Schedules of Investments (unaudited) | |
Impax High Yield Bond Fund | September 30, 2023 |
SHARES/ | ||||||||
PERCENT OF NET ASSETS | PRINCIPAL/ | |||||||
NAME OF ISSUER AND TITLE OF ISSUE | CONTRACTS | VALUE | ||||||
COMMON STOCKS: 0.3% | ||||||||
FINANCIAL SERVICES: 0.1% | ||||||||
Diebold Nixdorf, Inc. (a) | 40,701 | $ | 770,877 | |||||
HEALTH CARE: 0.2% | ||||||||
Avantor, Inc. (a) | 60,790 | 1,281,453 | ||||||
TOTAL COMMON STOCK | 2,052,330 | |||||||
(Cost $3,713,104) | ||||||||
BONDS: 95.3% | ||||||||
COMMUNITY INVESTMENT NOTES: 0.2% | ||||||||
CEI Investment Note, 4.000%, 09/30/24 (b)(c) | $ | 521,055 | 521,055 | |||||
Envest Microfinance Fund, LLC, 4.380%, 10/25/23 (b)(c) | 150,000 | 150,000 | ||||||
Envest Microfinance Fund, LLC, 4.000%, 04/20/26 (b) | 250,000 | 237,173 | ||||||
(Cost $921,055) | 908,228 | |||||||
CORPORATE BONDS: 91.2% | ||||||||
AUTOMOTIVE: 5.2% | ||||||||
Allison Transmission, Inc., 144A, 4.750%, 10/01/27 (d) | 1,200,000 | 1,108,680 | ||||||
Allison Transmission, Inc., 144A, 5.875%, 06/01/29 (d) | 1,925,000 | 1,817,104 | ||||||
Allison Transmission, Inc., 144A, 3.750%, 01/30/31 (d) | 2,475,000 | 2,003,280 | ||||||
Dana, Inc., 4.500%, 02/15/32 | 3,900,000 | 3,033,980 | ||||||
Ford Motor Co., 3.250%, 02/12/32 | 3,850,000 | 2,970,827 | ||||||
Ford Motor Credit Co., LLC, 3.664%, 09/08/24 | 2,075,000 | 2,009,668 | ||||||
Ford Motor Credit Co., LLC, 5.125%, 06/16/25 | 3,750,000 | 3,633,461 | ||||||
Ford Motor Credit Co., LLC, 2.700%, 08/10/26 | 1,850,000 | 1,652,736 | ||||||
Ford Motor Credit Co., LLC, 4.000%, 11/13/30 | 1,375,000 | 1,149,686 | ||||||
Gates Global, LLC/Corp., 144A, 6.250%, 01/15/26 (d) | 3,075,000 | 3,000,039 | ||||||
IHO Verwaltungs GmbH, 144A, 6.375%, 05/15/29 (d) | 3,750,000 | 3,386,432 | ||||||
ZF North America Capital, Inc., 144A, 6.875%, 04/14/28 (d) | 1,575,000 | 1,542,555 | ||||||
ZF North America Capital, Inc., 144A, 7.125%, 04/14/30 (d) | 1,800,000 | 1,765,928 | ||||||
29,074,376 | ||||||||
BANKING: 0.5% | ||||||||
PNC Financial Services Group, Inc., The, 6.200%, 09/15/27 (e) | 3,250,000 | 2,994,892 | ||||||
BASIC INDUSTRY: 7.9% | ||||||||
Advanced Drainage Systems, Inc., 144A, 5.000%, 09/30/27 (d) | 1,600,000 | 1,496,407 | ||||||
Advanced Drainage Systems, Inc., 144A, 6.375%, 06/15/30 (d) | 2,450,000 | 2,355,883 | ||||||
ATI, Inc., 7.250%, 08/15/30 | 1,325,000 | 1,316,679 | ||||||
ATI, Inc., 5.125%, 10/01/31 | 1,800,000 | 1,560,064 | ||||||
Avient Corp., 144A, 7.125%, 08/01/30 (d) | 2,060,000 | 2,026,244 | ||||||
BCPE Ulysses Intermediate, Inc., 144A, 7.750%, 04/01/27 (d) | 575,000 | 501,622 | ||||||
CVR Partners, LP/CVR Nitrogen Finance Corp., 144A, 6.125%, 06/15/28 (d) | 2,800,000 | 2,519,269 | ||||||
Dycom Industries, Inc., 144A, 4.500%, 04/15/29 (d) | 1,450,000 | 1,255,737 | ||||||
Great Lakes Dredge & Dock Corp., 144A, 5.250%, 06/01/29 (d) | 2,150,000 | 1,766,177 | ||||||
Interface, Inc., 144A, 5.500%, 12/01/28 (d) | 5,455,000 | 4,642,626 | ||||||
Knife River Corp., 144A, 7.750%, 05/01/31 (d) | 2,250,000 | 2,257,459 | ||||||
MDC Holdings, Inc., 3.850%, 01/15/30 | 2,000,000 | 1,682,733 | ||||||
MDC Holdings, Inc., 6.000%, 01/15/43 | 2,500,000 | 2,095,225 | ||||||
Mercer International, Inc., 5.500%, 01/15/26 | 1,075,000 | 1,011,060 | ||||||
Mercer International, Inc., 144A, 12.875%, 10/01/28 (d) | 1,800,000 | 1,821,956 | ||||||
Mercer International, Inc., 5.125%, 02/01/29 | 1,325,000 | 1,046,581 | ||||||
Novelis Corp., 144A, 4.750%, 01/30/30 (d) | 2,300,000 | 1,993,616 | ||||||
Olympus Water US Holding Corp., 144A, 4.250%, 10/01/28 (d) | 1,975,000 | 1,612,133 | ||||||
Olympus Water US Holding Corp., 144A, 9.750%, 11/15/28 (d) | 800,000 | 799,271 | ||||||
Olympus Water US Holding Corp., 144A, 6.250%, 10/01/29 (d) | 1,800,000 | 1,393,097 | ||||||
Shea Homes, LP/Funding Corp., 4.750%, 02/15/28 | 2,100,000 | 1,889,801 | ||||||
