NPORT-EX 2 Impax033124Part_F.htm
Schedule
of
Investments
(unaudited),
March
31,
2024
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
8.9%
a
Alphabet,
Inc.
,
A
..............
454,711
$
68,629,531
a,b
Alphabet,
Inc.
,
C
..............
98,442
14,988,779
T-Mobile
US,
Inc.
.............
102,489
16,728,255
Walt
Disney
Co.
(The)
..........
310,637
38,009,543
138,356,108
Consumer
Discretionary
7.9%
a
Aptiv
plc
....................
385,089
30,672,339
Hilton
Worldwide
Holdings,
Inc.
...
144,138
30,746,077
Lowe's
Cos.,
Inc.
..............
99,804
25,423,073
Tractor
Supply
Co.
............
64,382
16,850,057
a
Ulta
Beauty,
Inc.
..............
35,961
18,803,287
122,494,833
Consumer
Staples
8.0%
Colgate-Palmolive
Co.
.........
301,019
27,106,761
McCormick
&
Co.,
Inc.
.........
494,459
37,979,396
Procter
&
Gamble
Co.
(The)
.....
198,386
32,188,128
Target
Corp.
.................
155,582
27,570,686
124,844,971
Financials
14.1%
Citizens
Financial
Group,
Inc.
....
624,548
22,664,847
CME
Group,
Inc.
..............
145,190
31,257,955
JPMorgan
Chase
&
Co.
.........
182,635
36,581,791
KeyCorp
....................
1,469,520
23,233,111
MSCI,
Inc.
,
A
.................
32,217
18,056,018
RenaissanceRe
Holdings
Ltd.
....
96,371
22,650,076
b
Visa,
Inc.
,
A
..................
123,605
34,495,683
Voya
Financial,
Inc.
............
410,494
30,343,716
219,283,197
Health
Care
14.1%
Abbott
Laboratories
............
237,821
27,030,735
a
Align
Technology,
Inc.
..........
48,958
16,054,307
a
Avantor,
Inc.
.................
994,471
25,428,623
Baxter
International,
Inc.
........
537,512
22,973,263
CVS
Health
Corp.
.............
348,654
27,808,643
Danaher
Corp.
...............
96,675
24,141,681
a
IQVIA
Holdings,
Inc.
...........
86,229
21,806,452
Merck
&
Co.,
Inc.
.............
303,417
40,035,873
a
Vertex
Pharmaceuticals,
Inc.
.....
34,362
14,363,660
219,643,237
Industrials
7.6%
Ferguson
plc
.................
97,046
21,197,758
Otis
Worldwide
Corp.
..........
159,810
15,864,339
Trane
Technologies
plc
.........
104,519
31,376,604
United
Parcel
Service,
Inc.
,
B
....
157,834
23,458,867
Xylem,
Inc.
..................
200,276
25,883,670
117,781,238
c
Information
Technology
29.1%
Apple,
Inc.
..................
313,650
53,784,702
Applied
Materials,
Inc.
..........
135,704
27,986,236
Dell
Technologies,
Inc.
,
C
.......
226,770
25,876,725
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
(continued)
c
Information
Technology
(continued)
a
Enphase
Energy,
Inc.
..........
90,515
$
10,950,505
Marvell
Technology,
Inc.
........
430,284
30,498,530
Microsoft
Corp.
...............
289,737
121,898,151
NVIDIA
Corp.
................
47,940
43,316,666
Oracle
Corp.
.................
278,773
35,016,676
a,b
Palo
Alto
Networks,
Inc.
........
72,312
20,546,009
Salesforce,
Inc.
...............
107,535
32,387,391
a
ServiceNow,
Inc.
..............
37,310
28,445,144
TE
Connectivity
Ltd.
...........
151,672
22,028,841
452,735,576
Materials
4.1%
Avery
Dennison
Corp.
..........
100,932
22,533,069
Crown
Holdings,
Inc.
...........
233,234
18,486,127
PPG
Industries,
Inc.
...........
150,612
21,823,679
62,842,875
Real
Estate
3.7%
Alexandria
Real
Estate
Equities,
Inc.
,
REIT
.................
134,239
17,304,750
Prologis,
Inc.
,
REIT
............
159,896
20,821,657
Weyerhaeuser
Co.
,
REIT
.......
543,845
19,529,474
57,655,881
Utilities
1.2%
American
Water
Works
Co.,
Inc.
..
155,598
19,015,632
Total
Common
Stocks
(Cost
$
989,992,458
)
...............
1,534,653,548
Money
Market
1.2%
d,e
JPMorgan
Prime
Money
Market
Fund
,
5.490
%
..............
18,173,913
18,173,913
(Cost
$18,173,913)
a
Total
Investments
99
.9
%
(Cost
$
1,008,166,371
)
.............
$1,552,827,461
Other
Assets,
less
Liabilities
0
.1
%
..
1,508,731
Net
Assets
100.0%
................
$1,554,336,192
a
Non-income
producing
security.
b
Security
or
partial
position
of
this
security
was
on
loan
as
of
March
31,
2024.
The
total
market
value
of
securities
on
loan
as
of
March
31,
2024
was
$38,862,429.
c
Broad
industry
sectors
used
for
financial
reporting.
d
Rate
shown
represents
annualized
7-day
yield
as
of
March
31,
2024.
e
Institutional
Class
shares.
REIT
Real
Estate
Investment
Trust
Schedule
of
Investments
(unaudited),
March
31,
2024
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
95.3%
Communication
Services
2.8%
a
QuinStreet,
Inc.
...............
575,395
$
10,161,476
a
TechTarget,
Inc.
..............
281,387
9,308,282
19,469,758
Consumer
Discretionary
5.3%
Carter's,
Inc.
.................
67,826
5,743,505
Columbia
Sportswear
Co.
.......
50,515
4,100,808
a
Etsy,
Inc.
....................
100,000
6,872,000
a
National
Vision
Holdings,
Inc.
....
255,669
5,665,625
a
Planet
Fitness,
Inc.
,
A
..........
134,271
8,409,393
a
Visteon
Corp.
................
57,500
6,762,575
37,553,906
Consumer
Staples
7.0%
a
BJ's
Wholesale
Club
Holdings,
Inc.
89,955
6,805,096
a
Darling
Ingredients,
Inc.
........
218,294
10,152,854
a
Freshpet,
Inc.
................
50,000
5,793,000
a
Simply
Good
Foods
Co.
(The)
....
258,620
8,800,838
a
US
Foods
Holding
Corp.
........
335,000
18,079,950
49,631,738
Financials
13.4%
Brightsphere
Investment
Group,
Inc.
1,048,818
23,955,003
Eastern
Bankshares,
Inc.
.......
750,000
10,335,000
Independent
Bank
Corp.
........
110,000
5,722,200
Victory
Capital
Holdings,
Inc.
,
A
...
750,000
31,822,500
Voya
Financial,
Inc.
............
301,040
22,252,877
94,087,580
Health
Care
22.5%
a
Axonics,
Inc.
.................
244,525
16,864,889
Chemed
Corp.
...............
16,000
10,270,880
a
CryoPort,
Inc.
................
637,375
11,281,537
a
Enovis
Corp.
.................
210,630
13,153,843
a
Health
Catalyst,
Inc.
...........
2,154,475
16,223,197
a
Ligand
Pharmaceuticals,
Inc.
.....
255,208
18,655,705
a
Neurocrine
Biosciences,
Inc.
.....
50,000
6,896,000
a
OmniAb,
Inc.
.................
761,387
4,126,718
a
Option
Care
Health,
Inc.
........
100,000
3,354,000
a
Pacira
BioSciences,
Inc.
........
260,027
7,597,989
a
Prestige
Consumer
Healthcare,
Inc.
170,000
12,335,200
a
Roivant
Sciences
Ltd.
..........
1,600,000
16,864,000
a
Shockwave
Medical,
Inc.
........
40,000
13,025,200
a
SI-BONE,
Inc.
................
475,343
7,781,365
158,430,523
Industrials
20.5%
Advanced
Drainage
Systems,
Inc.
.
54,489
9,385,185
Arcosa,
Inc.
.................
170,000
14,596,200
a
AZEK
Co.,
Inc.
(The)
,
A
.........
259,349
13,024,507
a
Casella
Waste
Systems,
Inc.
,
A
...
60,000
5,932,200
a
Dycom
Industries,
Inc.
..........
101,500
14,568,295
Enpro,
Inc.
..................
70,000
11,813,900
a
Gates
Industrial
Corp.
plc
.......
512,713
9,080,147
a
Generac
Holdings,
Inc.
.........
75,000
9,460,500
Herc
Holdings,
Inc.
............
55,000
9,256,500
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
(continued)
Industrials
(continued)
a
Huron
Consulting
Group,
Inc.
....
144,000
$
13,913,280
MSA
Safety,
Inc.
..............
35,089
6,792,880
a
Stericycle,
Inc.
...............
252,906
13,340,792
Tecnoglass,
Inc.
..............
100,000
5,203,000
a
Verra
Mobility
Corp.
,
A
..........
318,661
7,956,965
144,324,351
Information
Technology
12.0%
a
8x8,
Inc.
....................
3,330,000
8,991,000
A10
Networks,
Inc.
............
775,000
10,609,750
a
Ciena
Corp.
.................
276,064
13,651,365
a
Extreme
Networks,
Inc.
.........
240,178
2,771,654
a
Mitek
Systems,
Inc.
............
720,349
10,156,921
a
Onto
Innovation,
Inc.
...........
107,057
19,385,881
a
Sprout
Social,
Inc.
,
A
...........
128,724
7,686,110
a
Workiva,
Inc.
,
A
...............
136,086
11,540,093
84,792,774
Materials
4.2%
Element
Solutions,
Inc.
.........
561,946
14,037,411
Graphic
Packaging
Holding
Co.
...
543,585
15,861,811
29,899,222
Real
Estate
7.6%
Agree
Realty
Corp.
,
REIT
.......
210,000
11,995,200
Americold
Realty
Trust,
Inc.
,
REIT
.
390,000
9,718,800
Healthcare
Realty
Trust,
Inc.
,
A
,
REIT
.....................
706,352
9,994,881
Rayonier,
Inc.
,
REIT
...........
361,676
12,022,110
Terreno
Realty
Corp.
,
REIT
......
150,000
9,960,000
53,690,991
Total
Common
Stocks
(Cost
$
582,769,042
)
...............
671,880,843
Money
Market
4.7%
b,c
JPMorgan
Prime
Money
Market
Fund
,
5.490
%
..............
33,477,613
33,477,613
(Cost
$33,477,613)
a
Total
Investments
100
.0
%
(Cost
$
616,246,655
)
..............
$705,358,456
d
Other
Assets,
less
Liabilities
(0.0)
%
(57,221)
Net
Assets
100.0%
................
$705,301,235
a
Non-income
producing
security.
b
Rate
shown
represents
annualized
7-day
yield
as
of
March
31,
2024.
c
Institutional
Class
shares.
d
Rounds
to
less
than
0.05%.
REIT
Real
Estate
Investment
Trust
Schedule
of
Investments
(unaudited),
March
31,
2024
Impax
US
Sustainable
Economy
Fund
See
Notes
to
Schedule
of
Investments
Quarterly
Schedule
of
Investments
3
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
98.7%
Communication
Services
3.7%
Electronic
Arts,
Inc.
............
8,888
$
1,179,171
Iridium
Communications,
Inc.
....
25,990
679,899
a
Netflix,
Inc.
..................
1,200
728,796
a
Pinterest,
Inc.
,
A
..............
32,700
1,133,709
a
Spotify
Technology
SA
..........
2,477
653,680
a
Take-Two
Interactive
Software,
Inc.
5,419
804,667
Verizon
Communications,
Inc.
....
133,069
5,583,575
Walt
Disney
Co.
(The)
..........
9,200
1,125,712
11,889,209
Consumer
Discretionary
6.5%
a
Aptiv
plc
....................
8,994
716,372
Bath
&
Body
Works,
Inc.
........
52,804
2,641,256
Best
Buy
Co.,
Inc.
.............
14,523
1,191,322
a
Grand
Canyon
Education,
Inc.
....
15,361
2,092,322
Harley-Davidson,
Inc.
..........
21,183
926,544
Hasbro,
Inc.
.................
12,755
720,913
Hilton
Worldwide
Holdings,
Inc.
...
3,200
682,592
Home
Depot,
Inc.
(The)
.........
5,111
1,960,580
Hyatt
Hotels
Corp.
,
A
...........
5,881
938,725
Lear
Corp.
..................
5,176
749,899
Lowe's
Cos.,
Inc.
..............
6,721
1,712,040
Macy's,
Inc.
..................
41,000
819,590
Marriott
International,
Inc.
,
A
.....
4,900
1,236,319
a
NVR,
Inc.
...................
111
899,096
Tractor
Supply
Co.
............
3,066
802,433
Vail
Resorts,
Inc.
..............
3,128
697,012
VF
Corp.
....................
51,600
791,544
Whirlpool
Corp.
...............
8,183
978,932
20,557,491
Consumer
Staples
5.6%
Casey's
General
Stores,
Inc.
.....
9,448
3,008,716
General
Mills,
Inc.
.............
40,835
2,857,225
Hershey
Co.
(The)
............
4,571
889,059
J
M
Smucker
Co.
(The)
.........
6,466
813,875
Kimberly-Clark
Corp.
...........
17,434
2,255,088
Kroger
Co.
(The)
..............
86,882
4,963,569
Procter
&
Gamble
Co.
(The)
.....
17,704
2,872,474
17,660,006
Financials
11.6%
Affiliated
Managers
Group,
Inc.
...
5,890
986,398
Aflac,
Inc.
...................
9,610
825,115
Ameriprise
Financial,
Inc.
.......
4,629
2,029,539
Annaly
Capital
Management,
Inc.
,
REIT
.....................
45,000
886,050
Bank
of
America
Corp.
.........
18,500
701,520
Bank
of
New
York
Mellon
Corp.
(The)
.....................
41,558
2,394,572
Blackstone,
Inc.
..............
5,200
683,124
Citizens
Financial
Group,
Inc.
....
20,400
740,316
b
Fifth
Third
Bancorp
............
25,100
933,971
Hartford
Financial
Services
Group,
Inc.
(The)
..................
17,789
1,833,156
Invesco
Ltd.
.................
56,500
937,335
JPMorgan
Chase
&
Co.
.........
3,600
721,080
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
(continued)
Financials
(continued)
Mastercard,
Inc.
,
A
............
14,693
$
7,075,708
MetLife,
Inc.
.................
58,453
4,331,952
a
PayPal
Holdings,
Inc.
..........
13,647
914,213
PNC
Financial
Services
Group,
Inc.
(The)
.....................
5,634
910,454
Progressive
Corp.
(The)
........
12,848
2,657,223
Prudential
Financial,
Inc.
........
8,039
943,779
S&P
Global,
Inc.
..............
2,200
935,990
Synovus
Financial
Corp.
........
18,425
738,106
Truist
Financial
Corp.
..........
17,000
662,660
Visa,
Inc.
,
A
..................
14,328
3,998,658
36,840,919
Health
Care
15.1%
Abbott
Laboratories
............
8,200
932,012
Agilent
Technologies,
Inc.
.......
17,592
2,559,812
Amgen,
Inc.
.................
7,403
2,104,821
Bristol-Myers
Squibb
Co.
........
69,504
3,769,202
b
Danaher
Corp.
...............
2,500
624,300
a
Edwards
Lifesciences
Corp.
.....
7,800
745,368
Elevance
Health,
Inc.
..........
9,079
4,707,825
Eli
Lilly
&
Co.
................
11,052
8,598,014
Humana,
Inc.
................
1,819
630,684
a
IDEXX
Laboratories,
Inc.
........
1,745
942,178
a
Illumina,
Inc.
.................
6,250
858,250
a
Intuitive
Surgical,
Inc.
..........
2,623
1,046,813
Johnson
&
Johnson
...........
35,354
5,592,649
Merck
&
Co.,
Inc.
.............
40,936
5,401,505
a
Mettler-Toledo
International,
Inc.
..
2,838
3,778,201
a
Waters
Corp.
................
2,292
788,975
West
Pharmaceutical
Services,
Inc.
1,965
777,570
Zoetis,
Inc.
,
A
................
23,856
4,036,674
47,894,853
Industrials
10.9%
Acuity
Brands,
Inc.
............
3,576
960,979
Automatic
Data
Processing,
Inc.
..
5,596
1,397,545
Booz
Allen
Hamilton
Holding
Corp.
,
A
........................
4,788
710,731
Carrier
Global
Corp.
...........
39,090
2,272,302
a,b
Dayforce,
Inc.
................
11,900
787,899
Emerson
Electric
Co.
..........
38,170
4,329,241
Flowserve
Corp.
..............
17,831
814,520
Fortune
Brands
Innovations,
Inc.
..
8,500
719,695
a
Gates
Industrial
Corp.
plc
.......
45,354
803,219
a
GXO
Logistics,
Inc.
............
12,295
660,979
a
Hertz
Global
Holdings,
Inc.
......
96,080
752,306
Illinois
Tool
Works,
Inc.
.........
3,201
858,924
Johnson
Controls
International
plc
.
29,114
1,901,727
Lennox
International,
Inc.
.......
3,963
1,936,956
nVent
Electric
plc
.............
13,672
1,030,869
Otis
Worldwide
Corp.
..........
14,524
1,441,798
Republic
Services,
Inc.
,
A
.......
24,282
4,648,546
Rockwell
Automation,
Inc.
.......
5,757
1,677,187
Trane
Technologies
plc
.........
7,984
2,396,797
United
Parcel
Service,
Inc.
,
B
....
13,970
2,076,361
United
Rentals,
Inc.
............
1,200
865,332
Schedule
of
Investments
(unaudited)
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
(continued)
Industrials
(continued)
Verisk
Analytics,
Inc.
,
A
.........
3,600
$
848,628
WW
Grainger,
Inc.
.............
741
753,819
34,646,360
c
Information
Technology
32.8%
Accenture
plc
,
A
..............
5,776
2,002,019
a
Adobe,
Inc.
..................
1,416
714,514
a
Advanced
Micro
Devices,
Inc.
....
4,700
848,303
Analog
Devices,
Inc.
...........
12,554
2,483,056
a
ANSYS,
Inc.
.................
8,132
2,823,105
Apple,
Inc.
..................
89,442
15,337,514
Applied
Materials,
Inc.
..........
18,111
3,735,031
a
Atlassian
Corp.
,
A
.............
3,209
626,108
a
Autodesk,
Inc.
................
12,362
3,219,312
Broadcom,
Inc.
...............
2,300
3,048,443
a
First
Solar,
Inc.
...............
4,531
764,833
a
Gartner,
Inc.
.................
1,905
908,056
a
Globant
SA
..................
4,383
884,928
HP,
Inc.
.....................
42,968
1,298,493
a
HubSpot,
Inc.
................
4,691
2,939,193
Intel
Corp.
...................
52,653
2,325,683
International
Business
Machines
Corp.
.....................
12,176
2,325,129
Intuit,
Inc.
...................
1,768
1,149,200
a
Keysight
Technologies,
Inc.
......
7,947
1,242,752
Lam
Research
Corp.
...........
1,825
1,773,115
Littelfuse,
Inc.
................
2,700
654,345
Microsoft
Corp.
...............
45,543
19,160,851
NVIDIA
Corp.
................
18,425
16,648,093
a
Palo
Alto
Networks,
Inc.
........
3,000
852,390
QUALCOMM,
Inc.
.............
29,786
5,042,770
Salesforce,
Inc.
...............
7,849
2,363,962
a
ServiceNow,
Inc.
..............
3,937
3,001,569
Texas
Instruments,
Inc.
.........
28,061
4,888,507
a
Trimble,
Inc.
.................
14,295
920,026
103,981,300
Materials
4.8%
Celanese
Corp.
,
A
.............
5,905
1,014,833
Ecolab,
Inc.
..................
21,878
5,051,630
Graphic
Packaging
Holding
Co.
...
91,643
2,674,143
International
Flavors
&
Fragrances,
Inc.
......................
20,443
1,757,894
Martin
Marietta
Materials,
Inc.
....
2,055
1,261,647
PPG
Industries,
Inc.
...........
10,101
1,463,635
Sherwin-Williams
Co.
(The)
......
2,176
755,790
Westrock
Co.
................
28,638
1,416,149
15,395,721
Real
Estate
6.4%
Alexandria
Real
Estate
Equities,
Inc.
,
REIT
.................
9,200
1,185,972
American
Tower
Corp.
,
REIT
.....
4,400
869,396
Boston
Properties,
Inc.
,
REIT
....
12,266
801,092
a
CBRE
Group,
Inc.
