2,102,668

f

Cloud Software Group, Inc.,

144A, 6.500%, 3/31/29

.....

2,000,000

1,945,611

144A, 8.250%, 6/30/32

.....

3,000,000

3,053,565

f

Coherent Corp., 144A, 5.000%,

12/15/29

................

4,300,000

4,105,765

f

Entegris, Inc.,

144A, 4.750%, 4/15/29

.....

1,000,000

964,929

144A, 5.950%, 6/15/30

.....

2,125,000

2,116,643

f

Imola Merger Corp., 144A,

4.750%, 5/15/29

...........

4,500,000

4,277,215

f

Insight Enterprises, Inc., 144A,

6.625%, 5/15/32

...........

1,800,000

1,816,175

f

NCR Voyix Corp., 144A, 5.125%,

4/15/29

.................

583,000

555,931

f

Open Text Corp., 144A, 3.875%,

12/01/29

................

3,375,000

3,074,289

f

Sensata Technologies BV, 144A,

5.875%, 9/01/30

...........

2,425,000

2,343,083

f

SS&C Technologies, Inc., 144A,

5.500%, 9/30/27

...........

2,000,000

1,986,442

f

VM Consolidated, Inc., 144A,

5.500%, 4/15/29

...........

4,000,000

3,798,908

f

Xerox Corp., 144A, 10.250%,

10/15/30

................

2,000,000

1,990,000

34,131,224

Telecommunications 6.8%

f

Altice Financing SA, 144A,

5.750%, 8/15/29

...........

1,000,000

732,904

f

C&W Senior Finance Ltd., 144A,

9.000%, 1/15/33

...........

3,000,000

2,955,545

f

Cogent Communications Group

LLC, 144A, 7.000%, 6/15/27

.

4,500,000

4,537,588

f

Cogent Communications Group,

Inc. / Cogent Communications

Finance, Inc., 144A, 7.000%,

6/15/27

.................

1,000,000

1,007,669

f

Connect Finco SARL / Connect

US Finco LLC, 144A, 9.000%,

9/15/29

.................

2,000,000

1,825,958

Digicel Intermediate Holdings Ltd.

/ Digicel International Finance

Ltd. / DIFL US LLC, PIK,

12.000%, 5/25/27

..........

1,012,288

1,005,875

EchoStar Corp., 10.750%,

11/30/29

................

3,000,000

3,154,959

a

a

Shares/

Principal

a

Value

a

a

a

a

Telecommunications

(continued)

f

Fibercop SpA, 144A, 7.200%,

7/18/36

.................

1,217,000

$

1,178,007

f

Frontier Communications Holdings

LLC, 144A, 5.000%, 5/01/28

.

4,000,000

3,949,868

f

Millicom International Cellular SA,

144A, 7.375%, 4/02/32

......

2,750,000

2,782,835

f

Sable International Finance Ltd.,

144A, 7.125%, 10/15/32

.....

3,000,000

2,881,881

f

Viasat, Inc., 144A, 7.500%,

5/30/31

.................

2,000,000

1,512,746

f

Virgin Media Secured Finance plc,

144A, 5.500%, 5/15/29

......

3,575,000

3,389,617

f

VZ Secured Financing BV, 144A,

5.000%, 1/15/32

...........

1,975,000

1,718,416

f

Windstream Services LLC /

Windstream Escrow Finance

Corp., 144A, 8.250%, 10/01/31

3,000,000

3,057,201

35,691,069

Transportation 1.9%

BNSF Funding Trust I, 6.613%

to 1/14/26, FRN thereafter,

12/15/55

................

3,325,000

3,346,576

f

Genesee & Wyoming, Inc., 144A,

6.250%, 4/15/32

...........

3,500,000

3,501,625

f

Watco Cos. LLC / Watco Finance

Corp., 144A, 7.125%, 8/01/32

3,000,000

3,019,509

9,867,710

Utility 1.6%

f

Pattern Energy Operations LP /

Pattern Energy Operations, Inc.,

144A, 4.500%, 8/15/28

......

3,150,000

2,933,950

f

TerraForm Power Operating LLC,

144A, 5.000%, 1/31/28

.....