Shea Homes, LP/Funding Corp., 4.750%, 04/01/29 | 1,075,000 | 933,546 | ||||||
Standard Industries, Inc., 144A, 5.000%, 02/15/27 (d) | 2,700,000 | 2,505,414 | ||||||
Standard Industries, Inc., 144A, 4.375%, 07/15/30 (d) | 3,875,000 | 3,213,320 | ||||||
43,695,920 | ||||||||
CAPITAL GOODS: 8.6% | ||||||||
ARD Finance SA, 144A, 6.500%, 06/30/27 (d) | 3,075,000 | 2,324,826 | ||||||
Ardagh Metal Packaging Finance USA, LLC/Finance PLC, 144A, 6.000%, 06/15/27 (d) | 875,000 | 841,717 | ||||||
Ardagh Metal Packaging Finance USA, LLC/Finance PLC, 144A, 3.250%, 09/01/28 (d) | 1,075,000 | 897,546 | ||||||
Ardagh Metal Packaging Finance USA, LLC/Finance PLC, 144A, 4.000%, 09/01/29 (d) | 1,275,000 | 999,506 | ||||||
Ardagh Packaging Finance, PLC/Holdings USA, Inc., 144A, 4.125%, 08/15/26 (d) | 1,600,000 | 1,464,059 | ||||||
Ardagh Packaging Finance, PLC/Holdings USA, Inc., 144A, 5.250%, 08/15/27 (d) | 4,525,000 | 3,782,086 | ||||||
ATS Corp., 144A, 4.125%, 12/15/28 (d) | 3,150,000 | 2,792,072 | ||||||
Ball Corp., 4.000%, 11/15/23 | 1,175,000 | 1,170,779 | ||||||
Ball Corp., 6.875%, 03/15/28 | 1,100,000 | 1,107,817 | ||||||
Ball Corp., 6.000%, 06/15/29 | 1,800,000 | 1,749,724 | ||||||
Chart Industries, Inc., 144A, 7.500%, 01/01/30 (d) | 2,000,000 | 2,013,460 | ||||||
Chart Industries, Inc., 144A, 9.500%, 01/01/31 (d) | 1,300,000 | 1,382,811 | ||||||
Clydesdale Acquisition Holdings, Inc., 144A, 8.750%, 04/15/30 (d) | 2,350,000 | 2,018,977 | ||||||
Emerald Debt Merger Sub, LLC, 144A, 6.625%, 12/15/30 (d) | 2,500,000 | 2,409,812 | ||||||
GrafTech Finance, Inc., 144A, 4.625%, 12/15/28 (d) | 2,850,000 | 2,206,670 | ||||||
Graphic Packaging International, LLC, 144A, 3.750%, 02/01/30 (d) | 5,400,000 | 4,521,419 | ||||||
Howmet Aerospace, Inc., 5.900%, 02/01/27 | 1,075,000 | 1,057,199 | ||||||
Howmet Aerospace, Inc., 6.750%, 01/15/28 | 2,025,000 | 2,041,322 | ||||||
OI European Group BV, 144A, 4.750%, 02/15/30 (d) | 2,100,000 | 1,829,511 | ||||||
Owens-Brockway Glass Container, Inc., 144A, 6.625%, 05/13/27 (d) | 1,875,000 | 1,830,022 | ||||||
Owens-Brockway Glass Container, Inc., 144A, 7.250%, 05/15/31 (d) | 1,667,000 | 1,631,576 | ||||||
Regal Rexnord Corp., 144A, 6.050%, 04/15/28 (d) | 1,550,000 | 1,508,722 | ||||||
Regal Rexnord Corp., 144A, 6.400%, 04/15/33 (d) | 3,450,000 | 3,326,670 | ||||||
Terex Corp., 144A, 5.000%, 05/15/29 (d) | 3,150,000 | 2,824,999 | ||||||
47,733,302 |
CONSUMER GOODS: 5.2% | ||||||||
BellRing Brands, Inc., 144A, 7.000%, 03/15/30 (d) | 3,000,000 | 2,957,953 | ||||||
Darling Ingredients, Inc., 144A, 6.000%, 06/15/30 (d) | 5,800,000 | 5,497,575 | ||||||
Lamb Weston Holdings, Inc., 144A, 4.125%, 01/31/30 (d) | 2,100,000 | 1,798,227 | ||||||
Lamb Weston Holdings, Inc., 144A, 4.375%, 01/31/32 (d) | 2,100,000 | 1,761,821 | ||||||
Land O’ Lakes, Inc., 144A, 7.000%, 09/18/28 (d) | 1,685,000 | 1,213,200 | ||||||
Natura Cosmeticos SA, 144A, 4.125%, 05/03/28 (d) | 372,000 | 319,812 | ||||||
Newell Brands, Inc., 4.875%, 06/01/25 | 1,200,000 | 1,151,068 | ||||||
Newell Brands, Inc., 6.375%, 09/15/27 | 1,775,000 | 1,698,866 | ||||||
Performance Food Group, Inc., 144A, 5.500%, 10/15/27 (d) | 2,150,000 | 2,038,943 | ||||||
Post Holdings, Inc., 144A, 5.750%, 03/01/27 (d) | 758,000 | 728,671 | ||||||
Post Holdings, Inc., 144A, 5.500%, 12/15/29 (d) | 3,500,000 | 3,176,948 | ||||||
Post Holdings, Inc., 144A, 4.500%, 09/15/31 (d) | 3,075,000 | 2,563,177 | ||||||
United Natural Foods, Inc., 144A, 6.750%, 10/15/28 (d) | 5,375,000 | 4,104,619 | ||||||
29,010,880 | ||||||||
FINANCIAL SERVICES: 2.6% | ||||||||
Ally Financial, Inc., 5.750%, 11/20/25 | 2,425,000 | 2,356,428 | ||||||
Ally Financial, Inc., 6.700%, 02/14/33 | 3,100,000 | 2,694,209 | ||||||
Armor Holdco, Inc., 144A, 8.500%, 11/15/29 (d) | 1,575,000 | 1,372,542 | ||||||
Block, Inc., 2.750%, 06/01/26 | 1,075,000 | 967,982 | ||||||