,
A
...........
39,133
3,805,293
Digital
Realty
Trust,
Inc.
,
REIT
....
33,600
4,839,744
Equinix,
Inc.
,
REIT
............
3,590
2,962,935
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
(continued)
Real
Estate
(continued)
Prologis,
Inc.
,
REIT
............
21,014
$
2,736,443
Ventas,
Inc.
,
REIT
.............
16,100
700,994
Welltower,
Inc.
,
REIT
...........
19,930
1,862,259
Weyerhaeuser
Co.
,
REIT
.......
17,500
628,425
20,392,553
Utilities
1.3%
American
Water
Works
Co.,
Inc.
..
25,273
3,088,613
Edison
International
...........
12,800
905,344
3,993,957
Total
Common
Stocks
(Cost
$
194,237,635
)
...............
313,252,369
Money
Market
1.0%
d,e
JPMorgan
Prime
Money
Market
Fund
,
5.490
%
..............
3,234,375
3,234,375
(Cost
$3,234,375)
a
Total
Investments
99
.7
%
(Cost
$
197,472,010
)
..............
$316,486,744
Other
Assets,
less
Liabilities
0
.3
%
..
956,039
Net
Assets
100.0%
................
$317,442,783
a
Non-income
producing
security.
b
Security
or
partial
position
of
this
security
was
on
loan
as
of
March
31,
2024.
The
total
market
value
of
securities
on
loan
as
of
March
31,
2024
was
$1,465,439.
c
Broad
industry
sectors
used
for
financial
reporting.
d
Rate
shown
represents
annualized
7-day
yield
as
of
March
31,
2024.
e
Institutional
Class
shares.
REIT
Real
Estate
Investment
Trust
Schedule
of
Investments
(unaudited),
March
31,
2024
Impax
Global
Sustainable
Infrastructure
Fund
See
Notes
to
Schedule
of
Investments
Quarterly
Schedule
of
Investments
5
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
98.6%
Communication
Services
14.6%
Elisa
OYJ
...................
55,396
$
2,469,743
KDDI
Corp.
..................
108,200
3,199,119
Koninklijke
KPN
NV
...........
869,145
3,250,957
Tele2
AB
,
B
..................
437,772
3,594,747
Vodacom
Group
Ltd.
...........
260,035
1,353,033
13,867,599
Consumer
Staples
2.4%
Sysco
Corp.
.................
27,611
2,241,461
Energy
1.3%
Neste
OYJ
..................
47,001
1,274,443
Financials
4.7%
Hannover
Rueck
SE
...........
9,293
2,544,669
Partners
Group
Holding
AG
......
1,351
1,929,884
4,474,553
Health
Care
5.7%
Chemed
Corp.
...............
4,704
3,019,639
CVS
Health
Corp.
.............
29,681
2,367,356
5,386,995
a
Industrials
28.0%
Brambles
Ltd.
................
210,876
2,219,281
Canadian
Pacific
Kansas
City
Ltd.
.
34,722
3,061,422
Hubbell,
Inc.
,
B
...............
7,450
3,092,123
Otis
Worldwide
Corp.
..........
20,290
2,014,188
Pentair
plc
..................
16,765
1,432,402
Schneider
Electric
SE
..........
9,457
2,138,005
Spirax-Sarco
Engineering
plc
....
9,438
1,197,456
Trane
Technologies
plc
.........
8,402
2,522,280
b
Valmont
Industries,
Inc.
.........
5,108
1,166,054
Voltronic
Power
Technology
Corp.
.
32,000
1,650,474
Waste
Management,
Inc.
........
19,009
4,051,768
Watsco,
Inc.
.................
4,926
2,127,884
26,673,337
Information
Technology
7.9%
KLA
Corp.
...................
3,220
2,249,396
Microsoft
Corp.
...............
4,364
1,836,022
Nemetschek
SE
..............
13,108
1,297,469
c
SolarEdge
Technologies,
Inc.
....
11,857
841,610
Xinyi
Solar
Holdings
Ltd.
........
1,711,389
1,328,882
7,553,379
Materials
1.7%
Sika
AG
....................
5,516
1,641,288
Real
Estate
7.3%
American
Tower
Corp.
,
REIT
.....
14,317
2,828,896
Prologis,
Inc.
,
REIT
............
11,100
1,445,442
Welltower,
Inc.
,
REIT
...........
28,975
2,707,424
6,981,762
Utilities
25.0%
American
Water
Works
Co.,
Inc.
..
23,206
2,836,005
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
(continued)
Utilities
(continued)
Iberdrola
SA
.................
145,569
$
1,808,019
National
Grid
plc
..............
235,601
3,174,490
Northland
Power,
Inc.
..........
147,878
2,415,961
c
Orsted
A/S
,
Reg
S
.............
27,906
1,559,356
Severn
Trent
plc
..............
81,149
2,532,113
SSE
plc
....................
173,917
3,625,823
United
Utilities
Group
plc
........
215,742
2,803,274
Veolia
Environnement
SA
.......
93,231
3,032,977
23,788,018
Total
Common
Stocks
(Cost
$
87,972,462
)
................
93,882,835
Money
Market
1.1%
d,e
JPMorgan
Prime
Money
Market
Fund
,
5.490
%
..............
1,050,909
1,050,909
(Cost
$1,050,909)
a
Total
Investments
99
.7
%
(Cost
$
89,023,371
)
...............
$94,933,744
Other
Assets,
less
Liabilities
0
.3
%
..
314,742
Net
Assets
100.0%
................
$95,248,486
a
Broad
industry
sectors
used
for
financial
reporting.
b
Security
or
partial
position
of
this
security
was
on
loan
as
of
March
31,
2024.
The
total
market
value
of
securities
on
loan
as
of
March
31,
2024
was
$1,165,826.
c
Non-income
producing
security.
d
Rate
shown
represents
annualized
7-day
yield
as
of
March
31,
2024.
e
Institutional
Class
shares.
REIT
Real
Estate
Investment
Trust
Schedule
of
Investments
(unaudited)
Impax
Global
Sustainable
Infrastructure
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments
6
Summary
Of
Investments
By
Country
Country
Value
Percent
of
Net
Assets
Australia
....................
$
2,219,282
2.3%
Canada
.....................
5,477,383
5.7%
China
......................
1,328,882
1.4%
Denmark
....................
1,559,356
1.6%
Finland
.....................
3,744,185
3.9%
France
.....................
3,032,977
3.2%
Germany
...................
3,842,138
4.1%
Japan
......................
3,199,119
3.4%
Netherlands
.................
3,250,957
3.4%
South
Africa
.................
1,353,033
1.4%
Spain
......................
1,808,019
1.9%
Sweden
....................
3,594,747
3.8%
Switzerland
..................
3,571,172
3.7%
Taiwan
.....................
1,650,474
1.7%
United
Kingdom
..............
13,333,156
14.1%
United
States
................
40,917,955
43.0%
Money
Market
................
1,050,909
1.1%
Other
assets
and
liabilities
(net)
314,742
0.3%
Total
$95,248,486
100.0%
Schedule
of
Investments
(unaudited),
March
31,
2024
Impax
Global
Opportunities
Fund
See
Notes
to
Schedule
of
Investments
Quarterly
Schedule
of
Investments
7
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
97.8%
Communication
Services
1.9%
KDDI
Corp.
..................
81,900
$
2,421,514
Consumer
Discretionary
1.9%
a
Aptiv
plc
....................
30,247
2,409,174
Consumer
Staples
7.2%
Haleon
plc
..................
740,641
3,103,863
Jeronimo
Martins
SGPS
SA
.....
78,732
1,562,066
Kerry
Group
plc
,
A
.............
25,824
2,212,758
Unilever
plc
..................
48,044
2,412,638
9,291,325
Financials
24.7%
AIA
Group
Ltd.
...............
429,600
2,889,736
Hannover
Rueck
SE
...........
14,161
3,877,656
HDFC
Bank
Ltd.
,
ADR
..........
67,855
3,797,844
Legal
&
General
Group
plc
......
1,021,788
3,282,676
Marsh
&
McLennan
Cos.,
Inc.
....
16,025
3,300,830
Mastercard,
Inc.
,
A
............
12,053
5,804,363
MSCI,
Inc.
,
A
.................
6,263
3,510,098
RenaissanceRe
Holdings
Ltd.
....
10,659
2,505,185
Visa,
Inc.
,
A
..................
9,986
2,786,893
31,755,281
Health
Care
19.0%
Alcon,
Inc.
...................
56,595
4,681,056
b
Becton
Dickinson
&
Co.
.........
10,887
2,693,988
a
Boston
Scientific
Corp.
.........
49,221
3,371,146
b
Cooper
Cos.,
Inc.
(The)
.........
19,760
2,004,850
b
Danaher
Corp.
...............
15,146
3,782,259
a
IQVIA
Holdings,
Inc.
...........
13,172
3,331,067
Thermo
Fisher
Scientific,
Inc.
....
7,785
4,524,720
24,389,086
Industrials
13.5%
Ashtead
Group
plc
............
33,488
2,385,324
Cintas
Corp.
.................
6,034
4,145,539
Schneider
Electric
SE
..........
22,334
5,049,191
United
Rentals,
Inc.
............
3,628
2,616,187
Wolters
Kluwer
NV
............
20,234
3,168,439
17,364,680
Information
Technology
19.9%
Analog
Devices,
Inc.
...........
16,241
3,212,307
Applied
Materials,
Inc.
..........
15,973
3,294,112
ASML
Holding
NV
.............
1,983
1,922,443
a
Cadence
Design
Systems,
Inc.
...
9,177
2,856,617
Keyence
Corp.
...............
6,750
3,133,761
Microsoft
Corp.
...............
15,130
6,365,494
Oracle
Corp.
.................
14,933
1,875,734
TE
Connectivity
Ltd.
...........
20,238
2,939,367
25,599,835
Materials
9.7%
Croda
International
plc
.........
31,224
1,931,999
DSM-Firmenich
AG
............
18,946
2,154,768
Linde
plc
....................
13,901
6,454,512
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
(continued)
Materials
(continued)
Sika
AG
....................
6,539
$
1,945,682
12,486,961
Total
Common
Stocks
(Cost
$
94,826,966
)
................
125,717,856
Preferred
Stocks
0.9%
Health
Care
0.9%
a
Sartorius
AG
.................
2,943
1,168,696
(Cost
$1,098,433)
Total
Long
Term
Investments
(Cost
$
95,925,399
)
................
126,886,552
a
Money
Market
1.2%
c,d
JPMorgan
Prime
Money
Market
Fund
,
5.490
%
..............
1,581,629
1,581,629
(Cost
$1,581,629)
a
Total
Investments
99
.9
%
(Cost
$
97,507,028
)
...............
$128,468,181
Other
Assets,
less
Liabilities
0
.1
%
..
149,221
Net
Assets
100.0%
................
$128,617,402
a
Non-income
producing
security.
b
Security
or
partial
position
of
this
security
was
on
loan
as
of
March
31,
2024.
The
total
market
value
of
securities
on
loan
as
of
March
31,
2024
was
$7,788,273.
c
Rate
shown
represents
annualized
7-day
yield
as
of
March
31,
2024.
d
Institutional
Class
shares.
ADR
American
Depositary
Receipt
Schedule
of
Investments
(unaudited)
Impax
Global
Opportunities
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments
8
Summary
Of
Investments
By
Country
Country
Value
Percent
of
Net
Assets
Bermuda
....................
$
2,505,185
1.9%
Germany
...................
5,046,352
3.9%
Hong
Kong
..................
2,889,736
2.2%
India
......................
3,797,844
3.0%
Ireland
.....................
2,212,758
1.7%
Japan
......................
5,555,275
4.3%
Netherlands
.................
5,090,882
4.0%
Portugal
....................
1,562,066
1.2%
Switzerland
..................
8,781,506
6.8%
United
Kingdom
..............
10,012,637
7.9%
United
States
................
79,432,311
61.8%
Money
Market
................
1,581,629
1.2%
Other
assets
and
liabilities
(net)
149,221
0.1%
Total
$128,617,402
100.0%
Schedule
of
Investments
(unaudited),
March
31,
2024
Impax
Global
Environmental
Markets
Fund
See
Notes
to
Schedule
of
Investments
Quarterly
Schedule
of
Investments
9
a
a
Shares/
Principal
a
Value
a
Common
Stocks
99.3%
CIRCULAR
ECONOMY
13.0%
General
Waste
Management
7.8%
Republic
Services,
Inc.
,
A
.......
506,349
$
96,935,452
Waste
Management,
Inc.
........
485,138
103,407,165
200,342,617
Recycled,
Recyclable
Products
&
Biomaterials
1.7%
Croda
International
plc
.........
715,677
44,282,823
Resource
Circularity
&
Efficiency
3.5%
STERIS
plc
..................
156,296
35,138,467
United
Rentals,
Inc.
............
73,931
53,312,383
88,450,850
CLEAN
AND
EFFICIENT
TRANSPORT
5.8%
Advanced
Road
Vehicles
&
Devices
4.7%
a
Aptiv
plc
....................
691,237
55,057,027
b
TE
Connectivity
Ltd.
...........
447,278
64,962,657
120,019,684
E-Bikes
&
Bicycles
1.1%
Shimano,
Inc.
................
195,600
29,098,154
NEW
ENERGY
23.8%
Buildings
Energy
Efficiency
5.5%
Carrier
Global
Corp.
...........
893,257
51,925,030
Sika
AG
....................
174,900
52,041,569
Trane
Technologies
plc
.........
130,550
39,191,110
143,157,709
Industrial
Energy
Efficiency
11.7%
Air
Liquide
SA
................
487,119
101,344,475
Cognex
Corp.
................
1,224,897
51,960,131
Delta
Electronics,
Inc.
..........
3,248,475
34,768,021
Keyence
Corp.
...............
56,800
26,370,020
Siemens
AG
.................
259,478
49,544,438
Spirax-Sarco
Engineering
plc
....
278,818
35,375,319
299,362,404
Smart
&
Efficient
Grids
5.2%
Hubbell,
Inc.
,
B
...............
117,429
48,738,907
Schneider
Electric
SE
..........
374,952
84,767,809
133,506,716
Wind
Power
Generation
Equipment
1.4%
a
Vestas
Wind
Systems
A/S
.......
1,234,727
34,440,991
SMART
ENVIRONMENT
26.8%
Cloud
Computing
4.5%
b
Microsoft
Corp.
...............
277,460
116,732,971
Efficient
IT
13.8%
a
ANSYS,
Inc.
.................
164,481
57,101,224
Applied
Materials,
Inc.
..........
280,811
57,911,652
ASML
Holding
NV
.............
48,621
47,136,205
a
Autodesk,
Inc.
................
243,600
63,438,312
MediaTek,
Inc.
...............
1,623,000
58,808,279
Texas
Instruments,
Inc.
.........
404,887
70,535,364
354,931,036
a
a
Shares/
Principal
a
Value
a
Common
Stocks
(continued)
Environmental
Testing
&
Monitoring
8.5%
Agilent
Technologies,
Inc.
.......
626,836
$
91,210,906
Halma
plc
...................
437,195
13,054,809
Veralto
Corp.
.................
503,238
44,617,081
a
Waters
Corp.
................
197,568
68,008,833
216,891,629
SUSTAINABLE
FOOD
13.4%
Food
Safety
&
Packaging
5.8%
Crown
Holdings,
Inc.
...........
478,380
37,916,399
Eurofins
Scientific
SE
..........
703,581
44,818,431
a,b
Mettler-Toledo
International,
Inc.
..
49,687
66,147,806
148,882,636
Sustainable
Agriculture
4.4%
DSM-Firmenich
AG
............
345,800
39,328,544
International
Flavors
&
Fragrances,
Inc.
......................
300,182
25,812,650
Kerry
Group
plc
,
A
.............
556,989
47,726,212
112,867,406
Technology
&
Logistics
3.2%
GEA
Group
AG
...............
1,343,424
56,800,189
Kubota
Corp.
................
1,578,900
24,772,524
81,572,713
WATER
16.5%
Water
Distribution
&
Infrastructure
4.6%
Ferguson
plc
.................
236,910
51,834,613
IDEX
Corp.
..................
272,393
66,469,340
118,303,953
Water
Treatment
6.9%
Linde
plc
....................
228,901
106,283,312
Pentair
plc
..................
847,179
72,382,974
178,666,286
Water
Utilities
5.0%
American
Water
Works
Co.,
Inc.
..
537,114
65,640,702
Veolia
Environnement
SA
.......
1,923,811
62,585,129
128,225,831
Total
Common
Stocks
(Cost
$
1,812,041,696
)
.............
2,549,736,409
a
a
a
a
Money
Market
Funds
0.7%
c,d
JPMorgan
Prime
Money
Market
Fund
,
5.490
%
(Cost
$
17,990,694
)
..........
17,990,694
17,990,694
a
Total
Investments
100
.0
%
(Cost
$
1,830,032,390
)
.............
$2,567,727,103
e
Other
Assets,
less
Liabilities
(0.0)
%
(380,484)
Net
Assets
100.0%
................
$2,567,346,619
Schedule
of
Investments
(unaudited)
Impax
Global
Environmental
Markets
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments
10
a
Non-income
producing
security.
b
Security
or
partial
position
of
this
security
was
on
loan
as
of
March
31,
2024.
The
total
market
value
of
securities
on
loan
as
of
March
31,
2024
was
$64,747,020.
c
Rate
shown
represents
annualized
7-day
yield
as
of
March
31,
2024.
d
Institutional
Class
shares.
e
Rounds
to
less
than
0.05%.
Summary
Of
Investments
By
Country
Country
Value
Percent
of
Net
Assets
Denmark
....................
$
34,440,991
1.4%
France
.....................
163,929,604
6.4%
Germany
...................
106,344,627
4.1%
Ireland
.....................
47,726,212
1.9%
Japan
......................
80,240,697
3.1%
Luxembourg
.................
44,818,431
1.7%
Netherlands
.................
47,136,204
1.8%
Switzerland
..................
91,370,114
3.5%
Taiwan
.....................
93,576,301
3.7%
United
Kingdom
..............
92,712,951
3.6%
United
States
................
1,747,440,277
68.1%
Money
Market
................
17,990,694
0.7%
Other
assets
and
liabilities
(net)
(380,484)
0.0%
*
Total
$2,567,346,619
100.0%
*
Rounds
to
less
than
0.05%.
Schedule
of
Investments
(unaudited),
March
31,
2024
Impax
Global
Social
Leaders
Fund
See
Notes
to
Schedule
of
Investments
Quarterly
Schedule
of
Investments
11
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
95.3%
Communication
Services
3.7%
T-Mobile
US,
Inc.
.............
196
$
31,991
Vodacom
Group
Ltd.
...........
5,660
29,451
61,442
Consumer
Discretionary
14.6%
a
Bright
Horizons
Family
Solutions,
Inc.
......................
256
29,020
a
Duolingo,
Inc.
,
A
..............
133
29,337
eBay,
Inc.
...................
1,014
53,519
Home
Depot,
Inc.
(The)
.........
96
36,826
a
MercadoLibre,
Inc.
............
30
45,359
a
Mobileye
Global,
Inc.
,
A
.........
982
31,571
a
Planet
Fitness,
Inc.
,
A
..........
268
16,785
242,417
Consumer
Staples
11.6%
Colgate-Palmolive
Co.
.........
298
26,835
Danone
SA
..................
602
38,916
Haleon
plc
..................
8,437
35,357
Jeronimo
Martins
SGPS
SA
.....
803
15,932
Kerry
Group
plc
,
A
.............
437
37,445
Wal-Mart
de
Mexico
SAB
de
CV
..
9,500
38,287
192,772
Financials
15.4%
a
Adyen
NV
,
Reg
S
.............
25
42,229
AIA
Group
Ltd.
...............
6,600
44,395
Bank
Rakyat
Indonesia
Persero
Tbk.
PT
...................
73,800
28,219
HDFC
Bank
Ltd.
,
ADR
..........
775
43,377
Legal
&
General
Group
plc
......
15,473
49,710
Voya
Financial,
Inc.
............
637
47,087
255,017
Health
Care
18.0%
Abbott
Laboratories
............
422
47,965
Alcon,
Inc.
...................
538
44,499
a
Align
Technology,
Inc.
..........
69
22,626
Danaher
Corp.
...............
181
45,199
a
Intuitive
Surgical,
Inc.
..........
85
33,923
a
IQVIA
Holdings,
Inc.
...........
178
45,014
Novo
Nordisk
A/S
,
B
...........
188
24,115
Thermo
Fisher
Scientific,
Inc.
....
62
36,035
299,376
Industrials
7.1%
Experian
plc
.................
899
39,172
Recruit
Holdings
Co.