1,525,000

1,477,390

144A, 4.750%, 1/15/30

.....

2,025,000

1,884,414

f

XPLR Infrastructure Operating

Partners LP, 144A, 8.375%,

1/15/31

.................

2,000,000

1,968,482

8,264,236

Total Corporate Bonds

(Cost $450,540,522)

..............

446,587,162

Asset-Backed Securities 1.3%

Real Estate 0.5%

f

Uniti Fiber ABS Issuer LLC,

2025-1A, B, 144A, 6.369%,

4/20/55

.................

500,000

508,876

2025-1A, C, 144A, 9.120%,

4/20/55

.................

2,000,000

2,043,971

2,552,847

a

a

a

a

a

Telecommunications 0.8%

f

Frontier Issuer LLC,

2023-1, B, 144A, 8.300%,

8/20/53

.................

2,000,000

2,068,212

Schedule of Investments (Unaudited)

Impax High Yield Bond Fund

(continued)

See Notes to Schedule of Investments

Quarterly Schedule of Investments

33

a

a

Shares/

Principal

a

Value

a

a

a

a

Asset-Backed Securities

(continued)

Telecommunications

(continued)

f

Frontier Issuer LLC, (continued)

2024-1, B, 144A, 7.020%,

6/20/54

.................

2,000,000

$

2,077,546

4,145,758

a

a

a

a

a

Total Asset-Backed Securities

(Cost $6,564,303)

................

6,698,605

Loans 7.6%

Automotive 0.6%

e

Clarios Global LP, First Lien,

Amendment No. 6 Dollar CME

Term Loan, 7.075% (1-month

SOFR + 2.750%), 1/28/32

...

3,000,000

2,959,995

Basic Industry 0.4%

e

Knife River Corp., First Lien, Initial

CME Term Loan, B, 6.286%

(3-month SOFR + 2.000%),

3/08/32

.................

2,000,000

1,997,500

Consumer Goods 1.0%

e

AI Aqua Merger Sub, Inc., First

Lien, 2025 Refinancing CME

Term Loan, B, 7.323% (1-month

SOFR + 3.000%), 7/31/28

...

2,950,100

2,926,721

e

United Natural Foods, Inc., First

Lien, 2024 CME Term Loan,

9.074% (1-month SOFR +

4.750%), 5/01/31

..........

1,982,513

2,011,011

4,937,732

a

a

a

a

a

Healthcare 1.1%

e

1261229 BC Ltd., First Lien, CME

Term Loan, 10.385% (12-month

SOFR + 6.250%), 9/25/30

...

1,000,000

963,750

e

Medline Borrower LP, First Lien,

Dollar Incremental CME Term

Loan, 6.575% (1-month SOFR +

2.250%), 10/23/28

.........

4,967,519

4,963,719

5,927,469

a

a

a

a

a

Leisure 0.4%

e

Gray Media, Inc., First Lien, CME

Term Loan, D, 7.437% (1-month

SOFR + 3.000%), 12/01/28

..

2,000,000

1,837,710

Media 0.6%

e

Clear Channel Outdoor

Holdings, Inc., First Lien, 2024

Refinancing CME Term Loan,

8.439% (1-month SOFR +

4.000%), 8/23/28

..........

3,000,000

2,985,375

a

a

Shares/

Principal

a

Value

a

a

a

a

Loans

(continued)

Retail 0.6%

e

PetSmart LLC, First Lien, Initial

CME Term Loan, 8.175%

(1-month SOFR + 3.750%),

2/11/28

.................

2,992,248

$

2,951,718

Services 0.6%

e

Albion Financing 3 SARL, First

Lien, 2025 Amended US Dollar

CME Term Loan, 7.293%

(3-month SOFR + 3.000%),

8/16/29

.................

2,992,500

2,999,039

Technology & Electronics 0.5%

e

McAfee Corp., First Lien, CME

Term Loan, B1, 7.323%

(1-month SOFR + 3.000%),

3/01/29

.................