Block, Inc., 3.500%, 06/01/31 | 1,500,000 | 1,180,067 | ||||||
OneMain Finance Corp., 6.875%, 03/15/25 | 525,000 | 521,337 | ||||||
OneMain Finance Corp., 3.500%, 01/15/27 | 1,450,000 | 1,243,020 | ||||||
OneMain Finance Corp., 6.625%, 01/15/28 | 1,125,000 | 1,039,314 | ||||||
PennyMac Financial Services, Inc., 144A, 4.250%, 02/15/29 (d) | 1,075,000 | 870,774 | ||||||
PennyMac Financial Services, Inc., 144A, 5.750%, 09/15/31 (d) | 2,600,000 | 2,129,879 | ||||||
14,375,552 | ||||||||
HEALTH CARE: 7.7% | ||||||||
AdaptHealth, LLC, 144A, 6.125%, 08/01/28 (d) | 2,075,000 | 1,793,567 | ||||||
AdaptHealth, LLC, 144A, 4.625%, 08/01/29 (d) | 1,075,000 | 826,315 | ||||||
Avantor Funding, Inc., 144A, 4.625%, 07/15/28 (d) | 5,600,000 | 5,111,478 | ||||||
Avantor Funding, Inc., 144A, 3.875%, 11/01/29 (d) | 2,100,000 | 1,797,149 | ||||||
Bausch Health Cos., Inc., 144A, 6.125%, 02/01/27 (d) | 1,900,000 | 1,184,739 | ||||||
Centene Corp., 4.250%, 12/15/27 | 1,075,000 | 991,972 | ||||||
Centene Corp., 4.625%, 12/15/29 | 1,250,000 | 1,127,244 | ||||||
Cheplapharm Arzneimittel GmbH, 144A, 5.500%, 01/15/28 (d) | 2,525,000 | 2,293,861 | ||||||
Encompass Health Corp., 4.750%, 02/01/30 | 2,875,000 | 2,547,584 | ||||||
Fortrea Holdings, Inc., 144A, 7.500%, 07/01/30 (d) | 2,500,000 | 2,435,663 | ||||||
Garden Spinco Corp., 144A, 8.625%, 07/20/30 (d) | 2,650,000 | 2,768,867 | ||||||
HealthEquity, Inc., 144A, 4.500%, 10/01/29 (d) | 2,050,000 | 1,768,382 | ||||||
IQVIA, Inc., 144A, 5.000%, 05/15/27 (d) | 1,750,000 | 1,651,348 | ||||||
Medline Borrower, LP, 144A, 5.250%, 10/01/29 (d) | 1,975,000 | 1,709,375 | ||||||
Organon & Co./Foreign Debt Co-Issuer BV, 144A, 4.125%, 04/30/28 (d) | 1,425,000 | 1,239,556 | ||||||
Organon & Co./Foreign Debt Co-Issuer BV, 144A, 5.125%, 04/30/31 (d) | 1,350,000 | 1,083,703 | ||||||
Prestige Brands, Inc., 144A, 5.125%, 01/15/28 (d) | 2,175,000 | 2,027,217 | ||||||
Prestige Brands, Inc., 144A, 3.750%, 04/01/31 (d) | 900,000 | 725,621 | ||||||
Star Parent, Inc., 144A, 9.000%, 10/01/30 (d) | 1,050,000 | 1,062,340 | ||||||
Tenet Healthcare Corp., 5.125%, 11/01/27 | 3,600,000 | 3,353,867 | ||||||
Tenet Healthcare Corp., 6.125%, 10/01/28 | 1,825,000 | 1,714,916 | ||||||
Tenet Healthcare Corp., 6.125%, 06/15/30 | 3,425,000 | 3,215,388 | ||||||
42,430,152 | ||||||||
INSURANCE: 1.7% | ||||||||
GTCR AP Finance, Inc., 144A, 8.000%, 05/15/27 (d) | 3,150,000 | 3,099,279 | ||||||
HUB International, Ltd., 144A, 7.250%, 06/15/30 (d) | 2,900,000 | 2,897,854 | ||||||
Liberty Mutual Group, Inc., 144A, 4.125%, 12/15/51 (d)(e) | 4,200,000 | 3,459,813 | ||||||
9,456,946 | ||||||||
LEISURE: 2.9% | ||||||||
Lindblad Expeditions Holdings, Inc., 144A, 9.000%, 05/15/28 (d) | 1,825,000 | 1,822,965 | ||||||
Lindblad Expeditions, LLC, 144A, 6.750%, 02/15/27 (d) | 1,475,000 | 1,382,518 | ||||||
MGM Resorts International, 6.750%, 05/01/25 | 1,075,000 | 1,070,419 | ||||||
MGM Resorts International, 5.500%, 04/15/27 | 3,225,000 | 3,011,998 | ||||||
Park Intermediate Holdings, LLC/PK Domestic Property, LLC/PK Finance Co-Issuer, 144A, 5.875%, 10/01/28 (d) | 1,050,000 | 960,524 | ||||||
Park Intermediate Holdings, LLC/PK Domestic Property, LLC/PK Finance Co-Issuer, 144A, 4.875%, 05/15/29 (d) | 3,600,000 | 3,049,758 | ||||||
Viking Cruises, Ltd., 144A, 7.000%, 02/15/29 (d) | 2,000,000 | 1,842,130 | ||||||
Viking Ocean Cruises Ship VII, Ltd., 144A, 5.625%, 02/15/29 (d) | 3,150,000 | 2,854,073 | ||||||
15,994,385 |
MEDIA: 10.4% | ||||||||
Cars.com, Inc., 144A, 6.375%, 11/01/28 (d) | 3,750,000 | 3,411,131 | ||||||
CCO Holdings, LLC/Capital Corp., 144A, 5.125%, 05/01/27 (d) | 1,075,000 | 1,002,718 | ||||||
CCO Holdings, LLC/Capital Corp., 144A, 5.375%, 06/01/29 (d) | 3,275,000 | 2,941,730 | ||||||
CCO Holdings, LLC/Capital Corp., 144A, 4.750%, 03/01/30 (d) | 8,375,000 | 7,040,832 | ||||||
CCO Holdings, LLC/Capital Corp., 144A, 7.375%, 03/01/31 (d) | 2,000,000 | 1,932,908 | ||||||