Ltd.
.......
900
39,516
Wolters
Kluwer
NV
............
247
38,678
117,366
Information
Technology
13.6%
Halma
plc
...................
1,759
52,524
Intuit,
Inc.
...................
103
66,950
NVIDIA
Corp.
................
71
64,153
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
(continued)
Information
Technology
(continued)
a
Palo
Alto
Networks,
Inc.
........
149
$
42,335
225,962
Real
Estate
6.7%
American
Tower
Corp.
,
REIT
.....
227
44,853
UNITE
Group
plc
(The)
,
REIT
....
1,878
23,231
b
Ventas,
Inc.
,
REIT
.............
373
16,241
Welltower,
Inc.
,
REIT
...........
293
27,378
111,703
Utilities
4.6%
Iberdrola
SA
.................
3,277
40,701
Severn
Trent
plc
..............
1,159
36,165
76,866
Total
Common
Stocks
(Cost
$
1,473,988
)
.................
1,582,921
Money
Market
5.3%
c,d
JPMorgan
Prime
Money
Market
Fund
,
5.490
%
..............
87,303
87,303
(Cost
$87,303)
a
Total
Investments
100
.6
%
(Cost
$
1,561,291
)
................
$1,670,224
Other
Assets,
less
Liabilities
(
0
.6
)
%
(9,243)
Net
Assets
100.0%
................
$1,660,981
a
Non-income
producing
security.
b
Security
or
partial
position
of
this
security
was
on
loan
as
of
March
31,
2024.
The
total
market
value
of
securities
on
loan
as
of
March
31,
2024
was
$16,197.
c
Rate
shown
represents
annualized
7-day
yield
as
of
March
31,
2024.
d
Institutional
Class
shares.
ADR
American
Depositary
Receipt
REIT
Real
Estate
Investment
Trust
Schedule
of
Investments
(unaudited)
Impax
Global
Social
Leaders
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments
12
Summary
Of
Investments
By
Country
Country
Value
Percent
of
Net
Assets
Brazil
......................
$
45,359
2.7%
Denmark
....................
24,115
1.4%
France
.....................
38,916
2.3%
Hong
Kong
..................
44,395
2.7%
India
......................
43,377
2.6%
Indonesia
...................
28,219
1.7%
Ireland
.....................
37,445
2.3%
Israel
......................
31,571
1.9%
Japan
......................
39,516
2.4%
Mexico
.....................
38,287
2.3%
Netherlands
.................
80,906
4.9%
Portugal
....................
15,932
1.0%
South
Africa
.................
29,451
1.8%
Spain
......................
40,702
2.4%
Switzerland
..................
44,499
2.7%
United
Kingdom
..............
161,630
9.8%
United
States
................
838,601
50.4%
Money
Market
................
87,303
5.3%
Other
assets
and
liabilities
(net)
(9,243)
-0.6%
Total
$1,660,981
100.0%
Schedule
of
Investments
(unaudited),
March
31,
2024
Impax
Ellevate
Global
Women’s
Leadership
Fund
See
Notes
to
Schedule
of
Investments
Quarterly
Schedule
of
Investments
13
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
99.1%
Communication
Services
8.0%
a
Alphabet,
Inc.
,
A
..............
23,737
$
3,582,625
a
Alphabet,
Inc.
,
C
..............
16,239
2,472,550
Auto
Trader
Group
plc
,
Reg
S
....
844,170
7,454,792
Deutsche
Telekom
AG
..........
101,326
2,459,639
a
Netflix,
Inc.
..................
18,670
11,338,851
Omnicom
Group,
Inc.
..........
87,402
8,457,018
Orange
SA
..................
211,344
2,485,409
Publicis
Groupe
SA
............
22,481
2,450,890
Spark
New
Zealand
Ltd.
........
2,773,819
7,896,645
Telstra
Group
Ltd.
.............
1,935
4,867
Vodafone
Group
plc
...........
2,822,493
2,503,340
Walt
Disney
Co.
(The)
..........
92,903
11,367,611
WPP
plc
....................
261,629
2,479,495
64,953,732
Consumer
Discretionary
13.5%
Accor
SA
...................
52,531
2,452,486
a
Amazon.com,
Inc.
.............
154,633
27,892,700
Bath
&
Body
Works,
Inc.
........
168,609
8,433,822
Best
Buy
Co.,
Inc.
.............
102,122
8,377,068
Cie
Generale
des
Etablissements
Michelin
SCA
...............
62,435
2,392,720
a
Deckers
Outdoor
Corp.
.........
2,545
2,395,507
a
Expedia
Group,
Inc.
...........
21,710
2,990,552
H
&
M
Hennes
&
Mauritz
AB
,
B
...
165,361
2,696,389
Hasbro,
Inc.
.................
43,189
2,441,042
Hermes
International
SCA
.......
922
2,356,430
InterContinental
Hotels
Group
plc
.
23,544
2,446,501
La
Francaise
des
Jeux
SAEM
,
Reg
S
........................
59,509
2,425,450
a
Lululemon
Athletica,
Inc.
........
18,249
7,128,972
Marriott
International,
Inc.
,
A
.....
32,822
8,281,319
McDonald's
Corp.
.............
14,683
4,139,872
Next
plc
....................
20,987
2,446,339
Pearson
plc
.................
184,521
2,429,677
Starbucks
Corp.
..............
102,583
9,375,060
a
Ulta
Beauty,
Inc.
..............
16,017
8,374,969
Wesfarmers
Ltd.
..............
309
13,774
109,490,649
Consumer
Staples
8.0%
Clorox
Co.
(The)
..............
55,918
8,561,605
Coca-Cola
Co.
(The)
...........
183,937
11,253,266
Coles
Group
Ltd.
..............
222,249
2,453,457
Diageo
plc
..................
250,885
9,283,302
Estee
Lauder
Cos.,
Inc.
(The)
,
A
..
57,813
8,911,874
General
Mills,
Inc.
.............
119,118
8,334,686
Heineken
Holding
NV
..........
31,385
2,532,894
J
Sainsbury
plc
...............
748,598
2,556,043
L'Oreal
SA
..................
5,109
2,419,477
Procter
&
Gamble
Co.
(The)
.....
50,812
8,244,247
Unilever
plc
..................
476
23,896
64,574,747
Financials
18.1%
Admiral
Group
plc
.............
227,084
8,138,176
Allianz
SE
...................
8,142
2,440,298
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
(continued)
Financials
(continued)
American
Express
Co.
.........
12,376
$
2,817,891
ASR
Nederland
NV
............
50,942
2,496,655
ASX
Ltd.
....................
54
2,336
Aviva
plc
....................
389,051
2,441,177
AXA
SA
.....................
64,129
2,408,416
Canadian
Imperial
Bank
of
Commerce
.................
47,633
2,414,793
Citigroup,
Inc.
................
157,146
9,937,913
Commonwealth
Bank
of
Australia
.
601
47,142
DNB
Bank
ASA
...............
410,843
8,166,553
Gjensidige
Forsikring
ASA
.......
162,195
2,354,172
Hargreaves
Lansdown
plc
.......
266,087
2,469,567
Insurance
Australia
Group
Ltd.
...
845
3,525
Intact
Financial
Corp.
..........
20
3,249
JPMorgan
Chase
&
Co.
.........
78,846
15,792,854
Lloyds
Banking
Group
plc
.......
3,700,102
2,419,855
M&G
plc
....................
2,753,689
7,664,461
Manulife
Financial
Corp.
........
438
10,939
National
Bank
of
Canada
.......
99,687
8,394,153
NN
Group
NV
................
53,338
2,462,353
Progressive
Corp.
(The)
........
27,002
5,584,554
Royal
Bank
of
Canada
.........
26,627
2,685,601
S&P
Global,
Inc.
..............
6,484
2,758,618
Societe
Generale
SA
...........
311,338
8,341,685
Standard
Chartered
plc
.........
965,131
8,182,111
Sun
Life
Financial,
Inc.
.........
43,777
2,388,659
Svenska
Handelsbanken
AB
,
A
...
228,719
2,312,346
Toronto-Dominion
Bank
(The)
....
40,216
2,427,122
UniCredit
SpA
................
65,528
2,488,708
b
Visa,
Inc.
,
A
..................
32,503
9,070,937
Westpac
Banking
Corp.
.........
391,865
6,664,905
Willis
Towers
Watson
plc
........
30,764
8,460,100
a
Wise
plc
,
A
..................
194,764
2,276,668
146,528,492
Health
Care
14.4%
Abbott
Laboratories
............
34,545
3,926,385
AbbVie,
Inc.
.................
33,164
6,039,164
AstraZeneca
plc
..............
31,335
4,209,664
Bristol-Myers
Squibb
Co.
........
183,138
9,931,574
Cardinal
Health,
Inc.
...........
75,203
8,415,216
Cigna
Group
(The)
............
6,830
2,480,588
Elevance
Health,
Inc.
..........
15,555
8,065,890
Eli
Lilly
&
Co.
................
16,836
13,097,734
a
Genmab
A/S
.................
8,152
2,444,203
Gilead
Sciences,
Inc.
..........
125,801
9,214,923
GSK
plc
....................
113,824
2,443,846
Johnson
&
Johnson
...........
83,242
13,168,052
Merck
&
Co.,
Inc.
.............
50,184
6,621,779
Novo
Nordisk
A/S
,
B
...........
66,697
8,555,452
Pfizer,
Inc.
...................
132,141
3,666,913
Stryker
Corp.
................
7,220
2,583,821
a,b
Vertex
Pharmaceuticals,
Inc.
.....
5,781
2,416,516
Zoetis,
Inc.
,
A
................
53,488
9,050,704
116,332,424
Schedule
of
Investments
(unaudited)
Impax
Ellevate
Global
Women’s
Leadership
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments
14
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
(continued)
Industrials
8.1%
Auckland
International
Airport
Ltd.
.
1,614,283
$
8,053,186
Booz
Allen
Hamilton
Holding
Corp.
,
A
........................
56,086
8,325,406
b
Cummins,
Inc.
................
29,368
8,653,281
Metso
OYJ
..................
692,821
8,229,932
Schneider
Electric
SE
..........
40,967
9,261,673
Siemens
AG
.................
35,061
6,694,508
Stantec,
Inc.
.................
94,528
7,848,081
Wolters
Kluwer
NV
............
53,941
8,446,614
65,512,681
Information
Technology
24.4%
Accenture
plc
,
A
..............
31,530
10,928,613
a
Adobe,
Inc.
..................
9,720
4,904,712
Apple,
Inc.
..................
170,032
29,157,087
a
Autodesk,
Inc.
................
33,021
8,599,329
Broadcom,
Inc.
...............
11,456
15,183,897
CDW
Corp.
..................
33,391
8,540,750
Cisco
Systems,
Inc.
...........
214,413
10,701,353
Halma
plc
...................
273,873
8,177,952
Intuit,
Inc.
...................
15,991
10,394,150
Lam
Research
Corp.
...........
2,569
2,495,963
Microsoft
Corp.
...............
83,422
35,097,304
NVIDIA
Corp.
................
32,430
29,302,451
Salesforce,
Inc.
...............
19,640
5,915,175
SAP
SE
....................
21,882
4,260,841
a
ServiceNow,
Inc.
..............
4,144
3,159,386
Texas
Instruments,
Inc.
.........
16,937
2,950,595
a
Xero
Ltd.
....................
92,295
8,013,923
197,783,481
Materials
3.3%
BlueScope
Steel
Ltd.
...........
539,760
8,394,948
Fortescue
Ltd.
................
500,095
8,369,108
Norsk
Hydro
ASA
.............
423,754
2,328,692
Yara
International
ASA
.........
254,988
8,085,442
27,178,190
c
Real
Estate
0.0%
Canadian
Apartment
Properties
,
REIT
.....................
4
137
CapitaLand
Integrated
Commercial
Trust
,
REIT
................
2,556
3,748
Mapletree
Logistics
Trust
,
REIT
...
1,013
1,095
4,980
Utilities
1.3%
Edison
International
...........
118,979
8,415,385
Hydro
One
Ltd.
,
Reg
S
.........
47
1,370
Meridian
Energy
Ltd.
...........
280
989
Severn
Trent
plc
..............
74,625
2,328,543
10,746,287
Total
Common
Stocks
(Cost
$
637,181,901
)
...............
803,105,663
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Money
Market
0.6%
d,e
JPMorgan
Prime
Money
Market
Fund
,
5.490
%
..............
4,883,639
$
4,883,639
(Cost
$4,883,639)
a
Total
Investments
99
.7
%
(Cost
$
642,065,540
)
..............
$807,989,302
Other
Assets,
less
Liabilities
0
.3
%
..
2,262,360
Net
Assets
100.0%
................
$810,251,662
a
Non-income
producing
security.
b
Security
or
partial
position
of
this
security
was
on
loan
as
of
March
31,
2024.
The
total
market
value
of
securities
on
loan
as
of
March
31,
2024
was
$10,567,743.
c
Rounds
to
less
than
0.05%.
d
Rate
shown
represents
annualized
7-day
yield
as
of
March
31,
2024.
e
Institutional
Class
shares.
REIT
Real
Estate
Investment
Trust
Schedule
of
Investments
(unaudited)
Impax
Ellevate
Global
Women’s
Leadership
Fund
(continued)
See
Notes
to
Schedule
of
Investments
Quarterly
Schedule
of
Investments
15
Summary
Of
Investments
By
Country
Country
Value
Percent
of
Net
Assets
Australia
....................
$
25,954,062
3.1%
Brazil
......................
8,085,442
1.0%
Canada
.....................
26,174,105
3.2%
Denmark
....................
10,999,655
1.4%
Finland
.....................
8,229,932
1.0%
France
.....................
27,732,962
3.4%
Germany
...................
15,855,286
1.9%
Italy
.......................
2,488,708
0.3%
Netherlands
.................
15,938,517
1.9%
New
Zealand
................
23,964,742
3.0%
Norway
.....................
12,849,416
1.6%
Singapore
...................
4,843
0.0%
*
Sweden
....................
5,008,735
0.6%
United
Kingdom
..............
79,931,559
9.9%
United
States
................
539,887,699
66.8%
Money
Market
................
4,883,639
0.6%
Other
assets
and
liabilities
(net)
2,262,360
0.3%
Total
$810,251,662
100.0%
*
Rounds
to
less
than
0.05%.
Schedule
of
Investments
(unaudited),
March
31,
2024
Impax
International
Sustainable
Economy
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments
16
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
97.2%
Australia
7.1%
ANZ
Group
Holdings
Ltd.
.......
724,720
$
13,890,065
Aristocrat
Leisure
Ltd.
..........
256,038
7,169,302
Dexus
,
REIT
.................
755,852
3,894,599
Goodman
Group
,
REIT
.........
142,672
3,142,680
QBE
Insurance
Group
Ltd.
......
1,621,509
19,167,384
Ramsay
Health
Care
Ltd.
.......
109
4,013
REA
Group
Ltd.
...............
47,995
5,799,138
Stockland
,
REIT
..............
1,484,071
4,689,480
Suncorp
Group
Ltd.
............
344,611
3,678,351
Telstra
Group
Ltd.
.............
5,949,419
14,965,318
Transurban
Group
.............
836,250
7,254,572
83,654,902
Austria
1.1%
Mondi
plc
...................
168,108
2,960,937
Verbund
AG
.................
129,199
9,439,282
12,400,219
Belgium
0.8%
KBC
Group
NV
...............
126,103
9,454,210
China
0.8%
BOC
Hong
Kong
Holdings
Ltd.
...
1,278,057
3,426,841
Prosus
NV
..................
202,993
6,353,761
9,780,602
Denmark
3.8%
Novo
Nordisk
A/S
,
B
...........
275,945
35,396,406
a
Orsted
A/S
,
Reg
S
.............
47,804
2,671,233
a
ROCKWOOL
A/S
,
B
...........
16,129
5,306,853
a
Vestas
Wind
Systems
A/S
.......
91,457
2,551,066
45,925,558
Finland
1.5%
Nokia
OYJ
..................
851,196
3,020,126
UPM-Kymmene
OYJ
...........
265,339
8,840,210
Wartsila
OYJ
Abp
.............
394,882
6,001,228
17,861,564
France
8.8%
AXA
SA
.....................
244,454
9,180,664
BNP
Paribas
SA
..............
305,947
21,781,865
Carrefour
SA
.................
218,699
3,751,635
Cie
Generale
des
Etablissements
Michelin
SCA
...............
92,662
3,551,120
Credit
Agricole
SA
.............
577,941
8,621,684
Danone
SA
..................
85,685
5,539,094
Dassault
Systemes
SE
.........
443,081
19,613,942
Hermes
International
SCA
.......
1,035
2,645,233
L'Oreal
SA
..................
12,686
6,007,730
LVMH
Moet
Hennessy
Louis
Vuitton
SE
.......................
10,949
9,851,875
Societe
Generale
SA
...........
552,259
14,796,686
105,341,528
Germany
6.9%
Bayerische
Motoren
Werke
AG
...
164,905
19,026,550
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
(continued)
Germany
(continued)
Beiersdorf
AG
................
16,311
$
2,374,835
Commerzbank
AG
.............
554,665
7,623,422
Deutsche
Boerse
AG
...........
15,036
3,079,222
Heidelberg
Materials
AG
........
117,388
12,922,232
Knorr-Bremse
AG
.............
49,744
3,762,375
Merck
KGaA
.................
108,623
19,154,091
Muenchener
Rueckversicherungs-
Gesellschaft
AG
.............
25,358
12,378,277
Puma
SE
...................
54,391
2,461,533
82,782,537
Hong
Kong
2.7%
AIA
Group
Ltd.
...............
2,416,600
16,255,438
Hang
Seng
Bank
Ltd.
..........
432,000
4,735,457
HKT
Trust
&
HKT
Ltd.
..........
1,989,000
2,320,742
MTR
Corp.
Ltd.
...............
1,360,280
4,494,299
Prudential
plc
................
426,137
3,996,560
31,802,496
Ireland
0.8%
Kingspan
Group
plc
...........
108,009
9,837,072
Italy
2.8%
Assicurazioni
Generali
SpA
......
701,318
17,752,768
Moncler
SpA
.................
56,652
4,227,414
Poste
Italiane
SpA
,
Reg
S
.......
196,630
2,462,634
Prysmian
SpA
................
164,457
8,577,082
33,019,898
Japan
22.3%
Advantest
Corp.
..............
52,800
2,345,527
Ajinomoto
Co.,
Inc.
............
75,300
2,811,974
Astellas
Pharma,
Inc.
..........
876,900
9,420,315
Azbil
Corp.
..................
92,200
2,550,789
Daifuku
Co.
Ltd.
..............
121,900
2,921,873
Daiichi
Sankyo
Co.
Ltd.
.........
116,900
3,719,630
FANUC
Corp.
................
303,900
8,477,743
FUJIFILM
Holdings
Corp.
.......
158,400
3,556,811
Fujitsu
Ltd.
..................
1,156,000
18,500,626
Hitachi
Ltd.
..................
247,400
22,607,523
Hoya
Corp.
..................
17,900
2,238,768
KDDI
Corp.
..................
697,000
20,608,004
MatsukiyoCocokara
&
Co.
.......
202,000
3,243,494
Mitsubishi
Chemical
Group
Corp.
.
437,500
2,666,246
Mitsubishi
Estate
Co.
Ltd.
.......
131,600
2,401,171
Mitsui
Fudosan
Co.
Ltd.
........
272,400
2,936,873
Mizuho
Financial
Group,
Inc.
.....
183,500
3,628,769
NEC
Corp.
..................
61,300
4,475,228
Nintendo
Co.
Ltd.
.............
159,200
8,686,687
Nomura
Research
Institute
Ltd.
...
124,000
3,502,845
Omron
Corp.
.................
63,700
2,280,908
Ono
Pharmaceutical
Co.
Ltd.
.....
142,200
2,329,940
Oriental
Land
Co.
Ltd.
..........
335,300
10,741,575
ORIX
Corp.
..................
508,100
11,113,037
Recruit
Holdings
Co.
Ltd.
.......
217,700
9,558,512
Renesas
Electronics
Corp.
......
196,200
3,496,413
Sekisui
Chemical
Co.
Ltd.
.......
164,900
2,412,588
Schedule
of
Investments
(unaudited)
Impax
International
Sustainable
Economy
Fund
(continued)
See
Notes
to
Schedule
of
Investments
Quarterly
Schedule
of
Investments
17
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
(continued)
Japan
(continued)
SoftBank
Corp.
...............
1,489,900
$
19,182,380
Sompo
Holdings,
Inc.
..........
182,400
3,823,115
Sumitomo
Mitsui
Financial
Group,
Inc.
