UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number          811-22935

IMPAX FUNDS SERIES TRUST III

(Exact name of Registrant as specified in charter)

30 Penhallow Street, Suite 100, Portsmouth, NH                           03801

(Address of principal executive offices)                                          (Zip code)

Impax Asset Management LLC
30 Penhallow Street, Suite 100, Portsmouth, NH  03801
Attn.:  Edward Farrington

(Name and address of agent for service)

Registrant’s telephone number, including area code:                             800-767-1729

Date of fiscal year end:        December 31

Date of reporting period:        December 31, 2024

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form NCSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 205491090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507. 

Item 1. Reports to Stockholders

Fund Overview

This annual shareholder report contains important information about the Impax Ellevate Global Women's Leadership Fund (the "Fund") for the period of January 1, 2024 to December 31, 2024.This report describes changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's prospectus, which is available at https://impaxam.com/GWL.  You can find additional information about the Fund at https://impaxam.com/GWL. You can also request this information by contacting us at (800) 372-7827.

Annual Shareholder Report

December 31, 2024

Investor Class | PXWEX

Impax Ellevate Global Women's Leadership Fund

What were the Fund's costs for the year? 

(based on a hypothetical $10,000 investment) 

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$82	0.77%

How did the Fund perform last year?

The Global Women’s Leadership Fund produced positive absolute results in 2024 but underperformed the MSCI World Index (Net).

Security selection was the primary driver of the negative relative return with most of the underperformance coming from firms with weaker gender leadership scores and substantial AI-related exposure to which the Fund was underexposed. The Fund’s general low momentum and beta tilts detracted from performance, while industry exposures were muted for the year. The Fund's gender leadership profile was a key driver of the selection impacts as companies identified as gender leaders struggled in early 2024. However, performance saw a bit of relief in Q3 as those stocks performed particularly well in a market that saw broader participation.

From a stock selection perspective, returns were broadly negative. The Fund saw the weakest results in Communication Services, Consumer Staples and Consumer Discretionary. Sector positioning contributed positively to performance over the period. The Fund’s underweight to Real Estate which has a relative low number of women in leadership, and overweights to Financials and Consumer Discretionary proved most favorable.

Total Return Based on a Hypothetical $10,000 Investment 

	Impax Ellevate Global Women's Leadership Fund Investor Class $21,573	MSCI World Index (Net) $25,812	Lipper Global Multi-Cap Core Funds Index $21,786
12/31/2014	$10,000	$10,000	$10,000
12/31/2015	$9,892	$9,913	$9,927
12/31/2016	$10,487	$10,657	$10,760
12/31/2017	$13,094	$13,045	$13,187
12/31/2018	$12,081	$11,908	$11,768
12/31/2019	$15,272	$15,203	$14,615
12/31/2020	$17,359	$17,621	$16,843
12/31/2021	$20,358	$21,465	$19,893
12/31/2022	$16,291	$17,571	$16,336
12/31/2023	$19,247	$21,751	$19,459
12/31/2024	$21,573	$25,812	$21,786

Average Annual Total Returns as of December 31, 2024

	1 Year	5 years	10 Years
Investor Class	12.08%	7.14%	7.98%
MSCI World Index (Net)	18.67	11.17	9.95
Lipper Global Multi-Cap Core Funds Index	11.96	8.31	8.10

This performance line graph and table show the average annual total returns of the Fund for the past one-, five- and ten-year periods ended December 31, 2024. It also shows the average annual total returns of a broad-based securities market index and a secondary, narrower index over the same periods. This table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's past performance is not indicative of future result of the Fund's future performance. For most recent month-end performance data, please visit www.impaxam.com or call 800.767.1729.

Key Fund Statistics as of December 31, 2024

Net Assets	$728,550,840
Total Number of Portfolio Holdings	101
Total Investment Advisory Fees Paid During the Reporting Period	$4,042,368
Portfolio Turnover Rate	63%

Top Ten Holdings as of December 31, 2024^{Footnote Reference*}

Company	Percent of Net Assets
NVIDIA Corp.	5.3%
Apple, Inc.	4.8%
Microsoft Corp.	4.3%
Amazon.com, Inc.	2.8%
Broadcom, Inc.	2.4%
JPMorgan Chase & Co.	2.0%
Eli Lilly & Co.	1.6%
Netflix, Inc.	1.5%
Johnson & Johnson	1.4%
Cisco Systems, Inc.	1.3%

Footnote	Description
Footnote*	Ten largest holdings do not include money market securities, certificates of deposit, commercial paper or cash and equivalents, if applicable. Holdings are subject to change.

Sector Diversification as of December 31, 2024^{Footnote Reference *Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	1.3%
Utilities	2.0%
Materials	2.5%
Consumer Staples	6.2%
Industrials	7.6%
Communication Services	8.1%
Health Care	13.1%
Consumer Discretionary	13.3%
Financials	18.7%
Information Technology	27.2%

Footnote	Description
Footnote *	May include companies representing multiple industries within a single “Sector”.
Footnote ^	Percent of Net Assets.

Geographical Diversification as of December 31, 2024^{Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	1.3%
OthersFootnote Reference‡	4.4%
New Zealand	1.0%
Netherlands	1.0%
Hong Kong	1.1%
Germany	1.1%
Ireland	1.3%
Australia	2.6%
France	3.6%
Canada	4.4%
United Kingdom	6.5%
United States	71.7%

Footnote	Description
Footnote ^	Percent of Net Assets.
Footnote‡	Includes additional countries outside the top 10 listed above.

Asset Allocation as of December 31, 2024^{Footnote Reference ^}

Value	Value
U.S. Stocks	71.8%
Foreign Stocks	27.0%
Cash & Cash Equivalents	1.2%

Footnote	Description
Footnote ^	Percent of Investments.

Impax Ellevate Global Women's Leadership Fund

Annual Shareholder Report

December 31, 2024

Investor Class: PXWEX

• Impax Asset Management

• (800) 372-7827

• https://impaxam.com/GWL

If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit https://impaxam.com/GWL. 

Material Fund Changes

Effective March 28, 2024, Impax Ellevate Global Women’s Leadership Fund (the “Global Women’s Fund”) has made certain changes to its investment objective, principal investment strategies, and principal risks. As a result of these changes, Impax Asset Management LLC (the “Adviser”) will no longer intend to invest in substantially all of the approximately 400 securities comprising the Impax Global Women’s Leadership Index (the “Women’s Index”), as it has historically done, and the Adviser will no longer calculate or maintain the Women’s Index. The Adviser will henceforth construct an investment universe by ranking the companies comprising the MSCI World Index according to the Adviser’s gender leadership score, and then will refine that universe by excluding companies that fail to meet certain ESG or sustainability criteria, and applying quantitative screens consisting of valuation and quality metrics.

Householding

For shareholders with multiple accounts at the same address, only one copy of most shareholder documents will be mailed to that address. If you would prefer to receive multiple copies of Fund documents, contact (800) 372-7827.

Fund Overview

This annual shareholder report contains important information about the Impax Ellevate Global Women's Leadership Fund (the "Fund") for the period of January 1, 2024 to December 31, 2024.This report describes changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's prospectus, which is available at https://impaxam.com/GWL.  You can find additional information about the Fund at https://impaxam.com/GWL. You can also request this information by contacting us at (800) 372-7827.

Annual Shareholder Report

December 31, 2024

Institutional Class | PXWIX

Impax Ellevate Global Women's Leadership Fund

What were the Fund's costs for the year? 

(based on a hypothetical $10,000 investment) 

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$56	0.52%

How did the Fund perform last year?

The Global Women’s Leadership Fund produced positive absolute results in 2024 but underperformed the MSCI World Index (Net).

Security selection was the primary driver of the negative relative return with most of the underperformance coming from firms with weaker gender leadership scores and substantial AI-related exposure to which the Fund was underexposed. The Fund’s general low momentum and beta tilts detracted from performance, while industry exposures were muted for the year. The Fund's gender leadership profile was a key driver of the selection impacts as companies identified as gender leaders struggled in early 2024. However, performance saw a bit of relief in Q3 as those stocks performed particularly well in a market that saw broader participation.

From a stock selection perspective, returns were broadly negative. The Fund saw the weakest results in Communication Services, Consumer Staples and Consumer Discretionary. Sector positioning contributed positively to performance over the period. The Fund’s underweight to Real Estate which has a relative low number of women in leadership, and overweights to Financials and Consumer Discretionary proved most favorable.

Total Return Based on a Hypothetical $250,000 Investment 

	Impax Ellevate Global Women's Leadership Fund (Institutional Class) $552,787	MSCI World Index (Net) $645,302	Lipper Global Multi-Cap Core Funds Index $544,656
12/31/2014	$250,000	$250,000	$250,000
12/31/2015	$247,856	$247,822	$248,180
12/31/2016	$263,474	$266,435	$269,001
12/31/2017	$329,721	$326,117	$329,664
12/31/2018	$304,968	$297,707	$294,189
12/31/2019	$386,609	$380,083	$365,363
12/31/2020	$440,491	$440,526	$421,070
12/31/2021	$517,856	$536,636	$497,321
12/31/2022	$415,540	$439,282	$408,394
12/31/2023	$492,042	$543,774	$486,480
12/31/2024	$552,787	$645,302	$544,656

Average Annual Total Returns as of December 31, 2024

	1 Year	5 years	10 Years
Institutional Class	12.35%	7.40%	8.25%
MSCI World Index (Net)	18.67	11.17	9.95
Lipper Global Multi-Cap Core Funds Index	11.96	8.31	8.10

This performance line graph and table show the average annual total returns of the Fund for the past one-, five- and ten-year periods ended December 31, 2024. It also shows the average annual total returns of a broad-based securities market index and a secondary, narrower index over the same periods. This table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's past performance is not indicative of future result of the Fund's future performance. For most recent month-end performance data, please visit www.impaxam.com or call 800.767.1729.

Key Fund Statistics as of December 31, 2024

Net Assets	$728,550,840
Total Number of Portfolio Holdings	101
Total Investment Advisory Fees Paid During the Reporting Period	$4,042,368
Portfolio Turnover Rate	63%

Top Ten Holdings as of December 31, 2024^{Footnote Reference*}

Company	Percent of Net Assets
NVIDIA Corp.	5.3%
Apple, Inc.	4.8%
Microsoft Corp.	4.3%
Amazon.com, Inc.	2.8%
Broadcom, Inc.	2.4%
JPMorgan Chase & Co.	2.0%
Eli Lilly & Co.	1.6%
Netflix, Inc.	1.5%
Johnson & Johnson	1.4%
Cisco Systems, Inc.	1.3%

Footnote	Description
Footnote*	Ten largest holdings do not include money market securities, certificates of deposit, commercial paper or cash and equivalents, if applicable. Holdings are subject to change.

Sector Diversification as of December 31, 2024^{Footnote Reference *Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	1.3%
Utilities	2.0%
Materials	2.5%
Consumer Staples	6.2%
Industrials	7.6%
Communication Services	8.1%
Health Care	13.1%
Consumer Discretionary	13.3%
Financials	18.7%
Information Technology	27.2%

Footnote	Description
Footnote *	May include companies representing multiple industries within a single “Sector”.
Footnote ^	Percent of Net Assets.

Geographical Diversification as of December 31, 2024^{Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	1.3%
OthersFootnote Reference‡	4.4%
New Zealand	1.0%
Netherlands	1.0%
Hong Kong	1.1%
Germany	1.1%
Ireland	1.3%
Australia	2.6%
France	3.6%
Canada	4.4%
United Kingdom	6.5%
United States	71.7%

Footnote	Description
Footnote ^	Percent of Net Assets.
Footnote‡	Includes additional countries outside the top 10 listed above.

Asset Allocation as of December 31, 2024^{Footnote Reference ^}

Value	Value
U.S. Stocks	71.8%
Foreign Stocks	27.0%
Cash & Cash Equivalents	1.2%

Footnote	Description
Footnote ^	Percent of Investments.

Impax Ellevate Global Women's Leadership Fund

Annual Shareholder Report

December 31, 2024

Institutional Class: PXWIX

• Impax Asset Management

• (800) 372-7827

• https://impaxam.com/GWL

If you wish to view additional information about the Fund, including but not limited to financial statements or holdings, please visit https://impaxam.com/GWL. 

Material Fund Changes

Effective March 28, 2024, Impax Ellevate Global Women’s Leadership Fund (the “Global Women’s Fund”) has made certain changes to its investment objective, principal investment strategies, and principal risks. As a result of these changes, Impax Asset Management LLC (the “Adviser”) will no longer intend to invest in substantially all of the approximately 400 securities comprising the Impax Global Women’s Leadership Index (the “Women’s Index”), as it has historically done, and the Adviser will no longer calculate or maintain the Women’s Index. The Adviser will henceforth construct an investment universe by ranking the companies comprising the MSCI World Index according to the Adviser’s gender leadership score, and then will refine that universe by excluding companies that fail to meet certain ESG or sustainability criteria, and applying quantitative screens consisting of valuation and quality metrics.

Householding

For shareholders with multiple accounts at the same address, only one copy of most shareholder documents will be mailed to that address. If you would prefer to receive multiple copies of Fund documents, contact (800) 372-7827.

Item 2. Code of Ethics.

As of December 31, 2024, the Registrant has adopted a “code of ethics,” as such term is defined in paragraph (b) of this Item 2, that applies to all officers of the Registrant, including Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or by a third party.  A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3. Audit Committee Financial Expert.

The Registrant’s Board of Trustees (the “Board”) has determined that Adrian Anderson, Dorothy Ann Hurd and Teresa Kong, who serve on the Board’s Audit Committee, qualify as “audit committee financial experts,” as such term is defined in paragraph (b) of this Item 3. The Board also has determined that Mr. Anderson, Ms. Hurd, and Ms. Kong are “independent,” as such term is interpreted by subparagraph (a)(2) of this Item 3. The Securities and Exchange Commission has stated that the designation of a person as an audit committee financial expert pursuant to this Item 3 of the Form N-CSR does not impose on such a person any duties, obligations or liability that are greater than the duties, obligations or liability imposed on such person as a member of the Audit Committee and the Board in the absence of such designation or identification.

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees

The aggregate fees billed for each of the last two fiscal years for  professional services rendered by the principal accountant for the audit of the Registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for the fiscal years ended December 31, 2024, and 2023 were $25,153 and $28,945 respectively.

(b) Audit-Related Fees

The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the Registrant’s financial statements and are not reported under paragraph (a) of this Item were $0 and $0 for the fiscal years ended December 31, 2024, and 2023, respectively.

(c) Tax Fees

The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning for the fiscal years ended December 31, 2024, and 2023 were $17,680 and $19,600 respectively. Fees disclosed under this category are for professional services related to review and execution of federal, state and excise tax returns and advice concerning tax compliance and planning.

(d) All Other Fees

The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item, are $3,661 and $10,050 for the fiscal years ended December 31, 2024 and 2023, respectively.

(e)(1) To the extent required by applicable regulations, the Audit Committee approves in advance all audit and non-audit services rendered to the Registrant by the independent registered public accounting firm and all non-audit services to the Registrant’s investment adviser and any entity controlling, controlled by or under common control with the Registrant’s investment adviser that provide ongoing services to the Registrant, if the engagement relates directly to the operations and financial reporting of the Registrant.

(e)(2) With respect to the services described in paragraphs (b) through (d) of this Item, no amount was approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) The aggregate non-audit fees billed by the Registrant’s accountant for services rendered to the Registrant, or to the Registrant’s investment adviser, or to any entity controlling, controlled by or under common control with the adviser that provides ongoing services to the Registrant totaled $0 and $0, for the fiscal years ended December 31, 2024, and 2023, respectively.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

(a) A complete series of schedules of investments is included as part of the Registrant’s Financial Statements and Financial Highlights filed under Item 7 of this Form.

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

IMPAX

LARGE

CAP

FUND

IMPAX

SMALL

CAP

FUND

IMPAX

US

SUSTAINABLE

ECONOMY

FUND

IMPAX

GLOBAL

SUSTAINABLE

INFRASTRUCTURE

FUND

IMPAX

GLOBAL

OPPORTUNITIES

FUND

IMPAX

GLOBAL

ENVIRONMENTAL

MARKETS

FUND

IMPAX

GLOBAL

SOCIAL

LEADERS

FUND

IMPAX

ELLEVATE

GLOBAL

WOMEN’S

LEADERSHIP

FUND

IMPAX

INTERNATIONAL

SUSTAINABLE

ECONOMY

FUND

IMPAX

CORE

BOND

FUND

IMPAX

HIGH

YIELD

BOND

FUND

IMPAX

SUSTAINABLE

ALLOCATION

FUND

ANNUAL

REPORT

December

31,

2024

www.impaxam.com

Annual

Report

1

Schedule

of

Investments

Impax

Large

Cap

Fund

2

Impax

Small

Cap

Fund

3

Impax

US

Sustainable

Economy

Fund

5

Impax

International

Sustainable

Economy

Fund

7

Impax

Global

Opportunities

Fund

9

Impax

Global

Environmental

Markets

Fund

11

Impax

Global

Social

Leaders

Fund

13

Impax

Ellevate

Global

Women’s

Leadership

Fund

15

Impax

International

Sustainable

Economy

Fund

18

Impax

Core

Bond

Fund

21

Impax

High

Yield

Bond

Fund

30

Impax

Sustainable

Allocation

Fund

36

Statements

of

Assets

and

Liabilities

37

Statements

of

Operations

42

Statements

of

Changes

in

Net

Assets

45

Financial

Highlights

55

Notes

to

Financial

Statements

83

Report

of

Independent

Registered

Public

Accounting

Firm

101

Item

8.

Changes

in

and

Disagreements

with

Accountants

for

Open-End

Management

Investment

Companies.

105

Item

9.

Proxy

Disclosures

for

Open-End

Management

Investment

Companies

105

Item

10.

Remuneration

Paid

to

Directors,

Officers,

and

Others

of

Open-End

Management

Investment

Companies.

105

Item

11.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract.

105

Account

Options

and

Services

109

For

More

Information

General

Fund

Information

800.767.1729

Shareholder

Account

Information

800.372.7827

Account

Inquiries

Impax

Funds

P.O.

Box

534463

Pittsburgh,

PA

15253-4463

Investment

Adviser

Impax

Asset

Management

LLC

30

Penhallow

Street,

Suite

100

Portsmouth,

NH

03801

Transfer

and

Dividend

Disbursing

Agent

BNY

Mellon

Investment

Servicing

(U.S.)

Inc.

P.O.

Box

534463

Pittsburgh,

PA

15253-4463

Custodian

JP

Morgan

Chase

Bank,

N.A.

4

Chase

Metrotech

Center,

Floor

16,

Brooklyn,

NY

11245

Table

of

Contents

Schedule

of

Investments,

December

31,

2024

Impax

Large

Cap

Fund

www.impaxam.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

2

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

99.5%

Communication

Services

8.1%

Alphabet,

Inc.,

A

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

419,272

$

79,368,190

Walt

Disney

Co.

(The)

........

278,983

31,064,757

110,432,947

Consumer

Discretionary

7.9%

a

Aptiv

plc

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

344,608

20,841,892

Hilton

Worldwide

Holdings,

Inc.

.

83,451

20,625,749

Lowe's

Cos.,

Inc.

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

102,533

25,305,144

Starbucks

Corp.

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

157,736

14,393,410

a

Ulta

Beauty,

Inc.

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

62,815

27,320,128

108,486,323

Consumer

Staples

5.7%

McCormick

&

Co.,

Inc.

.......

296,126

22,576,646

Procter

&

Gamble

Co.

(The)

...

177,533

29,763,408

Target

Corp.

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

190,818

25,794,777

78,134,831

Financials

14.5%

Chubb

Ltd.

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

76,185

21,049,915

Citizens

Financial

Group,

Inc.

..

471,626

20,638,354

CME

Group,

Inc.

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

101,804

23,641,943

JPMorgan

Chase

&

Co.

.......

148,247

35,536,288

KeyCorp

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

820,331

14,060,473

RenaissanceRe

Holdings

Ltd.

..

86,241

21,457,623

b

Visa,

Inc.,

A

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

110,613

34,958,133

Voya

Financial,

Inc.

..........

398,689

27,441,764

198,784,493

Health

Care

14.7%

Abbott

Laboratories

..........

121,476

13,740,150

Agilent

Technologies,

Inc.

.....

192,646

25,880,064

a

Align

Technology,

Inc.

........

65,745

13,708,490

a

Avantor,

Inc.

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

1,215,116

25,602,494

CVS

Health

Corp.

...........

312,003

14,005,815

Danaher

Corp.

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

60,157

13,809,039

b

Eli

Lilly

&

Co.

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

18,073

13,952,356

Gilead

Sciences,

Inc.

........

