Schedules of Investments (unaudited) | |
Impax Ellevate Global Women's Leadership Fund | March 31, 2023 |
PERCENT OF NET ASSETS | SHARES/ | |||||||
NAME OF ISSUER AND TITLE OF ISSUE | PRINCIPAL | VALUE | ||||||
COMMON STOCKS: 99.0% | ||||||||
COMMUNICATION SERVICES: 5.6% | ||||||||
Adevinta ASA (a) | 10,558 | $ | 74,952 | |||||
Auto Trader Group PLC | 1,606,997 | 12,257,668 | ||||||
BCE, Inc. | 1,800 | 80,630 | ||||||
BT Group PLC | 136,391 | 245,685 | ||||||
Deutsche Telekom AG | 72,479 | 1,756,332 | ||||||
Interpublic Group of Cos Inc., The | 8,698 | 323,914 | ||||||
Koninklijke KPN NV | 66,840 | 236,184 | ||||||
Match Group, Inc. (a) | 5,763 | 221,242 | ||||||
Netflix, Inc. (a) | 10,184 | 3,518,368 | ||||||
News Corp., Class A | 9,430 | 162,856 | ||||||
Omnicom Group, Inc. | 4,353 | 410,662 | ||||||
Orange SA | 45,885 | 545,122 | ||||||
Paramount Global, Class B | 14,935 | 333,200 | ||||||
Pinterest, Inc., Class A (a) | 11,022 | 300,570 | ||||||
Publicis Groupe SA | 5,120 | 399,666 | ||||||
REA Group, Ltd. | 886 | 82,614 | ||||||
SEEK, Ltd. | 5,032 | 81,343 | ||||||
Singapore Telecommunications, Ltd. | 171,581 | 317,917 | ||||||
Snap, Inc., Class A (a) | 19,836 | 222,362 | ||||||
Spark New Zealand, Ltd. | 51,048 | 161,730 | ||||||
Tele2 AB, Class B | 8,068 | 80,301 | ||||||
Telenor ASA | 1,002,554 | 11,755,109 | ||||||
Telia Company AB | 62,385 | 158,412 | ||||||
Telstra Corp., Ltd. | 83,256 | 235,731 | ||||||
TELUS Corp. | 11,741 | 233,083 | ||||||
Verizon Communications, Inc. | 97,867 | 3,806,048 | ||||||
Vivendi SA | 15,744 | 159,196 | ||||||
Vodafone Group PLC | 638,327 | 704,136 | ||||||
Walt Disney Co., The (a) | 59,401 | 5,947,822 | ||||||
WPP PLC | 27,192 | 323,066 | ||||||
45,135,921 | ||||||||
CONSUMER DISCRETIONARY: 14.4% | ||||||||
Accor SA (a) | 2,536 | 82,448 | ||||||
Amazon.com, Inc. (a) | 202,326 | 20,898,253 | ||||||
Aristocrat Leisure, Ltd. | 12,759 | 319,007 | ||||||
Barratt Developments PLC | 14,069 | 80,964 | ||||||
Bath & Body Works, Inc. | 6,354 | 232,429 | ||||||
Best Buy Co., Inc. | 139,696 | 10,934,006 | ||||||
Burberry Group PLC | 7,956 | 254,750 | ||||||
Burlington Stores, Inc. (a) | 1,542 | 311,638 | ||||||
Cie Generale des Etablissements Michelin SCA | 15,815 | 483,437 | ||||||
Compass Group PLC | 37,728 | 948,163 | ||||||
Domino's Pizza, Inc. | 724 | 238,826 | ||||||
eBay, Inc. | 12,725 | 564,608 | ||||||
Electrolux AB, Class B | 6,829 | 83,002 | ||||||
Etsy, Inc. (a) | 4,448 | 495,196 | ||||||
Expedia Group, Inc. (a) | 4,228 | 410,243 | ||||||
General Motors Co. | 36,108 | 1,324,441 | ||||||
H & M Hennes & Mauritz AB, Class B | 46,270 | 661,547 | ||||||
Hasbro, Inc. | 3,119 | 167,459 | ||||||
Hermes International | 677 | 1,371,098 | ||||||
Hilton Worldwide Holdings, Inc. | 6,995 | 985,386 | ||||||
Industria de Diseno Textil SA | 24,223 | 813,776 | ||||||
InterContinental Hotels Group PLC | 3,685 | 241,241 | ||||||
Kering SA | 1,631 | 1,064,109 | ||||||
Kingfisher PLC | 49,525 | 160,090 | ||||||
La Francaise des Jeux SAEM | 1,929 | 80,396 | ||||||
lululemon athletica, Inc. (a) | 38,508 | 14,024,229 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 6,074 | 5,575,375 | ||||||
Marriott International, Inc., Class A | 6,894 | 1,144,680 | ||||||
McDonald's Corp. | 16,417 | 4,590,357 | ||||||
Mercedes-Benz Group AG | 18,110 | 1,392,709 | ||||||
Moncler SpA | 4,739 | 327,330 | ||||||
Next PLC | 2,839 | 230,753 | ||||||
Pearson PLC | 1,155,807 | 12,095,425 | ||||||
Renault SA (a) | 3,942 | 160,661 | ||||||
Rivian Automotive, Inc., Class A (a)(b) | 11,513 | 178,221 | ||||||
Ross Stores, Inc. | 8,459 | 897,754 | ||||||
SEB SA | 735 | 83,631 | ||||||
Starbucks Corp. | 134,106 | 13,964,458 | ||||||
Taylor Wimpey PLC | 53,875 | 79,259 | ||||||
TJX Cos., Inc., The | 26,830 | 2,102,399 | ||||||
Tractor Supply Co. | 2,693 | 632,963 | ||||||
Ulta Beauty, Inc. (a) | 22,944 | 12,519,852 | ||||||
Vail Resorts, Inc. | 1,051 | 245,598 | ||||||
VF Corp. | 7,482 | 171,413 | ||||||
Wesfarmers, Ltd. | 26,524 | 896,472 | ||||||
Whirlpool Corp. | 1,220 | 161,064 | ||||||
Yum! Brands, Inc. | 6,648 | 878,068 | ||||||