......................
64,100
3,748,100
Tokio
Marine
Holdings,
Inc.
......
677,300
21,230,827
Tokyo
Electron
Ltd.
............
96,400
25,107,300
TOTO
Ltd.
..................
121,600
3,409,062
Unicharm
Corp.
...............
72,700
2,314,496
Yamaha
Motor
Co.
Ltd.
.........
837,300
7,712,850
Yaskawa
Electric
Corp.
.........
110,900
4,721,533
Yokogawa
Electric
Corp.
........
120,000
2,763,525
267,247,057
Netherlands
4.4%
ASML
Holding
NV
.............
34,983
33,914,684
ING
Groep
NV
...............
221,054
3,639,276
Koninklijke
Ahold
Delhaize
NV
....
286,608
8,575,827
Universal
Music
Group
NV
......
141,071
4,239,233
Wolters
Kluwer
NV
............
14,810
2,319,096
52,688,116
New
Zealand
0.4%
a
Xero
Ltd.
....................
55,776
4,842,999
Norway
0.5%
Norsk
Hydro
ASA
.............
599,692
3,295,539
Telenor
ASA
.................
251,372
2,795,852
6,091,391
Singapore
1.2%
City
Developments
Ltd.
.........
1,028,700
4,456,172
Keppel
Ltd.
..................
644,500
3,502,243
United
Overseas
Bank
Ltd.
......
255,300
5,550,231
13,508,646
Spain
3.3%
Amadeus
IT
Group
SA
.........
246,661
15,834,825
Iberdrola
SA
.................
1,521,024
18,891,660
Redeia
Corp.
SA
..............
242,353
4,139,645
38,866,130
Sweden
3.0%
Alfa
Laval
AB
................
73,361
2,882,672
Assa
Abloy
AB
,
B
.............
239,914
6,885,125
Atlas
Copco
AB
,
A
.............
684,860
11,566,296
Atlas
Copco
AB
,
B
.............
498,810
7,367,402
Epiroc
AB
,
B
.................
257,462
4,360,103
Nibe
Industrier
AB
,
B
...........
474,922
2,335,382
35,396,980
Switzerland
8.3%
ABB
Ltd.
....................
400,109
18,561,177
DSM-Firmenich
AG
............
24,230
2,755,728
Givaudan
SA
.................
774
3,445,647
Kuehne
+
Nagel
International
AG
.
20,301
5,648,118
Lonza
Group
AG
..............
13,110
7,834,517
Novartis
AG
.................
297,122
28,778,773
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
(continued)
Switzerland
(continued)
Sika
AG
....................
34,865
$
10,374,095
Sonova
Holding
AG
............
46,911
13,585,099
a
Swisscom
AG
................
5,710
3,494,837
Zurich
Insurance
Group
AG
......
6,510
3,516,796
97,994,787
United
Kingdom
13.3%
3i
Group
plc
.................
82,675
2,931,442
Associated
British
Foods
plc
.....
132,279
4,173,518
AstraZeneca
plc
..............
206,710
27,770,213
Auto
Trader
Group
plc
,
Reg
S
....
267,903
2,365,828
BT
Group
plc
................
3,639,559
5,037,009
Burberry
Group
plc
............
219,591
3,358,942
HSBC
Holdings
plc
............
3,258,908
25,474,316
Informa
plc
..................
307,415
3,225,401
J
Sainsbury
plc
...............
1,235,240
4,217,652
Legal
&
General
Group
plc
......
1,070,091
3,437,858
Lloyds
Banking
Group
plc
.......
15,037,252
9,834,314
Reckitt
Benckiser
Group
plc
.....
96,037
5,474,593
RELX
plc
...................
463,134
19,972,859
Sage
Group
plc
(The)
..........
146,759
2,345,510
Schroders
plc
................
523
2,485
Spirax-Sarco
Engineering
plc
....
34,090
4,325,204
Tesco
plc
...................
4,904,336
18,369,060
Unilever
plc
..................
303,371
15,229,783
157,545,987
United
States
3.4%
Schneider
Electric
SE
..........
112,157
25,356,054
Swiss
Re
AG
.................
120,332
15,478,895
40,834,949
Total
Common
Stocks
(Cost
$
965,049,129
)
...............
1,156,877,628
Preferred
Stocks
1.1%
Germany
1.1%
Bayerische
Motoren
Werke
AG
...
118,303
12,694,209
(Cost
$12,313,123)
Total
Long
Term
Investments
(Cost
$
977,362,252
)
...............
1,169,571,837
a
Money
Market
1.1%
b,c
JPMorgan
Prime
Money
Market
Fund
,
5.490
%
..............
12,724,405
12,724,405
(Cost
$12,724,405)
a
Total
Investments
99
.4
%
(Cost
$
990,086,657
)
..............
$1,182,296,242
Other
Assets,
less
Liabilities
0
.6
%
..
7,351,574
Net
Assets
100.0%
................
$1,189,647,816
Schedule
of
Investments
(unaudited)
Impax
International
Sustainable
Economy
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments
18
a
Non-income
producing
security.
b
Rate
shown
represents
annualized
7-day
yield
as
of
March
31,
2024.
c
Institutional
Class
shares.
REIT
Real
Estate
Investment
Trust
Summary
Of
Investments
By
Sector
Sector
Value
Percent
of
Net
Assets
Communication
Services
........
$
92,720,429
7.8%
Consumer
Discretionary
........
108,041,777
9.1%
Consumer
Staples
............
82,083,691
6.9%
Financials
...................
285,690,989
24.0%
Health
Care
.................
150,231,765
12.6%
Industrials
...................
214,562,524
18.0%
Information
Technology
.........
132,317,233
11.1%
Materials
....................
47,260,634
4.0%
Real
Estate
..................
21,520,975
1.8%
Utilities
.....................
35,141,820
3.0%
Money
Market
................
12,724,405
1.1%
Other
assets
and
liabilities
(net)
7,351,574
0.6%
Total
$1,189,647,816
100.0%
Schedule
of
Investments
(unaudited),
March
31,
2024
Impax
Core
Bond
Fund
See
Notes
to
Schedule
of
Investments
Quarterly
Schedule
of
Investments
19
a
a
Shares/
Principal
a
Value
a
a
a
a
BONDS:
96.3%
a
Community
Investment
Notes
0.0
%
a
Financials
0.0%
b
,c
CEI
Investments
LLC
,
4.000
%,
10/31/24
..................
310,612
$
310,612
c
Envest
Microfinance
Cooperative
,
b
5.460
%,
10/24/24
...........
150,000
150,000
4.000
%,
4/20/26
............
250,000
240,670
701,282
Total
Community
Investment
Notes
(Cost
$
710,612
)
..................
701,282
Corporate
Bonds
31
.7
%
Communication
Services
2.7%
AT&T,
Inc.
,
5.400
%,
2/15/34
............
2,750,000
2,787,111
4.350
%,
6/15/45
............
2,000,000
1,705,931
3.500
%,
9/15/53
............
1,000,000
706,085
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
Corp.
,
6.384
%,
10/23/35
...........
1,000,000
988,880
6.484
%,
10/23/45
...........
750,000
695,670
d
Cogent
Communications
Group,
Inc.
,
144A,
7.000
%,
6/15/27
....
370,000
368,688
Comcast
Corp.
,
4.600
%,
10/15/38
...........
2,750,000
2,568,329
5.350
%,
5/15/53
............
800,000
794,579
Discovery
Communications
LLC
,
3.950
%,
3/20/28
.............
1,500,000
1,420,867
Sprint
Capital
Corp.
,
8.750
%,
3/15/32
...................
2,000,000
2,426,514
T-Mobile
USA,
Inc.
,
4.375
%,
4/15/40
2,000,000
1,782,274
Verizon
Communications,
Inc.
,
4.500
%,
8/10/33
............
2,500,000
2,391,679
4.812
%,
3/15/39
............
2,250,000
2,125,614
Warnermedia
Holdings,
Inc.
,
6.412
%,
3/15/26
............
500,000
500,010
5.141
%,
3/15/52
............
2,500,000
2,076,614
23,338,845
Consumer
Discretionary
1.8%
Amazon.com,
Inc.
,
2.730
%,
4/13/24
............
500,000
499,395
2.875
%,
5/12/41
............
800,000
609,308
2.500
%,
6/03/50
............
1,000,000
638,818
American
University
(The)
,
2019
,
3.672
%,
4/01/49
.............
1,000,000
816,281
Aptiv
plc
/
Aptiv
Corp.
,
3.250
%,
3/01/32
...................
750,000
652,684
d
Expedia
Group,
Inc.
,
144A,
6.250
%,
5/01/25
...................
1,000,000
1,004,553
Ford
Motor
Co.
,
3.250
%,
2/12/32
..
1,100,000
915,605
General
Motors
Co.
,
5.400
%,
10/15/29
..................
1,000,000
1,002,967
a
a
Shares/
Principal
a
Value
a
a
a
a
Consumer
Discretionary
(continued)
d
IHO
Verwaltungs
GmbH
,
144A,
PIK,
6.375
%,
5/15/29
.............
1,000,000
$
1,005,898
Lowe's
Cos.,
Inc.
,
4.800
%,
4/01/26
............
1,250,000
1,243,193
5.000
%,
4/15/33
............
1,000,000
996,611
2.800
%,
9/15/41
............
750,000
533,627
5.750
%,
7/01/53
............
750,000
774,703
Massachusetts
Institute
of
Technology
,
3.067
%,
4/01/52
...
700,000
516,188
MDC
Holdings,
Inc.
,
6.000
%,
1/15/43
...................
1,125,000
1,144,290
Starbucks
Corp.
,
5.000
%,
2/15/34
............
2,000,000
1,983,336
4.450
%,
8/15/49
............
1,000,000
868,390
Toyota
Motor
Corp.
,
5.275
%,
7/13/26
...................
500,000
503,553
15,709,400
Consumer
Staples
1.9%
d
Albertsons
Cos.,
Inc.
/
Safeway,
Inc.
/
New
Albertsons
LP
/
Albertsons
LLC
,
144A,
4.625
%,
1/15/27
.......
1,000,000
968,484
144A,
6.500
%,
2/15/28
.......
1,000,000
1,011,553
d
Bacardi
Ltd.
/
Bacardi-Martini
BV
,
144A,
5.250
%,
1/15/29
........
1,500,000
1,486,266
Campbell
Soup
Co.
,
5.400
%,
3/21/34
...................
1,000,000
1,007,975
Church
&
Dwight
Co.,
Inc.
,
3.950
%,
8/01/47
...................
1,000,000
810,616
Conagra
Brands,
Inc.
,
5.300
%,
11/01/38
..................
1,250,000
1,191,260
d
Darling
Ingredients,
Inc.
,
144A,
6.000
%,
6/15/30
.............
1,500,000
1,487,675
Haleon
US
Capital
LLC
,
3.375
%,
3/24/29
...................
1,750,000
1,628,363
J
M
Smucker
Co.
(The)
,
4.250
%,
3/15/35
...................
1,500,000
1,371,392
d
Kraft
Heinz
Foods
Co.
,
144A,
7.125
%,
8/01/39
.............
2,000,000
2,297,579
d
Nestle
Capital
Corp.
,
144A,
5.100
%,
3/12/54
...................
1,000,000
996,309
d
Post
Holdings,
Inc.
,
144A,
6.250
%,
2/15/32
...................
1,000,000
1,008,538
Procter
&
Gamble
Co.
(The)
,
4.550
%,
1/29/34
.............
1,500,000
1,492,516
16,758,526
Financials
8.8%
Aflac,
Inc.
,
1.125
%,
3/15/26
............
1,500,000
1,390,359
3.600
%,
4/01/30
............
1,000,000
930,932
Assured
Guaranty
US
Holdings,
Inc.
,
6.125
%,
9/15/28
............
750,000
778,587
3.150
%,
6/15/31
............
1,000,000
880,287
Schedule
of
Investments
(unaudited)
Impax
Core
Bond
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments
20
a
a
Shares/
Principal
a
Value
a
a
a
a
Financials
(continued)
Bank
of
America
Corp.
,
0.981%
to
9/24/24,
FRN
thereafter
,
9/25/25
...........
2,000,000
$
1,953,881
2.572%
to
10/19/31,
FRN
thereafter
,
10/20/32
..........
3,750,000
3,112,350
5.872%
to
9/14/33,
FRN
thereafter
,
9/15/34
...........
1,000,000
1,037,598
5.468%
to
1/22/34,
FRN
thereafter
,
1/23/35
...........
1,000,000
1,006,897
4.083%
to
3/19/50,
FRN
thereafter
,
3/20/51
...........
1,000,000
820,631
Bank
of
Montreal
,
5.717
%,
9/25/28
2,500,000
2,568,911
Bank
of
New
York
Mellon
Corp.
(The)
,
6.317%
to
10/24/28,
FRN
thereafter
,
10/25/29
..........
1,000,000
1,055,622
5.834%
to
10/24/32,
FRN
thereafter
,
10/25/33
..........
1,000,000
1,044,696
Block,
Inc.
,
3.500
%,
6/01/31
.....
1,000,000
871,235
BlueHub
Loan
Fund,
Inc.
,
2020
,
2.890
%,
1/01/27
.............
1,000,000
886,480
c
Calvert
Impact
Capital,
Inc.
,
3.000
%,
3/14/25
...................
1,000,000
922,910
Chubb
INA
Holdings,
Inc.
,
5.000
%,
3/15/34
............
2,000,000
2,007,988
2.850
%,
12/15/51
...........
250,000
170,865
Citigroup,
Inc.
,
1.281%
to
11/02/24,
FRN
thereafter
,
11/03/25
..........
1,500,000
1,459,339
2.014%
to
1/24/25,
FRN
thereafter
,
1/25/26
...........
2,000,000
1,939,530
Citizens
Financial
Group,
Inc.
,
5.841%
to
1/22/29,
FRN
thereafter
,
1/23/30
...........
1,500,000
1,498,570
Fiserv,
Inc.
,
5.625
%,
8/21/33
.....
2,000,000
2,044,132
Ford
Motor
Credit
Co.
LLC
,
4.950
%,
5/28/27
...................
500,000
488,090
Goldman
Sachs
Group,
Inc.
(The)
,
0.855%
to
2/11/25,
FRN
thereafter
,
2/12/26
...........
2,500,000
2,395,144
3.21%
to
4/21/41,
FRN
thereafter
,
4/22/42
...................
750,000
564,335
d
HAT
Holdings
I
LLC
/
HAT
Holdings
II
LLC
,
144A,
8.000
%,
6/15/27
..
1,000,000
1,043,950
ING
Groep
NV
,
FRN
,
3.869
%,
(
SOFR
+
1.640
%
),
3/28/26
.....
1,500,000
1,473,684
John
Deere
Capital
Corp.
,
2.000
%,
6/17/31
...................
1,750,000
1,453,666
JPMorgan
Chase
&
Co.
,
0.768%
to
8/08/24,
FRN
thereafter
,
8/09/25
...........
2,000,000
1,962,410
2.947%
to
2/23/27,
FRN
thereafter
,
2/24/28
...........
1,000,000
939,894
5.336%
to
1/22/34,
FRN
thereafter
,
1/23/35
...........
1,000,000
1,004,288
3.964%
to
11/14/47,
FRN
thereafter
,
11/15/48
..........
1,000,000
818,429
a
a
Shares/
Principal
a
Value
a
a
a
a
Financials
(continued)
MetLife,
Inc.
,
4.875
%,
11/13/43
...........
1,000,000
$
940,193
5.250
%,
1/15/54
............
1,000,000
985,840
d
Metropolitan
Life
Global
Funding
I
,
Secured
Note
,
144A,
0.950
%,
7/02/25
...................
3,000,000
2,846,746
Morgan
Stanley
,
3.625
%,
1/20/27
............
2,000,000
1,932,378
5.466%
to
1/17/34,
FRN
thereafter
,
1/18/35
...........
1,000,000
1,009,318
4.457%
to
4/21/38,
FRN
thereafter
,
4/22/39
...........
1,000,000
910,217
6.375
%,
7/24/42
............
1,000,000
1,129,537
Nasdaq,
Inc.
,
5.350
%,
6/28/28
............
500,000
506,747
5.550
%,
2/15/34
............
1,000,000
1,017,478
National
Bank
of
Canada
,
5.600
%,
12/18/28
..................
2,000,000
2,034,141
OneMain
Finance
Corp.
,
3.500
%,
1/15/27
...................
1,000,000
929,315
PNC
Financial
Services
Group,
Inc.
(The)
,
6.615%
to
10/19/26,
FRN
thereafter
,
10/20/27
..........
2,000,000
2,059,653
Principal
Financial
Group,
Inc.
,
5.375
%,
3/15/33
............
2,000,000
2,017,098
5.500
%,
3/15/53
............
1,000,000
982,867
Progressive
Corp.
(The)
,
3.200
%,
3/26/30
...................
1,500,000
1,370,179
Prudential
Financial,
Inc.
,
1.500
%,
3/10/26
............
250,000
234,068
4.350
%,
2/25/50
............
1,000,000
853,776
Royal
Bank
of
Canada
,
3.970
%,
7/26/24
............
1,000,000
994,996
4.950
%,
4/25/25
............
2,000,000
1,993,597
5.150
%,
2/01/34
............
2,000,000
2,002,846
Toronto-Dominion
Bank
(The)
,
2.650
%,
6/12/24
............
1,000,000
994,257
4.456
%,
6/08/32
............
2,800,000
2,682,742
Travelers
Cos.,
Inc.
(The)
,
6.250
%,
6/15/37
............
1,000,000
1,101,905
5.450
%,
5/25/53
............
1,000,000
1,036,726
Truist
Financial
Corp.
,
5.122%
to
1/25/33,
FRN
thereafter
,
1/26/34
2,000,000
1,925,955
d
USAA
Capital
Corp.
,
144A,
2.125
%,
5/01/30
...................
1,000,000
837,217
c
,d
WLB
Asset
VI
Pte.
Ltd.
,
144A,
7.250
%,
12/21/27
............
1,000,000
1,001,643
76,857,125
Health
Care
3.7%
AbbVie,
Inc.
,
4.800
%,
3/15/29
............
1,000,000
1,001,999
4.250
%,
11/21/49
...........
1,500,000
1,300,228
5.400
%,
3/15/54
............
500,000
515,053
Agilent
Technologies,
Inc.
,
2.300
%,
3/12/31
...................
2,000,000
1,680,658
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
Health
Care
(continued)
Amgen,
Inc.
,
4.200
%,
3/01/33
............
500,000
$
467,642
6.400
%,
2/01/39
............
2,000,000
2,186,166
d
Avantor
Funding,
Inc.
,
144A,
4.625
%,
7/15/28
.............
1,000,000
948,759
Becton
Dickinson
&
Co.
,
5.110
%,
2/08/34
............
1,000,000
992,846
4.669
%,
6/06/47
............
1,000,000
896,832
CVS
Health
Corp.
,
5.300
%,
6/01/33
............
1,500,000
1,504,154
5.125
%,
7/20/45
............
1,000,000
922,166
5.875
%,
6/01/53
............
1,000,000
1,018,016
Elevance
Health,
Inc.
,
2.375
%,
1/15/25
............
1,000,000
975,684
1.500
%,
3/15/26
............
500,000
465,941
2.250
%,
5/15/30
............
1,000,000
855,635
5.125
%,
2/15/53
............
1,750,000
1,678,377
HCA,
Inc.
,
5.450
%,
4/01/31
............
1,500,000
1,508,344
7.500
%,
11/06/33
...........
1,000,000
1,119,503
d
HealthEquity,
Inc.
,
144A,
4.500
%,
10/01/29
..................
1,000,000
923,887
Kaiser
Foundation
Hospitals
,
2019
,
3.266
%,
11/01/49
......
1,000,000
738,435
2021
,
2.810
%,
6/01/41
.......
1,000,000
738,902
Laboratory
Corp.
of
America
Holdings
,
1.550
%,
6/01/26
.....
1,000,000
926,498
Merck
&
Co.,
Inc.
,
2.350
%,
6/24/40
1,000,000
704,005
Novant
Health,
Inc.
,
2.637
%,
11/01/36
..................
1,500,000
1,143,017
Pfizer
Investment
Enterprises
Pte.
Ltd.
,
4.650
%,
5/19/25
.........
1,000,000
993,818
Seattle
Children's
Hospital
,
2021
,
1.208
%,
10/01/27
............
1,000,000
867,821
d
Solventum
Corp.
,
144A,
5.600
%,
3/23/34
...................
1,500,000
1,505,577
UnitedHealth
Group,
Inc.
,
2.750
%,
5/15/40
............
500,000
368,247
5.375
%,
4/15/54
............