159,943

14,773,935

a

IQVIA

Holdings,

Inc.

.........

128,134

25,179,612

Merck

&

Co.,

Inc.

...........

249,255

24,795,888

a

Neurocrine

Biosciences,

Inc.

...

113,650

15,513,225

200,961,068

Industrials

7.4%

Stanley

Black

&

Decker,

Inc.

...

299,925

24,080,978

Trane

Technologies

plc

.......

63,044

23,285,301

United

Parcel

Service,

Inc.,

B

..

217,324

27,404,557

Xylem,

Inc.

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

230,435

26,735,069

101,505,905

c

Information

Technology

32.8%

Apple,

Inc.

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

231,732

58,030,327

Applied

Materials,

Inc.

........

121,440

19,749,787

Dell

Technologies,

Inc.,

C

.....

217,406

25,053,868

a

Enphase

Energy,

Inc.

........

217,393

14,930,551

Marvell

Technology,

Inc.

......

306,369

33,838,456

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

(continued)

c

Information

Technology

(continued)

Microsoft

Corp.

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

242,381

$

102,163,592

NVIDIA

Corp.

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

533,083

71,587,716

Oracle

Corp.

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

214,177

35,690,455

a

Palo

Alto

Networks,

Inc.

......

114,686

20,868,265

a

ServiceNow,

Inc.

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

28,543

30,259,005

a

Synopsys,

Inc.

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

43,002

20,871,451

TE

Connectivity

plc

..........

113,221

16,187,206

449,230,679

Materials

3.3%

Avery

Dennison

Corp.

........

68,885

12,890,450

Crown

Holdings,

Inc.

.........

153,931

12,728,554

PPG

Industries,

Inc.

.........

166,413

19,878,033

45,497,037

Real

Estate

3.8%

Prologis,

Inc.,

REIT

..........

192,458

20,342,811

Ventas,

Inc.,

REIT

...........

234,461

13,807,408

Weyerhaeuser

Co.,

REIT

.....

610,278

17,179,326

51,329,545

Utilities

1.3%

b

American

Water

Works

Co.,

Inc.

139,242

17,334,237

Total

Common

Stocks

(Cost

$922,690,400)

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

1,361,697,065

Money

Market

0.5%

d,e

JPMorgan

Prime

Money

Market

Fund,

4.660%

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

6,891,518

6,891,518

(Cost

$6,891,518)

a

Total

Investments

100.0%

(Cost

$929,581,918)

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

$1,368,588,583

f

Other

Assets,

less

Liabilities

0.0%

.

496,118

Net

Assets

100.0%

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

$1,369,084,701

a

Non-income

producing

security.

b

Security

or

partial

position

of

this

security

was

on

loan

as

of

December

31,

2024.

The

total

market

value

of

securities

on

loan

as

of

December

31,

2024

was

$38,155,714.

c

Broad

industry

sectors

used

for

financial

reporting.

d

Rate

shown

represents

annualized

7-day

yield

as

of

December

31,

2024.

e

Institutional

Class

shares.

f

Rounds

to

less

than

0.05%.

REIT

Real

Estate

Investment

Trust

Schedule

of

Investments,

December

31,

2024

Impax

Small

Cap

Fund

www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

3

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

99.7%

Communication

Services

1.2%

a

TechTarget,

Inc.

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

426,387

$

8,450,990

Consumer

Discretionary

7.7%

Autoliv,

Inc.

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

55,000

5,158,450

Carter's,

Inc.

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

102,826

5,572,141

b

Columbia

Sportswear

Co.

.....

90,515

7,596,924

a

Etsy,

Inc.

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

100,000

5,289,000

a

Planet

Fitness,

Inc.,

A

........

134,271

13,275,374

a

Visteon

Corp.

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

57,500

5,101,400

Wyndham

Hotels

&

Resorts,

Inc.

135,000

13,606,650

55,599,939

Consumer

Staples

8.5%

a

BJ's

Wholesale

Club

Holdings,

Inc.

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

134,955

12,058,229

a

Darling

Ingredients,

Inc.

......

218,294

7,354,325

a

Freshpet,

Inc.

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

50,000

7,405,500

a

Simply

Good

Foods

Co.

(The)

..

258,620

10,081,008

a

US

Foods

Holding

Corp.

......

300,000

20,238,000

a

Vital

Farms,

Inc.

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

125,000

4,711,250

61,848,312

Financials

17.0%

Brightsphere

Investment

Group,

Inc.

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

1,000,000

26,340,000

Cullen/Frost

Bankers,

Inc.

.....

115,000

15,438,750

Eastern

Bankshares,

Inc.

.....

815,540

14,068,065

RenaissanceRe

Holdings

Ltd.

..

55,000

13,684,550

Victory

Capital

Holdings,

Inc.,

A

.

625,000

40,912,500

Voya

Financial,

Inc.

..........

191,040

13,149,283

123,593,148

Health

Care

23.7%

a

Cytokinetics,

Inc.

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

175,000

8,232,000

a

Enovis

Corp.

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

210,630

9,242,445

a

Health

Catalyst,

Inc.

.........

2,750,000

19,442,500

a

Inspire

Medical

Systems,

Inc.

..

50,000

9,269,000

a

Ligand

Pharmaceuticals,

Inc.

...

280,208

30,024,287

a

Merit

Medical

Systems,

Inc.

....

120,000

11,606,400

a

Merus

NV

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

180,000

7,569,000

a

Neurocrine

Biosciences,

Inc.

...

100,000

13,650,000

a,b

OmniAb,

Inc.

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

761,387

2,695,310

a

Pacira

BioSciences,

Inc.

......

540,027

10,174,109

a

Prestige

Consumer

Healthcare,

Inc.

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

135,000

10,542,150

a

Roivant

Sciences

Ltd.

........

2,000,000

23,660,000

a

SI-BONE,

Inc.

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

766,761

10,749,989

a

Travere

Therapeutics,

Inc.

.....

300,000

5,226,000

172,083,190

Industrials

16.0%

b

Advanced

Drainage

Systems,

Inc.

56,489

6,530,128

b

Arcosa,

Inc.

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

127,500

12,334,350

a

Array

Technologies,

Inc.

......

1,250,000

7,550,000

a

AZEK

Co.,

Inc.

(The),

A

.......

219,349

10,412,497

a

Casella

Waste

Systems,

Inc.,

A

.

60,000

6,348,600

a

Dycom

Industries,

Inc.

........

43,000

7,484,580

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

(continued)

Industrials

(continued)

Enpro,

Inc.

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

70,000

$

12,071,500

a

Gates

Industrial

Corp.

plc

.....

317,713

6,535,356

a

Generac

Holdings,

Inc.

.......

100,000

15,505,000

Herc

Holdings,

Inc.

..........

45,000

8,519,850

MSA

Safety,

Inc.

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

45,089

7,474,404

Quanex

Building

Products

Corp.

337,750

8,187,060

a

WillScot

Holdings

Corp.

.......

215,000

7,191,750

116,145,075

Information

Technology

13.7%

a

8x8,

Inc.

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

2,000,000

5,340,000

A10

Networks,

Inc.

..........

587,500

10,810,000

a

Ciena

Corp.

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

130,414

11,060,411

a

Enfusion,

Inc.,

A

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

890,000

9,167,000

a

Extreme

Networks,

Inc.

.......

675,178

11,302,480

a

Mitek

Systems,

Inc.

..........

500,000

5,565,000

a

NetScout

Systems,

Inc.

.......

570,000

12,346,200

a

Onto

Innovation,

Inc.

.........

92,057

15,343,140

a

Sprout

Social,

Inc.,

A

.........

188,724

5,795,714

a

Workiva,

Inc.,

A

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

113,586

12,437,667

99,167,612

Materials

5.2%

Element

Solutions,

Inc.

.......

641,946

16,324,687

Graphic

Packaging

Holding

Co.

.

423,585

11,504,569

TriMas

Corp.

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

410,000

10,081,900

37,911,156

Real

Estate

6.7%

b

Agree

Realty

Corp.,

REIT

.....

115,000

8,101,750

Healthcare

Realty

Trust,

Inc.,

A,

REIT

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

440,000

7,458,000

a

Howard

Hughes

Holdings,

Inc.

.

235,000

18,076,200

Rayonier,

Inc.,

REIT

.........

300,000

7,830,000

Terreno

Realty

Corp.,

REIT

....

120,000

7,096,800

48,562,750

Total

Common

Stocks

(Cost

$610,294,338)

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

723,362,172

Money

Market

0.4%

c,d

JPMorgan

Prime

Money

Market

Fund,

4.660%

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

3,388,283

3,388,283

(Cost

$3,388,283)

Schedule

of

Investments

Impax

Small

Cap

Fund

(continued)

www.impaxam.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

4

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Securities

Purchased

With

Cash

Collateral

From

Securities

Lending

0.2%

c,d

Invesco

Government

&

Agency

Portfolio,

4.444%

..........

1,289,717

$

1,289,717

(Cost

$1,289,717)

a

Total

Investments

100.3%

(Cost

$614,972,338)

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

$728,040,172

Payable

Upon

Return

Of

Securities

Loaned

(0.2)%

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

(1,289,717)

Other

Assets,

less

Liabilities

(0.1)%

(752,963)

Net

Assets

100.0%

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

$725,997,492

a

Non-income

producing

security.

b

Security

or

partial

position

of

this

security

was

on

loan

as

of

December

31,

2024.

The

total

market

value

of

securities

on

loan

as

of

December

31,

2024

was

$10,157,616.

c

Rate

shown

represents

annualized

7-day

yield

as

of

December

31,

2024.

d

Institutional

Class

shares.

REIT

Real

Estate

Investment

Trust

Schedule

of

Investments,

December

31,

2024

Impax

US

Sustainable

Economy

Fund

www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

5

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

98.4%

Communication

Services

6.0%

Alphabet,

Inc.,

A

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

40,263

$

7,621,786

Alphabet,

Inc.,

C

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

20,348

3,875,073

Electronic

Arts,

Inc.

..........

11,644

1,703,517

Iridium

Communications,

Inc.

..

34,015

987,115

a

Netflix,

Inc.

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

1,186

1,057,106

Walt

Disney

Co.

(The)

........

37,191

4,141,218

a

ZoomInfo

Technologies,

Inc.,

A

.

64,406

676,907

20,062,722

Consumer

Discretionary

6.6%

a

Aptiv

plc

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

13,428

812,125

Best

Buy

Co.,

Inc.

...........

14,345

1,230,801

a

Bright

Horizons

Family

Solutions,

Inc.

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

7,968

883,253

Churchill

Downs,

Inc.

........

5,054

674,911

a

Crocs,

Inc.

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

6,241

683,577

a

Deckers

Outdoor

Corp.

.......

5,918

1,201,887

DR

Horton,

Inc.

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

24,428

3,415,523

eBay,

Inc.

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

18,669

1,156,545

a

Etsy,

Inc.

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

11,261

595,594

Hasbro,

Inc.

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

12,599

704,410

Home

Depot,

Inc.

(The)

.......

5,049

1,964,011

Lear

Corp.

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

7,879

746,141

Macy's,

Inc.

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

83,112

1,407,086

Murphy

USA,

Inc.

...........

1,242

623,173

a

Penn

Entertainment,

Inc.

......

34,145

676,754

a

Planet

Fitness,

Inc.,

A

........

8,823

872,330

Vail

Resorts,

Inc.

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

4,967

931,064

VF

Corp.

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

50,967

1,093,752

Williams-Sonoma,

Inc.

.......

6,449

1,194,226

Wynn

Resorts

Ltd.

..........

7,606

655,333

a

YETI

Holdings,

Inc.

..........

15,812

608,920

22,131,416

Consumer

Staples

2.1%

Albertsons

Cos.,

Inc.,

A

.......

34,761

682,706

Casey's

General

Stores,

Inc.

...

6,534

2,588,967

Costco

Wholesale

Corp.

......

692

634,059

General

Mills,

Inc.

...........

40,334

2,572,099

Kellanova

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

8,696

704,115

7,181,946

Financials

14.2%

Allstate

Corp.

(The)

..........

4,050

780,799

Bank

of

America

Corp.

.......

18,273

803,098

Bank

of

New

York

Mellon

Corp.

(The)

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

41,048

3,153,718

Citigroup,

Inc.

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

50,968

3,587,637

Fifth

Third

Bancorp

..........

24,792

1,048,206

Hartford

Financial

Services

Group,

Inc.

(The)

..........

36,042

3,942,995

Huntington

Bancshares,

Inc.

...

51,362

835,660

Invesco

Ltd.

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

74,673

1,305,284

JPMorgan

Chase

&

Co.

.......

3,556

852,409

Mastercard,

Inc.,

A

..........

14,622

7,699,507

MetLife,

Inc.

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

57,736

4,727,424

a

PayPal

Holdings,

Inc.

........

13,480

1,150,518

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

(continued)

Financials

(continued)

PNC

Financial

Services

Group,

Inc.

(The)

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

5,565

$

1,073,210

Progressive

Corp.

(The)

......

23,615

5,658,390

Prudential

Financial,

Inc.

......

7,941

941,247

S&P

Global,

Inc.

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

2,174

1,082,717

Truist

Financial

Corp.

........

25,681

1,114,042

b

Visa,

Inc.,

A

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

25,810

8,156,992

47,913,853

Health

Care

12.8%

Amgen,

Inc.

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

7,313

1,906,060

a

Centene

Corp.

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

15,212

921,543

a

Edwards

Lifesciences

Corp.

...

17,448

1,291,675

Elevance

Health,

Inc.

........

9,956

3,672,768

Eli

Lilly

&

Co.

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

5,879

4,538,588

GE

HealthCare

Technologies,

Inc.

8,445

660,230

Gilead

Sciences,

Inc.

........

62,973

5,816,816

a

IDEXX

Laboratories,

Inc.

......

8,549

3,534,499

a

Illumina,

Inc.

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

6,144

821,023

a

IQVIA

Holdings,

Inc.

.........

4,939

970,563

McKesson

Corp.

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

1,783

1,016,150

Merck

&

Co.,

Inc.

...........

40,434

4,022,374

a

Mettler-Toledo

International,

Inc.

2,804

3,431,199

Pfizer,

Inc.

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

26,867

712,782

a

Regeneron

Pharmaceuticals,

Inc.

1,186

844,823

UnitedHealth

Group,

Inc.

......

1,383

699,604

a

Vertex

Pharmaceuticals,

Inc.

...

2,105

847,684

a

Waters

Corp.

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

2,264

839,899

West

Pharmaceutical

Services,

Inc.

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

4,116

1,348,237

Zoetis,

Inc.,

A

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

31,808

5,182,477

43,078,994

Industrials

9.7%

Acuity

Brands,

Inc.

..........

3,533

1,032,095

Carrier

Global

Corp.

.........

38,611

2,635,587

a

Dayforce,

Inc.

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

18,175

1,320,232

Emerson

Electric

Co.

........

37,702

4,672,409

Fortune

Brands

Innovations,

Inc.

17,780

1,214,908

Illinois

Tool

Works,

Inc.

.......

3,162

801,757

Lennox

International,

Inc.

.....

5,644

3,438,889

nVent

Electric

plc

...........

26,852

1,830,232

Otis

Worldwide

Corp.

........

14,346

1,328,583

Pentair

plc

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

8,199

825,147

Rockwell

Automation,

Inc.

.....

3,613

1,032,559

Tetra

Tech,

Inc.

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

23,754

946,359

Trane

Technologies

plc

.......

10,626

3,924,713

Union

Pacific

Corp.

..........

25,892

5,904,412

Verisk

Analytics,

Inc.,

A

.......

3,556

979,429

WW

Grainger,

Inc.

...........

732

771,565

32,658,876

c

Information

Technology

35.4%

Accenture

plc,

A

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

5,706

2,007,314

a

Adobe,

Inc.

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

2,189

973,405

a

Advanced

Micro

Devices,

Inc.

..

7,408

894,812

Analog

Devices,

Inc.

.........

16,920

3,594,823

Schedule

of

Investments

Impax

US

Sustainable

Economy

Fund

(continued)

www.impaxam.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

6

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

(continued)

c

Information

Technology

(continued)

a

ANSYS,

Inc.

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

8,033

$

2,709,772

Apple,

Inc.

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

92,683

23,209,677

Applied

Materials,

Inc.

........

21,593

3,511,670

a

Atlassian

Corp.,

A

...........

5,350

1,302,083

a

Autodesk,

Inc.

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

12,211

3,609,205

Broadcom,

Inc.

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

31,241

7,242,913

a

Confluent,

Inc.,

A

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

21,912

612,660

a

DoubleVerify

Holdings,

Inc.

....

34,222

657,405

a

Globant

SA

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

8,034

1,722,650

Hewlett

Packard

Enterprise

Co.

.

44,586

951,911

a

HubSpot,

Inc.

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

5,227

3,642,017

International

Business

Machines

Corp.

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

12,027

2,643,895

Intuit,

Inc.

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

1,747

1,097,989

a

Keysight

Technologies,

Inc.

....

7,850

1,260,946

Microsoft

Corp.

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

44,985

18,961,177

NVIDIA

Corp.

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

168,982

22,692,593

QUALCOMM,

Inc.

...........

11,049

1,697,347

Salesforce,

Inc.

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

7,753

2,592,060

a

ServiceNow,

Inc.

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

3,889

4,122,807

Texas

Instruments,

Inc.

.......

29,594

5,549,171

a

Trimble,

Inc.

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

14,120

997,719

a

Workday,

Inc.,

A

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

3,062

790,088

119,048,109

Materials

4.3%

Air

Products

and

Chemicals,

Inc.

10,728

3,111,549

Alcoa

Corp.

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

27,572

1,041,670

Ecolab,

Inc.

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

20,227

4,739,591

International

Flavors

&

Fragrances,

Inc.

...........

20,193

1,707,318

Martin

Marietta

Materials,

Inc.

..

2,030

1,048,495

PPG

Industries,

Inc.

.........

17,915

2,139,947

Sherwin-Williams

Co.

(The)

....

2,150

730,849

14,519,419

Real

Estate

5.1%

Alexandria

Real

Estate

Equities,

Inc.,

REIT

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

17,955

1,751,510

American

Tower

Corp.,

REIT

...

4,347

797,283

Camden

Property

Trust,

REIT

..

8,221

953,965

a

CBRE

Group,

Inc.,

A

.........

38,653

5,074,753

Crown

Castle,

Inc.,

REIT

......

7,112

645,485

Prologis,

Inc.,

REIT

..........

29,538

3,122,167

Rayonier,

Inc.,

REIT

.........

33,147

865,137

Rexford

Industrial

Realty,

Inc.,

REIT

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

21,691

838,574

SBA

Communications

Corp.,

A,

REIT

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

3,359

684,564

Ventas,

Inc.,

REIT

...........

26,861

1,581,844

Weyerhaeuser

Co.,

REIT

.....

28,348

797,996

17,113,278

Utilities

2.2%

American

Water

Works

Co.,

Inc.

27,630

3,439,659

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

(continued)

Utilities

(continued)

Edison

International

.........

48,004

$

3,832,639

7,272,298

Total

Common

Stocks

(Cost

$217,306,997)

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

330,980,911

Money

Market

1.2%

d,e

JPMorgan

Prime

Money

Market

Fund,

4.660%

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

4,165,234

4,165,234

(Cost

$4,165,234)

a

Total

Investments

99.6%

(Cost

$221,472,231)

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

$335,146,145

Other

Assets,

less

Liabilities

0.4%

.

1,345,265

Net

Assets

100.0%

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

$336,491,410

a

Non

-income

producing

security.

b

Security

or

partial

position

of

this

security

was

on

loan

as

of

December

31,

2024.

The

total

market

value

of

securities

on

loan

as

of

December

31,

2024

was

$4,938,385.

c

Broad

industry

sectors

used

for

financial

reporting.

d

Rate

shown

represents

annualized

7-day

yield

as

of

December

31,

2024.

e

Institutional

Class

shares.

REIT

Real

Estate

Investment

Trust

Schedule

of

Investments,

December

31,

2024

Impax

Global

Sustainable

Infrastructure

Fund

www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

7

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

97.8%

Communication

Services

14.1%

Elisa

OYJ

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

77,390

$

3,350,873

KDDI

Corp.

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

70,900

2,258,208

Koninklijke

KPN

NV

.........

724,624

2,642,299

Tele2

AB,

B

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

271,345

2,679,396

Vodacom

Group

Ltd.

.........

282,735

1,518,607

12,449,383

Energy

1.5%

Neste

OYJ

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

102,865

1,301,780

Financials

2.3%

Hannover

Rueck

SE

.........

3,534

884,982

Legal

&

General

Group

plc

....

407,322

1,169,555

2,054,537

Health

Care

3.9%

Chemed

Corp.