2,947,636

2,820,888

Telecommunications 1.8%

e

Connect Finco SARL, First Lien,

Amendment No. 4 CME Term

Loan, 8.825% (1-month SOFR +

4.500%), 9/13/29

..........

1,994,975

1,763,368

e

Consolidated Communications,

Inc., First Lien, 2020 CME Term

Loan, B1, 7.939% (1-month

SOFR + 3.500%), 10/04/27

..

2,000,000

1,996,410

e

Digicel International Finance Ltd.,

First Lien, CME Term Loan,

PIK, 13.291% (3-month SOFR +

6.650%), 5/25/27

..........

1,935,757

1,908,850

e

Lumen Technologies, Inc., First

Lien, CME Term Loan, B1,

6.788% (1-month SOFR +

2.350%), 4/16/29

..........

3,984,812

3,839,763

9,508,391

a

a

a

a

a

Total Loans

(Cost $39,132,367)

...............

38,925,817

Total Long Term Investments

(Cost $497,243,013)

..............

493,218,782

a

a

Certificates of Deposit 0.2%

c,d

Shared Interest, Inc., 4.000%,

9/30/25

.................

500,000

500,000

c

Walden Mutual Bank, 3.930%,

11/14/25

................

500,000

499,054

Total Certificates of Deposit

(Cost $1,000,000)

................

999,054

Schedule of Investments (Unaudited)

Impax High Yield Bond Fund

(continued)

Quarterly Schedule of Investments

See Notes to Schedule of Investments

34

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Money Market 4.1%

g,h

JPMorgan Prime Money Market

Fund, 4.520%

............

21,554,328

$

21,554,328

(Cost $21,554,328)

a

Total Investments 98.8%

(Cost $519,797,341)

.............

$515,772,164

Other Assets, less Liabilities 1.2%

.

6,525,663

Net Assets 100.0%

...............

$522,297,827

a

Rounds to less than 0.05%.

b

Non-income producing security.

c

Illiquid security.

d

Security valued using significant unobservable inputs.

e

Rate shown reflects the accrual rate as of March 31, 2025 on

securities with variable or step rates.

f

Security purchased pursuant to Rule 144A of the Securities Act of

1933 and may be resold only to qualified institutional buyers.

g

Rate shown represents annualized 7-day yield as of March 31, 2025.

h

Institutional Class shares.

CME

Chicago Mercantile Exchange

FRN

Floating Rate Note

LP

Limited Partnership

PIK

Payment In Kind

SOFR

Secured Overnight Financing Rate

Schedule of Investments (Unaudited), March 31, 2025

Impax Sustainable Allocation Fund

See Notes to Schedule of Investments

Quarterly Schedule of Investments

35

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Affiliated Investment Companies 100.0%

a

Impax Core Bond Fund, Class

Institutional

..............

85,465,124

$

753,802,390

a

Impax Ellevate Global Women's

Leadership Fund, Class

Institutional

..............

1,970,528

62,446,042

a

Impax Global Environmental

Markets Fund, Class

Institutional

..............

2,782,977

62,310,849

a

Impax Global Opportunities Fund,

Class Institutional

..........

4,214,207

67,511,592

a

Impax Global Sustainable

Infrastructure Fund, Class

Institutional

..............

6,547,668

62,137,371

a

Impax High Yield Bond Fund,

Class Institutional

..........

18,500,850

110,635,086

a

Impax International Sustainable

Economy Fund, Class

Institutional

..............

9,428,525

103,053,776

a

Impax Large Cap Fund, Class

Institutional

..............

73,714,733

880,153,915

a

Impax Small Cap Fund, Class

Institutional

..............

6,320,888

102,145,558

2,204,196,579

Total Affiliated Investment

Companies

(Cost $2,052,274,650)

............

2,204,196,579

Money Market 0.1%

a,b

JPMorgan Prime Money Market

Fund, 4.520%

............

1,913,046

1,913,046

(Cost $1,913,046)

a

Total Investments 100.1%

(Cost $2,054,187,696)

............

$2,206,109,625

Other Assets, less Liabilities (0.1)%

(1,107,469)

Net Assets 100.0%

...............

