NPORT-EX 2 primary-document_V1.htm
Schedule
of
Investments
(Unaudited),
March
31,
2026
Impax
Large
Cap
Fund
See
Notes
to
Schedule
of
Investments
Quarterly
Schedule
of
Investments
1
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
98.3%
Communication
Services
6.7%
Alphabet,
Inc.
,
A
............
98,275
$
28,259,959
a
Netflix,
Inc.
................
102,065
9,813,550
38,073,509
Consumer
Discretionary
12.9%
a
Amazon.com,
Inc.
...........
156,151
32,521,569
a
Aptiv
plc
..................
118,683
8,241,347
a
DoorDash,
Inc.
,
A
...........
55,977
8,404,947
eBay,
Inc.
.................
179,658
16,352,471
a
Ulta
Beauty,
Inc.
............
14,298
7,473,708
72,994,042
Consumer
Staples
3.3%
Colgate-Palmolive
Co.
.......
139,708
11,907,313
McCormick
&
Co.,
Inc.
.......
140,394
7,081,473
18,988,786
Financials
11.4%
Citizens
Financial
Group,
Inc.
..
174,613
10,471,542
CME
Group,
Inc.
............
37,469
11,066,469
Mastercard,
Inc.
,
A
..........
44,164
22,066,984
Pinnacle
Financial
Partners,
Inc.
145,541
12,536,902
Progressive
Corp.
(The)
......
43,769
8,676,766
64,818,663
Health
Care
9.7%
Agilent
Technologies,
Inc.
.....
120,362
13,718,861
a
Boston
Scientific
Corp.
.......
119,247
7,482,749
Danaher
Corp.
.............
77,458
14,686,037
Eli
Lilly
&
Co.
..............
5,947
5,469,872
Gilead
Sciences,
Inc.
........
59,984
8,359,970
Revvity,
Inc.
...............
62,822
5,503,836
55,221,325
Industrials
15.6%
GE
Vernova,
Inc.
............
9,374
8,182,565
Hubbell,
Inc.
,
B
.............
24,878
12,208,630
a
QXO,
Inc.
.................
265,450
5,155,039
Trane
Technologies
plc
.......
23,896
9,958,419
a
Uber
Technologies,
Inc.
.......
232,087
16,694,018
Union
Pacific
Corp.
..........
39,357
9,548,795
United
Rentals,
Inc.
..........
13,028
9,491,680
Waste
Connections,
Inc.
......
55,139
8,956,779
Xylem,
Inc.
................
70,211
8,390,214
88,586,139
b
Information
Technology
31.3%
Apple,
Inc.
................
82,788
21,010,767
Broadcom,
Inc.
.............
55,104
17,055,239
Marvell
Technology,
Inc.
......
69,428
6,876,843
Microsoft
Corp.
.............
111,026
41,098,494
NVIDIA
Corp.
..............
314,832
54,906,701
Oracle
Corp.
...............
93,644
13,775,969
a
ServiceNow,
Inc.
............
86,679
9,062,289
a
Tyler
Technologies,
Inc.
.......
39,752
13,610,290
177,396,592
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
(continued)
Materials
2.2%
Linde
plc
..................
25,656
$
12,719,219
Real
Estate
3.0%
American
Tower
Corp.
,
REIT
...
45,580
7,866,196
Ventas,
Inc.
,
REIT
...........
111,159
9,090,583
16,956,779
Utilities
2.2%
American
Water
Works
Co.,
Inc.
90,234
12,279,945
Total
Common
Stocks
(Cost
$
418,881,003
)
..............
558,034,999
Money
Market
1.8%
c,d
JPMorgan
U.S.
Treasury
Plus
Money
Market
Fund
,
3.670
%
.
10,031,622
10,031,622
(Cost
$10,031,622)
a
Total
Investments
100
.1
%
(Cost
$
428,912,625
)
.............
$568,066,621
Other
Assets,
less
Liabilities
(
0
.1
)
%
(365,455)
Net
Assets
100.0%
...............
$567,701,166
a
Non-income
producing
security.
b
Broad
industry
sectors
used
for
financial
reporting.
c
Rate
shown
represents
an
annualized
7-day
yield
as
of
March
31,
2026.
d
Institutional
Class
shares.
REIT
Real
Estate
Investment
Trust
Schedule
of
Investments
(Unaudited),
March
31,
2026
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
95.1%
Communication
Services
0.6%
a
TechTarget,
Inc.
............
1,238,887
$
4,806,881
Consumer
Discretionary
8.5%
Autoliv,
Inc.
................
60,000
6,309,600
Columbia
Sportswear
Co.
.....
90,515
4,961,127
a
Dutch
Bros,
Inc.
,
A
..........
135,000
6,839,100
a
Planet
Fitness,
Inc.
,
A
........
194,271
14,449,877
a
Rivian
Automotive,
Inc.
,
A
.....
650,000
9,782,500
a
Warby
Parker,
Inc.
,
A
.........
275,000
5,794,250
Wyndham
Hotels
&
Resorts,
Inc.
180,000
14,621,400
62,757,854
Consumer
Staples
6.0%
a
BJ's
Wholesale
Club
Holdings,
Inc.
....................
164,955
16,234,871
a
Freshpet,
Inc.
..............
140,000
8,254,400
a
US
Foods
Holding
Corp.
......
180,000
16,597,800
a
Vital
Farms,
Inc.
............
238,915
3,373,480
44,460,551
Financials
21.7%
Acadian
Asset
Management,
Inc.
823,323
44,805,238
Ameris
Bancorp
............
100,000
7,799,000
Cullen/Frost
Bankers,
Inc.
.....
95,000
13,022,600
Eastern
Bankshares,
Inc.
.....
1,275,000
24,939,000
Pinnacle
Financial
Partners,
Inc.
215,000
18,520,100
Victory
Capital
Holdings,
Inc.
,
A
.
650,000
42,562,000
Voya
Financial,
Inc.
..........
140,000
9,564,800
161,212,738
Health
Care
21.6%
Bio-Techne
Corp.
...........
195,000
10,190,700
a
Crinetics
Pharmaceuticals,
Inc.
.
350,000
12,712,000
a
Cytokinetics,
Inc.
............
125,000
8,238,750
a
Enovis
Corp.
...............
424,130
9,648,958
a
GeneDx
Holdings
Corp.
,
A
.....
60,000
3,853,200
a
Health
Catalyst,
Inc.
.........
2,750,000
3,492,500
a
Ligand
Pharmaceuticals,
Inc.
...
152,444
30,435,445
a
Merit
Medical
Systems,
Inc.
....
100,000
6,893,000
a
Neurocrine
Biosciences,
Inc.
...
75,000
9,880,500
a
Pacira
BioSciences,
Inc.
......
750,027
16,950,610
a
Prestige
Consumer
Healthcare,
Inc.
....................
65,000
3,852,550
a
Roivant
Sciences
Ltd.
........
300,000
8,310,000
a
SI-BONE,
Inc.
..............
1,425,010
17,997,876
a
Travere
Therapeutics,
Inc.
.....
225,000
6,684,750
a
UFP
Technologies,
Inc.
.......
55,500
10,744,800
159,885,639
Industrials
17.8%
Advanced
Drainage
Systems,
Inc.
56,489
7,746,336
Arcosa,
Inc.
...............
171,500
18,203,010
a
Array
Technologies,
Inc.
......
1,250,000
9,037,500
a
Casella
Waste
Systems,
Inc.
,
A
.
80,000
6,347,200
a
Dycom
Industries,
Inc.
........
30,000
10,164,600
Enpro,
Inc.
................
48,000
12,031,200
a
Gates
Industrial
Corp.
plc
.....
552,713
12,496,841
a
Generac
Holdings,
Inc.
.......
45,000
8,789,850
a
Lyft,
Inc.
,
A
................
1,000,000
13,300,000
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
(continued)
Industrials
(continued)
a
Modine
Manufacturing
Co.
....
50,000
$
10,835,500
MSA
Safety,
Inc.
............
35,000
5,738,250
a
QXO,
Inc.
.................
675,000
13,108,500
a
Trex
Co.,
Inc.
..............
125,000
4,552,500
132,351,287
Information
Technology
13.6%
a
8x8,
Inc.
..................
2,000,000
3,320,000
A10
Networks,
Inc.
..........
470,000
10,866,400
a
Extreme
Networks,
Inc.
.......
965,178
14,554,884
a
Mitek
Systems,
Inc.
..........
1,433,524
19,352,574
a
NetScout
Systems,
Inc.
.......
522,000
16,594,380
a
Onto
Innovation,
Inc.
.........
59,057
12,110,819
a
Teradata
Corp.
.............
547,029
14,020,354
a
Workiva,
Inc.
,
A
.............
162,086
9,665,188
100,484,599
Materials
1.7%
Element
Solutions,
Inc.
.......
366,946
12,527,536
Real
Estate
3.6%
Agree
Realty
Corp.
,
REIT
.....
260,000
19,598,800
Terreno
Realty
Corp.
,
REIT
....
120,000
7,370,400
26,969,200
Total
Common
Stocks
(Cost
$
610,990,861
)
..............
705,456,285
Money
Market
4.9%
b,c
JPMorgan
U.S.
Treasury
Plus
Money
Market
Fund
,
3.670
%
.
35,952,076
35,952,076
(Cost
$35,952,076)
a
Total
Investments
100
.0
%
(Cost
$
646,942,937
)
.............
$741,408,361
d
Other
Assets,
less
Liabilities
(0.0)
%
(251,571)
Net
Assets
100.0%
...............
$741,156,790
a
Non-income
producing
security.
b
Rate
shown
represents
an
annualized
7-day
yield
as
of
March
31,
2026.
c
Institutional
Class
shares.
d
Rounds
to
less
than
0.05%.
REIT
Real
Estate
Investment
Trust
Schedule
of
Investments
(Unaudited),
March
31,
2026
Impax
US
Sustainable
Economy
Fund
See
Notes
to
Schedule
of
Investments
Quarterly
Schedule
of
Investments
3
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
99.0%
Communication
Services
6.5%
Alphabet,
Inc.
,
A
............
60,980
$
17,535,409
Alphabet,
Inc.
,
C
............
47,302
13,569,052
AT&T,
Inc.
.................
294,186
8,528,452
Verizon
Communications,
Inc.
..
248,578
12,478,615
52,111,528
Consumer
Discretionary
6.2%
a
Amazon.com,
Inc.
...........
73,648
15,338,669
a
Aptiv
plc
..................
63,139
4,384,372
Best
Buy
Co.,
Inc.
...........
27,595
1,771,599
BorgWarner,
Inc.
............
36,776
1,995,466
a
Deckers
Outdoor
Corp.
.......
16,983
1,699,828
eBay,
Inc.
.................
26,856
2,444,433
General
Motors
Co.
..........
20,475
1,525,387
Home
Depot,
Inc.
(The)
.......
11,564
3,803,284
Lear
Corp.
................
23,124
2,799,854
Lowe's
Cos.,
Inc.
............
10,956
2,588,684
a
Lululemon
Athletica,
Inc.
......
8,956
1,371,164
Macy's,
Inc.
................
161,986
2,930,327
a
Tesla,
Inc.
.................
16,951
6,301,534
48,954,601
Consumer
Staples
1.3%
Clorox
Co.
(The)
............
22,003
2,280,171
Colgate-Palmolive
Co.
.......
21,921
1,868,327
General
Mills,
Inc.
...........
66,766
2,485,031
Procter
&
Gamble
Co.
(The)
...
13,819
1,996,016
Walmart,
Inc.
..............
12,585
1,564,064
10,193,609
Financials
16.5%
Allstate
Corp.
(The)
..........
10,406
2,157,580
American
Express
Co.
.......
5,800
1,754,384
Bank
of
America
Corp.
.......
36,193
1,764,409
Bank
of
New
York
Mellon
Corp.
(The)
...................
51,090
6,060,807
Blackrock,
Inc.
.............
1,701
1,635,869
Citigroup,
Inc.
..............
111,961
12,697,497
Fifth
Third
Bancorp
..........
52,521
2,440,126
Hartford
Insurance
Group,
Inc.
(The)
...................
78,405
10,602,708
JPMorgan
Chase
&
Co.
.......
18,533
5,451,667
Lincoln
National
Corp.
........
46,826
1,662,323
LPL
Financial
Holdings,
Inc.
...
9,702
2,918,653
Mastercard,
Inc.
,
A
..........
30,057
15,018,281
MetLife,
Inc.
...............
72,567
5,131,938
Moody's
Corp.
..............
4,229
1,844,901
Nasdaq,
Inc.
...............
20,390
1,730,907
PNC
Financial
Services
Group,
Inc.
(The)
................
9,330
1,941,480
Principal
Financial
Group,
Inc.
..
22,113
1,992,602
Progressive
Corp.
(The)
......
54,946
10,892,495
Regions
Financial
Corp.
......
72,610
1,896,573
S&P
Global,
Inc.
............
16,229
6,902,843
State
Street
Corp.
...........
62,516
7,912,025
Synchrony
Financial
.........
22,960
1,561,739
T
Rowe
Price
Group,
Inc.
.....
25,306
2,281,083
Travelers
Cos.,
Inc.
(The)
.....
5,543
1,616,782
Unum
Group
...............
25,038
1,828,525
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
(continued)
Financials
(continued)
US
Bancorp
...............
28,694
$
1,492,375
Visa,
Inc.
,
A
................
54,136
16,362,065
Wells
Fargo
&
Co.
...........
22,007
1,751,977
131,304,614
Health
Care
14.6%
Abbott
Laboratories
..........
73,700
7,566,779
AbbVie,
Inc.
...............
27,400
5,959,226
Agilent
Technologies,
Inc.
.....
14,562
1,659,777
Amgen,
Inc.
...............
17,493
6,154,912
Cencora,
Inc.
..............
6,311
1,982,538
a
Centene
Corp.
.............
38,856
1,272,145
Cigna
Group
(The)
..........
26,359
7,031,263
Danaher
Corp.
.............
7,954
1,508,078
a
Edwards
Lifesciences
Corp.
...
33,031
2,645,123
Elevance
Health,
Inc.
........
16,327
4,779,729
Eli
Lilly
&
Co.
..............
10,584
9,734,846
GE
HealthCare
Technologies,
Inc.
19,852
1,413,065
Gilead
Sciences,
Inc.
........
73,122
10,191,013
a
IDEXX
Laboratories,
Inc.
......
9,789
5,500,341
a
Insulet
Corp.
...............
6,929
1,453,981
a
Intuitive
Surgical,
Inc.
........
3,326
1,533,253
Johnson
&
Johnson
.........
72,370
17,690,123
Merck
&
Co.,
Inc.
...........
118,869
14,298,752
a
Mettler-Toledo
International,
Inc.
3,198
4,033,318
ResMed,
Inc.
..............
7,081
1,589,543
a
Waters
Corp.
..............
7,475
2,226,055
Zoetis,
Inc.
,
A
..............
47,161
5,574,902
115,798,762
Industrials
8.0%
AGCO
Corp.
...............
15,988
1,852,530
Broadridge
Financial
Solutions,
Inc.
....................
11,115
1,805,965
Emerson
Electric
Co.
........
47,043
6,163,574
Hubbell,
Inc.
,
B
.............
3,186
1,563,498
Lennox
International,
Inc.
.....
8,352
3,876,414
Owens
Corning
.............
12,580
1,361,408
Republic
Services,
Inc.
,
A
.....
33,013
7,230,507
Rockwell
Automation,
Inc.
.....
6,399
2,296,473
Stanley
Black
&
Decker,
Inc.
...
23,972
1,703,450
Trane
Technologies
plc
.......
19,249
8,021,828
Union
Pacific
Corp.
..........
36,125
8,764,648
Veralto
Corp.
...............
30,053
2,657,286
Verisk
Analytics,
Inc.
,
A
.......
9,719
1,844,180
WESCO
International,
Inc.
....
7,899
2,161,324
WW
Grainger,
Inc.
...........
9,314
10,159,804
Xylem,
Inc.
................
17,934
2,143,113
63,606,002
b
Information
Technology
35.6%
Accenture
plc
,
A
............
9,624
1,908,343
a
Adobe,
Inc.
................
47,257
11,487,232
a
Advanced
Micro
Devices,
Inc.
..
49,817
10,134,272
Analog
Devices,
Inc.
.........
19,420
6,178,279
Apple,
Inc.
................
228,882
58,087,963
Applied
Materials,
Inc.
........
25,656
8,768,964
a
Autodesk,
Inc.
..............
12,182
2,916,371
Broadcom,
Inc.
.............
66,761
20,663,197
Schedule
of
Investments
(Unaudited)
Impax
US
Sustainable
Economy
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments
4
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
(continued)
b
Information
Technology
(continued)
a
Cadence
Design
Systems,
Inc.
.
7,851
$
2,181,557
Cisco
Systems,
Inc.
.........
26,634
2,066,532
a
Gartner,
Inc.
...............
10,771
1,705,480
Gen
Digital,
Inc.
............
76,303
1,436,785
Hewlett
Packard
Enterprise
Co.
.
109,139
2,598,600
a
Intel
Corp.
.................
48,701
2,149,175
International
Business
Machines
Corp.
...................
6,489
1,572,869
Intuit,
Inc.
.................
4,381
1,894,257
KLA
Corp.
.................
1,690
2,488,373
Lam
Research
Corp.
.........
41,981
8,969,660
Micron
Technology,
Inc.
.......
28,682
9,689,927
Microsoft
Corp.
.............
87,821
32,508,700
NetApp,
Inc.
...............
18,000
1,843,020
NVIDIA
Corp.
..............
364,679
63,600,018
Oracle
Corp.
...............
69,214
10,182,071
a
Palo
Alto
Networks,
Inc.
......
13,040
2,090,573
QUALCOMM,
Inc.
...........
84,167
10,839,026
a
ServiceNow,
Inc.
............
27,520
2,877,216
Texas
Instruments,
Inc.
.......
8,016
1,556,226
282,394,686
Materials
4.1%
Albemarle
Corp.
............
17,528
3,146,802
a
Axalta
Coating
Systems
Ltd.
...
65,500
1,814,350
CRH
plc
..................
20,178
2,121,111
Ecolab,
Inc.
................
41,391
11,010,834
Linde
plc
..................
25,830
12,805,481
Southern
Copper
Corp.
.......
8,425
1,449,605
32,348,183
Real
Estate
2.1%
a
CBRE
Group,
Inc.
,
A
.........
14,030
1,900,504
Prologis,
Inc.
,
REIT
..........
41,839
5,530,279
Rayonier,
Inc.
,
REIT
.........
91,201
1,880,565
Regency
Centers
Corp.
,
REIT
..
25,710
1,945,218
SBA
Communications
Corp.
,
A
,
REIT
...................
9,552
1,643,995
Ventas,
Inc.
,
REIT
...........
19,466
1,591,929
Weyerhaeuser
Co.
,
REIT
.....
100,398
2,452,723
16,945,213
Utilities
4.1%
American
Electric
Power
Co.,
Inc.
30,208
3,959,664
American
Water
Works
Co.,
Inc.
50,121
6,820,967
Consolidated
Edison,
Inc.
.....
15,238
1,724,637
Edison
International
.........
117,843
8,623,751
PG&E
Corp.
...............
573,043
10,068,365
WEC
Energy
Group,
Inc.
......
14,632
1,693,947
32,891,331
Total
Common
Stocks
(Cost
$
653,340,631
)
..............
786,548,529
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Money
Market
0.9%
c,d
JPMorgan
U.S.
Treasury
Plus
Money
Market
Fund
,
3.670
%
.
6,838,274
$
6,838,274
(Cost
$6,838,274)
a
Total
Investments
99
.9
%
(Cost
$
660,178,905
)
.............
$793,386,803
Other
Assets,
less
Liabilities
0
.1
%
467,310
Net
Assets
100.0%
...............
$793,854,113
a
Non-income
producing
security.
b
Broad
industry
sectors
used
for
financial
reporting.
c
Rate
shown
represents
an
annualized
7-day
yield
as
of
March
31,
2026.
d
Institutional
Class
shares.
REIT
Real
Estate
Investment
Trust
Schedule
of
Investments
(Unaudited),
March
31,
2026
Impax
Global
Infrastructure
ETF
See
Notes
to
Schedule
of
Investments
Quarterly
Schedule
of
Investments
5
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
98.6%
Communication
Services
11.5%
Deutsche
Telekom
AG
........
42,904
$
1,584,419
Elisa
OYJ
.................