1,500,000
1,526,712
Zoetis,
Inc.
,
3.000
%,
9/12/27
............
1,000,000
937,305
3.900
%,
8/20/28
............
1,000,000
962,879
32,375,106
Industrials
3.8%
AGCO
Corp.
,
5.450
%,
3/21/27
...
1,000,000
1,004,904
American
Museum
of
Natural
History
(The)
,
2021
,
3.121
%,
7/15/52
...................
750,000
511,740
Burlington
Northern
Santa
Fe
LLC
,
5.200
%,
4/15/54
.............
1,000,000
992,029
California
Endowment
(The)
,
2021
,
2.498
%,
4/01/51
.............
1,000,000
633,578
Capital
Impact
Partners
,
c
5.750
%,
6/15/24
............
500,000
500,154
c
2.300
%,
10/15/24
...........
500,000
490,082
a
a
Shares/
Principal
a
Value
a
a
a
a
Industrials
(continued)
Capital
Impact
Partners,
(continued)
6.000
%,
3/15/25
............
500,000
$
499,928
Carrier
Global
Corp.
,
3.377
%,
4/05/40
...................
500,000
391,735
d
Clean
Harbors,
Inc.
,
144A,
6.375
%,
2/01/31
...................
1,000,000
1,008,414
CNH
Industrial
Capital
LLC
,
5.500
%,
1/12/29
............
2,000,000
2,029,993
5.100
%,
4/20/29
............
250,000
249,403
Concentrix
Corp.
,
6.600
%,
8/02/28
1,000,000
1,012,020
Cummins,
Inc.
,
7.125
%,
3/01/28
..
1,000,000
1,076,515
Doris
Duke
Charitable
Foundation
(The)
,
2020
,
2.345
%,
7/01/50
...
1,000,000
614,466
d
Esab
Corp.
,
144A,
6.250
%,
4/15/29
1,000,000
1,005,933
Ford
Foundation
(The)
,
2020
,
2.415
%,
6/01/50
.............
750,000
476,552
IDEX
Corp.
,
3.000
%,
5/01/30
....
1,000,000
882,314
c
Local
Initiatives
Support
Corp.
,
1.000
%,
11/15/25
............
1,000,000
911,318
Nature
Conservancy
(The)
,
A
,
1.861
%,
7/01/33
..........
266,000
193,801
A
,
3.957
%,
3/01/52
..........
750,000
635,853
Norfolk
Southern
Corp.
,
2.300
%,
5/15/31
............
1,500,000
1,269,622
5.350
%,
8/01/54
............
2,000,000
1,986,939
nVent
Finance
SARL
,
2.750
%,
11/15/31
...........
1,000,000
825,630
5.650
%,
5/15/33
............
1,000,000
1,008,489
Owens
Corning
,
3.875
%,
6/01/30
.
1,000,000
934,907
Pentair
Finance
SARL
,
5.900
%,
7/15/32
...................
1,705,000
1,763,925
Raza
Development
Fund,
Inc.
,
3.534
%,
7/01/34
.............
1,000,000
816,466
Republic
Services,
Inc.
,
5.000
%,
12/15/33
..................
2,000,000
1,987,131
Rockwell
Automation,
Inc.
,
1.750
%,
8/15/31
...................
1,350,000
1,090,427
c
Tesla
Energy
Operations,
Inc.
,
4.700
%,
5/29/25
.............
2,000,000
1,898,277
Union
Pacific
Corp.
,
3.200
%,
5/20/41
............
1,000,000
780,100
4.950
%,
5/15/53
............
1,000,000
967,525
Valmont
Industries,
Inc.
,
5.250
%,
10/01/54
..................
260,000
231,228
d
WK
Kellogg
Foundation
Trust
,
144A,
2.443
%,
10/01/50
............
1,000,000
634,538
Xylem,
Inc.
,
1.950
%,
1/30/28
.....
2,080,000
1,870,712
33,186,648
Information
Technology
2.3%
d
Broadcom,
Inc.
,
144A,
4.926
%,
5/15/37
...................
3,000,000
2,848,707
CDW
LLC
/
CDW
Finance
Corp.
,
3.250
%,
2/15/29
.............
3,000,000
2,719,144
Cisco
Systems,
Inc.
,
5.900
%,
2/15/39
...................
3,400,000
3,699,193
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
Information
Technology
(continued)
Hewlett
Packard
Enterprise
Co.
,
6.200
%,
10/15/35
...........
1,500,000
$
1,606,114
6.350
%,
10/15/45
...........
1,000,000
1,070,091
Intel
Corp.
,
5.700
%,
2/10/53
.....
2,000,000
2,068,920
KLA
Corp.
,
4.700
%,
2/01/34
.....
2,000,000
1,969,869
NXP
BV
/
NXP
Funding
LLC
/
NXP
USA,
Inc.
,
5.000
%,
1/15/33
....
2,300,000
2,251,078
QUALCOMM,
Inc.
,
6.000
%,
5/20/53
2,000,000
2,238,298
20,471,414
Materials
0.6%
d
Alcoa
Nederland
Holding
BV
,
144A,
7.125
%,
3/15/31
.............
1,000,000
1,019,904
Ball
Corp.
,
6.875
%,
3/15/28
......
1,000,000
1,027,323
Dow
Chemical
Co.
(The)
,
5.600
%,
2/15/54
...................
2,000,000
1,993,571
d
Graphic
Packaging
International
LLC
,
144A,
3.750
%,
2/01/30
...
1,000,000
890,400
4,931,198
Real
Estate
1.8%
Alexandria
Real
Estate
Equities,
Inc.
,
5.250
%,
5/15/36
.........
2,500,000
2,454,691
American
Tower
Corp.
,
5.900
%,
11/15/33
..................
2,750,000
2,849,067
Century
Housing
Corp.
,
6.100
%,
10/15/24
...........
500,000
501,175
4.500
%,
2/15/26
............
1,000,000
966,482
Kimco
Realty
OP
LLC
,
4.600
%,
2/01/33
...................
2,750,000
2,605,093
Prologis
LP
,
5.125
%,
1/15/34
.....
3,000,000
3,014,455
Welltower
OP
LLC
,
3.850
%,
6/15/32
4,000,000
3,620,822
16,011,785
Utilities
4.3%
AES
Corp.
(The)
,
5.450
%,
6/01/28
............
1,000,000
998,490
2.450
%,
1/15/31
............
1,000,000
818,894
American
Water
Capital
Corp.
,
2.800
%,
5/01/30
.............
3,000,000
2,644,730
Avangrid,
Inc.
,
3.200
%,
4/15/25
...
1,000,000
974,598
d
Clearway
Energy
Operating
LLC
,
144A,
3.750
%,
2/15/31
........
2,000,000
1,718,570
Consolidated
Edison
Co.
of
New
York,
Inc.
,
20A
,
3.350
%,
4/01/30
1,000,000
921,900
DTE
Electric
Co.
,
3.950
%,
3/01/49
............
1,000,000
812,085
A
,
1.900
%,
4/01/28
..........
1,500,000
1,345,991
Georgia
Power
Co.
,
A
,
3.250
%,
3/15/51
...................
1,000,000
702,898
d
Leeward
Renewable
Energy
Operations
LLC
,
144A,
4.250
%,
7/01/29
...................
1,500,000
1,288,559
MidAmerican
Energy
Co.
,
3.100
%,
5/01/27
............
1,000,000
951,020
3.650
%,
4/15/29
............
1,000,000
951,645
a
a
Shares/
Principal
a
Value
a
a
a
a
Utilities
(continued)
MidAmerican
Energy
Co.,
(continued)
2.700
%,
8/01/52
............
2,000,000
$
1,248,008
d
Niagara
Mohawk
Power
Corp.
,
144A,
1.960
%,
6/27/30
.......
2,000,000
1,652,447
144A,
5.783
%,
9/16/52
.......
2,000,000
2,011,028
Northern
States
Power
Co.
,
5.400
%,
3/15/54
...................
2,000,000
2,015,688
NSTAR
Electric
Co.
,
3.250
%,
5/15/29
...................
3,000,000
2,815,390
d
Pattern
Energy
Operations
LP
/
Pattern
Energy
Operations,
Inc.
,
144A,
4.500
%,
8/15/28
........
1,000,000
933,100
PG&E
Energy
Recovery
Funding
LLC
,
A-3
,
2.822
%,
7/15/46
.....
750,000
542,610
PG&E
Recovery
Funding
LLC
,
A-2
,
5.256
%,
1/15/38
........
1,000,000
1,013,086
A-3
,
5.536
%,
7/15/47
........
2,625,000
2,716,236
SCE
Recovery
Funding
LLC
,
A-1
,
4.697
%,
6/15/40
........
2,168,458
2,105,384
A-2
,
2.943
%,
11/15/42
........
1,450,000
1,177,732
A-2
,
5.112
%,
12/15/47
........
750,000
734,735
Southern
Power
Co.
,
4.150
%,
12/01/25
...........
1,000,000
983,845
0.900
%,
1/15/26
............
500,000
462,828
Southwestern
Public
Service
Co.
,
8
,
3.150
%,
5/01/50
.............
2,500,000
1,642,723
d
Sunnova
Energy
Corp.
,
144A,
5.875
%,
9/01/26
.............
750,000
584,629
Union
Electric
Co.
,
2.150
%,
3/15/32
1,000,000
812,893
37,581,742
Total
Corporate
Bonds
(Cost
$
289,347,449
)
...............
277,221,789
Foreign
Government
and
Agency
Securities
3.0%
d
BNG
Bank
NV
,
144A,
0.500
%,
11/24/25
..................
250,000
232,748
d
Caisse
d'Amortissement
de
la
Dette
Sociale
,
144A,
1.375
%,
1/20/31
.
3,000,000
2,462,458
d
Kommunalbanken
A/S
,
144A,
0.500
%,
10/21/24
.......
500,000
487,017
144A,
4.625
%,
10/24/25
.......
500,000
497,258
144A,
1.125
%,
10/26/26
.......
1,500,000
1,372,634
144A,
1.125
%,
6/14/30
........
1,000,000
818,622
Kreditanstalt
fuer
Wiederaufbau
,
0.500
%,
9/20/24
.............
1,000,000
978,008
2.000
%,
5/02/25
.............
3,000,000
2,904,885
3.125
%,
6/10/25
.............
2,000,000
1,957,077
0.375
%,
7/18/25
.............
1,000,000
943,380
0.625
%,
1/22/26
.............
5,000,000
4,647,586
1.000
%,
10/01/26
............
1,500,000
1,377,266
4.750
%,
10/29/30
............
2,000,000
2,051,319
4.125
%,
7/15/33
.............
4,500,000
4,422,337
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
Foreign
Government
and
Agency
Securities
(continued)
d
Ontario
Teachers'
Finance
Trust
,
144A,
1.250
%,
9/27/30
........
1,000,000
$
811,791
Total
Foreign
Government
and
Agency
Securities
(Cost
$
27,357,221
)
................
25,964,386
U.S.
Government
and
Agency
Securities
17.2%
FFCB
Funding
Corp.
,
1.000
%,
10/07/26
............
3,000,000
2,746,344
2.500
%,
4/14/36
.............
3,000,000
2,344,887
U.S.
Treasury
Bonds
,
5.000
%,
5/15/37
.............
2,000,000
2,174,609
4.500
%,
2/15/44
.............
47,000,000
47,271,719
Index
Linked,
1.000
%,
2/15/48
..
1,000,000
986,185
4.250
%,
2/15/54
.............
29,000,000
28,526,485
U.S.
Treasury
Notes
,
Index
Linked,
0.625
%,
1/15/26
..
3,000,000
3,782,575
4.250
%,
1/31/26
.............
17,000,000
16,867,852
Index
Linked,
0.375
%,
7/15/27
..
4,000,000
4,799,916
4.875
%,
10/31/28
............
25,000,000
25,631,836
4.000
%,
1/31/31
.............
10,000,000
9,871,094
United
States
International
Development
Finance
Corp.
,
3.520
%,
9/20/32
.............
1,214,286
1,149,486
FRN,
5.500
%,
(
3-month
U.S.
Treasury
Bill
Rate
),
9/15/26
....
833,333
833,333
1.650
%,
4/15/28
.............
500,000
451,894
FRN,
5.490
%,
(
3-month
U.S.
Treasury
Bill
Rate
),
3/15/30
....
1,714,286
1,714,286
1.440
%,
4/15/28
.............
1,000,000
897,485
3.130
%,
4/15/28
.............
1,000,000
948,214
Total
U.S.
Government
and
Agency
Securities
(Cost
$
151,356,395
)
...............
150,998,200
Asset-Backed
Securities
6.1%
Financials
4.9%
d
College
Ave
Student
Loans
LLC
,
2021-B
,
A2
,
144A,
1.760
%,
6/25/52
.
...................
312,673
273,440
d
Commonbond
Student
Loan
Trust
,
2019-AGS
,
A1
,
144A,
2.540
%,
1/25/47
.
...................
488,007
434,482
d
FHF
Issuer
Trust
,
2024-1A
,
A2
,
144A,
5.690
%,
2/15/30
.
.......
833,000
833,426
d
Foundation
Finance
Trust
,
2019-1A
,
A
,
144A,
3.860
%,
11/15/34
..................
181,192
180,247
2023-1A
,
A
,
144A,
5.670
%,
12/15/43
..................
1,918,575
1,907,603
2023-2A
,
A
,
144A,
6.530
%,
6/15/49
...................
745,428
759,030
a
a
Shares/
Principal
a
Value
a
a
a
a
Asset-Backed
Securities
(continued)
Financials
(continued)
d
Frontier
Issuer
LLC
,
2023-1
,
A2
,
144A,
6.600
%,
8/20/53
.
.......
1,000,000
$
1,012,134
d
GoodLeap
Sustainable
Home
Solutions
Trust
,
2022-2CS
,
A
,
144A,
4.000
%,
4/20/49
.
.......
2,257,868
2,022,134
d
Helios
Issuer
LLC
,
2023-GRID1
,
1A
,
144A,
5.750
%,
12/20/50
.
......
1,562,745
1,589,726
d
Hertz
Vehicle
Financing
III
LLC
,
2023-1A
,
B
,
144A,
6.220
%,
6/25/27
.
...................
1,500,000
1,509,291
d
HPEFS
Equipment
Trust
,
2024-1A
,
D
,
144A,
5.820
%,
11/20/31
.
....
1,500,000
1,503,360
d
Loanpal
Solar
Loan
Ltd.
,
2021-1GS
,
A
,
144A,
2.290
%,
1/20/48
...................
795,235
639,834
2021-2GS
,
A
,
144A,
2.220
%,
3/20/48
...................
514,999
401,782
d
Mill
City
Solar
Loan
Ltd.
,
2019-1A
,
A
,
144A,
4.340
%,
3/20/43
...................
418,782
388,800
2019-2GS
,
A
,
144A,
3.690
%,
7/20/43
...................
454,623
407,557
d
Mosaic
Solar
Loan
Trust
,
2017-1A
,
A
,
144A,
4.450
%,
6/20/42
...................
339,153
326,064
2017-2A
,
A
,
144A,
3.820
%,
6/22/43
...................
422,561
394,812
2017-2A
,
C
,
144A,
2.000
%,
6/22/43
...................
35,746
35,400
2018-1A
,
A
,
144A,
4.010
%,
6/22/43
...................
1,115,109
1,044,869
2019-1A
,
A
,
144A,
4.370
%,
12/21/43
..................
498,533
468,732
2019-2A
,
A
,
144A,
2.880
%,
9/20/40
...................
347,240
309,812
2020-1A
,
A
,
144A,
2.100
%,
4/20/46
...................
371,219
322,331
2020-2A
,
A
,
144A,
1.440
%,
8/20/46
...................
770,597
649,928
2020-2A
,
C
,
144A,
3.000
%,
8/20/46
...................
601,719
553,022
2021-1A
,
A
,
144A,
1.510
%,
12/20/46
..................
721,166
594,257
2021-2A
,
B
,
144A,
2.090
%,
4/22/47
...................
662,152
505,711
2022-3A
,
A
,
144A,
6.100
%,
6/20/53
...................
2,051,684
2,113,746
d
OneMain
Financial
Issuance
Trust
,
2022-S1
,
A
,
144A,
4.130
%,
5/14/35
.
...................
1,270,000
1,244,071
d
PACEWell
5
Trust
,
2021-1
,
A
,
144A,
2.628
%,
10/10/59
.
...........
1,025,562
800,402
SBA
Small
Business
Investment
Cos.
,
2023-10A
,
1
,
5.168
%,
3/10/33
..
1,437,973
1,442,810
2023-10B
,
1
,
5.688
%,
9/10/33
..
1,098,609
1,126,350
2024-10A
,
1
,
5.035
%,
3/10/34
..
750,000
753,294
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
(continued)
Financials
(continued)
d
Service
Experts
Issuer
LLC
,
2021-
1A
,
A
,
144A,
2.670
%,
2/02/32
.
..
780,509
$
728,927
d
SoFi
Professional
Loan
Program
LLC
,
2017-D
,
BFX
,
144A,
3.610
%,
9/25/40
...................
1,900,000
1,722,334
2017-F
,
BFX
,
144A,
3.620
%,
1/25/41
...................
1,800,000
1,631,425
2018-B
,
BFX
,
144A,
3.830
%,
8/25/47
...................
500,000
457,304
d
Sunnova
Helios
II
Issuer
LLC
,
2019-AA
,
A
,
144A,
3.750
%,
6/20/46
...................
1,407,117
1,292,666
2021-B
,
A
,
144A,
1.620
%,
7/20/48
2,010,972
1,733,358
d
Sunnova
Helios
VII
Issuer
LLC
,
2021-C
,
B
,
144A,
2.330
%,
10/20/48
.
..................
848,480
713,942
d
Sunnova
Helios
XIII
Issuer
LLC
,
2024-A
,
A
,
144A,
5.300
%,
2/20/51
.
...................
783,227
767,744
d
Sunnova
Sol
Issuer
LLC
,
2020-1A
,
A
,
144A,
3.350
%,
2/01/55
.
.....
875,319
761,116
d
Sunrun
Athena
Issuer
LLC
,
2018-1
,
A
,
144A,
5.310
%,
4/30/49
.
.....
876,861
841,070
d
Sunrun
Atlas
Issuer
LLC
,
2019-2
,
A
,
144A,
3.610
%,
2/01/55
.
.......
875,427
801,580
d
Tesla
Auto
Lease
Trust
,
2023-A
,
B
,
144A,
6.410
%,
7/20/27
1,000,000
1,009,020
2023-B
,
B
,
144A,
6.570
%,
8/20/27
1,400,000
1,418,331
2024-A
,
B
,
144A,
5.550
%,
5/22/28
750,000
750,578
d
Tricon
American
Homes
Trust
,
2020-SFR2
,
A
,
144A,
1.482
%,
11/17/39
.
..................
1,265,277
1,114,722
d
Vivint
Solar
Financing
V
LLC
,
2018-
1A
,
A
,
144A,
4.730
%,
4/30/48
.
..
881,079
822,779
43,115,353
a
a
a
a
a
Industrials
0.6%
d
Avis
Budget
Rental
Car
Funding
AESOP
LLC
,
2023-8A
,
A
,
144A,
6.020
%,
2/20/30
...................
1,750,000
1,808,898
2024-1A
,
A
,
144A,
5.360
%,
6/20/30
...................
2,250,000
2,266,749
d
Triumph
Rail
Holdings
LLC
,
2021-2
,
A
,
144A,
2.150
%,
6/19/51
.
.....
876,558
793,946
4,869,593
a
a
a
a
a
Real
Estate
0.5%
d
American
Tower
Trust
#1
,
144A,
5.490
%,
3/15/28
.
............
1,750,000
1,766,138
d
SBA
Tower
Trust
,
144A,
1.631
%,
11/15/26
.......
1,000,000
905,451
144A,
1.840
%,
4/15/27
........
2,000,000
1,793,755
4,465,344
a
a
a
a
a
a
a
Shares/
Principal
a
Value
a
a
a
a
Asset-Backed
Securities
(continued)
Utilities
0.1%
d
Sunnova
Helios
IV
Issuer
LLC
,
2020-AA
,
A
,
144A,
2.980
%,
6/20/47
.
...................
690,260
$
636,625
d
Sunnova
Helios
V
Issuer
LLC
,
2021-
A
,
A
,
144A,
1.800
%,
2/20/48
.
...
392,811
343,659
980,284
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$
56,458,557
)
................
