Schedule

of

Investments

(Unaudited),

September

30,

2025

Impax

Large

Cap

Fund

See

Notes

to

Schedule

of

Investments

Quarterly

Schedule

of

Investments

1

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

96.5%

Communication

Services

6.7%

Alphabet,

Inc.

,

A

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

124,892

$

30,361,245

a,b

Netflix,

Inc.

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

19,778

23,712,240

Walt

Disney

Co.

(The)

........

99,226

11,361,377

65,434,862

Consumer

Discretionary

10.5%

a

Amazon.com,

Inc.

...........

196,647

43,177,782

a

Aptiv

plc

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

237,721

20,496,305

eBay,

Inc.

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

261,408

23,775,057

a

Ulta

Beauty,

Inc.

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

27,279

14,914,793

102,363,937

Consumer

Staples

3.0%

Colgate-Palmolive

Co.

.......

196,215

15,685,427

McCormick

&

Co.,

Inc.

.......

204,277

13,668,174

29,353,601

Financials

14.4%

Citizens

Financial

Group,

Inc.

..

325,341

17,295,128

CME

Group,

Inc.

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

54,518

14,730,218

JPMorgan

Chase

&

Co.

.......

98,928

31,204,859

Mastercard,

Inc.

,

A

..........

55,240

31,421,064

Pinnacle

Financial

Partners,

Inc.

151,090

14,170,731

Progressive

Corp.

(The)

......

63,685

15,727,011

RenaissanceRe

Holdings

Ltd.

..

59,492

15,106,804

139,655,815

Health

Care

9.8%

Agilent

Technologies,

Inc.

.....

207,525

26,635,834

a

Boston

Scientific

Corp.

.......

173,508

16,939,586

Danaher

Corp.

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

134,174

26,601,337

Eli

Lilly

&

Co.

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

14,139

10,788,057

Gilead

Sciences,

Inc.

........

126,553

14,047,383

95,012,197

Industrials

12.2%

Hubbell,

Inc.

,

B

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

36,197

15,575,931

Trane

Technologies

plc

.......

43,490

18,351,040

a

Uber

Technologies,

Inc.

.......

205,142

20,097,762

Union

Pacific

Corp.

..........

57,265

13,535,728

United

Rentals,

Inc.

..........

13,736

13,113,210

WW

Grainger,

Inc.

...........

15,036

14,328,707

Xylem,

Inc.

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

158,961

23,446,747

118,449,125

c

Information

Technology

33.7%

Apple,

Inc.

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

120,459

30,672,475

Marvell

Technology,

Inc.

......

215,952

18,155,085

Microsoft

Corp.

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

177,170

91,765,201

NVIDIA

Corp.

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

592,935

110,629,812

Oracle

Corp.

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

62,037

17,447,286

a

Palo

Alto

Networks,

Inc.

......

103,686

21,112,543

a

ServiceNow,

Inc.

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

25,224

23,213,143

a

Synopsys,

Inc.

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

29,666

14,636,908

327,632,453

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

(continued)

Materials

1.8%

Linde

plc

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

37,330

$

17,731,750

Real

Estate

3.0%

American

Tower

Corp.

,

REIT

...

91,615

17,619,397

Ventas,

Inc.

,

REIT

...........

161,739

11,320,112

28,939,509

Utilities

1.4%

American

Water

Works

Co.,

Inc.

96,055

13,369,896

Total

Common

Stocks

(Cost

$

601,560,754

)

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

937,943,145

Money

Market

3.3%

d,e

JPMorgan

Prime

Money

Market

Fund

,

4.280

%

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

31,914,223

31,914,223

(Cost

$31,914,223)

Securities

Purchased

With

Cash

Collateral

From

Securities

Lending

0.9%

d,e

Invesco

Government

&

Agency

Portfolio

,

4.075

%

..........

8,764,171

8,764,171

(Cost

$8,764,171)

a

Total

Investments

100

.7

%

(Cost

$

642,239,148

)

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

$978,621,539

Payable

Upon

Return

Of

Securities

Loaned

(

0

.9

)

%

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

(8,764,171)

Other

Assets,

less

Liabilities

0

.2

%

2,042,469

Net

Assets

100.0%

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

$971,899,837

a

Non-income

producing

security.

b

Security

or

partial

position

of

this

security

was

on

loan

as

of

September

30,

2025.

The

total

market

value

of

securities

on

loan

as

of

September

30,

2025

was

$8,590,846.

c

Broad

industry

sectors

used

for

financial

reporting.

d

Rate

shown

represents

an

annualized

7-day

yield

as

of

September

30,

2025.

e

Institutional

Class

shares.

REIT

Real

Estate

Investment

Trust

Schedule

of

Investments

(Unaudited),

September

30,

2025

Impax

Small

Cap

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments

2

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

95.3%

Communication

Services

0.7%

a

TechTarget,

Inc.

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

888,887

$

5,164,434

Consumer

Discretionary

9.3%

Autoliv,

Inc.

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

45,000

5,557,500

Columbia

Sportswear

Co.

.....

90,515

4,733,934

a

Modine

Manufacturing

Co.

....

40,000

5,686,400

a

Planet

Fitness,

Inc.

,

A

........

194,271

20,165,330

a,b

Rivian

Automotive,

Inc.

,

A

.....

450,000

6,606,000

Visteon

Corp.

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

40,000

4,794,400

a

Warby

Parker,

Inc.

,

A

.........

385,000

10,618,300

Wyndham

Hotels

&

Resorts,

Inc.

120,000

9,588,000

67,749,864

Consumer

Staples

5.8%

a

BJ's

Wholesale

Club

Holdings,

Inc.

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

119,955

11,185,804

a

Freshpet,

Inc.

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

70,000

3,857,700

a

Simply

Good

Foods

Co.

(The)

..

258,620

6,418,948

a

US

Foods

Holding

Corp.

......

210,000

16,090,200

a

Vital

Farms,

Inc.

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

108,915

4,481,852

42,034,504

Financials

19.2%

Acadian

Asset

Management,

Inc.

765,484

36,865,710

Cullen/Frost

Bankers,

Inc.

.....

115,000

14,578,550

Eastern

Bankshares,

Inc.

.....

1,000,000

18,150,000

Pinnacle

Financial

Partners,

Inc.

150,000

14,068,500

RenaissanceRe

Holdings

Ltd.

..

27,500

6,983,075

b

Victory

Capital

Holdings,

Inc.

,

A

.

600,000

38,856,000

Voya

Financial,

Inc.

..........

140,000

10,472,000

139,973,835

Health

Care

22.4%

a

Cytokinetics,

Inc.

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

175,000

9,618,000

a,b

Enovis

Corp.

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

310,630

9,424,514

a

GeneDx

Holdings

Corp.

,

A

.....

50,000

5,387,000

a

Health

Catalyst,

Inc.

.........

2,750,000

7,837,500

a

Ligand

Pharmaceuticals,

Inc.

...

200,208

35,464,845

a

Merit

Medical

Systems,

Inc.

....

100,000

8,323,000

a

Neurocrine

Biosciences,

Inc.

...

75,000

10,528,500

a

Pacira

BioSciences,

Inc.

......

600,027

15,462,696

a

Prestige

Consumer

Healthcare,

Inc.

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

110,000

6,864,000

a

Roivant

Sciences

Ltd.

........

1,800,000

27,234,000

a

SI-BONE,

Inc.

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

1,025,010

15,088,147

a

Travere

Therapeutics,

Inc.

.....

475,000

11,352,500

162,584,702

Industrials

15.8%

Advanced

Drainage

Systems,

Inc.

56,489

7,835,024

Arcosa,

Inc.

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

141,500

13,259,965

a,b

Array

Technologies,

Inc.

......

1,250,000

10,187,500

a

Casella

Waste

Systems,

Inc.

,

A

.

80,000

7,590,400

a

Dycom

Industries,

Inc.

........

43,000

12,545,680

Enpro,

Inc.

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

48,000

10,848,000

a

Gates

Industrial

Corp.

plc

.....

317,713

7,885,637

a

Generac

Holdings,

Inc.

.......

45,000

7,533,000

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

(continued)

Industrials

(continued)

a

Lyft,

Inc.

,

A

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

600,000

$

13,206,000

MSA

Safety,

Inc.

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

35,000

6,022,450

Quanex

Building

Products

Corp.

337,750

4,802,805

a

Trex

Co.,

Inc.

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

140,000

7,233,800

WillScot

Holdings

Corp.

.......

275,000

5,805,250

114,755,511

Information

Technology

12.7%

a

8x8,

Inc.

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

2,000,000

4,240,000

A10

Networks,

Inc.

..........

360,000

6,534,000

a

Ciena

Corp.

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

110,239

16,058,515

a

Extreme

Networks,

Inc.

.......

855,178

17,659,426

a

Mitek

Systems,

Inc.

..........

1,195,000

11,675,150

a

NetScout

Systems,

Inc.

.......

580,000

14,981,400

a

Onto

Innovation,

Inc.

.........

74,057

9,569,645

a

Workiva,

Inc.

,

A

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

136,086

11,714,283

92,432,419

Materials

4.1%

Element

Solutions,

Inc.

.......

591,946

14,899,281

Graphic

Packaging

Holding

Co.

.

300,000

5,871,000

TriMas

Corp.

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

230,000

8,887,200

29,657,481

Real

Estate

5.3%

Agree

Realty

Corp.

,

REIT

.....

200,000

14,208,000

a

Howard

Hughes

Holdings,

Inc.

.

110,000

9,038,700

Rayonier,

Inc.

,

REIT

.........

318,874

8,462,916

Terreno

Realty

Corp.

,

REIT

....

120,000

6,810,000

38,519,616

Total

Common

Stocks

(Cost

$

560,198,220

)

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

692,872,366

Money

Market

4.7%

c,d

JPMorgan

Prime

Money

Market

Fund

,

4.280

%

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

34,432,397

34,432,397

(Cost

$34,432,397)

e

Securities

Purchased

With

Cash

Collateral

From

Securities

Lending

0.0%

c,d

Invesco

Government

&

Agency

Portfolio

,

4.075

%

..........

43,400

43,400

(Cost

$43,400)

a

Total

Investments

100

.0

%

(Cost

$

594,674,017

)

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

$727,348,163

e

Payable

Upon

Return

Of

Securities

Loaned

(0.0)

%

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

(43,400)

e

Other

Assets,

less

Liabilities

0.0

%

386,867

Net

Assets

100.0%

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

$727,691,630

a

Non-income

producing

security.

Schedule

of

Investments

(Unaudited)

Impax

Small

Cap

Fund

(continued)

See

Notes

to

Schedule

of

Investments

Quarterly

Schedule

of

Investments

3

b

Security

or

partial

position

of

this

security

was

on

loan

as

of

September

30,

2025.

The

total

market

value

of

securities

on

loan

as

of

September

30,

2025

was

$43,721,406.

c

Rate

shown

represents

an

annualized

7-day

yield

as

of

September

30,

2025.

d

Institutional

Class

shares.

e

Rounds

to

less

than

0.05%.

REIT

Real

Estate

Investment

Trust

Schedule

of

Investments

(Unaudited),

September

30,

2025

Impax

US

Sustainable

Economy

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments

4

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

99.0%

Communication

Services

5.1%

Alphabet,

Inc.

,

A

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

45,000

$

10,939,500

Alphabet,

Inc.

,

C

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

28,730

6,997,191

AT&T,

Inc.

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

35,712

1,008,507

Comcast

Corp.

,

A

...........

41,028

1,289,100

T-Mobile

US,

Inc.

...........

4,463

1,068,353

Verizon

Communications,

Inc.

..

32,269

1,418,223

Walt

Disney

Co.

(The)

........

41,646

4,768,467

27,489,341

Consumer

Discretionary

6.6%

a

Amazon.com,

Inc.

...........

74,668

16,394,853

a

Aptiv

plc

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

53,562

4,618,116

b

Best

Buy

Co.,

Inc.

...........

14,856

1,123,411

BorgWarner,

Inc.

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

36,776

1,616,673

a

Deckers

Outdoor

Corp.

.......

9,952

1,008,834

eBay,

Inc.

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

11,385

1,035,466

Home

Depot,

Inc.

(The)

.......

11,724

4,750,447

Lear

Corp.

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

12,971

1,305,012

Lowe's

Cos.,

Inc.

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

6,286

1,579,735

Macy's,

Inc.

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

127,683

2,289,356

35,721,903

Consumer

Staples

1.6%

b

Campbell's

Co.

(The)

........

46,337

1,463,322

Casey's

General

Stores,

Inc.

...

2,065

1,167,386

Clorox

Co.

(The)

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

10,453

1,288,855

Colgate-Palmolive

Co.

.......

13,200

1,055,208

General

Mills,

Inc.

...........

49,272

2,484,294

Procter

&

Gamble

Co.

(The)

...

8,663

1,331,070

8,790,135

Financials

17.3%

Allstate

Corp.

(The)

..........

6,378

1,369,038

American

Express

Co.

.......

3,395

1,127,683

Bank

of

America

Corp.

.......

20,517

1,058,472

Bank

of

New

York

Mellon

Corp.

(The)

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

51,797

5,643,801

Blackrock,

Inc.

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

940

1,095,918

Carlyle

Group,

Inc.

(The)

......

16,691

1,046,526

Citigroup,

Inc.

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

57,003

5,785,804

Comerica,

Inc.

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

17,696

1,212,530

Fifth

Third

Bancorp

..........

37,103

1,652,939

Hartford

Insurance

Group,

Inc.

(The)

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

36,451

4,862,199

JPMorgan

Chase

&

Co.

.......

18,789

5,926,614

Lincoln

National

Corp.

........

26,095

1,052,411

LPL

Financial

Holdings,

Inc.

...

9,836

3,272,339

Mastercard,

Inc.

,

A

..........

21,033

11,963,781

MetLife,

Inc.

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

63,211

5,206,690

Moody's

Corp.

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

2,380

1,134,022

PNC

Financial

Services

Group,

Inc.

(The)

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

5,763

1,157,960

Principal

Financial

Group,

Inc.

..

13,450

1,115,139

Progressive

Corp.

(The)

......

30,532

7,539,877

Regions

Financial

Corp.

......

45,022

1,187,230

S&P

Global,

Inc.

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

14,512

7,063,136

State

Street

Corp.

...........

63,381

7,352,830

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

(continued)

Financials

(continued)

Truist

Financial

Corp.

........

26,596

$

1,215,969

Visa,

Inc.

,

A

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

35,441

12,098,849

Wells

Fargo

&

Co.

...........

12,628

1,058,479

93,200,236

Health

Care

13.9%

AbbVie,

Inc.

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

5,332

1,234,571

Amgen,

Inc.

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

17,735

5,004,817

Bristol-Myers

Squibb

Co.

......

28,686

1,293,739

Cencora,

Inc.

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

4,008

1,252,620

a

Edwards

Lifesciences

Corp.

...

22,632

1,760,091

Elevance

Health,

Inc.

........

12,278

3,967,267

Eli

Lilly

&

Co.

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

14,914

11,379,382

Gilead

Sciences,

Inc.

........

74,134

8,228,874

a

IDEXX

Laboratories,

Inc.

......

8,646

5,523,843

a

Insulet

Corp.

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

3,258

1,005,842

Johnson

&

Johnson

.........

62,410

11,572,062

Merck

&

Co.,

Inc.

...........

108,106

9,073,337

a

Mettler-Toledo

International,

Inc.

3,242

3,979,912

ResMed,

Inc.

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

3,869

1,059,061

a

Waters

Corp.

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

4,995

1,497,551

Zoetis,

Inc.

,

A

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

47,814

6,996,145

74,829,114

Industrials

10.4%

Acuity,

Inc.

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

5,356

1,844,553

Broadridge

Financial

Solutions,

Inc.

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

6,403

1,525,003

Cummins,

Inc.

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

3,403

1,437,325

EMCOR

Group,

Inc.

.........

1,684

1,093,825

Emerson

Electric

Co.

........

38,130

5,001,893

ITT,

Inc.

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

6,597

1,179,280

Johnson

Controls

International

plc

13,047

1,434,518

Lennox

International,

Inc.

.....

8,467

4,482,091

Lincoln

Electric

Holdings,

Inc.

..

5,372

1,266,879

Otis

Worldwide

Corp.

........

19,642

1,795,868

Pentair

plc

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

13,032

1,443,424

Quanta

Services,

Inc.

........

2,664

1,104,015

Republic

Services,

Inc.

,

A

.....

29,778

6,833,455

Rockwell

Automation,

Inc.

.....

6,487

2,267,401

Timken

Co.

(The)

...........

14,134

1,062,594

Trane

Technologies

plc

.......

12,842

5,418,810

Union

Pacific

Corp.

..........

36,625

8,657,051

Veralto

Corp.

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

21,223

2,262,584

Verisk

Analytics,

Inc.

,

A

.......

5,160

1,297,792

Waste

Management,

Inc.

......

4,819

1,064,180

WESCO

International,

Inc.

....

5,117

1,082,246

WW

Grainger,

Inc.

...........

1,167

1,112,104

Xylem,

Inc.

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

11,541

1,702,298

56,369,189

c

Information

Technology

37.4%

Accenture

plc

,

A

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

5,771

1,423,129

a

Adobe,

Inc.

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

12,358

4,359,284

a

Advanced

Micro

Devices,

Inc.

..

52,068

8,424,082

Analog

Devices,

Inc.

.........

19,688

4,837,342

Apple,

Inc.

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

119,470

30,420,646

Schedule

of

Investments

(Unaudited)

Impax

US

Sustainable

Economy

Fund

(continued)

See

Notes

to

Schedule

of

Investments

Quarterly

Schedule

of

Investments

5

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

(continued)

c

Information

Technology

(continued)

Applied

Materials,

Inc.

........

23,996

$

4,912,941

a

Arista

Networks,

Inc.

.........

7,457

1,086,559

a

Autodesk,

Inc.

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

12,350

3,923,224

Broadcom,

Inc.

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

63,169

20,840,085

a

Cadence

Design

Systems,

Inc.

.

3,333

1,170,750

Cisco

Systems,

Inc.

.........

16,115

1,102,588

Hewlett

Packard

Enterprise

Co.

.

70,515

1,731,848

a

Intel

Corp.

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

15,117

507,175

Intuit,

Inc.

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

1,767

1,206,702

KLA

Corp.

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

1,135

1,224,211

Lam

Research

Corp.

.........

12,513

1,675,491

Micron

Technology,

Inc.

.......

8,247

1,379,888

Microsoft

Corp.

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

65,967

34,167,608

Motorola

Solutions,

Inc.

.......

2,474

1,131,335

NetApp,

Inc.

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

9,895

1,172,162

NVIDIA

Corp.

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

253,721

47,339,264

Oracle

Corp.

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

41,669

11,718,990

a

Palo

Alto

Networks,

Inc.

......

7,624

1,552,399

QUALCOMM,

Inc.

...........

54,725

9,104,051

a

ServiceNow,

Inc.

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

3,933

3,619,461

Texas

Instruments,

Inc.

.......

4,990

916,813

Western

Digital

Corp.

........

9,636

1,156,898

202,104,926

Materials

2.2%

Albemarle

Corp.

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

12,901

1,046,013

a

Axalta

Coating

Systems

Ltd.

...

41,672

1,192,653

CF

Industries

Holdings,

Inc.

...

15,055

1,350,433

CRH

plc

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

13,537

1,623,086

Ecolab,

Inc.

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

9,773

2,676,434

Linde

plc

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

8,237

3,912,575

11,801,194

Real

Estate

2.6%

American

Tower

Corp.

,

REIT

...

6,636

1,276,236

a

CBRE

Group,

Inc.

,

A

.........

8,377

1,319,880

Prologis,

Inc.

,

REIT

..........

36,625

4,194,295

Rayonier,

Inc.

,

REIT

.........

52,353

1,389,449

Regency

Centers

Corp.

,

REIT

..

14,896

1,085,918

SBA

Communications

Corp.

,

A

,

REIT

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

5,372

1,038,676

Ventas,

Inc.

,

REIT

...........

38,707

2,709,103

Weyerhaeuser

Co.

,

REIT

.....

46,847

1,161,337

14,174,894

Utilities

1.9%

American

Water

Works

Co.,

Inc.