65,263
3,162,203
KDDI
Corp.
................
119,776
2,055,449
Tele2
AB
,
B
................
146,120
3,003,698
Vodacom
Group
Ltd.
.........
289,006
2,464,909
12,270,678
Financials
1.5%
Hannover
Rueck
SE
.........
5,164
1,598,447
a
Industrials
27.0%
Advanced
Drainage
Systems,
Inc.
8,047
1,103,485
AECOM
..................
29,291
2,484,463
b
Clean
Harbors,
Inc.
..........
7,093
2,033,776
Otis
Worldwide
Corp.
........
28,836
2,222,679
Siemens
Energy
AG
.........
17,930
2,948,044
Tetra
Tech,
Inc.
.............
57,740
1,739,129
Trane
Technologies
plc
.......
2,992
1,246,886
Union
Pacific
Corp.
..........
22,581
5,478,602
Waste
Connections,
Inc.
......
17,849
2,899,391
Waste
Management,
Inc.
......
14,342
3,295,648
Westinghouse
Air
Brake
Technologies
Corp.
........
13,293
3,322,054
28,774,157
Information
Technology
7.6%
Delta
Electronics,
Inc.
........
32,000
1,381,295
Infineon
Technologies
AG
.....
50,475
2,216,978
Microsoft
Corp.
.............
4,817
1,783,109
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
,
ADR
.
8,029
2,713,400
8,094,782
Materials
2.1%
Linde
plc
..................
4,611
2,285,949
Real
Estate
12.1%
American
Tower
Corp.
,
REIT
...
11,466
1,978,802
Digital
Realty
Trust,
Inc.
,
REIT
..
22,339
4,025,711
Keppel
DC
REIT
............
2,118,496
3,592,068
Welltower,
Inc.
,
REIT
.........
16,594
3,280,800
12,877,381
a
Utilities
36.8%
American
Water
Works
Co.,
Inc.
40,838
5,557,644
China
Longyuan
Power
Group
Corp.
Ltd.
,
H
.............
2,354,000
2,140,491
Cia
de
Saneamento
Basico
do
Estado
de
Sao
Paulo
SABESP
,
ADR
...................
77,660
2,369,408
b
Elia
Group
SA/NV
...........
27,061
4,122,501
Hydro
One
Ltd.
,
Reg
S
.......
80,566
3,327,235
Iberdrola
SA
...............
172,475
3,936,269
National
Grid
plc
............
213,766
3,591,932
NextEra
Energy,
Inc.
.........
43,694
4,058,299
Ormat
Technologies,
Inc.
......
9,885
1,106,329
Severn
Trent
plc
............
56,276
2,301,646
SSE
plc
..................
99,439
3,415,473
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
(continued)
a
Utilities
(continued)
Veolia
Environnement
SA
.....
88,604
$
3,344,806
39,272,033
Total
Common
Stocks
(Cost
$
86,972,284
)
...............
105,173,427
Money
Market
1.2%
c,d
JPMorgan
U.S.
Treasury
Plus
Money
Market
Fund
,
3.670
%
.
1,310,786
1,310,786
(Cost
$1,310,786)
a
Total
Investments
99
.8
%
(Cost
$
88,283,070
)
..............
$106,484,213
Other
Assets,
less
Liabilities
0
.2
%
194,970
Net
Assets
100.0%
...............
$106,679,183
a
Broad
industry
sectors
used
for
financial
reporting.
b
Non-income
producing
security.
c
Rate
shown
represents
an
annualized
7-day
yield
as
of
March
31,
2026.
d
Institutional
Class
shares.
ADR
American
Depositary
Receipt
REIT
Real
Estate
Investment
Trust
Schedule
of
Investments
(Unaudited)
Impax
Global
Infrastructure
ETF
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments
6
Summary
Of
Investments
by
Country
Country
Value
Percent
of
Net
Assets
Belgium
....................
$
4,122,501
3.9%
Brazil
......................
2,369,408
2.2%
Canada
.....................
3,327,235
3.1%
China
......................
2,140,491
2.0%
Finland
.....................
3,162,203
3.0%
France
.....................
3,344,806
3.1%
Germany
...................
8,347,889
7.9%
Japan
......................
2,055,448
1.9%
Singapore
...................
3,592,068
3.4%
South
Africa
.................
2,464,909
2.3%
Spain
......................
3,936,269
3.7%
Sweden
....................
3,003,697
2.8%
Taiwan
.....................
4,094,696
3.8%
United
Kingdom
..............
9,309,051
8.8%
United
States
................
49,902,756
46.7%
Money
Market
................
1,310,786
1.2%
Other
assets
and
liabilities
(net)
194,970
0.2%
Total
$106,679,183
100.0%
Schedule
of
Investments
(Unaudited),
March
31,
2026
Impax
Global
Opportunities
Fund
See
Notes
to
Schedule
of
Investments
Quarterly
Schedule
of
Investments
7
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
96.5%
Communication
Services
1.5%
KDDI
Corp.
................
77,700
$
1,322,977
Consumer
Discretionary
8.0%
a
Aptiv
plc
..................
29,466
2,046,119
eBay,
Inc.
.................
29,451
2,680,630
a
MercadoLibre,
Inc.
..........
788
1,362,468
a
On
Holding
AG
,
A
...........
26,557
903,469
6,992,686
Consumer
Staples
2.0%
Jeronimo
Martins
SGPS
SA
...
72,886
1,742,803
Financials
18.6%
Banco
Bilbao
Vizcaya
Argentaria
SA
.....................
76,646
1,655,521
Citizens
Financial
Group,
Inc.
..
36,222
2,172,233
Cullen/Frost
Bankers,
Inc.
.....
12,942
1,774,089
HDFC
Bank
Ltd.
,
ADR
........
53,070
1,320,382
London
Stock
Exchange
Group
plc
.....................
19,122
2,258,074
Marsh
&
McLennan
Cos.,
Inc.
..
11,156
1,935,008
Mastercard,
Inc.
,
A
..........
5,889
2,942,498
RenaissanceRe
Holdings
Ltd.
..
7,440
2,211,391
16,269,196
Health
Care
15.7%
Alcon
AG
.................
23,469
1,774,027
a
Boston
Scientific
Corp.
.......
39,490
2,477,998
Danaher
Corp.
.............
8,237
1,561,735
Haleon
plc
................
371,568
1,838,888
Hoya
Corp.
................
7,500
1,300,203
a
Intuitive
Surgical,
Inc.
........
3,897
1,796,478
Thermo
Fisher
Scientific,
Inc.
..
3,875
1,904,679
Zoetis,
Inc.
,
A
..............
9,616
1,136,708
13,790,716
Industrials
14.8%
Cintas
Corp.
...............
12,840
2,171,758
Hubbell,
Inc.
,
B
.............
4,486
2,201,460
Schneider
Electric
SE
........
9,296
2,532,059
Siemens
Energy
AG
.........
9,821
1,693,627
Sunbelt
Rentals
Holdings,
Inc.
..
33,261
2,121,764
Xylem,
Inc.
................
18,777
2,243,852
12,964,520
b
Information
Technology
32.0%
Applied
Materials,
Inc.
........
6,043
2,065,437
a
Cadence
Design
Systems,
Inc.
.
7,360
2,045,123
Infineon
Technologies
AG
.....
45,479
2,063,207
Keyence
Corp.
.............
6,150
2,188,830
Marvell
Technology,
Inc.
......
10,114
1,001,792
MediaTek,
Inc.
.............
25,000
1,199,129
Microsoft
Corp.
.............
12,618
4,670,805
NVIDIA
Corp.
..............
29,438
5,133,987
a
ServiceNow,
Inc.
............
10,314
1,078,329
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
......
54,000
3,123,064
TE
Connectivity
plc
..........
10,340
2,161,267
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
(continued)
b
Information
Technology
(continued)
a
Tyler
Technologies,
Inc.
.......
3,756
$
1,285,979
28,016,949
Materials
3.9%
Linde
plc
..................
7,003
3,471,807
Total
Common
Stocks
(Cost
$
65,019,350
)
...............
84,571,654
Money
Market
2.9%
c,d
JPMorgan
U.S.
Treasury
Plus
Money
Market
Fund
,
3.670
%
.
2,523,793
2,523,793
(Cost
$2,523,793)
a
Total
Investments
99
.4
%
(Cost
$
67,543,143
)
..............
$87,095,447
Other
Assets,
less
Liabilities
0
.6
%
538,472
Net
Assets
100.0%
...............
$87,633,919
a
Non-income
producing
security.
b
Broad
industry
sectors
used
for
financial
reporting.
c
Rate
shown
represents
an
annualized
7-day
yield
as
of
March
31,
2026.
d
Institutional
Class
shares.
ADR
American
Depositary
Receipt
Schedule
of
Investments
(Unaudited)
Impax
Global
Opportunities
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments
8
Summary
Of
Investments
by
Country
Country
Value
Percent
of
Net
Assets
Bermuda
....................
$
2,211,391
2.5%
Brazil
......................
1,362,468
1.6%
Germany
...................
3,756,834
4.2%
India
......................
1,320,382
1.5%
Japan
......................
4,812,010
5.5%
Portugal
....................
1,742,803
2.0%
Spain
......................
1,655,521
1.9%
Switzerland
..................
3,064,736
3.5%
Taiwan
.....................
4,322,194
5.0%
United
Kingdom
..............
2,258,074
2.6%
United
States
................
58,065,241
66.2%
Money
Market
................
2,523,793
2.9%
Other
assets
and
liabilities
(net)
538,472
0.6%
Total
$87,633,919
100.0%
Schedule
of
Investments
(Unaudited),
March
31,
2026
Impax
Global
Environmental
Markets
Fund
See
Notes
to
Schedule
of
Investments
Quarterly
Schedule
of
Investments
9
a
a
Shares/
Principal
a
Value
a
Common
Stocks
99.4%
ALTERNATIVE
ENERGY
2.1%
Wind
Power
Generation
Equipment
2.1%
Siemens
Energy
AG
...........
190,256
$
32,809,566
DIGITAL
INFRASTRUCTURE
24.5%
Cloud
Computing
8.7%
Microsoft
Corp.
...............
151,555
56,101,114
NVIDIA
Corp.
................
449,313
78,360,187
134,461,301
Efficient
IT
15.8%
ASML
Holding
NV
.............
29,050
38,629,431
a
Autodesk,
Inc.
................
61,206
14,652,716
Hoya
Corp.
..................
118,900
20,612,556
Marvell
Technology,
Inc.
........
342,496
33,924,229
MediaTek,
Inc.
...............
434,000
20,816,885
a
Synopsys,
Inc.
...............
79,665
31,585,579
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
........
1,432,000
82,819,040
243,040,436
ENERGY
MANAGEMENT
&
EFFICIENCY
25.7%
Buildings
Energy
Efficiency
4.9%
A
O
Smith
Corp.
..............
396,754
26,161,959
AAON,
Inc.
..................
172,143
14,244,833
Sika
AG
....................
122,611
20,294,360
Trane
Technologies
plc
.........
37,136
15,476,057
76,177,209
Industrial
Energy
Efficiency
12.5%
Air
Liquide
SA
................
307,176
63,492,820
Keyence
Corp.
...............
65,700
23,383,114
Linde
plc
....................
155,385
77,033,668
Spirax
Group
plc
..............
332,070
29,791,285
193,700,887
Smart
&
Efficient
Grids
8.3%
Hubbell,
Inc.
,
B
...............
95,359
46,796,476
a
Itron,
Inc.
...................
343,301
30,770,069
Schneider
Electric
SE
..........
178,770
48,693,659
126,260,204
ENVIRONMENTAL
SERVICES
&
RESOURCES
8.6%
Environmental
Testing
&
Monitoring
6.4%
Agilent
Technologies,
Inc.
.......
411,536
46,906,873
Veralto
Corp.
.................
327,692
28,974,527
a
Waters
Corp.
................
76,978
22,924,048
98,805,448
Finance
&
Investment
2.2%
RenaissanceRe
Holdings
Ltd.
....
113,852
33,840,230
RESOURCE
EFFICIENCY
&
WASTE
MANAGEMENT
9.9%
General
Waste
Management
4.4%
Waste
Connections,
Inc.
........
413,498
67,168,615
Resource
Circularity
&
Efficiency
5.5%
eBay,
Inc.
...................
392,506
35,725,896
a
QXO,
Inc.
...................
951,764
18,483,257
Sunbelt
Rentals
Holdings,
Inc.
....
477,817
30,480,594
84,689,747
a
a
Shares/
Principal
a
Value
a
Common
Stocks
(continued)
SUSTAINABLE
FOOD
&
AGRICULTURE
5.9%
Sustainable
Agriculture
4.4%
Kerry
Group
plc
,
A
.............
511,041
$
40,688,966
Zoetis,
Inc.
,
A
................
220,578
26,074,525
66,763,491
Technology
&
Logistics
1.5%
GEA
Group
AG
...............
323,278
23,184,759
TRANSPORT
SOLUTIONS
12.2%
Advanced
Road
Vehicles
&
Devices
8.0%
Amphenol
Corp.
,
A
............
112,029
14,154,864
a
Aptiv
plc
....................
655,868
45,543,474
Infineon
Technologies
AG
.......
883,497
40,080,845
TE
Connectivity
plc
............
112,217
23,455,597
123,234,780
Railways
4.2%
Union
Pacific
Corp.
............
268,946
65,251,679
WATER
INFRASTRUCTURE
&
TECHNOLOGIES
10.5%
Water
Distribution
&
Infrastructure
3.7%
Ferguson
Enterprises,
Inc.
......
88,381
20,579,342
Xylem,
Inc.
..................
306,277
36,600,102
57,179,444
Water
Efficiency
3.4%
KLA
Corp.
...................
35,235
51,880,366
Water
Utilities
3.4%
Veolia
Environnement
SA
.......
1,391,293
52,988,799
Total
Common
Stocks
(Cost
$
1,207,773,729
)
.............
1,531,436,961
—
a
a
a
a
Money
Market
Funds
0.6%
b,c
JPMorgan
U.S.
Treasury
Plus
Money
Market
Fund
,
3.670
%
(Cost
$
9,328,469
)
...........
9,328,469
9,328,469
a
Total
Investments
100
.0
%
(Cost
$
1,217,102,198
)
.............
$1,540,765,430
d
Other
Assets,
less
Liabilities
0.0
%
..
192,736
Net
Assets
100.0%
................
$1,540,958,166
a
Non-income
producing
security.
b
Rate
shown
represents
an
annualized
7-day
yield
as
of
March
31,
2026.
c
Institutional
Class
shares.
d
Rounds
to
less
than
0.05%.
Schedule
of
Investments
(Unaudited)
Impax
Global
Environmental
Markets
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments
10
Summary
Of
Investments
by
Country
Country
Value
Percent
of
Net
Assets
Bermuda
....................
$
33,840,230
2.2%
France
.....................
116,481,619
7.5%
Germany
...................
96,075,170
6.2%
Ireland
.....................
40,688,965
2.7%
Japan
......................
43,995,669
2.8%
Netherlands
.................
38,629,431
2.5%
Switzerland
..................
43,749,958
2.8%
Taiwan
.....................
103,635,925
6.8%
United
Kingdom
..............
29,791,286
1.9%
United
States
................
984,548,708
64.0%
Money
Market
................
9,328,469
0.6%
Other
assets
and
liabilities
(net)
192,736
0.0%
*
Total
$1,540,958,166
100.0%
*
Rounds
to
less
than
0.05%.
Schedule
of
Investments
(Unaudited),
March
31,
2026
Impax
Global
Social
Leaders
Fund
See
Notes
to
Schedule
of
Investments
Quarterly
Schedule
of
Investments
11
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
99.5%
Communication
Services
3.7%
a
Netflix,
Inc.
................
307
$
29,518
Vodacom
Group
Ltd.
.........
6,143
52,393
81,911
Consumer
Discretionary
14.7%
Autoliv,
Inc.
................
544
57,207
a
Bright
Horizons
Family
Solutions,
Inc.
....................
689
56,588
eBay,
Inc.
.................
1,178
107,221
a
MercadoLibre,
Inc.
..........
34
58,787
a
On
Holding
AG
,
A
...........
1,344
45,723
325,526
Consumer
Staples
5.9%
Colgate-Palmolive
Co.
.......
587
50,030
Danone
SA
................
996
79,588
129,618
Financials
24.6%
a
Adyen
NV
,
Reg
S
...........
43
43,036
AIA
Group
Ltd.
.............
5,300
58,890
Banco
Bilbao
Vizcaya
Argentaria
SA
.....................
3,172
68,514
HDFC
Bank
Ltd.
,
ADR
........
1,659
41,276
Mastercard,
Inc.
,
A
..........
207
103,430
Pinnacle
Financial
Partners,
Inc.
743
64,002
Progressive
Corp.
(The)
......
271
53,723
Prudential
plc
..............
3,319
46,144
Voya
Financial,
Inc.
..........
937
64,016
543,031
Health
Care
15.4%
Agilent
Technologies,
Inc.
.....
499
56,876
Alcon
AG
.................
584
44,145
a
Boston
Scientific
Corp.
.......
614
38,529
Gilead
Sciences,
Inc.
........
360
50,173
Haleon
plc
................
11,819
58,492
a
Intuitive
Surgical,
Inc.
........
102
47,021
a
Waters
Corp.
..............
155
46,159
341,395
Industrials
6.3%
Experian
plc
...............
1,886
65,245
Recruit
Holdings
Co.
Ltd.
.....
900
39,213
a
Uber
Technologies,
Inc.
.......
498
35,821
140,279
Information
Technology
21.2%
a
Autodesk,
Inc.
..............
121
28,967
Bentley
Systems,
Inc.
,
B
......
1,121
39,369
Halma
plc
.................
2,464
125,740
Intuit,
Inc.
.................
112
48,427
NVIDIA
Corp.
..............
1,013
176,667
a
Tyler
Technologies,
Inc.
.......
144
49,303
468,473
Real
Estate
4.6%
American
Tower
Corp.
,
REIT
...
241
41,592
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
(continued)
Real
Estate
(continued)
Ventas,
Inc.
,
REIT
...........
730
$
59,699
101,291
Utilities
3.1%
American
Water
Works
Co.,
Inc.
496
67,501
Total
Common
Stocks
(Cost
$
2,053,626
)
................
2,199,025
Money
Market
1.6%
b,c
JPMorgan
U.S.
Treasury
Plus
Money
Market
Fund
,
3.670
%
.
34,648
34,648
(Cost
$34,648)
a
Total
Investments
101
.1
%
(Cost
$
2,088,274
)
...............
$2,233,673
Other
Assets,
less
Liabilities
(
1
.1
)
%
(24,541)
Net
Assets
100.0%
...............
$2,209,132
a
Non-income
producing
security.
b
Rate
shown
represents
an
annualized
7-day
yield
as
of
March
31,
2026.
c
Institutional
Class
shares.
ADR
American
Depositary
Receipt
REIT
Real
Estate
Investment
Trust
Schedule
of
Investments
(Unaudited)
Impax
Global
Social
Leaders
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments
12
Summary
Of
Investments
by
Country
Country
Value
Percent
of
Net
Assets
Brazil
......................
$
58,787
2.6%
France
.....................
79,588
3.6%
Hong
Kong
..................
105,033
4.8%
India
......................
41,276
1.9%
Japan
......................
39,213
1.8%
Netherlands
.................
43,037
1.9%
South
Africa
.................
52,393
2.4%
Spain
......................
68,514
3.1%
Sweden
....................
57,207
2.6%
Switzerland
..................
45,723
2.1%
United
Kingdom
..............
125,740
5.7%
United
States
................
1,482,514
67.0%
Money
Market
................
34,648
1.6%
Other
assets
and
liabilities
(net)
(24,541)
-1.1%
Total
$2,209,132
100.0%
Schedule
of
Investments
(Unaudited),
March
31,
2026
Impax
Ellevate
Global
Women’s
Leadership
Fund
See
Notes
to
Schedule
of
Investments
Quarterly
Schedule
of
Investments
13
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
99.0%
Communication
Services
9.4%
Alphabet,
Inc.
,
A
............
35,678
$
10,259,566
Alphabet,
Inc.
,
C
............
28,269
8,109,245
BT
Group
plc
..............
2,050,203
5,745,832
Deutsche
Telekom
AG
........
140,874
5,257,878
Koninklijke
KPN
NV
.........
413,856
2,306,679
Orange
SA
................
292,281
5,992,655
Publicis
Groupe
SA
..........