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

6,578

3,485,024

Industrials

23.0%

AECOM

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

14,127

1,509,046

Canadian

Pacific

Kansas

City

Ltd.

42,112

3,049,161

a

Clean

Harbors,

Inc.

..........

7,301

1,680,252

Hubbell,

Inc.,

B

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

4,158

1,741,745

Otis

Worldwide

Corp.

........

14,094

1,305,245

Schneider

Electric

SE

........

5,611

1,396,893

Spirax

Group

plc

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

15,389

1,316,392

Trane

Technologies

plc

.......

3,153

1,164,561

Voltronic

Power

Technology

Corp.

20,000

1,132,102

Waste

Connections,

Inc.

......

14,109

2,420,822

Waste

Management,

Inc.

......

17,532

3,537,782

20,254,001

Information

Technology

6.2%

KLA

Corp.

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

2,936

1,850,032

Microsoft

Corp.

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

4,057

1,710,026

Nemetschek

SE

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

14,613

1,419,537

a

SolarEdge

Technologies,

Inc.

..

36,657

498,535

5,478,130

Materials

1.2%

Sika

AG

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

4,463

1,064,904

Real

Estate

10.5%

American

Tower

Corp.,

REIT

...

16,436

3,014,527

Digital

Realty

Trust,

Inc.,

REIT

..

6,133

1,087,565

Prologis,

Inc.,

REIT

..........

17,723

1,873,321

Welltower,

Inc.,

REIT

.........

25,993

3,275,898

9,251,311

b

Utilities

35.1%

American

Water

Works

Co.,

Inc.

23,482

2,923,274

a

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

SABESP,

ADR

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

103,400

1,481,722

Hydro

One

Ltd.,

Reg

S

.......

36,528

1,124,974

Iberdrola

SA

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

177,620

2,447,644

National

Grid

plc

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

271,279

3,222,864

NextEra

Energy,

Inc.

.........

30,601

2,193,786

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

(continued)

b

Utilities

(continued)

Northland

Power,

Inc.

........

213,857

$

2,663,077

a

Orsted

A/S,

Reg

S

...........

42,044

1,898,445

Severn

Trent

plc

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

95,674

2,999,614

SSE

plc

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

176,637

3,540,600

United

Utilities

Group

plc

......

232,053

3,052,602

Veolia

Environnement

SA

.....

120,987

3,394,597

30,943,199

Total

Common

Stocks

(Cost

$87,727,840)

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

86,282,269

Money

Market

1.6%

c,d

JPMorgan

Prime

Money

Market

Fund,

4.660%

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

1,425,139

1,425,139

(Cost

$1,425,139)

a

Total

Investments

99.4%

(Cost

$89,152,979)

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

$87,707,408

Other

Assets,

less

Liabilities

0.6%

.

532,298

Net

Assets

100.0%

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

$88,239,706

a

Non

-income

producing

security.

b

Broad

industry

sectors

used

for

financial

reporting.

c

Rate

shown

represents

annualized

7-day

yield

as

of

December

31,

2024.

d

Institutional

Class

shares.

ADR

American

Depositary

Receipt

REIT

Real

Estate

Investment

Trust

Schedule

of

Investments

Impax

Global

Sustainable

Infrastructure

Fund

(continued)

www.impaxam.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

8

Summary

Of

Investments

By

Country

Country

Value

Percent

of

Net

Assets

Brazil

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

$

1,481,722

1.7%

Canada

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

6,837,213

7.8%

Denmark

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

1,898,445

2.1%

Finland

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

4,652,653

5.3%

France

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

3,394,597

3.8%

Germany

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

2,304,519

2.6%

Japan

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

2,258,207

2.6%

Netherlands

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

2,642,299

3.0%

South

Africa

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

1,518,607

1.7%

Spain

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

2,447,644

2.8%

Sweden

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

2,679,396

3.0%

Switzerland

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

1,064,904

1.2%

Taiwan

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

1,132,102

1.3%

United

Kingdom

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

15,301,627

17.4%

United

States

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

36,668,334

41.5%

Money

Market

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

1,425,139

1.6%

Other

assets

and

liabilities

(net)

532,298

0.6%

Total

$88,239,706

100.0%

Schedule

of

Investments,

December

31,

2024

Impax

Global

Opportunities

Fund

www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

9

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

99.0%

Communication

Services

1.6%

KDDI

Corp.

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

63,200

$

2,012,958

Consumer

Discretionary

1.1%

a

Aptiv

plc

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

22,940

1,387,411

Consumer

Staples

8.1%

Haleon

plc

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

727,445

3,430,015

Jeronimo

Martins

SGPS

SA

...

106,008

2,025,965

Kerry

Group

plc,

A

...........

26,531

2,558,821

Unilever

plc

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

39,093

2,226,900

10,241,701

b

Financials

25.4%

AIA

Group

Ltd.

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

458,600

3,294,061

Hannover

Rueck

SE

.........

7,636

1,912,202

HDFC

Bank

Ltd.,

ADR

........

40,365

2,577,709

Legal

&

General

Group

plc

....

1,023,386

2,938,477

London

Stock

Exchange

Group

plc

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

24,010

3,389,131

Marsh

&

McLennan

Cos.,

Inc.

..

19,709

4,186,389

Mastercard,

Inc.,

A

..........

10,319

5,433,676

RenaissanceRe

Holdings

Ltd.

..

13,520

3,363,911

c

Visa,

Inc.,

A

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

9,686

3,061,163

Voya

Financial,

Inc.

..........

27,217

1,873,346

32,030,065

Health

Care

15.8%

Alcon

AG

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

56,222

4,766,925

a

Boston

Scientific

Corp.

.......

57,149

5,104,549

a

Cooper

Cos.,

Inc.

(The)

.......

24,298

2,233,715

Danaher

Corp.

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

10,621

2,438,050

a

Intuitive

Surgical,

Inc.

........

2,452

1,279,846

Thermo

Fisher

Scientific,

Inc.

..

7,882

4,100,453

19,923,538

Industrials

13.8%

Ashtead

Group

plc

..........

48,373

2,992,745

Cintas

Corp.

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

14,542

2,656,823

Hubbell,

Inc.,

B

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

6,695

2,804,468

Schneider

Electric

SE

........

16,792

4,180,470

Wolters

Kluwer

NV

..........

15,442

2,565,602

Xylem,

Inc.

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

18,985

2,202,640

17,402,748

Information

Technology

24.9%

Analog

Devices,

Inc.

.........

16,531

3,512,176

Applied

Materials,

Inc.

........

16,731

2,720,963

ASML

Holding

NV

...........

1,924

1,347,636

a

Cadence

Design

Systems,

Inc.

.

12,429

3,734,417

Keyence

Corp.

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

8,650

3,515,980

Microsoft

Corp.

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

13,544

5,708,796

NVIDIA

Corp.

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

31,120

4,179,105

Oracle

Corp.

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

21,802

3,633,085

TE

Connectivity

plc

..........

20,702

2,959,765

31,311,923

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

(continued)

Materials

8.3%

Croda

International

plc

.......

24,969

$

1,056,121

DSM-

Firmenich

AG

..........

24,410

2,467,462

Linde

plc

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

10,522

4,405,246

Sika

AG

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

10,677

2,547,608

10,476,437

Total

Common

Stocks

(Cost

$97,819,086)

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

124,786,781

Money

Market

1.0%

d,e

JPMorgan

Prime

Money

Market

Fund,

4.660%

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

1,233,224

1,233,224

(Cost

$1,233,224)

a

Total

Investments

100.0%

(Cost

$99,052,310)

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

$126,020,005

f

Other

Assets,

less

Liabilities

(0.0)%

(24,311)

Net

Assets

100.0%

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

$125,995,694

a

Non

-income

producing

security.

b

Broad

industry

sectors

used

for

financial

reporting.

c

Security

or

partial

position

of

this

security

was

on

loan

as

of

December

31,

2024.

The

total

market

value

of

securities

on

loan

as

of

December

31,

2024

was

$2,748,242.

d

Rate

shown

represents

annualized

7-day

yield

as

of

December

31,

2024.

e

Institutional

Class

shares.

f

Rounds

to

less

than

0.05%.

ADR

American

Depositary

Receipt

Schedule

of

Investments

Impax

Global

Opportunities

Fund

(continued)

www.impaxam.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

10

Summary

Of

Investments

By

Country

Country

Value

Percent

of

Net

Assets

Bermuda

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

$

3,363,911

2.7%

Germany

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

1,912,202

1.5%

Hong

Kong

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

3,294,061

2.6%

India

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

2,577,709

2.1%

Ireland

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

2,558,822

2.0%

Japan

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

5,528,938

4.4%

Jersey

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

1,387,411

1.1%

Netherlands

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

3,913,238

3.1%

Portugal

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

2,025,965

1.6%

Switzerland

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

7,974,835

6.3%

United

Kingdom

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

12,603,373

10.0%

United

States

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

77,646,316

61.6%

Money

Market

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

1,233,224

1.0%

Other

assets

and

liabilities

(net)

(24,311)

-0.0%

*

Total

$125,995,694

100.0%

*

Rounds

to

less

than

0.05%.

Schedule

of

Investments,

December

31,

2024

Impax

Global

Environmental

Markets

Fund

www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

11

a

a

Shares/

Principal

a

Value

a

Common

Stocks

98.0%

CIRCULAR

ECONOMY

10.4%

General

Waste

Management

6.1%

Republic

Services,

Inc.,

A

.......

232,992

$

46,873,330

Waste

Management,

Inc.

........

451,692

91,146,929

138,020,259

Recycled,

Recyclable

Products

&

Biomaterials

1.0%

Croda

International

plc

.........

535,050

22,631,156

Resource

Circularity

&

Efficiency

3.3%

Ashtead

Group

plc

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

676,731

41,868,051

STERIS

plc

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

168,403

34,616,921

76,484,972

CLEAN

AND

EFFICIENT

TRANSPORT

6.1%

Advanced

Road

Vehicles

&

Devices

3.8%

a

Aptiv

plc

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

506,523

30,634,511

TE

Connectivity

plc

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

391,420

55,961,318

86,595,829

Railways

2.3%

Union

Pacific

Corp.

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

226,406

51,629,624

NEW

ENERGY

22.4%

Buildings

Energy

Efficiency

5.3%

Carrier

Global

Corp.

...........

706,834

48,248,489

Sika

AG

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

160,729

38,351,085

Trane

Technologies

plc

.........

92,534

34,177,433

120,777,007

Industrial

Energy

Efficiency

12.1%

Air

Liquide

SA

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

445,470

72,415,494

Cognex

Corp.

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

1,125,635

40,365,271

Delta

Electronics,

Inc.

..........

3,014,475

39,457,208

Keyence

Corp.

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

52,600

21,380,410

Siemens

AG

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

332,396

64,815,474

Spirax

Group

plc

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

445,762

38,130,981

276,564,838

Smart

&

Efficient

Grids

5.0%

Hubbell,

Inc.,

B

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

108,375

45,397,204

Schneider

Electric

SE

..........

277,282

69,031,036

114,428,240

SMART

ENVIRONMENT

34.7%

Cloud

Computing

7.1%

Microsoft

Corp.

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

238,894

100,693,821

NVIDIA

Corp.

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

456,073

61,246,043

161,939,864

Efficient

IT

16.0%

a

ANSYS,

Inc.

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

155,000

52,286,150

Applied

Materials,

Inc.

..........

312,733

50,859,768

ASML

Holding

NV

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

56,694

39,710,443

a

Autodesk,

Inc.

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

155,917

46,084,388

MediaTek,

Inc.

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

1,361,000

58,509,032

a

Synopsys,

Inc.

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

122,297

59,358,072

Texas

Instruments,

Inc.

.........

317,502

59,534,800

366,342,653

a

a

Shares/

Principal

a

Value

a

Common

Stocks

(continued)

Environmental

Testing

&

Monitoring

9.6%

Agilent

Technologies,

Inc.

.......

728,183

$

97,824,104

Veralto

Corp.

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

435,804

44,386,637

a

Waters

Corp.

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

200,515

74,387,055

216,597,796

Finance

&

Investment

2.0%

RenaissanceRe

Holdings

Ltd.

....

185,601

46,179,385

SUSTAINABLE

FOOD

9.0%

Food

Safety

&

Packaging

2.4%

a

Mettler-Toledo

International,

Inc.

..

44,927

54,976,271

Sustainable

Agriculture

4.2%

DSM-Firmenich

AG

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

479,926

48,512,869

Kerry

Group

plc,

A

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

507,624

48,958,549

97,471,418

Technology

&

Logistics

2.4%

GEA

Group

AG

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

1,086,530

53,971,488

WATER

15.4%

Water

Distribution

&

Infrastructure

5.8%

Ferguson

Enterprises,

Inc.

......

215,634

37,601,338

IDEX

Corp.

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

208,375

43,610,804

Xylem,

Inc.

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

444,759

51,600,939

132,813,081

Water

Treatment

6.0%

Linde

plc

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

217,332

90,990,388

Pentair

plc

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

446,163

44,901,844

135,892,232

Water

Utilities

3.6%

American

Water

Works

Co.,

Inc.

..

228,233

28,412,726

Veolia

Environnement

SA

.......

1,968,445

55,229,721

83,642,447

Total

Common

Stocks

(Cost

$1,653,068,673)

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

2,236,958,560

—

a

Preferred

Stocks

1.1%

WATER

1.1%

Water

Treatment

1.1%

Sartorius

AG,

0.340%

..........

112,389

24,976,642

(Cost

$29,842,663)

Total

Long

Term

Investments

(Cost

$1,682,911,336)

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

2,261,935,202

a

Schedule

of

Investments

Impax

Global

Environmental

Markets

Fund

(continued)

www.impaxam.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

12

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Money

Market

Funds

0.9%

b,c

JPMorgan

Prime

Money

Market

Fund,

4.660%

(Cost

$19,758,061)

..........

19,758,061

$

19,758,061

a

Total

Investments

100.0%

(Cost

$1,702,669,397)

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

$2,281,693,263

d

Other

Assets,

less

Liabilities

0.0%

..

154,645

Net

Assets

100.0%

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

$2,281,847,908

a

Non-income

producing

security.

b

Rate

shown

represents

annualized

7-day

yield

as

of

December

31,

2024.

c

Institutional

Class

shares.

d

Rounds

to

less

than

0.05%.

Summary

Of

Investments

By

Country

Country

Value

Percent

of

Net

Assets

Bermuda

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

$

46,179,385

2.0%

France

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

127,645,215

5.6%

Germany

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

143,763,605

6.3%

Ireland

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

48,958,548

2.1%

Japan

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

21,380,410

0.9%

Jersey

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

30,634,511

1.3%

Netherlands

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

39,710,444

1.7%

Switzerland

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

142,825,271

6.3%

Taiwan

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

97,966,240

4.3%

United

Kingdom

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

102,630,188

4.5%

United

States

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

1,460,241,385

64.1%

Money

Market

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

19,758,061

0.9%

Other

assets

and

liabilities

(net)

154,645

0.0%*

Total

$2,281,847,908

100.0%

*

Rounds

to

less

than

0.05%.

Schedule

of

Investments,

December

31,

2024

Impax

Global

Social

Leaders

Fund

www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

13

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

95.2%

Communication

Services

1.3%

Vodacom

Group

Ltd.

.........

4,209

$

22,607

Consumer

Discretionary

17.6%

Autoliv,

Inc.

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

328

30,763

a

Bright

Horizons

Family

Solutions,

Inc.

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

274

30,373

a

Duolingo,

Inc.,

A

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

99

32,099

eBay,

Inc.

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

1,303

80,721

Home

Depot,

Inc.

(The)

.......

77

29,952

a

MercadoLibre

,

Inc.

..........

32

54,414

a

Mobileye

Global,

Inc.,

A

.......

1,039

20,697

a

On

Holding

AG,

A

...........

362

19,827

a

Trip.com

Group

Ltd.

.........

300

20,646

319,492

Consumer

Staples

8.2%

Colgate-Palmolive

Co.

.......

315

28,637

Danone

SA

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

717

48,455

Haleon

plc

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

9,039

42,620

Kerry

Group

plc,

A

...........

299

28,837

148,549

Financials

16.5%

a

Adyen

NV,

Reg

S

...........

26

38,638

AIA

Group

Ltd.

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

4,300

30,886

Banco

Bilbao

Vizcaya

Argentaria

SA

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

2,826

27,651

HDFC

Bank

Ltd.,

ADR

........

606

38,699

Legal

&

General

Group

plc

....

17,937

51,503

Progressive

Corp.

(The)

......

154

36,900

Prudential

plc

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

4,758

37,760

Voya

Financial,

Inc.

..........

548

37,719

299,756

Health

Care

15.7%

Agilent

Technologies,

Inc.

.....

266

35,734

Alcon

AG

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

692

58,673

a

Align

Technology,

Inc.

........

74

15,430

a

Boston

Scientific

Corp.

.......

234

20,901

a

Intuitive

Surgical,

Inc.

........

88

45,932

a

IQVIA

Holdings,

Inc.

.........

245

48,145

Novo

Nordisk

A/S,

B

.........

237

20,449

Thermo

Fisher

Scientific,

Inc.

..

76

39,538

284,802

Industrials

8.3%

Experian

plc

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

1,009

43,367

Recruit

Holdings

Co.

Ltd.

.....

900

62,557

Wolters

Kluwer

NV

..........

268

44,526

150,450

Information

Technology

19.3%

Halma

plc

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

1,893

63,508

Intuit,

Inc.

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

116

72,906

NVIDIA

Corp.

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

758

101,792

a

Palo

Alto

Networks,

Inc.

......

234

42,578

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

(continued)

Information

Technology

(continued)

a

ServiceNow,

Inc.

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

65

$

68,908

349,692

Real

Estate

6.2%

American

Tower

Corp.,

REIT

...

185

33,931

a

Howard

Hughes

Holdings,

Inc.

.

363

27,922

UNITE

Group

plc

(The),

REIT

..

2,881

29,151

Ventas,

Inc.,

REIT

...........

373

21,966

112,970

Utilities

2.1%

Severn

Trent

plc

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

1,211

37,968

Total

Common

Stocks

(Cost

$1,539,436)

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

1,726,286

Preferred

Stocks

1.6%

Health

Care

1.6%

Sartorius

AG,

0.340%

........

129

28,668

(Cost

$30,287)

Total

Long

Term

Investments

(Cost

$1,569,723)

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

1,754,954

a

Money

Market

4.9%

b,c

JPMorgan

Prime

Money

Market

Fund,

4.660%

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

89,304

89,304

(Cost

$89,304)

a

Total

Investments

101.7%

(Cost

$1,659,027)

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

$1,844,258

Other

Assets,

less

Liabilities

(1.7)%

(31,150)

Net

Assets

100.0%

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

$1,813,108

a

Non

-income

producing

security.

b

Rate

shown

represents

annualized

7-day

yield

as

of

December

31,

2024.

c

Institutional

Class

shares.

ADR

American

Depositary

Receipt

REIT

Real

Estate

Investment

Trust

Schedule

of

Investments

Impax

Global

Social

Leaders

Fund

(continued)

www.impaxam.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

14

Summary

Of

Investments

By

Country

Country

Value

Percent

of

Net

Assets

Brazil

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

$

54,414

3.0%

China

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

20,646

1.1%

Denmark

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

20,449

1.1%

France

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

48,455

2.7%

Germany

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

28,668

1.6%

Hong

Kong

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

68,646

3.8%

India

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

38,699

2.1%

Ireland

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

28,837

1.6%

Israel

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

20,697

1.1%

Japan

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

62,557

3.4%

Netherlands

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

83,165

4.6%

South

Africa

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

22,607

1.3%

Spain

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

27,651

1.5%

Sweden

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

30,763

1.7%

Switzerland

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

19,827

1.1%

United

Kingdom

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

182,130

10.1%

United

States

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

996,743

55.0%

Money

Market

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

89,304

4.9%

Other

assets

and

liabilities

(net)

(31,150)

-1.7%

Total

$1,813,108

100.0%

Schedule

of

Investments,

December

31,

2024

Impax

Ellevate

Global

Women’s

Leadership

Fund

www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

15

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

98.7%

Communication

Services

8.1%

Alphabet,

Inc.,

A

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

26,653

$

5,045,413

Alphabet,

Inc.,

C

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

12,218

2,326,796

Auto

Trader

Group

plc,

Reg

S

..

613,591

6,071,397

Deutsche

Telekom

AG

........

182,902

5,480,311

a

Netflix,

Inc.

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

12,436

11,084,455

Omnicom

Group,

Inc.

........

71,604

6,160,808

Orange

SA

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

222,556

2,220,625

a

Pinterest,

Inc.,

A

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

72,840

2,112,360

Publicis

Groupe

SA

..........