Zalando SE (a) | 4,153 | 174,054 | ||||||
115,733,238 |
CONSUMER STAPLES: 11.8% | ||||||||
Alimentation Couche-Tard, Inc. | 17,880 | 898,961 | ||||||
Beiersdorf AG | 1,830 | 238,060 | ||||||
Carrefour SA | 12,221 | 247,079 | ||||||
Clorox Co., The | 75,018 | 11,870,848 | ||||||
Coca-Cola Co., The | 247,800 | 15,371,033 | ||||||
Coles Group, Ltd. | 33,186 | 400,975 | ||||||
Colgate-Palmolive Co. | 17,834 | 1,340,225 | ||||||
Conagra Brands, Inc. | 10,414 | 391,150 | ||||||
Danone SA | 13,924 | 866,401 | ||||||
Diageo PLC | 291,014 | 12,987,845 | ||||||
Dollar General Corp. | 5,652 | 1,189,520 | ||||||
Empire Co., Ltd., Class A | 3,105 | 83,237 | ||||||
Essity AB, Class B (a) | 13,661 | 390,211 | ||||||
Estee Lauder Cos, Inc., The, Class A | 13,447 | 3,314,148 | ||||||
General Mills, Inc. | 144,266 | 12,328,972 | ||||||
Heineken Holding NV | 1,740 | 159,642 | ||||||
Heineken NV | 5,894 | 633,315 | ||||||
Henkel AG & Co. KGaA | 2,193 | 159,534 | ||||||
Hershey Co., The | 3,408 | 867,029 | ||||||
J Sainsbury PLC | 24,185 | 83,225 | ||||||
J.M. Smucker Co., The | 2,453 | 386,029 | ||||||
Jeronimo Martins SGPS SA | 7,057 | 165,648 | ||||||
Kellogg Co. | 5,884 | 393,993 | ||||||
Kimberly-Clark Corp. | 7,157 | 960,613 | ||||||
Kroger Co., The | 14,278 | 704,905 | ||||||
Loblaw Cos, Ltd. | 3,602 | 328,271 | ||||||
L'Oreal SA | 5,027 | 2,246,278 | ||||||
McCormick & Co., Inc. | 5,239 | 435,937 | ||||||
Metro, Inc. | 5,951 | 327,338 | ||||||
Mondelez International, Inc., Class A | 29,143 | 2,031,850 | ||||||
Mowi ASA | 8,931 | 165,188 | ||||||
Orkla ASA | 11,086 | 78,628 | ||||||
Pernod Ricard SA | 4,563 | 1,033,204 | ||||||
Procter & Gamble Co., The | 51,981 | 7,729,055 | ||||||
Remy Cointreau SA | 427 | 77,750 | ||||||
Saputo, Inc. | 6,174 | 159,752 | ||||||
Shiseido Co., Ltd. | 8,500 | 398,508 | ||||||
Target Corp. | 11,234 | 1,860,687 | ||||||
Tesco PLC | 175,958 | 576,866 | ||||||
Treasury Wine Estates, Ltd. | 18,016 | 158,159 | ||||||
Unilever PLC | 57,411 | 2,974,980 | ||||||
Walgreens Boots Alliance, Inc. | 190,092 | 6,573,381 | ||||||
Woolworths Group, Ltd. | 28,004 | 711,937 | ||||||
94,300,367 |
FINANCIALS: 18.2% | ||||||||
ABN AMRO Bank NV | 9,936 | 157,560 | ||||||
Abrdn PLC | 61,773 | 155,475 | ||||||
Admiral Group PLC | 446,482 | 11,211,570 | ||||||
Aegon NV | 55,909 | 240,026 | ||||||
Affirm Holdings, Inc. (a) | 7,595 | 85,596 | ||||||
Aflac, Inc. | 14,668 | 946,379 | ||||||
Allianz SE | 9,794 | 2,260,808 | ||||||
Ally Financial, Inc. | 9,535 | 243,047 | ||||||
American Express Co. | 15,711 | 2,591,529 | ||||||
Amundi SA | 1,355 | 85,377 | ||||||
Annaly Capital Management, Inc., REIT | 12,243 | 233,964 | ||||||
ANZ Group Holdings, Ltd. | 78,098 | 1,203,499 | ||||||
Aon PLC, Class A | 4,761 | 1,501,096 | ||||||
Assicurazioni Generali SpA | 24,111 | 480,402 | ||||||
ASX, Ltd. | 3,564 | 155,642 | ||||||
Aviva PLC | 61,720 | 308,300 | ||||||
AXA SA | 45,349 | 1,383,941 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 160,943 | 1,150,639 | ||||||
Banco Santander SA | 437,196 | 1,629,202 | ||||||
Bank Hapoalim BM | 26,308 | 218,948 | ||||||
Bank Leumi Le-Israel BM | 28,504 | 215,627 | ||||||
Bank of America Corp. | 202,109 | 5,780,317 | ||||||
Bank of Montreal | 17,227 | 1,534,433 | ||||||
Bank of New York Mellon Corp., The | 19,668 | 893,714 | ||||||
Bank of Nova Scotia, The | 27,152 | 1,367,545 | ||||||
Block, Inc., Class A (a) | 14,425 | 990,276 | ||||||
BNP Paribas SA | 31,939 | 1,907,318 | ||||||
Canadian Imperial Bank of Commerce | 22,619 | 959,153 | ||||||
Citigroup, Inc. | 178,659 | 8,377,321 | ||||||
CME Group, Inc. | 8,352 | 1,599,575 | ||||||
Commerzbank AG (a) | 31,228 | 328,776 | ||||||
Commonwealth Bank of Australia | 42,953 | 2,835,994 | ||||||
Credit Agricole SA | 28,681 | 323,556 | ||||||
Credit Suisse Group AG | 74,400 | 66,813 | ||||||
Danske Bank A/S (a) | 19,509 | 392,497 | ||||||
Discover Financial Services | 7,384 | 729,835 | ||||||
DNB Bank ASA | 679,905 | 12,167,402 | ||||||
Eurazeo SA | 1,143 | 81,359 | ||||||
FactSet Research Systems, Inc. | 977 | 405,543 | ||||||