50,684
4,195,090
Telstra
Group
Ltd.
...........
596,188
2,200,893
Vodafone
Group
plc
.........
3,903,220
5,887,429
Walt
Disney
Co.
(The)
........
61,467
5,924,189
55,879,456
Consumer
Discretionary
11.0%
a
Amazon.com,
Inc.
...........
69,066
14,384,376
Aristocrat
Leisure
Ltd.
........
130,772
4,156,623
Best
Buy
Co.,
Inc.
...........
57,009
3,659,978
a
Deckers
Outdoor
Corp.
.......
18,100
1,811,629
eBay,
Inc.
.................
41,004
3,732,184
Hermes
International
SCA
.....
2,557
4,843,857
Kering
SA
.................
19,921
6,049,282
a
Lululemon
Athletica,
Inc.
......
24,977
3,823,979
Marriott
International,
Inc.
,
A
...
18,758
6,135,179
Starbucks
Corp.
............
68,429
6,130,554
a
Ulta
Beauty,
Inc.
............
10,247
5,356,209
Williams-Sonoma,
Inc.
.......
29,582
5,393,686
65,477,536
Consumer
Staples
5.6%
Coca-Cola
Co.
(The)
.........
98,972
7,526,821
Coles
Group
Ltd.
............
115,268
1,748,012
Diageo
plc
................
126,063
2,344,420
L'Oreal
SA
................
5,289
2,159,448
Procter
&
Gamble
Co.
(The)
...
49,789
7,191,523
Target
Corp.
...............
51,029
6,184,715
Woolworths
Group
Ltd.
.......
227,717
5,750,365
32,905,304
Financials
18.6%
Allianz
SE
.................
6,292
2,657,229
American
Express
Co.
.......
15,045
4,550,812
Amundi
SA
,
Reg
S
..........
23,284
2,000,976
Aviva
plc
..................
308,742
2,477,775
AXA
SA
...................
53,236
2,446,277
Bank
of
New
York
Mellon
Corp.
(The)
...................
49,507
5,873,015
Canadian
Imperial
Bank
of
Commerce
...............
41,836
3,964,962
Citigroup,
Inc.
..............
60,823
6,897,936
DNB
Bank
ASA
.............
193,182
6,044,405
Fidelity
National
Information
Services,
Inc.
.............
35,504
1,665,493
JPMorgan
Chase
&
Co.
.......
37,911
11,151,900
National
Bank
of
Canada
.....
45,216
5,851,004
NatWest
Group
plc
..........
268,711
1,990,597
PayPal
Holdings,
Inc.
........
38,283
1,731,540
PNC
Financial
Services
Group,
Inc.
(The)
................
9,109
1,895,492
Progressive
Corp.
(The)
......
8,133
1,612,286
Prudential
Financial,
Inc.
......
54,459
5,320,100
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
(continued)
Financials
(continued)
Royal
Bank
of
Canada
.......
32,382
$
5,234,753
Societe
Generale
SA
.........
57,440
4,194,091
Standard
Chartered
plc
.......
263,634
5,494,093
State
Street
Corp.
...........
45,688
5,782,273
Sun
Life
Financial,
Inc.
.......
88,591
5,550,072
UniCredit
SpA
..............
68,068
4,883,458
Westpac
Banking
Corp.
.......
226,502
6,259,444
Willis
Towers
Watson
plc
......
15,903
4,623,002
110,152,985
Health
Care
12.7%
AstraZeneca
plc
............
9,482
1,854,110
a
Biogen,
Inc.
...............
28,728
5,266,704
Bristol-Myers
Squibb
Co.
......
103,727
6,291,042
Cardinal
Health,
Inc.
.........
28,628
6,049,383
Elevance
Health,
Inc.
........
13,920
4,075,080
Eli
Lilly
&
Co.
..............
10,331
9,502,144
Gilead
Sciences,
Inc.
........
49,658
6,920,835
GSK
plc
..................
240,878
6,635,100
a
Intuitive
Surgical,
Inc.
........
3,720
1,714,883
Johnson
&
Johnson
.........
44,946
10,986,600
Koninklijke
Philips
NV
........
72,049
1,970,701
Merck
&
Co.,
Inc.
...........
32,068
3,857,460
Sanofi
SA
.................
19,456
1,878,863
Stryker
Corp.
..............
5,352
1,758,614
a
Vertex
Pharmaceuticals,
Inc.
...
4,134
1,845,996
Zoetis,
Inc.
,
A
..............
38,347
4,532,999
75,140,514
Industrials
8.7%
Cie
de
Saint-Gobain
SA
......
67,736
5,608,164
Cummins,
Inc.
..............
10,979
5,906,922
Metso
OYJ
................
336,759
5,836,134
Otis
Worldwide
Corp.
........
59,984
4,623,567
Qantas
Airways
Ltd.
.........
743,619
4,368,205
Schneider
Electric
SE
........
24,196
6,590,545
Stantec,
Inc.
...............
42,433
3,668,315
Thomson
Reuters
Corp.
......
19,818
1,788,763
Veralto
Corp.
...............
57,276
5,064,344
Wolters
Kluwer
NV
..........
33,823
2,526,181
WW
Grainger,
Inc.
...........
5,392
5,881,647
51,862,787
b
Information
Technology
27.0%
Accenture
plc
,
A
............
21,690
4,300,910
Apple,
Inc.
................
109,665
27,831,880
a
Autodesk,
Inc.
..............
24,611
5,891,874
Broadcom,
Inc.
.............
48,325
14,957,071
Cisco
Systems,
Inc.
.........
95,812
7,434,053
Hewlett
Packard
Enterprise
Co.
.
227,904
5,426,394
a
Intel
Corp.
.................
114,055
5,033,247
Intuit,
Inc.
.................
9,496
4,105,881
Lam
Research
Corp.
.........
27,095
5,789,118
Microsoft
Corp.
.............
58,801
21,766,366
NVIDIA
Corp.
..............
199,848
34,853,491
Oracle
Corp.
...............
28,747
4,228,971
Seagate
Technology
Holdings
plc
13,958
5,468,186
a
ServiceNow,
Inc.
............
16,477
1,722,670
a
Synopsys,
Inc.
.............
14,095
5,588,386
Schedule
of
Investments
(Unaudited)
Impax
Ellevate
Global
Women’s
Leadership
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments
14
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
(continued)
b
Information
Technology
(continued)
a
Twilio,
Inc.
,
A
...............
45,156
$
5,681,528
160,080,026
Materials
3.2%
Fortescue
Ltd.
..............
417,808
5,970,310
Newmont
Corp.
.............
66,299
7,176,867
Rio
Tinto
Ltd.
..............
20,578
2,337,940
Yara
International
ASA
.......
55,297
3,232,354
18,717,471
Utilities
2.8%
American
Water
Works
Co.,
Inc.
37,714
5,132,498
Edison
International
.........
79,958
5,851,326
Iberdrola
SA
...............
89,832
2,056,629
National
Grid
plc
............
203,460
3,434,424
16,474,877
Total
Common
Stocks
(Cost
$
424,194,984
)
..............
586,690,956
Money
Market
0.8%
c,d
JPMorgan
U.S.
Treasury
Plus
Money
Market
Fund
,
3.670
%
.
4,732,627
4,732,627
(Cost
$4,732,627)
a
Total
Investments
99
.8
%
(Cost
$
428,927,611
)
.............
$591,423,583
Other
Assets,
less
Liabilities
0
.2
%
1,228,434
Net
Assets
100.0%
...............
$592,652,017
a
Non-income
producing
security.
b
Broad
industry
sectors
used
for
financial
reporting.
c
Rate
shown
represents
an
annualized
7-day
yield
as
of
March
31,
2026.
d
Institutional
Class
shares.
Schedule
of
Investments
(Unaudited)
Impax
Ellevate
Global
Women’s
Leadership
Fund
(continued)
See
Notes
to
Schedule
of
Investments
Quarterly
Schedule
of
Investments
15
Summary
Of
Investments
by
Country
Country
Value
Percent
of
Net
Assets
Australia
....................
$
32,791,792
5.6%
Brazil
......................
3,232,354
0.6%
Canada
.....................
26,057,869
4.4%
Finland
.....................
5,836,134
1.0%
France
.....................
37,489,840
6.2%
Germany
...................
7,915,107
1.3%
Italy
.......................
4,883,457
0.8%
Netherlands
.................
6,803,561
1.1%
Norway
.....................
6,044,405
1.0%
Spain
......................
2,056,629
0.3%
United
Kingdom
..............
29,228,681
4.9%
United
States
................
424,351,127
71.8%
Money
Market
................
4,732,627
0.8%
Other
assets
and
liabilities
(net)
1,228,434
0.2%
Total
$592,652,017
100.0%
Schedule
of
Investments
(Unaudited),
March
31,
2026
Impax
International
Sustainable
Economy
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments
16
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
98.1%
Australia
6.4%
ANZ
Group
Holdings
Ltd.
.....
710,845
$
17,874,375
Aristocrat
Leisure
Ltd.
........
362,989
11,537,701
Brambles
Ltd.
..............
1,160,160
18,207,872
Coles
Group
Ltd.
............
421,985
6,399,304
Commonwealth
Bank
of
Australia
100,079
11,719,933
CSL
Ltd.
..................
71,200
6,993,190
Goodman
Group
,
REIT
.......
315,181
5,658,603
QBE
Insurance
Group
Ltd.
....
1,277,155
18,846,670
Suncorp
Group
Ltd.
..........
307,102
3,446,506
Westpac
Banking
Corp.
.......
124,395
3,437,689
104,121,843
Austria
0.3%
Erste
Group
Bank
AG
........
39,113
4,225,193
Belgium
1.1%
KBC
Group
NV
.............
124,419
15,227,890
Syensqo
SA
...............
40,011
2,332,342
17,560,232
Denmark
1.7%
Novo
Nordisk
A/S
,
B
.........
236,554
8,656,575
a
Orsted
A/S
,
Reg
S
...........
537,309
13,324,743
Tryg
A/S
..................
228,526
5,446,986
27,428,304
Finland
1.1%
Kone
OYJ
,
B
...............
45,599
2,911,074
Nokia
OYJ
................
632,461
5,073,616
Sampo
OYJ
,
A
.............
1,009,272
10,734,750
18,719,440
France
8.3%
Air
Liquide
SA
..............
28,062
5,800,373
AXA
SA
...................
580,024
26,653,009
BNP
Paribas
SA
............
291,859
27,803,545
Carrefour
SA
...............
847,519
15,692,540
Credit
Agricole
SA
...........
775,499
14,474,184
Danone
SA
................
85,685
6,846,843
Dassault
Systemes
SE
.......
523,204
10,591,872
Hermes
International
SCA
.....
2,187
4,142,947
L'Oreal
SA
................
33,837
13,815,325
Pernod
Ricard
SA
...........
35,113
2,611,069
Unibail-Rodamco-Westfield
,
REIT
58,593
6,464,307
134,896,014
Germany
8.9%
Allianz
SE
.................
40,741
17,205,683
E.ON
SE
..................
171,362
3,753,079
Fresenius
SE
&
Co.
KGaA
.....
56,331
2,923,340
GEA
Group
AG
.............
152,303
10,922,823
Infineon
Technologies
AG
.....
546,169
24,777,577
Mercedes-Benz
Group
AG
....
257,932
15,853,247
Merck
KGaA
...............
55,114
7,002,442
Muenchener
Rueckversicherungs-
Gesellschaft
AG
...........
30,029
18,964,554
Siemens
AG
...............
123,532
30,096,606
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
(continued)
Germany
(continued)
Siemens
Energy
AG
.........
79,977
$
13,792,000
145,291,351
Hong
Kong
1.8%
AIA
Group
Ltd.
.............
1,830,800
20,342,619
Hong
Kong
Exchanges
&
Clearing
Ltd.
.............
63,800
3,218,582
MTR
Corp.
Ltd.
.............
1,405,999
5,761,737
29,322,938
Ireland
0.4%
AIB
Group
plc
..............
327,295
3,493,912
Bank
of
Ireland
Group
plc
.....
205,472
3,727,928
7,221,840
Italy
5.7%
BPER
Banca
SpA
...........
1,046,724
13,717,547
Enel
SpA
.................
2,496,040
27,288,780
Generali
..................
600,091
24,142,566
Intesa
Sanpaolo
SpA
.........
3,333,538
20,160,854
a
Telecom
Italia
SpA
..........
6,005,135
4,216,228
UniCredit
SpA
..............
38,085
2,732,363
92,258,338
Japan
23.0%
Advantest
Corp.
............
145,600
20,093,771
Ajinomoto
Co.,
Inc.
..........
254,700
7,200,684
Astellas
Pharma,
Inc.
........
987,300
16,094,783
Bridgestone
Corp.
...........
137,200
2,859,010
Chugai
Pharmaceutical
Co.
Ltd.
123,000
6,783,264
Daifuku
Co.
Ltd.
............
186,400
6,581,613
Daiichi
Sankyo
Co.
Ltd.
.......
1,090,200
19,504,403
Daiwa
House
Industry
Co.
Ltd.
.
93,200
2,923,960
FANUC
Corp.
..............
86,300
3,008,154
Fujitsu
Ltd.
................
983,600
20,115,274
Hitachi
Ltd.
................
1,004,700
29,473,368
Kajima
Corp.
...............
101,300
3,864,461
Kao
Corp.
.................
563,400
21,931,793
KDDI
Corp.
................
1,397,100
23,788,045
Mitsubishi
Estate
Co.
Ltd.
.....
207,600
5,762,241
Mitsubishi
UFJ
Financial
Group,
Inc.
....................
308,900
5,230,893
NEC
Corp.
................
737,700
18,356,259
Nitto
Denko
Corp.
...........
155,200
3,104,656
Nomura
Holdings,
Inc.
........
488,400
3,845,680
Nomura
Research
Institute
Ltd.
.
124,000
3,393,588
Obayashi
Corp.
.............
151,500
3,669,401
Panasonic
Holdings
Corp.
.....
295,500
4,955,937
Recruit
Holdings
Co.
Ltd.
.....
488,700
21,292,644
Sekisui
Chemical
Co.
Ltd.
.....
249,400
4,187,093
SoftBank
Corp.
.............
13,537,800
18,115,247
Sompo
Holdings,
Inc.
........
182,400
7,100,511
Sony
Group
Corp.
...........
1,467,100
30,578,379
Sumitomo
Electric
Industries
Ltd.
177,400
10,079,884
Takeda
Pharmaceutical
Co.
Ltd.
109,500
4,032,655
Tokio
Marine
Holdings,
Inc.
....
137,900
6,473,160
Tokyo
Electron
Ltd.
..........
113,900
28,298,564
Toyota
Motor
Corp.
..........
228,800
4,756,146
Schedule
of
Investments
(Unaudited)
Impax
International
Sustainable
Economy
Fund
(continued)
See
Notes
to
Schedule
of
Investments
Quarterly
Schedule
of
Investments
17
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
(continued)
Japan
(continued)
Yokogawa
Electric
Corp.
......
250,000
$
7,725,941
375,181,462
Netherlands
4.9%
ASML
Holding
NV
...........
42,993
57,170,227
ING
Groep
NV
.............
221,054
5,737,828
Koninklijke
Ahold
Delhaize
NV
..
256,461
11,943,183
Wolters
Kluwer
NV
..........
79,672
5,950,563
80,801,801
Norway
1.1%
Norsk
Hydro
ASA
...........
1,748,550
18,636,739
Portugal
1.6%
EDP
SA
..................
3,691,103
19,532,209
Jeronimo
Martins
SGPS
SA
...
266,009
6,360,635
25,892,844
Singapore
1.6%
DBS
Group
Holdings
Ltd.
.....
76,100
3,386,460
United
Overseas
Bank
Ltd.
....
791,800
22,665,876
26,052,336
Spain
3.9%
Acciona
SA
................
15,008
3,946,540
ACS
Actividades
de
Construccion
y
Servicios
SA
............
74,078
9,034,209
Banco
Bilbao
Vizcaya
Argentaria
SA
.....................
157,398
3,399,729
Banco
de
Sabadell
SA
.......
898,581
3,218,983
Banco
Santander
SA
.........
431,836
4,841,192
CaixaBank
SA
..............
590,538
7,079,168
Iberdrola
SA
...............
1,368,838
31,338,405
62,858,226
Sweden
0.6%
Assa
Abloy
AB
,
B
...........
88,890
3,213,186
SKF
AB
,
B
................
128,933
3,108,052
Svenska
Handelsbanken
AB
,
A
.
226,103
2,980,880
9,302,118
Switzerland
4.4%
ABB
Ltd.
..................
357,739
29,087,031
Logitech
International
SA
.....
134,105
12,453,599
SGS
SA
..................
56,908
5,997,477
Sika
AG
..................
34,865
5,770,794
Sonova
Holding
AG
..........
46,911
10,696,339
Zurich
Insurance
Group
AG
....
12,172
8,603,395
72,608,635
United
Kingdom
13.1%
3i
Group
plc
...............
173,002
5,638,309
AstraZeneca
plc
............
61,410
12,008,111
Autotrader
Group
plc
,
Reg
S
...
544,937
3,410,806
Barratt
Redrow
plc
..........
2,027,020
7,050,148
Diageo
plc
................
523,435
9,734,433
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
(continued)
United
Kingdom
(continued)
HSBC
Holdings
plc
..........
2,644,391
$
43,427,758
J
Sainsbury
plc
.............
1,637,389
7,346,971
Legal
&
General
Group
plc
....
1,772,888
5,826,303
National
Grid
plc
............
1,115,773
18,834,353
Reckitt
Benckiser
Group
plc
...
137,121
9,220,063
RELX
plc
.................
550,984
18,051,542
Schroders
plc
..............
599,632
4,616,900
Segro
plc
,
REIT
............
345,503
2,961,846
SSE
plc
..................
501,656
17,341,547
Tesco
plc
.................
2,310,885
14,523,985
United
Utilities
Group
plc
......
668,494
11,655,972
Vodafone
Group
plc
.........
14,265,634
21,517,595
213,166,642
United
States
8.2%
Experian
plc
...............
168,348
5,823,914
GSK
plc
..................
783,978
21,595,049
Holcim
AG
................
138,029
11,409,747
Novartis
AG
...............
283,662
43,540,539
Schneider
Electric
SE
........
108,982
29,684,692
Swiss
Re
AG
...............
133,197
22,374,063
134,428,004
Total
Common
Stocks
(Cost
$
1,252,019,470
)
............
1,599,974,300
Rights
b
Rights
0.0%
b
Italy
0.0%
a,c,d
Telecom
Italia
SpA
,
4/01/26
....
6,005,135
63
Total
Rights
(Cost
$
–
)
.......................
63
Total
Long
Term
Investments
(Cost
$
1,252,019,470
)
............
1,599,974,363
a
Money
Market
1.3%
e,f
JPMorgan
U.S.
Treasury
Plus
Money
Market
Fund
,
3.670
%
.
20,687,095
20,687,095
(Cost
$20,687,095)
a
Total
Investments
99
.4
%
(Cost
$
1,272,706,565
)
............
$1,620,661,458
Other
Assets,
less
Liabilities
0
.6
%
.
10,859,666
Net
Assets
100.0%
...............
$1,631,521,124
Schedule
of
Investments
(Unaudited)
Impax
International
Sustainable
Economy
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments
18
a
Non-income
producing
security.
b
Rounds
to
less
than
0.05%.
c
Security
valued
using
significant
unobservable
inputs.
d
Illiquid
security.
e
Rate
shown
represents
an
annualized
7-day
yield
as
of
March
31,
2026.
f
Institutional
Class
shares.
REIT
Real
Estate
Investment
Trust
Summary
Of
Investments
by
Sector
Sector
Value
Percent
of
Net
Assets
Communication
Services
........
$
71,047,984
4.4%
Consumer
Discretionary
........
91,813,399
5.6%
Consumer
Staples
............
133,626,825
8.2%
Financials
...................
454,044,427
27.8%
Health
Care
.................
159,830,689
9.8%
Industrials
...................
263,719,511
16.2%
Information
Technology
.........
208,050,289
12.7%
Materials
....................
47,054,652
2.9%
Real
Estate
..................
23,770,957
1.5%
Utilities
.....................
147,015,630
9.0%
Money
Market
................