$2,205,002,156

a

Institutional Class shares.

b

Rate shown represents annualized 7-day yield as of March 31, 2025.

Notes to Schedule of Investments (Unaudited)

March 31, 2025

36

Quarterly Schedule of Investments

Impax Funds Series Trust I and Impax Funds Series Trust III

Valuation of Investments

For purposes of calculating the net asset value (“NAV”), determined ordinarily as of the close of

regular trading (normally 4:00 p.m. Eastern time) (the “NYSE Close”) on the New York Stock Exchange (“NYSE”) on each day

that the NYSE is open for trading, the Funds normally use pricing data for domestic equity securities received shortly after the

NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close.

U.S. fixed income and non-U.S. securities are normally priced using data reflecting the earlier closing of the principal markets

for those securities, subject to possible fair value adjustments. Information that becomes known to the Funds or their agents

after NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or

NAV determined earlier that day. 

For the purpose of these financial statements, fair values for various types of securities and other instruments are determined

on the basis of closing prices or last sales prices on an exchange or other market, or based on quotes or other market

information obtained from quotation reporting systems, established market makers or pricing services. Short-term investments

having a maturity of 60 days or less are generally valued at amortized cost, which approximates fair value. 

Investments denominated in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained

from pricing services. As a result, the NAV of a Fund’s shares may be affected by changes in the value of currencies in relation

to the U.S. dollar.

If market quotations are not readily available (including in cases when available market quotations are deemed to be

unreliable), the Funds’ investments will be valued as determined in good faith pursuant to policies and procedures approved

by the Boards of Trustees of the Trusts (the “Boards” or “Boards of Trustees”) (so called “fair value pricing”). Fair value pricing

may require subjective determinations about the value of a security or other asset, and fair values used to determine a Fund’s

NAV may differ from quoted or published prices, or from prices that are used by others, for the same investments. Also, the

use of fair value pricing may not always result in adjustments to the prices of securities or other assets held by a Fund. The

Boards have designated the Adviser, through its Best Execution and Valuation Committee, to manage and implement the

day-to-day valuation of the Funds' portfolio investments, in accordance with policies and procedures approved by the Boards.

In addition, pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser, through its Best Execution and

Valuation Committee, as the "valuation designee" to make fair value determinations for all of the Funds' investments for which

market quotations are not readily available.

The Funds may determine that market quotations are not readily available due to events relating to a single issuer (e.g.,

corporate actions or announcements) or events relating to multiple issuers (e.g., governmental actions or natural disasters).

The Funds may determine the fair value of investments based on information provided by pricing services and other third-

party vendors, which may recommend fair value prices or adjustments with reference to other securities, indices or assets. In

considering whether fair value pricing is required and in determining fair values, the Funds may, among other things, consider

significant events (which may be considered to include changes in the value of U.S. securities or securities indices) that occur

after the close of the relevant market and the usual time of valuation. At March 31, 2025, five securities were fair valued in

good faith pursuant to policies and procedures approved by the Boards of Trustees. The Core Bond Fund held two securities

fair valued at $473,622, representing 0.06% of the Fund’s net asset value and the High Yield Bond Fund held four securities

fair valued at $1,260,793, representing 0.24% of the Fund’s net asset value. 

For those Funds that invest in non-U.S. securities, investors should be aware that many securities markets and exchanges

outside the U.S. close prior to the close of the NYSE, and the closing prices for securities in such markets or on such

exchanges may not fully reflect events that occur after such close but before the close of the NYSE. As a result, the Funds’

fair value pricing procedures require the Funds to consider changes in the fair value of non-U.S. securities between the time

of the closing of the local market’s exchange and the close of the NYSE. Generally, if there has been a movement in the

U.S. market that exceeds a specified threshold, the Funds will assess whether the closing price on the local exchange is still

appropriate. Although the threshold may be revised from time to time and the number of days on which fair value prices will

37

Quarterly Schedule of Investments

March 31, 2025

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, are generally categorized as Level 1 in the hierarchy. Non-U.S. equity securities may also be

valued at official close, or may be valued based on the fair value pricing procedures noted above. When third-party fair value

pricing of foreign securities methods are applied, they are generally categorized as Level 2. To the extent that inputs for equity

securities are unobservable, values are categorized as Level 3 in the hierarchy.