67,125

7,146,105

Vodafone

Group

plc

.........

2,664,412

2,272,956

Walt

Disney

Co.

(The)

........

82,985

9,240,380

59,161,606

Consumer

Discretionary

13.3%

Accor

SA

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

50,984

2,479,741

a

Amazon.com,

Inc.

...........

94,098

20,644,160

Best

Buy

Co.,

Inc.

...........

74,013

6,350,316

Cie

Generale

des

Etablissements

Michelin

SCA

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

77,741

2,558,104

a

Deckers

Outdoor

Corp.

.......

35,226

7,154,048

eBay,

Inc.

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

35,100

2,174,445

a

Expedia

Group,

Inc.

.........

40,756

7,594,066

H

&

M

Hennes

&

Mauritz

AB,

B

.

421,647

5,683,306

Hermes

International

SCA

.....

3,116

7,476,443

a

Lululemon

Athletica,

Inc.

......

19,092

7,300,972

Marriott

International,

Inc.,

A

...

26,587

7,416,178

McDonald's

Corp.

...........

12,561

3,641,308

Pearson

plc

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

139,019

2,229,228

Starbucks

Corp.

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

87,489

7,983,371

a

Ulta

Beauty,

Inc.

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

13,686

5,952,452

96,638,138

Consumer

Staples

6.2%

Clorox

Co.

(The)

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

47,779

7,759,787

Coca-Cola

Co.

(The)

.........

154,591

9,624,836

Estee

Lauder

Cos.,

Inc.

(The),

A

79,022

5,925,070

General

Mills,

Inc.

...........

99,450

6,341,926

Kellanova

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

59,604

4,826,136

L'Oreal

SA

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

6,254

2,213,935

Procter

&

Gamble

Co.

(The)

...

49,132

8,236,980

44,928,670

Financials

18.7%

Admiral

Group

plc

...........

199,886

6,603,443

Allianz

SE

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

7,639

2,347,947

American

Express

Co.

.......

10,941

3,247,179

Aviva

plc

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

374,925

2,197,476

AXA

SA

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

64,646

2,300,728

Canadian

Imperial

Bank

of

Commerce

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

117,869

7,456,140

Citigroup,

Inc.

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

131,389

9,248,472

DNB

Bank

ASA

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

362,479

7,236,687

Fifth

Third

Bancorp

..........

125,604

5,310,537

Hang

Seng

Bank

Ltd.

........

616,300

7,548,965

JPMorgan

Chase

&

Co.

.......

61,367

14,710,284

M&G

plc

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

2,675,367

6,620,539

National

Bank

of

Canada

.....

79,331

7,231,928

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

(continued)

Financials

(continued)

Progressive

Corp.

(The)

......

33,570

$

8,043,708

Royal

Bank

of

Canada

.......

23,764

2,865,335

S&P

Global,

Inc.

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

5,732

2,854,708

Standard

Chartered

plc

.......

595,491

7,331,213

Sun

Life

Financial,

Inc.

.......

124,035

7,364,699

UniCredit

SpA

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

58,758

2,353,162

b

Visa,

Inc.,

A

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

28,970

9,155,679

Westpac

Banking

Corp.

.......

340,595

6,798,614

Willis

Towers

Watson

plc

......

23,867

7,476,099

136,303,542

Health

Care

13.1%

AstraZeneca

plc

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

54,943

7,163,451

a

Biogen,

Inc.

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

36,730

5,616,751

Bristol-Myers

Squibb

Co.

......

148,246

8,384,794

Cardinal

Health,

Inc.

.........

63,122

7,465,439

Elevance

Health,

Inc.

........

15,640

5,769,596

Eli

Lilly

&

Co.

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

14,885

11,491,220

Gilead

Sciences,

Inc.

........

90,221

8,333,714

GSK

plc

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

133,665

2,254,565

a

Illumina,

Inc.

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

51,509

6,883,148

Johnson

&

Johnson

.........

69,351

10,029,542

Merck

&

Co.,

Inc.

...........

38,940

3,873,751

Novo

Nordisk

A/S,

B

.........

56,026

4,834,026

Stryker

Corp.

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

5,984

2,154,539

a

Vertex

Pharmaceuticals,

Inc.

...

4,819

1,940,611

a

Waters

Corp.

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

5,950

2,207,331

Zoetis,

Inc.,

A

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

44,617

7,269,448

95,671,926

Industrials

7.6%

Booz

Allen

Hamilton

Holding

Corp.,

A

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

45,603

5,869,106

Cummins,

Inc.

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

20,901

7,286,089

Metso

OYJ

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

643,992

5,995,283

Otis

Worldwide

Corp.

........

77,499

7,177,182

Schneider

Electric

SE

........

33,275

8,284,013

Stantec,

Inc.

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

90,014

7,062,353

Veralto

Corp.

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

65,480

6,669,138

Wolters

Kluwer

NV

..........

43,911

7,295,566

55,638,730

c

Information

Technology

27.2%

Accenture

plc,

A

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

26,630

9,368,168

a

ANSYS,

Inc.

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

6,527

2,201,753

Apple,

Inc.

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

138,488

34,680,165

a

Atlassian

Corp.,

A

...........

27,234

6,628,211

a

Autodesk,

Inc.

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

25,494

7,535,261

Broadcom,

Inc.

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

76,183

17,662,267

CDW

Corp.

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

41,295

7,186,982

Cisco

Systems,

Inc.

.........

165,880

9,820,096

Halma

plc

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

209,762

7,037,296

Intuit,

Inc.

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

13,763

8,650,045

Microsoft

Corp.

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

73,746

31,083,939

NVIDIA

Corp.

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

286,687

38,499,197

Salesforce,

Inc.

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

17,363

5,804,972

a

ServiceNow,

Inc.

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

1,995

2,114,939

Schedule

of

Investments

Impax

Ellevate

Global

Women’s

Leadership

Fund

(continued)

www.impaxam.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

16

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

(continued)

c

Information

Technology

(continued)

Texas

Instruments,

Inc.

.......

11,714

$

2,196,492

a

Xero

Ltd.

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

69,737

7,257,044

197,726,827

Materials

2.5%

BlueScope

Steel

Ltd.

.........

460,622

5,326,222

Fortescue

Ltd.

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

625,984

7,048,932

Yara

International

ASA

.......

221,611

5,866,449

18,241,603

Utilities

2.0%

American

Water

Works

Co.,

Inc.

57,133

7,112,487

Edison

International

.........

90,699

7,241,408

14,353,895

Total

Common

Stocks

(Cost

$536,622,646)

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

718,664,937

Money

Market

1.2%

d,e

JPMorgan

Prime

Money

Market

Fund,

4.660%

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

8,639,585

8,639,585

(Cost

$8,639,585)

a

Total

Investments

99.9%

(Cost

$545,262,231)

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

$727,304,522

Other

Assets,

less

Liabilities

0.1%

.

1,246,318

Net

Assets

100.0%

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

$728,550,840

a

Non-income

producing

security.

b

Security

or

partial

position

of

this

security

was

on

loan

as

of

December

31,

2024.

The

total

market

value

of

securities

on

loan

as

of

December

31,

2024

was

$8,220,762.

c

Broad

industry

sectors

used

for

financial

reporting.

d

Rate

shown

represents

annualized

7-day

yield

as

of

December

31,

2024.

e

Institutional

Class

shares.

Schedule

of

Investments

Impax

Ellevate

Global

Women’s

Leadership

Fund

(continued)

www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

17

Summary

Of

Investments

By

Country

Country

Value

Percent

of

Net

Assets

Australia

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

$

19,173,768

2.6%

Brazil

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

5,866,448

0.8%

Canada

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

31,980,455

4.4%

Denmark

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

4,834,026

0.7%

Finland

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

5,995,282

0.8%

France

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

26,395,683

3.6%

Germany

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

7,828,258

1.1%

Hong

Kong

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

7,548,965

1.1%

Ireland

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

9,368,168

1.3%

Italy

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

2,353,162

0.3%

Netherlands

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

7,295,566

1.0%

New

Zealand

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

7,257,044

1.0%

Norway

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

7,236,687

1.0%

Sweden

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

5,683,306

0.8%

United

Kingdom

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

47,526,999

6.5%

United

States

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

522,321,120

71.7%

Money

Market

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

8,639,585

1.2%

Other

assets

and

liabilities

(net)

1,246,318

0.1%

Total

$728,550,840

100.0%

Schedule

of

Investments,

December

31,

2024

Impax

International

Sustainable

Economy

Fund

www.impaxam.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

18

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

97.4%

Australia

5.8%

ANZ

Group

Holdings

Ltd.

.......

724,720

$

12,769,423

Aristocrat

Leisure

Ltd.

..........

370,074

15,628,431

Coles

Group

Ltd.

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

421,985

4,926,061

Goodman

Group,

REIT

.........

142,672

3,136,210

QBE

Insurance

Group

Ltd.

......

1,302,084

15,463,381

REA

Group

Ltd.

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

47,995

6,904,733

Suncorp

Group

Ltd.

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

360,830

4,239,328

Transurban

Group

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

857,438

7,086,733

70,154,300

Austria

0.4%

Mondi

plc

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

174,622

2,599,710

Verbund

AG

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

34,225

2,481,638

5,081,348

Belgium

0.8%

KBC

Group

NV

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

126,103

9,736,324

China

0.7%

Prosus

NV

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

202,993

8,063,866

Denmark

3.2%

Novo

Nordisk

A/S,

B

...........

283,987

24,502,918

a

Orsted

A/S,

Reg

S

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

99,514

4,493,432

ROCKWOOL

A/S,

B

...........

12,263

4,363,623

a

Vestas

Wind

Systems

A/S

.......

324,379

4,449,475

37,809,448

Finland

2.0%

Nokia

OYJ

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

4,332,007

19,162,280

Orion

OYJ,

B

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

102,120

4,525,311

23,687,591

France

8.3%

AXA

SA

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

244,454

8,700,031

BNP

Paribas

SA

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

356,363

21,879,558

Carrefour

SA

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

1,054,932

15,014,658

Credit

Agricole

SA

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

944,207

12,991,845

Danone

SA

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

85,685

5,790,572

Dassault

Systemes

SE

.........

443,081

15,332,347

Hermes

International

SCA

.......

2,187

5,247,427

L'Oreal

SA

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

27,314

9,669,241

LVMH

Moet

Hennessy

Louis

Vuitton

SE

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

10,949

7,202,178

101,827,857

Germany

8.0%

Beiersdorf

AG

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

34,050

4,373,566

Commerzbank

AG

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

632,658

10,389,808

Deutsche

Boerse

AG

...........

15,036

3,463,638

Heidelberg

Materials

AG

........

87,683

10,834,390

Henkel

AG

&

Co.

KGaA

.........

61,660

4,751,966

Infineon

Technologies

AG

.......

626,453

20,448,523

Knorr-Bremse

AG

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

65,498

4,753,941

Merck

KGaA

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

124,056

18,052,992

Muenchener

Rueckversicherungs-

Gesellschaft

AG

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

30,615

15,447,182

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

(continued)

Germany

(continued)

Puma

SE

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

117,876

$

5,420,032

97,936,038

Hong

Kong

2.2%

AIA

Group

Ltd.

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

2,416,600

17,358,106

Hang

Seng

Bank

Ltd.

..........

204,300

2,502,440

Hong

Kong

Exchanges

&

Clearing

Ltd.

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

63,800

2,387,954

MTR

Corp.

Ltd.

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

1,405,999

4,884,235

27,132,735

Ireland

0.7%

Kingspan

Group

plc

...........

121,649

8,843,582

Israel

0.2%

a

Nice

Ltd.

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

13,201

2,241,840

Italy

2.7%

Enel

SpA

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

338,064

2,412,485

Generali

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

687,655

19,455,064

Intesa

Sanpaolo

SpA

...........

1,675,363

6,719,577

Moncler

SpA

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

56,652

2,990,691

Poste

Italiane

SpA,

Reg

S

.......

196,630

2,780,952

34,358,769

Japan

22.1%

Aeon

Co.

Ltd.

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

205,900

4,818,760

Dai

Nippon

Printing

Co.

Ltd.

.....

272,600

3,814,673

Daifuku

Co.

Ltd.

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

186,400

3,829,573

Daiichi

Sankyo

Co.

Ltd.

.........

417,700

11,429,628

Daiwa

House

Industry

Co.

Ltd.

...

93,200

2,861,349

FANUC

Corp.

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

303,900

7,938,767

FUJIFILM

Holdings

Corp.

.......

209,600

4,336,544

Fujitsu

Ltd.

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

1,023,500

17,979,395

Hitachi

Ltd.

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

916,800

22,452,486

Hoya

Corp.

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

61,500

7,632,538

Kao

Corp.

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

112,400

4,547,880

KDDI

Corp.

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

620,100

19,750,557

MatsukiyoCocokara

&

Co.

.......

284,300

4,139,096

Mitsubishi

Chemical

Group

Corp.

.

922,500

4,659,205

Mitsubishi

Estate

Co.

Ltd.

.......

207,600

2,881,851

Mitsui

Fudosan

Co.

Ltd.

........

546,800

4,372,940

Mizuho

Financial

Group,

Inc.

.....

183,500

4,479,702

NEC

Corp.

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

150,400

12,870,793

Nomura

Holdings,

Inc.

..........

488,400

2,833,618

Nomura

Research

Institute

Ltd.

...

124,000

3,640,835

Oriental

Land

Co.

Ltd.

..........

335,300

7,227,782

ORIX

Corp.

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

562,000

12,073,948

Panasonic

Holdings

Corp.

.......

295,500

3,020,190

Recruit

Holdings

Co.

Ltd.

.......

104,300

7,249,676

a

Renesas

Electronics

Corp.

......

196,200

2,482,916

Secom

Co.

Ltd.

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

79,000

2,682,831

Sekisui

Chemical

Co.

Ltd.

.......

249,400

4,270,285

Seven

&

i

Holdings

Co.

Ltd.

......

174,500

2,735,747

SoftBank

Corp.

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

13,802,000

17,422,796

SoftBank

Group

Corp.

..........

254,800

14,560,746

Sompo

Holdings,

Inc.

..........

182,400

4,726,032

Schedule

of

Investments

Impax

International

Sustainable

Economy

Fund

(continued)

www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

19

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

(continued)

Japan

(continued)

Sony

Group

Corp.

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

118,600

$

2,499,561

Sumitomo

Mitsui

Financial

Group,

Inc.

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

192,300

4,615,247

Sumitomo

Mitsui

Trust

Group,

Inc.

.

213,500

4,987,260

Tokio

Marine

Holdings,

Inc.

......

137,900

4,948,973

Tokyo

Electron

Ltd.

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

101,900

15,317,545

TOTO

Ltd.

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

121,600

2,913,094

Yamaha

Motor

Co.

Ltd.

.........

837,300

7,377,201

Yokogawa

Electric

Corp.

........

120,000

2,552,320

274,934,340

Netherlands

4.0%

ASML

Holding

NV

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

34,983

24,503,306

ING

Groep

NV

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

221,054

3,464,267

Koninklijke

Ahold

Delhaize

NV

....

361,702

11,798,327

Universal

Music

Group

NV

......

243,417

6,226,394

Wolters

Kluwer

NV

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

14,991

2,490,671

48,482,965

New

Zealand

0.2%

a

Xero

Ltd.

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

24,569

2,556,725

Norway

0.4%

Norsk

Hydro

ASA

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

599,692

3,298,715

Telenor

ASA

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

251,372

2,804,599

6,103,314

Portugal

0.2%

Jeronimo

Martins

SGPS

SA

.....

131,795

2,518,791

Singapore

1.8%

CapitaLand

Integrated

Commercial

Trust,

REIT

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

3,328,500

4,693,890

STMicroelectronics

NV

.........

95,930

2,402,745

United

Overseas

Bank

Ltd.

......

542,500

14,406,561

21,503,196

Spain

2.6%

ACS

Actividades

de

Construccion

y

Servicios

SA

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

101,009

5,061,811

Cellnex

Telecom

SA,

Reg

S

......

75,920

2,398,051

Iberdrola

SA

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

1,801,054

24,818,933

32,278,795

Sweden

3.6%

Alfa

Laval

AB

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

73,361

3,070,532

Assa

Abloy

AB,

B

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

239,914

7,086,173

Atlas

Copco

AB,

A

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

684,860

10,452,097

Atlas

Copco

AB,

B

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

498,810

6,739,426

Epiroc

AB,

B

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

321,347

5,013,389

EQT

AB

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

84,952

2,348,400

Nibe

Industrier

AB,

B

...........

741,838

2,899,077

Telia

Co.

AB

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

1,662,822

4,621,794

42,230,888

Switzerland

8.1%

ABB

Ltd.

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

400,109

21,605,291

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

(continued)

Switzerland

(continued)

DSM-Firmenich

AG

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

24,230

$

2,449,267

Kuehne

+

Nagel

International

AG

.

20,301

4,657,935

Lonza

Group

AG

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

13,110

7,738,031

Novartis

AG

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

341,076

33,206,238

Sika

AG

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

34,865

8,319,037

Sonova

Holding

AG

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

46,911

15,340,351

Swisscom

AG

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

9,703

5,400,238

98,716,388

United

Kingdom

14.2%

3i

Group

plc

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

173,002

7,700,881

AstraZeneca

plc

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

223,616

29,154,985

Auto

Trader

Group

plc,

Reg

S

....

267,903

2,650,862

BT

Group

plc

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

1,317,600

2,374,954

HSBC

Holdings

plc

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

2,852,924

28,024,561

Informa

plc

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

238,658

2,380,281

J

Sainsbury

plc

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

1,637,389

5,595,178

Kingfisher

plc

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

1,384,385

4,303,167

Lloyds

Banking

Group

plc

.......

28,219,934

19,272,204

National

Grid

plc

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

1,137,552

13,514,407

Reckitt

Benckiser

Group

plc

.....

142,835

8,645,913

RELX

plc

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

496,791

22,509,096

Sage

Group

plc

(The)

..........

233,379

3,708,037

Spirax

Group

plc

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

34,090

2,916,097

Tesco

plc

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

2,355,992

10,836,039

Unilever

plc

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

81,646

4,639,176

Vodafone

Group

plc

...........

7,422,901

6,332,325

174,558,163

United

States

5.2%

CSL

Ltd.

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

103,936

18,131,724

Schneider

Electric

SE

..........

111,109

27,661,260

Swiss

Re

AG

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

120,332

17,428,233

63,221,217

Total

Common

Stocks

(Cost

$1,042,059,901)

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

1,193,978,480

Preferred

Stocks

0.4%

Germany

0.4%

Sartorius

AG,

0.340%

..........

21,015

4,670,244

(Cost

$5,249,228)

Total

Long

Term

Investments

(Cost

$1,047,309,129)

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

1,198,648,724

a

Schedule

of

Investments

Impax

International

Sustainable

Economy

Fund

(continued)

www.impaxam.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

20

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Money

Market

1.6%

b,c

JPMorgan

Prime

Money

Market

Fund,

4.660%

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

19,346,421

$

19,346,421

(Cost

$19,346,421)

a

Total

Investments

99.4%

(Cost

$1,066,655,550)

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

$1,217,995,145

Other

Assets,

less

Liabilities

0.6%

..

7,309,001

Net

Assets

100.0%

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

$1,225,304,146

a

Non-income

producing

security.

b

Rate

shown

represents

annualized

7-day

yield

as

of

December

31,

2024.

c

Institutional

Class

shares.

REIT

Real

Estate

Investment

Trust

Summary

Of

Investments

By

Sector

Sector

Value

Percent

of

Net

Assets

Communication

Services

........

$

93,828,330

7.7%

Consumer

Discretionary

........

68,980,525

5.6%

Consumer

Staples

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

104,800,971

8.5%

Financials

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

297,594,498

24.3%

Health

Care

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

174,384,961

14.2%

Industrials

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

211,695,829

17.3%

Information

Technology

.........

149,536,151

12.2%

Materials

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

32,160,324

2.6%

Real

Estate

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

17,946,240

1.5%

Utilities

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

47,720,895

3.9%

Money

Market

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

19,346,421

1.6%

Other

assets

and

liabilities

(net)

7,309,001

0.6%

Total

$1,225,304,146

100.0%

Schedule

of

Investments,

December

31,

2024

Impax

Core

Bond

Fund

www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

21

a

a

Shares/

Principal

a

Value

a

a

a

a

BONDS:

98.0%

a

Community

Investment

Notes

0.0%

a

Financials

0.0%

b,c

CEI

Investments

LLC

,

4.000

%,

10/31/25

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

323,622

$

323,622

c

Envest

Microfinance

Cooperative

,

b

4.000%,

10/24/25

.........

150,000

150,000

4.000%,

4/20/26

..........