20,687,095
1.3%
Other
assets
and
liabilities
(net)
10,859,666
0.6%
Total
$1,631,521,124
100.0%
Schedule
of
Investments
(Unaudited),
March
31,
2026
Impax
Core
Bond
Fund
See
Notes
to
Schedule
of
Investments
Quarterly
Schedule
of
Investments
19
a
a
Shares/
Principal
a
Value
a
a
a
a
BONDS:
98.4%
a
Community
Investment
Notes
0.0
%
a
Financials
0.0%
b
Envest
Microfinance
Cooperative
,
4.000
%,
4/20/26
...........
250,000
$
249,803
Total
Community
Investment
Notes
(Cost
$
250,000
)
.................
249,803
Corporate
Bonds
29
.8
%
Communication
Services
4.9%
Alphabet,
Inc.
,
4.700
%,
11/15/35
.........
2,000,000
1,976,743
5.250
%,
5/15/55
..........
1,000,000
944,959
AT&T,
Inc.
,
5.400
%,
2/15/34
..........
3,750,000
3,835,922
5.375
%,
8/15/35
..........
3,000,000
3,040,047
5.850
%,
4/30/46
..........
4,025,000
3,924,655
c
Black
Pearl
Compute
LLC
,
144A,
6.125
%,
2/15/31
...........
1,125,000
1,146,428
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
Corp.
,
6.100
%,
6/01/29
2,000,000
2,072,116
c
Nexstar
Media,
Inc.
,
144A,
6.500
%,
9/15/33
...........
1,000,000
1,008,224
c
Sirius
XM
Radio
LLC
,
144A,
4.125
%,
7/01/30
...........
2,000,000
1,873,964
Sprint
Capital
Corp.
,
8.750
%,
3/15/32
.................
5,000,000
5,947,870
c
SV
RNO
Property
Owner
1
LLC
,
144A,
5.875
%,
3/01/31
......
1,000,000
989,088
T-Mobile
USA,
Inc.
,
5.300
%,
5/15/35
.................
4,500,000
4,539,141
Verizon
Communications,
Inc.
,
4.750
%,
1/15/33
..........
2,000,000
1,975,985
5.250
%,
4/02/35
..........
2,500,000
2,503,972
4.812
%,
3/15/39
..........
3,500,000
3,264,743
2.650
%,
11/20/40
.........
600,000
421,450
3.400
%,
3/22/41
..........
600,000
460,989
Walt
Disney
Co.
(The)
,
4.750
%,
9/15/44
.................
2,500,000
2,222,875
42,149,171
Consumer
Discretionary
1.3%
c
Allison
Transmission,
Inc.
,
144A,
4.750
%,
10/01/27
....
1,000,000
994,376
144A,
5.875
%,
6/01/29
.....
1,000,000
1,007,605
Amazon.com,
Inc.
,
4.550
%,
3/13/33
..........
500,000
495,334
4.350
%,
3/20/33
..........
1,500,000
1,473,305
5.800
%,
3/13/56
..........
1,000,000
999,902
Aptiv
Swiss
Holdings
Ltd.
,
5.150
%,
9/13/34
...........
1,300,000
1,328,034
c
Gap,
Inc.
(The)
,
144A,
3.625
%,
10/01/29
................
1,000,000
934,840
c
Gates
Corp.
,
144A,
6.875
%,
7/01/29
.................
1,000,000
1,027,289
Lowe's
Cos.,
Inc.
,
4.250
%,
3/15/31
..........
1,250,000
1,227,394
5.750
%,
7/01/53
..........
750,000
725,511
a
a
Shares/
Principal
a
Value
a
a
a
a
Consumer
Discretionary
(continued)
Massachusetts
Institute
of
Technology
,
3.067
%,
4/01/52
.
700,000
$
468,571
Toyota
Motor
Corp.
,
5.275
%,
7/13/26
.................
500,000
500,905
11,183,066
Consumer
Staples
1.0%
c
Albertsons
Cos.,
Inc.
,
144A,
5.625
%,
3/31/32
...........
1,000,000
985,331
c
Albertsons
Cos.,
Inc.
/
Safeway,
Inc.
/
New
Albertsons
LP
/
Albertsons
LLC
,
144A,
5.500
%,
3/31/31
.................
393,000
389,039
Church
&
Dwight
Co.,
Inc.
,
3.950
%,
8/01/47
...........
1,500,000
1,179,595
Haleon
US
Capital
LLC
,
3.625
%,
3/24/32
.................
2,250,000
2,115,165
Kraft
Heinz
Foods
Co.
,
5.200
%,
7/15/45
.................
1,000,000
874,971
Kroger
Co.
(The)
,
5.500
%,
9/15/54
.................
2,000,000
1,858,701
Walmart,
Inc.
,
4.500
%,
9/09/52
.
1,000,000
863,073
8,265,875
Financials
8.9%
c
200
Park
Funding
Trust
,
144A,
5.740
%,
2/15/55
...........
1,000,000
961,418
ACE
Capital
Trust
II
,
9.700
%,
4/01/30
.................
500,000
588,642
Aon
North
America,
Inc.
,
5.450
%,
3/01/34
.................
2,000,000
2,043,301
Assured
Guaranty
US
Holdings,
Inc.
,
6.125
%,
9/15/28
..........
750,000
776,740
3.150
%,
6/15/31
..........
1,000,000
927,090
c
Baldwin
Insurance
Group
Holdings
LLC
/
Baldwin
Insurance
Group
Holdings
Finance,
Inc.
(The)
,
144A,
7.125
%,
5/15/31
...........
1,000,000
1,005,719
Bank
of
America
Corp.
,
5.872%
to
9/14/33,
FRN
thereafter
,
9/15/34
.........
6,000,000
6,284,860
5.468%
to
1/22/34,
FRN
thereafter
,
1/23/35
.........
2,000,000
2,042,242
5.875
%,
2/07/42
..........
2,500,000
2,576,764
BlueHub
Loan
Fund,
Inc.
,
2020
,
2.890
%,
1/01/27
...........
1,000,000
979,846
Chubb
INA
Holdings
LLC
,
4.900
%,
8/15/35
..........
1,000,000
985,036
4.350
%,
11/03/45
.........
250,000
210,758
Citigroup,
Inc.
,
2.572%
to
6/02/30,
FRN
thereafter
,
6/03/31
.....
2,000,000
1,833,844
Citizens
Financial
Group,
Inc.
,
6.645%
to
4/24/34,
FRN
thereafter
,
4/25/35
.........
2,250,000
2,412,569
c
Corebridge
Global
Funding
,
144A,
4.550
%,
1/09/31
...........
1,000,000
987,816
Schedule
of
Investments
(Unaudited)
Impax
Core
Bond
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments
20
a
a
Shares/
Principal
a
Value
a
a
a
a
Financials
(continued)
Goldman
Sachs
Group,
Inc.
(The)
,
4.516%
to
1/20/31,
FRN
thereafter
,
1/21/32
.........
2,000,000
$
1,970,104
5.065%
to
1/20/36,
FRN
thereafter
,
1/21/37
.........
1,000,000
978,045
Sub.
Bond
,
5.387%
to
2/01/36,
FRN
thereafter
,
2/02/41
.....
2,000,000
1,933,034
HSBC
Holdings
plc
,
Junior
Sub.
Bond
,
7.05%
to
12/04/30,
FRN
thereafter
,
Perpetual
.......
1,000,000
1,007,999
c
Intesa
Sanpaolo
SpA
,
Sub.
Bond
,
144A,
4.95%
to
5/31/41,
FRN
thereafter
,
6/01/42
.........
1,500,000
1,257,220
JPMorgan
Chase
&
Co.
,
4.347%
to
1/21/31,
FRN
thereafter
,
1/22/32
.........
3,800,000
3,747,176
5.766%
to
4/21/34,
FRN
thereafter
,
4/22/35
.........
2,500,000
2,604,800
5.294%
to
7/21/34,
FRN
thereafter
,
7/22/35
.........
3,000,000
3,038,161
Sub.
Bond
,
5.576%
to
7/22/35,
FRN
thereafter
,
7/23/36
.....
1,000,000
1,013,071
M&T
Bank
Corp.
,
6.082%
to
3/12/31,
FRN
thereafter
,
3/13/32
4,250,000
4,456,685
MetLife,
Inc.
,
Sub.
Bond
,
5.85%
to
3/14/36,
FRN
thereafter
,
3/15/56
1,750,000
1,718,503
Morgan
Stanley
,
4.493%
to
1/15/31,
FRN
thereafter
,
1/16/32
.........
5,000,000
4,917,375
5.424%
to
7/20/33,
FRN
thereafter
,
7/21/34
.........
5,000,000
5,075,210
Nasdaq,
Inc.
,
5.350
%,
6/28/28
.
1,319,000
1,346,590
OneMain
Finance
Corp.
,
3.500
%,
1/15/27
.................
2,000,000
1,963,489
PNC
Financial
Services
Group,
Inc.
(The)
,
5.575%
to
1/28/35,
FRN
thereafter
,
1/29/36
.....
1,300,000
1,327,637
Principal
Financial
Group,
Inc.
,
5.375
%,
3/15/33
...........
1,000,000
1,021,751
Prudential
Financial,
Inc.
,
5.800
%,
11/16/41
.........
875,000
865,764
Junior
Sub.
Bond
,
4.5%
to
9/14/27,
FRN
thereafter
,
9/15/47
.................
1,000,000
976,092
Travelers
Cos.,
Inc.
(The)
,
5.350
%,
11/01/40
.........
1,000,000
990,225
5.450
%,
5/25/53
..........
1,000,000
959,257
5.700
%,
7/24/55
..........
250,000
248,437
c
UBS
Group
AG
,
Junior
Sub.
Bond
,
144A,
7%
to
7/07/36,
FRN
thereafter
,
Perpetual
.......
2,000,000
1,934,401
Unum
Group
,
6.000
%,
6/15/54
.
1,000,000
947,793
Wells
Fargo
&
Co.
,
5.499%
to
1/22/34,
FRN
thereafter
,
1/23/35
3,250,000
3,309,387
c
WLB
Asset
VI
Pte.
Ltd.
,
144A,
7.250
%,
12/21/27
..........
987,888
1,023,558
a
a
Shares/
Principal
a
Value
a
a
a
a
Financials
(continued)
c
WLB
Asset
VII
Pte.
Ltd.
,
144A,
5.880
%,
7/30/29
...........
925,000
$
923,088
76,171,497
Health
Care
3.2%
AbbVie,
Inc.
,
5.550
%,
3/15/56
..
1,000,000
978,710
Agilent
Technologies,
Inc.
,
4.750
%,
9/09/34
...........
1,000,000
986,360
Amgen,
Inc.
,
4.850
%,
2/19/36
..........
2,000,000
1,965,823
6.400
%,
2/01/39
..........
2,000,000
2,164,389
Augusta
SpinCo
Corp.
,
5.245
%,
3/23/36
.................
2,700,000
2,701,686
c
Avantor
Funding,
Inc.
,
144A,
4.625
%,
7/15/28
...........
2,000,000
1,953,227
CVS
Health
Corp.
,
5.125
%,
2/21/30
..........
2,000,000
2,028,629
4.780
%,
3/25/38
..........
1,000,000
922,078
Elevance
Health,
Inc.
,
4.000
%,
9/15/28
..........
1,000,000
991,483
5.375
%,
6/15/34
..........
1,000,000
1,013,503
5.650
%,
6/15/54
..........
1,000,000
942,698
GE
HealthCare
Technologies,
Inc.
,
5.500
%,
6/15/35
.......
2,000,000
2,041,599
HCA,
Inc.
,
5.500
%,
3/01/32
..........
1,500,000
1,538,249
4.600
%,
11/15/32
.........
750,000
729,769
7.500
%,
11/06/33
.........
1,000,000
1,134,262
Humana,
Inc.
,
Junior
Sub.
Bond
,
6.625%
to
9/14/31,
FRN
thereafter
,
9/15/56
.........
800,000
769,076
c
IQVIA,
Inc.
,
144A,
5.000
%,
10/15/26
................
1,000,000
1,001,373
Kaiser
Foundation
Hospitals
,
2021
,
2.810
%,
6/01/41
......
1,000,000
727,008
Laboratory
Corp.
of
America
Holdings
,
4.350
%,
4/01/30
...
1,500,000
1,487,320
c
Roche
Holdings,
Inc.
,
144A,
4.075
%,
12/02/30
..........
1,000,000
987,936
27,065,178
Industrials
1.9%
AGCO
Corp.
,
5.450
%,
3/21/27
.
2,000,000
2,014,035
American
Museum
of
Natural
History
(The)
,
2021
,
3.121
%,
7/15/52
.................
750,000
553,531
Burlington
Northern
Santa
Fe
LLC
,
5.500
%,
3/15/55
..........
250,000
241,188
5.550
%,
3/15/56
..........
750,000
727,746
California
Endowment
(The)
,
2021
,
2.498
%,
4/01/51
......
1,000,000
591,893
Carrier
Global
Corp.
,
3.377
%,
4/05/40
.................
1,000,000
788,229
c
Clean
Harbors,
Inc.
,
144A,
6.375
%,
2/01/31
...........
2,000,000
2,032,541
Deere
&
Co.
,
5.450
%,
1/16/35
..
1,000,000
1,039,188
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
Industrials
(continued)
c
Esab
Corp.
,
144A,
6.250
%,
4/15/29
.................
1,000,000
$
1,016,149
Howmet
Aerospace,
Inc.
,
5.950
%,
2/01/37
.................
2,500,000
2,667,127
Local
Initiatives
Support
Corp.
,
4.600
%,
7/15/26
...........
500,000
500,823
Nature
Conservancy
(The)
,
A
,
1.861
%,
7/01/33
........
266,000
214,293
A
,
3.957
%,
3/01/52
........
750,000
594,735
Pentair
Finance
SARL
,
5.900
%,
7/15/32
.................
1,705,000
1,784,211
Republic
Services,
Inc.
,
6.200
%,
3/01/40
.................
1,500,000
1,629,504
16,395,193
Information
Technology
1.7%
Apple,
Inc.
,
4.750
%,
5/12/35
..........
2,000,000
2,033,061
2.650
%,
2/08/51
..........
3,000,000
1,818,509
c
Ciena
Corp.
,
144A,
4.000
%,
1/31/30
.................
1,000,000
951,944
Cisco
Systems,
Inc.
,
5.900
%,
2/15/39
.................
3,500,000
3,698,197
Hewlett
Packard
Enterprise
Co.
,
4.400
%,
10/15/30
..........
2,500,000
2,455,190
c
Kioxia
Holdings
Corp.
,
144A,
6.250
%,
7/24/30
...........
1,000,000
1,017,029
Oracle
Corp.
,
5.700
%,
2/04/36
.
800,000
769,537
c
Seagate
Data
Storage
Technology
Pte.
Ltd.
,
144A,
5.875
%,
7/15/30
.................
2,000,000
2,034,220
14,777,687
Materials
0.5%
Steel
Dynamics,
Inc.
,
5.250
%,
5/15/35
.................
1,500,000
1,501,413
Vulcan
Materials
Co.
,
5.350
%,
12/01/34
................
3,000,000
3,049,394
4,550,807
Real
Estate
0.9%
Brixmor
Operating
Partnership
LP
,
5.200
%,
4/01/32
...........
1,500,000
1,510,331
Century
Housing
Corp.
,
4.150
%,
12/15/28
................
500,000
496,629
Kimco
Realty
OP
LLC
,
4.850
%,
3/01/35
.................
2,750,000
2,695,098
Welltower
OP
LLC
,
6.500
%,
3/15/41
.................
2,549,000
2,801,860
7,503,918
Utilities
5.5%
Ameren
Corp.
,
5.375
%,
3/15/35
1,000,000
1,011,354
American
Electric
Power
Co.,
Inc.
,
C
,
Junior
Sub.
Bond
,
5.8%
to
3/14/31,
FRN
thereafter
,
3/15/56
1,000,000
988,505
a
a
Shares/
Principal
a
Value
a
a
a
a
Utilities
(continued)
American
Water
Capital
Corp.
,
5.200
%,
4/01/36
...........
2,500,000
$
2,506,237
Consolidated
Edison
Co.
of
New
York,
Inc.
,
5.125
%,
3/15/35
..
2,000,000
2,011,731
Constellation
Energy
Generation
LLC
,
3.900
%,
1/08/28
..........
1,000,000
992,433
4.400
%,
1/15/31
..........
1,000,000
987,375
DTE
Electric
Co.
,
A
,
4.850
%,
3/01/36
.................
1,500,000
1,472,518
DTE
Energy
Co.
,
5.050
%,
10/01/35
................
1,750,000
1,725,366
Duke
Energy
Corp.
,
5.450
%,
6/15/34
..........
2,000,000
2,045,160
4.950
%,
9/15/35
..........
1,000,000
975,208
Essential
Utilities,
Inc.
,
5.250
%,
8/15/35
..........
2,750,000
2,747,693
5.125
%,
3/15/36
..........
917,000
904,558
Eversource
Energy
,
A
,
Junior
Sub.
Bond
,
6.1%
to
8/14/31,
FRN
thereafter
,
8/15/56
.........
1,500,000
1,482,093
Florida
Power
&
Light
Co.
,
5.600
%,
6/15/54
...........
1,000,000
979,666
c
ITC
Holdings
Corp.
,
144A,
4.875
%,
4/15/31
...........
2,000,000
2,001,821
MidAmerican
Energy
Co.
,
3.650
%,
4/15/29
...........
1,000,000
982,244
c
Niagara
Mohawk
Power
Corp.
,
144A,
4.647
%,
10/03/30
.....
2,000,000
1,992,909
NiSource,
Inc.
,
5.350
%,
7/15/35
..........
2,000,000
2,014,494
Junior
Sub.
Bond
,
6.375%
to
3/30/35,
FRN
thereafter
,
3/31/55
.................
1,000,000
1,026,754
Northern
States
Power
Co.
,
5.400
%,
3/15/54
...........
2,000,000
1,903,650
NSTAR
Electric
Co.
,
5.200
%,
3/01/35
.................
2,000,000
2,015,869
PG&E
Energy
Recovery
Funding
LLC
,
A-3
,
2.822
%,
7/15/46
...
750,000
554,964
PG&E
Recovery
Funding
LLC
,
A-2
,
5.256
%,
1/15/38
......
1,000,000
1,030,987
A-3
,
5.536
%,
7/15/47
......
2,625,000
2,596,952
PPL
Electric
Utilities
Corp.
,
5.550
%,
8/15/55
...........
750,000
729,646
SCE
Recovery
Funding
LLC
,
5.541
%,
9/15/50
..........
750,000
736,525
A-1
,
4.697
%,
6/15/40
......
1,978,585
1,911,579
A-2
,
2.943
%,
11/15/42
......
1,450,000
1,233,816
A-2
,
5.112
%,
12/15/47
......
880,000
826,151
Southern
Power
Co.
,
A
,
4.250
%,
10/01/30
................
1,000,000
987,504
Southwestern
Public
Service
Co.
,
6.000
%,
6/01/54
...........
1,000,000
1,008,137
Union
Electric
Co.
,
5.250
%,
4/15/35
..........
1,000,000
1,011,764
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
Utilities
(continued)
Union
Electric
Co.,
(continued)
5.125
%,
3/15/55
..........
1,500,000
$
1,360,323
46,755,986
Total
Corporate
Bonds
(Cost
$
258,520,898
)
..............
254,818,378
Foreign
Government
and
Agency
Securities
1.7%
c
Caisse
d'Amortissement
de
la
Dette
Sociale
,
144A,
4.000
%,
3/03/33
.................
3,000,000
2,912,599
Export-Import
Bank
of
Korea
,
3.750
%,
1/13/29
...........
800,000
794,723
c
Kommunalbanken
A/S
,
144A,
1.125
%,
10/26/26
.....
1,500,000
1,477,387
144A,
4.125
%,
8/29/30
......
1,000,000
1,005,939
144A,
3.750
%,
1/14/31
......
800,000
791,886
c
Kommuninvest
I
Sverige
AB
,
144A,
4.000
%,
11/29/28
.....
1,000,000
1,002,843
Kreditanstalt
fuer
Wiederaufbau
,
4.625
%,
3/18/30
...........
3,000,000
3,083,698
3.750
%,
7/15/30
...........
600,000
596,562
3.750
%,
3/14/31
...........
1,591,000
1,578,565
c
Ontario
Teachers'
Finance
Trust
,
144A,
1.250
%,
9/27/30
......
1,000,000
885,421
Total
Foreign
Government
and
Agency
Securities
(Cost
$
14,319,270
)
...............
14,129,623
U.S.