Fixed Income Securities

Fixed income securities, including Corporate Bonds (both investment-grade and high-yield), U.S.

Treasury Obligations, Government Bonds, Mortgage-Backed and Asset-Backed Securities, Bank Loans and Municipal

Bonds, are valued at evaluated prices received from independent pricing services, which are evaluated using various inputs

and techniques which may include trade activity, broker-dealer quotes, yield curves, coupon rates, default rates, cash flows,

models and other inputs, and are generally categorized as Level 2 in the hierarchy. To the extent that inputs for fixed income

securities are unobservable, values are categorized as Level 3 in the hierarchy.

Affiliated and Unaffiliated Investment Companies

Investments in mutual funds are valued at the Funds’ closing net asset value

and are generally categorized as Level 1.

Short-Term Investments

Short-term securities, including repurchase agreements, with remaining maturities of 60 days or less,

which are valued at amortized cost, are generally categorized as Level 2 in the hierarchy.

38

Quarterly Schedule of Investments

Notes to Schedule of Investments (Unaudited), continued

March 31, 2025

The following is a summary of the inputs used to value the Funds’ net assets as of March 31, 2025:

Level 1

Level 2

Level 3

Totals

Large Cap Fund

Common Stocks

$

1,207,574,943

$

—

$

—

$

1,207,574,943

Cash Equivalents

18,821,714

—

—

18,821,714

Total

$

1,226,396,657

$

—

$

—

$

1,226,396,657

Small Cap Fund

Common Stocks

$

643,724,127

$

—

$

—

$

643,724,127

Cash Equivalents

3,750,638

—

—

3,750,638

Total

$

647,474,765

$

—

$

—

$

647,474,765

US Sustainable Economy Fund

Common Stocks

$

319,029,901

$

—

$

—

$

319,029,901

Cash Equivalents

3,099,395

—

—

3,099,395

Total

$

322,129,296

$

—

$

—

$

322,129,296

Global Sustainable Infrastructure

Fund

Common Stocks

$

56,923,227

$

36,028,189

$

—

$

92,951,416

Cash Equivalents

1,019,641

—

—

1,019,641

Total

$

57,942,868

$

36,028,189

$

—

$

93,971,057

Global Opportunities Fund

Common Stocks

$

84,623,003

$

34,130,352

$

—

$

118,753,355

Cash Equivalents

898,845

—

—

898,845

Total

$

85,521,848

$

34,130,352

$

—

$

119,652,200

Global Environmental Markets

Fund

Common Stocks

$

1,444,328,629

$

647,943,505

$

—

$

2,092,272,134

Cash Equivalents

9,055,632

—

—

9,055,632

Total

$

1,453,384,261

$

647,943,505

$

—

$

2,101,327,766

Global Social Leaders Fund

Common Stocks

$

1,102,477

$

724,635

$

—

$

1,827,112

Preferred Stocks

—

31,238

—

31,238

Cash Equivalents

71,176

—

—

71,176

Total

$

1,173,653

$

755,873

$

—

$

1,929,526

Global Women’s Leadership Fund

Common Stocks

$

500,950,468

$

172,640,514

$

—

$

673,590,982

Cash Equivalents

10,474,562

—

—

10,474,562

Total

$

511,425,030

$

172,640,514

$

—

$

684,065,544

International Sustainable

Economy Fund

Common Stocks

$

20,733,657

$

1,271,715,171

$

—

$

1,292,448,828

Preferred Stocks

—

4,899,020

—

4,899,020

Cash Equivalents

22,890,039

—

—

22,890,039

Total

$

43,623,696

$

1,276,614,191

$

—

$

1,320,237,887

39

Quarterly Schedule of Investments

March 31, 2025

In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity

for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's

assumptions about the factors market participants would use in determining fair value of the securities or instruments and

would be based on the best available information. Significant unobservable inputs were used by two Funds for Level 3 fair

value measurements.