250,000

245,060

718,682

Total

Community

Investment

Notes

(Cost

$723,622)

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

718,682

Corporate

Bonds

30.2%

Communication

Services

3.3%

AT&T,

Inc.

,

5.400%,

2/15/34

..........

2,250,000

2,259,987

4.350%,

6/15/45

..........

3,250,000

2,666,481

4.750%,

5/15/46

..........

775,000

673,656

3.500%,

9/15/53

..........

1,000,000

673,979

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

,

6.384%,

10/23/35

.........

1,750,000

1,748,517

6.484%,

10/23/45

.........

750,000

709,567

d

Cogent

Communications

Group

LLC

,

144A,

7.000

%,

6/15/27

.

500,000

502,970

Comcast

Corp.

,

4.600%,

10/15/38

.........

2,750,000

2,492,325

5.350%,

5/15/53

..........

800,000

741,356

Sprint

Capital

Corp.

,

8.750

%,

3/15/32

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

2,000,000

2,390,387

T-Mobile

USA,

Inc.

,

4.375

%,

4/15/40

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

3,500,000

3,036,595

Verizon

Communications,

Inc.

,

2.550%,

3/21/31

..........

2,000,000

1,723,174

4.812%,

3/15/39

..........

3,500,000

3,233,010

2.650%,

11/20/40

.........

600,000

410,553

3.400%,

3/22/41

..........

600,000

454,098

e

3.550%,

3/22/51

..........

500,000

353,669

Walt

Disney

Co.

(The)

,

4.750

%,

9/15/44

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

3,000,000

2,689,327

d

Windstream

Services

LLC

/

Windstream

Escrow

Finance

Corp.

,

144A,

8.250

%,

10/01/31

1,000,000

1,033,993

27,793,644

Consumer

Discretionary

1.3%

d

1011778

BC

ULC

/

New

Red

Finance,

Inc.

,

144A,

6.125

%,

6/15/29

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

1,000,000

1,004,489

Amazon.com,

Inc.

,

2.875%,

5/12/41

..........

800,000

587,669

2.500%,

6/03/50

..........

1,000,000

597,142

American

University

(The)

,

2019

,

3.672

%,

4/01/49

...........

1,000,000

763,782

a

a

Shares/

Principal

a

Value

a

a

a

a

Consumer

Discretionary

(continued)

Aptiv

Swiss

Holdings

Ltd.

,

5.150%,

9/13/34

..........

800,000

$

756,738

5.750%,

9/13/54

..........

1,000,000

897,946

d

Expedia

Group,

Inc.

,

144A,

6.250

%,

5/01/25

...........

1,000,000

1,000,714

Lowe's

Cos.,

Inc.

,

5.000%,

4/15/33

..........

2,250,000

2,216,071

2.800%,

9/15/41

..........

750,000

515,026

5.750%,

7/01/53

..........

750,000

734,969

Massachusetts

Institute

of

Technology

,

3.067

%,

4/01/52

.

700,000

472,180

Newell

Brands,

Inc.

,

6.625

%,

5/15/32

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

1,000,000

1,008,087

Toyota

Motor

Corp.

,

5.275

%,

7/13/26

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

500,000

505,753

11,060,566

Consumer

Staples

1.5%

d

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

Albertsons

LP

/

Albertsons

LLC

,

144A,

4.625%,

1/15/27

.....

1,000,000

979,848

144A,

6.500%,

2/15/28

.....

1,000,000

1,014,053

Church

&

Dwight

Co.,

Inc.

,

3.950

%,

8/01/47

...........

1,500,000

1,158,593

Conagra

Brands,

Inc.

,

5.300

%,

11/01/38

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

2,250,000

2,116,438

Haleon

US

Capital

LLC

,

3.625

%,

3/24/32

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

2,750,000

2,490,907

Kraft

Heinz

Foods

Co.

,

5.000

%,

6/04/42

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

2,000,000

1,798,867

Kroger

Co.

(The)

,

5.500

%,

9/15/54

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

2,000,000

1,885,929

d

Post

Holdings,

Inc.

,

144A,

6.250

%,

2/15/32

...........

1,000,000

993,737

12,438,372

Financials

9.4%

ACE

Capital

Trust

II

,

9.700

%,

4/01/30

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

500,000

597,813

Aflac,

Inc.

,

1.125%,

3/15/26

..........

1,500,000

1,439,295

3.600%,

4/01/30

..........

1,000,000

939,841

d

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

,

144A,

7.000

%,

1/15/31

......

1,000,000

1,005,001

Aon

North

America,

Inc.

,

5.450

%,

3/01/34

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

1,000,000

998,952

Assured

Guaranty

US

Holdings,

Inc.

,

6.125%,

9/15/28

..........

750,000

778,557

3.150%,

6/15/31

..........

1,000,000

883,723

Bank

of

America

Corp.

,

2.572%

to

10/19/31,

FRN

thereafter,

10/20/32

........

3,750,000

3,165,774

5.872%

to

9/14/33,

FRN

thereafter,

9/15/34

.........

2,500,000

2,568,707

Schedule

of

Investments

Impax

Core

Bond

Fund

(continued)

www.impaxam.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

22

a

a

Shares/

Principal

a

Value

a

a

a

a

Financials

(continued)

Bank

of

America

Corp.,

(continued)

5.468%

to

1/22/34,

FRN

thereafter,

1/23/35

.........

1,000,000

$

1,001,547

Bank

of

Montreal

,

4.64%

to

9/09/29,

FRN

thereafter

,

9/10/30

2,000,000

1,961,775

Bank

of

New

York

Mellon

Corp.

(The)

,

6.317%

to

10/24/28,

FRN

thereafter,

10/25/29

........

1,000,000

1,050,782

5.834%

to

10/24/32,

FRN

thereafter,

10/25/33

........

1,000,000

1,036,007

d

Block,

Inc.

,

144A,

6.500

%,

5/15/32

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

1,000,000

1,010,903

BlueHub

Loan

Fund,

Inc.

,

2020

,

2.890

%,

1/01/27

...........

1,000,000

947,349

Calvert

Impact

Capital,

Inc.

,

3.000

%,

3/14/25

...........

1,000,000

1,000,000

Chubb

INA

Holdings

LLC

,

5.000%,

3/15/34

..........

1,500,000

1,482,331

2.850%,

12/15/51

.........

250,000

157,907

Citigroup,

Inc.

,

2.572%

to

6/02/30,

FRN

thereafter,

6/03/31

.........

2,000,000

1,743,854

3.057%

to

1/24/32,

FRN

thereafter,

1/25/33

.........

1,500,000

1,288,990

Citizens

Financial

Group,

Inc.

,

5.841%

to

1/22/29,

FRN

thereafter

,

1/23/30

.........

1,500,000

1,522,580

Corebridge

Financial,

Inc.

,

5.750

%,

1/15/34

...........

1,500,000

1,528,946

Fiserv,

Inc.

,

5.150

%,

8/12/34

...

2,850,000

2,786,727

Goldman

Sachs

Group,

Inc.

(The)

,

0.855%

to

2/11/25,

FRN

thereafter,

2/12/26

.........

500,000

497,560

4.692%

to

10/22/29,

FRN

thereafter,

10/23/30

........

2,000,000

1,958,832

5.851%

to

4/24/34,

FRN

thereafter,

4/25/35

.........

2,000,000

2,038,647

5.33%

to

7/22/34,

FRN

thereafter,

7/23/35

.........

1,000,000

981,837

d

HA

Sustainable

Infrastructure

Capital,

Inc.

,

144A,

6.375

%,

7/01/34

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

500,000

487,194

d

HAT

Holdings

I

LLC

/

HAT

Holdings

II

LLC

,

144A,

8.000

%,

6/15/27

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

1,500,000

1,564,755

ING

Groep

NV

,

3.869%

to

3/27/25,

FRN

thereafter

,

3/28/26

1,500,000

1,496,071

John

Deere

Capital

Corp.

,

2.000

%,

6/17/31

...........

1,250,000

1,049,465

JPMorgan

Chase

&

Co.

,

2.947%

to

2/23/27,

FRN

thereafter,

2/24/28

.........

1,000,000

962,056

5.581%

to

4/21/29,

FRN

thereafter,

4/22/30

.........

1,000,000

1,020,053

4.603%

to

10/21/29,

FRN

thereafter,

10/22/30

........

500,000

490,632

a

a

Shares/

Principal

a

Value

a

a

a

a

Financials

(continued)

JPMorgan

Chase

&

Co.,

(continued)

e

5.336%

to

1/22/34,

FRN

thereafter,

1/23/35

.........

1,000,000

$

994,091

5.766%

to

4/21/34,

FRN

thereafter,

4/22/35

.........

2,500,000

2,558,357

5.294%

to

7/21/34,

FRN

thereafter,

7/22/35

.........

2,000,000

1,979,660

M&T

Bank

Corp.

,

7.413%

to

10/29/28,

FRN

thereafter

,

10/30/29

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

1,000,000

1,072,254

MetLife,

Inc.

,

4.875%,

11/13/43

.........

1,000,000

909,349

5.250%,

1/15/54

..........

1,000,000

936,970

Morgan

Stanley

,

5.652%

to

4/12/27,

FRN

thereafter,

4/13/28

.........

2,000,000

2,034,055

4.654%

to

10/17/29,

FRN

thereafter,

10/18/30

........

2,000,000

1,957,768

5.831%

to

4/18/34,

FRN

thereafter,

4/19/35

.........

3,250,000

3,313,368

Morgan

Stanley

Bank

NA

,

4.968%

to

7/13/27,

FRN

thereafter

,

7/14/28

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

1,000,000

1,003,443

Nasdaq,

Inc.

,

5.350%,

6/28/28

..........

500,000

507,319

5.550%,

2/15/34

..........

1,000,000

1,009,366

National

Bank

of

Canada

,

5.600

%,

12/18/28

..........

2,000,000

2,039,132

NatWest

Group

plc

,

4.964%

to

8/14/29,

FRN

thereafter

,

8/15/30

1,000,000

985,388

OneMain

Finance

Corp.

,

3.500

%,

1/15/27

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

1,000,000

954,684

PNC

Financial

Services

Group,

Inc.

(The)

,

4.812%

to

10/20/31,

FRN

thereafter

,

10/21/32

....

1,600,000

1,557,766

Principal

Financial

Group,

Inc.

,

5.375%,

3/15/33

..........

2,000,000

2,004,834

5.500%,

3/15/53

..........

1,000,000

955,306

Progressive

Corp.

(The)

,

3.200

%,

3/26/30

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

1,500,000

1,386,010

Prudential

Financial,

Inc.

,

5.800

%,

11/16/41

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

1,000,000

993,183

Travelers

Cos.,

Inc.

(The)

,

5.450

%,

5/25/53

...........

1,000,000

974,194

Truist

Financial

Corp.

,

5.122%

to

1/25/33,

FRN

thereafter

,

1/26/34

2,000,000

1,944,728

Unum

Group

,

6.000

%,

6/15/54

.

1,000,000

989,638

d

USAA

Capital

Corp.

,

144A,

2.125

%,

5/01/30

...........

1,000,000

867,668

d

WLB

Asset

VI

Pte.

Ltd.

,

144A,

7.250

%,

12/21/27

..........

1,000,000

1,049,081

78,422,075

Health

Care

2.8%

AbbVie,

Inc.

,

4.800%,

3/15/29

..........

1,000,000

999,511

Schedule

of

Investments

Impax

Core

Bond

Fund

(continued)

www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

23

a

a

Shares/

Principal

a

Value

a

a

a

a

Health

Care

(continued)

AbbVie,

Inc.,

(continued)

4.250%,

11/21/49

.........

1,500,000

$

1,220,847

5.400%,

3/15/54

..........

500,000

481,737

Agilent

Technologies,

Inc.

,

4.750

%,

9/09/34

...........

2,000,000

1,901,542

Amgen,

Inc.

,

4.200%,

3/01/33

..........

500,000

463,878

6.400%,

2/01/39

..........

2,000,000

2,096,353

d

Avantor

Funding,

Inc.

,

144A,

4.625

%,

7/15/28

...........

1,000,000

955,344

Becton

Dickinson

&

Co.

,

4.669

%,

6/06/47

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

1,000,000

857,093

CVS

Health

Corp.

,

4.780

%,

3/25/38

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

1,000,000

865,523

Elevance

Health,

Inc.

,

1.500%,

3/15/26

..........

500,000

481,818

2.250%,

5/15/30

..........

1,000,000

869,102

5.650%,

6/15/54

..........

1,000,000

959,069

HCA,

Inc.

,

5.450%,

4/01/31

..........

1,500,000

1,497,534

7.500%,

11/06/33

.........

1,000,000

1,109,563

Kaiser

Foundation

Hospitals

,

2021

,

2.810

%,

6/01/41

......

1,000,000

707,899

Laboratory

Corp.

of

America

Holdings

,

4.350

%,

4/01/30

...

1,500,000

1,447,583

Merck

&

Co.,

Inc.

,

2.350

%,

6/24/40

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

1,000,000

677,394

Novant

Health,

Inc.

,

2.637

%,

11/01/36

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

1,500,000

1,158,800

Seattle

Children's

Hospital

,

2021

,

1.208

%,

10/01/27

..........

1,000,000

910,733

UnitedHealth

Group,

Inc.

,

5.500%,

7/15/44

..........

500,000

485,346

5.625%,

7/15/54

..........

1,500,000

1,457,087

Zoetis,

Inc.

,

3.900%,

8/20/28

..........

1,000,000

969,888

5.600%,

11/16/32

.........

1,000,000

1,031,433

23,605,077

Industrials

3.0%

AGCO

Corp.

,

5.450%,

3/21/27

..........

2,500,000

2,525,214

5.800%,

3/21/34

..........

500,000

502,876

American

Museum

of

Natural

History

(The)

,

2021

,

3.121

%,

7/15/52

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

750,000

496,637

e

Burlington

Northern

Santa

Fe

LLC

,

5.500

%,

3/15/55

......

1,000,000

983,264

California

Endowment

(The)

,

2021

,

2.498

%,

4/01/51

......

1,000,000

595,085

Capital

Impact

Partners

,

6.000

%,

3/15/25

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

500,000

499,633

Carrier

Global

Corp.

,

3.377

%,

4/05/40

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

1,000,000

772,867

d

Clean

Harbors,

Inc.

,

144A,

6.375

%,

2/01/31

...........

1,000,000

1,007,645

a

a

Shares/

Principal

a

Value

a

a

a

a

Industrials

(continued)

CNH

Industrial

Capital

LLC

,

5.500

%,

1/12/29

...........

1,000,000

$

1,015,404

Cummins,

Inc.

,

7.125

%,

3/01/28

1,000,000

1,065,231

d

Esab

Corp.

,

144A,

6.250

%,

4/15/29

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

1,000,000

1,013,690

d

Genesee

&

Wyoming,

Inc.

,

144A,

6.250

%,

4/15/32

...........

1,000,000

1,007,279

Local

Initiatives

Support

Corp.

,

1.000

%,

11/15/25

..........

1,000,000

956,285

Nature

Conservancy

(The)

,

A,

1.861%,

7/01/33

........

266,000

200,153

A,

3.957%,

3/01/52

........

750,000

599,379

Norfolk

Southern

Corp.

,

2.300%,

5/15/31

..........

1,500,000

1,283,816

5.350%,

8/01/54

..........

1,000,000

952,994

nVent

Finance

SARL

,

2.750

%,

11/15/31

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

2,000,000

1,683,578

Pentair

Finance

SARL

,

5.900

%,

7/15/32

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

1,705,000

1,751,708

Republic

Services,

Inc.

,

3.050

%,

3/01/50

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

1,500,000

1,009,955

Rockwell

Automation,

Inc.

,

1.750

%,

8/15/31

...........

1,000,000

820,589

Tesla

Energy

Operations,

Inc.

,

4.700

%,

5/29/25

...........

2,000,000

1,970,137

Union

Pacific

Corp.

,

3.200%,

5/20/41

..........

1,000,000

749,151

4.950%,

5/15/53

..........

1,000,000

914,652

d

WK

Kellogg

Foundation

Trust

,

144A,

2.443

%,

10/01/50

.....

1,000,000

592,814

24,970,036

Information

Technology

2.0%

d

Broadcom,

Inc.

,

144A,

3.500

%,

2/15/41

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

3,000,000

2,344,362

d

Ciena

Corp.

,

144A,

4.000

%,

1/31/30

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

1,000,000

923,325

Cisco

Systems,

Inc.

,

5.900

%,

2/15/39

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

2,000,000

2,117,085

Hewlett

Packard

Enterprise

Co.

,

6.200%,

10/15/35

.........

1,250,000

1,308,157

6.350%,

10/15/45

.........

1,500,000

1,558,545

d

Insight

Enterprises,

Inc.

,

144A,

6.625

%,

5/15/32

...........

1,000,000

1,006,908

Kyndryl

Holdings,

Inc.

,

6.350

%,

2/20/34

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

2,750,000

2,862,483

NXP

BV

/

NXP

Funding

LLC

/

NXP

USA,

Inc.

,

e

5.000%,

1/15/33

..........

767,000

746,823

3.250%,

5/11/41

..........

1,538,000

1,124,538

Vontier

Corp.

,

2.950

%,

4/01/31

.

2,500,000

2,148,853

16,141,079

Materials

0.4%

Ball

Corp.

,

6.875

%,

3/15/28

....

1,000,000

1,023,645

d

Graphic

Packaging

International

LLC

,

144A,

6.375

%,

7/15/32

.

1,000,000

1,004,214

Schedule

of

Investments

Impax

Core

Bond

Fund

(continued)

www.impaxam.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

24

a

a

Shares/

Principal

a

Value

a

a

a

a

Materials

(continued)

d

Sealed

Air

Corp.

,

144A,

6.500

%,

7/15/32

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

1,000,000

$

1,002,744

Steel

Dynamics,

Inc.

,

3.250

%,

10/15/50

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

750,000

494,519

3,525,122

Real

Estate

2.4%

Alexandria

Real

Estate

Equities,

Inc.

,

5.250

%,

5/15/36

.......

2,000,000

1,942,151

American

Tower

Corp.

,

5.900

%,

11/15/33

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

3,250,000

3,349,712

Brixmor

Operating

Partnership

LP

,

3.900

%,

3/15/27

...........

1,500,000

1,469,787

Century

Housing

Corp.

,

4.500

%,

2/15/26

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

1,000,000

980,907

Equinix,

Inc.

,

2.500

%,

5/15/31

..

2,000,000

1,710,494

Kimco

Realty

OP

LLC

,

4.600%,

2/01/33

..........

2,750,000

2,618,983

e

4.850%,

3/01/35

..........

500,000

476,425

Phillips

Edison

Grocery

Center

Operating

Partnership

I

LP

,

5.750

%,

7/15/34

...........

1,000,000

1,002,190

Prologis

LP

,

5.125

%,

1/15/34

...

3,000,000

2,957,843

Welltower

OP

LLC

,

6.500

%,

3/15/41

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

3,049,000

3,272,651

19,781,143

Utilities

4.1%

AES

Corp.

(The)

,

5.450%,

6/01/28

..........

1,000,000

1,005,780

2.450%,

1/15/31

..........

1,000,000

833,895

American

Water

Capital

Corp.

,

2.800

%,

5/01/30

...........

3,000,000

2,695,162

Avangrid,

Inc.

,

3.200

%,

4/15/25

.

1,000,000

995,074

d

California

Buyer

Ltd.

/

Atlantica

Sustainable

Infrastructure

plc

,

144A,

6.375

%,

2/15/32

......

1,000,000

998,106

Consolidated

Edison

Co.

of

New

York,

Inc.

,

5.125

%,

3/15/35

..

2,000,000

1,967,283

DTE

Electric

Co.

,

3.950%,

3/01/49

..........

1,000,000

783,038

A,

1.900%,

4/01/28

........

1,500,000

1,374,005

Florida

Power

&

Light

Co.

,

5.600

%,

6/15/54

...........

1,000,000

998,871

Georgia

Power

Co.

,

A

,

3.250

%,

3/15/51

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

1,000,000

675,250

MidAmerican

Energy

Co.

,

3.650%,

4/15/29

..........

1,000,000

954,157

2.700%,

8/01/52

..........

2,000,000

1,214,871

d

Niagara

Mohawk

Power

Corp.

,

144A,

5.783

%,

9/16/52

......

2,000,000

1,966,125

Northern

States

Power

Co.

,

5.400

%,

3/15/54

...........

2,000,000

1,930,474

NSTAR

Electric

Co.

,

3.250

%,

5/15/29

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

3,000,000

2,807,394

a

a

Shares/

Principal

a

Value

a

a

a

a

Utilities

(continued)

d

Pattern

Energy

Operations

LP

/

Pattern

Energy

Operations,

Inc.