CCO Holdings, LLC/Capital Corp., 4.500%, 05/01/32 | 3,925,000 | 3,084,551 | ||||||
Cimpress, PLC, 7.000%, 06/15/26 | 1,925,000 | 1,803,937 | ||||||
Clear Channel International BV, 144A, 6.625%, 08/01/25 (d) | 1,410,000 | 1,395,424 | ||||||
Clear Channel Outdoor Holdings, Inc., 144A, 7.750%, 04/15/28 (d) | 2,500,000 | 1,999,804 | ||||||
CSC Holdings, LLC, 144A, 6.500%, 02/01/29 (d) | 800,000 | 663,673 | ||||||
CSC Holdings, LLC, 144A, 5.750%, 01/15/30 (d) | 2,725,000 | 1,530,812 | ||||||
CSC Holdings, LLC, 144A, 4.125%, 12/01/30 (d) | 2,025,000 | 1,435,156 | ||||||
DIRECTV Financing, LLC/Co.-Obligor, Inc., 144A, 5.875%, 08/15/27 (d) | 4,025,000 | 3,563,936 | ||||||
DISH DBS Corp., 5.875%, 11/15/24 | 875,000 | 815,835 | ||||||
DISH DBS Corp., 7.375%, 07/01/28 | 2,025,000 | 1,279,322 | ||||||
DISH DBS Corp., 144A, 5.750%, 12/01/28 (d) | 1,575,000 | 1,213,734 | ||||||
DISH Network Corp., 144A, 11.750%, 11/15/27 (d) | 2,300,000 | 2,320,564 | ||||||
Gray Escrow II, Inc., 144A, 5.375%, 11/15/31 (d) | 2,875,000 | 1,885,216 | ||||||
Gray Television, Inc., 144A, 4.750%, 10/15/30 (d) | 3,175,000 | 2,107,330 | ||||||
iHeartCommunications, Inc., 8.375%, 05/01/27 | 1,000,000 | 718,754 | ||||||
iHeartCommunications, Inc., 144A, 5.250%, 08/15/27 (d) | 1,675,000 | 1,330,028 | ||||||
iHeartCommunications, Inc., 144A, 4.750%, 01/15/28 (d) | 2,025,000 | 1,551,327 | ||||||
Nexstar Media, Inc., 144A, 5.625%, 07/15/27 (d) | 1,550,000 | 1,381,314 | ||||||
Nexstar Media, Inc., 144A, 4.750%, 11/01/28 (d) | 2,025,000 | 1,678,551 | ||||||
Sirius XM Radio, Inc., 144A, 4.000%, 07/15/28 (d) | 1,700,000 | 1,452,808 | ||||||
Sirius XM Radio, Inc., 144A, 5.500%, 07/01/29 (d) | 2,075,000 | 1,837,747 | ||||||
Sirius XM Radio, Inc., 144A, 4.125%, 07/01/30 (d) | 2,025,000 | 1,623,584 | ||||||
Univision Communications, Inc., 144A, 4.500%, 05/01/29 (d) | 3,725,000 | 3,037,024 | ||||||
VTR Comunicaciones SpA, 144A, 5.125%, 01/15/28 (d) | 1,803,000 | 1,016,771 | ||||||
VTR Finance NV, 144A, 6.375%, 07/15/28 (d) | 1,175,000 | 444,427 | ||||||
57,500,948 | ||||||||
REAL ESTATE: 4.3% | ||||||||
Five Point Operating Co., LP/Capital Corp., 144A, 7.875%, 11/15/25 (d) | 3,595,000 | 3,396,151 | ||||||
HAT Holdings I ,LLC/HAT Holdings II, LLC, 144A, 3.375%, 06/15/26 (d) | 2,750,000 | 2,447,248 | ||||||
HAT Holdings I, LLC/HAT Holdings II, LLC, 144A, 6.000%, 04/15/25 (d) | 1,475,000 | 1,436,854 | ||||||
Iron Mountain, Inc., 144A, 5.000%, 07/15/28 (d) | 1,925,000 | 1,753,253 | ||||||
Iron Mountain, Inc., 144A, 4.875%, 09/15/29 (d) | 5,050,000 | 4,431,952 | ||||||
Kennedy-Wilson, Inc., 4.750%, 02/01/30 | 1,925,000 | 1,438,880 | ||||||
Kennedy-Wilson, Inc., 5.000%, 03/01/31 | 2,175,000 | 1,590,968 | ||||||
Rithm Capital Corp., 144A, 6.250%, 10/15/25 (d) | 2,175,000 | 2,066,207 | ||||||
Uniti Group, LP/Finance, Inc./CSL Capital, LLC, 144A, 10.500%, 02/15/28 (d) | 1,550,000 | 1,519,663 | ||||||
Uniti Group, LP/Finance, Inc./CSL Capital, LLC, 144A, 4.750%, 04/15/28 (d) | 3,075,000 | 2,514,819 | ||||||
Uniti Group, LP/Finance, Inc./CSL Capital, LLC, 144A, 6.500%, 02/15/29 (d) | 2,075,000 | 1,361,575 | ||||||
23,957,570 | ||||||||
RETAIL: 5.6% | ||||||||
Albertsons Cos., Inc./Safeway, Inc./New Albertsons, LP/Albertsons, LLC, 144A, 4.625%, 01/15/27 (d) | 2,200,000 | 2,079,348 | ||||||
Albertsons Cos., Inc./Safeway, Inc./New Albertsons, LP/Albertsons, LLC, 144A, 6.500%, 02/15/28 (d) | 2,000,000 | 1,979,034 | ||||||
Albertsons Cos., Inc./Safeway, Inc./New Albertsons, LP/Albertsons, LLC, 144A, 3.500%, 03/15/29 (d) | 1,175,000 | 1,002,828 | ||||||
Bath & Body Works, Inc., 144A, 6.625%, 10/01/30 (d) | 2,750,000 | 2,581,094 | ||||||
Bath & Body Works, Inc., 6.950%, 03/01/33 | 2,400,000 | 2,150,190 | ||||||
Crocs, Inc., 144A, 4.250%, 03/15/29 (d) | 2,600,000 | 2,153,755 | ||||||