Government
and
Agency
Securities
22.7%
FFCB
Funding
Corp.
,
1.000
%,
10/07/26
..........
3,000,000
2,957,085
1.850
%,
3/28/30
...........
1,095,000
1,011,334
2.020
%,
4/01/31
...........
780,000
711,070
1.880
%,
6/16/31
...........
1,220,000
1,096,939
2.500
%,
4/14/36
...........
3,000,000
2,509,364
FHLB
,
2.000
%,
3/25/30
.......
1,666,667
1,544,789
U.S.
Treasury
Bonds
,
4.875
%,
8/15/45
...........
34,000,000
33,896,406
Index
Linked,
1.000
%,
2/15/48
1,000,000
948,355
1.875
%,
11/15/51
..........
17,000,000
9,344,023
4.625
%,
11/15/55
..........
24,000,000
22,935,000
U.S.
Treasury
Notes
,
3.500
%,
1/31/28
...........
48,000,000
47,730,000
3.500
%,
1/15/29
...........
47,000,000
46,603,438
3.750
%,
1/31/31
...........
20,000,000
19,831,250
United
States
International
Development
Finance
Corp.
,
3.520
%,
9/20/32
...........
928,571
902,408
d
FRN,
3.850
%,
(
3-month
U.S.
Treasury
Bill
Rate
),
9/15/26
..
166,667
166,667
1.650
%,
4/15/28
...........
500,000
482,302
1.440
%,
4/15/28
...........
1,000,000
961,614
a
a
Shares/
Principal
a
Value
a
a
a
a
U.S.
Government
and
Agency
Securities
(continued)
United
States
International
Development
Finance
Corp.,
(continued)
3.130
%,
4/15/28
...........
1,000,000
$
983,133
Total
U.S.
Government
and
Agency
Securities
(Cost
$
197,004,225
)
..............
194,615,177
Asset-Backed
Securities
6.3%
Financials
6.3%
c
,d
AGL
CLO
23
Ltd.
,
2022-23A
,
A1R
,
144A,
FRN
,
4.818
%,
(
3-month
SOFR
+
1.150
%
),
4/20/38
.
...
2,600,000
2,592,395
c
Aqua
Finance
Issuer
Trust
,
2025-
B
,
A
,
144A,
4.790
%,
5/17/51
.
.
1,551,896
1,560,026
c
CCG
Receivables
Trust
,
2025-2
,
D
,
144A,
5.080
%,
8/15/34
.
...
1,000,000
995,996
c
,d
CIFC
Funding
Ltd.
,
2019-5A
,
A1R2
,
144A,
FRN
,
4.942
%,
(
3-month
SOFR
+
1.270
%
),
10/15/38
.
................
2,360,000
2,356,356
c
College
Ave
Student
Loans
LLC
,
2024-B
,
A1A
,
144A,
5.690
%,
8/25/54
.
.................
1,961,784
2,003,291
c
Compass
Datacenters
Issuer
II
LLC
,
2025-2A
,
A1
,
144A,
4.926
%,
11/25/50
.
.........
1,778,000
1,752,450
c
Compass
Datacenters
Issuer
III
LLC
,
2026-1A
,
A21
,
144A,
4.897
%,
2/25/56
.
..........
2,667,000
2,648,206
c
Dell
Equipment
Finance
Trust
,
2025-1
,
D
,
144A,
5.640
%,
8/22/31
.................
2,555,000
2,582,766
2025-2
,
D
,
144A,
4.830
%,
3/22/32
.................
500,000
498,841
c
,d
Elmwood
CLO
IX
Ltd.
,
2021-
2A
,
AR
,
144A,
FRN
,
4.808
%,
(
3-month
SOFR
+
1.140
%
),
4/20/38
.
.................
2,000,000
1,994,188
c
Foundation
Finance
Trust
,
2023-1A
,
A
,
144A,
5.670
%,
12/15/43
................
1,178,637
1,201,885
2023-2A
,
A
,
144A,
6.530
%,
6/15/49
.................
406,987
422,413
2023-2A
,
C
,
144A,
7.310
%,
6/15/49
.................
1,081,847
1,126,084
2025-2A
,
A
,
144A,
4.670
%,
4/15/52
.................
1,069,204
1,063,563
c
GreenSky
Home
Improvement
Issuer
Trust
,
2025-3A
,
C
,
144A,
4.860
%,
12/27/60
.
.........
2,500,000
2,493,931
c
HPEFS
Equipment
Trust
,
2025-
2A
,
D
,
144A,
4.770
%,
5/20/33
.
1,000,000
993,549
c
MetroNet
Infrastructure
Issuer
LLC
,
2025-2A
,
A2
,
144A,
5.400
%,
8/20/55
.................
1,000,000
1,009,854
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
Asset-Backed
Securities
(continued)
Financials
(continued)
c
MetroNet
Infrastructure
Issuer
LLC,
(continued)
2025-2A
,
B
,
144A,
5.590
%,
8/20/55
.................
1,000,000
$
1,003,280
2025-4A
,
A2
,
144A,
5.163
%,
12/20/55
................
1,000,000
997,710
2026-1A
,
A2
,
144A,
5.273
%,
4/20/56
.................
1,500,000
1,508,613
c
Mill
City
Solar
Loan
Ltd.
,
2019-
2GS
,
A
,
144A,
3.690
%,
7/20/43
.
353,265
320,431
c
Mosaic
Solar
Loan
Trust
,
2017-2A
,
A
,
144A,
3.820
%,
6/22/43
.................
295,171
279,289
2018-1A
,
A
,
144A,
4.010
%,
6/22/43
.................
792,258
747,482
2020-2A
,
A
,
144A,
1.440
%,
8/20/46
.................
549,370
464,945
2020-2A
,
C
,
144A,
3.000
%,
8/20/46
.................
364,301
322,551
c
Navient
Refinance
Loan
Trust
,
2026-A
,
A
,
144A,
4.500
%,
1/18/56
.................
1,778,000
1,759,826
2026-A
,
C
,
144A,
5.570
%,
1/18/56
.................
1,600,000
1,575,119
c
,d
OCP
CLO
Ltd.
,
2021-21A
,
AR
,
144A,
FRN
,
4.848
%,
(
3-month
SOFR
+
1.180
%
),
1/20/38
.
...
1,000,000
996,693
c
PACEWell
5
Trust
,
2021-1
,
A
,
144A,
2.628
%,
10/10/59
.
....
769,180
645,021
c
,d
Palmer
Square
CLO
Ltd.
,
2021-
4A
,
A1R
,
144A,
FRN
,
4.992
%,
(
3-month
SOFR
+
1.320
%
),
7/15/38
.
.................
2,500,000
2,501,205
SBA
Small
Business
Investment
Cos.
,
2023-10A
,
1
,
5.168
%,
3/10/33
754,393
768,358
2023-10B
,
1
,
5.688
%,
9/10/33
815,658
846,481
2025-10A
,
1
,
4.963
%,
3/10/35
1,483,242
1,507,279
c
SoFi
Professional
Loan
Program
LLC
,
2018-B
,
BFX
,
144A,
3.830
%,
8/25/47
.
..........
461,057
447,330
c
Sunrun
Athena
Issuer
LLC
,
2018-
1
,
A
,
144A,
5.310
%,
4/30/49
.
.
738,576
714,674
c
Sunrun
Atlas
Issuer
LLC
,
2019-2
,
A
,
144A,
3.610
%,
2/01/55
.
...
1,587,910
1,533,191
c
Switch
ABS
Issuer
LLC
,
2026-1A
,
A21
,
144A,
5.609
%,
3/27/56
.
.
2,000,000
2,004,524
c
Tesla
Auto
Lease
Trust
,
2023-B
,
B
,
144A,
6.570
%,
8/20/27
.
...
133,434
133,550
c
Tricon
American
Homes
Trust
,
2020-SFR2
,
A
,
144A,
1.482
%,
11/17/39
.
................
1,159,553
1,104,903
c
VB-S1
Issuer
LLC
,
2026-1A
,
C2
,
144A,
4.693
%,
3/15/56
.................
2,250,000
2,213,595
2026-1A
,
D
,
144A,
5.193
%,
3/15/56
.................
1,000,000
984,977
a
a
Shares/
Principal
a
Value
a
a
a
a
Asset-Backed
Securities
(continued)
Financials
(continued)
c
Vivint
Solar
Financing
V
LLC
,
2018-1A
,
A
,
144A,
4.730
%,
4/30/48
.
.................
801,844
$
781,753
53,458,574
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$
53,848,583
)
...............
53,458,574
Mortgage-Backed
Securities
31.5%
Commercial
Mortgage-Backed
Securities
4.2%
c
,d
BX
Commercial
Mortgage
Trust
,
2026-CSMO
,
A
,
144A
,
FRN,
5.073
%,
(
1-month
SOFR
+
1.400
%),
2/15/43
..........
2,500,000
2,503,747
c
,d
Durst
Commercial
Mortgage
Trust
,
2025-151
,
D
,
144A
,
FRN,
6.338
%,
8/10/42
...........
2,750,000
2,815,772
d
FHLMC,
Multi-class
Certificates
,
2024-P016
,
A2
,
FRN,
4.616
%,
9/25/33
.................
2,000,000
2,011,936
FHLMC,
Multi-family
Structured
Pass-Through
Certificates
,
KG01
,
A10
,
2.939
%,
4/25/29
.
3,000,000
2,886,353
KG02
,
A2
,
2.412
%,
8/25/29
..
2,000,000
1,895,317
KG04
,
A2
,
1.487
%,
11/25/30
.
2,000,000
1,773,647
d
KG07
,
A2
,
FRN,
3.123
%,
8/25/32
.................
1,750,000
1,628,278
d
KSG4
,
A2
,
FRN,
3.400
%,
8/25/32
.................
2,000,000
1,885,326
FNMA,
ACES
,
d
2018-M13
,
A2
,
FRN,
3.754
%,
9/25/30
.................
1,184,682
1,163,797
d
2019-M1
,
A2
,
FRN,
3.560
%,
9/25/28
.................
1,432,425
1,414,996
2019-M9
,
A2
,
2.937
%,
6/25/29
981,358
951,068
d
2021-M1S
,
A2
,
FRN,
1.391
%,
12/25/30
................
2,358,351
2,092,721
d
2023-M1S
,
A2
,
FRN,
4.500
%,
4/25/33
.................
2,500,000
2,507,528
GNMA
,
d
2013-101
,
AF
,
FRN,
2.833
%,
9/16/50
.................
308,814
304,411
d
2014-164
,
AN
,
FRN,
3.113
%,
3/16/55
.................
454,405
407,559
2019-H02
,
JA
,
3.500
%,
12/20/68
................
2,140,651
2,056,267
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
Mortgage-Backed
Securities
(continued)
Commercial
Mortgage-Backed
Securities
(continued)
c
,d
MAD
Commercial
Mortgage
Trust
,
2025-11MD
,
B
,
144A
,
FRN,
4.755
%,
10/15/42
..........
2,000,000
$
1,995,184
c
,d
PLYM
Commercial
Mortgage
Trust
,
2026-IND
,
B
,
144A
,
FRN,
5.123
%,
(
1-month
SOFR
+
1.450
%),
3/15/43
..........
1,750,000
1,739,925
c
SLG
Office
Trust
,
2021-OVA
,
A
,
144A
,
2.585
%,
7/15/41
......
1,500,000
1,335,674
c
,d
VRTX
Trust
,
2025-HQ
,
C
,
144A
,
FRN,
5.921
%,
8/05/42
......
2,000,000
1,997,011
35,366,517
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
6.3%
FHLMC
Gold
Pool,
20
Year
,
3.000
%,
3/01/35
...........
1,785,067
1,701,916
FHLMC
Pool,
30
Year
,
4.500
%,
3/01/49
.................
2,218,692
2,174,476
FHLMC
Pool,
30
Year
,
3.000
%,
12/01/49
................
1,315,292
1,172,119
FHLMC
Pool,
30
Year
,
2.500
%,
7/01/50
.................
3,092,549
2,631,265
FHLMC
Pool,
30
Year
,
2.000
%,
2/01/51
.................
2,005,076
1,651,160
FHLMC
Pool,
30
Year
,
2.500
%,
4/01/51
.................
2,145,983
1,812,552
FHLMC
Pool,
30
Year
,
4.000
%,
8/01/51
.................
2,239,868
2,129,187
FHLMC
Pool,
30
Year
,
3.000
%,
4/01/52
.................
3,876,981
3,440,017
FHLMC
Pool,
30
Year
,
4.000
%,
8/01/52
.................
2,040,751
1,943,759
FHLMC
Pool,
30
Year
,
5.500
%,
9/01/52
.................
3,114,335
3,168,781
FHLMC
Pool,
30
Year
,
5.500
%,
11/01/52
................
2,841,069
2,898,664
FHLMC
Pool,
30
Year
,
5.500
%,
3/01/53
.................
2,170,248
2,210,983
FHLMC
Pool,
30
Year
,
4.500
%,
4/01/53
.................
1,542,337
1,495,445
FHLMC
Pool,
30
Year
,
3.000
%,
6/01/53
.................
2,504,417
2,239,358
FHLMC
Pool,
30
Year
,
6.000
%,
6/01/53
.................
2,237,786
2,307,750
FHLMC
Pool,
30
Year
,
6.500
%,
6/01/53
.................
1,358,428
1,424,890
FHLMC
Pool,
30
Year
,
4.500
%,
7/01/53
.................
2,843,376
2,756,929
FHLMC
Pool,
30
Year
,
5.000
%,
8/01/53
.................
2,593,582
2,565,911
FHLMC
Pool,
30
Year
,
5.500
%,
1/01/54
.................
2,511,098
2,531,598
FHLMC
Pool,
30
Year
,
5.000
%,
3/01/54
.................
2,478,277
2,449,547
FHLMC
Pool,
30
Year
,
5.500
%,
4/01/54
.................
1,697,305
1,719,322
FHLMC
Pool,
30
Year
,
6.000
%,
7/01/54
.................
885,835
911,700
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
,
5.000
%,
10/01/54
................
2,754,254
$
2,742,994
FHLMC
Pool,
30
Year
,
6.000
%,
10/01/54
................
1,140,945
1,168,027
FHLMC
Pool,
30
Year
,
6.000
%,
1/01/55
.................
2,799,099
2,856,869
54,105,219
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
13.0%
FNMA,
15
Year
,
2.000
%,
3/01/36
1,525,664
1,408,531
FNMA,
20
Year
,
3.000
%,
10/01/36
2,356,663
2,237,792
FNMA,
20
Year
,
2.000
%,
11/01/40
1,626,546
1,431,029
FNMA,
20
Year
,
2.000
%,
12/01/40
1,882,542
1,656,053
FNMA,
20
Year
,
2.500
%,
12/01/40
1,684,491
1,530,522
FNMA,
20
Year
,
3.000
%,
1/01/42
1,854,232
1,707,082
FNMA,
30
Year
,
3.500
%,
7/01/43
2,600,052
2,455,747
FNMA,
30
Year
,
3.000
%,
11/01/46
2,106,560
1,904,036
FNMA,
30
Year
,
2.500
%,
2/01/47
2,332,256
1,999,438
FNMA,
30
Year
,
3.500
%,
9/01/49
3,358,116
3,114,631
FNMA,
30
Year
,
3.500
%,
1/01/50
1,966,800
1,833,026
FNMA,
30
Year
,
2.500
%,
8/01/50
1,291,583
1,108,520
FNMA,
30
Year
,
2.500
%,
9/01/50
6,806,403
5,795,969
FNMA,
30
Year
,
2.000
%,
10/01/50
2,571,648
2,083,978
FNMA,
30
Year
,
1.500
%,
11/01/50
1,823,646
1,418,958
FNMA,
30
Year
,
2.500
%,
11/01/50
1,373,864
1,171,639
FNMA,
30
Year
,
2.500
%,
12/01/50
1,736,829
1,490,375
FNMA,
30
Year
,
1.500
%,
1/01/51
3,573,079
2,771,933
FNMA,
30
Year
,
2.500
%,
1/01/51
1,343,672
1,141,697
FNMA,
30
Year
,
2.500
%,
5/01/51
1,371,756
1,164,268
FNMA,
30
Year
,
2.500
%,
7/01/51
6,287,656
5,347,524
FNMA,
30
Year
,
2.000
%,
9/01/51
2,362,728
1,912,180
FNMA,
30
Year
,
2.000
%,
10/01/51
2,117,729
1,733,741
FNMA,
30
Year
,
2.500
%,
11/01/51
2,376,315
2,013,921
FNMA,
30
Year
,
2.500
%,
2/01/52
2,894,879
2,451,447
FNMA,
30
Year
,
3.000
%,
4/01/52
5,579,775
4,939,294
FNMA,
30
Year
,
3.500
%,
4/01/52
5,404,237
4,970,463
FNMA,
30
Year
,
3.000
%,
6/01/52
2,459,395
2,182,208
FNMA,
30
Year
,
3.500
%,
6/01/52
2,968,666
2,742,606
FNMA,
30
Year
,
3.500
%,
7/01/52
2,932,414
2,712,977
FNMA,
30
Year
,
4.000
%,
7/01/52
5,646,489
5,367,015
FNMA,
30
Year
,
4.500
%,
7/01/52
2,297,690
2,228,839
FNMA,
30
Year
,
4.500
%,
8/01/52
2,534,517
2,471,606
FNMA,
30
Year
,
5.000
%,
9/01/52
2,130,640
2,119,058
FNMA,
30
Year
,
4.500
%,
10/01/52
2,154,203
2,097,938
FNMA,
30
Year
,
3.500
%,
4/01/53
2,606,192
2,403,126
FNMA,
30
Year
,
5.500
%,
5/01/53
2,210,095
2,254,176
FNMA,
30
Year
,
4.000
%,
6/01/53
2,544,835
2,430,862
FNMA,
30
Year
,
4.000
%,
7/01/53
2,710,845
2,567,821
FNMA,
30
Year
,
4.000
%,
2/01/54
3,529,948
3,342,499
FNMA,
30
Year
,
6.000
%,
2/01/54
2,219,702
2,296,779
FNMA,
30
Year
,
5.000
%,
11/01/54
3,661,749
3,645,569
FNMA,
30
Year
,
4.500
%,
12/01/54
2,907,279
2,815,648
FNMA,
30
Year
,
5.000
%,
1/01/56
2,993,500
2,955,252
FNMA,
30
Year
,
5.000
%,
3/01/56
2,000,000
1,994,199
111,421,972
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
(continued)
Government
National
Mortgage
Association
(GNMA)
Adjust-
able
Rate
0.2%
d
GNMA
II
,
3.559
%,
2/20/74
.....
2,254,055
$
2,110,702
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
2.6%
GNMA
I
,
3.020
%,
9/15/41
.....
1,426,864
1,263,272
GNMA
II,
Single-family,
30
Year
,
3.000
%,
10/20/51
..........
2,804,321
2,508,379
GNMA
II,
Single-family,
30
Year
,
2.000
%,
7/20/52
...........
2,582,691
2,138,593
GNMA
II,
Single-family,
30
Year
,
2.500
%,
7/20/52
...........
1,407,114
1,213,341
GNMA
II,
Single-family,
30
Year
,
2.500
%,
8/20/52
...........
4,229,649
3,660,024
GNMA
II,
Single-family,
30
Year
,
2.500
%,
2/20/53
...........
3,635,409
3,139,880
GNMA
II,
Single-family,
30
Year
,
2.500
%,
4/20/53
...........
2,982,917
2,575,251
GNMA
II,
Single-family,
30
Year
,
3.000
%,
6/20/53
...........
3,970,432
3,564,413
GNMA
II,
Single-family,
30
Year
,
3.000
%,
7/20/53
...........
2,234,214
2,004,260
22,067,413
Residential
Mortgage-Backed
Securities
5.2%
c
Angel
Oak
Mortgage
Trust
,
d
2022-2
,
A1
,
144A
,
FRN,
4.045
%,
1/25/67
...........
1,303,656
1,248,682
2022-5
,
A1
,
144A
,
4.500
%,
5/25/67
.................
1,359,356
1,354,562
c
AOMT,
Inc.
,
2024-6
,
A3
,
144A
,
4.650
%,
11/25/67
..........
1,665,794
1,643,569
c
Brean
Asset-Backed
Securities
Trust
,
2026-RM14
,
A1
,
144A
,
4.250
%,
1/25/66
...........
2,000,000
1,929,557
c
,d
FARM
Mortgage
Trust
,
2024-1
,
A
,
144A
,
FRN,
4.677
%,
10/01/53
................