50,815

7,072,940

Edison

International

.........

61,827

3,417,796

10,490,736

Total

Common

Stocks

(Cost

$

370,299,058

)

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

534,971,668

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Money

Market

1.0%

d,e

JPMorgan

Prime

Money

Market

Fund

,

4.280

%

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

5,591,795

$

5,591,795

(Cost

$5,591,795)

Securities

Purchased

With

Cash

Collateral

From

Securities

Lending

0.3%

d,e

Invesco

Government

&

Agency

Portfolio

,

4.075

%

..........

1,459,584

1,459,584

(Cost

$1,459,584)

a

Total

Investments

100

.3

%

(Cost

$

377,350,437

)

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

$542,023,047

Payable

Upon

Return

Of

Securities

Loaned

(

0

.3

)

%

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

(1,459,584)

f

Other

Assets,

less

Liabilities

0.0

%

294

Net

Assets

100.0%

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

$540,563,757

a

Non-income

producing

security.

b

Security

or

partial

position

of

this

security

was

on

loan

as

of

September

30,

2025.

The

total

market

value

of

securities

on

loan

as

of

September

30,

2025

was

$2,554,322.

c

Broad

industry

sectors

used

for

financial

reporting.

d

Rate

shown

represents

an

annualized

7-day

yield

as

of

September

30,

2025.

e

Institutional

Class

shares.

f

Rounds

to

less

than

0.05%.

REIT

Real

Estate

Investment

Trust

Schedule

of

Investments

(Unaudited),

September

30,

2025

Impax

Global

Sustainable

Infrastructure

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments

6

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

97.1%

Communication

Services

12.5%

Elisa

OYJ

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

70,576

$

3,704,412

KDDI

Corp.

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

130,900

2,087,662

Koninklijke

KPN

NV

.........

318,751

1,529,858

Tele2

AB

,

B

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

176,639

3,013,213

Vodacom

Group

Ltd.

.........

277,572

2,142,303

12,477,448

Financials

1.0%

Hannover

Rueck

SE

.........

3,469

1,046,801

Health

Care

2.1%

Chemed

Corp.

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

4,794

2,146,465

a

Industrials

28.7%

AECOM

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

15,764

2,056,729

Canadian

Pacific

Kansas

City

Ltd.

23,582

1,756,323

b

Clean

Harbors,

Inc.

..........

12,873

2,989,368

Hubbell,

Inc.

,

B

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

4,973

2,139,932

Otis

Worldwide

Corp.

........

23,101

2,112,124

Schneider

Electric

SE

........

6,200

1,745,127

Spirax

Group

plc

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

18,246

1,680,163

Trane

Technologies

plc

.......

2,880

1,215,245

Union

Pacific

Corp.

..........

17,446

4,123,711

Voltronic

Power

Technology

Corp.

28,000

855,041

Waste

Connections,

Inc.

......

19,013

3,342,485

Waste

Management,

Inc.

......

15,335

3,386,428

Westinghouse

Air

Brake

Technologies

Corp.

........

6,499

1,302,855

28,705,531

Information

Technology

4.6%

KLA

Corp.

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

2,025

2,184,165

Microsoft

Corp.

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

2,999

1,553,332

Nemetschek

SE

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

6,201

809,240

4,546,737

Materials

3.6%

Linde

plc

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

4,800

2,280,000

Sika

AG

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

5,687

1,277,066

3,557,066

Real

Estate

14.1%

American

Tower

Corp.

,

REIT

...

17,416

3,349,445

Digital

Realty

Trust,

Inc.

,

REIT

..

16,529

2,857,534

Keppel

DC

REIT

,

REIT

.......

1,640,700

3,042,318

Prologis,

Inc.

,

REIT

..........

17,235

1,973,752

Welltower,

Inc.

,

REIT

.........

15,970

2,844,896

14,067,945

a

Utilities

30.5%

American

Water

Works

Co.,

Inc.

17,123

2,383,350

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

SABESP

,

ADR

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

81,887

2,038,167

Hydro

One

Ltd.

,

Reg

S

.......

48,438

1,728,064

Iberdrola

SA

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

154,593

2,926,343

National

Grid

plc

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

276,334

3,970,552

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

(continued)

a

Utilities

(continued)

NextEra

Energy,

Inc.

.........

46,615

$

3,518,966

Northland

Power,

Inc.

........

203,214

3,402,232

Severn

Trent

plc

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

82,053

2,860,907

SSE

plc

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

134,494

3,154,652

Veolia

Environnement

SA

.....

132,995

4,535,396

30,518,629

Total

Common

Stocks

(Cost

$

81,888,485

)

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

97,066,622

Rights

c

Rights

0.0%

c

Real

Estate

0.0%

b,d,e

Keppel

DC

REIT

,

10/13/25

....

131,256

15,459

Total

Rights

(Cost

$

–

)

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

15,459

Total

Long

Term

Investments

(Cost

$

81,888,485

)

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

97,082,081

a

Money

Market

2.7%

f,g

JPMorgan

Prime

Money

Market

Fund

,

4.280

%

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

2,677,571

2,677,571

(Cost

$2,677,571)

a

Total

Investments

99

.8

%

(Cost

$

84,566,056

)

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

$99,759,652

Other

Assets,

less

Liabilities

0

.2

%

232,612

Net

Assets

100.0%

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

$99,992,264

a

Broad

industry

sectors

used

for

financial

reporting.

b

Non-income

producing

security.

c

Rounds

to

less

than

0.05%.

d

Security

valued

using

significant

unobservable

inputs.

e

Illiquid

security.

f

Rate

shown

represents

an

annualized

7-day

yield

as

of

September

30,

2025.

g

Institutional

Class

shares.

ADR

American

Depositary

Receipt

REIT

Real

Estate

Investment

Trust

Schedule

of

Investments

(Unaudited)

Impax

Global

Sustainable

Infrastructure

Fund

(continued)

See

Notes

to

Schedule

of

Investments

Quarterly

Schedule

of

Investments

7

Summary

Of

Investments

by

Country

Country

Value

Percent

of

Net

Assets

Brazil

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

$

2,038,167

2.0%

Canada

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

6,886,619

6.9%

Finland

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

3,704,412

3.7%

France

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

4,535,395

4.5%

Germany

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

1,856,041

1.8%

Japan

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

2,087,662

2.1%

Netherlands

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

1,529,858

1.5%

Singapore

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

3,057,778

3.0%

South

Africa

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

2,142,303

2.2%

Spain

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

2,926,343

2.9%

Sweden

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

3,013,212

3.0%

Switzerland

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

1,277,066

1.3%

Taiwan

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

855,041

0.9%

United

Kingdom

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

11,666,274

11.8%

United

States

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

49,505,910

49.5%

Money

Market

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

2,677,571

2.7%

Other

assets

and

liabilities

(net)

232,612

0.2%

Total

$99,992,264

100.0%

Schedule

of

Investments

(Unaudited),

September

30,

2025

Impax

Global

Opportunities

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments

8

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

96.5%

Communication

Services

1.3%

KDDI

Corp.

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

105,800

$

1,687,354

Consumer

Discretionary

5.1%

a

Aptiv

plc

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

40,211

3,466,993

eBay,

Inc.

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

34,933

3,177,156

6,644,149

Consumer

Staples

3.6%

Jeronimo

Martins

SGPS

SA

...

99,468

2,421,569

Kerry

Group

plc

,

A

...........

24,897

2,247,644

4,669,213

Financials

18.9%

Cullen/Frost

Bankers,

Inc.

.....

28,897

3,663,273

HDFC

Bank

Ltd.

,

ADR

........

72,424

2,474,004

KBC

Group

NV

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

35,093

4,205,508

London

Stock

Exchange

Group

plc

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

26,093

2,992,426

Marsh

&

McLennan

Cos.,

Inc.

..

15,223

3,067,891

Mastercard,

Inc.

,

A

..........

9,145

5,201,767

RenaissanceRe

Holdings

Ltd.

..

12,687

3,221,610

24,826,479

Health

Care

16.4%

Alcon

AG

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

42,052

3,162,935

a

Boston

Scientific

Corp.

.......

53,891

5,261,378

Danaher

Corp.

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

13,000

2,577,380

Haleon

plc

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

507,092

2,282,006

a

Intuitive

Surgical,

Inc.

........

7,292

3,261,201

Thermo

Fisher

Scientific,

Inc.

..

5,286

2,563,816

Zoetis,

Inc.

,

A

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

16,889

2,471,199

21,579,915

Industrials

16.7%

Ashtead

Group

plc

..........

45,390

3,043,917

Cintas

Corp.

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

16,294

3,344,506

Hubbell,

Inc.

,

B

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

8,444

3,633,538

Recruit

Holdings

Co.

Ltd.

.....

45,700

2,457,009

Schneider

Electric

SE

........

12,683

3,569,911

Wolters

Kluwer

NV

..........

14,812

2,021,837

Xylem,

Inc.

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

25,624

3,779,540

21,850,258

b

Information

Technology

28.7%

Applied

Materials,

Inc.

........

13,276

2,718,128

a

Cadence

Design

Systems,

Inc.

.

10,042

3,527,353

Keyence

Corp.

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

8,350

3,110,884

Marvell

Technology,

Inc.

......

21,663

1,821,208

MediaTek,

Inc.

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

72,000

3,122,622

Microsoft

Corp.

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

14,225

7,367,839

NVIDIA

Corp.

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

32,737

6,108,069

Oracle

Corp.

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

16,640

4,679,834

a

ServiceNow,

Inc.

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

2,814

2,589,668

TE

Connectivity

plc

..........

12,055

2,646,434

37,692,039

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

(continued)

Materials

5.8%

Linde

plc

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

10,706

$

5,085,350

Sika

AG

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

11,160

2,506,076

7,591,426

Total

Common

Stocks

(Cost

$

93,785,269

)

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

126,540,833

Money

Market

3.5%

c,d

JPMorgan

Prime

Money

Market

Fund

,

4.280

%

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

4,650,588

4,650,588

(Cost

$4,650,588)

a

Total

Investments

100

.0

%

(Cost

$

98,435,857

)

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

$131,191,421

e

Other

Assets,

less

Liabilities

0.0

%

29,649

Net

Assets

100.0%

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

$131,221,070

a

Non-income

producing

security.

b

Broad

industry

sectors

used

for

financial

reporting.

c

Rate

shown

represents

an

annualized

7-day

yield

as

of

September

30,

2025.

d

Institutional

Class

shares.

e

Rounds

to

less

than

0.05%.

ADR

American

Depositary

Receipt

Schedule

of

Investments

(Unaudited)

Impax

Global

Opportunities

Fund

(continued)

See

Notes

to

Schedule

of

Investments

Quarterly

Schedule

of

Investments

9

Summary

Of

Investments

by

Country

Country

Value

Percent

of

Net

Assets

Belgium

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

$

4,205,508

3.2%

Bermuda

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

3,221,610

2.4%

India

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

2,474,004

1.9%

Ireland

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

2,247,644

1.7%

Japan

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

7,255,247

5.6%

Jersey

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

3,466,992

2.7%

Netherlands

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

2,021,836

1.5%

Portugal

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

2,421,569

1.9%

Switzerland

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

5,152,510

3.9%

Taiwan

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

3,122,622

2.4%

United

Kingdom

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

6,036,344

4.6%

United

States

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

84,914,947

64.7%

Money

Market

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

4,650,588

3.5%

Other

assets

and

liabilities

(net)

29,649

0.0%

*

Total

$131,221,070

100.0%

*

Rounds

to

less

than

0.05%.

Schedule

of

Investments

(Unaudited),

September

30,

2025

Impax

Global

Environmental

Markets

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments

10

a

a

Shares/

Principal

a

Value

a

Common

Stocks

96.9%

DIGITAL

INFRASTRUCTURE

23.2%

Cloud

Computing

9.6%

Delta

Electronics,

Inc.

..........

719,475

$

20,267,687

Microsoft

Corp.

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

238,310

123,432,665

NVIDIA

Corp.

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

273,680

51,063,214

194,763,566

Efficient

IT

13.6%

Applied

Materials,

Inc.

..........

183,420

37,553,411

a

Autodesk,

Inc.

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

76,648

24,348,770

Marvell

Technology,

Inc.

........

540,672

45,454,295

MediaTek,

Inc.

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

870,000

37,731,683

a

Synopsys,

Inc.

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

99,765

49,223,053

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

........

1,790,000

77,753,711

272,064,923

ENERGY

MANAGEMENT

&

EFFICIENCY

27.2%

Buildings

Energy

Efficiency

6.5%

A

O

Smith

Corp.

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

496,873

36,475,447

Carrier

Global

Corp.

...........

671,742

40,102,997

Sika

AG

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

153,548

34,480,547

Trane

Technologies

plc

.........

45,237

19,088,205

130,147,196

Industrial

Energy

Efficiency

13.5%

Air

Liquide

SA

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

384,688

80,152,294

Keyence

Corp.

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

82,100

30,587,251

Linde

plc

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

207,599

98,609,525

Spirax

Group

plc

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

415,865

38,294,478

Texas

Instruments,

Inc.

.........

132,753

24,390,709

272,034,257

Smart

&

Efficient

Grids

7.2%

Hubbell,

Inc.

,

B

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

119,419

51,387,190

a

Itron,

Inc.

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

247,705

30,854,135

Schneider

Electric

SE

..........

223,879

63,015,697

145,257,022

ENVIRONMENTAL

SERVICES

&

RESOURCES

10.6%

Environmental

Testing

&

Monitoring

7.8%

Agilent

Technologies,

Inc.

.......

709,408

91,052,517

Veralto

Corp.

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

410,382

43,750,825

a

Waters

Corp.

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

70,767

21,216,654

156,019,996

Finance

&

Investment

2.8%

RenaissanceRe

Holdings

Ltd.

....

225,114

57,163,198

RESOURCE

EFFICIENCY

&

WASTE

MANAGEMENT

8.5%

General

Waste

Management

4.8%

Republic

Services,

Inc.

,

A

.......

169,322

38,856,012

Waste

Management,

Inc.

........

265,658

58,665,256

97,521,268

Resource

Circularity

&

Efficiency

3.7%

Ashtead

Group

plc

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

598,390

40,128,872

eBay,

Inc.

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

378,426

34,417,845

74,546,717

a

a

Shares/

Principal

a

Value

a

Common

Stocks

(continued)

SUSTAINABLE

FOOD

&

AGRICULTURE

7.6%

Sustainable

Agriculture

6.1%

DSM-Firmenich

AG

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

411,339

$

35,094,758

Kerry

Group

plc

,

A

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

531,989

48,026,741

Zoetis,

Inc.

,

A

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

276,236

40,418,852

123,540,351

Technology

&

Logistics

1.5%

GEA

Group

AG

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

404,854

29,931,705

TRANSPORT

SOLUTIONS

9.8%

Advanced

Road

Vehicles

&

Devices

6.7%

Amphenol

Corp.

,

A

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

371,209

45,937,114

a

Aptiv

plc

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

683,882

58,964,306

TE

Connectivity

plc

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

140,530

30,850,551

135,751,971

Railways

3.1%

Union

Pacific

Corp.

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

264,920

62,619,140

WATER

INFRASTRUCTURE

&

TECHNOLOGIES

10.0%

Water

Distribution

&

Infrastructure

5.6%

Ferguson

Enterprises,

Inc.

......

110,680

24,857,287

IDEX

Corp.

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

193,193

31,444,093

Xylem,

Inc.

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

383,564

56,575,690

112,877,070

Water

Treatment

1.5%

Pentair

plc

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

265,108

29,363,362

Water

Utilities

2.9%

Veolia

Environnement

SA

.......

1,742,384

59,418,778

Total

Common

Stocks

(Cost

$

1,371,696,753

)

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

1,953,020,520

—

a

a

a

a

Money

Market

Funds

3.0%

b,c

JPMorgan

Prime

Money

Market

Fund

,

4.280

%

(Cost

$

60,699,585

)

..........

60,699,585

60,699,585

a

Total

Investments

99

.9

%

(Cost

$

1,432,396,338

)

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

$2,013,720,105

Other

Assets,

less

Liabilities

0

.1

%

..

1,418,156

Net

Assets

100.0%

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

$2,015,138,261

a

Non-income

producing

security.

b

Rate

shown

represents

an

annualized

7-day

yield

as

of

September

30,

2025.

c

Institutional

Class

shares.

Schedule

of

Investments

(Unaudited)

Impax

Global

Environmental

Markets

Fund

(continued)

See

Notes

to

Schedule

of

Investments

Quarterly

Schedule

of

Investments

11

Summary

Of

Investments

by

Country

Country

Value

Percent

of

Net

Assets

Bermuda

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

$

57,163,198

2.8%

France

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

139,571,073

6.9%

Germany

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

29,931,705

1.5%

Ireland

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

48,026,741

2.4%

Japan

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

30,587,251

1.5%

Jersey

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

58,964,306

2.9%

Switzerland

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

100,425,855

4.9%

Taiwan

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

135,753,081

6.8%

United

Kingdom

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

78,423,350

3.9%

United

States

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

1,274,173,960

63.3%

Money

Market

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

60,699,585

3.0%

Other

assets

and

liabilities

(net)

1,418,156

0.1%

Total

$2,015,138,261

100.0%

Schedule

of

Investments

(Unaudited),

September

30,

2025

Impax

Global

Social

Leaders

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments

12

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

97.3%

Communication

Services

3.7%

a

Netflix,

Inc.

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

40

$

47,957

Vodacom

Group

Ltd.

.........

5,459

42,133

90,090

Consumer

Discretionary

18.1%

Autoliv,

Inc.

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

472

58,292

a

Bright

Horizons

Family

Solutions,

Inc.

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

334

36,262

a

Duolingo,

Inc.

,

A

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

89

28,644

eBay,

Inc.

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

1,038

94,406

Home

Depot,

Inc.

(The)

.......

98

39,709

a

MercadoLibre,

Inc.

..........

31

72,445

a

On

Holding

AG

,

A

...........

783

33,160

Trip.com

Group

Ltd.

.........

1,000

75,838

438,756

Consumer

Staples

5.0%

Colgate-Palmolive

Co.

.......

542

43,327

Danone

SA

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

899

78,333

121,660

Financials

20.9%

a

Adyen

NV

,

Reg

S

...........

31

49,881

AIA

Group

Ltd.

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

4,700

45,045

Banco

Bilbao

Vizcaya

Argentaria

SA

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

3,330

64,168

HDFC

Bank

Ltd.

,

ADR

........

1,446

49,395

Mastercard,

Inc.

,

A

..........

159

90,441

Pinnacle

Financial

Partners,

Inc.

626

58,713

Progressive

Corp.

(The)

......

180

44,451

Prudential

plc

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

4,006

56,083

Voya

Financial,

Inc.

..........

650

48,620

506,797

Health

Care

11.3%

Agilent

Technologies,

Inc.

.....

531

68,154

Alcon

AG

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

678

50,996

a

Boston

Scientific

Corp.

.......

437

42,664

Haleon

plc

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

8,310

37,396

a

Intuitive

Surgical,

Inc.

........

111

49,643

Novo

Nordisk

A/S

,

B

.........

487

27,117

275,970

Industrials

8.0%

Experian

plc

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

1,702

85,486

Recruit

Holdings

Co.

Ltd.

.....

1,200

64,517

Wolters

Kluwer

NV

..........

332

45,318

195,321

b

Information

Technology

25.2%

a

Autodesk,

Inc.

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

163

51,780

Bentley

Systems,

Inc.

,

B

......

1,012

52,098

Halma

plc

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

2,552

118,798

Intuit,

Inc.

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

99

67,608

NVIDIA

Corp.

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

1,019

190,125

a

Palo

Alto

Networks,

Inc.

......

297

60,475

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

(continued)

b

Information

Technology

(continued)

a

ServiceNow,

Inc.

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

77

$

70,861

611,745

Real

Estate

5.1%

American

Tower

Corp.

,

REIT

...

218

41,926

UNITE

Group

plc

(The)

,

REIT

..

3,609

34,953

Ventas,

Inc.

,

REIT

...........