,

144A,

4.500

%,

8/15/28

......

1,000,000

$

939,226

PG&E

Energy

Recovery

Funding

LLC

,

A-3

,

2.822

%,

7/15/46

...

750,000

527,525

PG&E

Recovery

Funding

LLC

,

A-2,

5.256%,

1/15/38

......

1,000,000

996,837

A-3,

5.536%,

7/15/47

......

2,625,000

2,621,934

SCE

Recovery

Funding

LLC

,

A-1,

4.697%,

6/15/40

......

2,075,725

2,000,542

A-2,

2.943%,

11/15/42

......

1,450,000

1,170,093

A-2,

5.112%,

12/15/47

......

880,000

831,078

Southern

Power

Co.

,

4.150%,

12/01/25

.........

1,000,000

995,651

0.900%,

1/15/26

..........

500,000

480,496

Southwestern

Public

Service

Co.

,

8

,

3.150

%,

5/01/50

.........

1,500,000

973,078

Union

Electric

Co.

,

5.125

%,

3/15/55

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

1,500,000

1,375,542

34,111,487

Total

Corporate

Bonds

(Cost

$262,639,028)

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

251,848,601

Foreign

Government

and

Agency

Securities

1.8%

d

BNG

Bank

NV

,

144A,

0.500

%,

11/24/25

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

250,000

241,176

d

Caisse

d'Amortissement

de

la

Dette

Sociale

,

144A,

1.375

%,

1/20/31

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

3,000,000

2,473,019

d

Kommunalbanken

A/S

,

144A,

4.625%,

10/24/25

.....

500,000

500,296

144A,

1.125%,

10/26/26

.....

1,500,000

1,415,304

144A,

1.125%,

6/14/30

......

1,000,000

834,985

Kreditanstalt

fuer

Wiederaufbau

,

2.000%,

5/02/25

...........

1,000,000

992,347

3.125%,

6/10/25

...........

2,000,000

1,989,560

0.375%,

7/18/25

...........

1,000,000

978,700

0.625%,

1/22/26

...........

5,000,000

4,811,499

d

Ontario

Teachers'

Finance

Trust

,

144A,

1.250

%,

9/27/30

......

1,000,000

823,422

Total

Foreign

Government

and

Agency

Securities

(Cost

$15,905,800)

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

15,060,308

U.S.

Government

and

Agency

Securities

20.4%

FFCB

Funding

Corp.

,

1.000%,

10/07/26

..........

3,000,000

2,830,687

1.850%,

3/28/30

...........

1,095,000

949,400

2.020%,

4/01/31

...........

780,000

666,221

1.880%,

6/16/31

...........

1,220,000

1,027,966

2.500%,

4/14/36

...........

3,000,000

2,342,966

FHLB

,

0.520%,

2/12/26

...........

500,000

479,638

2.000%,

3/25/30

...........

1,666,667

1,458,693

Schedule

of

Investments

Impax

Core

Bond

Fund

(continued)

www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

25

a

a

Shares/

Principal

a

Value

a

a

a

a

U.S.

Government

and

Agency

Securities

(continued)

U.S.

Treasury

Bonds

,

4.125%,

8/15/44

...........

25,000,000

$

22,632,057

Index

Linked,

1.000%,

2/15/48

1,000,000

943,275

4.250%,

8/15/54

...........

30,000,000

27,403,056

U.S.

Treasury

Notes

,

4.125%,

10/31/26

..........

8,000,000

7,982,884

3.875%,

10/15/27

..........

59,000,000

58,389,110

3.500%,

9/30/29

...........

38,000,000

36,587,112

3.625%,

9/30/31

...........

1,000,000

950,495

United

States

International

Development

Finance

Corp.

,

3.520%,

9/20/32

...........

1,107,143

1,054,010

f

FRN,

4.600%,

(3-month

U.S.

Treasury

Bill

Rate),

9/15/26

..

583,333

583,333

1.650%,

4/15/28

...........

500,000

462,562

f

FRN,

4.500%,

(3-month

U.S.

Treasury

Bill

Rate),

3/15/30

..

1,500,000

1,500,000

1.440%,

4/15/28

...........

1,000,000

920,103

3.130%,

4/15/28

...........

1,000,000

960,141

Total

U.S.

Government

and

Agency

Securities

(Cost

$177,140,183)

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

170,123,709

Asset-Backed

Securities

5.1%

a

Consumer

Staples

0.0%

CVS

Pass-Through

Trust

,

6.036

%,

12/10/28

.

.........

283,431

285,048

Financials

5.0%

d

College

Ave

Student

Loans

LLC

,

2021-B,

A2,

144A,

1.760%,

6/25/52

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

280,089

250,292

2024-B,

A1A,

144A,

5.690%,

8/25/54

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

1,695,330

1,714,139

d

FHF

Issuer

Trust

,

2024-1A,

A2,

144A,

5.690%,

2/15/30

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

719,597

726,747

2024-3A,

A2,

144A,

4.940%,

11/15/30

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

1,000,000

998,646

d

Foundation

Finance

Trust

,

2023-1A,

A,

144A,

5.670%,

12/15/43

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

1,596,784

1,611,783

2023-2A,

A,

144A,

6.530%,

6/15/49

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

570,350

587,905

2023-2A,

C,

144A,

7.310%,

6/15/49

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

1,350,000

1,383,569

d

Frontier

Issuer

LLC

,

2023-1,

A2,

144A,

6.600%,

8/20/53

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

1,000,000

1,018,628

2023-1,

B,

144A,

8.300%,

8/20/53

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

1,750,000

1,816,203

2024-1,

A2,

144A,

6.190%,

6/20/54

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

1,750,000

1,782,997

d

HPEFS

Equipment

Trust

,

2024-

1A

,

D

,

144A,

5.820

%,

11/20/31

.

1,500,000

1,517,717

a

a

Shares/

Principal

a

Value

a

a

a

a

Asset-Backed

Securities

(continued)

Financials

(continued)

d

Loanpal

Solar

Loan

Ltd.

,

2021-1GS,

A,

144A,

2.290%,

1/20/48

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

733,659

$

580,669

2021-2GS,

A,

144A,

2.220%,

3/20/48

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

479,295

369,202

d

Mill

City

Solar

Loan

Ltd.

,

2019-1A,

A,

144A,

4.340%,

3/20/43

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

379,995

349,019

2019-2GS,

A,

144A,

3.690%,

7/20/43

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

416,823

369,540

d

Mosaic

Solar

Loan

Trust

,

2017-1A,

A,

144A,

4.450%,

6/20/42

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

287,012

279,482

2017-2A,

A,

144A,

3.820%,

6/22/43

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

369,702

346,007

2018-1A,

A,

144A,

4.010%,

6/22/43

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

989,812

923,400

2019-1A,

A,

144A,

4.370%,

12/21/43

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

440,009

415,339

2019-2A,

A,

144A,

2.880%,

9/20/40

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

318,169

279,107

2020-1A,

A,

144A,

2.100%,

4/20/46

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

327,749

284,689

2020-2A,

A,

144A,

1.440%,

8/20/46

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

683,783

569,577

2020-2A,

C,

144A,

3.000%,

8/20/46

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

479,995

443,693

2021-1A,

A,

144A,

1.510%,

12/20/46

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

648,082

528,348

2021-2A,

B,

144A,

2.090%,

4/22/47

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

609,354

444,358

2022-3A,

A,

144A,

6.100%,

6/20/53

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

1,914,863

1,898,660

d

OneMain

Financial

Issuance

Trust

,

2024-1A

,

A

,

144A,

5.790

%,

5/14/41

.

..........

1,250,000

1,285,405

d

PACEWell

5

Trust

,

2021-1

,

A

,

144A,

2.628

%,

10/10/59

.

....

951,985

704,948

SBA

Small

Business

Investment

Cos.

,

2023-10A,

1,

5.168%,

3/10/33

941,445

949,686

2023-10B,

1,

5.688%,

9/10/33

1,058,920

1,081,666

2024-10A,

1,

5.035%,

3/10/34

747,797

743,364

d

Service

Experts

Issuer

LLC

,

2021-1A,

A,

144A,

2.670%,

2/02/32

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

557,765

540,663

2024-1A,

A,

144A,

6.390%,

11/20/35

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

1,332,458

1,353,310

d

SoFi

Professional

Loan

Program

LLC

,

2017-D,

BFX,

144A,

3.610%,

9/25/40

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

1,900,000

1,764,590

2017-F,

BFX,

144A,

3.620%,

1/25/41

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

1,800,000

1,678,569

2018-B,

BFX,

144A,

3.830%,

8/25/47

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

500,000

468,342

Schedule

of

Investments

Impax

Core

Bond

Fund

(continued)

www.impaxam.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

26

a

a

Shares/

Principal

a

Value

a

a

a

a

Asset-Backed

Securities

(continued)

Financials

(continued)

d

Sunnova

Helios

II

Issuer

LLC

,

2019-AA,

A,

144A,

3.750%,

6/20/46

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

1,320,077

$

1,182,728

2021-B,

A,

144A,

1.620%,

7/20/48

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

1,927,477

1,680,719

d

Sunnova

Sol

Issuer

LLC

,

2020-

1A

,

A

,

144A,

3.350

%,

2/01/55

.

849,396

713,523

d

Sunrun

Athena

Issuer

LLC

,

2018-

1

,

A

,

144A,

5.310

%,

4/30/49

.

.

831,597

784,409

d

Sunrun

Atlas

Issuer

LLC

,

2019-2

,

A

,

144A,

3.610

%,

2/01/55

.

...

844,836

786,709

d

Tesla

Auto

Lease

Trust

,

2023-B,

B,

144A,

6.570%,

8/20/27

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

1,400,000

1,421,386

2024-A,

B,

144A,

5.550%,

5/22/28

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

750,000

753,312

d

Tricon

American

Homes

Trust

,

2020-SFR2

,

A

,

144A,

1.482

%,

11/17/39

.

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

1,207,877

1,104,200

d

Vivint

Solar

Financing

V

LLC

,

2018-1A

,

A

,

144A,

4.730

%,

4/30/48

.

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

845,046

792,136

41,279,381

a

a

a

a

a

Utilities

0.1%

d

Sunnova

Helios

IV

Issuer

LLC

,

2020-AA

,

A

,

144A,

2.980

%,

6/20/47

.

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

653,972

564,544

d

Sunnova

Helios

V

Issuer

LLC

,

2021-A

,

A

,

144A,

1.800

%,

2/20/48

.

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

373,932

274,612

839,156

a

a

a

a

a

Total

Asset-Backed

Securities

(Cost

$44,633,260)

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

42,403,585

Mortgage-Backed

Securities

34.0%

Commercial

Mortgage-Backed

Securities

3.7%

FHLMC,

Multi-class

Certificates

,

2021-P009,

A1,

1.132%,

1/25/31

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

1,330,665

1,198,350

2021-P011,

A1,

1.204%,

9/25/31

395,738

355,892

f

2024-P016,

A2,

FRN,

4.606%,

9/25/33

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

2,000,000

1,927,949

FHLMC,

Multi-family

Structured

Pass-Through

Certificates

,

KG01,

A10,

2.939%,

4/25/29

.

3,000,000

2,793,301

KG02,

A2,

2.412%,

8/25/29

..

2,000,000

1,816,157

KG04,

A2,

1.487%,

11/25/30

.

2,000,000

1,669,425

f

KG07,

A2,

FRN,

3.123%,

8/25/32

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

1,750,000

1,558,646

KSG1,

A2,

1.503%,

9/25/30

..

651,000

548,087

a

a

Shares/

Principal

a

Value

a

a

a

a

Mortgage-Backed

Securities

(continued)

Commercial

Mortgage-Backed

Securities

(continued)

FHLMC,

Multi-family

Structured

Pass-Through

Certificates,

(continued)

f

KSG4,

A2,

FRN,

3.400%,

8/25/32

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

2,000,000

$

1,813,472

FNMA,

ACES

,

f

2017-M2,

A2,

FRN,

2.825%,

2/25/27

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

1,661,520

1,607,316

f

2018-M13,

A2,

FRN,

3.743%,

9/25/30

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

1,270,560

1,203,283

f

2018-M2,

A2,

FRN,

2.906%,

1/25/28

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

1,680,071

1,605,335

f

2018-M4,

A2,

FRN,

3.057%,

3/25/28

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

999,252

952,743

f

2018-M8,

A2,

FRN,

3.303%,

6/25/28

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

1,800,801

1,730,075

f

2019-M1,

A2,

FRN,

3.543%,

9/25/28

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

1,698,304

1,635,192

2019-M9,

A2,

2.937%,

6/25/29

1,634,234

1,524,827

f

2021-M1S,

A2,

FRN,

1.382%,

12/25/30

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

2,700,000

2,238,447

f

2023-M1S,

A2,

FRN,

4.501%,

4/25/33

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

2,500,000

2,439,454

f

GNMA

,

2013-101,

AF,

FRN,

2.829%,

9/16/50

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

442,076

431,859

2014-164,

AN,

FRN,

3.111%,

3/16/55

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

474,797

418,849

d

SLG

Office

Trust,

2021-OVA,

A,

144A,

2.585%,

7/15/41

......

1,500,000

1,261,705

30,730,364

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Fixed

Rate

7.2%

FHLMC

Gold

Pool,

20

Year,

3.000%,

3/01/35

...........

2,238,942

2,089,622

FHLMC

Pool,

30

Year,

4.500%,

3/01/49

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

2,429,384

2,313,244

FHLMC

Pool,

30

Year,

3.000%,

12/01/49

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

1,484,625

1,280,466

FHLMC

Pool,

30

Year,

2.500%,

7/01/50

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

3,388,200

2,795,483

FHLMC

Pool,

30

Year,

2.000%,

2/01/51

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

2,220,292

1,758,107

FHLMC

Pool,

30

Year,

2.500%,

4/01/51

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

2,399,786

1,959,809

FHLMC

Pool,

30

Year,

4.000%,

8/01/51

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

2,712,275

2,496,590

FHLMC

Pool,

30

Year,

3.000%,

4/01/52

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

4,199,402

3,577,229

FHLMC

Pool,

30

Year,

4.000%,

8/01/52

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

2,229,322

2,046,754

FHLMC

Pool,

30

Year,

4.500%,

8/01/52

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

1,683,486

1,594,936

FHLMC

Pool,

30

Year,

5.500%,

9/01/52

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

3,305,749

3,271,008

FHLMC

Pool,

30

Year,

5.500%,

11/01/52

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

3,370,684

3,352,776

Schedule

of

Investments

Impax

Core

Bond

Fund

(continued)

www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

27

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,

3.000%,

1/01/53

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

2,609,052

$

2,226,808

FHLMC

Pool,

30

Year,

5.500%,

3/01/53

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

5,269,686

5,220,848

FHLMC

Pool,

30

Year,

3.000%,

6/01/53

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

2,758,497

2,377,182

FHLMC

Pool,

30

Year,

6.000%,

6/01/53

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

2,651,491

2,693,622

FHLMC

Pool,

30

Year,

6.500%,

6/01/53

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

1,689,395

1,738,177

FHLMC

Pool,

30

Year,

5.000%,

8/01/53

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

2,793,799

2,700,212

FHLMC

Pool,

30

Year,

5.500%,

9/01/53

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

3,682,975

3,659,787

FHLMC

Pool,

30

Year,

5.500%,

1/01/54

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

5,605,616

5,536,848

FHLMC

Pool,

30

Year,

5.000%,

3/01/54

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

2,832,582

2,735,944

FHLMC

Pool,

30

Year,

5.000%,

10/01/54

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

2,991,698

2,895,753

60,321,205

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

17.4%

FNMA,

15

Year,

2.000%,

3/01/36

1,824,401

1,625,180

FNMA,

20

Year,

2.000%,

11/01/40

1,464,942

1,224,626

FNMA,

20

Year,

2.000%,

12/01/40

3,458,751

2,891,438

FNMA,

20

Year,

2.500%,

12/01/40

2,050,524

1,766,010

FNMA,

20

Year,

3.000%,

1/01/42

2,183,061

1,936,458

FNMA,

30

Year,

3.500%,

7/01/43

2,972,658

2,709,900

FNMA,

30

Year,

3.000%,

11/01/46

2,327,392

2,021,015

FNMA,

30

Year,

2.500%,

2/01/47

2,518,259

2,092,691

FNMA,

30

Year,

3.500%,

9/01/49

3,820,066

3,429,834

FNMA,

30

Year,

4.000%,

9/01/49

2,143,423

1,982,941

FNMA,

30

Year,

3.500%,

1/01/50

2,202,642

1,977,639

FNMA,

30

Year,

2.500%,

3/01/50

1,417,653

1,174,225

FNMA,

30

Year,

2.500%,

8/01/50

1,486,117

1,234,199

FNMA,

30

Year,

2.500%,

9/01/50

7,578,272

6,247,087

FNMA,

30

Year,

2.000%,

10/01/50

2,890,216

2,256,586

FNMA,

30

Year,

1.500%,

11/01/50

2,098,355

1,563,026

FNMA,

30

Year,

2.500%,

11/01/50

1,528,583

1,260,639

FNMA,

30

Year,

2.000%,

12/01/50

1,437,364

1,134,933

FNMA,

30

Year,

2.500%,

12/01/50

3,233,206

2,691,390

FNMA,

30

Year,

1.500%,

1/01/51

3,857,761

2,855,751

FNMA,

30

Year,

2.500%,

1/01/51

1,438,587

1,186,913

FNMA,

30

Year,

2.500%,

5/01/51

1,417,380

1,168,081

FNMA,

30

Year,

2.500%,

7/01/51

6,951,927

5,725,026

FNMA,

30

Year,

2.000%,

9/01/51

2,539,024

1,985,075

FNMA,

30

Year,

2.000%,

10/01/51

2,294,867

1,813,165

FNMA,

30

Year,

2.500%,

10/01/51

2,314,364

1,905,497

FNMA,

30

Year,

2.500%,

11/01/51

2,511,622

2,065,429

FNMA,

30

Year,

3.500%,

1/01/52

2,082,317

1,846,526

FNMA,

30

Year,

2.500%,

2/01/52

3,170,131

2,604,435

FNMA,

30

Year,

3.000%,

2/01/52

2,396,918

2,042,866

FNMA,

30

Year,

3.500%,

4/01/52

5,876,427

5,208,280

FNMA,

30

Year,

2.500%,

5/01/52

1,435,729

1,182,956

FNMA,

30

Year,

3.000%,

6/01/52

2,730,884

2,327,910

a

a

Shares/

Principal

a

Value

a

a

a

a

Mortgage-Backed

Securities

(continued)

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

(continued)

FNMA,

30

Year,

3.500%,

6/01/52

3,340,595

$

2,971,821

FNMA,

30

Year,

3.500%,

7/01/52

3,307,472

2,947,712

FNMA,

30

Year,

4.000%,

7/01/52

6,637,865

6,080,652

FNMA,

30

Year,

4.500%,

7/01/52

2,637,308

2,486,320

FNMA,

30

Year,

4.500%,

8/01/52

2,729,876

2,592,513

FNMA,

30

Year,

5.000%,

9/01/52

2,564,496

2,485,913

FNMA,

30

Year,

4.500%,

10/01/52

2,455,740

2,323,506

FNMA,

30

Year,

6.000%,

11/01/52

2,433,090

2,462,372

FNMA,

30

Year,

5.000%,

12/01/52

2,560,930

2,481,670

FNMA,

30

Year,

4.500%,

1/01/53

2,717,340

2,558,412

FNMA,

30

Year,

6.000%,

2/01/53

2,385,447

2,419,864

FNMA,

30

Year,

5.000%,

3/01/53

1,617,998

1,570,631

FNMA,

30

Year,

3.500%,

4/01/53

2,830,682

2,513,284

FNMA,

30

Year,

5.500%,

5/01/53

8,755,018

8,690,540

FNMA,

30

Year,

4.000%,

7/01/53

2,944,696

2,698,291

FNMA,

30

Year,

5.500%,

7/01/53

1,758,377

1,748,366

FNMA,

30

Year,

5.500%,

8/01/53

2,711,123

2,690,981

FNMA,

30

Year,

5.500%,

11/01/53

2,824,938

2,792,192

FNMA,

30

Year,

6.500%,

12/01/53

2,396,833

2,457,254

FNMA,

30

Year,

4.000%,

2/01/54

3,921,162

3,589,574

FNMA,

30

Year,

6.000%,

2/01/54

2,752,884

2,787,453

FNMA,

30

Year,

6.000%,

10/01/54

2,993,966

3,039,849

FNMA,

30

Year,

5.000%,

11/01/54

3,981,028

3,858,287

145,385,184

Government

National

Mortgage

Association

(GNMA)

Adjust-

able

Rate

0.3%

f

GNMA

II,

3.724%,

2/20/74

.....