Level 1

Level 2

Level 3

Totals

Core Bond Fund

Community Investment Notes

$

—

$

246,405

$

473,622

$

720,027

Corporate Bonds

—

244,412,612

—

244,412,612

Foreign Government and Agency

Securities

—

18,355,638

—

18,355,638

U.S. Government and Agency

Securities

—

193,481,676

—

193,481,676

Asset-Backed Securities

—

44,211,736

—

44,211,736

Mortgage-Backed Securities

—

289,226,201

—

289,226,201

Municipal Bonds

—

7,219,148

—

7,219,148

Supranational

—

49,387,703

—

49,387,703

Loans

—

2,987,228

—

2,987,228

Certificates of Deposit

—

499,053

—

499,053

Cash Equivalents

24,604,311

—

—

24,604,311

Total

$

24,604,311

$

850,027,400

$

473,622

$

875,105,333

High Yield Bond Fund

Common Stocks

$

—

$

—

$

44,114

$

44,114

Preferred Stocks

—

—

13,944

13,944

Community Investment Notes

—

246,405

702,735

949,140

Corporate Bonds

—

446,587,162

—

446,587,162

Asset-Backed Securities

—

6,698,605

—

6,698,605

Loans

—

42,189,500

—

42,189,500

Certificates of Deposit

—

499,054

500,000

999,054

Cash Equivalents

21,554,328

—

—

21,554,328

Total

$

21,554,328

$

496,220,726

$

1,260,793

$

519,035,847

Sustainable Allocation Fund

Management Investment

Companies

$

2,204,196,579

$

—

$

—

$

2,204,196,579

Cash Equivalents

1,913,046

—

—

1,913,046

Total

$

2,206,109,625

$

—

$

—

$

2,206,109,625

See Schedules of Investments for additional detailed industry classifications.

40

Quarterly Schedule of Investments

Notes to Schedule of Investments (Unaudited), continued

March 31, 2025

Affiliated Investments

The term “affiliated company” includes other investment companies that are managed by a Fund’s

Adviser. At March 31, 2025, the Sustainable Allocation Fund held the following investments in affiliated Funds:

Fund

Shares

Held at

12/31/2024

Gross

Additions

Gross

Reductions

Shares

Held at

3/31/2025

Sustainable Allocation Fund

Large Cap Fund

74,884,780

—

1,170,047

73,714,733

Small Cap Fund

6,320,888

—

—

6,320,888

Global Sustainable Infrastructure Fund

6,547,668

—

—

6,547,668

Global Opportunities Fund

4,214,207

—

—

4,214,207

Global Environmental Markets Fund

2,782,977

—

—

2,782,977

Global Women's Leadership Fund

1,970,528

—

—

1,970,528

International Sustainable Economy Fund

9,428,525

—

—

9,428,525

Core Bond Fund

84,651,569

813,555

—

85,465,124

High Yield Fund

18,221,512

279,338

—

18,500,850

Fund

Value at

12/31/2024

Dividend

Income

Realized

Gains/

Losses

1

Net change in

Unrealized

Appreciation/

Depreciation

Value at

3/31/2025

Sustainable Allocation Fund

Large Cap Fund

$

957,027,489

$

—

$

(46,802)

$

(61,826,772)

$

880,153,915

Small Cap Fund

112,195,771

—

—

(10,050,213)

102,145,558

Global Sustainable Infrastructure

Fund

57,750,434

—

—

4,386,937

62,137,371

Global Opportunities Fund

68,986,564

—

—

(1,474,972)

67,511,592

Global Environmental Markets

Fund

63,396,210

—

—

(1,085,361)

62,310,849

Global Women's Leadership Fund

64,396,865

—

—

(1,950,823)

62,446,042

International Sustainable

Economy Fund

95,888,097

—

—

7,165,679

103,053,776

Core Bond Fund

734,775,623

7,157,975

—

11,873,866

753,802,390

High Yield Fund

109,693,503

1,685,009

—

(743,426)

110,635,086

Total

$

2,264,110,556

$

8,842,984

$

(46,802)

$

(53,705,085)

$

2,204,196,579

1

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