659

46,123

123,002

Total

Common

Stocks

(Cost

$

1,948,005

)

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

2,363,341

Money

Market

4.0%

c,d

JPMorgan

Prime

Money

Market

Fund

,

4.280

%

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

98,002

98,002

(Cost

$98,002)

a

Total

Investments

101

.3

%

(Cost

$

2,046,007

)

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

$2,461,343

Other

Assets,

less

Liabilities

(

1

.3

)

%

(31,826)

Net

Assets

100.0%

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

$2,429,517

a

Non-income

producing

security.

b

Broad

industry

sectors

used

for

financial

reporting.

c

Rate

shown

represents

an

annualized

7-day

yield

as

of

September

30,

2025.

d

Institutional

Class

shares.

ADR

American

Depositary

Receipt

REIT

Real

Estate

Investment

Trust

Schedule

of

Investments

(Unaudited)

Impax

Global

Social

Leaders

Fund

(continued)

See

Notes

to

Schedule

of

Investments

Quarterly

Schedule

of

Investments

13

Summary

Of

Investments

by

Country

Country

Value

Percent

of

Net

Assets

Brazil

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

$

72,445

3.0%

China

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

75,838

3.1%

Denmark

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

27,117

1.1%

France

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

78,333

3.2%

Hong

Kong

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

101,127

4.2%

India

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

49,395

2.0%

Japan

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

64,517

2.6%

Netherlands

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

95,199

4.0%

South

Africa

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

42,133

1.7%

Spain

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

64,168

2.7%

Sweden

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

58,292

2.4%

Switzerland

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

33,160

1.4%

United

Kingdom

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

153,751

6.4%

United

States

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

1,447,866

59.5%

Money

Market

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

98,002

4.0%

Other

assets

and

liabilities

(net)

(31,826)

-1.3%

Total

$2,429,517

100.0%

Schedule

of

Investments

(Unaudited),

September

30,

2025

Impax

Ellevate

Global

Women’s

Leadership

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments

14

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

98.3%

Communication

Services

6.2%

Alphabet,

Inc.

,

A

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

30,360

$

7,380,516

Alphabet,

Inc.

,

C

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

23,485

5,719,772

Auto

Trader

Group

plc

,

Reg

S

..

183,022

1,944,296

BT

Group

plc

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

786,840

2,024,301

Deutsche

Telekom

AG

........

162,103

5,522,763

Orange

SA

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

204,939

3,324,310

Publicis

Groupe

SA

..........

58,321

5,612,422

Vodafone

Group

plc

.........

3,702,161

4,305,257

Walt

Disney

Co.

(The)

........

70,729

8,098,470

43,932,107

Consumer

Discretionary

13.2%

Accor

SA

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

40,216

1,910,678

a

Amazon.com,

Inc.

...........

83,399

18,311,918

Aristocrat

Leisure

Ltd.

........

150,478

6,966,150

Best

Buy

Co.,

Inc.

...........

65,599

4,960,596

a

Deckers

Outdoor

Corp.

.......

20,240

2,051,729

eBay,

Inc.

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

47,183

4,291,294

H

&

M

Hennes

&

Mauritz

AB

,

B

.

244,810

4,576,407

Hermes

International

SCA

.....

2,459

6,046,779

Kering

SA

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

13,558

4,543,250

a

Lululemon

Athletica,

Inc.

......

28,740

5,113,708

b

Marriott

International,

Inc.

,

A

...

26,127

6,804,516

b

Starbucks

Corp.

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

78,740

6,661,404

Tapestry,

Inc.

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

59,742

6,763,989

a

Ulta

Beauty,

Inc.

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

13,707

7,494,302

Williams-Sonoma,

Inc.

.......

34,039

6,652,923

93,149,643

Consumer

Staples

6.1%

Coca-Cola

Co.

(The)

.........

120,284

7,977,235

Diageo

plc

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

140,968

3,373,038

General

Mills,

Inc.

...........

89,499

4,512,540

L'Oreal

SA

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

5,914

2,569,557

Pernod

Ricard

SA

...........

43,221

4,255,134

Procter

&

Gamble

Co.

(The)

...

57,291

8,802,762

Target

Corp.

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

69,222

6,209,213

Woolworths

Group

Ltd.

.......

315,859

5,574,304

43,273,783

Financials

19.4%

Allianz

SE

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

7,035

2,959,812

American

Express

Co.

.......

17,311

5,750,022

Amundi

SA

,

Reg

S

..........

26,037

2,069,279

Aviva

plc

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

345,246

3,193,802

AXA

SA

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

59,530

2,854,762

Bank

of

New

York

Mellon

Corp.

(The)

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

58,795

6,406,303

Canadian

Imperial

Bank

of

Commerce

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

48,140

3,846,842

Citigroup,

Inc.

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

79,944

8,114,316

DNB

Bank

ASA

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

232,136

6,327,098

Hang

Seng

Bank

Ltd.

........

420,300

6,395,672

JPMorgan

Chase

&

Co.

.......

44,821

14,137,888

National

Bank

of

Canada

.....

66,516

7,065,503

NatWest

Group

plc

..........

300,482

2,122,411

a

PayPal

Holdings,

Inc.

........

56,992

3,821,883

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

(continued)

Financials

(continued)

PNC

Financial

Services

Group,

Inc.

(The)

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

10,186

$

2,046,673

Progressive

Corp.

(The)

......

27,072

6,685,430

Prudential

Financial,

Inc.

......

62,666

6,500,971

Royal

Bank

of

Canada

.......

37,261

5,491,827

S&P

Global,

Inc.

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

5,280

2,569,829

Societe

Generale

SA

.........

66,095

4,400,362

Standard

Chartered

plc

.......

354,580

6,881,535

State

Street

Corp.

...........

64,603

7,494,594

Sun

Life

Financial,

Inc.

.......

101,941

6,121,441

Westpac

Banking

Corp.

.......

301,861

7,777,403

Willis

Towers

Watson

plc

......

18,299

6,321,390

137,357,048

Health

Care

12.0%

AstraZeneca

plc

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

58,895

9,022,780

a

Biogen,

Inc.

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

33,056

4,630,484

Bristol-Myers

Squibb

Co.

......

119,358

5,383,046

Cardinal

Health,

Inc.

.........

40,480

6,353,741

Elevance

Health,

Inc.

........

16,016

5,175,090

Eli

Lilly

&

Co.

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

13,196

10,068,548

Gilead

Sciences,

Inc.

........

71,005

7,881,555

GSK

plc

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

346,371

7,437,271

a

Insulet

Corp.

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

6,409

1,978,650

Johnson

&

Johnson

.........

59,047

10,948,495

Merck

&

Co.,

Inc.

...........

35,859

3,009,646

Novo

Nordisk

A/S

,

B

.........

51,139

2,847,505

Stryker

Corp.

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

5,984

2,212,105

a

Vertex

Pharmaceuticals,

Inc.

...

4,622

1,810,160

Zoetis,

Inc.

,

A

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

44,125

6,456,370

85,215,446

Industrials

8.5%

Cie

de

Saint-Gobain

SA

......

58,925

6,384,616

Cummins,

Inc.

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

16,880

7,129,605

Otis

Worldwide

Corp.

........

69,023

6,310,773

Qantas

Airways

Ltd.

.........

855,684

6,183,004

Schneider

Electric

SE

........

29,889

8,412,920

Stantec,

Inc.

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

48,827

5,265,822

Thomson

Reuters

Corp.

......

11,861

1,841,749

Veralto

Corp.

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

65,907

7,026,345

Wolters

Kluwer

NV

..........

38,920

5,312,577

WW

Grainger,

Inc.

...........

6,404

6,102,756

59,970,167

c

Information

Technology

29.7%

Accenture

plc

,

A

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

24,958

6,154,643

Apple,

Inc.

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

129,227

32,905,071

a

Autodesk,

Inc.

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

23,746

7,543,392

Broadcom,

Inc.

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

54,413

17,951,393

Cisco

Systems,

Inc.

.........

117,565

8,043,797

Halma

plc

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

148,702

6,922,193

Hewlett

Packard

Enterprise

Co.

.

278,767

6,846,517

HP,

Inc.

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

221,857

6,041,166

Intuit,

Inc.

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

10,926

7,461,475

Microsoft

Corp.

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

67,662

35,045,533

NVIDIA

Corp.

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

251,501

46,925,057

Schedule

of

Investments

(Unaudited)

Impax

Ellevate

Global

Women’s

Leadership

Fund

(continued)

See

Notes

to

Schedule

of

Investments

Quarterly

Schedule

of

Investments

15

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

(continued)

c

Information

Technology

(continued)

Oracle

Corp.

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

33,078

$

9,302,857

a

ServiceNow,

Inc.

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

2,458

2,262,048

a

Synopsys,

Inc.

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

16,218

8,001,799

Texas

Instruments,

Inc.

.......

11,714

2,152,213

a

Twilio,

Inc.

,

A

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

65,636

6,569,507

210,128,661

Materials

1.0%

Fortescue

Ltd.

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

357,543

4,427,974

Yara

International

ASA

.......

66,154

2,424,807

6,852,781

Utilities

2.2%

American

Water

Works

Co.,

Inc.

43,397

6,040,428

Edison

International

.........

107,714

5,954,430

National

Grid

plc

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

227,516

3,269,103

15,263,961

Total

Common

Stocks

(Cost

$

487,900,586

)

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

695,143,597

Money

Market

1.5%

d,e

JPMorgan

Prime

Money

Market

Fund

,

4.280

%

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

10,251,588

10,251,588

(Cost

$10,251,588)

Securities

Purchased

With

Cash

Collateral

From

Securities

Lending

0.3%

d,e

Invesco

Government

&

Agency

Portfolio

,

4.075

%

..........

2,433,475

2,433,475

(Cost

$2,433,475)

a

Total

Investments

100

.1

%

(Cost

$

500,585,649

)

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

$707,828,660

Payable

Upon

Return

Of

Securities

Loaned

(

0

.3

)

%

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

(2,433,475)

Other

Assets,

less

Liabilities

0

.2

%

1,575,061

Net

Assets

100.0%

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

$706,970,246

a

Non-income

producing

security.

b

Security

or

partial

position

of

this

security

was

on

loan

as

of

September

30,

2025.

The

total

market

value

of

securities

on

loan

as

of

September

30,

2025

was

$2,381,782.

c

Broad

industry

sectors

used

for

financial

reporting.

d

Rate

shown

represents

an

annualized

7-day

yield

as

of

September

30,

2025.

e

Institutional

Class

shares.

Schedule

of

Investments

(Unaudited)

Impax

Ellevate

Global

Women’s

Leadership

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments

16

Summary

Of

Investments

by

Country

Country

Value

Percent

of

Net

Assets

Australia

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

$

30,928,835

4.4%

Brazil

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

2,424,807

0.4%

Canada

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

29,633,184

4.2%

Denmark

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

2,847,505

0.4%

France

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

43,971,149

6.3%

Germany

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

8,482,575

1.2%

Hong

Kong

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

6,395,672

0.9%

Ireland

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

6,154,643

0.9%

Netherlands

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

5,312,577

0.7%

Norway

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

6,327,098

0.9%

Sweden

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

4,576,407

0.6%

United

Kingdom

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

43,058,713

6.3%

United

States

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

505,030,432

71.1%

Money

Market

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

10,251,588

1.5%

Other

assets

and

liabilities

(net)

1,575,061

0.2%

Total

$706,970,246

100.0%

Schedule

of

Investments

(Unaudited),

September

30,

2025

Impax

International

Sustainable

Economy

Fund

See

Notes

to

Schedule

of

Investments

Quarterly

Schedule

of

Investments

17

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

98.1%

Australia

5.6%

ANZ

Group

Holdings

Ltd.

.......

724,720

$

15,913,797

Aristocrat

Leisure

Ltd.

..........

370,074

17,132,012

Coles

Group

Ltd.

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

421,985

6,495,542

Commonwealth

Bank

of

Australia

.

27,620

3,050,176

Goodman

Group

,

REIT

.........

142,672

3,091,848

QBE

Insurance

Group

Ltd.

......

1,302,084

17,719,100

REA

Group

Ltd.

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

47,995

7,339,306

Scentre

Group

,

REIT

...........

1,113,659

3,003,957

Suncorp

Group

Ltd.

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

307,102

4,117,531

Transurban

Group

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

857,438

7,823,141

85,686,410

Austria

0.3%

Mondi

plc

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

350,563

4,849,019

Belgium

1.0%

KBC

Group

NV

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

126,847

15,201,210

Denmark

1.6%

Novo

Nordisk

A/S

,

B

...........

283,987

15,812,870

a

Orsted

A/S

,

Reg

S

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

166,639

2,898,617

Tryg

A/S

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

228,526

5,802,096

24,513,583

Finland

0.8%

Nokia

OYJ

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

632,461

3,041,378

Sampo

OYJ

,

A

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

762,784

8,769,691

11,811,069

France

9.7%

Air

Liquide

SA

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

28,062

5,846,904

AXA

SA

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

525,920

25,220,500

BNP

Paribas

SA

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

297,555

27,215,213

Carrefour

SA

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

864,062

13,094,652

Credit

Agricole

SA

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

790,636

15,580,335

Danone

SA

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

85,685

7,466,014

Dassault

Systemes

SE

.........

533,416

17,944,658

FDJ

Ultd.

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

164,075

5,501,789

Hermes

International

SCA

.......

2,187

5,377,920

L'Oreal

SA

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

34,497

14,988,502

Unibail-Rodamco-Westfield

,

REIT

.

58,593

6,170,702

Vinci

SA

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

21,994

3,056,549

147,463,738

Germany

9.7%

Allianz

SE

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

41,536

17,475,302

GEA

Group

AG

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

82,075

6,067,977

Infineon

Technologies

AG

.......

626,453

24,575,858

Mercedes-Benz

Group

AG

......

347,496

21,902,671

Merck

KGaA

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

121,675

15,786,687

Muenchener

Rueckversicherungs-

Gesellschaft

AG

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

30,615

19,546,888

Siemens

AG

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

125,943

34,001,843

a

Siemens

Energy

AG

...........

91,328

10,738,266

150,095,492

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

(continued)

Hong

Kong

2.0%

AIA

Group

Ltd.

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

2,416,600

$

23,160,611

Hong

Kong

Exchanges

&

Clearing

Ltd.

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

63,800

3,621,962

MTR

Corp.

Ltd.

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

1,405,999

4,761,538

31,544,111

Ireland

0.4%

AIB

Group

plc

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

327,295

2,983,864

Bank

of

Ireland

Group

plc

.......

205,472

3,402,065

6,385,929

Italy

4.8%

BPER

Banca

SpA

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

1,452,079

16,150,251

Enel

SpA

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

845,089

8,008,520

Generali

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

611,804

24,043,905

Intesa

Sanpaolo

SpA

...........

3,398,607

22,495,979

a

Telecom

Italia

SpA

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

6,005,135

3,146,339

73,844,994

Japan

21.9%

Aeon

Co.

Ltd.

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

617,700

7,497,800

Ajinomoto

Co.,

Inc.

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

105,500

3,024,602

Astellas

Pharma,

Inc.

..........

1,006,500

10,970,837

Chugai

Pharmaceutical

Co.

Ltd.

..

123,000

5,453,145

Daifuku

Co.

Ltd.

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

186,400

5,965,540

Daiichi

Sankyo

Co.

Ltd.

.........

1,111,400

25,006,736

Daiwa

House

Industry

Co.

Ltd.

...

93,200

3,347,281

FANUC

Corp.

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

303,900

8,733,160

Fuji

Electric

Co.

Ltd.

...........

45,200

3,029,925

Fujitsu

Ltd.

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

1,002,700

23,521,672

Hitachi

Ltd.

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

1,185,700

31,412,831

Kajima

Corp.

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

101,300

2,952,373

Kao

Corp.

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

112,400

4,898,510

KDDI

Corp.

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

1,424,300

22,715,489

Kirin

Holdings

Co.

Ltd.

.........

400,900

5,873,639

Komatsu

Ltd.

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

297,800

10,374,521

Mitsubishi

Estate

Co.

Ltd.

.......

207,600

4,771,446

NEC

Corp.

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

752,000

24,070,834

Nitto

Denko

Corp.

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

155,200

3,678,976

Nomura

Holdings,

Inc.

..........

488,400

3,579,325

Nomura

Research

Institute

Ltd.

...

124,000

4,760,614

Panasonic

Holdings

Corp.

.......

295,500

3,207,386

Recruit

Holdings

Co.

Ltd.

.......

159,700

8,586,091

Sekisui

Chemical

Co.

Ltd.

.......

249,400

4,642,995

SoftBank

Corp.

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

13,802,000

20,299,975

Sompo

Holdings,

Inc.

..........

182,400

5,638,998

a

Sony

Financial

Group,

Inc.

......

1,145,500

1,270,325

Sony

Group

Corp.

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

1,145,500

32,929,347

Sumitomo

Electric

Industries

Ltd.

.

177,400

5,047,749

Tokio

Marine

Holdings,

Inc.

......

137,900

5,836,363

Tokyo

Electron

Ltd.

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

146,000

25,880,977

Yokogawa

Electric

Corp.

........

250,000

7,174,650

336,154,112

Netherlands

4.7%

ASML

Holding

NV

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

47,239

46,066,862

ASR

Nederland

NV

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

44,731

3,043,915

Schedule

of

Investments

(Unaudited)

Impax

International

Sustainable

Economy

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments

18

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

(continued)

Netherlands

(continued)

ING

Groep

NV

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

221,054

$

5,795,098

Koninklijke

Ahold

Delhaize

NV

....

256,461

10,377,567

Wolters

Kluwer

NV

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

49,199

6,715,659

71,999,101

New

Zealand

0.3%

a

Xero

Ltd.

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

50,943

5,315,654

Norway

0.3%

Norsk

Hydro

ASA

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

599,692

4,077,377

Portugal

1.2%

EDP

SA

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

3,225,168

15,306,537

Jeronimo

Martins

SGPS

SA

.....

131,795

3,208,577

18,515,114

Singapore

1.1%

DBS

Group

Holdings

Ltd.

.......

76,100

3,017,959

United

Overseas

Bank

Ltd.

......

542,500

14,569,084

17,587,043

Spain

3.6%

Acciona

SA

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

15,008

3,015,687

ACS

Actividades

de

Construccion

y

Servicios

SA

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

73,715

5,908,855

Banco

Bilbao

Vizcaya

Argentaria

SA

157,398

3,033,002

Banco

de

Sabadell

SA

.........

779,011

3,040,643

CaixaBank

SA

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

331,267

3,498,814

Cellnex

Telecom

SA

,

Reg

S

......

166,066

5,752,097

Iberdrola

SA

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

1,609,000

30,457,301

54,706,399

Sweden

1.1%

Assa

Abloy

AB

,

B

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

239,914

8,350,899

Epiroc

AB

,

A

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

142,181

3,009,983

Skanska

AB

,

B

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

119,445

3,100,300

SKF

AB

,

B

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

128,933

3,206,719

17,667,901

Switzerland

5.3%

ABB

Ltd.

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

400,109

28,953,220

Logitech

International

SA

.......

136,722

15,039,205

SGS

SA

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

56,908

5,913,870

Sika

AG

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

34,865

7,829,241

Sonova

Holding

AG

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

46,911

12,867,986

Zurich

Insurance

Group

AG

......

12,172

8,700,343

79,303,865

United

Kingdom

13.9%

3i

Group

plc

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

173,002

9,536,386

AstraZeneca

plc

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

261,713

40,094,723

Auto

Trader

Group

plc

,

Reg

S

....

544,937

5,789,023

Barratt

Redrow

plc

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

2,027,020

10,664,485

HSBC

Holdings

plc

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

2,852,924

40,263,659

J

Sainsbury

plc

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

1,637,389

7,362,069

Legal

&

General

Group

plc

......

1,772,888

5,694,366

National

Grid

plc

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

1,137,552

16,345,110

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

(continued)

United

Kingdom

(continued)

Reckitt

Benckiser

Group

plc

.....

142,835

$

10,998,584

RELX

plc

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

561,739

26,839,238

Schroders

plc

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

599,632

3,042,854

Segro

plc

,

REIT

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

345,503

3,052,880

SSE

plc

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

511,448

11,996,374

Standard

Chartered

plc

.........

179,798

3,489,442

Tesco

plc

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

2,355,992

14,121,087

Vodafone

Group

plc

...........

4,581,492

5,327,834

214,618,114

United

States

8.8%

CSL

Ltd.