53,430,574
Commercial
Mortgage-
Backed
Securities
3.3%
Financials
3.3%
FHLMC,
Multi-class
Certificates
,
2021-P009
,
A1
,
1.132
%,
1/25/31
1,432,256
1,258,476
2021-P011
,
A1
,
1.204
%,
9/25/31
438,305
386,133
FHLMC,
Multi-family
Structured
Pass-Through
Certificates
,
KG01
,
A10
,
2.939
%,
4/25/29
...
3,000,000
2,758,092
KG02
,
A2
,
2.412
%,
8/25/29
....
2,000,000
1,800,236
KG04
,
A2
,
1.487
%,
11/25/30
...
2,000,000
1,650,797
KG07
,
A2
,
FRN
,
3.123
%,
8/25/32
1,750,000
1,567,413
KSG1
,
A2
,
1.503
%,
9/25/30
....
651,000
541,757
KSG4
,
A2
,
FRN
,
3.400
%,
8/25/32
2,000,000
1,825,974
FNMA,
REMIC
,
2017-M2
,
A2
,
FRN
,
2.825
%,
2/25/27
...................
1,686,428
1,603,994
2018-M13
,
A2
,
FRN
,
3.739
%,
9/25/30
...................
1,325,920
1,269,784
2018-M2
,
A2
,
FRN
,
2.905
%,
1/25/28
...................
1,699,729
1,603,499
2018-M4
,
A2
,
FRN
,
3.064
%,
3/25/28
...................
1,059,154
1,000,830
2018-M8
,
A2
,
FRN
,
3.302
%,
6/25/28
...................
1,808,366
1,718,123
2019-M1
,
A2
,
FRN
,
3.547
%,
9/25/28
...................
1,764,764
1,688,488
2019-M9
,
A2
,
2.937
%,
6/25/29
..
1,659,440
1,537,174
2021-M1S
,
A2
,
FRN
,
1.383
%,
12/25/30
..................
2,700,000
2,210,768
2023-M1S
,
A2
,
FRN
,
4.507
%,
4/25/33
...................
2,000,000
1,974,940
GNMA
,
2013-101
,
AF
,
FRN
,
2.848
%,
9/16/50
...................
522,398
506,815
2014-164
,
AN
,
FRN
,
3.101
%,
3/16/55
...................
569,942
502,617
d
SLG
Office
Trust
,
2021-OVA
,
A
,
144A,
2.585
%,
7/15/41
........
1,500,000
1,242,436
28,648,346
a
a
a
a
a
Total
Commercial
Mortgage-Backed
Securities
(Cost
$
31,578,089
)
................
28,648,346
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
21.4%
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
5.4%
FHLMC
Gold
Pool,
20
Year
,
3.000
%,
3/01/35
...................
2,504,659
$
2,327,287
FHLMC
Pool,
15
Year
,
4.000
%,
7/01/37
...................
1,603,199
1,565,298
FHLMC
Pool,
30
Year
,
3.000
%,
12/01/49
..................
1,585,796
1,381,571
FHLMC
Pool,
30
Year
,
2.000
%,
2/01/51
...................
2,347,576
1,894,503
FHLMC
Pool,
30
Year
,
2.500
%,
4/01/51
...................
2,453,078
2,030,700
FHLMC
Pool,
30
Year
,
4.000
%,
8/01/51
...................
3,136,898
2,913,673
FHLMC
Pool,
30
Year
,
3.000
%,
4/01/52
...................
4,499,619
3,884,389
FHLMC
Pool,
30
Year
,
4.000
%,
8/01/52
...................
2,485,381
2,310,805
FHLMC
Pool,
30
Year
,
4.500
%,
8/01/52
...................
1,786,616
1,717,772
FHLMC
Pool,
30
Year
,
5.500
%,
9/01/52
...................
3,689,461
3,700,792
FHLMC
Pool,
30
Year
,
5.500
%,
11/01/52
..................
3,666,738
3,664,806
FHLMC
Pool,
30
Year
,
5.500
%,
3/01/53
...................
5,623,650
5,616,550
FHLMC
Pool,
30
Year
,
3.000
%,
6/01/53
...................
2,949,811
2,568,709
FHLMC
Pool,
30
Year
,
6.000
%,
6/01/53
...................
2,860,511
2,923,092
FHLMC
Pool,
30
Year
,
6.500
%,
6/01/53
...................
1,834,597
1,883,425
FHLMC
Pool,
30
Year
,
5.000
%,
8/01/53
...................
2,928,578
2,858,055
FHLMC
Pool,
30
Year
,
5.500
%,
9/01/53
...................
3,870,017
3,873,369
47,114,796
Federal
National
Mortgage
Asso-
ciation
(FNMA)
Fixed
Rate
14.3%
FNMA,
15
Year
,
2.000
%,
3/01/36
..
2,050,252
1,831,270
FNMA,
15
Year
,
4.000
%,
8/01/37
..
1,604,882
1,575,053
FNMA,
20
Year
,
2.000
%,
11/01/40
.
1,577,099
1,334,244
FNMA,
20
Year
,
2.000
%,
12/01/40
.
3,715,961
3,144,528
FNMA,
20
Year
,
2.500
%,
12/01/40
.
2,230,343
1,945,299
FNMA,
20
Year
,
3.000
%,
1/01/42
..
2,305,909
2,069,751
FNMA,
30
Year
,
4.000
%,
2/01/41
..
1,250,358
1,169,507
FNMA,
30
Year
,
4.000
%,
1/01/42
..
1,196,872
1,134,528
FNMA,
30
Year
,
3.500
%,
7/01/43
..
3,213,632
2,958,858
FNMA,
30
Year
,
3.000
%,
11/01/46
.
2,502,212
2,206,021
FNMA,
30
Year
,
3.500
%,
9/01/49
..
4,079,181
3,708,324
FNMA,
30
Year
,
4.000
%,
9/01/49
..
2,278,364
2,127,738
FNMA,
30
Year
,
3.500
%,
1/01/50
..
2,374,546
2,166,752
FNMA,
30
Year
,
2.500
%,
3/01/50
..
1,506,768
1,257,920
FNMA,
30
Year
,
2.500
%,
8/01/50
..
1,606,428
1,357,119
FNMA,
30
Year
,
2.500
%,
9/01/50
..
5,417,429
4,515,191
FNMA,
30
Year
,
2.000
%,
10/01/50
.
2,964,355
2,348,297
FNMA,
30
Year
,
1.500
%,
11/01/50
.
2,209,813
1,677,262
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
%,
11/01/50
.
1,649,680
$
1,376,189
FNMA,
30
Year
,
2.000
%,
12/01/50
.
1,470,496
1,182,102
FNMA,
30
Year
,
2.500
%,
12/01/50
.
3,379,607
2,825,651
FNMA,
30
Year
,
2.500
%,
1/01/51
..
1,507,468
1,254,419
FNMA,
30
Year
,
2.500
%,
5/01/51
..
1,503,089
1,249,833
FNMA,
30
Year
,
2.500
%,
7/01/51
..
7,533,358
6,267,612
FNMA,
30
Year
,
2.000
%,
9/01/51
..
2,676,591
2,126,887
FNMA,
30
Year
,
2.000
%,
10/01/51
.
2,539,010
2,028,987
FNMA,
30
Year
,
2.500
%,
10/01/51
.
2,440,220
2,025,020
FNMA,
30
Year
,
2.500
%,
11/01/51
.
2,721,524
2,257,467
FNMA,
30
Year
,
3.500
%,
1/01/52
..
2,320,622
2,081,052
FNMA,
30
Year
,
2.500
%,
2/01/52
..
3,394,347
2,813,709
FNMA,
30
Year
,
3.000
%,
2/01/52
..
2,630,073
2,266,060
FNMA,
30
Year
,
3.500
%,
4/01/52
..
6,168,120
5,526,057
FNMA,
30
Year
,
3.500
%,
6/01/52
..
3,576,258
3,216,790
FNMA,
30
Year
,
3.500
%,
7/01/52
..
3,569,823
3,225,319
FNMA,
30
Year
,
4.000
%,
7/01/52
..
7,069,237
6,566,314
FNMA,
30
Year
,
4.500
%,
7/01/52
..
2,794,079
2,662,667
FNMA,
30
Year
,
4.500
%,
8/01/52
..
2,888,928
2,776,622
FNMA,
30
Year
,
5.000
%,
9/01/52
..
2,898,438
2,830,935
FNMA,
30
Year
,
4.500
%,
10/01/52
.
2,688,835
2,577,032
FNMA,
30
Year
,
6.000
%,
11/01/52
.
2,665,048
2,696,878
FNMA,
30
Year
,
5.000
%,
12/01/52
.
2,882,129
2,813,001
FNMA,
30
Year
,
4.500
%,
1/01/53
..
2,842,209
2,707,548
FNMA,
30
Year
,
6.000
%,
2/01/53
..
2,699,105
2,750,017
FNMA,
30
Year
,
5.000
%,
3/01/53
..
1,783,880
1,754,963
FNMA,
30
Year
,
3.500
%,
4/01/53
..
2,942,794
2,644,820
FNMA,
30
Year
,
5.500
%,
5/01/53
..
9,356,421
9,363,184
FNMA,
30
Year
,
5.500
%,
8/01/53
..
2,857,835
2,861,056
125,255,853
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
1.7%
GNMA
I
,
3.020
%,
9/15/41
.......
1,563,008
1,401,594
GNMA
II,
Single-family,
30
Year
,
2.500
%,
7/20/52
.............
1,739,005
1,481,670
GNMA
II,
Single-family,
30
Year
,
2.500
%,
8/20/52
.............
5,325,386
4,539,544
GNMA
II,
Single-family,
30
Year
,
2.500
%,
4/20/53
.............
3,740,878
3,190,628
GNMA
II,
Single-family,
30
Year
,
3.000
%,
6/20/53
.............
5,118,272
4,527,170
15,140,606
Total
Mortgage-Backed
Securities
(Cost
$
204,223,597
)
...............
187,511,255
Municipal
Bonds
1.1%
California
0.5%
California
Health
Facilities
Financing
Authority
,
State
of
California
Personal
Income
Tax
,
Revenue
,
2022
,
4.190
%,
6/01/37
........
1,750,000
1,628,796
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
Municipal
Bonds
(continued)
California
(continued)
State
of
California
,
GO
,
7.550
%,
4/01/39
...................
2,000,000
$
2,453,367
4,082,163
Massachusetts
0.4%
Commonwealth
of
Massachusetts
,
COVID-19
Recovery
Assessment
,
Revenue
,
2022
A
,
3.881
%,
1/15/31
...................
2,000,000
1,932,469
University
of
Massachusetts
Building
Authority
,
Revenue
,
2010-
2
,
5.450
%,
11/01/40
..........
1,225,000
1,245,746
3,178,215
Oregon
0.2%
State
of
Oregon
,
GO
,
2022
B
,
4.721
%,
5/01/42
.............
2,000,000
1,913,600
Total
Municipal
Bonds
(Cost
$
10,014,684
)
................
9,173,978
Residential
Mortgage-
Backed
Securities
3.0%
Financials
3.0%
d
Angel
Oak
Mortgage
Trust
,
2022-2
,
A1
,
144A,
FRN
,
3.353
%,
1/25/67
...................
1,586,515
1,460,812
2022-5
,
A1
,
144A,
4.500
%,
5/25/67
...................
1,670,523
1,627,314
d
Connecticut
Avenue
Securities
Trust
,
2021-R01
,
1B1
,
144A,
FRN
,
8.420
%,
(
30-day
SOFR
Average
+
3.100
%
),
10/25/41
...........
1,000,000
1,030,326
2021-R01
,
1M2
,
144A,
FRN
,
6.870
%,
(
30-day
SOFR
Average
+
1.550
%
),
10/25/41
...........
645,000
648,035
2022-R08
,
1M1
,
144A,
FRN
,
7.870
%,
(
30-day
SOFR
Average
+
2.550
%
),
7/25/42
............
1,724,534
1,771,149
2023-R01
,
1M1
,
144A,
FRN
,
7.721
%,
(
30-day
SOFR
Average
+
2.400
%
),
12/25/42
...........
1,285,905
1,321,301
2023-R06
,
1M1
,
144A,
FRN
,
7.020
%,
(
30-day
SOFR
Average
+
1.700
%
),
7/25/43
............
1,265,220
1,276,950
d
FARM
Mortgage
Trust
,
2024-1
,
A
,
144A,
FRN
,
1.000
%,
10/01/53
..
2,000,000
1,893,062
d
FHLMC
STACR
REMIC
Trust
,
2020-HQA2
,
M2
,
144A,
FRN
,
8.535
%,
(
30-day
SOFR
Average
+
3.214
%
),
3/25/50
............
943,292
977,466
2021-DNA5
,
M2
,
144A,
FRN
,
6.970
%,
(
30-day
SOFR
Average
+
1.650
%
),
1/25/34
............
291,971
293,112
a
a
Shares/
Principal
a
Value
a
a
a
a
Residential
Mortgage-
Backed
Securities
(continued)
Financials
(continued)
d
FHLMC
STACR
REMIC
Trust,
(continued)
2022-DNA1
,
M1B
,
144A,
FRN
,
7.170
%,
(
30-day
SOFR
Average
+
1.850
%
),
1/25/42
............
1,100,000
$
1,107,361
d
Flagstar
Mortgage
Trust
,
2021-5INV
,
A5
,
144A,
FRN
,
2.500
%,
7/25/51
.............
696,288
611,128
2021-6INV
,
A6
,
144A,
FRN
,
2.500
%,
8/25/51
.............
1,421,623
1,242,831
d
FNMA
Connecticut
Avenue
Securities
,
2021-R02
,
2M2
,
144A,
FRN
,
7.320
%,
(
30-day
SOFR
Average
+
2.000
%
),
11/25/41
...
1,500,000
1,510,268
d
Mello
Mortgage
Capital
Acceptance
,
2021-INV1
,
A4
,
144A,
FRN
,
2.500
%,
6/25/51
.............
744,565
650,570
d
New
Residential
Mortgage
Loan
Trust
,
2019-2A
,
A1
,
144A,
FRN
,
4.250
%,
12/25/57
..................
743,292
714,805
2019-4A
,
A1B
,
144A,
FRN
,
3.500
%,
12/25/58
............
324,857
299,650
2019-5A
,
A1B
,
144A,
FRN
,
3.500
%,
8/25/59
.............
427,791
397,974
2019-RPL3
,
A1
,
144A,
FRN
,
2.750
%,
7/25/59
.............
923,498
870,953
d
Sequoia
Mortgage
Trust
,
2018-CH1
,
A19
,
144A,
FRN
,
4.000
%,
3/25/48
.............
58,388
53,872
2021-4
,
A4
,
144A,
FRN
,
2.500
%,
6/25/51
...................
1,530,806
1,336,228
2024-2
,
A19
,
144A,
FRN
,
6.000
%,
12/25/53
..................
1,966,100
1,951,399
2024-3
,
A19
,
144A,
FRN
,
6.000
%,
4/25/54
...................
2,000,000
1,976,304
d
Towd
Point
Mortgage
Trust
,
2023-1
,
A1
,
144A,
3.750
%,
1/25/63
.....
1,074,696
1,015,641
26,038,511
a
a
a
a
a
Total
Residential
Mortgage-Backed
Securities
(Cost
$
26,884,436
)
................
26,038,511
Supranational
9.5%
Council
of
Europe
Development
Bank
,
3.000
%,
6/16/25
........
1,000,000
975,359
European
Bank
for
Reconstruction
&
Development
,
1.625
%,
9/27/24
.............
3,000,000
2,944,596
0.500
%,
11/25/25
............
3,000,000
2,797,401
4.250
%,
3/13/34
.............
1,000,000
990,929
European
Investment
Bank
,
2.750
%,
8/15/25
.............
2,000,000
1,943,634
1.375
%,
3/15/27
.............
2,000,000
1,829,593
3.875
%,
3/15/28
.............
1,000,000
981,005
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
Supranational
(continued)
European
Investment
Bank,
(continued)
1.750
%,
3/15/29
.............
800,000
$
709,087
0.750
%,
9/23/30
.............
1,000,000
802,772
3.750
%,
2/14/33
.............
3,000,000
2,879,257
Inter-American
Development
Bank
,
0.340
%,
10/15/24
............
4,000,000
3,892,195
1.750
%,
3/14/25
.............
3,000,000
2,906,706
0.625
%,
7/15/25
.............
3,000,000
2,841,344
0.875
%,
4/20/26
.............
2,000,000
1,852,235
1.500
%,
1/13/27
.............
2,000,000
1,843,392
0.625
%,
9/16/27
.............
600,000
526,626
3.500
%,
9/14/29
.............
4,500,000
4,317,234
1.125
%,
1/13/31
.............
3,250,000
2,643,445
3.500
%,
4/12/33
.............
2,000,000
1,870,999
Inter-American
Investment
Corp.
,
2.625
%,
4/22/25
.............
1,000,000
972,972
International
Bank
for
Reconstruction
&
Development
,
1.625
%,
1/15/25
.............
8,000,000
7,780,010
0.625
%,
4/22/25
.............
5,000,000
4,779,735
0.500
%,
10/28/25
............
500,000
467,774
3.125
%,
6/15/27
.............
2,000,000
1,920,386
0.750
%,
11/24/27
............
1,000,000
876,383
Zero
Cpn.,
3/31/28
...........
4,500,000
4,174,987
1.375
%,
4/20/28
.............
1,500,000
1,333,245
4.625
%,
8/01/28
.............
550,000
555,946
3.875
%,
2/14/30
.............
1,000,000
975,600
4.000
%,
7/25/30
.............
3,000,000
2,944,389
4.000
%,
1/10/31
.............
1,000,000
978,337
1.625
%,
11/03/31
............
1,500,000
1,239,246
2.750
%,
5/31/36
.............
2,000,000
1,620,732
FRN
,
5.718
%,
(
SOFR
Index
+
0.370
%
),
2/11/31
............
2,000,000
1,986,732
d
International
Development
Association
,
144A,
0.375
%,
9/23/25
...................
3,200,000
2,995,993
International
Finance
Corp.
,
0.375
%,
7/16/25
.............
1,000,000
943,666
0.750
%,
10/08/26
............
2,250,000
2,048,626
4.375
%,
1/15/27
.............
1,000,000
996,304
Nordic
Investment
Bank
,
0.375
%,
9/20/24
.............
1,500,000
1,465,933
0.375
%,
9/11/25
.............
3,000,000
2,813,194
Total
Supranational
(Cost
$
88,209,261
)
................
83,417,999
Total
Long
Term
Investments
(Cost
$
886,140,301
)
...............
843,106,320
a
a
Certificates
of
Deposit
0
.1
%
c
Walden
Mutual
Bank
,
4.935
%,
11/13/24
..................
500,000
498,796
(Cost
$500,000)
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Money
Market
3.7%
e,f
JPMorgan
Prime
Money
Market
Fund
,
5.490
%
..............
32,599,943
$
32,599,943
(Cost
$32,599,943)
a
Total
Investments
100
.1
%
(Cost
$
919,240,244
)
..............
$876,205,059
Other
Assets,
less
Liabilities
(
0
.1
)
%
(560,399)
Net
Assets
100.0%
................
$875,644,660
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
Rate
shown
represents
annualized
7-day
yield
as
of
March
31,
2024.
f
Institutional
Class
shares.
LP
Limited
Partnership
PIK
Payment
In
Kind
SOFR
Secured
Overnight
Financing
Rate
Schedule
of
Investments
(unaudited),
March
31,
2024
Impax
High
Yield
Bond
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments
28
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
0.3%
Healthcare
0.3%
a
Avantor,
Inc.
.................
60,790
$
1,554,401
(Cost
$1,000,378)
BONDS:
96.2%
Community
Investment
Notes
0
.1
%
Financial
Services
0.1%
b
,c
CEI
Investments
LLC
,
FRN
,
4.000
%,
9/30/24
.............
531,476
531,476
c
Envest
Microfinance
Cooperative
,
b
5.460
%,
10/24/24
...........
150,000
150,000
4.000
%,
4/20/26
............
250,000
240,670
922,146
Total
Community
Investment
Notes
(Cost
$
931,476
)
..................
922,146
Corporate
Bonds
92
.0
%
Automotive
6.0%
d
Allison
Transmission,
Inc.
,
144A,
4.750
%,
10/01/27
......
1,200,000
1,155,727
144A,
5.875
%,
6/01/29
.......
1,925,000
1,907,710
144A,
3.750
%,
1/30/31
.......
2,475,000
2,161,804
Dana,
Inc.
,
4.500
%,
2/15/32
.....
5,000,000
4,325,463
Ford
Motor
Co.
,
3.250
%,
2/12/32
..
3,850,000
3,204,618
Ford
Motor
Credit
Co.
LLC
,
3.664
%,
9/08/24
............
3,000,000
2,969,651
5.125
%,
6/16/25
............