Fifth Third Bancorp | 20,659 | 550,356 | ||||||
FinecoBank Banca Fineco SpA | 15,645 | 239,699 | ||||||
First Horizon Corp. | 17,915 | 318,529 | ||||||
Gjensidige Forsikring ASA | 4,859 | 79,456 | ||||||
Globe Life, Inc. | 2,156 | 237,203 | ||||||
Goldman Sachs Group, Inc., The | 8,762 | 2,866,138 | ||||||
Groupe Bruxelles Lambert SA | 1,903 | 162,402 | ||||||
Hang Seng Bank, Ltd. | 16,500 | 234,553 | ||||||
Hargreaves Lansdown PLC | 7,876 | 78,023 | ||||||
Hartford Financial Services Group, Inc., The | 8,129 | 566,510 | ||||||
Hong Kong Exchanges and Clearing, Ltd. | 25,600 | 1,134,712 | ||||||
Huntington Bancshares, Inc. | 41,881 | 469,067 | ||||||
IGM Financial, Inc. | 2,640 | 78,897 | ||||||
Industrivarden AB, Class A | 3,010 | 81,353 | ||||||
Industrivarden AB, Class C | 3,017 | 81,351 | ||||||
Insurance Australia Group, Ltd. | 51,132 | 160,948 | ||||||
Intact Financial Corp. | 3,887 | 556,288 | ||||||
Intercontinental Exchange, Inc. | 13,468 | 1,404,578 | ||||||
Investor AB, Class A | 11,649 | 237,697 | ||||||
Investor AB, Class B | 40,350 | 803,795 | ||||||
JPMorgan Chase & Co. | 75,243 | 9,804,915 | ||||||
KeyCorp. | 30,961 | 387,632 | ||||||
Kinnevik AB, Class B (a) | 5,910 | 88,372 | ||||||
Legal & General Group PLC | 137,738 | 407,374 | ||||||
Lincoln National Corp. | 3,677 | 82,622 | ||||||
Lloyds Banking Group, PLC | 1,773,588 | 1,042,776 | ||||||
London Stock Exchange Group PLC | 7,290 | 708,075 | ||||||
M&G PLC | 70,157 | 171,957 | ||||||
Macquarie Group, Ltd. | 9,794 | 1,159,607 | ||||||
Manulife Financial Corp. | 47,977 | 880,377 | ||||||
Medibank Pvt, Ltd. | 71,898 | 162,250 | ||||||
Mediobanca Banca di Credito Finanziario SpA | 16,071 | 161,496 | ||||||
MetLife, Inc. | 19,429 | 1,125,716 | ||||||
Moody's Corp. | 3,688 | 1,128,602 | ||||||
Nasdaq, Inc. | 8,654 | 473,114 | ||||||
National Australia Bank, Ltd. | 80,987 | 1,509,059 | ||||||
National Bank of Canada | 7,956 | 569,076 | ||||||
NatWest Group PLC | 121,667 | 397,002 | ||||||
NN Group NV | 6,587 | 239,173 | ||||||
Nordea Bank Apb | 99,517 | 1,062,671 | ||||||
Onex Corp. | 1,704 | 79,659 | ||||||
PayPal Holdings, Inc. (a) | 25,346 | 1,924,775 | ||||||
PNC Financial Services Group, Inc., The | 11,768 | 1,495,713 | ||||||
Principal Financial Group, Inc. | 6,412 | 476,540 | ||||||
Progressive Corp., The | 32,294 | 4,619,980 | ||||||
Prudential Financial, Inc. | 10,698 | 885,153 | ||||||
QBE Insurance Group, Ltd. | 33,027 | 323,351 | ||||||
Royal Bank of Canada | 34,913 | 3,338,887 | ||||||
S&P Global, Inc. | 8,120 | 2,799,532 | ||||||
Schroders PLC | 14,343 | 81,790 | ||||||
Skandinaviska Enskilda Banken AB, Class A (a) | 44,437 | 490,507 | ||||||
Societe Generale SA | 25,219 | 568,218 | ||||||
Standard Chartered PLC | 74,672 | 565,944 | ||||||
State Street Corp. | 10,622 | 803,979 | ||||||
Sun Life Financial, Inc. | 13,671 | 638,688 | ||||||
Suncorp Group, Ltd. | 30,210 | 245,460 | ||||||
Svenska Handelsbanken AB, Class A | 38,343 | 332,083 | ||||||
Swedbank AB, Class A | 23,583 | 387,813 | ||||||
T Rowe Price Group, Inc. | 5,001 | 564,613 | ||||||
Toronto-Dominion Bank, The | 48,414 | 2,899,825 | ||||||
Travelers Cos., Inc., The | 6,052 | 1,037,373 | ||||||
Tryg A/S | 7,277 | 159,116 | ||||||
U.S. Bancorp | 44,241 | 1,594,888 | ||||||
UBS Group AG | 89,748 | 1,899,139 | ||||||
UniCredit SpA | 52,527 | 990,021 | ||||||
Visa, Inc., Class A | 37,391 | 8,430,175 | ||||||
Wendel SA | 52,034 | 5,502,055 | ||||||
Western Union Co., The | 7,102 | 79,187 | ||||||
Westpac Banking Corp. | 88,053 | 1,282,017 | ||||||
Willis Towers Watson PLC | 2,382 | 553,529 | ||||||
Worldline SA (a) | 5,705 | 242,454 | ||||||
Zurich Insurance Group AG | 3,546 | 1,699,238 | ||||||
146,095,177 |
HEALTH CARE: 16.3% | ||||||||
Abbott Laboratories | 41,803 | 4,232,972 | ||||||
AbbVie, Inc. | 39,800 | 6,342,926 | ||||||
Alcon, Inc. | 11,404 | 809,541 | ||||||
Alnylam Pharmaceuticals, Inc. (a) | 2,849 | 570,712 | ||||||
AmerisourceBergen Corp. | 3,466 | 554,941 | ||||||
AstraZeneca PLC | 34,259 | 4,746,731 | ||||||
Baxter International, Inc. | 11,586 | 469,928 | ||||||