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

71,200

9,366,094

GSK

plc

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

297,858

6,395,601

Holcim

AG

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

140,723

12,007,128

a

James

Hardie

Industries

plc

,

CDI

.

392,853

7,291,112

Novartis

AG

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

316,954

40,753,435

Schneider

Electric

SE

..........

111,109

31,274,086

Stellantis

NV

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

317,339

2,945,401

Swiss

Re

AG

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

135,796

25,220,977

135,253,834

Total

Common

Stocks

(Cost

$

1,171,481,254

)

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

1,506,594,069

Money

Market

1.3%

b,c

JPMorgan

Prime

Money

Market

Fund

,

4.280

%

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

19,692,471

19,692,471

(Cost

$19,692,471)

a

Total

Investments

99

.4

%

(Cost

$

1,191,173,725

)

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

$1,526,286,540

Other

Assets,

less

Liabilities

0

.6

%

..

9,837,406

Net

Assets

100.0%

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

$1,536,123,946

a

Non-income

producing

security.

b

Rate

shown

represents

an

annualized

7-day

yield

as

of

September

30,

2025.

c

Institutional

Class

shares.

REIT

Real

Estate

Investment

Trust

Schedule

of

Investments

(Unaudited)

Impax

International

Sustainable

Economy

Fund

(continued)

See

Notes

to

Schedule

of

Investments

Quarterly

Schedule

of

Investments

19

Summary

Of

Investments

by

Sector

Sector

Value

Percent

of

Net

Assets

Communication

Services

........

$

70,370,063

4.6%

Consumer

Discretionary

........

104,708,761

6.8%

Consumer

Staples

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

109,407,145

7.1%

Financials

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

419,742,029

27.3%

Health

Care

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

182,508,113

11.9%

Industrials

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

265,419,579

17.3%

Information

Technology

.........

197,392,362

12.9%

Materials

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

45,579,757

3.0%

Real

Estate

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

23,438,114

1.5%

Utilities

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

88,028,146

5.7%

Money

Market

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

19,692,471

1.3%

Other

assets

and

liabilities

(net)

9,837,406

0.6%

Total

$1,536,123,946

100.0%

Schedule

of

Investments

(Unaudited),

September

30,

2025

Impax

Core

Bond

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments

20

a

a

Shares/

Principal

a

Value

a

a

a

a

BONDS:

98.3%

a

Community

Investment

Notes

0.0%

a

Financials

0.0%

b,c

CEI

Investments

LLC

,

4.000

%,

10/31/25

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

323,622

$

323,622

c

Envest

Microfinance

Cooperative

,

b

4.000%,

10/24/25

.........

150,000

150,000

4.000%,

4/20/26

..........

250,000

248,315

721,937

Total

Community

Investment

Notes

(Cost

$723,622)

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

721,937

Corporate

Bonds

32.0%

Communication

Services

4.7%

Alphabet,

Inc.

,

5.250

%,

5/15/55

.

2,000,000

2,005,848

AT&T,

Inc.

,

5.400%,

2/15/34

..........

3,750,000

3,898,822

4.350%,

6/15/45

..........

3,250,000

2,747,827

4.750%,

5/15/46

..........

775,000

692,533

3.500%,

9/15/53

..........

1,000,000

692,236

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

,

6.384

%,

10/23/35

1,400,000

1,467,227

d

Cogent

Communications

Group

LLC

/

Cogent

Finance,

Inc.

,

144A,

7.000

%,

6/15/27

......

500,000

499,094

Comcast

Corp.

,

4.600%,

10/15/38

.........

2,750,000

2,592,562

5.350%,

5/15/53

..........

1,200,000

1,126,015

Fox

Corp.

,

6.500

%,

10/13/33

...

2,500,000

2,753,292

Netflix,

Inc.

,

4.900

%,

8/15/34

...

2,500,000

2,580,014

d

Sirius

XM

Radio

LLC

,

144A,

4.125

%,

7/01/30

...........

2,000,000

1,877,199

Sprint

Capital

Corp.

,

8.750

%,

3/15/32

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

2,500,000

3,046,485

T-Mobile

USA,

Inc.

,

5.300

%,

5/15/35

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

4,500,000

4,611,345

Verizon

Communications,

Inc.

,

2.550%,

3/21/31

..........

2,000,000

1,818,876

5.250%,

4/02/35

..........

1,000,000

1,017,284

4.812%,

3/15/39

..........

3,500,000

3,340,007

2.650%,

11/20/40

.........

600,000

434,217

3.400%,

3/22/41

..........

600,000

474,334

3.550%,

3/22/51

..........

500,000

366,875

Walt

Disney

Co.

(The)

,

4.750

%,

9/15/44

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

1,500,000

1,395,064

39,437,156

Consumer

Discretionary

1.5%

d

Allison

Transmission,

Inc.

,

144A,

5.875

%,

6/01/29

...........

1,000,000

1,009,077

Amazon.com,

Inc.

,

2.875%,

5/12/41

..........

800,000

614,214

2.500%,

6/03/50

..........

1,000,000

618,329

a

a

Shares/

Principal

a

Value

a

a

a

a

Consumer

Discretionary

(continued)

American

University

(The)

,

2019

,

3.672

%,

4/01/49

...........

1,000,000

$

768,928

Aptiv

Swiss

Holdings

Ltd.

,

5.150

%,

9/13/34

...........

1,300,000

1,293,194

d

Gates

Corp.

,

144A,

6.875

%,

7/01/29

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

2,000,000

2,077,800

Lowe's

Cos.,

Inc.

,

4.250%,

3/15/31

..........

2,250,000

2,236,091

2.800%,

9/15/41

..........

750,000

543,381

5.750%,

7/01/53

..........

750,000

757,580

Massachusetts

Institute

of

Technology

,

3.067

%,

4/01/52

.

700,000

482,229

Toyota

Motor

Corp.

,

5.275

%,

7/13/26

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

500,000

504,442

d

William

Carter

Co.

(The)

,

144A,

5.625

%,

3/15/27

...........

2,000,000

2,003,892

12,909,157

Consumer

Staples

1.1%

d

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

Albertsons

LP

/

Albertsons

LLC

,

144A,

4.625

%,

1/15/27

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

1,000,000

995,126

Church

&

Dwight

Co.,

Inc.

,

3.950

%,

8/01/47

...........

1,500,000

1,203,164

d

Energizer

Holdings,

Inc.

,

144A,

6.000

%,

9/15/33

...........

1,000,000

979,274

Haleon

US

Capital

LLC

,

3.625

%,

3/24/32

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

2,250,000

2,133,101

Kraft

Heinz

Foods

Co.

,

5.200

%,

7/15/45

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

2,000,000

1,849,114

Kroger

Co.

(The)

,

5.500

%,

9/15/54

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

2,000,000

1,950,998

9,110,777

Financials

9.6%

d

200

Park

Funding

Trust

,

144A,

5.740

%,

2/15/55

...........

1,000,000

1,013,961

ACE

Capital

Trust

II

,

9.700

%,

4/01/30

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

500,000

600,733

Aon

North

America,

Inc.

,

5.450

%,

3/01/34

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

2,000,000

2,084,251

Assured

Guaranty

US

Holdings,

Inc.

,

6.125%,

9/15/28

..........

750,000

789,206

3.150%,

6/15/31

..........

1,000,000

938,481

Bank

of

America

Corp.

,

2.572%

to

10/19/31,

FRN

thereafter,

10/20/32

........

3,750,000

3,362,265

5.872%

to

9/14/33,

FRN

thereafter,

9/15/34

.........

2,500,000

2,679,944

5.468%

to

1/22/34,

FRN

thereafter,

1/23/35

.........

2,000,000

2,089,647

Bank

of

Montreal

,

4.64%

to

9/09/29,

FRN

thereafter

,

9/10/30

2,000,000

2,028,438

Barclays

plc

,

Junior

Sub.

Bond

,

7.625%

to

9/14/35,

FRN

thereafter

,

Perpetual

.......

3,000,000

3,182,292

Schedule

of

Investments

(Unaudited)

Impax

Core

Bond

Fund

(continued)

See

Notes

to

Schedule

of

Investments

Quarterly

Schedule

of

Investments

21

a

a

Shares/

Principal

a

Value

a

a

a

a

Financials

(continued)

d

Block,

Inc.

,

144A,

5.625

%,

8/15/30

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

393,000

$

398,466

BlueHub

Loan

Fund,

Inc.

,

2020

,

2.890

%,

1/01/27

...........

1,000,000

965,439

Chubb

INA

Holdings

LLC

,

4.900%,

8/15/35

..........

1,500,000

1,509,491

4.350%,

11/03/45

.........

250,000

220,751

Citigroup,

Inc.

,

2.572%

to

6/02/30,

FRN

thereafter

,

6/03/31

.....

2,000,000

1,840,575

Citizens

Financial

Group,

Inc.

,

5.841%

to

1/22/29,

FRN

thereafter,

1/23/30

.........

2,000,000

2,085,101

5.253%

to

3/04/30,

FRN

thereafter,

3/05/31

.........

2,500,000

2,562,919

Corebridge

Financial,

Inc.

,

5.750

%,

1/15/34

...........

1,500,000

1,578,865

d

Corebridge

Global

Funding

,

144A,

4.250

%,

8/21/28

...........

399,000

399,399

Fiserv,

Inc.

,

5.375

%,

8/21/28

...

4,600,000

4,744,601

Goldman

Sachs

Group,

Inc.

(The)

,

4.692%

to

10/22/29,

FRN

thereafter

,

10/23/30

........

2,000,000

2,026,047

d

HAT

Holdings

I

LLC

/

HAT

Holdings

II

LLC

,

144A,

8.000

%,

6/15/27

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

405,000

421,822

d

High

Street

Funding

Trust

III

,

144A,

5.807

%,

2/15/55

......

1,000,000

1,000,920

JPMorgan

Chase

&

Co.

,

2.947%

to

2/23/27,

FRN

thereafter,

2/24/28

.........

1,000,000

984,528

5.581%

to

4/21/29,

FRN

thereafter,

4/22/30

.........

1,000,000

1,044,797

4.603%

to

10/21/29,

FRN

thereafter,

10/22/30

........

500,000

505,989

5.766%

to

4/21/34,

FRN

thereafter,

4/22/35

.........

2,500,000

2,664,632

5.294%

to

7/21/34,

FRN

thereafter,

7/22/35

.........

3,000,000

3,099,712

Sub.

Bond,

5.576%

to

7/22/35,

FRN

thereafter,

7/23/36

.....

1,000,000

1,037,407

M&T

Bank

Corp.

,

5.179%

to

7/07/30,

FRN

thereafter

,

7/08/31

2,000,000

2,048,755

MetLife,

Inc.

,

4.875%,

11/13/43

.........

1,000,000

943,912

5.250%,

1/15/54

..........

1,000,000

975,219

Morgan

Stanley

,

5.652%

to

4/12/27,

FRN

thereafter,

4/13/28

.........

2,000,000

2,045,200

4.654%

to

10/17/29,

FRN

thereafter,

10/18/30

........

3,000,000

3,033,713

5.664%

to

4/16/35,

FRN

thereafter,

4/17/36

.........

500,000

527,768

Morgan

Stanley

Bank

NA

,

4.968%

to

7/13/27,

FRN

thereafter

,

7/14/28

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

1,000,000

1,014,977

Nasdaq,

Inc.

,

5.350%,

6/28/28

..........

441,000

454,818

a

a

Shares/

Principal

a

Value

a

a

a

a

Financials

(continued)

Nasdaq,

Inc.,

(continued)

5.550%,

2/15/34

..........

871,000

$

914,993

NatWest

Group

plc

,

4.964%

to

8/14/29,

FRN

thereafter

,

8/15/30

1,000,000

1,018,808

OneMain

Finance

Corp.

,

3.500

%,

1/15/27

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

2,000,000

1,955,925

PNC

Financial

Services

Group,

Inc.

(The)

,

5.575%

to

1/28/35,

FRN

thereafter

,

1/29/36

.....

2,600,000

2,713,831

Principal

Financial

Group,

Inc.

,

5.375

%,

3/15/33

...........

1,000,000

1,041,101

Prudential

Financial,

Inc.

,

5.800

%,

11/16/41

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

1,000,000

1,024,488

d

Ryan

Specialty

LLC

,

144A,

5.875

%,

8/01/32

...........

1,000,000

1,011,941

Travelers

Cos.,

Inc.

(The)

,

5.450%,

5/25/53

..........

1,000,000

1,001,958

5.700%,

7/24/55

..........

250,000

259,175

Unum

Group

,

6.000

%,

6/15/54

.

1,000,000

1,013,595

Visa,

Inc.

,

4.300

%,

12/14/45

...

2,500,000

2,208,889

Wells

Fargo

&

Co.

,

3.35%

to

3/01/32,

FRN

thereafter,

3/02/33

.........

2,250,000

2,095,063

5.499%

to

1/22/34,

FRN

thereafter,

1/23/35

.........

4,000,000

4,173,752

d

WLB

Asset

VI

Pte.

Ltd.

,

144A,

7.250

%,

12/21/27

..........

1,000,000

1,049,445

d

WLB

Asset

VII

Pte.

Ltd.

,

144A,

5.880

%,

7/30/29

...........

1,000,000

1,009,772

81,397,777

Health

Care

2.4%

AbbVie,

Inc.

,

5.050%,

3/15/34

..........

1,000,000

1,029,368

4.250%,

11/21/49

.........

1,500,000

1,264,612

5.400%,

3/15/54

..........

500,000

497,526

Agilent

Technologies,

Inc.

,

4.750

%,

9/09/34

...........

1,000,000

997,300

Amgen,

Inc.

,

4.200%,

3/01/33

..........

500,000

486,453

6.400%,

2/01/39

..........

2,000,000

2,196,974

d

Avantor

Funding,

Inc.

,

144A,

4.625

%,

7/15/28

...........

2,000,000

1,969,145

CVS

Health

Corp.

,

4.780

%,

3/25/38

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

2,000,000

1,875,335

Elevance

Health,

Inc.

,

4.000%,

9/15/28

..........

1,000,000

995,837

2.250%,

5/15/30

..........

1,000,000

913,015

5.650%,

6/15/54

..........

1,000,000

983,522

HCA,

Inc.

,

5.500%,

3/01/32

..........

1,500,000

1,563,423

7.500%,

11/06/33

.........

1,000,000

1,147,735

d

IQVIA,

Inc.

,

144A,

5.000

%,

10/15/26

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

1,000,000

999,675

Kaiser

Foundation

Hospitals

,

2021

,

2.810

%,

6/01/41

......

1,000,000

741,231

Schedule

of

Investments

(Unaudited)

Impax

Core

Bond

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments

22

a

a

Shares/

Principal

a

Value

a

a

a

a

Health

Care

(continued)

Laboratory

Corp.

of

America

Holdings

,

4.350

%,

4/01/30

...

1,500,000

$

1,500,807

Seattle

Children's

Hospital

,

2021

,

1.208

%,

10/01/27

..........

1,000,000

942,402

20,104,360

Industrials

2.9%

AGCO

Corp.

,

5.450

%,

3/21/27

.

2,000,000

2,029,870

American

Museum

of

Natural

History

(The)

,

2021

,

3.121

%,

7/15/52

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

750,000

509,809

Burlington

Northern

Santa

Fe

LLC

,

5.500

%,

3/15/55

......

1,000,000

1,003,407

California

Endowment

(The)

,

2021

,

2.498

%,

4/01/51

......

1,000,000

584,237

Capital

Impact

Partners

,

4.800

%,

3/15/26

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

500,000

501,579

Carrier

Global

Corp.

,

3.377

%,

4/05/40

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

1,000,000

807,798

d

Clean

Harbors,

Inc.

,

144A,

6.375

%,

2/01/31

...........

2,000,000

2,049,798

CNH

Industrial

Capital

LLC

,

4.750%,

3/21/28

..........

800,000

809,165

4.500%,

10/16/30

.........

500,000

499,170

e

Concentrix

Corp.

,

6.600

%,

8/02/28

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

2,000,000

2,094,779

Deere

&

Co.

,

5.450

%,

1/16/35

..

1,000,000

1,053,022

d

Esab

Corp.

,

144A,

6.250

%,

4/15/29

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

2,000,000

2,057,106

d

Herc

Holdings,

Inc.

,

144A,

5.500

%,

7/15/27

...........

1,000,000

998,247

Local

Initiatives

Support

Corp.

,

1.000%,

11/15/25

.........

1,000,000

994,101

4.600%,

7/15/26

..........

500,000

501,690

Nature

Conservancy

(The)

,

A,

1.861%,

7/01/33

........

266,000

211,239

A,

3.957%,

3/01/52

........

750,000

599,266

nVent

Finance

SARL

,

2.750

%,

11/15/31

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

1,000,000

894,178

Pentair

Finance

SARL

,

5.900

%,

7/15/32

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

1,705,000

1,812,029

Republic

Services,

Inc.

,

6.200

%,

3/01/40

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

1,500,000

1,659,971

Uber

Technologies,

Inc.

,

4.800

%,

9/15/34

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

2,000,000

2,005,134

d

WK

Kellogg

Foundation

Trust

,

144A,

2.443

%,

10/01/50

.....

1,000,000

598,828

24,274,423

Information

Technology

2.7%

Apple,

Inc.

,

2.650

%,

2/08/51

...

3,000,000

1,915,712

Cisco

Systems,

Inc.

,

5.900

%,

2/15/39

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

3,500,000

3,803,587

Hewlett

Packard

Enterprise

Co.

,

4.400

%,

10/15/30

..........

2,500,000

2,485,633

e

Kyndryl

Holdings,

Inc.

,

6.350

%,

2/20/34

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

1,500,000

1,603,727

a

a

Shares/

Principal

a

Value

a

a

a

a

Information

Technology

(continued)

Microsoft

Corp.

,

2.525

%,

6/01/50

2,000,000

$

1,267,374

NXP

BV

/

NXP

Funding

LLC

,

5.550

%,

12/01/28

..........

2,000,000

2,070,784

d

Open

Text

Corp.

,

144A,

6.900

%,

12/01/27

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

2,000,000

2,083,094

Oracle

Corp.

,

5.200

%,

9/26/35

.

3,700,000

3,721,783

d

Seagate

Data

Storage

Technology

Pte.

Ltd.

,

144A,

5.875

%,

7/15/30

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

2,000,000

2,039,832

Twilio,

Inc.

,

3.875

%,

3/15/31

...

1,000,000

940,967

Vontier

Corp.

,

2.950

%,

4/01/31

.

1,500,000

1,371,232

23,303,725

Materials

0.5%

Steel

Dynamics,

Inc.

,

5.250%,

5/15/35

..........

1,500,000

1,533,580

5.750%,

5/15/55

..........

500,000

510,535

Vulcan

Materials

Co.

,

5.350

%,

12/01/34

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

2,000,000

2,064,297

4,108,412

Real

Estate

1.8%

American

Tower

Corp.

,

5.900

%,

11/15/33

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

4,750,000

5,094,396

Brixmor

Operating

Partnership

LP

,

5.200

%,

4/01/32

...........

1,500,000

1,540,021

Century

Housing

Corp.

,

4.500%,

2/15/26

..........

1,000,000

1,000,446

4.650%,

3/15/26

..........

500,000

500,869

Equinix

Europe

2

Financing

Corp.

LLC

,

5.500

%,

6/15/34

......

1,000,000

1,038,605

Kimco

Realty

OP

LLC

,

4.600

%,

2/01/33

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

2,750,000

2,737,194

SBA

Communications

Corp.

,

3.875

%,

2/15/27

...........

2,000,000

1,971,361

Welltower

OP

LLC

,

6.500

%,

3/15/41

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

1,549,000

1,727,825

15,610,717

Utilities

4.8%

AES

Corp.

(The)

,

5.450

%,

6/01/28

1,000,000

1,024,455

American

Electric

Power

Co.,

Inc.

,

C

,

Junior

Sub.

Bond

,

5.8%

to

3/14/31,

FRN

thereafter

,

3/15/56

1,000,000

998,996

American

Water

Capital

Corp.

,

5.250

%,

3/01/35

...........

2,500,000

2,565,785

Consolidated

Edison

Co.

of

New

York,

Inc.