Crocs, Inc., 144A, 4.125%, 08/15/31 (d) | 3,050,000 | 2,363,232 | ||||||
Macy’s Retail Holdings, LLC, 144A, 5.875%, 04/01/29 (d) | 825,000 | 723,150 | ||||||
Macy’s Retail Holdings, LLC, 144A, 6.125%, 03/15/32 (d) | 1,525,000 | 1,260,230 | ||||||
Macy’s Retail Holdings, LLC, 144A, 6.700%, 07/15/34 (d) | 2,700,000 | 2,157,381 | ||||||
Macy’s Retail Holdings, LLC, 5.125%, 01/15/42 | 1,000,000 | 619,547 | ||||||
New Albertsons, LP, 7.750%, 06/15/26 | 1,025,000 | 1,042,589 | ||||||
NMG Holding Co., Inc./Neiman Marcus Group, LLC, 144A, 7.125%, 04/01/26 (d) | 2,400,000 | 2,254,649 | ||||||
Safeway, Inc., 7.250%, 02/01/31 | 2,925,000 | 3,023,353 | ||||||
SEG Holding, LLC/Finance Corp., 144A, 5.625%, 10/15/28 (d) | 3,800,000 | 3,812,634 | ||||||
Victoria’s Secret & Co., 144A, 4.625%, 07/15/29 (d) | 2,175,000 | 1,579,443 | ||||||
30,782,457 | ||||||||
SERVICES: 9.2% | ||||||||
Albion Financing 1 SARL/Aggreko Holdings, Inc., 144A, 6.125%, 10/15/26 (d) | 2,650,000 | 2,505,920 | ||||||
Albion Financing 2 SARL, 144A, 8.750%, 04/15/27 (d) | 1,050,000 | 979,125 | ||||||
Camelot Finance SA, 144A, 4.500%, 11/01/26 (d) | 2,175,000 | 2,010,372 | ||||||
Clarivate Science Holdings Corp., 144A, 3.875%, 07/01/28 (d) | 2,425,000 | 2,102,197 | ||||||
Clean Harbors, Inc., 144A, 6.375%, 02/01/31 (d) | 2,000,000 | 1,947,222 | ||||||
GFL Environmental, Inc., 144A, 4.000%, 08/01/28 (d) | 2,925,000 | 2,558,663 | ||||||
GPD Cos., Inc., 144A, 10.125%, 04/01/26 (d) | 3,725,000 | 3,438,607 | ||||||
GYP Holdings III Corp., 144A, 4.625%, 05/01/29 (d) | 1,925,000 | 1,660,091 | ||||||
Hertz Corp, The, 144A, 5.000%, 12/01/29 (d) | 3,475,000 | 2,725,465 | ||||||
Maxim Crane Works Holdings Capital, LLC, 144A, 11.500%, 09/01/28 (d) | 2,200,000 | 2,145,000 | ||||||
NESCO Holdings II, Inc., 144A, 5.500%, 04/15/29 (d) | 3,400,000 | 2,987,601 | ||||||
Prime Security Services Borrower, LLC/Finance, Inc., 144A, 5.750%, 04/15/26 (d) | 2,050,000 | 1,991,018 | ||||||
Prime Security Services Borrower, LLC/Finance, Inc., 144A, 6.250%, 01/15/28 (d) | 3,831,000 | 3,552,556 | ||||||
Staples, Inc., 144A, 7.500%, 04/15/26 (d) | 4,300,000 | 3,542,827 | ||||||
Staples, Inc., 144A, 10.750%, 04/15/27 (d) | 2,925,000 | 1,721,436 | ||||||
United Rentals North America, Inc., 5.250%, 01/15/30 | 3,550,000 | 3,288,109 | ||||||
WASH Multifamily Acquisition, Inc., 144A, 5.750%, 04/15/26 (d) | 4,050,000 | 3,786,345 | ||||||
White Cap Buyer, LLC, 144A, 6.875%, 10/15/28 (d) | 1,800,000 | 1,593,064 | ||||||
Williams Scotsman International, Inc., 144A, 4.625%, 08/15/28 (d) | 2,425,000 | 2,173,043 | ||||||
Williams Scotsman, Inc., 144A, 7.375%, 10/01/31 (d) | 1,800,000 | 1,791,305 | ||||||
ZipRecruiter, Inc., 144A, 5.000%, 01/15/30 (d) | 3,208,000 | 2,522,229 | ||||||
51,022,195 |
TECHNOLOGY & ELECTRONICS: 8.4% | ||||||||
Castle US Holding Corp., 144A, 9.500%, 02/15/28 (d) | 1,625,000 | 879,052 | ||||||
Ciena Corp., 144A, 4.000%, 01/31/30 (d) | 2,300,000 | 1,948,802 | ||||||
Coherent Corp., 144A, 5.000%, 12/15/29 (d) | 4,300,000 | 3,734,163 | ||||||
CommScope, Inc., 144A, 6.000%, 03/01/26 (d) | 1,850,000 | 1,729,008 | ||||||
CommScope, Inc., 144A, 7.125%, 07/01/28 (d) | 2,346,000 | 1,407,600 | ||||||
Crowdstrike Holdings, Inc., 3.000%, 02/15/29 | 835,000 | 704,095 | ||||||
Entegris Escrow Corp., 144A, 5.950%, 06/15/30 (d) | 2,125,000 | 1,972,950 | ||||||
Gen Digital, Inc., 144A, 6.750%, 09/30/27 (d) | 2,000,000 | 1,962,539 | ||||||
Gen Digital, Inc., 144A, 7.125%, 09/30/30 (d) | 1,150,000 | 1,134,363 | ||||||
Imola Merger Corp., 144A, 4.750%, 05/15/29 (d) | 3,625,000 | 3,180,524 | ||||||
McAfee Corp., 144A, 7.375%, 02/15/30 (d) | 1,650,000 | 1,383,299 | ||||||
NCR Corp., 144A, 5.125%, 04/15/29 (d) | 5,675,000 | 5,005,882 | ||||||
Nokia Oyj, 6.625%, 05/15/39 | 3,025,000 | 2,714,352 | ||||||
Open Text Corp., 144A, 6.900%, 12/01/27 (d) | 2,000,000 | 2,006,352 | ||||||