2,822,463

2,604,669

Government

National

Mortgage

Association

(GNMA)

Fixed

Rate

2.2%

GNMA

I,

3.020%,

9/15/41

.....

1,513,012

1,324,926

GNMA

II,

Single-family,

30

Year,

2.000%,

7/20/52

...........

3,003,854

2,407,841

GNMA

II,

Single-family,

30

Year,

2.500%,

7/20/52

...........

1,604,780

1,341,817

GNMA

II,

Single-family,

30

Year,

2.500%,

8/20/52

...........

4,900,275

4,099,328

GNMA

II,

Single-family,

30

Year,

2.500%,

4/20/53

...........

3,449,637

2,887,440

GNMA

II,

Single-family,

30

Year,

3.000%,

6/20/53

...........

4,649,754

4,037,731

GNMA

II,

Single-family,

30

Year,

3.000%,

7/20/53

...........

2,658,204

2,313,411

18,412,494

Residential

Mortgage-Backed

Securities

3.2%

d

Angel

Oak

Mortgage

Trust

,

f

2022-2,

A1,

144A,

FRN,

3.353%,

1/25/67

...........

1,473,083

1,356,485

2022-5,

A1,

144A,

4.500%,

5/25/67

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

1,536,199

1,494,314

d,f

Connecticut

Avenue

Securities

Trust

,

2021-R01,

1B1,

144A,

FRN,

7.669%,

(30-day

SOFR

Average

+

3.100%),

10/25/41

........

1,000,000

1,028,737

Schedule

of

Investments

Impax

Core

Bond

Fund

(continued)

www.impaxam.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

28

a

a

Shares/

Principal

a

Value

a

a

a

a

Mortgage-Backed

Securities

(continued)

Residential

Mortgage-Backed

Securities

(continued)

d,f

Connecticut

Avenue

Securities

Trust,

(continued)

2021-R01,

1M2,

144A,

FRN,

6.119%,

(30-day

SOFR

Average

+

1.550%),

10/25/41

........

507,938

$

510,436

2022-R08,

1M1,

144A,

FRN,

7.119%,

(30-day

SOFR

Average

+

2.550%),

7/25/42

........

1,511,306

1,552,743

2023-R01,

1M1,

144A,

FRN,

6.960%,

(30-day

SOFR

Average

+

2.400%),

12/25/42

........

1,125,272

1,157,346

2023-R06,

1M1,

144A,

FRN,

6.269%,

(30-day

SOFR

Average

+

1.700%),

7/25/43

........

950,655

954,545

d,f

FARM

Mortgage

Trust

,

2024-1,

A,

144A,

FRN,

4.721%,

10/01/53

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

1,935,326

1,851,768

2024-2,

A,

144A,

FRN,

5.196%,

8/01/54

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

1,497,337

1,462,063

d,f

FHLMC

STACR

REMIC

Trust

,

2020-HQA2,

M2,

144A,

FRN,

7.783%,

(30-day

SOFR

Average

+

3.214%),

3/25/50

........

768,380

792,484

2022-DNA1,

M1B,

144A,

FRN,

6.419%,

(30-day

SOFR

Average

+

1.850%),

1/25/42

........

1,100,000

1,116,567

2024-DNA1,

A1,

144A,

FRN,

5.919%,

(30-day

SOFR

Average

+

1.350%),

2/25/44

........

1,313,364

1,323,330

2024-DNA2,

M1,

144A,

FRN,

5.769%,

(30-day

SOFR

Average

+

1.200%),

5/25/44

........

1,436,682

1,442,287

d,f

Flagstar

Mortgage

Trust

,

2021-5INV,

A5,

144A,

FRN,

2.500%,

7/25/51

...........

643,780

567,313

2021-6INV,

A6,

144A,

FRN,

2.500%,

8/25/51

...........

1,318,817

1,157,905

d,f

FNMA

Connecticut

Avenue

Securities,

2021-R02,

2M2,

144A,

FRN,

6.569%,

(30-day

SOFR

Average

+

2.000%),

11/25/41

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

1,500,000

1,511,857

d,f

Mello

Mortgage

Capital

Acceptance,

2021-INV1,

A4,

144A,

FRN,

2.500%,

6/25/51

.

696,445

610,689

d,f

New

Residential

Mortgage

Loan

Trust

,

2019-2A,

A1,

144A,

FRN,

4.250%,

12/25/57

..........

660,605

635,596

2019-5A,

A1B,

144A,

FRN,

3.500%,

8/25/59

...........

373,743

347,946

d,f

Sequoia

Mortgage

Trust

,

2018-CH1,

A19,

144A,

FRN,

4.000%,

3/25/48

...........

49,298

45,323

2021-4,

A4,

144A,

FRN,

2.500%,

6/25/51

...........

1,423,118

1,247,125

2024-2,

A19,

144A,

FRN,

6.000%,

3/25/54

...........

1,514,318

1,504,709

a

a

Shares/

Principal

a

Value

a

a

a

a

Mortgage-Backed

Securities

(continued)

Residential

Mortgage-Backed

Securities

(continued)

d,f

Sequoia

Mortgage

Trust,

(continued)

2024-3,

A19,

144A,

FRN,

6.000%,

4/25/54

...........

1,574,678

$

1,564,687

d

Towd

Point

Mortgage

Trust,

2023-

1,

A1,

144A,

3.750%,

1/25/63

.

965,594

917,713

26,153,968

Total

Mortgage-Backed

Securities

(Cost

$305,070,486)

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

283,607,884

Municipal

Bonds

0.8%

California

0.5%

California

Health

Facilities

Financing

Authority

,

State

of

California

Personal

Income

Tax

,

Revenue

,

2022

,

4.190

%,

6/01/37

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

1,750,000

1,588,163

State

of

California

,

GO

,

7.550

%,

4/01/39

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

2,000,000

2,367,166

3,955,329

Massachusetts

0.3%

Commonwealth

of

Massachusetts

,

COVID-19

Recovery

Assessment

,

Revenue

,

2022

A

,

3.881

%,

1/15/31

...........

2,000,000

1,913,554

University

of

Massachusetts

Building

Authority

,

Revenue

,

2010-2

,

5.450

%,

11/01/40

...

1,225,000

1,199,675

3,113,229

Total

Municipal

Bonds

(Cost

$7,946,886)

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

7,068,558

Supranational

5.3%

Council

of

Europe

Development

Bank

,

3.000

%,

6/16/25

......

1,000,000

993,596

European

Bank

for

Reconstruction

&

Development

,

0.500

%,

11/25/25

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

3,000,000

2,895,833

European

Investment

Bank

,

2.750%,

8/15/25

...........

2,000,000

1,979,322

3.250%,

11/15/27

..........

2,048,000

1,987,778

1.750%,

3/15/29

...........

800,000

718,352

Inter-American

Development

Bank

,

0.625%,

7/15/25

...........

3,000,000

2,941,056

0.875%,

4/20/26

...........

2,000,000

1,912,796

1.500%,

1/13/27

...........

2,000,000

1,889,404

0.625%,

9/16/27

...........

600,000

543,740

Inter-American

Investment

Corp.

,

2.625

%,

4/22/25

...........

1,000,000

994,448

International

Bank

for

Reconstruction

&

Development

,

0.625%,

4/22/25

...........

2,000,000

1,977,584

Schedule

of

Investments

Impax

Core

Bond

Fund

(continued)

www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

29

a

a

Shares/

Principal

a

Value

a

a

a

a

Supranational

(continued)

International

Bank

for

Reconstruction

&

Development,

(continued)

0.500%,

10/28/25

..........

500,000

$

484,339

3.125%,

6/15/27

...........

2,000,000

1,943,336

0.750%,

11/24/27

..........

1,000,000

903,243

1.375%,

4/20/28

...........

1,500,000

1,363,338

4.625%,

8/01/28

...........

550,000

553,841

1.745%,

7/31/33

...........

3,200,000

3,106,287

2.750%,

5/31/36

...........

2,000,000

1,587,822

f

FRN,

0.000%,

3/31/28

......

4,500,000

4,346,106

f

FRN,

4.707%,

(SOFR

Index

+

0.370%),

2/11/31

..........

2,000,000

1,990,760

d

International

Development

Association

,

144A,

0.375%,

9/23/25

......

2,200,000

2,136,268

144A,

4.375%,

6/11/29

......

800,000

795,832

International

Finance

Corp.

,

0.375%,

7/16/25

...........

1,000,000

978,548

0.750%,

10/08/26

..........

2,250,000

2,114,690

4.375%,

1/15/27

...........

1,000,000

999,680

4.250%,

7/02/29

...........

2,000,000

1,984,216

Total

Supranational

(Cost

$45,710,820)

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

44,122,215

Loans

0.4%

Health

Care

0.3%

f

Medline

Borrower

LP,

First

Lien,

Dollar

Incremental

CME

Term

Loan

,

6.607

%

(

1-month

SOFR

+

2.250

%

),

10/23/28

.........

1,995,000

2,004,297

f

Star

Parent,

Inc.,

First

Lien,

CME

Term

Loan

,

8.329

%

(

3-month

SOFR

+

4.000

%

),

9/27/30

...

997,487

976,166

2,980,463

a

a

a

a

a

Information

Technology

0.1%

c,f

McAfee

Corp.,

First

Lien,

CME

Term

Loan,

B1

,

7.803

%

(

1-month

SOFR

+

3.250

%

),

3/01/29

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

1,000,000

1,002,125

Total

Loans

(Cost

$3,993,749)

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

3,982,588

Total

Long

Term

Investments

(Cost

$863,763,834)

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

818,936,130

a

a

Certificates

of

Deposit

0.1%

c

Walden

Mutual

Bank,

3.930%,

11/14/25

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

500,000

499,147

(Cost

$500,001)

—

—

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Money

Market

2.0%

g,h

JPMorgan

Prime

Money

Market

Fund,

4.660%

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

16,538,886

$

16,538,886

(Cost

$16,538,886)

Securities

Purchased

With

Cash

Collateral

From

Securities

Lending

0.1%

g,h

Invesco

Government

&

Agency

Portfolio,

4.444%

..........

782,340

782,340

(Cost

$782,340)

a

Total

Investments

100.2%

(Cost

$881,585,061)

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

$836,756,503

Payable

Upon

Return

Of

Securities

Loaned

(0.1)%

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

(782,340)

Other

Assets,

less

Liabilities

(0.1)%

(573,091)

Net

Assets

100.0%

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

$835,401,072

a

Rounds

to

less

than

0.05%.

b

Security

valued

using

significant

unobservable

inputs.

c

Illiquid

security.

d

Security

purchased

pursuant

to

Rule

144A

of

the

Securities

Act

of

1933

and

may

be

resold

only

to

qualified

institutional

buyers.

e

Security

or

partial

position

of

this

security

was

on

loan

as

of

December

31,

2024.

The

total

market

value

of

securities

on

loan

as

of

December

31,

2024

was

$3,017,045.

f

Rate

shown

reflects

the

accrual

rate

as

of

December

31,

2024

on

securities

with

variable

or

step

rates.

g

Rate

shown

represents

annualized

7-day

yield

as

of

December

31,

2024.

h

Institutional

Class

shares.

ACES

Alternative

Credit

Enhancement

Structure

CME

Chicago

Mercantile

Exchange

FRN

Floating

Rate

Note

LP

Limited

Partnership

REMIC

Real

Estate

Mortgage

Investment

Conduit

SOFR

Secured

Overnight

Financing

Rate

STACR

Structured

Agency

Credit

Risk

Schedule

of

Investments,

December

31,

2024

Impax

High

Yield

Bond

Fund

www.impaxam.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

30

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

0.2%

Healthcare

0.2%

a

Avantor,

Inc.

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

60,790

$

1,280,845

b

Telecommunications

0.0%

a,c,d

Digicel

Holdings

Bermuda

Ltd.

.

24,783

44,114

Total

Common

Stocks

(Cost

$1,044,539)

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

1,324,959

b

Preferred

Stocks

0.0%

b

Telecommunications

0.0%

a,c,d

Digicel

Holdings

Bermuda

Ltd.

.

2,165

22,408

(Cost

$14,550)

BONDS:

97.3%

Community

Investment

Notes

0.1%

Community

Investment

Notes

0.1%

c,d,e

CEI

Investments

LLC

,

FRN

,

4.000

%,

9/30/25

...........

552,735

552,735

c

Envest

Microfinance

Cooperative

,

d

4.000%,

10/24/25

.........

150,000

150,000

4.000%,

4/20/26

..........

250,000

245,060

947,795

Total

Community

Investment

Notes

(Cost

$952,735)

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

947,795

Corporate

Bonds

88.5%

Automotive

2.0%

f

Allison

Transmission,

Inc.

,

144A,

4.750%,

10/01/27

....

1,200,000

1,164,020

144A,

5.875%,

6/01/29

.....

1,925,000

1,914,848

144A,

3.750%,

1/30/31

.....

1,200,000

1,062,513

Dana,

Inc.

,

4.500

%,

2/15/32

...

2,000,000

1,836,580

f

Garrett

Motion

Holdings,

Inc.

/

Garrett

LX

I

SARL

,

144A,

7.750

%,

5/31/32

...........

2,000,000

2,031,450

f

IHO

Verwaltungs

GmbH

,

144A,

PIK,

6.375

%,

5/15/29

.......

2,000,000

1,933,474

f

ZF

North

America

Capital,

Inc.

,

144A,

4.750

%,

4/29/25

......

1,000,000

995,997

10,938,882

Banking

1.1%

Bank

of

America

Corp.

,

MM

,

Junior

Sub.

Bond

,

4.3%

to

1/27/25,

FRN

thereafter

,

Perpetual

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

4,000,000

3,982,241

PNC

Financial

Services

Group,

Inc.

(The)

,

V

,

Junior

Sub.

Bond

,

6.2%

to

9/14/27,

FRN

thereafter

,

Perpetual

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

2,000,000

2,013,622

5,995,863

a

a

Shares/

Principal

a

Value

a

a

a

a

Basic

Industry

8.2%

f

Advanced

Drainage

Systems,

Inc.

,

144A,

5.000%,

9/30/27

.....

1,600,000

$

1,578,313

144A,

6.375%,

6/15/30

.....

2,450,000

2,461,449

f

Alcoa

Nederland

Holding

BV

,

144A,

7.125

%,

3/15/31

......

2,500,000

2,585,808

ATI,

Inc.

,

7.250%,

8/15/30

..........

1,000,000

1,030,029

5.125%,

10/01/31

.........

1,800,000

1,701,773

f

Avient

Corp.

,

144A,

7.125%,

8/01/30

.....

2,060,000

2,113,105

144A,

6.250%,

11/01/31

....

500,000

493,739

f

CVR

Partners

LP

/

CVR

Nitrogen

Finance

Corp.

,

144A,

6.125

%,

6/15/28

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

4,300,000

4,189,145

f

Dycom

Industries,

Inc.

,

144A,

4.500

%,

4/15/29

...........

1,450,000

1,355,545

f

Interface,

Inc.

,

144A,

5.500

%,

12/01/28

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

3,955,000

3,888,690

f

Knife

River

Corp.

,

144A,

7.750

%,

5/01/31

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

3,475,000

3,623,272

f

Magnera

Corp.

,

144A,

7.250

%,

11/15/31

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

2,000,000

1,954,970

f

Mativ

Holdings,

Inc.

,

144A,

8.000

%,

10/01/29

..........

2,000,000

1,928,896

f

Mercer

International,

Inc.

,

144A,

12.875

%,

10/01/28

.........

3,800,000

4,095,276

f

Novelis

Corp.

,

144A,

4.750

%,

1/30/30

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

2,300,000

2,125,491

f

Olympus

Water

US

Holding

Corp.

,

144A,

4.250%,

10/01/28

....

1,975,000

1,847,295

144A,

9.750%,

11/15/28

....

1,000,000

1,062,266

Shea

Homes

LP

/

Shea

Homes

Funding

Corp.

,

4.750

%,

2/15/28

2,100,000

2,013,645

f

Standard

Industries,

Inc.

,

144A,

5.000%,

2/15/27

.....

2,700,000

2,644,456

144A,

4.375%,

7/15/30

.....

1,875,000

1,719,356

44,412,519

Capital

Goods

6.5%

f

ATS

Corp.

,

144A,

4.125

%,

12/15/28

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

3,150,000

2,931,543

Ball

Corp.

,

6.875%,

3/15/28

..........

1,100,000

1,126,009

6.000%,

6/15/29

..........

1,800,000

1,815,297

f

Chart

Industries,

Inc.

,

144A,

7.500

%,

1/01/30

...........

2,000,000

2,081,855

f

Esab

Corp.

,

144A,

6.250

%,

4/15/29

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

3,000,000

3,041,069

f

Gates

Corp.

,

144A,

6.875

%,

7/01/29

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

4,000,000

4,073,872

f

Graphic

Packaging

International

LLC

,

144A,

3.750%,

2/01/30

.....

2,400,000

2,170,056

144A,

6.375%,

7/15/32

.....

2,000,000

2,008,428

f

Manitowoc

Co.,

Inc.

(The)

,

Secured

Note

,

144A,

9.250

%,

10/01/31

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

3,000,000

3,078,819

Schedule

of

Investments

Impax

High

Yield

Bond

Fund

(continued)

www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

31

a

a

Shares/

Principal

a

Value

a

a

a

a

Capital

Goods

(continued)

f

Owens-Brockway

Glass

Container,

Inc.

,

144A,

6.625

%,

5/13/27

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

1,875,000

$

1,875,663

Regal

Rexnord

Corp.

,

6.050%,

4/15/28

..........

1,550,000

1,577,087

6.400%,

4/15/33

..........

1,450,000

1,496,800

f

Sealed

Air

Corp.

,

144A,

6.500

%,

7/15/32

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

3,000,000

3,008,232

f

Terex

Corp.

,

144A,

5.000%,

5/15/29

.....

3,150,000

3,002,343

144A,

6.250%,

10/15/32

....

2,000,000

1,962,851

35,249,924

Consumer

Goods

4.6%

f

BellRing

Brands,

Inc.

,

144A,

7.000

%,

3/15/30

...........

3,000,000

3,077,649

f

Land

O'

Lakes,

Inc.

,

Junior

Sub.

Bond

,

144A,

7.000

%,

Perpetual

3,685,000

3,005,424

Newell

Brands,

Inc.

,

6.625%,

9/15/29

..........

2,000,000

2,037,572

6.625%,

5/15/32

..........

3,000,000

3,024,260

6.875%,

4/01/36

..........

2,000,000

2,026,846

f

Performance

Food

Group,

Inc.

,

144A,

6.125

%,

9/15/32

......

3,500,000

3,504,215

f

Post

Holdings,

Inc.

,

144A,

5.500%,

12/15/29

....

2,500,000

2,421,785

144A,

4.500%,

9/15/31

.....

2,000,000

1,793,436

144A,

6.250%,

2/15/32

.....

2,000,000

1,987,474

f

United

Natural

Foods,

Inc.

,

144A,

6.750

%,

10/15/28

..........

2,000,000

1,973,163

24,851,824

Financial

Services

4.1%

Ally

Financial,

Inc.

,

Sub.

Bond

,

5.750

%,

11/20/25

..........

3,000,000

3,016,863

f

Azorra

Finance

Ltd.

,

144A,

7.750

%,

4/15/30

...........

3,000,000

2,985,562

f

Block,

Inc.

,

144A,

6.500

%,

5/15/32

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

3,000,000

3,032,710

f

HAT

Holdings

I

LLC

/

HAT

Holdings

II

LLC

,

144A,

3.375%,

6/15/26

.....

3,250,000

3,151,443

144A,

8.000%,

6/15/27

.....

3,000,000

3,129,510

OneMain

Finance

Corp.

,

3.500%,

1/15/27

..........

1,450,000

1,384,292

6.625%,

1/15/28

..........

1,125,000

1,139,805

f

Provident

Funding

Associates

LP

/

PFG

Finance

Corp.

,

144A,

9.750

%,

9/15/29

...........

3,000,000

3,085,398

f

Shift4

Payments

LLC

/

Shift4

Payments

Finance

Sub,

Inc.

,

144A,

6.750

%,

8/15/32

......

1,000,000

1,017,887

21,943,470

Healthcare

8.3%

f

AdaptHealth

LLC

,

144A,

4.625

%,

8/01/29

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

2,000,000

1,800,943

a

a

Shares/

Principal

a

Value

a

a

a

a

Healthcare

(continued)

f

Avantor

Funding,

Inc.

,

144A,

4.625%,

7/15/28

.....

5,600,000

$

5,349,926

144A,

3.875%,

11/01/29

....

1,000,000

915,099

CVS

Health

Corp.