,

5.125

%,

3/15/35

..

2,000,000

2,055,008

Dominion

Energy,

Inc.

,

A

,

Junior

Sub.

Bond

,

6.875%

to

1/31/30,

FRN

thereafter

,

2/01/55

.....

1,000,000

1,047,225

DTE

Electric

Co.

,

3.950%,

3/01/49

..........

500,000

404,162

A,

1.900%,

4/01/28

........

1,500,000

1,427,505

DTE

Energy

Co.

,

4.875%,

6/01/28

..........

750,000

763,194

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

Utilities

(continued)

DTE

Energy

Co.,

(continued)

5.050%,

10/01/35

.........

500,000

$

497,036

Essential

Utilities,

Inc.

,

5.250

%,

8/15/35

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

2,750,000

2,765,187

Florida

Power

&

Light

Co.

,

5.600

%,

6/15/54

...........

1,000,000

1,023,890

Georgia

Power

Co.

,

A

,

3.250

%,

3/15/51

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

1,000,000

700,974

MidAmerican

Energy

Co.

,

3.650

%,

4/15/29

...........

1,000,000

985,919

d

Niagara

Mohawk

Power

Corp.

,

144A,

4.647

%,

10/03/30

.....

2,000,000

2,010,381

NiSource,

Inc.

,

5.350%,

7/15/35

..........

2,000,000

2,043,542

Junior

Sub.

Bond,

6.375%

to

3/30/35,

FRN

thereafter,

3/31/55

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

1,000,000

1,036,368

Northern

States

Power

Co.

,

5.400

%,

3/15/54

...........

2,000,000

1,986,265

NSTAR

Electric

Co.

,

4.850%,

3/01/30

..........

1,000,000

1,025,093

5.200%,

3/01/35

..........

2,000,000

2,039,759

PG&E

Energy

Recovery

Funding

LLC

,

A-3

,

2.822

%,

7/15/46

...

750,000

538,065

PG&E

Recovery

Funding

LLC

,

A-2,

5.256%,

1/15/38

......

1,000,000

1,024,009

A-3,

5.536%,

7/15/47

......

2,625,000

2,660,633

PPL

Electric

Utilities

Corp.

,

5.550

%,

8/15/55

...........

750,000

757,020

SCE

Recovery

Funding

LLC

,

A-1,

4.697%,

6/15/40

......

2,027,719

2,002,466

A-2,

2.943%,

11/15/42

......

1,450,000

1,205,687

A-2,

5.112%,

12/15/47

......

880,000

851,875

Southern

Power

Co.

,

4.150%,

12/01/25

.........

1,000,000

999,763

A,

4.250%,

10/01/30

.......

1,000,000

994,466

Southwestern

Public

Service

Co.

,

6.000

%,

6/01/54

...........

1,000,000

1,042,837

Union

Electric

Co.

,

5.250%,

4/15/35

..........

1,000,000

1,031,726

5.125%,

3/15/55

..........

1,500,000

1,421,030

40,930,321

Total

Corporate

Bonds

(Cost

$270,967,286)

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

271,186,825

Foreign

Government

and

Agency

Securities

1.6%

d

BNG

Bank

NV

,

144A,

0.500

%,

11/24/25

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

250,000

248,670

d

Caisse

d'Amortissement

de

la

Dette

Sociale

,

144A,

1.375

%,

1/20/31

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

3,000,000

2,621,957

d

Kommunalbanken

A/S

,

144A,

4.625%,

10/24/25

.....

500,000

500,117

144A,

1.125%,

10/26/26

.....

1,500,000

1,457,161

144A,

1.125%,

6/14/30

......

1,000,000

884,922

144A,

4.125%,

8/29/30

......

1,000,000

1,014,044

a

a

Shares/

Principal

a

Value

a

a

a

a

Foreign

Government

and

Agency

Securities

(continued)

d

Kommunalbanken

A/S,

(continued)

f

144A,

FRN,

4.592%,

(SOFR

Index

+

0.410%),

4/09/29

....

1,000,000

$

1,000,448

d

Kommuninvest

I

Sverige

AB

,

144A,

4.000

%,

11/29/28

.....

1,000,000

1,008,672

Kreditanstalt

fuer

Wiederaufbau

,

4.625%,

3/18/30

...........

3,000,000

3,111,248

3.750%,

7/15/30

...........

600,000

600,068

d

Ontario

Teachers'

Finance

Trust

,

144A,

1.250

%,

9/27/30

......

1,000,000

880,091

Total

Foreign

Government

and

Agency

Securities

(Cost

$13,632,972)

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

13,327,398

U.S.

Government

and

Agency

Securities

21.1%

FFCB

Funding

Corp.

,

1.000%,

10/07/26

..........

3,000,000

2,920,040

4.410%,

1/28/27

...........

2,000,000

2,002,041

1.850%,

3/28/30

...........

1,095,000

1,006,810

2.020%,

4/01/31

...........

780,000

702,536

1.880%,

6/16/31

...........

1,220,000

1,090,610

2.500%,

4/14/36

...........

3,000,000

2,458,865

FHLB

,

0.520%,

2/12/26

...........

500,000

493,787

2.000%,

3/25/30

...........

1,666,667

1,541,771

U.S.

Treasury

Bonds

,

4.875%,

8/15/45

...........

32,000,000

32,717,500

Index

Linked,

1.000%,

2/15/48

1,000,000

982,688

1.875%,

11/15/51

..........

17,000,000

9,620,273

4.750%,

5/15/55

...........

19,000,000

19,065,313

U.S.

Treasury

Notes

,

3.750%,

6/30/27

...........

18,000,000

18,033,750

3.875%,

7/15/28

...........

37,000,000

37,244,257

3.875%,

6/30/30

...........

29,500,000

29,683,223

4.125%,

3/31/32

...........

7,000,000

7,094,199

4.250%,

5/15/35

...........

8,000,000

8,075,000

United

States

International

Development

Finance

Corp.

,

3.520%,

9/20/32

...........

1,000,000

976,982

f

FRN,

4.400%,

(3-month

U.S.

Treasury

Bill

Rate),

9/15/26

..

333,333

333,333

1.650%,

4/15/28

...........

500,000

478,253

1.440%,

4/15/28

...........

1,000,000

952,319

3.130%,

4/15/28

...........

1,000,000

982,056

Total

U.S.

Government

and

Agency

Securities

(Cost

$177,410,214)

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

178,455,606

Asset-Backed

Securities

6.0%

Financials

6.0%

d,f

AGL

CLO

23

Ltd.

,

2022-23A

,

A1R

,

144A,

FRN

,

5.475

%,

(

3-month

SOFR

+

1.150

%

),

4/20/38

.

...

2,600,000

2,601,277

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

Aqua

Finance

Issuer

Trust

,

2025-

B

,

A

,

144A,

4.790

%,

5/17/51

.

.

1,876,597

$

1,889,008

d,f

CIFC

Funding

Ltd.

,

2019-5A

,

A1R2

,

144A,

FRN

,

5.359

%,

(

3-month

SOFR

+

1.270

%

),

10/15/38

.

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

2,360,000

2,366,322

d

College

Ave

Student

Loans

LLC

,

2024-B

,

A1A

,

144A,

5.690

%,

8/25/54

.

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

2,199,205

2,260,186

d

Dell

Equipment

Finance

Trust

,

2025-1

,

D

,

144A,

5.640

%,

8/22/31

.

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

2,100,000

2,141,153

d,f

Elmwood

CLO

IX

Ltd.

,

2021-

2A

,

AR

,

144A,

FRN

,

5.465

%,

(

3-month

SOFR

+

1.140

%

),

4/20/38

.

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

2,000,000

1,999,938

d

FHF

Issuer

Trust

,

2024-1A,

A2,

144A,

5.690%,

2/15/30

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

452,172

456,231

2024-3A,

A2,

144A,

4.940%,

11/15/30

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

766,175

765,450

2025-1A,

A2,

144A,

4.920%,

2/15/31

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

1,629,928

1,627,600

d

Foundation

Finance

Trust

,

2023-1A,

A,

144A,

5.670%,

12/15/43

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

1,337,524

1,371,714

2023-2A,

A,

144A,

6.530%,

6/15/49

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

459,206

479,755

2023-2A,

C,

144A,

7.310%,

6/15/49

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

1,220,654

1,278,050

2025-2A,

A,

144A,

4.670%,

4/15/52

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

1,392,657

1,399,861

d

Frontier

Issuer

LLC

,

2023-1,

A2,

144A,

6.600%,

8/20/53

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

1,000,000

1,016,033

2023-1,

B,

144A,

8.300%,

8/20/53

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

1,750,000

1,793,725

2024-1,

A2,

144A,

6.190%,

6/20/54

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

1,890,000

1,950,743

d

MetroNet

Infrastructure

Issuer

LLC

,

2025-2A,

A2,

144A,

5.400%,

8/20/55

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

2,250,000

2,287,057

2025-2A,

B,

144A,

5.590%,

8/20/55

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

1,000,000

1,008,886

d

Mill

City

Solar

Loan

Ltd.

,

2019-

2GS

,

A

,

144A,

3.690

%,

7/20/43

.

376,974

340,307

d

Mosaic

Solar

Loan

Trust

,

2017-1A,

A,

144A,

4.450%,

6/20/42

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

242,484

235,168

2017-2A,

A,

144A,

3.820%,

6/22/43

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

323,541

304,951

2018-1A,

A,

144A,

4.010%,

6/22/43

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

867,685

816,277

2019-1A,

A,

144A,

4.370%,

12/21/43

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

386,065

364,572

2019-2A,

A,

144A,

2.880%,

9/20/40

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

290,967

258,169

a

a

Shares/

Principal

a

Value

a

a

a

a

Asset-Backed

Securities

(continued)

Financials

(continued)

d

Mosaic

Solar

Loan

Trust,

(continued)

2020-1A,

A,

144A,

2.100%,

4/20/46

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

291,147

$

256,607

2020-2A,

A,

144A,

1.440%,

8/20/46

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

604,515

509,469

2020-2A,

C,

144A,

3.000%,

8/20/46

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

378,649

347,055

2021-1A,

A,

144A,

1.510%,

12/20/46

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

582,109

485,974

2021-2A,

B,

144A,

2.090%,

4/22/47

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

559,303

417,370

2022-3A,

A,

144A,

6.100%,

6/20/53

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

1,798,089

1,770,268

d,f

OCP

CLO

Ltd.

,

2021-21A

,

AR

,

144A,

FRN

,

5.505

%,

(

3-month

SOFR

+

1.180

%

),

1/20/38

.

...

1,000,000

1,000,478

d

PACEWell

5

Trust

,

2021-1

,

A

,

144A,

2.628

%,

10/10/59

.

....

789,563

647,804

d,f

Palmer

Square

CLO

Ltd.

,

2021-

4A

,

A1R

,

144A,

FRN

,

5.592

%,

(

3-month

SOFR

+

1.320

%

),

7/15/38

.

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

2,500,000

2,507,923

SBA

Small

Business

Investment

Cos.

,

2023-10A,

1,

5.168%,

3/10/33

854,938

870,765

2023-10B,

1,

5.688%,

9/10/33

950,941

988,733

2025-10A,

1,

4.963%,

3/10/35

1,500,000

1,527,119

d

SoFi

Professional

Loan

Program

LLC

,

2017-F,

BFX,

144A,

3.620%,

1/25/41

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

1,800,000

1,742,706

2018-B,

BFX,

144A,

3.830%,

8/25/47

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

500,000

484,980

d

Sunrun

Athena

Issuer

LLC

,

2018-

1

,

A

,

144A,

5.310

%,

4/30/49

.

.

778,021

755,167

d

Sunrun

Atlas

Issuer

LLC

,

2019-2

,

A

,

144A,

3.610

%,

2/01/55

.

...

1,633,338

1,563,702

d

Tesla

Auto

Lease

Trust

,

2023-B,

B,

144A,

6.570%,

8/20/27

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

1,400,000

1,405,943

2024-A,

B,

144A,

5.550%,

5/22/28

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

750,000

758,351

d

Tricon

American

Homes

Trust

,

2020-SFR2

,

A

,

144A,

1.482

%,

11/17/39

.

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

1,180,572

1,116,563

d

Vivint

Solar

Financing

V

LLC

,

2018-1A

,

A

,

144A,

4.730

%,

4/30/48

.

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

823,357

789,568

50,958,978

a

a

a

a

a

Total

Asset-Backed

Securities

(Cost

$51,453,862)

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

50,958,978

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

30.8%

Commercial

Mortgage-Backed

Securities

4.2%

d,f

Durst

Commercial

Mortgage

Trust,

2025-151,

D,

144A,

FRN,

7.018%,

8/10/42

...........

2,750,000

$

2,831,927

FHLMC,

Multi-class

Certificates

,

2021-P009,

A1,

1.132%,

1/25/31

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

1,104,356

1,032,207

f

2024-P016,

A2,

FRN,

4.768%,

9/25/33

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

2,000,000

2,020,908

FHLMC,

Multi-family

Structured

Pass-Through

Certificates

,

KG01,

A10,

2.939%,

4/25/29

.

3,000,000

2,888,179

KG02,

A2,

2.412%,

8/25/29

..

2,000,000

1,888,355

KG04,

A2,

1.487%,

11/25/30

.

2,000,000

1,765,123

f

KG07,

A2,

FRN,

3.123%,

8/25/32

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

1,750,000

1,633,441

f

KSG4,

A2,

FRN,

3.400%,

8/25/32

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

2,000,000

1,892,230

FNMA,

ACES

,

f

2018-M13,

A2,

FRN,

3.875%,

9/25/30

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

1,218,934

1,204,327

f

2019-M1,

A2,

FRN,

3.661%,

9/25/28

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

1,442,280

1,424,848

2019-M9,

A2,

2.937%,

6/25/29

1,257,287

1,216,946

f

2021-M1S,

A2,

FRN,

1.428%,

12/25/30

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

2,700,000

2,367,548

f

2023-M1S,

A2,

FRN,

4.648%,

4/25/33

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

2,500,000

2,518,981

GNMA

,

f

2013-101,

AF,

FRN,

2.831%,

9/16/50

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

362,707

355,854

f

2014-164,

AN,

FRN,

3.112%,

3/16/55

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

462,765

416,837

2019-H02,

JA,

3.500%,

12/20/68

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

2,363,822

2,270,923

d,f

MAD

Commercial

Mortgage

Trust,

2025-11MD,

B,

144A,

FRN,

5.095%,

10/15/42

..........

2,000,000

2,002,020

d,f

RFR

Trust,

2025-SGRM,

B,

144A,

FRN,

5.863%,

3/11/41

......

2,000,000

2,048,664

d

SLG

Office

Trust,

2021-OVA,

A,

144A,

2.585%,

7/15/41

......

1,500,000

1,335,005

d,f

VRTX

Trust,

2025-HQ,

C,

144A,

FRN,

6.119%,

8/05/42

......

2,000,000

2,028,138

35,142,461

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Fixed

Rate

6.5%

FHLMC

Gold

Pool,

20

Year,

3.000%,

3/01/35

...........

1,964,024

1,874,541

FHLMC

Pool,

30

Year,

4.500%,

3/01/49

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

2,303,290

2,267,798

FHLMC

Pool,

30

Year,

3.000%,

12/01/49

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

1,405,939

1,250,965

FHLMC

Pool,

30

Year,

2.500%,

7/01/50

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

3,221,449

2,745,566

a

a

Shares/

Principal

a

Value

a

a

a

a

Mortgage-Backed

Securities

(continued)

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Fixed

Rate

(continued)

FHLMC

Pool,

30

Year,

2.000%,

2/01/51

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

2,099,016

$

1,721,578

FHLMC

Pool,

30

Year,

2.500%,

4/01/51

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

2,349,188

1,985,082

FHLMC

Pool,

30

Year,

4.000%,

8/01/51

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

2,356,227

2,239,304

FHLMC

Pool,

30

Year,

3.000%,

4/01/52

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

3,981,224

3,531,651

FHLMC

Pool,

30

Year,

4.000%,

8/01/52

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

2,093,323

1,989,086

FHLMC

Pool,

30

Year,

5.500%,

9/01/52

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

3,141,949

3,192,485

FHLMC

Pool,

30

Year,

5.500%,

11/01/52

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

3,072,653

3,135,671

FHLMC

Pool,

30

Year,

5.500%,

3/01/53

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

2,344,748

2,385,793

FHLMC

Pool,

30

Year,

4.500%,

4/01/53

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

1,583,427

1,543,685

FHLMC

Pool,

30

Year,

3.000%,

6/01/53

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

2,596,953

2,319,784

FHLMC

Pool,

30

Year,

6.000%,

6/01/53

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

2,392,948

2,464,829

FHLMC

Pool,

30

Year,

6.500%,

6/01/53

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

1,555,595

1,626,318

FHLMC

Pool,

30

Year,

4.500%,

7/01/53

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

2,987,373

2,912,393

FHLMC

Pool,

30

Year,

5.000%,

8/01/53

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

2,655,674

2,642,657

FHLMC

Pool,

30

Year,

5.500%,

1/01/54

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

2,700,268

2,734,277

FHLMC

Pool,

30

Year,

5.000%,

3/01/54

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

2,643,714

2,627,346

FHLMC

Pool,

30

Year,

6.000%,

7/01/54

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

982,947

1,009,250

FHLMC

Pool,

30

Year,

5.000%,

10/01/54

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

2,866,518

2,864,914

FHLMC

Pool,

30

Year,

6.000%,

1/01/55

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

3,823,668

3,912,213

54,977,186

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

13.2%

FNMA,

15

Year,

2.000%,

3/01/36

1,643,713

1,520,931

FNMA,

20

Year,

2.000%,

11/01/40

1,704,271

1,478,565

FNMA,

20

Year,

2.000%,

12/01/40

1,973,267

1,715,848

FNMA,

20

Year,

2.500%,

12/01/40

1,790,863

1,628,113

FNMA,

20

Year,

3.000%,

1/01/42

1,996,420

1,841,269

FNMA,

30

Year,

3.500%,

7/01/43

2,725,258

2,580,409

FNMA,

30

Year,

3.000%,

11/01/46

2,196,706

1,987,103

FNMA,

30

Year,

2.500%,

2/01/47

2,401,877

2,062,797

FNMA,

30

Year,

3.500%,

9/01/49

3,506,704

3,242,899

FNMA,

30

Year,

3.500%,

1/01/50

2,023,799

1,885,627

FNMA,

30

Year,

2.500%,

8/01/50

1,360,746

1,168,788

FNMA,

30

Year,

2.500%,

9/01/50

7,029,053

5,986,246

FNMA,

30

Year,

2.000%,

10/01/50

2,654,903

2,145,866

FNMA,

30

Year,

1.500%,

11/01/50

1,918,360

1,485,502

FNMA,

30

Year,

2.500%,

11/01/50

1,450,568

1,235,844

Schedule

of

Investments

(Unaudited)

Impax

Core

Bond

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments

26

a

a

Shares/

Principal

a

Value

a

a

a

a

Mortgage-Backed

Securities

(continued)

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

(continued)

FNMA,

30

Year,

2.500%,

12/01/50

1,761,933

$

1,512,986

FNMA,

30

Year,

1.500%,

1/01/51

3,681,556

2,833,410

FNMA,

30

Year,

2.500%,

1/01/51

1,384,722

1,178,404

FNMA,

30

Year,

2.500%,

5/01/51

1,390,460

1,181,546

FNMA,

30

Year,

2.500%,

7/01/51

6,528,214

5,550,090

FNMA,

30

Year,

2.000%,

9/01/51

2,412,945

1,955,987

FNMA,

30

Year,

2.000%,

10/01/51

2,165,900

1,773,289

FNMA,

30

Year,

2.500%,

11/01/51

2,442,030

2,071,315

FNMA,

30

Year,

2.500%,

2/01/52

2,983,297

2,528,398

FNMA,

30

Year,

3.000%,

4/01/52

5,802,687

5,138,943

FNMA,

30

Year,

3.500%,

4/01/52

5,582,184

5,112,477

FNMA,

30

Year,

3.000%,

6/01/52

2,564,513

2,274,924

FNMA,

30

Year,

3.500%,

6/01/52

3,147,140

2,892,847

FNMA,

30

Year,

3.500%,

7/01/52

3,072,577

2,842,295

FNMA,

30

Year,

4.000%,

7/01/52

6,047,472

5,733,846

FNMA,

30

Year,

4.500%,

7/01/52

2,403,272

2,342,408

FNMA,

30

Year,

4.500%,

8/01/52

2,592,802

2,545,123

FNMA,

30

Year,

5.000%,

9/01/52

2,216,098

2,213,346

FNMA,

30

Year,

4.500%,

10/01/52

2,252,486

2,203,741

FNMA,

30

Year,

3.500%,

4/01/53

2,681,613

2,459,327

FNMA,

30

Year,

5.500%,

5/01/53

5,745,637

5,835,664

FNMA,

30

Year,

4.000%,

7/01/53

2,822,529

2,669,161

FNMA,

30

Year,

4.000%,

2/01/54

3,571,711

3,377,613

FNMA,

30

Year,

6.000%,

2/01/54

2,523,066

2,605,814

FNMA,

30

Year,

5.000%,

11/01/54

3,797,831

3,796,142

FNMA,

30

Year,

4.500%,

12/01/54

2,931,201

2,848,914

FNMA,

30

Year,

6.000%,

8/01/55

2,488,546

2,545,458

111,989,275

Government

National

Mortgage

Association

(GNMA)

Adjust-

able

Rate

0.3%

f

GNMA

II,

3.611%,

2/20/74

.....