Open Text Corp., 144A, 3.875%, 12/01/29 (d) | 3,375,000 | 2,778,025 | ||||||
PTC, Inc., 144A, 4.000%, 02/15/28 (d) | 1,675,000 | 1,503,045 | ||||||
Rackspace Technology Global, Inc., 144A, 5.375%, 12/01/28 (d) | 1,350,000 | 454,443 | ||||||
Sensata Technologies BV, 144A, 5.875%, 09/01/30 (d) | 3,775,000 | 3,520,918 | ||||||
VM Consolidated, Inc., 144A, 5.500%, 04/15/29 (d) | 4,725,000 | 4,258,353 | ||||||
ZoomInfo Technologies, LLC/Finance Corp., 144A, 3.875%, 02/01/29 (d) | 5,019,000 | 4,187,778 | ||||||
46,465,543 | ||||||||
TELECOMMUNICATIONS: 8.1% | ||||||||
Altice Financing SA, 144A, 5.750%, 08/15/29 (d) | 3,000,000 | 2,462,426 | ||||||
Altice France Holding SA, 144A, 10.500%, 05/15/27 (d) | 4,070,000 | 2,544,019 | ||||||
Altice France Holding SA, 144A, 6.000%, 02/15/28 (d) | 1,025,000 | 508,339 | ||||||
Altice France SA, 144A, 5.500%, 01/15/28 (d) | 3,275,000 | 2,527,539 | ||||||
Altice France SA, 144A, 5.125%, 07/15/29 (d) | 4,050,000 | 2,885,244 | ||||||
Cogent Communications Group, Inc., 144A, 7.000%, 06/15/27 (d) | 2,379,000 | 2,274,229 | ||||||
Digicel International Finance, Ltd./Holdings, Ltd., 144A, 8.750%, 05/25/24 (d) | 1,000,000 | 901,765 | ||||||
Digicel, Ltd., 144A, 6.750%, 03/01/23 (d)(f) | 900,000 | 27,000 | ||||||
Frontier Communications Holdings, LLC, 144A, 5.000%, 05/01/28 (d) | 2,725,000 | 2,330,059 | ||||||
Frontier Communications Holdings, LLC, 144A, 6.750%, 05/01/29 (d) | 1,075,000 | 828,489 | ||||||
Frontier Communications Holdings, LLC, 144A, 8.750%, 05/15/30 (d) | 1,750,000 | 1,663,419 | ||||||
LCPR Senior Secured Financing DAC, 144A, 6.750%, 10/15/27 (d) | 1,255,000 | 1,154,299 | ||||||
LCPR Senior Secured Financing DAC, 144A, 5.125%, 07/15/29 (d) | 2,450,000 | 1,973,792 | ||||||
Level 3 Financing, Inc., 144A, 3.400%, 03/01/27 (d) | 1,275,000 | 1,194,974 | ||||||
Level 3 Financing, Inc., 144A, 4.625%, 09/15/27 (d) | 1,925,000 | 1,387,207 | ||||||
Ligado Networks, LLC, 144A, 15.500%, 11/01/23 (d) | 3,034,777 | 900,599 | ||||||
Lumen Technologies, Inc., 144A, 5.125%, 12/15/26 (d) | 987,000 | 542,327 | ||||||
Lumen Technologies, Inc., 144A, 4.000%, 02/15/27 (d) | 900,000 | 593,843 | ||||||
Sable International Finance, Ltd., 144A, 5.750%, 09/07/27 (d) | 2,864,000 | 2,602,016 | ||||||
Sprint Capital Corp., 6.875%, 11/15/28 | 2,025,000 | 2,092,577 | ||||||
Sprint Capital Corp., 8.750%, 03/15/32 | 1,950,000 | 2,257,566 | ||||||
Sprint, LLC, 7.125%, 06/15/24 | 2,529,000 | 2,546,571 | ||||||
Telecom Italia Capital SA, 7.200%, 07/18/36 | 1,625,000 | 1,447,459 | ||||||
Virgin Media Finance, PLC, 144A, 5.000%, 07/15/30 (d) | 925,000 | 728,302 | ||||||
Virgin Media Secured Finance, PLC, 144A, 5.500%, 05/15/29 (d) | 2,575,000 | 2,296,383 | ||||||
Vmed O2 UK Financing I, PLC, 144A, 4.750%, 07/15/31 (d) | 2,100,000 | 1,699,043 | ||||||
VZ Secured Financing BV, 144A, 5.000%, 01/15/32 (d) | 3,250,000 | 2,556,513 | ||||||
44,925,999 | ||||||||
UTILITY: 2.9% | ||||||||
Clearway Energy Operating, LLC, 144A, 4.750%, 03/15/28 (d) | 2,175,000 | 1,947,538 | ||||||
Clearway Energy Operating, LLC, 144A, 3.750%, 02/15/31 (d) | 1,925,000 | 1,520,921 | ||||||
Clearway Energy Operating, LLC, 144A, 3.750%, 01/15/32 (d) | 1,150,000 | 895,281 | ||||||
Leeward Renewable Energy Operations, LLC, 144A, 4.250%, 07/01/29 (d) | 4,500,000 | 3,704,229 | ||||||
Pattern Energy Operations, LP/Inc., 144A, 4.500%, 08/15/28 (d) | 2,650,000 | 2,304,493 | ||||||
Sunnova Energy Corp., 144A, 5.875%, 09/01/26 (d) | 2,900,000 | 2,489,795 | ||||||
TerraForm Power Operating, LLC, 144A, 5.000%, 01/31/28 (d) | 1,525,000 | 1,385,714 | ||||||
TerraForm Power Operating, LLC, 144A, 4.750%, 01/15/30 (d) | 2,025,000 | 1,732,701 | ||||||
15,980,672 | ||||||||
TOTAL CORPORATE BONDS | 505,401,789 | |||||||
(Cost $573,614,216) | ||||||||
LOANS: 3.9% | ||||||||
BASIC INDUSTRY: 1.1% | ||||||||