1,639,699
1,589,411
2024-2
,
A
,
144A
,
FRN,
5.165
%,
8/01/54
.................
1,262,174
1,166,228
2025-1
,
A
,
144A
,
FRN,
5.220
%,
8/01/55
.................
982,591
969,898
2025-2
,
A
,
144A
,
FRN,
5.290
%,
9/25/54
.................
1,881,248
1,876,881
c
,d
FHLMC
STACR
REMIC
Trust
,
2020-HQA2
,
M2
,
144A
,
FRN,
6.876
%,
(
30-day
SOFR
Average
+
3.214
%),
3/25/50
........
521,066
531,843
2024-DNA1
,
A1
,
144A
,
FRN,
5.012
%,
(
30-day
SOFR
Average
+
1.350
%),
2/25/44
........
1,126,129
1,126,665
2024-DNA2
,
M1
,
144A
,
FRN,
4.862
%,
(
30-day
SOFR
Average
+
1.200
%),
5/25/44
........
812,572
812,510
2025-DNA1
,
A1
,
144A
,
FRN,
4.612
%,
(
30-day
SOFR
Average
+
0.950
%),
1/25/45
........
707,000
706,048
a
a
Shares/
Principal
a
Value
a
a
a
a
Mortgage-Backed
Securities
(continued)
Residential
Mortgage-Backed
Securities
(continued)
c
,d
Flagstar
Mortgage
Trust
,
2021-5INV
,
A5
,
144A
,
FRN,
2.500
%,
7/25/51
...........
556,592
$
502,738
2021-6INV
,
A6
,
144A
,
FRN,
2.500
%,
8/25/51
...........
1,150,383
1,036,841
c
,d
FNMA
Connecticut
Avenue
Securities
Trust
,
2021-R01
,
1B1
,
144A
,
FRN,
6.762
%,
(
30-day
SOFR
Average
+
3.100
%),
10/25/41
........
1,249,000
1,261,215
2023-R06
,
1M1
,
144A
,
FRN,
5.362
%,
(
30-day
SOFR
Average
+
1.700
%),
7/25/43
........
459,281
460,111
2025-R02
,
1A1
,
144A
,
FRN,
4.662
%,
(
30-day
SOFR
Average
+
1.000
%),
2/25/45
........
996,024
994,892
c
,d
J.P.
Morgan
Mortgage
Trust
,
2022-7
,
B2
,
144A
,
FRN,
3.691
%,
12/25/52
..........
2,716,413
2,405,408
2023-2
,
B3
,
144A
,
FRN,
5.559
%,
7/25/53
...........
1,406,966
1,341,910
c
,d
Mello
Mortgage
Capital
Acceptance
,
2021-INV1
,
A4
,
144A
,
FRN,
2.500
%,
6/25/51
.
634,981
569,489
c
,d
New
Residential
Mortgage
Loan
Trust
,
2019-2A
,
A1
,
144A
,
FRN,
4.250
%,
12/25/57
..........
516,938
506,830
2019-2A
,
B5A
,
144A
,
FRN,
4.200
%,
12/25/57
..........
2,194,863
2,073,751
2019-5A
,
A1B
,
144A
,
FRN,
3.500
%,
8/25/59
...........
298,979
282,735
c
OBX
Trust
,
d
2025-NQM13
,
A1
,
144A
,
FRN,
5.441
%,
5/25/65
...........
1,744,481
1,751,224
2025-NQM15
,
A1
,
144A
,
5.143
%,
7/27/65
...........
1,624,891
1,623,750
d
2025-NQM20
,
A1
,
144A
,
FRN,
5.021
%,
10/25/65
..........
916,538
913,783
c
,d
PMT
Loan
Trust
,
2025-CNF1
,
A2
,
144A
,
FRN,
5.000
%,
10/25/56
..........
2,266,361
2,221,230
2025-INV11
,
A2
,
144A
,
FRN,
5.500
%,
11/25/56
..........
1,032,962
1,033,777
2025-INV6
,
A2
,
144A
,
FRN,
6.000
%,
6/25/56
...........
1,950,387
1,972,603
c
,d
Sequoia
Mortgage
Trust
,
2021-4
,
A4
,
144A
,
FRN,
2.500
%,
6/25/51
...........
1,235,109
1,112,040
2024-2
,
A19
,
144A
,
FRN,
5.983
%,
3/25/54
...........
971,162
977,960
2024-3
,
A19
,
144A
,
FRN,
6.000
%,
4/25/54
...........
1,021,420
1,025,123
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)
Residential
Mortgage-Backed
Securities
(continued)
c
Towd
Point
Mortgage
Trust
,
2023-
1
,
A1
,
144A
,
3.750
%,
1/25/63
.
803,385
$
768,988
c
Verus
Securitization
Trust
,
2025-8
,
A3
,
144A
,
5.224
%,
9/25/70
.................
1,829,709
1,818,321
d
2026-1
,
A1
,
144A
,
FRN,
4.863
%,
1/25/71
...........
1,234,876
1,229,482
2026-1
,
A2
,
144A
,
5.117
%,
1/25/71
.................
1,481,851
1,473,434
44,313,489
Total
Mortgage-Backed
Securities
(Cost
$
280,355,712
)
..............
269,385,312
Municipal
Bonds
0.8%
California
0.4%
California
Health
Facilities
Financing
Authority
,
State
of
California
Personal
Income
Tax
,
Revenue
,
2022
,
4.190
%,
6/01/37
.................
1,750,000
1,640,373
State
of
California
,
GO
,
7.550
%,
4/01/39
.................
2,000,000
2,376,409
4,016,782
Massachusetts
0.4%
Commonwealth
of
Massachusetts
,
COVID-19
Recovery
Assessment
,
Revenue
,
2022
A
,
3.881
%,
1/15/31
...........
2,000,000
1,982,276
University
of
Massachusetts
Building
Authority
,
Revenue
,
2010-2
,
5.450
%,
11/01/40
...
1,225,000
1,251,099
3,233,375
Total
Municipal
Bonds
(Cost
$
7,883,412
)
................
7,250,157
Supranational
5.6%
Asian
Development
Bank
,
4.000
%,
1/12/33
...........
3,000,000
2,974,490
Council
of
Europe
Development
Bank
,
3.625
%,
5/08/28
......
1,000,000
996,022
European
Investment
Bank
,
3.875
%,
6/15/28
...........
1,000,000
1,001,809
4.500
%,
3/14/30
...........
2,000,000
2,044,724
3.750
%,
3/13/31
...........
1,714,000
1,696,476
4.625
%,
2/12/35
...........
500,000
512,731
Inter-American
Development
Bank
,
0.875
%,
4/20/26
...........
2,000,000
1,996,876
1.500
%,
1/13/27
...........
2,000,000
1,964,918
0.625
%,
9/16/27
...........
600,000
573,114
4.500
%,
2/15/30
...........
4,000,000
4,087,750
4.375
%,
7/16/35
...........
2,000,000
2,008,356
a
a
Shares/
Principal
a
Value
a
a
a
a
Supranational
(continued)
Inter-American
Investment
Corp.
,
4.250
%,
4/01/30
...........
2,500,000
$
2,521,181
International
Bank
for
Reconstruction
&
Development
,
3.125
%,
6/15/27
...........
2,000,000
1,983,774
0.750
%,
11/24/27
..........
1,000,000
951,802
4.625
%,
8/01/28
...........
550,000
559,961
4.625
%,
1/15/32
...........
5,600,000
5,767,380
1.745
%,
7/31/33
...........
3,200,000
3,289,179
2.750
%,
5/31/36
...........
2,000,000
1,656,138
d
FRN
,
4.185
%,
3/31/28
......
4,500,000
4,496,625
d
FRN
,
4.018
%,
(
SOFR
Index
+
0.370
%
),
2/11/31
..........
1,000,000
1,003,527
c
International
Development
Association
,
144A,
4.375
%,
6/11/29
......
800,000
811,723
144A,
4.500
%,
2/12/35
......
1,000,000
1,012,285
International
Finance
Corp.
,
4.375
%,
1/15/27
...........
1,000,000
1,004,077
4.250
%,
7/02/29
...........
2,000,000
2,023,735
Nordic
Investment
Bank
,
3.750
%,
5/09/30
.................
1,000,000
993,342
Total
Supranational
(Cost
$
47,979,741
)
...............
47,931,995
Total
Long
Term
Investments
(Cost
$
860,161,841
)
..............
841,839,019
a
Money
Market
1.4%
e,f
JPMorgan
U.S.
Treasury
Plus
Money
Market
Fund
,
3.670
%
.
12,193,166
12,193,166
(Cost
$12,193,166)
a
Total
Investments
99
.8
%
(Cost
$
872,355,007
)
.............
$854,032,185
Other
Assets,
less
Liabilities
0
.2
%
1,529,608
Net
Assets
100.0%
...............
$855,561,793
a
Rounds
to
less
than
0.05%.
b
Illiquid
security.
c
Security
purchased
pursuant
to
Rule
144A
of
the
Securities
Act
of
1933
and
may
be
resold
only
to
qualified
institutional
buyers.
d
Rate
shown
reflects
the
accrual
rate
as
of
March
31,
2026
on
securities
with
variable
or
step
rates.
e
Rate
shown
represents
an
annualized
7-day
yield
as
of
March
31,
2026.
f
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
Schedule
of
Investments
(Unaudited)
Impax
Core
Bond
Fund
(continued)
See
Notes
to
Schedule
of
Investments
Quarterly
Schedule
of
Investments
27
STACR
Structured
Agency
Credit
Risk
Schedule
of
Investments
(Unaudited),
March
31,
2026
Impax
High
Yield
Bond
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments
28
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Common
Stocks
0.1%
Telecommunications
0.1%
a,b,c
Digicel
Holdings
Bermuda
Ltd.
.
24,783
$
452,290
(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:
96.0%
d
Community
Investment
Notes
0.0
%
d
Community
Investment
Notes
0.0%
b
Envest
Microfinance
Cooperative
,
4.000
%,
4/20/26
...........
250,000
249,803
Total
Community
Investment
Notes
(Cost
$
250,000
)
.................
249,803
Corporate
Bonds
92
.4
%
Automotive
3.3%
e
Allison
Transmission,
Inc.
,
144A,
5.875
%,
6/01/29
...........
2,000,000
2,015,210
American
Axle
&
Manufacturing,
Inc.
,
5.000
%,
10/01/29
.........
2,000,000
1,909,208
e
144A,
6.375
%,
10/15/32
....
2,000,000
1,981,096
e
144A,
7.750
%,
10/15/33
....
1,000,000
974,113
e
Garrett
Motion
Holdings,
Inc.
/
Garrett
LX
I
SARL
,
144A,
7.750
%,
5/31/32
...........
2,500,000
2,590,212
e
IHO
Verwaltungs
GmbH
,
144A,
PIK,
6.375
%,
5/15/29
.......
2,000,000
2,000,546
e
Nissan
Motor
Co.
Ltd.
,
144A,
7.500
%,
7/17/30
...........
2,000,000
2,017,093
e
Phinia,
Inc.
,
144A,
6.750
%,
4/15/29
.................
2,000,000
2,038,606
e
ZF
North
America
Capital,
Inc.
,
144A,
6.750
%,
4/23/30
......
2,000,000
1,936,165
17,462,249
Banking
0.9%
Barclays
plc
,
Junior
Sub.
Bond
,
7.625%
to
9/14/35,
FRN
thereafter
,
Perpetual
.......
1,000,000
1,010,156
PNC
Financial
Services
Group,
Inc.
(The)
,
V
,
Junior
Sub.
Bond
,
6.2%
to
9/14/27,
FRN
thereafter
,
Perpetual
................
2,000,000
2,005,540
e
UBS
Group
AG
,
Junior
Sub.
Bond
,
144A,
7%
to
7/07/36,
FRN
thereafter
,
Perpetual
.......
2,000,000
1,934,401
4,950,097
Basic
Industry
7.2%
ATI,
Inc.
,
7.250
%,
8/15/30
..........
1,000,000
1,037,654
5.125
%,
10/01/31
.........
1,800,000
1,780,110
a
a
Shares/
Principal
a
Value
a
a
a
a
Basic
Industry
(continued)
e
Brookfield
Residential
Properties,
Inc.
/
Brookfield
Residential
US
LLC
,
144A,
4.875
%,
2/15/30
.
3,000,000
$
2,758,131
e
Champion
Iron
Canada,
Inc.
,
144A,
7.875
%,
7/15/32
......
2,000,000
2,078,958
Cleveland-Cliffs,
Inc.
,
6.250
%,
10/01/40
.........
2,000,000
1,581,359
e
144A,
7.000
%,
3/15/32
.....
2,000,000
1,937,604
e
CVR
Partners
LP
/
CVR
Nitrogen
Finance
Corp.
,
144A,
6.125
%,
6/15/28
.................
4,300,000
4,287,887
e
INEOS
Finance
plc
,
144A,
7.500
%,
4/15/29
...........
1,000,000
971,048
e
K.
Hovnanian
Enterprises,
Inc.
,
144A,
8.375
%,
10/01/33
.....
3,000,000
2,970,172
e
Knife
River
Corp.
,
144A,
7.750
%,
5/01/31
.................
2,675,000
2,770,960
e
Limak
Cimento
Sanayi
ve
Ticaret
A/S
,
144A,
9.750
%,
7/25/29
..
1,000,000
987,829
e
Magnera
Corp.
,
144A,
7.250
%,
11/15/31
................
2,000,000
1,853,410
e
Maxam
Prill
SARL
,
144A,
7.750
%,
7/15/30
.................
2,000,000
2,038,926
e
Mineral
Resources
Ltd.
,
144A,
7.000
%,
4/01/31
...........
2,000,000
2,045,639
e
Nickel
Industries
Ltd.
,
144A,
9.000
%,
9/30/30
...........
1,000,000
1,002,318
e
Novelis
Corp.
,
144A,
4.750
%,
1/30/30
.................
2,300,000
2,177,554
Shea
Homes
LP
/
Shea
Homes
Funding
Corp.
,
4.750
%,
2/15/28
2,000,000
1,967,333
e
Standard
Building
Solutions,
Inc.
,
144A,
6.500
%,
8/15/32
......
2,000,000
2,002,804
e
Standard
Industries,
Inc.
,
144A,
4.375
%,
7/15/30
...........
1,875,000
1,768,453
38,018,149
Capital
Goods
7.3%
e
ATS
Corp.
,
144A,
4.125
%,
12/15/28
................
3,900,000
3,761,212
e
Clydesdale
Acquisition
Holdings,
Inc.
,
144A,
6.750
%,
4/15/32
..
1,000,000
947,334
e
Columbus
McKinnon
Corp.
,
144A,
7.125
%,
2/01/33
...........
2,000,000
2,000,950
Crown
Americas
LLC
,
5.875
%,
6/01/33
.................
3,500,000
3,501,621
e
Enpro,
Inc.
,
144A,
6.125
%,
6/01/33
.................
2,775,000
2,813,756
e
Esab
Corp.
,
144A,
6.250
%,
4/15/29
.....
3,000,000
3,048,447
144A,
5.625
%,
4/01/31
.....
2,750,000
2,776,152
e
Gates
Corp.
,
144A,
6.875
%,
7/01/29
.................
2,000,000
2,054,578
e
Graphic
Packaging
International
LLC
,
144A,
3.750
%,
2/01/30
.....
1,500,000
1,377,924
144A,
6.375
%,
7/15/32
.....
2,000,000
1,993,064
e
Manitowoc
Co.,
Inc.
(The)
,
Secured
Note
,
144A,
9.250
%,
10/01/31
................
2,000,000
2,091,056
Schedule
of
Investments
(Unaudited)
Impax
High
Yield
Bond
Fund
(continued)
See
Notes
to
Schedule
of
Investments
Quarterly
Schedule
of
Investments
29
a
a
Shares/
Principal
a
Value
a
a
a
a
Capital
Goods
(continued)
e
Mauser
Packaging
Solutions
Holding
Co.
,
144A,
7.875
%,
4/15/30
.................
1,500,000
$
1,501,072
e
OI
European
Group
BV
,
144A,
4.750
%,
2/15/30
...........
2,000,000
1,867,775
e
Owens-Brockway
Glass
Container,
Inc.
,
144A,
7.375
%,
6/01/32
.................
3,000,000
2,843,180
e
Sealed
Air
Corp.
,
144A,
6.500
%,
7/15/32
.................
3,500,000
3,673,546
e
Terex
Corp.
,
144A,
6.250
%,
10/15/32
................
2,000,000
2,014,886
38,266,553
Consumer
Goods
3.8%
e
BellRing
Brands,
Inc.
,
144A,
7.000
%,
3/15/30
...........
2,500,000
2,502,487
e
Energizer
Holdings,
Inc.
,
144A,
6.000
%,
9/15/33
...........
2,500,000
2,344,458
e
Land
O'
Lakes,
Inc.
,
Junior
Sub.
Bond
,
144A,
7.000
%,
Perpetual
3,685,000
3,261,225
e
Performance
Food
Group,
Inc.
,
144A,
6.125
%,
9/15/32
.....
2,000,000
2,006,194
144A,
5.625
%,
3/01/34
.....
2,000,000
1,931,195
e
Post
Holdings,
Inc.
,
144A,
4.500
%,
9/15/31
.....
2,000,000
1,861,913
144A,
6.250
%,
2/15/32
.....
3,000,000
3,034,767
e
Viking
Baked
Goods
Acquisition
Corp.
,
144A,
8.625
%,
11/01/31
3,000,000
2,976,043
19,918,282
Financial
Services
7.5%
e
Azorra
Finance
Ltd.
,
144A,
7.750
%,
4/15/30
.....
2,500,000
2,577,040
144A,
7.250
%,
1/15/31
.....
2,000,000
2,021,150
Block,
Inc.
,
6.500
%,
5/15/32
..........
3,000,000
3,029,268
e
144A,
6.000
%,
8/15/33
.....
1,000,000
984,514
e
Burford
Capital
Global
Finance
LLC
,
144A,
6.250
%,
4/15/28
.....
500,000
470,860
144A,
9.250
%,
7/01/31
.....
1,000,000
903,695
e
Freedom
Mortgage
Holdings
LLC
,
144A,
7.875
%,
4/01/33
......
2,000,000
1,877,206
Goldman
Sachs
Group,
Inc.
(The)
,
Junior
Sub.
Bond
,
6.85%
to
2/09/30,
FRN
thereafter
,
Perpetual
................
3,000,000
3,059,814
HA
Sustainable
Infrastructure
Capital,
Inc.
,
6.375
%,
7/01/34
2,000,000
2,014,529
e
Jefferies
Finance
LLC
/
JFIN
Co-Issuer
Corp.
,
144A,
5.000
%,
8/15/28
.................
3,000,000
2,798,435
OneMain
Finance
Corp.
,
6.625
%,
1/15/28
..........
1,125,000
1,133,498
7.125
%,
11/15/31
.........
1,000,000
991,672
e
Osaic
Holdings,
Inc.
,
144A,
6.750
%,
8/01/32
...........
1,175,000
1,176,016
a
a
Shares/
Principal
a
Value
a
a
a
a
Financial
Services
(continued)
e
Provident
Funding
Associates
LP
/
PFG
Finance
Corp.
,
144A,
9.750
%,
9/15/29
...........
3,000,000
$
3,082,761
e
Rocket
Cos.,
Inc.
,
144A,
6.125
%,
8/01/30
.....
2,000,000
2,019,694
144A,
6.375
%,
8/01/33
.....
2,500,000
2,529,985
e
Shift4
Payments
LLC
/
Shift4
Payments
Finance
Sub,
Inc.
,
144A,
6.750
%,
8/15/32
......
2,000,000
1,969,080
e
TrueNoord
Capital
DAC
,
144A,
8.750
%,
3/01/30
...........
3,000,000
3,065,388
e
UWM
Holdings
LLC
,
144A,
6.250
%,
3/15/31
...........
2,000,000
1,823,051
e
Velocity
Commercial
Capital
LLC
,
144A,
9.375
%,
2/15/31
......
2,000,000
2,001,045
39,528,701
Healthcare
7.1%
e
Accendra
Health,
Inc.
,
144A,
4.500
%,
3/31/29
...........
2,000,000
1,209,311
e
AMN
Healthcare,
Inc.
,
144A,
6.500
%,
1/15/31
...........
3,000,000
2,942,166
e
Avantor
Funding,
Inc.
,
144A,
4.625
%,
7/15/28
...........