2,440,222

2,297,361

Government

National

Mortgage

Association

(GNMA)

Fixed

Rate

2.4%

GNMA

I,

3.020%,

9/15/41

.....

1,461,754

1,293,991

GNMA

II,

Single-family,

30

Year,

2.000%,

7/20/52

...........

2,734,894

2,266,209

GNMA

II,

Single-family,

30

Year,

2.500%,

7/20/52

...........

1,475,139

1,272,933

GNMA

II,

Single-family,

30

Year,

2.500%,

8/20/52

...........

4,465,387

3,866,843

GNMA

II,

Single-family,

30

Year,

2.500%,

2/20/53

...........

3,811,739

3,317,379

GNMA

II,

Single-family,

30

Year,

2.500%,

4/20/53

...........

3,153,779

2,725,082

GNMA

II,

Single-family,

30

Year,

3.000%,

6/20/53

...........

4,220,269

3,776,908

GNMA

II,

Single-family,

30

Year,

3.000%,

7/20/53

...........

2,351,850

2,110,001

20,629,346

Residential

Mortgage-Backed

Securities

4.2%

d

Angel

Oak

Mortgage

Trust

,

f

2022-2,

A1,

144A,

FRN,

3.353%,

1/25/67

...........

1,357,037

1,289,400

a

a

Shares/

Principal

a

Value

a

a

a

a

Mortgage-Backed

Securities

(continued)

Residential

Mortgage-Backed

Securities

(continued)

d

Angel

Oak

Mortgage

Trust,

(continued)

2022-5,

A1,

144A,

4.500%,

5/25/67

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

1,427,776

$

1,420,708

d

AOMT,

Inc.,

2024-6,

A3,

144A,

4.650%,

11/25/67

..........

1,758,590

1,743,313

d,f

FARM

Mortgage

Trust

,

2024-1,

A,

144A,

FRN,

4.694%,

10/01/53

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

1,741,069

1,699,367

2024-2,

A,

144A,

FRN,

5.191%,

8/01/54

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

1,374,888

1,365,045

2025-1,

A,

144A,

FRN,

5.220%,

8/01/55

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

1,021,795

1,008,694

d,f

FHLMC

STACR

REMIC

Trust

,

2020-HQA2,

M2,

144A,

FRN,

7.571%,

(30-day

SOFR

Average

+

3.214%),

3/25/50

........

614,332

628,759

2024-DNA1,

A1,

144A,

FRN,

5.706%,

(30-day

SOFR

Average

+

1.350%),

2/25/44

........

1,220,853

1,227,600

2024-DNA2,

M1,

144A,

FRN,

5.556%,

(30-day

SOFR

Average

+

1.200%),

5/25/44

........

1,148,357

1,149,029

2025-DNA1,

A1,

144A,

FRN,

5.306%,

(30-day

SOFR

Average

+

0.950%),

1/25/45

........

927,500

928,564

d,f

Flagstar

Mortgage

Trust

,

2021-5INV,

A5,

144A,

FRN,

2.500%,

7/25/51

...........

588,136

529,618

2021-6INV,

A6,

144A,

FRN,

2.500%,

8/25/51

...........

1,213,116

1,094,543

d,f

FNMA

Connecticut

Avenue

Securities

Trust

,

2021-R01,

1B1,

144A,

FRN,

7.456%,

(30-day

SOFR

Average

+

3.100%),

10/25/41

........

1,249,000

1,273,221

2021-R02,

2M2,

144A,

FRN,

6.356%,

(30-day

SOFR

Average

+

2.000%),

11/25/41

........

1,398,936

1,416,269

2022-R08,

1M1,

144A,

FRN,

6.906%,

(30-day

SOFR

Average

+

2.550%),

7/25/42

........

1,813,162

1,860,327

2023-R01,

1M1,

144A,

FRN,

6.748%,

(

30-day

SOFR

Average

+

2.400%),

12/25/42

........

954,619

977,252

2023-R06,

1M1,

144A,

FRN,

6.056%,

(30-day

SOFR

Average

+

1.700%),

7/25/43

........

672,372

674,675

2025-R02,

1A1,

144A,

FRN,

5.348%,

(30-day

SOFR

Average

+

1.000%),

2/25/45

........

1,068,763

1,070,631

Schedule

of

Investments

(Unaudited)

Impax

Core

Bond

Fund

(continued)

See

Notes

to

Schedule

of

Investments

Quarterly

Schedule

of

Investments

27

a

a

Shares/

Principal

a

Value

a

a

a

a

Mortgage-Backed

Securities

(continued)

Residential

Mortgage-Backed

Securities

(continued)

d,f

J.P.

Morgan

Mortgage

Trust,

2022-7,

B2,

144A,

FRN,

3.695%,

12/25/52

..........

2,763,564

$

2,414,009

d,f

Mello

Mortgage

Capital

Acceptance,

2021-INV1,

A4,

144A,

FRN,

2.500%,

6/25/51

.

662,875

594,037

d,f

New

Residential

Mortgage

Loan

Trust

,

2019-2A,

A1,

144A,

FRN,

4.250%,

12/25/57

..........

571,937

562,845

2019-5A,

A1B,

144A,

FRN,

3.500%,

8/25/59

...........

326,919

311,925

d

OBX

Trust

,

2025-NQM13,

A1,

144A,

5.441%,

5/25/65

...........

2,154,161

2,174,065

2025-NQM15,

A1,

144A,

5.143%,

7/27/65

...........

1,977,190

1,986,412

d,f

Sequoia

Mortgage

Trust

,

2021-4,

A4,

144A,

FRN,

2.500%,

6/25/51

...........

1,307,944

1,162,993

2024-2,

A19,

144A,

FRN,

6.000%,

3/25/54

...........

1,216,547

1,228,009

2024-3,

A19

,

144A,

FRN,

6.000%,

4/25/54

...........

1,308,235

1,320,562

d

Towd

Point

Mortgage

Trust,

2023-

1,

A1,

144A,

3.750%,

1/25/63

.

857,508

832,911

d

Verus

Securitization

Trust,

2025-8,

A3,

144A,

5.224%,

9/25/70

...

2,000,000

1,990,199

35,934,982

Total

Mortgage-Backed

Securities

(Cost

$271,624,840)

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

260,970,611

Municipal

Bonds

0.9%

California

0.5%

California

Health

Facilities

Financing

Authority

,

State

of

California

Personal

Income

Tax

,

Revenue

,

2022

,

4.190

%,

6/01/37

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

1,750,000

1,654,415

State

of

California

,

GO

,

7.550

%,

4/01/39

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

2,000,000

2,442,874

4,097,289

Massachusetts

0.4%

Commonwealth

of

Massachusetts

,

COVID-19

Recovery

Assessment

,

Revenue

,

2022

A

,

3.881

%,

1/15/31

...........

2,000,000

1,990,678

a

a

Shares/

Principal

a

Value

a

a

a

a

Municipal

Bonds

(continued)

Massachusetts

(continued)

University

of

Massachusetts

Building

Authority

,

Revenue

,

2010-2

,

5.450

%,

11/01/40

...

1,225,000

$

1,255,455

3,246,133

Total

Municipal

Bonds

(Cost

$7,909,205)

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

7,343,422

Supranational

5.9%

Asian

Development

Bank

,

4.000

%,

1/12/33

...........

3,000,000

2,999,414

Council

of

Europe

Development

Bank

,

3.625

%,

5/08/28

......

1,000,000

998,802

European

Bank

for

Reconstruction

&

Development

,

0.500

%,

11/25/25

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

1,000,000

994,516

European

Investment

Bank

,

3.875%,

6/15/28

...........

1,000,000

1,005,922

1.750%,

3/15/29

...........

800,000

750,255

4.500%,

3/14/30

...........

2,000,000

2,062,379

4.625%,

2/12/35

...........

500,000

518,567

Inter-American

Development

Bank

,

0.875%,

4/20/26

...........

2,000,000

1,966,832

1.500%,

1/13/27

...........

2,000,000

1,943,251

0.625%,

9/16/27

...........

600,000

565,819

4.500%,

2/15/30

...........

4,000,000

4,121,010

4.375%,

7/16/35

...........

2,000,000

2,027,327

Inter-American

Investment

Corp.

,

4.250

%,

4/01/30

...........

2,500,000

2,538,871

International

Bank

for

Reconstruction

&

Development

,

0.500%,

10/28/25

..........

500,000

498,606

3.125%,

6/15/27

...........

2,000,000

1,981,511

0.750%,

11/24/27

..........

1,000,000

940,398

4.625%,

8/01/28

...........

550,000

564,145

4.625%,

1/15/32

...........

5,600,000

5,817,129

1.745%,

7/31/33

...........

3,200,000

3,276,344

2.750%,

5/31/36

...........

2,000,000

1,663,167

f

FRN,

Zero

Cpn.,

3/31/28

....

4,500,000

4,459,410

f

FRN,

4.515%,

(SOFR

Index

+

0.370%),

2/11/31

..........

2,000,000

1,994,797

d

International

Development

Association

,

144A,

4.375%,

6/11/29

......

800,000

817,297

144A,

4.500%,

2/12/35

......

1,000,000

1,021,390

International

Finance

Corp.

,

4.375%,

1/15/27

...........

1,000,000

1,007,267

4.250%,

7/02/29

...........

2,000,000

2,037,184

Schedule

of

Investments

(Unaudited)

Impax

Core

Bond

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments

28

a

a

Shares/

Principal

a

Value

a

a

a

a

Supranational

(continued)

Nordic

Investment

Bank

,

3.750

%,

5/09/30

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

1,000,000

$

1,000,005

Total

Supranational

(Cost

$49,568,699)

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

49,571,615

Total

Long

Term

Investments

(Cost

$843,290,700)

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

832,536,392

a

a

Certificates

of

Deposit

0.1%

c

Walden

Mutual

Bank,

3.930%,

11/14/25

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

500,000

499,782

(Cost

$500,001)

Money

Market

0.9%

g,h

JPMorgan

Prime

Money

Market

Fund,

4.280%

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

8,021,911

8,021,911

(Cost

$8,021,911)

Securities

Purchased

With

Cash

Collateral

From

Securities

Lending

0.2%

g,h

Invesco

Government

&

Agency

Portfolio,

4.075%

..........

1,972,673

1,972,673

(Cost

$1,972,673)

a

Total

Investments

99.5%

(Cost

$853,785,285)

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

$843,030,758

Payable

Upon

Return

Of

Securities

Loaned

(0.2)%

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

(1,972,673)

Other

Assets,

less

Liabilities

0.7%

5,920,809

Net

Assets

100.0%

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

$846,978,894

a

Rounds

to

less

than

0.05%.

b

Security

valued

using

significant

unobservable

inputs.

c

Illiquid

security.

d

Security

purchased

pursuant

to

Rule

144A

of

the

Securities

Act

of

1933

and

may

be

resold

only

to

qualified

institutional

buyers.

e

Security

or

partial

position

of

this

security

was

on

loan

as

of

September

30,

2025.

The

total

market

value

of

securities

on

loan

as

of

September

30,

2025

was

$1,933,194.

f

Rate

shown

reflects

the

accrual

rate

as

of

September

30,

2025

on

securities

with

variable

or

step

rates.

g

Rate

shown

represents

an

annualized

7-day

yield

as

of

September

30,

2025.

h

Institutional

Class

shares.

ACES

Alternative

Credit

Enhancement

Structure

FRN

Floating

Rate

Note

LP

Limited

Partnership

REMIC

Real

Estate

Mortgage

Investment

Conduit

SOFR

Secured

Overnight

Financing

Rate

STACR

Structured

Agency

Credit

Risk

Schedule

of

Investments

(Unaudited),

September

30,

2025

Impax

High

Yield

Bond

Fund

See

Notes

to

Schedule

of

Investments

Quarterly

Schedule

of

Investments

29

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

0.1%

Telecommunications

0.1%

a,b,c

Digicel

Holdings

Bermuda

Ltd.

.

24,783

$

421,311

(Cost

$44,161)

d

Preferred

Stocks

0.0%

d

Telecommunications

0.0%

a,b,c

Digicel

Holdings

Bermuda

Ltd.

.

1,328

13,944

(Cost

$8,925)

BONDS:

97.6%

d

Community

Investment

Notes

0.0%

d

Community

Investment

Notes

0.0%

b

Envest

Microfinance

Cooperative

,

c

4.000%,

10/24/25

.........

150,000

150,000

4.000%,

4/20/26

..........

250,000

248,315

398,315

Total

Community

Investment

Notes

(Cost

$400,000)

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

398,315

Corporate

Bonds

93.3%

Automotive

3.8%

e

Allison

Transmission,

Inc.

,

144A,

5.875

%,

6/01/29

...........

2,000,000

2,018,154

American

Axle

&

Manufacturing,

Inc.

,

5.000%,

10/01/29

.........

2,000,000

1,901,809

e

144A,

6.375%,

10/15/32

....

888,000

887,056

e

144A,

7.750%,

10/15/33

....

2,000,000

2,016,841

e

Clarios

Global

LP

/

Clarios

US

Finance

Co.

,

144A,

6.750

%,

9/15/32

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

2,000,000

2,045,570

e

Garrett

Motion

Holdings,

Inc.

/

Garrett

LX

I

SARL

,

144A,

7.750

%,

5/31/32

...........

3,000,000

3,149,409

e

IHO

Verwaltungs

GmbH

,

144A,

PIK,

6.375

%,

5/15/29

.......

2,500,000

2,511,350

e

New

Flyer

Holdings,

Inc.

,

Secured

Note

,

144A,

9.250

%,

7/01/30

.

375,000

401,658

e

Nissan

Motor

Co.

Ltd.

,

144A,

7.500

%,

7/17/30

...........

3,000,000

3,150,681

e

ZF

North

America

Capital,

Inc.

,

144A,

6.750

%,

4/23/30

......

2,000,000

1,953,249

20,035,777

Banking

1.2%

Barclays

plc

,

Junior

Sub.

Bond

,

7.625%

to

9/14/35,

FRN

thereafter

,

Perpetual

.......

4,000,000

4,243,056

PNC

Financial

Services

Group,

Inc.

(The)

,

V

,

Junior

Sub.

Bond

,

6.2%

to

9/14/27,

FRN

thereafter

,

Perpetual

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

2,000,000

2,035,588

6,278,644

a

a

Shares/

Principal

a

Value

a

a

a

a

Basic

Industry

9.7%

ATI,

Inc.

,

7.250%,

8/15/30

..........

1,000,000

$

1,050,490

5.125%,

10/01/31

.........

1,800,000

1,772,819

e

Brookfield

Residential

Properties,

Inc.

/

Brookfield

Residential

US

LLC

,

144A,

4.875

%,

2/15/30

.

4,000,000

3,755,220

e

Champion

Iron

Canada,

Inc.

,

144A,

7.875

%,

7/15/32

......

2,000,000

2,092,526

e

Cleveland-Cliffs,

Inc.

,

144A,

7.000%,

3/15/32

.....

2,000,000

2,022,430

144A,

7.375%,

5/01/33

.....

2,000,000

2,043,340

e

CVR

Partners

LP

/

CVR

Nitrogen

Finance

Corp.

,

144A,

6.125

%,

6/15/28

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

4,300,000

4,296,392

e

Interface,

Inc.

,

144A,

5.500

%,

12/01/28

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

3,955,000

3,951,902

e

K.

Hovnanian

Enterprises,

Inc.

,

144A,

8.375

%,

10/01/33

.....

2,500,000

2,564,692

e

Knife

River

Corp.

,

144A,

7.750

%,

5/01/31

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

2,675,000

2,810,893

e

Magnera

Corp.

,

144A,

7.250

%,

11/15/31

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

2,000,000

1,883,480

e

Maxam

Prill

SARL

,

144A,

7.750

%,

7/15/30

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

3,000,000

3,022,451

e

Mercer

International,

Inc.

,

144A,

12.875

%,

10/01/28

.........

2,300,000

2,096,004

e

Mineral

Resources

Ltd.

,

144A,

7.000

%,

4/01/31

...........

2,000,000

2,027,132

e

Nickel

Industries

Ltd.

,

144A,

9.000

%,

9/30/30

...........

3,000,000

3,045,927

e

Novelis

Corp.

,

144A,

4.750

%,

1/30/30

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

2,300,000

2,220,634

e

Olympus

Water

US

Holding

Corp.

,

144A,

4.250

%,

10/01/28

.....

2,975,000

2,863,405

Shea

Homes

LP

/

Shea

Homes

Funding

Corp.

,

4.750

%,

2/15/28

2,000,000

1,976,237

e

Standard

Building

Solutions,

Inc.

,

144A,

6.500

%,

8/15/32

......

2,000,000

2,054,092

e

Standard

Industries,

Inc.

,

144A,

4.375

%,

7/15/30

...........

1,875,000

1,798,930

e

Tronox,

Inc.

,

144A,

9.125

%,

9/30/30

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

2,000,000

1,960,697

51,309,693

Capital

Goods

6.4%

e

ATS

Corp.

,

144A,

4.125

%,

12/15/28

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

3,900,000

3,740,219

e

Clydesdale

Acquisition

Holdings,

Inc.

,

144A,

6.750

%,

4/15/32

..

2,000,000

2,053,190

e

Crown

Americas

LLC

,

144A,

5.875

%,

6/01/33

...........

3,500,000

3,538,434

e

Enpro,

Inc.

,

144A,

6.125

%,

6/01/33

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

2,775,000

2,843,108

e

Esab

Corp.

,

144A,

6.250

%,

4/15/29

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

3,000,000

3,085,659

e

Gates

Corp.

,

144A,

6.875

%,

7/01/29

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

2,000,000

2,077,800

Schedule

of

Investments

(Unaudited)

Impax

High

Yield

Bond

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments

30

a

a

Shares/

Principal

a

Value

a

a

a

a

Capital

Goods

(continued)

e

Graphic

Packaging

International

LLC

,

144A,

3.750%,

2/01/30

.....

2,400,000

$

2,245,577

144A,

6.375%,

7/15/32

.....

2,000,000

2,033,434

e

Manitowoc

Co.,

Inc.

(The)

,

Secured

Note

,

144A,

9.250

%,

10/01/31

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

2,000,000

2,100,925

e

Owens-Brockway

Glass

Container,

Inc.

,

144A,

7.375

%,

6/01/32

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

2,000,000

2,021,862

e

Sealed

Air

Corp.

,

144A,

6.500

%,

7/15/32

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

3,500,000

3,627,816

e

Terex

Corp.

,

144A,

6.250

%,

10/15/32

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

2,000,000

2,039,032

e

Toucan

FinCo

Ltd.

/

Toucan

FinCo

Can,

Inc.

/

Toucan

FinCo

US

LLC

,

144A,

9.500

%,

5/15/30

.

2,500,000

2,451,325

33,858,381

Consumer

Goods

3.4%

e

BellRing

Brands,

Inc.

,

144A,

7.000

%,

3/15/30

...........