Aruba Investments Holdings, LLC, aka Angus Chemical, 9.318%, 11/24/27 (e) | 1,777,330 | 1,748,448 | ||||||
ASP Unifrax Holdings, Inc., 9.160%, 12/12/25 (e) | 1,979,275 | 1,851,958 | ||||||
LBM Acquisition, LLC, 9.069%, 12/18/27 (e) | 2,375,000 | 2,323,724 | ||||||
5,924,130 | ||||||||
CONSUMER GOODS: 0.8% | ||||||||
AI Aqua Merger Sub, Inc., aka Culligan, 9.067%, 07/30/28 (e) | 1,980,000 | 1,963,140 | ||||||
Whole Earth Brands, Inc., 9.941%, 02/05/28 (e) | 3,000,752 | 2,741,937 | ||||||
4,705,077 | ||||||||
FINANCIAL SERVICES: 0.3% | ||||||||
Diebold Nixdorf, Inc., 12.832%, 08/11/28 (e) | 1,884,260 | 1,892,899 | ||||||
HEALTH CARE: 0.7% | ||||||||
Medline Borrower, LP, 8.582%, 10/21/28 (e) | 3,962,293 | 3,956,210 | ||||||
TECHNOLOGY & ELECTRONICS: 0.3% | ||||||||
McAfee Corp., 9.169%, 03/01/29 (e) | 1,728,125 | 1,690,858 | ||||||
TELECOMMUNICATIONS: 0.2% | ||||||||
Digicel International Finance, Ltd., 8.884%, 05/27/24 (e) | 974,167 | 882,030 | ||||||
TRANSPORTATION: 0.5% | ||||||||
SkyMiles IP, Ltd., aka Delta Airlines, Inc., 9.068%, 10/20/27 (e) | 2,550,000 | 2,643,241 | ||||||
TOTAL LOANS | 21,694,445 | |||||||
(Cost $21,868,785) | ||||||||
TOTAL BONDS | 528,004,462 | |||||||
(Cost $596,404,056) | ||||||||
CERTIFICATES OF DEPOSIT: 0.1% | ||||||||
Shared Interest, Inc., 0.550%, 09/30/24 (b) | 500,000 | 500,000 | ||||||
(Cost $500,000) | ||||||||
TOTAL INVESTMENTS: 95.7% | 530,556,792 | |||||||
(Cost $600,617,160) | ||||||||
Other assets and liabilities - (net): 4.3% | 24,105,605 | |||||||
Net Assets: 100.0% | $ | 554,662,397 |
(a) | Non-income producing security. |
(b) | Illiquid security. |
(c) | Security valued using significant unobservable inputs. |
(d) | Security purchased pursuant to Rule 144A of the Securities Act of 1933 and may be resold only to qualified institutional buyers. |
(e) | Rate shown reflects the accrual rate as of September 30, 2023 on securities with variable or step rates. |
(f) | Maturity has been delayed |
LP-Limited Partnership
September 30, 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 September 30, 2023, three securities were fair valued in good faith pursuant to policies and procedures approved by the Boards of Trustees. The Core Bond Fund held two securities fair valued at $454,521, representing 0.05% of the Fund’s net asset value and the High Yield Bond Fund held two securities fair valued at $671,055, representing 0.12% 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 September 30, 2023:
Level 1 | Level 2 | Level 3* | Totals | |||||||||||||
Large Cap | ||||||||||||||||
Common Stocks | $ | 1,225,307,594 | $ | - | $ | - | $ | 1,225,307,594 | ||||||||
Total | $ | 1,225,307,594 | $ | - | $ | - | $ | 1,225,307,594 | ||||||||
Small Cap | ||||||||||||||||
Common Stocks | $ | 597,484,456 | $ | - | $ | - | $ | 597,484,456 | ||||||||
Total | $ | 597,484,456 | $ | - | $ | - | $ | 597,484,456 | ||||||||
US Sustainable Economy | ||||||||||||||||
Common Stocks | $ | 257,937,266 | $ | - | $ | - | $ | 257,937,266 | ||||||||
Total | $ | 257,937,266 | $ | - | $ | - | $ | 257,937,266 | ||||||||
Global Sustainable Infrastructure | ||||||||||||||||
Common Stocks | $ | 54,862,354 | $ | 46,295,659 | $ | - | $ | 101,158,013 | ||||||||
Closed-End Funds | - | 505,460 | - | 505,460 | ||||||||||||
Total | $ | 54,862,354 | $ | 46,801,119 | $ | - | $ | 101,663,473 | ||||||||
Global Opportunities | ||||||||||||||||
Common Stocks | $ | 58,743,710 | $ | 48,516,123 | $ | - | $ | 107,259,833 | ||||||||
Preferred Stocks | - | 2,154,431 | - | 2,154,431 | ||||||||||||
Total | $ | 58,743,710 | $ | 50,670,554 | $ | - | $ | 109,414,264 | ||||||||
Global Environmental Markets | ||||||||||||||||
Common Stocks | $ | 1,362,346,648 | $ | 828,534,089 | $ | - | $ | 2,190,880,737 | ||||||||
Total | $ | 1,362,346,648 | $ | 828,534,089 | $ | - | $ | 2,190,880,737 | ||||||||
Global Women’s Leadership | ||||||||||||||||