3,750,000
3,717,526
d
Gates
Global
LLC
/
Gates
Corp.
,
144A,
6.250
%,
1/15/26
........
3,075,000
3,070,041
d
IHO
Verwaltungs
GmbH
,
144A,
PIK,
6.375
%,
5/15/29
.............
3,750,000
3,772,118
d
Phinia,
Inc.
,
144A,
6.750
%,
4/15/29
3,000,000
3,032,679
d
ZF
North
America
Capital,
Inc.
,
144A,
6.875
%,
4/14/28
.......
1,575,000
1,635,126
144A,
7.125
%,
4/14/30
.......
1,800,000
1,898,347
32,850,810
Banking
0.6%
PNC
Financial
Services
Group,
Inc.
(The)
,
V
,
Junior
Sub.
Bond
,
6.2%
to
9/14/27,
FRN
thereafter
,
Perpetual
..................
3,250,000
3,249,663
Basic
Industry
8.2%
d
Advanced
Drainage
Systems,
Inc.
,
144A,
5.000
%,
9/30/27
.......
1,600,000
1,553,565
144A,
6.375
%,
6/15/30
.......
2,450,000
2,464,957
d
Alcoa
Nederland
Holding
BV
,
144A,
7.125
%,
3/15/31
.............
2,000,000
2,039,808
ATI,
Inc.
,
7.250
%,
8/15/30
............
2,000,000
2,069,496
5.125
%,
10/01/31
...........
1,800,000
1,669,425
d
Avient
Corp.
,
144A,
7.125
%,
8/01/30
...................
2,060,000
2,114,091
a
a
Shares/
Principal
a
Value
a
a
a
a
Basic
Industry
(continued)
d
CVR
Partners
LP
/
CVR
Nitrogen
Finance
Corp.
,
144A,
6.125
%,
6/15/28
...................
3,800,000
$
3,655,752
d
Dycom
Industries,
Inc.
,
144A,
4.500
%,
4/15/29
.............
1,450,000
1,356,904
d
Interface,
Inc.
,
144A,
5.500
%,
12/01/28
..................
5,455,000
5,204,963
d
Knife
River
Corp.
,
144A,
7.750
%,
5/01/31
...................
2,250,000
2,357,791
MDC
Holdings,
Inc.
,
3.850
%,
1/15/30
............
2,000,000
1,856,916
6.000
%,
1/15/43
............
2,500,000
2,542,867
Mercer
International,
Inc.
,
5.500
%,
1/15/26
............
1,075,000
1,048,952
5.125
%,
2/01/29
............
1,825,000
1,606,260
d
144A,
12.875
%,
10/01/28
.....
1,800,000
1,968,766
d
Novelis
Corp.
,
144A,
4.750
%,
1/30/30
...................
2,300,000
2,123,953
d
Olympus
Water
US
Holding
Corp.
,
144A,
4.250
%,
10/01/28
......
1,975,000
1,794,018
144A,
9.750
%,
11/15/28
......
1,000,000
1,066,467
Shea
Homes
LP
/
Shea
Homes
Funding
Corp.
,
4.750
%,
2/15/28
.
2,100,000
1,999,413
d
Standard
Industries,
Inc.
,
144A,
5.000
%,
2/15/27
.......
2,700,000
2,621,245
144A,
4.375
%,
7/15/30
.......
1,875,000
1,686,075
44,801,684
Capital
Goods
7.5%
d
ARD
Finance
SA
,
144A,
PIK,
6.500
%,
6/30/27
.............
2,175,000
730,121
d
Ardagh
Packaging
Finance
plc
/
Ardagh
Holdings
USA,
Inc.
,
144A,
5.250
%,
8/15/27
.............
2,525,000
1,593,464
d
ATS
Corp.
,
144A,
4.125
%,
12/15/28
3,150,000
2,890,703
Ball
Corp.
,
6.875
%,
3/15/28
............
1,100,000
1,130,055
6.000
%,
6/15/29
............
1,800,000
1,819,350
d
Chart
Industries,
Inc.
,
144A,
7.500
%,
1/01/30
.............
2,000,000
2,079,392
d
EMRLD
Borrower
LP
/
Emerald
Co-Issuer,
Inc.
,
144A,
6.625
%,
12/15/30
..................
2,500,000
2,527,107
d
EnerSys
,
144A,
6.625
%,
1/15/32
..
3,000,000
3,025,527
d
Esab
Corp.
,
144A,
6.250
%,
4/15/29
3,000,000
3,017,799
d
GrafTech
Finance,
Inc.
,
144A,
4.625
%,
12/15/28
............
2,850,000
1,835,830
d
GrafTech
Global
Enterprises,
Inc.
,
144A,
9.875
%,
12/15/28
.......
1,000,000
743,548
d
Graphic
Packaging
International
LLC
,
144A,
3.750
%,
2/01/30
...
5,400,000
4,808,159
Howmet
Aerospace,
Inc.
,
5.900
%,
2/01/27
............
1,075,000
1,091,429
6.750
%,
1/15/28
............
2,025,000
2,118,207
d
Owens-Brockway
Glass
Container,
Inc.
,
144A,
6.625
%,
5/13/27
.......
1,875,000
1,877,606
144A,
7.250
%,
5/15/31
.......
1,667,000
1,699,927
Schedule
of
Investments
(unaudited)
Impax
High
Yield
Bond
Fund
(continued)
See
Notes
to
Schedule
of
Investments
Quarterly
Schedule
of
Investments
29
a
a
Shares/
Principal
a
Value
a
a
a
a
Capital
Goods
(continued)
d
Regal
Rexnord
Corp.
,
144A,
6.050
%,
4/15/28
.......
1,550,000
$
1,572,577
144A,
6.400
%,
4/15/33
.......
3,450,000
3,581,538
d
Terex
Corp.
,
144A,
5.000
%,
5/15/29
3,150,000
2,976,948
41,119,287
Consumer
Goods
5.6%
d
BellRing
Brands,
Inc.
,
144A,
7.000
%,
3/15/30
.............
3,000,000
3,093,696
d
Darling
Ingredients,
Inc.
,
144A,
6.000
%,
6/15/30
.............
5,800,000
5,752,343
d
Lamb
Weston
Holdings,
Inc.
,
144A,
4.125
%,
1/31/30
.......
2,100,000
1,916,749
144A,
4.375
%,
1/31/32
.......
2,100,000
1,884,932
d
Land
O'
Lakes,
Inc.
,
Junior
Sub.
Bond
,
144A,
7.000
%,
Perpetual
.
1,685,000
1,289,025
Newell
Brands,
Inc.
,
4.875
%,
6/01/25
............
1,200,000
1,183,005
6.375
%,
9/15/27
............
2,275,000
2,244,340
d
Performance
Food
Group,
Inc.
,
144A,
5.500
%,
10/15/27
.......
2,150,000
2,112,367
d
Post
Holdings,
Inc.
,
144A,
5.500
%,
12/15/29
......
2,500,000
2,417,979
144A,
4.500
%,
9/15/31
.......
2,000,000
1,801,004
144A,
6.250
%,
2/15/32
.......
2,000,000
2,017,076
d
United
Natural
Foods,
Inc.
,
144A,
6.750
%,
10/15/28
............
6,000,000
4,990,886
30,703,402
Financial
Services
2.4%
Ally
Financial,
Inc.
,
Sub.
Bond
,
5.750
%,
11/20/25
..
3,000,000
2,979,776
Sub.
Bond
,
6.700
%,
2/14/33
...
2,000,000
2,022,522
Block,
Inc.
,
2.750
%,
6/01/26
............
1,075,000
1,012,079
3.500
%,
6/01/31
............
1,500,000
1,306,852
OneMain
Finance
Corp.
,
6.875
%,
3/15/25
............
1,000,000
1,011,165
3.500
%,
1/15/27
............
1,450,000
1,347,507
6.625
%,
1/15/28
............
1,125,000
1,129,452
d
PennyMac
Financial
Services,
Inc.
,
144A,
4.250
%,
2/15/29
.......
1,075,000
983,727
144A,
5.750
%,
9/15/31
.......
1,475,000
1,369,665
13,162,745
Healthcare
7.9%
d
AdaptHealth
LLC
,
144A,
6.125
%,
8/01/28
.......
2,075,000
1,950,790
144A,
4.625
%,
8/01/29
.......
2,000,000
1,722,841
d
Avantor
Funding,
Inc.
,
144A,
4.625
%,
7/15/28
.......
5,600,000
5,313,051
144A,
3.875
%,
11/01/29
......
2,100,000
1,895,249
Centene
Corp.
,
4.250
%,
12/15/27
...........
1,075,000
1,025,797
4.625
%,
12/15/29
...........
1,000,000
950,094
d
Cheplapharm
Arzneimittel
GmbH
,
144A,
5.500
%,
1/15/28
........
2,525,000
2,408,526
a
a
Shares/
Principal
a
Value
a
a
a
a
Healthcare
(continued)
Encompass
Health
Corp.
,
4.750
%,
2/01/30
...................
2,875,000
$
2,695,694
d
Fortrea
Holdings,
Inc.
,
144A,
7.500
%,
7/01/30
.............
1,000,000
1,033,534
HCA,
Inc.
,
7.500
%,
11/06/33
.....
2,000,000
2,239,005
d
HealthEquity,
Inc.
,
144A,
4.500
%,
10/01/29
..................
3,000,000
2,771,663
d
IQVIA,
Inc.
,
144A,
5.000
%,
5/15/27
2,750,000
2,687,329
d
Medline
Borrower
LP
,
144A,
5.250
%,
10/01/29
............
1,975,000
1,868,219
d
Neogen
Food
Safety
Corp.
,
144A,
8.625
%,
7/20/30
.............
2,650,000
2,857,357
d
Prestige
Brands,
Inc.
,
144A,
5.125
%,
1/15/28
.............
2,175,000
2,119,501
Tenet
Healthcare
Corp.
,
5.125
%,
11/01/27
...........
3,600,000
3,523,978
6.125
%,
10/01/28
...........
1,825,000
1,819,983
6.125
%,
6/15/30
............
3,925,000
3,920,902
42,803,513
Insurance
3.7%
d
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
,
144A,
7.000
%,
1/15/31
.............
4,000,000
4,043,096
d
Howden
UK
Refinance
plc
/
Howden
UK
Refinance
2
plc
/
Howden
US
Refinance
LLC
,
144A,
7.250
%,
2/15/31
...................
2,750,000
2,763,233
d
HUB
International
Ltd.
,
144A,
7.250
%,
6/15/30
.......
2,900,000
2,982,380
144A,
7.375
%,
1/31/32
.......
2,000,000
2,014,718
d
Liberty
Mutual
Group,
Inc.
,
144A,
4.125%
to
12/14/26,
FRN
thereafter
,
12/15/51
..........
6,000,000
5,431,001
d
NFP
Corp.
,
144A,
7.500
%,
10/01/30
2,500,000
2,635,902
19,870,330
Leisure
2.3%
d
Hilton
Domestic
Operating
Co.,
Inc.
,
144A,
6.125
%,
4/01/32
........
3,000,000
3,014,682
d
Lindblad
Expeditions
Holdings,
Inc.
,
144A,
9.000
%,
5/15/28
........
1,825,000
1,931,334
d
Lindblad
Expeditions
LLC
,
144A,
6.750
%,
2/15/27
.............
1,000,000
1,008,530
d
Park
Intermediate
Holdings
LLC
/
PK
Domestic
Property
LLC
/
PK
Finance
Co-Issuer
,
144A,
4.875
%,
5/15/29
...................
3,600,000
3,350,527
d
Viking
Ocean
Cruises
Ship
VII
Ltd.
,
144A,
5.625
%,
2/15/29
........
3,150,000
3,068,306
12,373,379
Media
10.8%
d
AMC
Networks,
Inc.
,
144A,
10.250
%,
1/15/29
............
2,000,000
2,015,770
d
Cars.com,
Inc.
,
144A,
6.375
%,
11/01/28
..................
3,750,000
3,649,904
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
Media
(continued)
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
4.500
%,
5/01/32
............
2,000,000
$
1,608,498
d
144A,
5.125
%,
5/01/27
.......
1,075,000
1,024,934
d
144A,
5.375
%,
6/01/29
.......
3,275,000
3,000,417
d
144A,
4.750
%,
3/01/30
.......
8,375,000
7,196,350
d
144A,
7.375
%,
3/01/31
.......
2,000,000
1,962,616
Cimpress
plc
,
7.000
%,
6/15/26
...
1,925,000
1,928,272
d
Clear
Channel
Outdoor
Holdings,
Inc.
,
144A,
5.125
%,
8/15/27
.......
3,000,000
2,830,141
144A,
7.750
%,
4/15/28
.......
1,425,000
1,249,169
d
CSC
Holdings
LLC
,
144A,
5.500
%,
4/15/27
.......
1,500,000
1,343,540
144A,
11.750
%,
1/31/29
......
1,000,000
1,002,185
144A,
6.500
%,
2/01/29
.......
800,000
678,525
144A,
5.750
%,
1/15/30
.......
1,725,000
914,540
144A,
4.125
%,
12/01/30
......
2,025,000
1,449,576
d
Directv
Financing
LLC
/
Directv
Financing
Co-Obligor,
Inc.
,
144A,
5.875
%,
8/15/27
.............
4,500,000
4,259,975
d
Gray
Television,
Inc.
,
144A,
4.750
%,
10/15/30
......
3,175,000
2,084,780
144A,
5.375
%,
11/15/31
......
2,875,000
1,887,939
d
iHeartCommunications,
Inc.
,
144A,
5.250
%,
8/15/27
.......
1,675,000
1,220,532
144A,
4.750
%,
1/15/28
.......
2,025,000
1,424,161
d
Nexstar
Media,
Inc.
,
144A,
5.625
%,
7/15/27
.......
3,000,000
2,880,015
144A,
4.750
%,
11/01/28
......
3,025,000
2,759,191
d
Sirius
XM
Radio,
Inc.
,
144A,
4.000
%,
7/15/28
.......
1,700,000
1,556,412
144A,
5.500
%,
7/01/29
.......
2,075,000
1,977,818
144A,
4.125
%,
7/01/30
.......
2,025,000
1,771,456
d
Univision
Communications,
Inc.
,
144A,
8.000
%,
8/15/28
.......
2,000,000
2,038,842
144A,
4.500
%,
5/01/29
.......
3,725,000
3,332,140
59,047,698
Pfd-Banking
0.9%
Bank
of
America
Corp.
,
MM
,
Junior
Sub.
Bond
,
4.3%
to
1/27/25,
FRN
thereafter
,
Perpetual
.........
5,000,000
4,876,944
Real
Estate
5.7%
d
Five
Point
Operating
Co.
LP
/
Five
Point
Capital
Corp.
,
144A,
10.500
%,
1/15/28
............
1,679,173
1,730,247
d
HAT
Holdings
I
LLC
/
HAT
Holdings
II
LLC
,
144A,
6.000
%,
4/15/25
.......
1,475,000
1,470,245
144A,
3.375
%,
6/15/26
.......
3,250,000
3,064,441
144A,
8.000
%,
6/15/27
.......
2,000,000
2,087,900
d
Iron
Mountain,
Inc.
,
144A,
5.000
%,
7/15/28
.......
1,925,000
1,843,700
144A,
4.875
%,
9/15/29
.......
5,050,000
4,741,846
Kennedy-Wilson,
Inc.
,
4.750
%,
2/01/30
............
2,925,000
2,336,331
a
a
Shares/
Principal
a
Value
a
a
a
a
Real
Estate
(continued)
Kennedy-Wilson,
Inc.,
(continued)
5.000
%,
3/01/31
............
1,500,000
$
1,168,798
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
,
5.250
%,
8/01/26
...................
1,500,000
1,374,661
d
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp.
,
144A,
4.625
%,
3/15/30
........
2,000,000
1,795,060
d
Rithm
Capital
Corp.
,
144A,
6.250
%,
10/15/25
......
2,500,000
2,481,479
144A,
8.000
%,
4/01/29
.......
2,500,000
2,428,708
d
Uniti
Group
LP
/
Uniti
Group
Finance,
Inc.
/
CSL
Capital
LLC
,
144A,
10.500
%,
2/15/28
......
1,550,000
1,608,386
144A,
4.750
%,
4/15/28
.......
3,075,000
2,687,291
30,819,093
Retail
5.0%
d
Albertsons
Cos.,
Inc.
/
Safeway,
Inc.
/
New
Albertsons
LP
/
Albertsons
LLC
,
144A,
4.625
%,
1/15/27
.......
2,200,000
2,130,666
144A,
6.500
%,
2/15/28
.......
2,000,000
2,023,106
144A,
3.500
%,
3/15/29
.......
1,175,000
1,055,737
Bath
&
Body
Works,
Inc.
,
6.950
%,
3/01/33
............
2,400,000
2,394,472
d
144A,
6.625
%,
10/01/30
......
2,750,000
2,811,735
d
Crocs,
Inc.
,
144A,
4.250
%,
3/15/29
.......
2,600,000
2,379,331
144A,
4.125
%,
8/15/31
.......
3,500,000
3,035,833
d
Macy's
Retail
Holdings
LLC
,
144A,
6.700
%,
7/15/34
.............
3,200,000
2,703,990
New
Albertsons
LP
,
7.750
%,
6/15/26
1,025,000
1,052,050
d
NMG
Holding
Co.,
Inc.
/
Neiman
Marcus
Group
LLC
,
144A,
7.125
%,
4/01/26
.............
1,200,000
1,176,209
Safeway,
Inc.
,
7.250
%,
2/01/31
...
2,925,000
3,140,429
d
Victoria's
Secret
&
Co.
,
144A,
4.625
%,
7/15/29
.............
4,125,000
3,389,077
27,292,635
Services
9.1%
d
Albion
Financing
1
SARL
/
Aggreko
Holdings,
Inc.
,
144A,
6.125
%,
10/15/26
..................
2,650,000
2,628,411
d
Albion
Financing
2
SARL
,
144A,
8.750
%,
4/15/27
.............
1,550,000
1,551,963
d
Camelot
Finance
SA
,
144A,
4.500
%,
11/01/26
............
2,175,000
2,098,041
d
Clean
Harbors,
Inc.
,
144A,
6.375
%,
2/01/31
...................
2,500,000
2,521,035
d
GFL
Environmental,
Inc.
,
144A,
4.000
%,
8/01/28
.............
2,925,000
2,699,463
d
GPD
Cos.,
Inc.
,
144A,
10.125
%,
4/01/26
...................
3,725,000
3,498,394
d
GYP
Holdings
III
Corp.
,
144A,
4.625
%,
5/01/29
.............
1,925,000
1,791,597
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
Services
(continued)
d
Hertz
Corp.
(The)
,
144A,
5.000
%,
12/01/29
..................
4,000,000
$
3,094,665
d
Maxim
Crane
Works
Holdings
Capital
LLC
,
Secured
Note
,
144A,
11.500
%,
9/01/28
............
2,300,000
2,496,535
d
NESCO
Holdings
II,
Inc.
,
Secured
Note
,
144A,
5.500
%,
4/15/29
...
3,400,000
3,220,539
d
Prime
Security
Services
Borrower
LLC
/
Prime
Finance,
Inc.
,
144A,
5.750
%,
4/15/26
.......
2,050,000
2,045,424
Secured
Note
,
144A,
6.250
%,
1/15/28
...................
2,000,000
1,960,707
d
Staples,
Inc.
,
144A,
7.500
%,
4/15/26
.......
4,300,000
4,200,828
144A,
10.750
%,
4/15/27
......
2,000,000
1,902,918
United
Rentals
North
America,
Inc.
,
5.250
%,
1/15/30
.............
3,550,000
3,465,537
d
WASH
Multifamily
Acquisition,
Inc.
,
144A,
5.750
%,
4/15/26
........
4,050,000
3,961,861
d
Williams
Scotsman,
Inc.
,
144A,
4.625
%,
8/15/28
.......
3,000,000
2,840,642
144A,
7.375
%,
10/01/31
......
1,800,000
1,871,962
d
ZipRecruiter,
Inc.
,
144A,
5.000
%,
1/15/30
...................
2,000,000
1,763,320
49,613,842
Technology
&
Electronics
7.6%
d
Ciena
Corp.
,
144A,
4.000
%,
1/31/30
2,300,000
2,058,693
d
Coherent
Corp.
,
144A,
5.000
%,
12/15/29
..................
3,300,000
3,111,535
Crowdstrike
Holdings,
Inc.
,
3.000
%,
2/15/29
...................
2,000,000
1,775,935
d
Entegris,
Inc.
,
144A,
5.950
%,
6/15/30
...................
2,125,000
2,101,885
d
Gen
Digital,
Inc.