4,600,000
4,492,422
CVS
Health
Corp.
,
6.125
%,
9/15/39
..........
2,500,000
2,568,524
Junior
Sub.
Bond
,
6.75%
to
12/09/34,
FRN
thereafter
,
12/10/54
................
3,000,000
3,038,844
Dentsply
Sirona,
Inc.
,
Junior
Sub.
Bond
,
8.375%
to
9/11/30,
FRN
thereafter
,
9/12/55
.........
3,000,000
2,931,929
e
HAH
Group
Holding
Co.
LLC
,
144A,
9.750
%,
10/01/31
.....
1,450,000
1,271,584
Humana,
Inc.
,
Junior
Sub.
Bond
,
6.625%
to
9/14/31,
FRN
thereafter
,
9/15/56
.........
3,000,000
2,884,034
e
IQVIA,
Inc.
,
144A,
5.000
%,
5/15/27
.....
2,750,000
2,741,212
144A,
6.250
%,
6/01/32
.....
2,250,000
2,287,667
e
Neogen
Food
Safety
Corp.
,
144A,
8.625
%,
7/20/30
...........
3,000,000
3,153,492
e
Organon
&
Co.
/
Organon
Foreign
Debt
Co-Issuer
BV
,
144A,
6.750
%,
5/15/34
.....
1,000,000
892,075
144A,
7.875
%,
5/15/34
.....
1,000,000
824,552
e
Paradigm
Parent
LLC
and
Paradigm
Parent
Co-Issuer,
Inc.
,
144A,
8.750
%,
4/17/32
..
2,000,000
1,778,772
Tenet
Healthcare
Corp.
,
5.125
%,
11/01/27
.........
3,000,000
2,998,894
e
144A,
6.000
%,
11/15/33
....
1,000,000
1,012,636
37,028,114
Insurance
3.6%
e
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
,
144A,
7.000
%,
1/15/31
......
3,000,000
3,027,066
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
Insurance
(continued)
e
Baldwin
Insurance
Group
Holdings
LLC
/
Baldwin
Insurance
Group
Holdings
Finance,
Inc.
(The)
,
144A,
7.125
%,
5/15/31
...........
3,500,000
$
3,520,018
e
Howden
UK
Refinance
plc
/
Howden
UK
Refinance
2
plc
/
Howden
US
Refinance
LLC
,
144A,
7.250
%,
2/15/31
......
1,750,000
1,766,093
e
Liberty
Mutual
Group,
Inc.
,
144A,
4.125%
to
12/14/26,
FRN
thereafter
,
12/15/51
........
6,000,000
5,862,619
e
Ryan
Specialty
LLC
,
144A,
5.875
%,
8/01/32
...........
4,500,000
4,451,263
18,627,059
Leisure
3.3%
e
Hilton
Domestic
Operating
Co.,
Inc.
,
144A,
6.125
%,
4/01/32
..
5,000,000
5,087,815
e
Marriott
Ownership
Resorts,
Inc.
,
144A,
4.500
%,
6/15/29
.....
1,500,000
1,423,345
144A,
6.500
%,
10/01/33
....
2,000,000
1,903,537
e
NCL
Corp.
Ltd.
,
144A,
6.750
%,
2/01/32
.................
2,000,000
1,986,285
e
Viking
Cruises
Ltd.
,
144A,
5.875
%,
10/15/33
..........
2,000,000
1,976,054
e
Viking
Ocean
Cruises
Ship
VII
Ltd.
,
144A,
5.625
%,
2/15/29
..
2,000,000
1,998,059
e
Wyndham
Hotels
&
Resorts,
Inc.
,
144A,
5.625
%,
3/01/33
......
3,000,000
2,954,841
17,329,936
Media
12.2%
e
AMC
Networks,
Inc.
,
144A,
10.500
%,
7/15/32
..........
2,629,000
2,597,292
e
Cars.com,
Inc.
,
144A,
6.375
%,
11/01/28
................
2,500,000
2,432,250
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
4.500
%,
5/01/32
..........
2,000,000
1,788,371
e
144A,
5.125
%,
5/01/27
.....
616,000
615,710
e
144A,
5.375
%,
6/01/29
.....
3,275,000
3,232,008
e
144A,
4.750
%,
3/01/30
.....
5,500,000
5,222,273
e
Cimpress
plc
,
144A,
7.375
%,
9/15/32
.................
2,500,000
2,481,290
e
Deluxe
Corp.
,
144A,
8.000
%,
6/01/29
.....
2,000,000
2,014,510
144A,
8.125
%,
9/15/29
.....
2,500,000
2,598,335
e
Directv
Financing
LLC
,
144A,
8.875
%,
2/01/30
...........
1,000,000
999,025
e
Directv
Financing
LLC
/
Directv
Financing
Co-Obligor,
Inc.
,
144A,
5.875
%,
8/15/27
.....
820,000
819,640
144A,
10.000
%,
2/15/31
....
4,000,000
4,086,477
Discovery
Global
Holdings,
Inc.
,
4.279
%,
3/15/32
..........
1,000,000
886,250
5.050
%,
3/15/42
..........
1,500,000
991,959
a
a
Shares/
Principal
a
Value
a
a
a
a
Media
(continued)
e
EW
Scripps
Co.
(The)
,
Secured
Note
,
144A,
9.875
%,
8/15/30
.
2,500,000
$
2,429,357
e
Getty
Images,
Inc.
,
144A,
10.500
%,
11/15/30
.........
2,000,000
1,795,559
e
Gray
Media,
Inc.
,
Secured
Note
,
144A,
9.625
%,
7/15/32
......
3,000,000
3,002,600
e
Midcontinent
Communications
,
144A,
8.000
%,
8/15/32
......
3,000,000
2,797,904
e
Nexstar
Media,
Inc.
,
144A,
4.750
%,
11/01/28
....
2,000,000
1,968,031
144A,
6.500
%,
9/15/33
.....
3,750,000
3,780,840
144A,
7.250
%,
4/15/34
.....
3,000,000
3,012,110
e
OAK-Eagle
Acquireco,
Inc.
,
144A,
7.250
%,
7/01/33
.....
1,846,000
1,913,830
144A,
8.750
%,
7/01/34
.....
2,000,000
2,095,094
e
RR
Donnelley
&
Sons
Co.
,
144A,
9.500
%,
8/01/29
...........
3,500,000
3,545,549
e
Scripps
Escrow
II,
Inc.
,
144A,
5.375
%,
1/15/31
...........
1,000,000
737,992
e
Sirius
XM
Radio
LLC
,
144A,
4.125
%,
7/01/30
...........
3,000,000
2,810,947
e
Univision
Communications,
Inc.
,
144A,
8.000
%,
8/15/28
.....
2,000,000
2,031,104
144A,
8.500
%,
7/31/31
.....
1,500,000
1,508,482
64,194,789
Real
Estate
6.0%
e
EF
Holdco,
Inc.
/
EF
Cayman
Holdings
Ltd.
/
Ellington
Financial
REIT
TRS
LLC
/
EF
Cayman
Non-MTM
Ltd.
,
144A,
7.375
%,
9/30/30
...........
3,000,000
2,892,681
e
Five
Point
Operating
Co.
LP
,
144A,
8.000
%,
10/01/30
.....
3,000,000
2,994,830
e
Iron
Mountain,
Inc.
,
144A,
5.000
%,
7/15/28
.....
1,000,000
989,906
144A,
4.875
%,
9/15/29
.....
2,500,000
2,433,896
Kennedy-Wilson,
Inc.
,
4.750
%,
2/01/30
..........
4,500,000
4,504,703
5.000
%,
3/01/31
..........
1,500,000
1,502,406
e
Millrose
Properties,
Inc.
,
144A,
6.375
%,
8/01/30
.....
2,000,000
2,000,728
144A,
6.250
%,
9/15/32
.....
1,000,000
982,933
e
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp.
,
144A,
4.625
%,
3/15/30
.....
3,500,000
3,378,991
144A,
7.375
%,
2/15/31
.....
2,000,000
2,086,556
e
Pebblebrook
Hotel
LP
/
PEB
Finance
Corp.
,
144A,
6.375
%,
10/15/29
................
3,000,000
3,007,871
e
Rithm
Capital
Corp.
,
144A,
8.000
%,
4/01/29
.....
3,000,000
2,949,992
144A,
8.000
%,
7/15/30
.....
2,000,000
1,931,901
31,657,394
Retail
5.3%
e
Advance
Auto
Parts,
Inc.
,
144A,
7.375
%,
8/01/33
...........
2,000,000
2,027,330
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
Retail
(continued)
e
Albertsons
Cos.,
Inc.
/
Safeway,
Inc.
/
New
Albertsons
LP
/
Albertsons
LLC
,
144A,
3.500
%,
3/15/29
.....
1,175,000
$
1,121,491
144A,
6.250
%,
3/15/33
.....
2,200,000
2,216,511
e
Gee
Automotive
Holdings
LLC
,
144A,
7.250
%,
3/01/31
......
2,400,000
2,409,029
e
Global
Auto
Holdings
Ltd.
/
AAG
FH
UK
Ltd.
,
144A,
8.375
%,
1/15/29
.....
2,000,000
1,828,770
144A,
8.750
%,
1/15/32
.....
2,000,000
1,714,268
e
Macy's
Retail
Holdings
LLC
,
144A,
7.375
%,
8/01/33
.....
1,000,000
1,025,702
144A,
6.700
%,
7/15/34
.....
2,000,000
1,885,831
e
Michaels
Cos.,
Inc.
(The)
,
144A,
8.500
%,
3/15/33
.....
2,000,000
1,949,098
Secured
Note
,
144A,
11.000
%,
3/15/34
.................
2,000,000
1,864,665
New
Albertsons
LP
,
7.750
%,
6/15/26
.................
1,025,000
1,030,156
Nordstrom,
Inc.
,
4.000
%,
3/15/27
1,000,000
977,986
e
PetSmart
LLC
/
PetSmart
Finance
Corp.
,
144A,
7.500
%,
9/15/32
.....
2,000,000
2,011,230
144A,
10.000
%,
9/15/33
....
1,000,000
998,828
Safeway,
Inc.
,
7.250
%,
2/01/31
.
2,925,000
3,038,551
e
Victoria's
Secret
&
Co.
,
144A,
4.625
%,
7/15/29
...........
2,000,000
1,907,336
28,006,782
Services
6.1%
e
Albion
Financing
1
SARL
/
Aggreko
Holdings,
Inc.
,
144A,
7.000
%,
5/21/30
...........
3,000,000
3,068,331
e
Avis
Budget
Car
Rental
LLC
/
Avis
Budget
Finance,
Inc.
,
144A,
5.750
%,
7/15/27
.....
1,000,000
996,866
144A,
8.375
%,
6/15/32
.....
2,000,000
1,990,814
e
Clean
Harbors,
Inc.
,
144A,
6.375
%,
2/01/31
...........
2,500,000
2,540,677
e
Conduent
Business
Services
LLC
/
Conduent
State
&
Local
Solutions,
Inc.
,
144A,
6.000
%,
11/01/29
................
500,000
341,508
e
Herc
Holdings,
Inc.
,
144A,
7.250
%,
6/15/33
...........
3,000,000
3,076,776
e
Imola
Merger
Corp.
,
144A,
4.750
%,
5/15/29
...........
2,500,000
2,431,497
e
Neptune
Bidco
US,
Inc.
,
144A,
9.290
%,
4/15/29
.....
2,500,000
2,508,995
144A,
10.375
%,
5/15/31
....
2,000,000
2,019,826
e
NESCO
Holdings
II,
Inc.
,
Secured
Note
,
144A,
5.500
%,
4/15/29
.
2,000,000
1,957,806
e
Resideo
Funding,
Inc.
,
144A,
6.500
%,
7/15/32
...........
2,000,000
1,973,053
United
Rentals
North
America,
Inc.
,
5.250
%,
1/15/30
.......
4,300,000
4,278,328
a
a
Shares/
Principal
a
Value
a
a
a
a
Services
(continued)
e
WESCO
Distribution,
Inc.
,
144A,
5.500
%,
4/15/34
...........
3,000,000
$
2,962,047
e
Williams
Scotsman,
Inc.
,
144A,
6.625
%,
4/15/30
...........
2,000,000
2,033,178
32,179,702
Technology
&
Electronics
7.1%
e
ams-OSRAM
AG
,
144A,
12.250
%,
3/30/29
.................
2,500,000
2,661,165
e
APLD
ComputeCo
LLC
,
144A,
9.250
%,
12/15/30
..........
1,350,000
1,392,123
e
Black
Pearl
Compute
LLC
,
144A,
6.125
%,
2/15/31
...........
2,000,000
2,038,094
e
Cloud
Software
Group,
Inc.
,
144A,
6.500
%,
3/31/29
...........
1,613,000
1,575,184
e
Coherent
Corp.
,
144A,
5.000
%,
12/15/29
................
1,500,000
1,472,599
e
CoreWeave,
Inc.
,
144A,
9.250
%,
6/01/30
.................
2,000,000
1,945,229
e
Diebold
Nixdorf,
Inc.
,
144A,
7.750
%,
3/31/30
...........
1,500,000
1,563,507
e
Entegris,
Inc.
,
144A,
5.950
%,
6/15/30
.................
2,125,000
2,139,945
e
ION
Platform
Finance
US,
Inc.
,
144A,
7.875
%,
9/30/32
......
1,250,000
969,095
e
Kioxia
Holdings
Corp.
,
144A,
6.250
%,
7/24/30
.....
1,270,000
1,291,627
144A,
6.625
%,
7/24/33
.....
1,250,000
1,285,906
e
NCR
Voyix
Corp.
,
144A,
5.125
%,
4/15/29
.................
2,000,000
1,914,875
e
Open
Text
Corp.
,
144A,
3.875
%,
12/01/29
................
3,500,000
3,131,710
e
Seagate
Data
Storage
Technology
Pte.
Ltd.
,
144A,
4.091
%,
6/01/29
.................
3,000,000
2,905,976
e
Sensata
Technologies
BV
,
144A,
5.875
%,
9/01/30
...........
3,500,000
3,508,515
e
SV
RNO
Property
Owner
1
LLC
,
144A,
5.875
%,
3/01/31
......
2,000,000
1,978,175
e
Unisys
Corp.
,
144A,
10.625
%,
1/15/31
.................
1,112,000
957,644
e
VM
Consolidated,
Inc.
,
144A,
5.500
%,
4/15/29
...........
2,000,000
1,936,394
e
WULF
Compute
LLC
,
144A,
7.750
%,
10/15/30
..........
2,500,000
2,643,287
37,311,050
Telecommunications
8.1%
e
Africell
Holding
Ltd.
,
144A,
10.500
%,
10/23/29
.........
1,000,000
994,120
e
C&W
Senior
Finance
Ltd.
,
144A,
9.000
%,
1/15/33
...........
1,000,000
1,011,410
e
Cogent
Communications
Group
LLC
/
Cogent
Finance,
Inc.
,
144A,
7.000
%,
6/15/27
......
4,500,000
4,454,337
e
Connect
Finco
SARL
/
Connect
US
Finco
LLC
,
144A,
9.000
%,
9/15/29
.................
1,000,000
1,051,790
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
Telecommunications
(continued)
e
Digicel
International
Finance
Ltd.
/
DIFL
US
LLC
,
144A,
8.625
%,
8/01/32
.................
4,000,000
$
4,073,104
EchoStar
Corp.
,
10.750
%,
11/30/29
................
2,500,000
2,702,164
e
Fibercop
SpA
,
144A,
7.200
%,
7/18/36
.................
3,000,000
2,985,810
e
Frontier
Communications
Holdings
LLC
,
144A,
5.000
%,
5/01/28
.
4,000,000
4,001,533
Hughes
Satellite
Systems
Corp.
,
6.625
%,
8/01/26
...........
900,000
678,051
e
Millicom
International
Cellular
SA
,
144A,
7.375
%,
4/02/32
......
2,000,000
2,026,758
e
Sable
International
Finance
Ltd.
,
144A,
7.125
%,
10/15/32
.....
3,000,000
2,966,292
e
Turkcell
Iletisim
Hizmetleri
A/S
,
144A,
7.450
%,
1/24/30
......
2,000,000
2,027,488
e
Uniti
Group
LP
/
Uniti
Group
Finance
2019,
Inc.
/
CSL
Capital
LLC
,
144A,
8.625
%,
6/15/32
.
2,000,000
2,038,402
e
Viasat,
Inc.
,
144A,
7.500
%,
5/30/31
.................
2,000,000
1,978,916
e
Virgin
Media
Secured
Finance
plc
,
144A,
5.500
%,
5/15/29
......
4,000,000
3,838,760
e
VZ
Secured
Financing
BV
,
144A,
5.000
%,
1/15/32
...........
2,975,000
2,553,059
e
Windstream
Services
LLC
/
Windstream
Escrow
Finance
Corp.
,
144A,
8.250
%,
10/01/31
3,000,000
3,137,511
42,519,505
Transportation
1.3%
e
Genesee
&
Wyoming,
Inc.
,
144A,
6.250
%,
4/15/32
...........
1,500,000
1,519,800
e
JetBlue
Airways
Corp.
/
JetBlue
Loyalty
LP
,
144A,
9.875
%,
9/20/31
.................
1,000,000
946,418
e
Limak
Iskenderun
Uluslararasi
Liman
Isletmeciligi
A/S
,
144A,
9.500
%,
7/10/36
...........
960,519
946,910
e
Watco
Cos.
LLC
/
Watco
Finance
Corp.
,
144A,
7.125
%,
8/01/32
3,250,000
3,340,984
6,754,112
Utility
2.3%
e
NRG
Energy,
Inc.
,
144A,
6.000
%,
2/01/33
.....
4,000,000
4,003,580
144A,
6.000
%,
1/15/36
.....
2,000,000
1,983,004
e
Pattern
Energy
Operations
LP
/
Pattern
Energy
Operations,
Inc.
,
144A,
4.500
%,
8/15/28
......
3,150,000
3,077,705
e
XPLR
Infrastructure
Operating
Partners
LP
,
144A,
8.375
%,
1/15/31
.................
3,000,000
3,159,738
12,224,027
Total
Corporate
Bonds
(Cost
$
485,938,891
)
..............
485,976,501
a
a
Shares/
Principal
a
Value
a
a
a
a
Asset-Backed
Securities
0.3%
Telecommunications
0.3%
e
MetroNet
Infrastructure
Issuer
LLC
,
2025-2A
,
C
,
144A,
7.830
%,
8/20/55
.
..........
1,000,000
$
1,016,454
e
Uniti
Fiber
ABS
Issuer
LLC
,
2025-
1A
,
B
,
144A,
6.369
%,
4/20/55
.
500,000
508,849
1,525,303
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$
1,499,829
)
................
1,525,303
Loans
3.3%
Basic
Industry
0.3%
f
INEOS
US
Finance
LLC,
First
Lien,
2028
Dollar
CME
Term
Loan
,
6.268
%
(
1-month
SOFR
+
2.500
%
),
11/08/28
.........
1,994,805
1,900,052
Capital
Goods
0.4%
f
Columbus
McKinnon
Corp.,
First
Lien,
Initial
CME
Term
Loan
,
7.200
%
(
3-month
SOFR
+
3.500
%
),
2/03/33
..........
2,000,000
1,995,000
Consumer
Goods
0.3%
f
United
Natural
Foods,
Inc.,
First
Lien,
2024
CME
Term
Loan
,
8.418
%
(
1-month
SOFR
+
4.750
%
),
5/01/31
..........
1,478,503
1,488,852
Healthcare
0.6%
f
1261229
BC
Ltd.,
First
Lien,
Initial
CME
Term
Loan
,
9.918
%
(
1-month
SOFR
+
6.250
%
),
10/08/30
................
992,500
960,517
f
Star
Parent,
Inc.,
First
Lien,
CME
Term
Loan
,
7.700
%
(
3-month
SOFR
+
4.000
%
),
9/27/30
...
2,000,000
1,980,180
2,940,697
a
a
a
a
a
Media
0.9%
f
Clear
Channel
Outdoor
Holdings,
Inc.,
First
Lien,
2024
Refinancing
CME
Term
Loan
,
7.787
%
(
1-month
SOFR
+
4.000
%
),
8/23/28
..........
3,000,000
3,012,000
f
EW
Scripps
Co.
(The),
First
Lien,
CME
Term
Loan,
B3
,
7.140
%
(
1-month
SOFR
+
3.350
%
),
11/30/29
.........