Biogen, Inc. (a) | 3,444 | 957,535 | ||||||
Bristol-Myers Squibb Co. | 201,214 | 13,946,142 | ||||||
Cardinal Health, Inc. | 168,076 | 12,689,738 | ||||||
Charles River Laboratories International, Inc. (a) | 1,187 | 239,560 | ||||||
Cigna Corp. | 7,962 | 2,034,530 | ||||||
CSL, Ltd. | 11,322 | 2,192,736 | ||||||
CVS Health Corp. | 33,766 | 2,509,151 | ||||||
DENTSPLY SIRONA, Inc. | 4,161 | 163,444 | ||||||
Elevance Health, Inc. | 25,853 | 11,887,468 | ||||||
Eli Lilly & Co. | 17,361 | 5,962,115 | ||||||
Exact Sciences Corp (a) | 3,418 | 231,775 | ||||||
Fresenius Medical Care AG & Co KGaA | 3,738 | 158,657 | ||||||
Genmab A/S (a) | 1,441 | 544,706 | ||||||
Gilead Sciences, Inc. | 101,979 | 8,461,198 | ||||||
GSK PLC | 93,220 | 1,647,133 | ||||||
Hologic, Inc. (a) | 5,837 | 471,046 | ||||||
Illumina, Inc. (a) | 14,923 | 3,470,344 | ||||||
Insulet Corp. (a) | 1,498 | 477,802 | ||||||
Ipsen SA | 697 | 76,748 | ||||||
Jazz Pharmaceuticals PLC (a) | 1,619 | 236,908 | ||||||
Johnson & Johnson | 60,601 | 9,393,155 | ||||||
Koninklijke Philips NV | 18,907 | 347,263 | ||||||
Lonza Group AG | 1,720 | 1,035,439 | ||||||
McKesson Corp. | 3,329 | 1,185,290 | ||||||
Merck & Co., Inc. | 57,861 | 6,155,832 | ||||||
Merck KGaA | 2,908 | 542,152 | ||||||
Novartis AG | 46,723 | 4,290,037 | ||||||
Novo Nordisk A/S, Class B | 35,159 | 5,583,997 | ||||||
Orion OYJ, Class B | 1,767 | 78,981 | ||||||
Pfizer, Inc. | 130,892 | 5,340,394 | ||||||
Quest Diagnostics, Inc. | 2,778 | 393,031 | ||||||
Ramsay Health Care, Ltd. | 3,616 | 161,574 | ||||||
Sanofi | 23,379 | 2,536,124 | ||||||
Smith & Nephew PLC | 16,631 | 231,180 | ||||||
Stryker Corp. | 7,529 | 2,149,304 | ||||||
UCB SA | 2,689 | 240,332 | ||||||
Vertex Pharmaceuticals, Inc. (a) | 5,497 | 1,731,940 | ||||||
Waters Corp. (a) | 1,537 | 475,901 | ||||||
Zimmer Biomet Holdings, Inc. | 4,912 | 634,630 | ||||||
Zoetis, Inc. | 13,600 | 2,263,584 | ||||||
130,856,627 | ||||||||
INDUSTRIALS: 4.3% | ||||||||
Adecco Group AG | 2,262 | 82,393 | ||||||
Aena SME SA (a) | 1,514 | 244,826 | ||||||
Aeroports de Paris (a) | 576 | 82,231 | ||||||
Air Canada (a) | 5,779 | 81,885 | ||||||
Alstom SA | 8,982 | 244,547 | ||||||
AP Moller - Maersk A/S, Class A | 67 | 118,861 | ||||||
AP Moller - Maersk A/S, Class B | 104 | 189,042 | ||||||
Assa Abloy AB, Class B | 23,672 | 567,003 | ||||||
Auckland International Airport, Ltd. (a) | 28,038 | 152,582 | ||||||
Booz Allen Hamilton Holding Corp. | 4,248 | 393,747 | ||||||
Brambles, Ltd. | 25,964 | 234,098 | ||||||
Bunzl PLC | 6,288 | 237,514 | ||||||
Bureau Veritas SA | 5,488 | 157,684 | ||||||
CAE, Inc. (a) | 7,292 | 164,886 | ||||||
Canadian National Railway Co. | 13,558 | 1,599,774 | ||||||
Cie de Saint-Gobain | 12,879 | 732,088 | ||||||
Cummins, Inc. | 3,441 | 821,986 | ||||||
Emerson Electric Co. | 13,095 | 1,141,098 | ||||||
Epiroc AB, Class A | 16,768 | 332,845 | ||||||
Epiroc AB, Class B | 9,785 | 166,839 | ||||||
Equifax, Inc. | 2,746 | 556,999 | ||||||
Experian PLC | 21,891 | 720,820 | ||||||
Getlink SE | 9,856 | 162,325 | ||||||
Legrand SA | 6,169 | 563,676 | ||||||
Otis Worldwide Corp. | 9,578 | 808,383 | ||||||
Qantas Airways, Ltd. (a) | 17,975 | 80,231 | ||||||
Randstad NV | 2,481 | 147,284 | ||||||
RELX PLC | 41,544 | 1,345,481 | ||||||
Republic Services, Inc. | 4,727 | 639,185 | ||||||
Ritchie Bros Auctioneers, Inc. | 2,816 | 158,438 | ||||||
Schneider Electric SE | 82,347 | 13,762,141 | ||||||
Skanska AB, Class B | 10,069 | 154,224 | ||||||
Smiths Group PLC | 7,501 | 159,087 | ||||||
Teleperformance | 1,322 | 319,440 | ||||||
Transurban Group | 74,470 | 711,068 | ||||||
United Parcel Service, Inc., Class B | 16,582 | 3,216,742 | ||||||
Verisk Analytics, Inc. | 3,342 | 641,196 | ||||||
Vestas Wind Systems A/S | 22,620 | 659,247 | ||||||
W.W. Grainger, Inc. | 1,041 | 717,051 | ||||||
Wartsila OYJ Abp | 8,724 | 82,331 | ||||||
Wolters Kluwer NV | 5,681 | 717,149 | ||||||
WSP Global, Inc. | 3,158 | 413,659 | ||||||
34,482,086 | ||||||||
INFORMATION TECHNOLOGY: 17.9% | ||||||||
Accenture PLC, Class A | 51,152 | 14,619,753 | ||||||
Adobe, Inc. (a) | 9,342 | 3,600,127 | ||||||