Common Stocks | $ | 495,785,731 | $ | 248,124,891 | $ | - | $ | 743,910,622 | ||||||||
Preferred Stocks | - | 248,307 | - | 248,307 | ||||||||||||
Total | $ | 495,785,731 | $ | 248,373,198 | $ | - | $ | 744,158,929 | ||||||||
International Sustainable Economy | ||||||||||||||||
Common Stocks | $ | 4,893,519 | $ | 986,144,502 | $ | - | $ | 991,038,021 | ||||||||
Preferred Stocks | - | 15,119,924 | - | 15,119,924 | ||||||||||||
Total | $ | 4,893,519 | $ | 1,001,264,426 | $ | - | $ | 1,006,157,945 | ||||||||
Core Bond | ||||||||||||||||
Community Investment Notes | $ | - | $ | 237,173 | $ | 454,521 | $ | 691,694 | ||||||||
Corporate Bonds | - | 304,123,576 | - | 304,123,576 | ||||||||||||
U.S. Gov't Agency Bonds | - | 11,035,594 | - | 11,035,594 | ||||||||||||
Government Bonds | - | 6,216,909 | - | 6,216,909 | ||||||||||||
Supranational Bonds | - | 91,381,091 | - | 91,381,091 | ||||||||||||
Municipal Bonds | - | 10,673,738 | - | 10,673,738 | ||||||||||||
U.S. Treasury Notes | - | 140,158,414 | - | 140,158,414 | ||||||||||||
Asset-Backed Securities | - | 51,124,227 | - | 51,124,227 | ||||||||||||
Mortgage-Backed Securities | - | 216,450,025 | - | 216,450,025 | ||||||||||||
Total | $ | - | $ | 831,400,747 | $ | 454,521 | $ | 831,855,268 | ||||||||
High Yield Bond | ||||||||||||||||
Community Investment Notes | $ | - | $ | 237,173 | $ | 671,055 | $ | 908,228 | ||||||||
Common Stocks | 2,052,330 | - | - | 2,052,330 | ||||||||||||
Corporate Bonds | - | 505,401,789 | - | 505,401,789 | ||||||||||||
Loans | - | 21,694,445 | - | 21,694,445 | ||||||||||||
Medium Term Certificates of Deposit | - | 500,000 | - | 500,000 | ||||||||||||
Total | $ | 2,052,330 | $ | 527,833,407 | $ | 671,055 | $ | 530,556,792 | ||||||||
Sustainable Allocation | ||||||||||||||||
Affiliated Investment Companies | $ | 2,113,406,882 | - | - | $ | 2,113,406,882 | ||||||||||
Total | $ | 2,113,406,882 | $ | - | $ | - | $ | 2,113,406,882 |
See Schedules of Investments for additional detailed industry classifications.
Significant unobservable inputs were used by two Funds for Level 3 fair value measurementsThe 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 September 30, 2023, the Sustainable Allocation Fund held the following investments in affiliated Funds:
Net change in | |||||||||||
Unrealized | |||||||||||
Shares Held at | Gross | Gross | Shares Held at | Value at | Dividend | Realized | Appreciation/ | Value at | |||
Fund | 12/31/22 | Additions | Reductions | 09/30/23 | 12/31/22 | Income | Gains/Losses1 | Depreciation | 09/30/23 | ||
Sustainable Allocation | |||||||||||
Large Cap | 75,268,533 | 311,912 | 8,987,370 | 66,593,075 | $ 870,104,236 | $ 3,926,967 | $ 12,773,348 | $ 42,335,192 | $ 813,101,441 | ||
Small Cap | 4,176,980 | 1,464,715 | - | 5,641,695 | 59,689,044 | - | - | 1,000,294 | 82,989,338 | ||
Global Sustainable Infrastructure | 7,971,319 | 105,484 | - | 8,076,803 | 68,314,199 | 947,248 | - | (1,739,377) | 67,522,070 | ||
Global Opportunities | 4,082,111 | 13,285 | - | 4,095,396 | 56,129,027 | 201,273 | - | 2,274,823 | 58,605,122 | ||
Global Environmental Markets | 2,635,835 | 20,868 | - | 2,656,703 | 51,609,644 | 444,489 | - | 814,252 | 52,868,384 | ||
Global Women's Leadership | 2,057,973 | 37,627 | - | 2,095,600 | 56,491,351 | 1,113,007 | - | 1,680,158 | 59,284,517 | ||
International Sustainable Economy | 11,578,384 | 203,421 | - | 11,781,805 | 99,689,886 | 1,922,324 | - | 4,541,849 | 106,154,059 | ||
Core Bond | 85,316,699 | 8,160,156 | 1,167,718 | 92,309,137 | 740,548,945 | 17,902,717 | (2,643,211) | (22,990,521) | 776,319,840 | ||
High Yield | 16,220,310 | 720,411 | - | 16,940,721 | 92,617,968 | 4,174,081 | - | (229,938) | 96,562,111 | ||
Total | $ 2,095,194,300 | $ 30,632,106 | $ 10,130,137 | $ 27,686,732 | $ 2,113,406,882 |
1 | Includes realized capital gain distributions from an affiliated fund, if any. |