1,757,839
1,733,669
4,745,669
a
a
a
a
a
Retail
0.4%
f
Men's
Wearhouse,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
9.421
%
(
3-month
SOFR
+
5.750
%
),
1/28/31
.................
2,000,000
2,001,880
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
Loans
(continued)
Telecommunications
0.4%
f
Connect
Finco
SARL,
First
Lien,
Amendment
No.
4
CME
Term
Loan
,
8.168
%
(
1-month
SOFR
+
4.500
%
),
9/13/29
..........
1,989,848
$
1,997,001
Total
Loans
(Cost
$
16,942,222
)
...............
17,069,151
Total
Long
Term
Investments
(Cost
$
504,684,028
)
..............
505,286,992
a
Money
Market
4.6%
g,h
JPMorgan
U.S.
Treasury
Plus
Money
Market
Fund
,
3.670
%
.
24,440,215
24,440,215
(Cost
$24,440,215)
a
Total
Investments
100
.7
%
(Cost
$
529,124,243
)
.............
$529,727,207
Other
Assets,
less
Liabilities
(
0
.7
)
%
(3,880,458)
Net
Assets
100.0%
...............
$525,846,749
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
March
31,
2026
on
securities
with
variable
or
step
rates.
g
Rate
shown
represents
an
annualized
7-day
yield
as
of
March
31,
2026.
h
Institutional
Class
shares.
CME
Chicago
Mercantile
Exchange
FRN
Floating
Rate
Note
LP
Limited
Partnership
PIK
Payment
In
Kind
SOFR
Secured
Overnight
Financing
Rate
Schedule
of
Investments
(Unaudited),
March
31,
2026
Impax
Sustainable
Allocation
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments
34
a
a
Shares/
Principal
a
Value
a
a
a
a
a
Affiliated
Investment
Companies
96.0%
a
Impax
Core
Bond
Fund,
Class
Institutional
..............
84,583,825
$
746,029,340
a
Impax
Global
Environmental
Markets
Fund,
Class
Institutional
..............
2,145,175
44,683,992
Impax
Global
Infrastructure
ETF
2,755,857
70,675,331
a
Impax
Global
Opportunities
Fund,
Class
Institutional
..........
2,854,225
44,725,713
a
Impax
High
Yield
Bond
Fund,
Class
Institutional
..........
19,683,547
118,691,789
a
Impax
International
Sustainable
Economy
Fund,
Class
Institutional
..............
11,981,588
145,097,030
a
Impax
Large
Cap
Fund,
Class
Institutional
..............
44,006,438
448,425,603
a,b
Impax
Small
Cap
Fund,
Class
Institutional
..............
6,410,734
117,508,751
a
Impax
US
Sustainable
Economy
Fund,
Class
Institutional
.....
17,309,365
446,062,333
2,181,899,882
Total
Affiliated
Investment
Companies
(Cost
$2,108,161,750)
............
2,181,899,882
Money
Market
4.1%
a,c
JPMorgan
U.S.
Treasury
Plus
Money
Market
Fund,
3.670%
.
92,067,823
92,067,823
(Cost
$92,067,823)
a
Total
Investments
100.1%
(Cost
$2,200,229,573)
............
$2,273,967,705
Other
Assets,
less
Liabilities
(0.1)%
(2,483,033)
Net
Assets
100.0%
...............
$2,271,484,672
a
Institutional
Class
shares.
b
Non-income
producing
security.
c
Rate
shown
represents
an
annualized
7-day
yield
as
of
March
31,
2026.
35
Quarterly
Schedule
of
Investments
Notes
to
Schedule
of
Investments
(Unaudited)
March
31,
2026
Impax
Funds
Series
Trust
I
and
Impax
Funds
Series
Trust
III
Valuation
of
Investments
For
purposes
of
calculating
the
net
asset
value
(“NAV”),
determined
ordinarily
as
of
the
close
of
regular
trading
(normally
4:00
p.m.
Eastern
time)
(the
“NYSE
Close”)
on
the
New
York
Stock
Exchange
(“NYSE”)
on
each
day
that
the
NYSE
is
open
for
trading,
the
Funds
normally
use
pricing
data
for
domestic
equity
securities
received
shortly
after
the
NYSE
Close
and
do
not
normally
take
into
account
trading,
clearances
or
settlements
that
take
place
after
the
NYSE
Close.
U.S.
fixed
income
and
non-U.S.
securities
are
normally
priced
using
data
reflecting
the
earlier
closing
of
the
principal
markets
for
those
securities,
subject
to
possible
fair
value
adjustments.
Information
that
becomes
known
to
the
Funds
or
their
agents
after
NAV
has
been
calculated
on
a
particular
day
will
not
generally
be
used
to
retroactively
adjust
the
price
of
a
security
or
NAV
determined
earlier
that
day. 
For
the
purpose
of
these
financial
statements,
fair
values
for
various
types
of
securities
and
other
instruments
are
determined
on
the
basis
of
closing
prices
or
last
sales
prices
on
an
exchange
or
other
market,
or
based
on
quotes
or
other
market
information
obtained
from
quotation
reporting
systems,
established
market
makers
or
pricing
services.
Short-term
investments
having
a
maturity
of
60
days
or
less
are
generally
valued
at
amortized
cost,
which
approximates
fair
value. 
Investments
denominated
in
currencies
other
than
the
U.S.
dollar
are
converted
to
U.S.
dollars
using
exchange
rates
obtained
from
pricing
services.
As
a
result,
the
NAV
of
a
Fund’s
shares
may
be
affected
by
changes
in
the
value
of
currencies
in
relation
to
the
U.S.
dollar.
If
market
quotations
are
not
readily
available
(including
in
cases
when
available
market
quotations
are
deemed
to
be
unreliable),
the
Funds’
investments
will
be
valued
as
determined
in
good
faith
pursuant
to
policies
and
procedures
approved
by
the
Boards
of
Trustees
of
the
Trusts
(the
“Boards”
or
“Boards
of
Trustees”)
(so
called
“fair
value
pricing”).
Fair
value
pricing
may
require
subjective
determinations
about
the
value
of
a
security
or
other
asset,
and
fair
values
used
to
determine
a
Fund’s
NAV
may
differ
from
quoted
or
published
prices,
or
from
prices
that
are
used
by
others,
for
the
same
investments.
Also,
the
use
of
fair
value
pricing
may
not
always
result
in
adjustments
to
the
prices
of
securities
or
other
assets
held
by
a
Fund.
The
Boards
have
designated
the
Adviser,
through
its
Best
Execution
and
Valuation
Committee,
to
manage
and
implement
the
day-to-day
valuation
of
the
Funds'
portfolio
investments,
in
accordance
with
policies
and
procedures
approved
by
the
Boards.
In
addition,
pursuant
to
Rule
2a-5
under
the
1940
Act,
the
Board
has
designated
the
Adviser,
through
its
Best
Execution
and
Valuation
Committee,
as
the
"valuation
designee"
to
make
fair
value
determinations
for
all
of
the
Funds'
investments
for
which
market
quotations
are
not
readily
available.
The
Funds
may
determine
that
market
quotations
are
not
readily
available
due
to
events
relating
to
a
single
issuer
(e.g.,
corporate
actions
or
announcements)
or
events
relating
to
multiple
issuers
(e.g.,
governmental
actions
or
natural
disasters).
The
Funds
may
determine
the
fair
value
of
investments
based
on
information
provided
by
pricing
services
and
other
third-
party
vendors,
which
may
recommend
fair
value
prices
or
adjustments
with
reference
to
other
securities,
indices
or
assets.
In
considering
whether
fair
value
pricing
is
required
and
in
determining
fair
values,
the
Funds
may,
among
other
things,
consider
significant
events
(which
may
be
considered
to
include
changes
in
the
value
of
U.S.
securities
or
securities
indices)
that
occur
after
the
close
of
the
relevant
market
and
the
usual
time
of
valuation.
At
March
31,
2026, three
securities
were
fair
valued
in
good
faith
pursuant
to
policies
and
procedures
approved
by
the
Boards
of
Trustees.
The
International
Sustainable
Economy
Fund
held
one
security
fair
valued
at $63,
representing 0.0% of
the
Fund's
net
asset
value
and
the
High
Yield
Bond
Fund
held two securities
fair
valued
at
$466,234,
representing
0.1%
of
the
Fund’s
net
asset
value. 
For
those
Funds
that
invest
in
non-U.S.
securities,
investors
should
be
aware
that
many
securities
markets
and
exchanges
outside
the
U.S.
close
prior
to
the
close
of
the
NYSE,
and
the
closing
prices
for
securities
in
such
markets
or
on
such
exchanges
may
not
fully
reflect
events
that
occur
after
such
close
but
before
the
close
of
the
NYSE.
As
a
result,
the
Funds’
fair
value
pricing
procedures
require
the
Funds
to
consider
changes
in
the
fair
value
of
non-U.S.
securities
between
the
time
of
the
closing
of
the
local
market’s
exchange
and
the
close
of
the
NYSE.
Generally,
if
there
has
been
a
movement
in
the
U.S.
market
that
exceeds
a
specified
threshold,
the
Funds
will
assess
whether
the
closing
price
on
the
local
exchange
is
still
appropriate.
Although
the
threshold
may
be
revised
from
time
to
time
and
the
number
of
days
on
which
fair
value
prices
will
36
Quarterly
Schedule
of
Investments
Notes
to
Schedule
of
Investments
(Unaudited),
continued
March
31,
2026
be
used
will
depend
on
market
activity,
it
is
possible
that
fair
value
prices
will
be
used
by
the
Funds
to
a
significant
extent.
The
value
determined
for
an
investment
using
the
Funds’
fair
value
pricing
procedures
may
differ
from
recent
market
prices
for
the
investment. 
Fair
Value
Measurements Fair
value
is
defined
as
the
price
that
the
Fund
would
receive
upon
selling
an
investment
in
an
orderly
transaction
between
market
participants.
The
three-tier
hierarchy
of
inputs
is
summarized
in
the
three
broad
Levels
listed
below
•
Level
1
–
unadjusted
quoted
prices
in
active
markets
for
identical
investments
•
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)  
•
Level
3
–
significant
unobservable
inputs
(including
the
Funds’
own  assumptions
in
determining
the
fair
value
of
investments)
Observable
inputs
are
inputs
that
reflect
the
assumptions
market
 participants
would
use
in
pricing
the
asset
or
liability
developed
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
are
inputs
that
reflect
the
reporting
entity’s
own
assumptions
about
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability
developed
based
on
the
best
information
available
in
the
circumstances.
The
inputs
or
methodology
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
securities.
The
following
is
a
general
summary
of
valuation
inputs
and
classifications
for
different
categories
of
securities.
Equity
Securities
Equity
securities,
including
common
stocks,
preferred
stocks
and
exchange-traded
funds
for
which
market
quotations
are
readily
available,
are
generally
categorized
as
Level
1
in
the
hierarchy.
Non-U.S.
equity
securities
may
also
be
valued
at
official
close,
or
may
be
valued
based
on
the
fair
value
pricing
procedures
noted
above.
When
third-party
fair
value
pricing
of
foreign
securities
methods
are
applied,
they
are
generally
categorized
as
Level
2.
To
the
extent
that
inputs
for
equity
securities
are
unobservable,
values
are
categorized
as
Level
3
in
the
hierarchy.
Fixed
Income
Securities
Fixed
income
securities,
including
Corporate
Bonds
(both
investment-grade
and
high-yield),
U.S.
Treasury
Obligations,
Government
Bonds,
Mortgage-Backed
and
Asset-Backed
Securities,
Bank
Loans
and
Municipal
Bonds,
are
valued
at
evaluated
prices
received
from
independent
pricing
services,
which
are
evaluated
using
various
inputs
and
techniques
which
may
include
trade
activity,
broker-dealer
quotes,
yield
curves,
coupon
rates,
default
rates,
cash
flows,
models
and
other
inputs,
and
are
generally
categorized
as
Level
2
in
the
hierarchy.
To
the
extent
that
inputs
for
fixed
income
securities
are
unobservable,
values
are
categorized
as
Level
3
in
the
hierarchy.
Affiliated
and
Unaffiliated
Investment
Companies
Investments
in
mutual
funds
are
valued
at
the
Funds’
closing
net
asset
value
and
are
generally
categorized
as
Level
1.
Short-Term
Investments
Short-term
securities,
including
repurchase
agreements,
with
remaining
maturities
of
60
days
or
less,
which
are
valued
at
amortized
cost,
are
generally
categorized
as
Level
2
in
the
hierarchy.
The
following
is
a
summary
of
the
inputs
used
to
value
the
Funds’
net
assets
as
of
March
31,
2026:
Level
1
Level
2
Level
3
Totals
Large
Cap
Fund
Common
Stocks
$
558,034,999
$
—
$
—
$
558,034,999
Cash
Equivalents
10,031,622
—
—
10,031,622
Total
$
568,066,621
$
—
$
—
$
568,066,621
Small
Cap
Fund
Common
Stocks
$
705,456,285
$
—
$
—
$
705,456,285
37
Quarterly
Schedule
of
Investments
March
31,
2026
Level
1
Level
2
Level
3
Totals
Cash
Equivalents
35,952,076
—
—
35,952,076
Total
$
741,408,361
$
—
$
—
$
741,408,361
US
Sustainable
Economy
Fund
Common
Stocks
$
786,548,529
$
—
$
—
$
786,548,529
Cash
Equivalents
6,838,274
—
—
6,838,274
Total
$
793,386,803
$
—
$
—
$
793,386,803
Global
Infrastructure
ETF
Common
Stocks
$
105,173,427
$
—
$
—
$
105,173,427
Cash
Equivalents
1,310,786
—
—
1,310,786
Total
$
106,484,213
$
—
$
—
$
106,484,213
Global
Opportunities
Fund
Common
Stocks
$
57,757,480
$
26,814,174
$
—
$
84,571,654
Cash
Equivalents
2,523,793
—
—
2,523,793
Total
$
60,281,273
$
26,814,174
$
—
$
87,095,447
Global
Environmental
Markets
Fund
Common
Stocks
$
942,090,939
$
589,346,022
$
—
$
1,531,436,961
Cash
Equivalents
9,328,469
—
—
9,328,469
Total
$
951,419,408
$
589,346,022
$
—
$
1,540,765,430
Global
Social
Leaders
Fund
Common
Stocks
$
1,570,018
$
629,007
$
—
$
2,199,025
Cash
Equivalents
34,648
—
—
34,648
Total
$
1,604,666
$
629,007
$
—
$
2,233,673
Global
Women’s
Leadership
Fund
Common
Stocks
$
435,304,488
$
151,386,468
$
—
$
586,690,956
Cash
Equivalents
4,732,627
—
—
4,732,627
Total
$
440,037,115
$
151,386,468
$
—
$
591,423,583
International
Sustainable
Economy
Fund
Common
Stocks
$
57,403,683
$
1,542,570,617
$
—
$
1,599,974,300
Rights
—
—
63
63
Cash
Equivalents
20,687,095
—
—
20,687,095
Total
$
78,090,778
$
1,542,570,617
$
63
$
1,620,661,458
Core
Bond
Fund
Community
Investment
Notes
$
—
$
249,803
$
—
$
249,803
Corporate
Bonds
—
254,818,378
—
254,818,378
Foreign
Government
and
Agency
Securities
—
14,129,623
—
14,129,623
U.S.
Government
and
Agency
Securities
—
194,615,177
—
194,615,177
Asset-Backed
Securities
—
53,458,574
—
53,458,574
Mortgage-Backed
Securities
—
269,385,312
—
269,385,312
Municipal
Bonds
—
7,250,157
—
7,250,157
Supranational
—
47,931,995
—
47,931,995
Cash
Equivalents
12,193,166
—
—
12,193,166
Total
$
12,193,166
$
841,839,019
$
—
$
854,032,185
High
Yield
Bond
Fund
Common
Stocks
$
—
$
—
$
452,290
$
452,290
Preferred
Stocks
—
—
13,944
13,944
Community
Investment
Notes
—
249,803
—
249,803
38
Quarterly
Schedule
of
Investments
Notes
to
Schedule
of
Investments
(Unaudited),
continued
March
31,
2026
In
situations
where
quoted
prices
or
observable
inputs
are
unavailable
(for
example,
when
there
is
little
or
no
market
activity
for
an
investment
at
the
end
of
the
period),
unobservable
inputs
may
be
used.
Unobservable
inputs
reflect
the
Adviser's
assumptions
about
the
factors
market
participants
would
use
in
determining
fair
value
of
the
securities
or
instruments
and
would
be
based
on
the
best
available
information.
Significant
unobservable
inputs
were
used
by
two
Funds
for
Level
3
fair
value
measurements.
Affiliated
Investments
The
term
“affiliated
company”
includes
other
investment
companies
that
are
managed
by
a
Fund’s
Adviser.
At
March
31,
2026,
the
Sustainable
Allocation
Fund
held
the
following
investments
in
affiliated
Funds:
Level
1
Level
2
Level
3
Totals
Corporate
Bonds
—
485,976,501
—
485,976,501
Asset-Backed
Securities
—
1,525,303
—
1,525,303
Loans
—
17,069,151
—
17,069,151
Cash
Equivalents
24,440,215
—
—
24,440,215
Total
$
24,440,215
$
504,820,758
$
466,234
$
529,727,207
Sustainable
Allocation
Fund
Management
Investment
Companies
$
2,181,899,882
$
—
$
—
$
2,181,899,882
Cash
Equivalents
92,067,823
—
—
92,067,823
Total
$
2,273,967,705
$
—
$
—
$
2,273,967,705
See
Schedules
of
Investments
for
additional
detailed
industry
classifications.
Fund
Shares
Held
at
12/31/2025
Gross
Additions
Gross
Reductions
Shares
Held
at
3/31/2026
Sustainable
Allocation
Fund
Large
Cap
Fund
70,759,205
—
26,752,767
44,006,438
Small
Cap
Fund
6,410,734
—
—
6,410,734
US
Sustainable
Economy
Fund
6,721,559
10,587,806
—
17,309,365
Global
Infrastructure
ETF
6,411,413
1
3,655,557*
2,755,857
Global
Opportunities
Fund
4,270,155
—
1,415,930
2,854,225
Global
Environmental
Markets
Fund
3,299,192
—
1,154,017
2,145,175
Global
Women's
Leadership
Fund
2,077,563
—
2,077,563
–
International
Sustainable
Economy
Fund
9,680,974
2,300,614
—
11,981,588
Core
Bond
Fund
83,756,883
826,942
—
84,583,825
High
Yield
Fund
19,378,474
305,073
—
19,683,547
*
The
Fund
acquired
all
the
assets
and
liabilities
of
the
Impax
Global
Sustainable
Infrastructure
Fund
("Predecessor
Fund")
in
a
reorganization
that
occurred
as
of
the
close
of
business
on
January
31,
2026
("Reorganization").
As
a
result,
all
financial
information
prior
to
the
Reorganization,
reflects
the
Predecessor
Fund's
Institutional
Class
shares.
39
Quarterly
Schedule
of
Investments
March
31,
2026
Fund
Value
at
12/31/2025
Dividend
Income
Realized
Gains/
Losses
1
Net
change
in
Unrealized
Appreciation/
Depreciation
Value
at
3/31/2026
Sustainable
Allocation
Fund
Large
Cap
Fund
$
784,719,589
$
—
$
4,478,868
$
(50,772,854)
$
448,425,603
Small
Cap
Fund
119,816,615
—
—
(2,307,864)
117,508,751
US
Sustainable
Economy
Fund
181,683,743
—
—
(25,621,410)
446,062,333
Global
Infrastructure
ETF
65,524,645
—
(7)
5,150,666
70,675,331
Global
Opportunities
Fund
71,695,897
—
1,979,724
(4,949,907)
44,725,713
Global
Environmental
Markets
Fund
69,250,035
—
1,459,729
(25,771)
44,683,992
Global
Women's
Leadership
Fund
72,569,263
—
15,284,939
(14,038,402)
—
International
Sustainable
Economy
Fund
118,204,698
—
—
(3,107,668)
145,097,030
Core
Bond
Fund
746,273,828
7,366,264
—
(7,610,753)
746,029,340
High
Yield
Fund
119,565,185
1,863,273
—
(2,736,669)
118,691,789
Total
$
2,349,303,498
$
9,229,537
$
23,203,253
$
(106,020,632)
$
2,181,899,882
1
Includes
realized
capital
gain
distributions
from
an
affiliated
fund,
if
any.