ANSYS, Inc. (a) | 1,970 | 655,616 | ||||||
Apple, Inc. | 197,736 | 32,606,666 | ||||||
Arista Networks, Inc. (a) | 4,604 | 772,827 | ||||||
Autodesk, Inc. (a) | 61,069 | 12,712,123 | ||||||
Broadcom, Inc. | 8,843 | 5,673,138 | ||||||
Capgemini SE | 3,943 | 732,749 | ||||||
CDW Corp. | 3,214 | 626,376 | ||||||
Ceridian HCM Holding, Inc. (a) | 3,378 | 247,337 | ||||||
Cisco Systems, Inc. | 108,904 | 5,692,957 | ||||||
Dassault Systemes SE | 13,605 | 561,220 | ||||||
DocuSign,Inc. (a) | 4,074 | 237,514 | ||||||
Dropbox, Inc., Class A (a) | 3,671 | 79,367 | ||||||
F5, Inc. (a) | 1,112 | 162,007 | ||||||
Gen Digital, Inc. | 13,936 | 239,142 | ||||||
Halma PLC | 405,972 | 11,207,456 | ||||||
Hexagon AB, Class B | 42,675 | 491,164 | ||||||
HP, Inc. | 24,959 | 732,547 | ||||||
HubSpot, Inc. (a) | 977 | 418,889 | ||||||
Intel Corp. | 78,964 | 2,579,754 | ||||||
Intuit, Inc. | 5,998 | 2,674,088 | ||||||
Lam Research Corp. | 3,104 | 1,645,492 | ||||||
Microsoft Corp. | 94,843 | 27,343,237 | ||||||
Nokia OYJ | 115,084 | 564,934 | ||||||
Okta, Inc. (a) | 2,800 | 241,472 | ||||||
Palo Alto Networks, Inc. (a) | 6,813 | 1,360,829 | ||||||
Sage Group PLC, The | 25,284 | 242,636 | ||||||
salesforce.com, Inc. (a) | 19,879 | 3,971,427 | ||||||
SAP SE | 22,011 | 2,779,339 | ||||||
ServiceNow, Inc. (a) | 4,659 | 2,165,130 | ||||||
Texas Instruments, Inc. | 20,069 | 3,733,035 | ||||||
Trimble, Inc. (a) | 6,281 | 329,250 | ||||||
Twilio, Inc., Class A (a) | 3,727 | 248,330 | ||||||
WiseTech Global, Ltd. | 3,569 | 157,227 | ||||||
Workday, Inc., Class A (a) | 4,538 | 937,279 | ||||||
Xero, Ltd. (a) | 2,627 | 159,331 | ||||||
143,201,765 | ||||||||
MATERIALS: 5.8% | ||||||||
Air Liquide SA | 11,997 | 2,008,161 | ||||||
Akzo Nobel NV | 4,228 | 330,691 | ||||||
Arkema SA | 1,638 | 161,731 | ||||||
BASF SE | 21,921 | 1,150,823 | ||||||
BlueScope Steel, Ltd. | 11,965 | 161,951 | ||||||
Celanese Corp. | 110,706 | 12,054,776 | ||||||
Chr. Hansen Holding A/S | 2,084 | 158,531 | ||||||
Covestro AG | 3,904 | 161,678 | ||||||
Croda International PLC | 2,929 | 235,414 | ||||||
Dow, Inc. | 17,752 | 973,165 | ||||||
Ecolab, Inc. | 5,803 | 960,571 | ||||||
Evonik Industries AG | 3,844 | 80,874 | ||||||
Fortescue Metals Group, Ltd. | 41,460 | 623,209 | ||||||
Johnson Matthey PLC | 3,260 | 79,923 | ||||||
Koninklijke DSM NV | 99,510 | 11,776,441 | ||||||
Mondi PLC | 9,760 | 154,960 | ||||||
Newcrest Mining, Ltd. | 18,030 | 321,843 | ||||||
Newmont Corp. | 16,156 | 791,967 | ||||||
Norsk Hydro ASA | 33,138 | 247,323 | ||||||
Novozymes A/S, Class B | 4,586 | 234,818 | ||||||
Nutrien, Ltd. | 12,783 | 944,041 | ||||||
Orica, Ltd. | 7,733 | 79,885 | ||||||
Smurfit Kappa Group, PLC | 6,657 | 241,450 | ||||||
Solvay SA | 1,416 | 161,943 | ||||||
Stora Enso OYJ, Class R | 12,421 | 161,596 | ||||||
Yara International ASA | 277,869 | 12,076,343 | ||||||
46,334,108 |
REAL ESTATE: 0.9% | ||||||||
Azrieli Group, Ltd. | 1,303 | 74,868 | ||||||
British Land Co. PLC, The, REIT | 17,271 | 82,843 | ||||||
Canadian Apartment Properties, REIT | 2,136 | 75,105 | ||||||
CapitaLand Integrated Commercial Trust, REIT | 106,600 | 158,986 | ||||||
City Developments, Ltd. | 14,300 | 79,350 | ||||||
Covivio, REIT | 1,384 | 80,508 | ||||||
Dexus, REIT | 30,827 | 155,856 | ||||||
Essex Property Trust, Inc., REIT | 1,538 | 321,657 | ||||||
Gecina SA, REIT | 1,566 | 162,551 | ||||||
GPT Group, The, REIT | 55,111 | 157,494 | ||||||
Klepierre SA, REIT | 3,460 | 78,446 | ||||||
Land Securities Group PLC, REIT | 21,950 | 168,500 | ||||||
LendLease Corp., Ltd. | 16,025 | 77,987 | ||||||
Mapletree Logistics Trust, REIT | 60,500 | 78,043 | ||||||
Mirvac Group, REIT | 111,804 | 156,595 | ||||||
Realty Income Corp., REIT | 15,230 | 964,364 | ||||||
RioCan Real Estate Investment Trust, REIT | 5,249 | 79,191 | ||||||
Scentre Group, REIT | 127,457 | 235,934 | ||||||
Stockland, REIT | 59,762 | 160,030 | ||||||
Swire Properties, Ltd. | 30,400 | 78,241 | ||||||
Unibail-Rodamco-Westfield, REIT (a) | 3,077 | 165,447 | ||||||
Ventas, Inc., REIT | 10,823 | 469,177 | ||||||