,
144A,
6.750
%,
9/30/27
...................
2,000,000
2,030,540
d
Imola
Merger
Corp.
,
144A,
4.750
%,
5/15/29
...................
3,625,000
3,402,192
d
NCR
Voyix
Corp.
,
144A,
5.125
%,
4/15/29
...................
5,675,000
5,269,850
Nokia
OYJ
,
6.625
%,
5/15/39
.....
3,025,000
2,950,753
d
Open
Text
Corp.
,
144A,
3.875
%,
12/01/29
..................
3,375,000
3,010,534
d
PTC,
Inc.
,
144A,
4.000
%,
2/15/28
.
2,525,000
2,361,882
d
Sensata
Technologies
BV
,
144A,
5.875
%,
9/01/30
.............
4,525,000
4,431,472
d
VM
Consolidated,
Inc.
,
144A,
5.500
%,
4/15/29
.............
4,725,000
4,536,807
d
ZoomInfo
Technologies
LLC
/
ZoomInfo
Finance
Corp.
,
144A,
3.875
%,
2/01/29
.............
5,019,000
4,523,343
41,565,421
Telecommunications
5.0%
d
Altice
Financing
SA
,
144A,
5.750
%,
8/15/29
...................
2,000,000
1,604,443
d
Cogent
Communications
Group,
Inc.
,
144A,
7.000
%,
6/15/27
....
3,379,000
3,367,017
a
a
Shares/
Principal
a
Value
a
a
a
a
Telecommunications
(continued)
Digicel
Intermediate
Holdings
Ltd.
/
Digicel
International
Finance
Ltd.
/
DIFL
US
LLC
,
PIK,
9.000
%,
5/25/27
...................
1,000,335
$
981,734
c
,d
Digicel
Ltd.
,
144A,
6.750
%,
3/01/23
900,000
22,613
d
Frontier
Communications
Holdings
LLC
,
144A,
5.000
%,
5/01/28
.......
2,725,000
2,531,355
144A,
8.750
%,
5/15/30
.......
3,000,000
3,072,323
c
,d
Ligado
Networks
LLC
,
144A,
FRN
,
15.500
%,
11/01/23
...........
3,034,777
462,803
d
Lumen
Technologies,
Inc.
,
144A,
4.000
%,
2/15/27
.............
900,000
558,531
d
Sable
International
Finance
Ltd.
,
144A,
5.750
%,
9/07/27
........
3,564,000
3,441,773
Sprint
Capital
Corp.
,
6.875
%,
11/15/28
...........
1,000,000
1,066,432
8.750
%,
3/15/32
............
1,950,000
2,365,851
Sprint
LLC
,
7.125
%,
6/15/24
.....
1,000,000
1,002,338
Telecom
Italia
Capital
SA
,
7.200
%,
7/18/36
...................
1,625,000
1,587,317
d
Virgin
Media
Secured
Finance
plc
,
144A,
5.500
%,
5/15/29
........
2,575,000
2,382,718
d
Vmed
O2
UK
Financing
I
plc
,
144A,
4.750
%,
7/15/31
.............
1,000,000
862,859
d
VZ
Secured
Financing
BV
,
144A,
5.000
%,
1/15/32
.............
1,975,000
1,697,657
27,007,764
Transportation
0.6%
BNSF
Funding
Trust
I
,
6.613%
to
1/14/26,
FRN
thereafter
,
12/15/55
3,325,000
3,314,862
Utility
3.1%
d
Clearway
Energy
Operating
LLC
,
144A,
4.750
%,
3/15/28
.......
2,175,000
2,069,040
144A,
3.750
%,
2/15/31
.......
1,925,000
1,654,124
144A,
3.750
%,
1/15/32
.......
1,150,000
967,786
d
Leeward
Renewable
Energy
Operations
LLC
,
144A,
4.250
%,
7/01/29
...................
4,500,000
3,865,677
d
Pattern
Energy
Operations
LP
/
Pattern
Energy
Operations,
Inc.
,
144A,
4.500
%,
8/15/28
........
3,150,000
2,939,266
d
Sunnova
Energy
Corp.
,
144A,
5.875
%,
9/01/26
.............
2,900,000
2,260,566
d
TerraForm
Power
Operating
LLC
,
144A,
5.000
%,
1/31/28
.......
1,525,000
1,453,574
144A,
4.750
%,
1/15/30
.......
2,025,000
1,857,846
17,067,879
Total
Corporate
Bonds
(Cost
$
526,407,711
)
...............
501,540,951
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
Loans
4.1%
Basic
Industry
0.6%
e
LBM
Acquisition
LLC
,
Class
First
Lien,
Initial
CME
Term
Loan
,
9.176
%
(
1-month
SOFR
+
3.750
%
),
12/17/27
..........
3,356,809
$
3,354,727
Consumer
Goods
0.4%
e
Osmosis
Buyer
Ltd.
,
Class
2022
Refinancing
CME
Term
Loan,
B
,
9.072
%
(
1-month
SOFR
+
3.750
%
),
7/31/28
............
1,965,000
1,970,738
Healthcare
1.1%
e
Medline
Borrower
LP
,
Class
Initial
Dollar
CME
Term
Loan
,
8.441
%
(
1-month
SOFR
+
3.000
%
),
10/23/28
..................
4,078,574
4,092,013
e
Star
Parent,
Inc.
,
Class
CME
Term
Loan
,
9.309
%
(
3-month
SOFR
+
4.000
%
),
9/27/30
............
2,000,000
1,990,130
6,082,143
a
a
a
a
a
Media
0.4%
e
Cimpress
plc
,
Class
CME
Term
Loan,
B1
,
8.945
%
(
1-month
SOFR
+
3.500
%
),
5/17/28
..........
1,994,872
1,996,747
Technology
&
Electronics
1.0%
e
Diebold
Nixdorf,
Inc.
,
Class
CME
Term
Loan
,
12.820
%
(
1-month
SOFR
+
7.500
%
),
8/11/28
.....
1,582,778
1,657,169
e
McAfee
Corp.
,
Class
CME
Term
Loan,
B1
,
9.176
%
(
1-month
SOFR
+
3.750
%
),
3/01/29
..........
3,714,299
3,716,119
5,373,288
a
a
a
a
a
Telecommunications
0.2%
e
Digicel
International
Finance
Ltd.
,
Class
First
Lien,
Initial
Term
Loan,
B
,
10.750
%
(
3-month
USD
LIBOR
+
2.250
%
),
5/28/24
..........
969,000
936,902
Transportation
0.4%
e
SkyMiles
IP
Ltd.
(Delta
Air
Lines,
Inc.)
,
Class
Initial
CME
Term
Loan
,
9.068
%
(
3-month
SOFR
+
3.750
%
),
10/20/27
...........
2,250,000
2,323,361
Total
Loans
(Cost
$
21,703,387
)
................
22,037,906
Total
Long
Term
Investments
(Cost
$
550,042,952
)
...............
526,055,404
a
a
Certificates
of
Deposit
0
.2
%
c
Shared
Interest,
Inc.
,
0.550
%,
9/30/24
...................
500,000
500,000
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Certificates
of
Deposit
(continued)
c
Walden
Mutual
Bank
,
4.935
%,
11/13/24
..................
500,000
$
498,796
Total
Certificates
of
Deposit
(Cost
$
1,000,000
)
.................
998,796
Money
Market
4.1%
f,g
JPMorgan
Prime
Money
Market
Fund
,
5.490
%
..............
22,283,081
22,283,081
(Cost
$22,283,081)
a
Total
Investments
100
.8
%
(Cost
$
573,326,033
)
..............
$549,337,281
Other
Assets,
less
Liabilities
(
0
.8
)
%
(4,258,211)
Net
Assets
100.0%
................
$545,079,070
a
Non-income
producing
security.
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
Rate
shown
reflects
the
accrual
rate
as
of
March
31,
2024
on
securities
with
variable
or
step
rates.
f
Rate
shown
represents
annualized
7-day
yield
as
of
March
31,
2024.
g
Institutional
Class
shares.
CME
Chicago
Mercantile
Exchange
LIBOR
London
Interbank
Offer
Rate
LP
Limited
Partnership
PIK
Payment
In
Kind
SOFR
Secured
Overnight
Financing
Rate
Schedule
of
Investments
(unaudited),
March
31,
2024
Impax
Sustainable
Allocation
Fund
See
Notes
to
Schedule
of
Investments
Quarterly
Schedule
of
Investments
33
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Affiliated
Investment
Companies
97.8%
a
Impax
Core
Bond
Fund
,
Class
Institutional
................
90,643,942
$
793,134,495
a
Impax
Ellevate
Global
Women's
Leadership
Fund
,
Class
Institutional
................
1,795,750
59,942,124
a
Impax
Global
Environmental
Markets
Fund
,
Class
Institutional
2,656,703
64,478,175
a
Impax
Global
Opportunities
Fund
,
Class
Institutional
............
4,095,396
68,556,935
a
Impax
Global
Sustainable
Infrastructure
Fund
,
Class
Institutional
................
6,401,468
60,301,830
a
Impax
High
Yield
Bond
Fund
,
Class
Institutional
................
17,439,595
104,114,382
a
Impax
International
Sustainable
Economy
Fund
,
Class
Institutional
10,197,456
107,175,266
a
Impax
Large
Cap
Fund
,
Class
Institutional
................
65,872,131
961,733,119
a,b
Impax
Small
Cap
Fund
,
Class
Institutional
................
5,394,171
92,779,734
2,312,216,060
Total
Affiliated
Investment
Companies
(Cost
$
1,975,455,090
)
.............
2,312,216,060
Money
Market
1.8%
a,c
JPMorgan
Prime
Money
Market
Fund
,
5.490
%
..............
41,764,226
41,764,226
(Cost
$41,764,226)
a
Total
Investments
99
.6
%
(Cost
$
2,017,219,316
)
.............
$2,353,980,286
Other
Assets,
less
Liabilities
0
.4
%
..
8,592,536
Net
Assets
100.0%
................
$2,362,572,822
a
Institutional
Class
shares.
b
Non-income
producing
security.
c
Rate
shown
represents
annualized
7-day
yield
as
of
March
31,
2024.
Notes
to
Schedule
of
Investments
(unaudited)
March
31,
2024
34
Quarterly
Schedule
of
Investments
Impax
Funds
Series
Trust
I
and
Impax
Fund
Series
Trust
III
Valuation
of
Investments
For
purposes
of
calculating
the
net
asset
value
(“NAV”),
determined
ordinarily
as
of
the
close
of
regular
trading
(normally
4:00
p.m.
Eastern
time)
(the
“NYSE
Close”)
on
the
New
York
Stock
Exchange
(“NYSE”)
on
each
day
that
the
NYSE
is
open
for
trading,
the
Funds
normally
use
pricing
data
for
domestic
equity
securities
received
shortly
after
the
NYSE
Close
and
do
not
normally
take
into
account
trading,
clearances
or
settlements
that
take
place
after
the
NYSE
Close.
U.S.
fixed
income
and
non-U.S.
securities
are
normally
priced
using
data
reflecting
the
earlier
closing
of
the
principal
markets
for
those
securities,
subject
to
possible
fair
value
adjustments.
Information
that
becomes
known
to
the
Funds
or
their
agents
after
NAV
has
been
calculated
on
a
particular
day
will
not
generally
be
used
to
retroactively
adjust
the
price
of
a
security
or
NAV
determined
earlier
that
day. 
For
the
purpose
of
these
financial
statements,
fair
values
for
various
types
of
securities
and
other
instruments
are
determined
on
the
basis
of
closing
prices
or
last
sales
prices
on
an
exchange
or
other
market,
or
based
on
quotes
or
other
market
information
obtained
from
quotation
reporting
systems,
established
market
makers
or
pricing
services.
Short-term
investments
having
a
maturity
of
60
days
or
less
are
generally
valued
at
amortized
cost,
which
approximates
fair
value. 
Investments
denominated
in
currencies
other
than
the
U.S.
dollar
are
converted
to
U.S.
dollars
using
exchange
rates
obtained
from
pricing
services.
As
a
result,
the
NAV
of
a
Fund’s
shares
may
be
affected
by
changes
in
the
value
of
currencies
in
relation
to
the
U.S.
dollar.
If
market
quotations
are
not
readily
available
(including
in
cases
when
available
market
quotations
are
deemed
to
be
unreliable),
the
Funds’
investments
will
be
valued
as
determined
in
good
faith
pursuant
to
policies
and
procedures
approved
by
the
Boards
of
Trustees
of
the
Trusts
(the
“Boards”
or
“Boards
of
Trustees”)
(so
called
“fair
value
pricing”).
Fair
value
pricing
may
require
subjective
determinations
about
the
value
of
a
security
or
other
asset,
and
fair
values
used
to
determine
a
Fund’s
NAV
may
differ
from
quoted
or
published
prices,
or
from
prices
that
are
used
by
others,
for
the
same
investments.
Also,
the
use
of
fair
value
pricing
may
not
always
result
in
adjustments
to
the
prices
of
securities
or
other
assets
held
by
a
Fund.
The
Boards
have
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,
2024,
three
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
$460,612,
representing
0.05%
of
the
Fund’s
net
asset
value
and
the
High
Yield
Bond
Fund
held
two
securities
fair
valued
at
$681,476,
representing
0.13%
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
35
Quarterly
Schedule
of
Investments
March
31,
2024
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.
The
following
is
a
summary
of
the
inputs
used
to
value
the
Funds’
net
assets
as
of
March
31,
2024:
Level
1
Level
2
Level
3
Totals
Large
Cap
Fund
Common
Stocks
$
1,534,653,548
$
—
$
—
$
1,534,653,548
Cash
Equivalents
18,173,913
—
—
18,173,913
Total
$
1,552,827,461
$
—
$
—
$
1,552,827,461
Small
Cap
Fund
Common
Stocks
$
671,880,843
$
—
$
—
$
671,880,843
36
Quarterly
Schedule
of
Investments
Notes
to
Schedule
of
Investments
(unaudited),
continued
March
31,
2024
Level
1
Level
2
Level
3
Totals
Cash
Equivalents
33,477,613
—
—
33,477,613
Total
$
705,358,456
$
—
$
—
$
705,358,456
US
Sustainable
Economy
Fund
Common
Stocks
$
313,252,369
$
—
$
—
$
313,252,369
Cash
Equivalents
3,234,375
—
—
3,234,375
Total
$
316,486,744
$
—
$
—
$
316,486,744
Global
Sustainable
Infrastructure
Fund
Common
Stocks
$
45,610,366
$
48,272,469
$
—
$
93,882,835
Cash
Equivalents
1,050,909
—
—
1,050,909
Total
$
46,661,275
$
48,272,469
$
—
$
94,933,744
Global
Opportunities
Fund
Common
Stocks
$
77,582,286
$
48,135,570
$
—
$
125,717,856
Preferred
Stocks
—
1,168,696
—
1,168,696
Cash
Equivalents
1,581,629
—
—
1,581,629
Total
$
79,163,915
$
49,304,266
$
—
$
128,468,181
Global
Environmental
Markets
Fund
Common
Stocks
$
1,610,837,855
$
938,898,554
$
—
$
2,549,736,409
Cash
Equivalents
17,990,694
—
—
17,990,694
Total
$
1,628,828,549
$
938,898,554
$
—
$
2,567,727,103
Global
Social
Leaders
Fund
Common
Stocks
$
952,116
$
630,805
$
—
$
1,582,921
Cash
Equivalents
87,303
—
—
87,303
Total
$
1,039,419
$
630,805
$
—
$
1,670,224
Global
Women’s
Leadership
Fund
Common
Stocks
$
570,307,103
$
232,798,560
$
—
$
803,105,663
Cash
Equivalents
4,883,639
—
—
4,883,639
Total
$
575,190,742
$
232,798,560
$
—
$
807,989,302
International
Sustainable
Economy
Fund
Common
Stocks
$
5,756,789
$
1,151,120,839
$
—
$
1,156,877,628
Preferred
Stocks
—
12,694,209
—
12,694,209
Cash
Equivalents
12,724,405
—
—
12,724,405
Total
$
18,481,194
$
1,163,815,048
$
—
$
1,182,296,242
Core
Bond
Fund
Community
Investment
Notes
$
—
$
240,670
$
460,612
$
701,282
Corporate
Bonds
—
277,221,789
—
277,221,789
Foreign
Government
and
Agency
Securities
—
25,964,386
—
25,964,386
37
Quarterly
Schedule
of
Investments
March
31,
2024
Significant
unobservable
inputs
were
used
by
two
Funds
for
Level
3
fair
value
measurements
The
Core
Bond
Fund
and
High
Yield
Bond
Fund
each
hold
a
position
in
the
same
promissory
note
and
community
investment
note,
which
are
both
valued
at
par.
Affiliated
Investments
The
term
“affiliated
company”
includes
other
investment
companies
that
are
managed
by
a
Fund’s
Adviser.
At
March
31,
2024,
the
Sustainable
Allocation
Fund
held
the
following
investments
in
affiliated
Funds:
Level
1
Level
2
Level
3
Totals
U.S.
Government
and
Agency
Securities
—
150,998,200
—
150,998,200
Asset-Backed
Securities
—
53,430,574
—
53,430,574
Mortgage-Backed
Securities
—
242,198,112
—
242,198,112
Municipal
Bonds
—
9,173,978
—
9,173,978
Supranational
—
83,417,999
—
83,417,999
Certificates
of
Deposit
—
498,796
—
498,796
Cash
Equivalents
32,599,943
—
—
32,599,943
Total
$
32,599,943
$
843,144,504
$
460,612
$
876,205,059
High
Yield
Bond
Fund
Common
Stocks
$
1,554,401
$
—
$
—
$
1,554,401
Community
Investment
Notes
—
240,670
681,476
922,146
Corporate
Bonds
—
501,540,951
—
501,540,951
Loans
—
22,037,906
—
22,037,906
Certificates
of
Deposit
—
998,796
—
998,796
Cash
Equivalents
22,283,081
—
—
22,283,081
Total
$
23,837,482
$
524,818,323
$
681,476
$
549,337,281
Sustainable
Allocation
Fund
Management
Investment
Companies
$
2,312,216,060
$
—
$
—
$
2,312,216,060
Cash
Equivalents
41,764,226
—
—
41,764,226
Total
$
2,353,980,286
$
—
$
—
$
2,353,980,286
See
Schedules
of
Investments
for
additional
detailed
industry
classifications.
Fund
Shares
Held
at
12/31/2023
Gross
Additions
Gross
Reductions
Shares
Held
at
3/31/2024
Sustainable
Allocation
Fund
Large
Cap
Fund
67,987,617
—
2,115,486
65,872,131
Small
Cap
Fund
5,641,695
—
247,524
5,394,171
Global
Sustainable
Infrastructure
Fund
6,401,468
—
—
6,401,468
Global
Opportunities
Fund
4,095,396
—
—
4,095,396
Global
Environmental
Markets
Fund
2,656,703
—
—
2,656,703
Global
Women's
Leadership
Fund
2,095,600
—
299,850
1,795,750
International
Sustainable
Economy
Fund
11,559,969
—
1,362,513
10,197,456
Core
Bond
Fund
91,989,678
818,025
2,163,761
90,643,942
High
Yield
Fund
17,194,651
244,944
—
17,439,595
38
Quarterly
Schedule
of
Investments
Notes
to
Schedule
of
Investments
(unaudited),
continued
March
31,
2024
Fund
Value
at
12/31/2023
Dividend
Income
Realized
Gains/
Losses
1
Net
change
in
Unrealized
Appreciation/
Depreciation
Value
at
3/31/2024
Sustainable
Allocation
Fund
Large
Cap
Fund
$
902,875,554
$
—
$
1,012,126
$
86,845,439
$
961,733,119
Small
Cap
Fund
91,733,966
—
(606,435)
5,652,203
92,779,734
Global
Sustainable
Infrastructure
Fund
58,509,418
—
—
1,792,412
60,301,830
Global
Opportunities
Fund
64,830,125
—
—
3,726,810
68,556,935
Global
Environmental
Markets
Fund
60,307,152
—
—
4,171,023
64,478,175
Global
Women's
Leadership
Fund
66,891,544
—
61,279
2,989,301
59,942,124
International
Sustainable
Economy
Fund
115,830,889
—
2,493,341
2,851,036
107,175,266
Core
Bond
Fund
816,868,344
7,173,607
(4,343,782)
(7,562,436)
793,134,495
High
Yield
Fund
103,167,907
1,460,833
—
(514,285)
104,114,382
Total
$
2,281,014,899
$
8,634,440
$
(1,383,471)
$
99,951,503
$
2,312,216,060
1
Includes
realized
capital
gain
distributions
from
an
affiliated
fund,
if
any.