3,000,000

3,101,418

e

Energizer

Holdings,

Inc.

,

144A,

6.000

%,

9/15/33

...........

2,500,000

2,448,186

e

Land

O'

Lakes,

Inc.

,

Junior

Sub.

Bond

,

144A,

7.000

%,

Perpetual

3,685,000

3,215,163

e

Performance

Food

Group,

Inc.

,

144A,

6.125

%,

9/15/32

......

2,000,000

2,051,122

e

Post

Holdings,

Inc.

,

144A,

5.500%,

12/15/29

....

1,000,000

997,088

144A,

4.500%,

9/15/31

.....

2,000,000

1,870,498

144A,

6.250%,

2/15/32

.....

2,000,000

2,058,657

e

United

Natural

Foods,

Inc.

,

144A,

6.750

%,

10/15/28

..........

2,000,000

2,006,041

e

Viking

Baked

Goods

Acquisition

Corp.

,

144A,

8.625

%,

11/01/31

500,000

501,358

18,249,531

Financial

Services

6.5%

Ally

Financial,

Inc.

,

B

,

Junior

Sub.

Bond

,

4.7%

to

5/14/26,

FRN

thereafter

,

Perpetual

.......

543,000

529,692

e

Azorra

Finance

Ltd.

,

144A,

7.750%,

4/15/30

.....

2,500,000

2,638,548

144A,

7.250%,

1/15/31

.....

2,000,000

2,087,582

Block,

Inc.

,

6.500%,

5/15/32

..........

3,000,000

3,107,373

e

144A,

6.000%,

8/15/33

.....

1,000,000

1,024,720

Goldman

Sachs

Group,

Inc.

(The)

,

Junior

Sub.

Bond

,

6.85%

to

2/09/30,

FRN

thereafter

,

Perpetual

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

3,000,000

3,119,874

HA

Sustainable

Infrastructure

Capital,

Inc.

,

6.375

%,

7/01/34

3,500,000

3,563,716

e

HAT

Holdings

I

LLC

/

HAT

Holdings

II

LLC

,

144A,

8.000

%,

6/15/27

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

810,000

843,644

a

a

Shares/

Principal

a

Value

a

a

a

a

Financial

Services

(continued)

OneMain

Finance

Corp.

,

6.625%,

1/15/28

..........

1,125,000

$

1,152,941

7.125%,

11/15/31

.........

1,000,000

1,037,758

e

Osaic

Holdings,

Inc.

,

144A,

6.750%,

8/01/32

.....

1,175,000

1,214,546

144A,

8.000%,

8/01/33

.....

1,175,000

1,218,765

e

Provident

Funding

Associates

LP

/

PFG

Finance

Corp.

,

144A,

9.750

%,

9/15/29

...........

3,000,000

3,172,452

e

Rocket

Cos.,

Inc.

,

144A,

6.125%,

8/01/30

.....

2,000,000

2,054,110

144A,

6.375%,

8/01/33

.....

2,500,000

2,583,410

e

Shift4

Payments

LLC

/

Shift4

Payments

Finance

Sub,

Inc.

,

144A,

6.750

%,

8/15/32

......

2,000,000

2,069,212

e

TrueNoord

Capital

DAC

,

144A,

8.750

%,

3/01/30

...........

3,000,000

3,190,437

34,608,780

Healthcare

6.8%

e

Acadia

Healthcare

Co.,

Inc.

,

144A,

7.375

%,

3/15/33

......

3,000,000

3,118,317

e

Avantor

Funding,

Inc.

,

144A,

4.625

%,

7/15/28

...........

5,600,000

5,513,606

CVS

Health

Corp.

,

6.125%,

9/15/39

..........

3,700,000

3,853,664

Junior

Sub.

Bond,

6.75%

to

12/09/34,

FRN

thereafter,

12/10/54

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

4,000,000

4,135,380

Dentsply

Sirona,

Inc.

,

Junior

Sub.

Bond

,

8.375%

to

9/11/30,

FRN

thereafter

,

9/12/55

.........

4,000,000

4,128,000

e

HAH

Group

Holding

Co.

LLC

,

144A,

9.750

%,

10/01/31

.....

3,000,000

2,852,530

e

IQVIA,

Inc.

,

144A,

5.000%,

5/15/27

.....

2,750,000

2,744,846

144A,

6.250%,

6/01/32

.....

2,250,000

2,316,130

e

Neogen

Food

Safety

Corp.

,

144A,

8.625

%,

7/20/30

...........

3,000,000

3,139,857

e

Paradigm

Parent

LLC

and

Paradigm

Parent

Co-Issuer,

Inc.

,

144A,

8.750

%,

4/17/32

..

2,000,000

1,945,000

Tenet

Healthcare

Corp.

,

5.125

%,

11/01/27

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

2,000,000

1,998,030

35,745,360

Insurance

5.3%

e

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

,

144A,

7.000

%,

1/15/31

......

3,000,000

3,102,055

e

Baldwin

Insurance

Group

Holdings

LLC

/

Baldwin

Insurance

Group

Holdings

Finance,

Inc.

(The)

,

144A,

7.125

%,

5/15/31

...........

3,500,000

3,636,063

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

Insurance

(continued)

e

Howden

UK

Refinance

plc

/

Howden

UK

Refinance

2

plc

/

Howden

US

Refinance

LLC

,

144A,

7.250

%,

2/15/31

......

3,750,000

$

3,863,816

e

HUB

International

Ltd.

,

144A,

7.250%,

6/15/30

.....

2,900,000

3,026,643

144A,

7.375%,

1/31/32

.....

1,500,000

1,562,946

e

Liberty

Mutual

Group,

Inc.

,

144A,

4.125%

to

12/14/26,

FRN

thereafter

,

12/15/51

........

6,000,000

5,894,417

e

Nassau

Cos.

of

New

York

(The)

,

144A,

7.875

%,

7/15/30

......

2,500,000

2,555,400

e

Ryan

Specialty

LLC

,

144A,

5.875

%,

8/01/32

...........

4,308,000

4,359,442

28,000,782

Leisure

3.7%

e

Hilton

Domestic

Operating

Co.,

Inc.

,

144A,

6.125

%,

4/01/32

..

5,000,000

5,143,630

e

Marriott

Ownership

Resorts,

Inc.

,

144A,

6.500

%,

10/01/33

.....

2,000,000

1,992,279

e

NCL

Corp.

Ltd.

,

144A,

6.750

%,

2/01/32

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

6,000,000

6,174,339

e

Viking

Cruises

Ltd.

,

144A,

9.125%,

7/15/31

.....

2,000,000

2,148,110

144A,

5.875%,

10/15/33

....

2,000,000

2,003,904

e

Viking

Ocean

Cruises

Ship

VII

Ltd.

,

144A,

5.625

%,

2/15/29

..

2,000,000

1,999,670

19,461,932

Media

10.2%

e

AMC

Networks,

Inc.

,

144A,

10.250%,

1/15/29

....

2,000,000

2,109,250

144A,

10.500%,

7/15/32

....

1,000,000

1,058,400

e

Cars.com,

Inc.

,

144A,

6.375

%,

11/01/28

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

2,500,000

2,492,137

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

,

4.500%,

5/01/32

..........

2,000,000

1,821,382

e

144A,

5.375%,

6/01/29

.....

3,275,000

3,255,634

e

144A,

4.750%,

3/01/30

.....

5,500,000

5,281,908

e

144A,

4.250%,

1/15/34

.....

2,000,000

1,730,376

e

Cimpress

plc

,

144A,

7.375

%,

9/15/32

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

2,000,000

1,995,529

e

Deluxe

Corp.

,

144A,

8.125

%,

9/15/29

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

2,000,000

2,090,932

e

Directv

Financing

LLC

,

144A,

8.875

%,

2/01/30

...........

265,000

262,077

e

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor,

Inc.

,

144A,

5.875%,

8/15/27

.....

820,000

819,699

144A,

10.000%,

2/15/31

....

4,000,000

3,997,128

e

EW

Scripps

Co.

(The)

,

144A,

9.875

%,

8/15/30

...........

2,500,000

2,348,908

e

Gray

Media,

Inc.

,

144A,

10.500%,

7/15/29

....

1,000,000

1,082,081

Secured

Note,

144A,

9.625%,

7/15/32

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

2,000,000

2,045,026

a

a

Shares/

Principal

a

Value

a

a

a

a

Media

(continued)

e

Midcontinent

Communications

,

144A,

8.000

%,

8/15/32

......

3,500,000

$

3,610,436

e

Nexstar

Media,

Inc.

,

144A,

4.750

%,

11/01/28

..........

2,000,000

1,953,745

e

RR

Donnelley

&

Sons

Co.

,

144A,

9.500

%,

8/01/29

...........

3,000,000

3,077,370

e

Sirius

XM

Radio

LLC

,

144A,

5.500%,

7/01/29

.....

1,000,000

1,001,030

144A,

4.125%,

7/01/30

.....

4,000,000

3,754,398

e

Univision

Communications,

Inc.

,

144A,

8.000%,

8/15/28

.....

2,000,000

2,074,010

144A,

8.500%,

7/31/31

.....

1,500,000

1,550,208

144A,

9.375%,

8/01/32

.....

1,000,000

1,066,507

Warnermedia

Holdings,

Inc.

,

4.279%,

3/15/32

..........

1,000,000

917,500

5.050%,

3/15/42

..........

3,000,000

2,396,835

53,792,506

Real

Estate

5.8%

e

EF

Holdco,

Inc.

/

EF

Cayman

Holdings

Ltd.

/

Ellington

Financial

REIT

TRS

LLC

/

EF

Cayman

Non-MTM

Ltd.

,

144A,

7.375

%,

9/30/30

...........

1,450,000

1,450,000

e

Five

Point

Operating

Co.

LP

,

144A,

8.000

%,

10/01/30

.....

3,000,000

3,046,189

e

Iron

Mountain,

Inc.

,

144A,

5.000%,

7/15/28

.....

1,000,000

994,673

144A,

4.875%,

9/15/29

.....

2,500,000

2,463,132

Kennedy-Wilson,

Inc.

,

4.750%,

2/01/30

..........

4,000,000

3,738,520

5.000%,

3/01/31

..........

1,500,000

1,396,466

e

Millrose

Properties,

Inc.

,

144A,

6.375%,

8/01/30

.....

2,000,000

2,035,520

144A,

6.250%,

9/15/32

.....

1,000,000

1,003,239

e

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp.

,

144A,

4.625

%,

3/15/30

......

3,500,000

3,366,811

e

Pebblebrook

Hotel

LP

/

PEB

Finance

Corp.

,

144A,

6.375

%,

10/15/29

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

3,000,000

3,047,232

e

Rithm

Capital

Corp.

,

144A,

8.000%,

4/01/29

.....

3,000,000

3,073,011

144A,

8.000%,

7/15/30

.....

2,000,000

2,049,210

e

Uniti

Group

LP

/

Uniti

Group

Finance

2019,

Inc.

/

CSL

Capital

LLC

,

144A,

8.625

%,

6/15/32

.

3,000,000

2,867,932

30,531,935

Retail

4.8%

e

Advance

Auto

Parts,

Inc.

,

144A,

7.375

%,

8/01/33

...........

2,000,000

2,064,010

e

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

Albertsons

LP

/

Albertsons

LLC

,

144A,

3.500%,

3/15/29

.....

1,175,000

1,115,170

144A,

6.250%,

3/15/33

.....

2,200,000

2,253,284

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

Retail

(continued)

e

Global

Auto

Holdings

Ltd.

/

AAG

FH

UK

Ltd.

,

144A,

8.375

%,

1/15/29

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

2,000,000

$

1,958,474

e

Macy's

Retail

Holdings

LLC

,

144A,

7.375%,

8/01/33

.....

1,000,000

1,043,974

144A,

6.700%,

7/15/34

.....

2,000,000

1,837,800

New

Albertsons

LP

,

7.750

%,

6/15/26

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

1,025,000

1,045,967

e

PetSmart

LLC

/

PetSmart

Finance

Corp.

,

144A,

7.500%,

9/15/32

.....

2,000,000

2,007,972

144A,

10.000%,

9/15/33

....

2,000,000

2,023,317

Safeway,

Inc.

,

7.250

%,

2/01/31

.

2,925,000

3,163,115

e

Under

Armour,

Inc.

,

144A,

7.250

%,

7/15/30

...........

2,000,000

2,002,528

e

Victoria's

Secret

&

Co.

,

144A,

4.625

%,

7/15/29

...........

3,000,000

2,867,978

e

William

Carter

Co.

(The)

,

144A,

5.625

%,

3/15/27

...........

2,250,000

2,254,378

25,637,967

Services

6.5%

e

Albion

Financing

1

SARL

/

Aggreko

Holdings,

Inc.

,

144A,

7.000

%,

5/21/30

...........

3,000,000

3,110,400

e

Avis

Budget

Car

Rental

LLC

/

Avis

Budget

Finance,

Inc.

,

144A,

8.375

%,

6/15/32

...........

2,000,000

2,093,572

e

Clean

Harbors,

Inc.

,

144A,

6.375

%,

2/01/31

...........

2,500,000

2,562,248

e

Herc

Holdings,

Inc.

,

144A,

7.250

%,

6/15/33

...........

3,000,000

3,134,091

e

Imola

Merger

Corp.

,

144A,

4.750

%,

5/15/29

...........

3,500,000

3,407,249

e

Maxim

Crane

Works

Holdings

Capital

LLC

,

Secured

Note

,

144A,

11.500

%,

9/01/28

.....

2,200,000

2,334,444

e

Neptune

Bidco

US,

Inc.

,

144A,

9.290

%,

4/15/29

...........

3,500,000

3,439,100

e

NESCO

Holdings

II,

Inc.

,

Secured

Note

,

144A,

5.500

%,

4/15/29

.

3,900,000

3,822,273

e

Resideo

Funding,

Inc.

,

144A,

6.500

%,

7/15/32

...........

4,000,000

4,104,620

United

Rentals

North

America,

Inc.

,

5.250

%,

1/15/30

.......

4,300,000

4,325,245

e

Williams

Scotsman,

Inc.

,

144A,

6.625

%,

4/15/30

...........

2,000,000

2,060,460

34,393,702

Technology

&

Electronics

9.0%

e

ams-OSRAM

AG

,

144A,

12.250

%,

3/30/29

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

2,000,000

2,154,164

e

Cloud

Software

Group,

Inc.

,

144A,

6.500%,

3/31/29

.....

2,000,000

2,020,241

144A,

8.250%,

6/30/32

.....

1,500,000

1,592,787

e

Coherent

Corp.

,

144A,

5.000

%,

12/15/29

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

3,000,000

2,962,137

a

a

Shares/

Principal

a

Value

a

a

a

a

Technology

&

Electronics

(continued)

e

CoreWeave,

Inc.

,

144A,

9.250%,

6/01/30

.....

3,000,000

$

3,102,012

144A,

9.000%,

2/01/31

.....

2,000,000

2,052,258

e

Diebold

Nixdorf,

Inc.

,

144A,

7.750

%,

3/31/30

...........

1,500,000

1,586,046

e

Dye

&

Durham

Ltd.

,

144A,

8.625

%,

4/15/29

...........

2,085,000

2,063,623

e

Entegris,

Inc.

,

144A,

5.950

%,

6/15/30

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

2,125,000

2,157,374

e

ION

Platform

Finance

US,

Inc.

,

144A,

7.875

%,

9/30/32

......

1,557,000

1,556,659

e

Kioxia

Holdings

Corp.

,

144A,

6.250%,

7/24/30

.....

1,270,000

1,296,840

144A,

6.625%,

7/24/33

.....

3,000,000

3,087,465

e

McAfee

Corp.

,

144A,

7.375

%,

2/15/30

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

2,000,000

1,857,513

e

NCR

Voyix

Corp.

,

144A,

5.125

%,

4/15/29

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

2,000,000

1,970,221

e

Open

Text

Corp.

,

144A,

3.875

%,

12/01/29

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

2,500,000

2,366,151

e

Seagate

Data

Storage

Technology

Pte.

Ltd.

,

144A,

4.091

%,

6/01/29

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

3,000,000

2,909,786

e

Sensata

Technologies

BV

,

144A,

5.875

%,

9/01/30

...........

3,500,000

3,533,639

e

Unisys

Corp.

,

144A,

10.625

%,

1/15/31

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

4,000,000

4,265,120

e

VM

Consolidated,

Inc.

,

144A,

5.500

%,

4/15/29

...........

2,000,000

1,998,270

e

Xerox

Corp.

,

144A,

10.250

%,

10/15/30

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

3,000,000

3,051,438

47,583,744

Telecommunications

7.1%

e

Altice

Financing

SA

,

144A,

5.750

%,

8/15/29

...........

1,000,000

753,335

e

C&W

Senior

Finance

Ltd.

,

144A,

9.000

%,

1/15/33

...........

1,000,000

1,046,967

e

Cogent

Communications

Group

LLC

/

Cogent

Finance,

Inc.

,

144A,

7.000

%,

6/15/27

......

4,500,000

4,491,848

e

Connect

Finco

SARL

/

Connect

US

Finco

LLC

,

144A,

9.000

%,

9/15/29

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

1,000,000

1,052,655

e

Digicel

International

Finance

Ltd.

/

DIFL

US

LLC

,

144A,

8.625

%,

8/01/32

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

3,000,000

3,086,605

EchoStar

Corp.

,

10.750

%,

11/30/29

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

3,500,000

3,853,325

e

Fibercop

SpA

,

144A,

7.200

%,

7/18/36

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

3,000,000

3,037,133

e

Frontier

Communications

Holdings

LLC

,

144A,

5.000

%,

5/01/28

.

4,000,000

3,994,364

Hughes

Satellite

Systems

Corp.

,

6.625

%,

8/01/26

...........

1,000,000

951,921

e

Millicom

International

Cellular

SA

,

144A,

7.375

%,

4/02/32

......

2,750,000

2,876,318

e

Sable

International

Finance

Ltd.

,

144A,

7.125

%,

10/15/32

.....

2,000,000

2,032,336

Schedule

of

Investments

(Unaudited)

Impax

High

Yield

Bond

Fund

(continued)

See

Notes

to

Schedule

of

Investments

Quarterly

Schedule

of

Investments

33

a

a

Shares/

Principal

a

Value

a

a

a

a

Telecommunications

(continued)

e

Viasat,

Inc.

,

144A,

7.500

%,

5/30/31

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

1,500,000

$

1,409,475

e

Virgin

Media

Secured

Finance

plc

,

144A,

5.500

%,

5/15/29

......

4,000,000

3,957,679

e

VZ

Secured

Financing

BV

,

144A,

5.000

%,

1/15/32

...........

1,975,000

1,788,191

e

Windstream

Services

LLC

/

Windstream

Escrow

Finance

Corp.

,

144A,

8.250

%,

10/01/31

3,000,000

3,109,954

37,442,106

Transportation

1.9%

BNSF

Funding

Trust

I

,

6.613%

to

1/14/26,

FRN

thereafter

,

12/15/55

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

3,325,000

3,341,731

e

Genesee

&

Wyoming,

Inc.

,

144A,

6.250

%,

4/15/32

...........

1,500,000

1,526,088

e

JetBlue

Airways

Corp.

/

JetBlue

Loyalty

LP

,

144A,

9.875

%,

9/20/31

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

2,000,000

2,030,254

e

Watco

Cos.

LLC

/

Watco

Finance

Corp.

,

144A,

7.125

%,

8/01/32

3,250,000

3,366,724

10,264,797

Utility

1.2%

e

Pattern

Energy

Operations

LP

/

Pattern

Energy

Operations,

Inc.

,

144A,

4.500

%,

8/15/28

......