VICI Properties, Inc., REIT | 22,115 | 721,391 | ||||||
Vicinity, Ltd., REIT | 59,611 | 77,962 | ||||||
Vonovia SE | 21,584 | 406,530 | ||||||
Welltower, Inc., REIT | 11,399 | 817,194 | ||||||
Weyerhaeuser Co., REIT | 18,879 | 568,824 | ||||||
Zillow Group, Inc., Class C (a) | 3,637 | 161,737 | ||||||
6,814,811 | ||||||||
UTILITIES: 3.8% | ||||||||
American Water Works Co., Inc. | 85,050 | 12,458,975 | ||||||
Edison International | 174,924 | 12,347,885 | ||||||
EDP - Energias de Portugal SA | 59,907 | 326,428 | ||||||
Electricite de France SA | 6,075 | 78,336 | ||||||
Elia Group SA | 603 | 79,630 | ||||||
Enel SpA | 171,111 | 1,043,597 | ||||||
Hydro One, Ltd. | 5,608 | 159,671 | ||||||
Iberdrola SA | 135,028 | 1,682,152 | ||||||
Mercury NZ, Ltd. | 20,978 | 82,976 | ||||||
Meridian Energy, Ltd. | 24,891 | 81,887 | ||||||
Orsted A/S | 4,773 | 406,984 | ||||||
Red Electrica Corp. SA | 9,107 | 160,250 | ||||||
Severn Trent PLC | 4,503 | 159,960 | ||||||
SSE PLC | 21,949 | 489,766 | ||||||
Terna - Rete Elettrica Nazionale | 28,404 | 233,123 | ||||||
United Utilities Group PLC | 12,206 | 159,745 | ||||||
Veolia Environnement SA | 16,265 | 501,892 | ||||||
30,453,257 | ||||||||
TOTAL COMMON STOCKS | 793,407,357 | |||||||
(Cost $673,817,052) | ||||||||
PREFERRED STOCKS: 0.0% (c) | ||||||||
CONSUMER STAPLES: 0.0% (c) | ||||||||
Henkel AG & Co. KGaA | 4,160 | 325,453 | ||||||
(Cost $351,246) | ||||||||
MONEY MARKET: 0.8% | ||||||||
State Street Institutional U.S. Government Money Market Fund, 4.700% (d)(e) | 6,749,661 | 6,749,661 | ||||||
(Cost $6,749,661) | ||||||||
TOTAL INVESTMENTS: 99.8% | 800,482,471 | |||||||
(Cost $680,917,959) | ||||||||
Other assets and liabilities - (net): 0.2% | 1,841,149 | |||||||
Net Assets: 100.0% | $ | 802,323,620 |
(a) | Non-income producing security. |
(b) | Security or partial position of this security was on loan as of March 31, 2023. The total market value of securities on loan as of March 31, 2023 was $165,787. |
(c) | Rounds to less than 0.05%. |
(d) | Rate shown represents annualized 7-day yield as of March 31, 2023. |
(e) | Premier Class shares |
REIT - Real Estate Investment Trust
SUMMARY OF INVESTMENTS BY COUNTRY
PERCENT OF | ||||||||
COUNTRY | VALUE | NET ASSETS | ||||||
Australia | $ | 15,477,008 | 1.9 | % | ||||
Belgium | 564,677 | 0.1 | % | |||||
Canada | 17,791,789 | 2.2 | % | |||||
Denmark | 8,447,797 | 1.1 | % | |||||
Finland | 887,842 | 0.1 | % | |||||
France | 47,813,125 | 6.0 | % | |||||
Germany | 11,995,410 | 1.5 | % | |||||
Hong Kong | 1,447,506 | 0.2 | % | |||||
Ireland | 241,450 | 0.0 | % | |||||
Israel | 509,443 | 0.1 | % | |||||
Italy | 3,475,667 | 0.4 | % | |||||
Japan | 398,508 | 0.0 | % | |||||
Netherlands | 14,984,728 | 1.9 | % | |||||
New Zealand | 638,507 | 0.1 | % | |||||
Norway | 36,569,448 | 4.6 | % | |||||
Poland | 154,960 | 0.0 | % | |||||
Portugal | 492,076 | 0.1 | % | |||||
Singapore | 634,297 | 0.1 | % | |||||
Spain | 5,680,845 | 0.7 | % | |||||
Sweden | 6,651,192 | 0.8 | % | |||||
Switzerland | 9,882,600 | 1.2 | % | |||||
United Kingdom | 79,639,459 | 9.9 | % | |||||
United States | 529,354,476 | 66.0 | % | |||||
Money Market | 6,749,661 | 0.8 | % | |||||
Other assets and liabilities (net) | 1,841,149 | 0.2 | % | |||||
TOTAL | $ | 802,323,620 | 100.0 | % |
March 31, 2023 |
Notes to Schedules of Investments |
Pax World Funds Series Trust I and Pax World Fund Series Trust III
Valuation of Investments For purposes of calculating the net asset value (“NAV”), determined ordinarily as of the close of regular trading (normally 4:00 p.m. Eastern time) (the “NYSE Close”) on the New York Stock Exchange (“NYSE”) on each day that the NYSE is open for trading, the Funds normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close. U.S. fixed income and non-U.S. securities are normally priced using data reflecting the earlier closing of the principal markets for those securities, subject to possible fair value adjustments. Information that becomes known to the Funds or their agents after NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or NAV determined earlier that day.
For the purpose of these financial statements, fair values for various types of securities and other instruments are determined on the basis of closing prices or last sales prices on an exchange or other market, or based on quotes or other market information obtained from quotation reporting systems, established market makers or pricing services. Short-term investments having a maturity of 60 days or less are generally valued at amortized cost, which approximates fair value.
Investments denominated in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services. As a result, the NAV of a Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar.
If market quotations are not readily available (including in cases when available market quotations are deemed to be unreliable), the Funds’ investments will be valued as determined in good faith pursuant to policies and procedures approved by the Boards of Trustees of the Trusts (the “Boards” or “Boards of Trustees”) (so called “fair value pricing”). Fair value pricing may require subjective determinations about the value of a security or other asset, and fair values used to determine a Fund’s NAV may differ from quoted or published prices, or from prices that are used by others, for the same investments. Also, the use of fair value pricing may not always result in adjustments to the prices of securities or other assets held by a Fund. The Boards have delegated to the Adviser’s Best Execution and Valuation Committee the day-to-day responsibility for making fair value pricing determinations with respect to Fund holdings.
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, 2023, six securities were fair valued in good faith pursuant to policies and procedures approved by the Boards of Trustees. The Core Bond Fund held two securities fair valued at $454,521, representing 0.05% of the Fund’s net asset value and the High Yield Bond Fund held four securities fair valued at $756,814, representing 0.13% of the Fund’s net asset value.
For those Funds that invest in non-U.S. securities, investors should be aware that many securities markets and exchanges outside the U.S. close prior to the close of the NYSE, and the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the NYSE. As a result, the Funds’ fair value pricing procedures require the Funds to consider changes in the fair value of non-U.S. securities between the time of the closing of the local market’s exchange and the close of the NYSE. Generally, if there has been a movement in the U.S. market that exceeds a specified threshold, the Funds will assess whether the closing price on the local exchange is still appropriate. Although the threshold may be revised from time to time and the number of days on which fair value prices will 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, valued at the last reported sale price or official closing price as reported by an independent pricing service, 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, 2023:
Level 1 | Level 2 | Level 3* | Totals | |||||||||||||
Large Cap | ||||||||||||||||
Common Stocks | $ | 1,378,643,866 | $ | - | $ | - | $ | 1,378,643,866 | ||||||||
Cash Equivalents | 20,201,779 | - | - | 20,201,779 | ||||||||||||
Total | $ | 1,398,845,645 | $ | - | $ | - | $ | 1,398,845,645 | ||||||||
Small Cap | ||||||||||||||||
Common Stocks | $ | 596,285,922 | $ | - | $ | - | $ | 596,285,922 | ||||||||
Cash Equivalents | 28,052,806 | - | - | 28,052,806 | ||||||||||||
Total | $ | 624,338,728 | $ | - | $ | - | $ | 624,338,728 | ||||||||
US Sustainable Economy | ||||||||||||||||
Common Stocks | $ | 261,682,147 | $ | - | $ | - | $ | 261,682,147 | ||||||||
Exchange-Traded Funds | $ | 1,974,828 | - | - | 1,974,828 | |||||||||||
Cash Equivalents | 629,780 | - | - | 629,780 | ||||||||||||
Total | $ | 264,286,755 | $ | - | $ | - | $ | 264,286,755 | ||||||||
Global Sustainable Infrastructure | ||||||||||||||||
Common Stocks | $ | 57,916,725 | $ | 50,944,384 | $ | - | $ | 108,861,109 | ||||||||
Closed-End Investment Company | 385,067 | - | - | 385,067 | ||||||||||||
Cash Equivalents | 678,978 | - | - | 678,978 | ||||||||||||
Total | $ | 58,980,770 | $ | 50,944,384 | $ | - | $ | 109,925,154 | ||||||||
Global Opportunities | ||||||||||||||||
Common Stocks | $ | 67,980,471 | $ | 45,116,564 | $ | - | $ | 113,097,035 | ||||||||
Preferred Stocks | - | 2,551,496 | - | 2,551,496 | ||||||||||||
Cash Equivalents | 972,598 | - | - | 972,598 | ||||||||||||
Total | $ | 68,953,069 | $ | 47,668,060 | $ | - | $ | 116,621,129 | ||||||||
Global Environmental Markets | ||||||||||||||||
Common Stocks | $ | 1,469,496,510 | $ | 913,134,032 | $ | - | $ | 2,382,630,542 | ||||||||
Cash Equivalents | 14,263,895 | - | - | 14,263,895 | ||||||||||||
Total | $ | 1,483,760,405 | $ | 913,134,032 | $ | - | $ | 2,396,894,437 | ||||||||