3,150,000

3,072,521

e

XPLR

Infrastructure

Operating

Partners

LP

,

144A,

8.375

%,

1/15/31

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

3,000,000

3,146,340

6,218,861

Total

Corporate

Bonds

(Cost

$482,780,117)

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

493,414,498

Asset-Backed

Securities

1.5%

Real

Estate

0.5%

e

Uniti

Fiber

ABS

Issuer

LLC

,

2025-1A,

B,

144A,

6.369%,

4/20/55

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

500,000

515,231

2025-1A,

C,

144A,

9.018%,

4/20/55

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

2,000,000

2,091,379

2,606,610

a

a

a

a

a

Telecommunications

1.0%

e

Frontier

Issuer

LLC

,

2023-1,

B,

144A,

8.300%,

8/20/53

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

2,000,000

2,049,971

2024-1,

B,

144A,

7.020%,

6/20/54

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

2,000,000

2,088,452

a

a

Shares/

Principal

a

Value

a

a

a

a

Asset-Backed

Securities

(continued)

Telecommunications

(continued)

e

MetroNet

Infrastructure

Issuer

LLC

,

2025-2A

,

C

,

144A,

7.830

%,

8/20/55

.

..........

1,000,000

$

1,016,709

5,155,132

a

a

a

a

a

Total

Asset-Backed

Securities

(Cost

$7,538,794)

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

7,761,742

Loans

2.8%

Consumer

Goods

0.9%

f

AI

Aqua

Merger

Sub,

Inc.,

First

Lien,

2025

Refinancing

CME

Term

Loan,

B

,

7.280

%

(

1-month

SOFR

+

3.000

%

),

7/31/28

...

2,942,719

2,951,856

f

United

Natural

Foods,

Inc.,

First

Lien,

2024

CME

Term

Loan

,

8.913

%

(

1-month

SOFR

+

4.750

%

),

5/01/31

..........

1,521,925

1,532,707

4,484,563

a

a

a

a

a

Healthcare

0.2%

f

1261229

BC

Ltd.,

First

Lien,

Initial

CME

Term

Loan

,

10.413

%

(

1-month

SOFR

+

6.250

%

),

10/08/30

.........

997,500

985,341

Media

0.6%

f

Clear

Channel

Outdoor

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

8.278

%

(

1-month

SOFR

+

4.000

%

),

8/23/28

..........

3,000,000

3,009,000

Telecommunications

1.1%

f

CSC

Holdings

LLC,

First

Lien,

2022

CME

Term

Loan

,

8.650

%

(

1-month

SOFR

+

4.500

%

),

1/18/28

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

2,000,000

1,992,110

f

Lumen

Technologies,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

6.780

%

(

1-month

SOFR

+

2.350

%

),

4/16/29

..........

3,964,552

3,945,284

5,937,394

a

a

a

a

a

Total

Loans

(Cost

$14,123,527)

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

14,416,298

Total

Long

Term

Investments

(Cost

$504,895,524)

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

516,426,108

a

a

Certificates

of

Deposit

0.1%

b

Walden

Mutual

Bank,

3.930%,

11/14/25

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

500,000

499,782

(Cost

$500,000)

Schedule

of

Investments

(Unaudited)

Impax

High

Yield

Bond

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments

34

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Money

Market

2.3%

g,h

JPMorgan

Prime

Money

Market

Fund,

4.280%

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

12,254,717

$

12,254,717

(Cost

$12,254,717)

a

Total

Investments

100.1%

(Cost

$517,650,241)

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

$529,180,607

Other

Assets,

less

Liabilities

(0.1)%

(286,198)

Net

Assets

100.0%

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

$528,894,409

a

Non-income

producing

security.

b

Illiquid

security.

c

Security

valued

using

significant

unobservable

inputs.

d

Rounds

to

less

than

0.05%.

e

Security

purchased

pursuant

to

Rule

144A

of

the

Securities

Act

of

1933

and

may

be

resold

only

to

qualified

institutional

buyers.

f

Rate

shown

reflects

the

accrual

rate

as

of

September

30,

2025

on

securities

with

variable

or

step

rates.

g

Rate

shown

represents

an

annualized

7-day

yield

as

of

September

30,

2025.

h

Institutional

Class

shares.

CME

Chicago

Mercantile

Exchange

FRN

Floating

Rate

Note

LP

Limited

Partnership

PIK

Payment

In

Kind

SOFR

Secured

Overnight

Financing

Rate

Schedule

of

Investments

(Unaudited),

September

30,

2025

Impax

Sustainable

Allocation

Fund

See

Notes

to

Schedule

of

Investments

Quarterly

Schedule

of

Investments

35

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Affiliated

Investment

Companies

98.3%

a

Impax

Core

Bond

Fund

,

Class

Institutional

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

82,844,055

$

738,968,967

a

Impax

Ellevate

Global

Women's

Leadership

Fund

,

Class

Institutional

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

1,907,732

69,346,064

a

Impax

Global

Environmental

Markets

Fund

,

Class

Institutional

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

2,684,191

70,298,955

a

Impax

Global

Opportunities

Fund

,

Class

Institutional

..........

4,004,029

72,192,650

a

Impax

Global

Sustainable

Infrastructure

Fund

,

Class

Institutional

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

6,330,522

65,647,514

a

Impax

High

Yield

Bond

Fund

,

Class

Institutional

..........

19,073,722

117,684,863

a

Impax

International

Sustainable

Economy

Fund

,

Class

Institutional

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

9,166,843

113,118,839

a

Impax

Large

Cap

Fund

,

Class

Institutional

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

54,975,471

792,746,296

a,b

Impax

Small

Cap

Fund

,

Class

Institutional

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

6,041,090

115,988,927

a

Impax

US

Sustainable

Economy

Fund

,

Class

Institutional

.....

6,403,916

174,314,586

2,330,307,661

Total

Affiliated

Investment

Companies

(Cost

$

1,937,483,435

)

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

2,330,307,661

Money

Market

1.7%

a,c

JPMorgan

Prime

Money

Market

Fund

,

4.280

%

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

39,204,729

39,204,729

(Cost

$39,204,729)

a

Total

Investments

100

.0

%

(Cost

$

1,976,688,164

)

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

$2,369,512,390

d

Other

Assets,

less

Liabilities

(0.0)

%

(687,142)

Net

Assets

100.0%

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

$2,368,825,248

a

Institutional

Class

shares.

b

Non-income

producing

security.

c

Rate

shown

represents

an

annualized

7-day

yield

as

of

September

30,

2025.

d

Rounds

to

less

than

0.05%.

Notes

to

Schedule

of

Investments

(Unaudited)

September

30,

2025

36

Quarterly

Schedule

of

Investments

Impax

Funds

Series

Trust

I

and

Impax

Funds

Series

Trust

III

Valuation

of

Investments

For

purposes

of

calculating

the

net

asset

value

(“NAV”),

determined

ordinarily

as

of

the

close

of

regular

trading

(normally

4:00

p.m.

Eastern

time)

(the

“NYSE

Close”)

on

the

New

York

Stock

Exchange

(“NYSE”)

on

each

day

that

the

NYSE

is

open

for

trading,

the

Funds

normally

use

pricing

data

for

domestic

equity

securities

received

shortly

after

the

NYSE

Close

and

do

not

normally

take

into

account

trading,

clearances

or

settlements

that

take

place

after

the

NYSE

Close.

U.S.

fixed

income

and

non-U.S.

securities

are

normally

priced

using

data

reflecting

the

earlier

closing

of

the

principal

markets

for

those

securities,

subject

to

possible

fair

value

adjustments.

Information

that

becomes

known

to

the

Funds

or

their

agents

after

NAV

has

been

calculated

on

a

particular

day

will

not

generally

be

used

to

retroactively

adjust

the

price

of

a

security

or

NAV

determined

earlier

that

day. 

For

the

purpose

of

these

financial

statements,

fair

values

for

various

types

of

securities

and

other

instruments

are

determined

on

the

basis

of

closing

prices

or

last

sales

prices

on

an

exchange

or

other

market,

or

based

on

quotes

or

other

market

information

obtained

from

quotation

reporting

systems,

established

market

makers

or

pricing

services.

Short-term

investments

having

a

maturity

of

60

days

or

less

are

generally

valued

at

amortized

cost,

which

approximates

fair

value. 

Investments

denominated

in

currencies

other

than

the

U.S.

dollar

are

converted

to

U.S.

dollars

using

exchange

rates

obtained

from

pricing

services.

As

a

result,

the

NAV

of

a

Fund’s

shares

may

be

affected

by

changes

in

the

value

of

currencies

in

relation

to

the

U.S.

dollar.

If

market

quotations

are

not

readily

available

(including

in

cases

when

available

market

quotations

are

deemed

to

be

unreliable),

the

Funds’

investments

will

be

valued

as

determined

in

good

faith

pursuant

to

policies

and

procedures

approved

by

the

Boards

of

Trustees

of

the

Trusts

(the

“Boards”

or

“Boards

of

Trustees”)

(so

called

“fair

value

pricing”).

Fair

value

pricing

may

require

subjective

determinations

about

the

value

of

a

security

or

other

asset,

and

fair

values

used

to

determine

a

Fund’s

NAV

may

differ

from

quoted

or

published

prices,

or

from

prices

that

are

used

by

others,

for

the

same

investments.

Also,

the

use

of

fair

value

pricing

may

not

always

result

in

adjustments

to

the

prices

of

securities

or

other

assets

held

by

a

Fund.

The

Boards

have

designated

the

Adviser,

through

its

Best

Execution

and

Valuation

Committee,

to

manage

and

implement

the

day-to-day

valuation

of

the

Funds'

portfolio

investments,

in

accordance

with

policies

and

procedures

approved

by

the

Boards.

In

addition,

pursuant

to

Rule

2a-5

under

the

1940

Act,

the

Board

has

designated

the

Adviser,

through

its

Best

Execution

and

Valuation

Committee,

as

the

"valuation

designee"

to

make

fair

value

determinations

for

all

of

the

Funds'

investments

for

which

market

quotations

are

not

readily

available.

The

Funds

may

determine

that

market

quotations

are

not

readily

available

due

to

events

relating

to

a

single

issuer

(e.g.,

corporate

actions

or

announcements)

or

events

relating

to

multiple

issuers

(e.g.,

governmental

actions

or

natural

disasters).

The

Funds

may

determine

the

fair

value

of

investments

based

on

information

provided

by

pricing

services

and

other

third-

party

vendors,

which

may

recommend

fair

value

prices

or

adjustments

with

reference

to

other

securities,

indices

or

assets.

In

considering

whether

fair

value

pricing

is

required

and

in

determining

fair

values,

the

Funds

may,

among

other

things,

consider

significant

events

(which

may

be

considered

to

include

changes

in

the

value

of

U.S.

securities

or

securities

indices)

that

occur

after

the

close

of

the

relevant

market

and

the

usual

time

of

valuation.

At

September

30,

2025, six

securities

were

fair

valued

in

good

faith

pursuant

to

policies

and

procedures

approved

by

the

Boards

of

Trustees.

The

Global

Sustainable

Infrastructure

Fund

held

one

security

fair

valued

at 

$15,459,

representing

 0.02%

of

the

Fund's

net

asset

value,

Core

Bond

Fund

held

two

securities

fair

valued

at

$473,622,

representing

0.06%

of

the

Fund’s

net

asset

value

and

the

High

Yield

Bond

Fund

held three

securities

fair

valued

at

$585,255,

representing

0.11%

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

37

Quarterly

Schedule

of

Investments

September

30,

2025

appropriate.

Although

the

threshold

may

be

revised

from

time

to

time

and

the

number

of

days

on

which

fair

value

prices

will

be

used

will

depend

on

market

activity,

it

is

possible

that

fair

value

prices

will

be

used

by

the

Funds

to

a

significant

extent.

The

value

determined

for

an

investment

using

the

Funds’

fair

value

pricing

procedures

may

differ

from

recent

market

prices

for

the

investment. 

Fair

Value

Measurements

 Fair

value

is

defined

as

the

price

that

the

Fund

would

receive

upon

selling

an

investment

in

an

orderly

transaction

between

market

participants.

The

three-tier

hierarchy

of

inputs

is

summarized

in

the

three

broad

Levels

listed

below

•

Level

1

–

unadjusted

quoted

prices

in

active

markets

for

identical

investments

•

Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)  

•

Level

3

–

significant

unobservable

inputs

(including

the

Funds’

own  assumptions

in

determining

the

fair

value

of

investments)

Observable

inputs

are

inputs

that

reflect

the

assumptions

market

 participants

would

use

in

pricing

the

asset

or

liability

developed

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

are

inputs

that

reflect

the

reporting

entity’s

own

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability

developed

based

on

the

best

information

available

in

the

circumstances.

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

The

following

is

a

general

summary

of

valuation

inputs

and

classifications

for

different

categories

of

securities.

Equity

Securities

Equity

securities,

including

common

stocks,

preferred

stocks

and

exchange-traded

funds

for

which

market

quotations

are

readily

available,

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

September

30,

2025:

Level

1

Level

2

Level

3

Totals

Large

Cap

Fund

Common

Stocks

$

937,943,145

$

—

$

—

$

937,943,145

Cash

Equivalents

40,678,394

—

—

40,678,394

Total

$

978,621,539

$

—

$

—

$

978,621,539

Small

Cap

Fund

Common

Stocks

$

692,872,366

$

—

$

—

$

692,872,366

38

Quarterly

Schedule

of

Investments

Notes

to

Schedule

of

Investments

(Unaudited),

continued

September

30,

2025

Level

1

Level

2

Level

3

Totals

Cash

Equivalents

34,475,797

—

—

34,475,797

Total

$

727,348,163

$

—

$

—

$

727,348,163

US

Sustainable

Economy

Fund

Common

Stocks

$

534,971,668

$

—

$

—

$

534,971,668

Cash

Equivalents

7,051,379

—

—

7,051,379

Total

$

542,023,047

$

—

$

—

$

542,023,047

Global

Sustainable

Infrastructure

Fund

Common

Stocks

$

58,827,872

$

38,238,750

$

—

$

97,066,622

Rights

—

—

15,459

15,459

Cash

Equivalents

2,677,571

—

—

2,677,571

Total

$

61,505,443

$

38,238,750

$

15,459

$

99,759,652

Global

Opportunities

Fund

Common

Stocks

$

87,709,133

$

38,831,700

$

—

$

126,540,833

Cash

Equivalents

4,650,588

—

—

4,650,588

Total

$

92,359,721

$

38,831,700

$

—

$

131,191,421

Global

Environmental

Markets

Fund

Common

Stocks

$

1,333,279,031

$

619,741,489

$

—

$

1,953,020,520

Cash

Equivalents

60,699,585

—

—

60,699,585

Total

$

1,393,978,616

$

619,741,489

$

—

$

2,013,720,105

Global

Social

Leaders

Fund

Common

Stocks

$

1,529,411

$

833,930

$

—

$

2,363,341

Cash

Equivalents

98,002

—

—

98,002

Total

$

1,627,413

$

833,930

$

—

$

2,461,343

Global

Women’s

Leadership

Fund

Common

Stocks

$

524,968,067

$

170,175,530

$

—

$

695,143,597

Cash

Equivalents

12,685,063

—

—

12,685,063

Total

$

537,653,130

$

170,175,530

$

—

$

707,828,660

International

Sustainable

Economy

Fund

Common

Stocks

$

1,270,325

$

1,505,323,744

$

—

$

1,506,594,069

Cash

Equivalents

19,692,471

—

—

19,692,471

Total

$

20,962,796

$

1,505,323,744

$

—

$

1,526,286,540

Core

Bond

Fund

Community

Investment

Notes

$

—

$

248,315

$

473,622

$

721,937

Corporate

Bonds

—

271,186,825

—

271,186,825

Foreign

Government

and

Agency

Securities

—

13,327,398

—

13,327,398

U.S.

Government

and

Agency

Securities

—

178,455,606

—

178,455,606

Asset-Backed

Securities

—

50,958,978

—

50,958,978

Mortgage-Backed

Securities

—

260,970,611

—

260,970,611

Municipal

Bonds

—

7,343,422

—

7,343,422

Supranational

—

49,571,615

—

49,571,615

Certificates

of

Deposit

—

499,782

—

499,782

Cash

Equivalents

9,994,584

—

—

9,994,584

Total

$

9,994,584

$

832,562,552

$

473,622

$

843,030,758

High

Yield

Bond

Fund

Common

Stocks

$

—

$

—

$

421,311

$

421,311

39

Quarterly

Schedule

of

Investments

September

30,

2025

In

situations

where

quoted

prices

or

observable

inputs

are

unavailable

(for

example,

when

there

is

little

or

no

market

activity

for

an

investment

at

the

end

of

the

period),

unobservable

inputs

may

be

used.

Unobservable

inputs

reflect

the

Adviser's

assumptions

about

the

factors

market

participants

would

use

in

determining

fair

value

of

the

securities

or

instruments

and

would

be

based

on

the

best

available

information.

Significant

unobservable

inputs

were

used

by

three

Funds

for

Level

3

fair

value

measurements.

Affiliated

Investments

The

term

“affiliated

company”

includes

other

investment

companies

that

are

managed

by

a

Fund’s

Adviser.

At

September

30,

2025

,

the

Sustainable

Allocation

Fund

held

the

following

investments

in

affiliated

Funds:

Level

1

Level

2

Level

3

Totals

Preferred

Stocks

—

—

13,944

13,944

Community

Investment

Notes

—

248,315

150,000

398,315

Corporate

Bonds

—

493,414,498

—

493,414,498

Asset-Backed

Securities

—

7,761,742

—

7,761,742

Loans

—

14,416,298

—

14,416,298

Certificates

of

Deposit

—

499,782

—

499,782

Cash

Equivalents

12,254,717

—

—

12,254,717

Total

$

12,254,717

$

516,340,635

$

585,255

$

529,180,607

Sustainable

Allocation

Fund

Management

Investment

Companies

$

2,330,307,661

$

—

$

—

$

2,330,307,661

Cash

Equivalents

39,204,729

—

—

39,204,729

Total

$

2,369,512,390

$

—

$

—

$

2,369,512,390

See

Schedules

of

Investments

for

additional

detailed

industry

classifications.

Fund

Shares

Held

at

12/31/2024

Gross

Additions

Gross

Reductions

Shares

Held

at

9/30/2025

Sustainable

Allocation

Fund

Large

Cap

Fund

74,884,780

253,325

20,162,634

54,975,471

Small

Cap

Fund

6,320,888

—

279,798

6,041,090

Global

Sustainable

Infrastructure

Fund

6,547,668

76,109

293,255

6,330,522

Global

Opportunities

Fund

4,214,207

10,817

220,995

4,004,029

Global

Environmental

Markets

Fund

2,782,977

17,673

116,459

2,684,191

Global

Women's

Leadership

Fund

1,970,528

21,498

84,294

1,907,732

International

Sustainable

Economy

Fund

9,428,525

157,429

419,111

9,166,843

Core

Bond

Fund

84,651,569

2,419,426

4,226,940

82,844,055

High

Yield

Fund

18,221,512

852,210

—

19,073,722

US

Sustainable

Economy

Fund

—

6,671,295

267,379

6,403,916

Fund

Value

at

12/31/2024

Dividend

Income

Realized

Gains/

Losses

1

Net

change

in

Unrealized

Appreciation/

Depreciation

Value

at

9/30/2025

Sustainable

Allocation

Fund

Large

Cap

Fund

$

957,027,489

$

3,267,898

$

4,972,927

$

67,477,983

$

792,746,296

Small

Cap

Fund

112,195,771

—

(

436,486

)

9,229,642

115,988,927

Global

Sustainable

Infrastructure

Fund

57,750,434

769,462

54,734

10,072,885

65,647,514

Global

Opportunities

Fund

68,986,564

184,541

224,261

6,797,283

72,192,650

40

Quarterly

Schedule

of

Investments

Notes

to

Schedule

of

Investments

(Unaudited),

continued

September

30,

2025

Fund

Global

Environmental

Markets

Fund

$

63,396,210

$

427,524

$

288,849

$

9,186,371

$

70,298,955

Global

Women's

Leadership

Fund

64,396,865

721,661

206,199

7,021,340

69,346,064

International

Sustainable

Economy

Fund

95,888,097

1,818,310

737,654

19,674,778

113,118,839

Core

Bond

Fund

734,775,623

21,321,259

(

5,269,408

)

25,146,567

738,968,967

High

Yield

Fund

109,693,503

5,179,206

—

2,812,155

117,684,863

US

Sustainable

Economy

Fund

—

617,698

918,679

29,778,208

174,314,586

Total

$

2,264,110,556

$

34,307,559

$

1,697,409

$

187,197,212

$

2,330,307,661

1

Includes

realized

capital

gain

distributions

from

an

affiliated

fund,

if

any.