Global Women’s Leadership | ||||||||||||||||
Common Stocks | $ | 436,443,823 | $ | 356,963,534 | $ | - | $ | 793,407,357 | ||||||||
Preferred Stocks | - | 325,453 | - | 325,453 | ||||||||||||
Cash Equivalents | 6,749,661 | - | - | 6,749,661 | ||||||||||||
Total | $ | 443,193,484 | $ | 357,288,987 | $ | - | $ | 800,482,471 | ||||||||
International Sustainable Economy | ||||||||||||||||
Common Stocks | $ | - | $ | 933,419,659 | $ | - | $ | 933,419,659 | ||||||||
Preferred Stocks | - | 6,066,351 | - | 6,066,351 | ||||||||||||
Cash Equivalents | 33,980,639 | - | - | 33,980,639 | ||||||||||||
Total | $ | 33,980,639 | $ | 939,486,010 | $ | - | $ | 973,466,649 | ||||||||
Core Bond | ||||||||||||||||
Community Investment Notes | $ | - | $ | 242,653 | $ | 454,521 | $ | 697,174 | ||||||||
Corporate Bonds | - | 322,807,933 | - | 322,807,933 | ||||||||||||
U.S. Gov't Agency Bonds | - | 9,131,155 | - | 9,131,155 | ||||||||||||
Government Bonds | - | 6,478,883 | - | 6,478,883 | ||||||||||||
Supranational Bonds | - | 95,527,892 | - | 95,527,892 | ||||||||||||
Municipal Bonds | - | 16,757,006 | - | 16,757,006 | ||||||||||||
U.S. Treasury Notes | - | 112,879,457 | - | 112,879,457 | ||||||||||||
Asset-Backed Securities | - | 49,275,929 | - | 49,275,929 | ||||||||||||
Mortgage-Backed Securities | - | 203,391,245 | - | 203,391,245 | ||||||||||||
Cash Equivalents | 16,858,435 | - | - | 16,858,435 | ||||||||||||
Total | $ | 16,858,435 | $ | 816,492,153 | $ | 454,521 | $ | 833,805,109 | ||||||||
High Yield Bond | ||||||||||||||||
Community Investment Notes | $ | - | $ | 242,653 | $ | 671,055 | $ | 913,708 | ||||||||
Common Stocks | - | 1,285,101 | 28,586 | 1,313,687 | ||||||||||||
Preferred Stocks | - | - | 57,173 | 57,173 | ||||||||||||
Corporate Bonds | - | 552,569,866 | - | 552,569,866 | ||||||||||||
Loans | - | 17,407,499 | - | 17,407,499 | ||||||||||||
Medium Term Certificates of Deposit | - | 500,000 | - | 500,000 | ||||||||||||
Cash Equivalents | 20,424,464 | - | - | 20,424,464 | ||||||||||||
Total | $ | 20,424,464 | $ | 572,005,119 | $ | 756,814 | $ | 593,186,397 | ||||||||
Sustainable Allocation | ||||||||||||||||
Affiliated Investment Companies | $ | 2,170,570,307 | $ | - | $ | - | $ | 2,170,570,307 | ||||||||
Cash Equivalents | 57,008,370 | - | - | 57,008,370 | ||||||||||||
Total | $ | 2,227,578,677 | $ | - | $ | - | $ | 2,227,578,677 |
See Schedules of Investments for additional detailed industry classifications.
Significant unobservable inputs were used by two Funds for Level 3 fair value measurements. The High Yield Bond Fund holds two securities of the same issuer which are valued based on an offer by the issuer to repurchase the shares. The Core Bond Fund and High Yield Bond Fund each hold a position in the same promissory note and community investment note, which are both valued at par.
Affiliated Investments The term “affiliated company” includes other investment companies that are managed by a Fund’s Adviser. At March 31, 2023, the Sustainable Allocation Fund held the following investments in affiliated Funds:
Tables for Notes to the Financial Statements
Shares Held at | Gross | Gross | Shares Held at | Value at | Dividend | Realized | Net change in Unrealized Appreciation/ | Value at | |||||||||||||||||||||||||||
Fund | 12/31/22 | Additions | Reductions | 03/31/23 | 12/31/22 | Income | Gains/Losses1 | Depreciation | 03/31/23 | ||||||||||||||||||||||||||
Sustainable Allocation | |||||||||||||||||||||||||||||||||||
Large Cap | 75,268,533 | - | 2,394,309 | 72,874,224 | $ | 870,104,236 | $ | - | $ | (1,210,212 | ) | $ | 53,815,218 | $ | 892,709,241 | ||||||||||||||||||||
Small Cap | 4,176,980 | - | - | 4,176,980 | 59,689,044 | - | - | 3,090,965 | 62,780,009 | ||||||||||||||||||||||||||
Global Sustainable Infrastructure | 7,971,319 | - | - | 7,971,319 | 68,314,199 | - | - | 3,188,527 | 71,502,727 | ||||||||||||||||||||||||||
Global Opportunities | 4,082,111 | - | - | 4,082,111 | 56,129,027 | - | - | 4,653,607 | 60,782,634 | ||||||||||||||||||||||||||
Global Environmental Markets | 2,635,835 | - | - | 2,635,835 | 51,609,644 | - | - | 4,639,069 | 56,248,713 | ||||||||||||||||||||||||||
Global Women's Leadership | 2,057,973 | - | - | 2,057,973 | 56,491,351 | - | - | 3,766,090 | 60,257,442 | ||||||||||||||||||||||||||
International Sustainable Economy | 11,578,384 | - | - | 11,578,384 | 99,689,886 | - | - | 8,799,572 | 108,489,458 | ||||||||||||||||||||||||||
Core Bond | 85,316,699 | 614,701 | - | 85,931,400 | 740,548,945 | 5,430,015 | - | 16,232,556 | 762,211,516 | ||||||||||||||||||||||||||
High Yield | 16,220,310 | 232,112 | - | 16,452,421 | 92,617,968 | 1,352,955 | - | 1,617,645 | 95,588,567 | ||||||||||||||||||||||||||
Total | $ | 2,095,194,300 | $ | 6,782,970 | $ | (1,210,212 | ) | $ | 99,803,249 | $ | 2,170,570,307 |