,

6.125%,

9/15/39

..........

4,925,000

4,815,682

Junior

Sub.

Bond,

6.75%

to

12/09/34,

FRN

thereafter,

12/10/54

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

4,000,000

3,932,152

f

Endo

Finance

Holdings,

Inc.

,

144A,

8.500

%,

4/15/31

......

1,500,000

1,591,175

f

HAH

Group

Holding

Co.

LLC

,

144A,

9.750

%,

10/01/31

.....

2,000,000

2,004,131

HCA,

Inc.

,

7.500

%,

11/06/33

...

3,100,000

3,439,647

f

HealthEquity,

Inc.

,

144A,

4.500

%,

10/01/29

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

3,000,000

2,815,813

f

IQVIA,

Inc.

,

144A,

5.000

%,

5/15/27

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

2,750,000

2,709,485

f

Neogen

Food

Safety

Corp.

,

144A,

8.625

%,

7/20/30

...........

3,000,000

3,232,593

f

Pediatrix

Medical

Group,

Inc.

,

144A,

5.375

%,

2/15/30

......

3,000,000

2,866,622

f

Prestige

Brands,

Inc.

,

144A,

5.125

%,

1/15/28

...........

3,000,000

2,927,480

Tenet

Healthcare

Corp.

,

5.125%,

11/01/27

.........

3,600,000

3,528,874

6.125%,

6/15/30

..........

3,000,000

2,980,104

44,909,726

Insurance

4.7%

f

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

,

144A,

7.000

%,

1/15/31

......

6,500,000

6,532,506

f

Baldwin

Insurance

Group

Holdings

LLC

/

Baldwin

Insurance

Group

Holdings

Finance,

Inc.

(The)

,

144A,

7.125

%,

5/15/31

...........

2,000,000

2,043,434

f

Howden

UK

Refinance

plc

/

Howden

UK

Refinance

2

plc

/

Howden

US

Refinance

LLC

,

144A,

7.250

%,

2/15/31

......

2,750,000

2,797,668

f

HUB

International

Ltd.

,

144A,

7.250%,

6/15/30

.....

2,900,000

2,974,878

144A,

7.375%,

1/31/32

.....

2,000,000

2,032,556

f

Liberty

Mutual

Group,

Inc.

,

144A,

4.125%

to

12/14/26,

FRN

thereafter

,

12/15/51

........

6,000,000

5,713,301

f

Ryan

Specialty

LLC

,

144A,

5.875

%,

8/01/32

...........

3,308,000

3,275,261

25,369,604

Leisure

2.4%

f

Hilton

Domestic

Operating

Co.,

Inc.

,

144A,

6.125

%,

4/01/32

..

7,000,000

6,985,363

f

Viking

Cruises

Ltd.

,

144A,

9.125

%,

7/15/31

...........

2,500,000

2,690,887

Schedule

of

Investments

Impax

High

Yield

Bond

Fund

(continued)

www.impaxam.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

32

a

a

Shares/

Principal

a

Value

a

a

a

a

Leisure

(continued)

f

Viking

Ocean

Cruises

Ship

VII

Ltd.

,

144A,

5.625

%,

2/15/29

..

3,150,000

$

3,102,491

12,778,741

Media

10.6%

AMC

Networks,

Inc.

,

4.250%,

2/15/29

..........

1,000,000

786,079

f

144A,

10.250%,

1/15/29

....

3,000,000

3,197,214

f

Cars.com,

Inc.

,

144A,

6.375

%,

11/01/28

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

2,500,000

2,488,165

f

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

,

144A,

5.125%,

5/01/27

.....

1,075,000

1,057,225

144A,

5.375%,

6/01/29

.....

3,275,000

3,135,095

144A,

4.750%,

3/01/30

.....

6,500,000

5,943,088

144A,

7.375%,

3/01/31

.....

2,000,000

2,040,217

144A,

4.250%,

1/15/34

.....

3,000,000

2,437,335

f

Cimpress

plc

,

144A,

7.375

%,

9/15/32

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

2,000,000

1,989,397

f

Clear

Channel

Outdoor

Holdings,

Inc.

,

144A,

7.750%,

4/15/28

.....

1,000,000

903,454

144A,

7.875%,

4/01/30

.....

1,000,000

1,030,388

f

Deluxe

Corp.

,

144A,

8.125

%,

9/15/29

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

2,000,000

2,030,541

f

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor,

Inc.

,

144A,

5.875

%,

8/15/27

......

3,000,000

2,926,091

f

Gray

Television,

Inc.

,

144A,

10.500%,

7/15/29

....

1,000,000

1,001,026

144A,

5.375%,

11/15/31

....

1,500,000

801,643

f

Midcontinent

Communications

,

144A,

8.000

%,

8/15/32

......

3,500,000

3,599,326

f

Nexstar

Media,

Inc.

,

144A,

5.625%,

7/15/27

.....

3,000,000

2,929,322

144A,

4.750%,

11/01/28

....

3,000,000

2,800,563

f

Sirius

XM

Radio

LLC

,

144A,

4.000%,

7/15/28

.....

2,500,000

2,306,142

144A,

5.500%,

7/01/29

.....

2,075,000

1,991,884

144A,

4.125%,

7/01/30

.....

2,025,000

1,769,723

TEGNA,

Inc.

,

5.000

%,

9/15/29

.

4,000,000

3,745,472

f

Univision

Communications,

Inc.

,

144A,

8.000%,

8/15/28

.....

3,000,000

3,057,978

144A,

8.500%,

7/31/31

.....

3,500,000

3,436,211

57,403,579

Real

Estate

5.7%

f

Five

Point

Operating

Co.

LP

/

Five

Point

Capital

Corp.

,

144A,

10.500

%,

1/15/28

..........

1,679,173

1,715,408

f

HA

Sustainable

Infrastructure

Capital,

Inc.

,

144A,

6.375

%,

7/01/34

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

2,000,000

1,948,775

f

Iron

Mountain,

Inc.

,

144A,

5.000%,

7/15/28

.....

1,925,000

1,862,174

144A,

4.875%,

9/15/29

.....

2,500,000

2,377,866

Kennedy-Wilson,

Inc.

,

4.750%,

2/01/30

..........

4,000,000

3,542,531

a

a

Shares/

Principal

a

Value

a

a

a

a

Real

Estate

(continued)

Kennedy-Wilson,

Inc.,

(continued)

5.000%,

3/01/31

..........

1,500,000

$

1,318,344

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

,

5.250

%,

8/01/26

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

2,000,000

1,843,247

f

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp.

,

144A,

4.625

%,

3/15/30

......

2,500,000

2,312,133

f

Pebblebrook

Hotel

LP

/

PEB

Finance

Corp.

,

144A,

6.375

%,

10/15/29

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

3,000,000

2,972,413

f

Rithm

Capital

Corp.

,

144A,

6.250%,

10/15/25

....

2,500,000

2,499,689

144A,

8.000%,

4/01/29

.....

3,000,000

3,004,896

f

Uniti

Group

LP

/

Uniti

Group

Finance

2019,

Inc.

/

CSL

Capital

LLC

,

144A,

4.750%,

4/15/28

.....

3,075,000

2,885,262

144A,

6.500%,

2/15/29

.....

3,000,000

2,725,376

31,008,114

Retail

8.0%

f

1011778

BC

ULC

/

New

Red

Finance,

Inc.

,

144A,

6.125%,

6/15/29

.....

2,000,000

2,008,977

Secured

Bond,

144A,

4.000%,

10/15/30

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

3,000,000

2,685,728

f

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

Albertsons

LP

/

Albertsons

LLC

,

144A,

4.625%,

1/15/27

.....

200,000

195,970

144A,

6.500%,

2/15/28

.....

2,000,000

2,028,105

144A,

3.500%,

3/15/29

.....

1,175,000

1,070,549

Bath

&

Body

Works,

Inc.

,

6.950%,

3/01/33

..........

2,400,000

2,440,711

f

144A,

6.625%,

10/01/30

....

2,750,000

2,781,416

f

Crocs,

Inc.

,

144A,

4.250%,

3/15/29

.....

3,500,000

3,249,924

144A,

4.125%,

8/15/31

.....

3,500,000

3,062,997

f

Macy's

Retail

Holdings

LLC

,

144A,

5.875%,

3/15/30

.....

2,000,000

1,921,375

144A,

6.700%,

7/15/34

.....

3,200,000

2,768,767

New

Albertsons

LP

,

7.750

%,

6/15/26

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

1,025,000

1,041,948

f

PetSmart,

Inc.

/

PetSmart

Finance

Corp.

,

144A,

7.750

%,

2/15/29

2,500,000

2,419,689

f

Rakuten

Group,

Inc.

,

Sub.

Bond

,

144A,

8.125%

to

12/14/29,

FRN

thereafter

,

Perpetual

.......

2,000,000

1,981,099

Safeway,

Inc.

,

7.250

%,

2/01/31

.

2,925,000

2,999,937

f

Saks

Global

Enterprises

LLC

,

144A,

11.000

%,

12/15/29

....

3,000,000

2,892,045

f

Staples,

Inc.

,

Secured

Note

,

144A,

12.750

%,

1/15/30

.....

1,000,000

783,155

f

Victoria's

Secret

&

Co.

,

144A,

4.625

%,

7/15/29

...........

5,000,000

4,563,527

Schedule

of

Investments

Impax

High

Yield

Bond

Fund

(continued)

www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

33

a

a

Shares/

Principal

a

Value

a

a

a

a

Retail

(continued)

f

Victra

Holdings

LLC

/

Victra

Finance

Corp.

,

144A,

8.750

%,

9/15/29

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

2,077,000

$

2,181,658

43,077,577

Services

7.8%

f

Albion

Financing

1

SARL

/

Aggreko

Holdings,

Inc.

,

144A,

6.125

%,

10/15/26

..........

2,650,000

2,652,699

f

Albion

Financing

2

SARL

,

144A,

8.750

%,

4/15/27

...........

3,000,000

3,071,160

f

Clean

Harbors,

Inc.

,

144A,

6.375

%,

2/01/31

...........

2,500,000

2,519,113

f

Herc

Holdings,

Inc.

,

144A,

6.625

%,

6/15/29

...........

2,000,000

2,027,059

f

Imola

Merger

Corp.

,

144A,

4.750

%,

5/15/29

...........

4,500,000

4,271,042

f

Maxim

Crane

Works

Holdings

Capital

LLC

,

Secured

Note

,

144A,

11.500

%,

9/01/28

.....

3,200,000

3,388,026

f

Neptune

Bidco

US,

Inc.

,

144A,

9.290

%,

4/15/29

...........

2,500,000

2,328,071

f

NESCO

Holdings

II,

Inc.

,

Secured

Note

,

144A,

5.500

%,

4/15/29

.

3,900,000

3,622,962

f

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

,

Secured

Note

,

144A,

6.250

%,

1/15/28

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

2,000,000

1,991,337

f

Resideo

Funding,

Inc.

,

144A,

6.500

%,

7/15/32

...........

2,000,000

2,004,994

f

Staples,

Inc.

,

144A,

10.750

%,

9/01/29

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

2,000,000

1,970,072

United

Rentals

North

America,

Inc.

,

5.250

%,

1/15/30

.......

3,550,000

3,451,816

f

WASH

Multifamily

Acquisition,

Inc.

,

144A,

5.750

%,

4/15/26

..

4,050,000

4,037,659

f

Williams

Scotsman,

Inc.

,

144A,

4.625%,

8/15/28

.....

3,000,000

2,867,012

144A,

7.375%,

10/01/31

....

1,800,000

1,853,262

42,056,284

Technology

&

Electronics

5.7%

f

Ciena

Corp.

,

144A,

4.000

%,

1/31/30

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

2,300,000

2,123,649

f

Cloud

Software

Group,

Inc.

,

144A,

8.250

%,

6/30/32

...........

3,000,000

3,095,987

f

Coherent

Corp.

,

144A,

5.000

%,

12/15/29

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

4,300,000

4,107,521

f

Diebold

Nixdorf,

Inc.

,

144A,

7.750

%,

3/31/30

...........

3,000,000

3,087,157

f

Entegris,

Inc.

,

144A,

4.750%,

4/15/29

.....

1,000,000

958,377

144A,

5.950%,

6/15/30

.....

2,125,000

2,109,605

f

Insight

Enterprises,

Inc.

,

144A,

6.625

%,

5/15/32

...........

1,800,000

1,812,434

f

NCR

Voyix

Corp.

,

144A,

5.125

%,

4/15/29

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

583,000

558,371

Nokia

OYJ

,

6.625

%,

5/15/39

...

2,000,000

2,042,682

a

a

Shares/

Principal

a

Value

a

a

a

a

Technology

&

Electronics

(continued)

f

Open

Text

Corp.

,

144A,

3.875

%,

12/01/29

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

3,375,000

$

3,057,914

f

Sensata

Technologies

BV

,

144A,

5.875

%,

9/01/30

...........

2,425,000

2,375,022

f

SS&C

Technologies,

Inc.

,

144A,

5.500

%,

9/30/27

...........

2,000,000

1,982,533

f

VM

Consolidated,

Inc.

,

144A,

5.500

%,

4/15/29

...........

3,500,000

3,409,006

30,720,258

Telecommunications

4.4%

f

Altice

Financing

SA

,

144A,

5.750

%,

8/15/29

...........

1,000,000

733,117

f

Cogent

Communications

Group

LLC

,

144A,

7.000

%,

6/15/27

.

4,500,000

4,526,735

f

Cogent

Communications

Group,

Inc.

/

Cogent

Communications

Finance,

Inc.

,

144A,

7.000

%,

6/15/27

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

1,000,000

1,001,457

f

Connect

Finco

SARL

/

Connect

US

Finco

LLC

,

144A,

9.000

%,

9/15/29

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

2,000,000

1,824,109

Digicel

Intermediate

Holdings

Ltd.

/

Digicel

International

Finance

Ltd.

/

DIFL

US

LLC

,

PIK,

12.000

%,

5/25/27

..........

1,012,288

999,472

f

Frontier

Communications

Holdings

LLC

,

144A,

5.000

%,

5/01/28

.

2,725,000

2,666,030

f

Ligado

Networks

LLC

,

144A,

15.500

%,

11/01/25

.........

1,999,777

719,920

f

Optics

Bidco

SpA

,

144A,

7.200

%,

7/18/36

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

1,217,000

1,248,302

f

Sable

International

Finance

Ltd.

,

144A,

7.125

%,

10/15/32

.....

3,000,000

2,944,440

f

Virgin

Media

Secured

Finance

plc

,

144A,

5.500

%,

5/15/29

......

2,575,000

2,418,119

f

VZ

Secured

Financing

BV

,

144A,

5.000

%,

1/15/32

...........

1,975,000

1,750,260

f

Windstream

Services

LLC

/

Windstream

Escrow

Finance

Corp.

,

144A,

8.250

%,

10/01/31

3,000,000

3,101,979

23,933,940

Transportation

2.9%

BNSF

Funding

Trust

I

,

6.613%

to

1/14/26,

FRN

thereafter

,

12/15/55

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

3,325,000

3,349,928

f

DCLI

BidCo

LLC

,

144A,

7.750

%,

11/15/29

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

2,000,000

2,052,446

f

Genesee

&

Wyoming,

Inc.

,

144A,

6.250

%,

4/15/32

...........

3,000,000

3,021,837

f

JetBlue

Airways

Corp.

/

JetBlue

Loyalty

LP

,

144A,

9.875

%,

9/20/31

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

4,000,000

4,254,149

f

Watco

Cos.

LLC

/

Watco

Finance

Corp.

,

144A,

7.125

%,

8/01/32

3,000,000

3,095,246

15,773,606

Schedule

of

Investments

Impax

High

Yield

Bond

Fund

(continued)

www.impaxam.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

34

a

a

Shares/

Principal

a

Value

a

a

a

a

Utility

1.5%

f

California

Buyer

Ltd.

/

Atlantica

Sustainable

Infrastructure

plc

,

144A,

6.375

%,

2/15/32

......

2,000,000

$

1,996,212

f

Pattern

Energy

Operations

LP

/

Pattern

Energy

Operations,

Inc.

,

144A,

4.500

%,

8/15/28

......

3,150,000

2,958,562

f

TerraForm

Power

Operating

LLC

,

144A,

5.000%,

1/31/28

.....

1,525,000

1,470,478

144A,

4.750%,

1/15/30

.....

2,025,000

1,873,577

8,298,829

Total

Corporate

Bonds

(Cost

$482,430,947)

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

478,722,740

Asset-Backed

Securities

0.8%

Telecommunications

0.8%

f

Frontier

Issuer

LLC

,

2023-1,

B,

144A,

8.300%,

8/20/53

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

2,000,000

2,075,661

2024-1,

B,

144A,

7.020%,

6/20/54

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

2,000,000

2,060,864

4,136,525

a

a

a

a

a

Total

Asset-Backed

Securities

(Cost

$4,076,751)

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

4,136,525

Loans

7.9%

Basic

Industry

0.6%

e

LBM

Acquisition

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.423

%

(

1-month

SOFR

+

3.750

%

),

12/17/27

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

3,336,982

3,349,496

Consumer

Goods

0.9%

e

AI

Aqua

Merger

Sub,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

B

,

8.053

%

(

1-month

SOFR

+

3.500

%

),

7/31/28

..........

2,952,600

2,958,771

e

United

Natural

Foods,

Inc.,

First

Lien,

2024

CME

Term

Loan

,

9.107

%

(

1-month

SOFR

+

4.750

%

),

4/25/31

..........

1,987,506

2,023,778

4,982,549

a

a

a

a

a

Healthcare

1.9%

e

Medline

Borrower

LP,

First

Lien,

Dollar

Incremental

CME

Term

Loan

,

6.607

%

(

1-month

SOFR

+

2.250

%

),

10/23/28

.........

7,980,000

8,017,187

e

Star

Parent,

Inc.,

First

Lien,

CME

Term

Loan

,

8.329

%

(

3-month

SOFR

+

4.000

%

),

9/27/30

...

1,985,000

1,942,571

9,959,758

a

a

a

a

a

a

a

Shares/

Principal

a

Value

a

a

a

a

Loans

(continued)

Media

1.5%

e

Cimpress

USA,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

7.573

%

(

1-month

SOFR

+

3.000

%

),

5/17/28

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

2,984,897

$

3,003,553

e

Clear

Channel

Outdoor

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

8.471

%

(

1-month

SOFR

+

4.000

%

),

8/23/28

..........

3,000,000

3,023,745

e

Gray

Television,

Inc.,

First

Lien,

CME

Term

Loan,

D

,

7.667

%

(

1-month

SOFR

+

3.000

%

),

12/01/28

.........

2,000,000

1,853,380

7,880,678

a

a

a

a

a

Retail

0.6%

e

PetSmart

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.207

%

(

1-month

SOFR

+

3.750

%

),

2/11/28

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

3,000,000

2,993,745

Services

0.5%

e

Staples,

Inc.,

First

Lien,

Closing

Date

CME

Term

Loan

,

10.177

%

(

3-month

SOFR

+

5.750

%

),

8/23/29

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

3,000,000

2,874,855

Technology

&

Electronics

0.5%

c,e

McAfee

Corp.,

First

Lien,

CME

Term

Loan,

B1

,

7.803

%

(

1-month

SOFR

+

3.250

%

),

3/01/29

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

2,955,024

2,961,304

Telecommunications

1.2%

e

Connect

Finco

SARL,

First

Lien,

Amendment

No.

4

CME

Term

Loan

,

8.857

%

(

1-month

SOFR

+

4.500

%

),

9/13/29

..........

2,000,000

1,761,670

e

Consolidated

Communications,

Inc.,

First

Lien,

2020

CME

Term

Loan,

B1

,

7.971

%

(

1-month

SOFR

+

3.500

%

),

10/04/27

..

2,000,000

1,983,210

e

Digicel

International

Finance

Ltd.,

First

Lien,

CME

Term

Loan

,

11.335

%

(

3-month

SOFR

+

6.650

%

),

5/25/27

..........

932,145

905,413

e

Lumen

Technologies,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

6.821

%

(

1-month

SOFR

+

2.350

%

),

4/16/29

..........

1,994,941

1,879,883

6,530,176

a

a

a

a

a

Schedule

of

Investments

Impax

High

Yield

Bond

Fund

(continued)

www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

35

a

a

Shares/

Principal

a

Value

a

a

a

a

Loans

(continued)

Transportation

0.2%

e

SkyMiles

IP

Ltd.

(Delta

Air

Lines,

Inc.),

First

Lien,

Initial

CME

Term

Loan

,

8.367

%

(

3-month

SOFR

+

3.750

%

),

10/20/27

..

1,103,851

$

1,125,067

Total

Loans

(Cost

$42,522,347)

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

42,657,628

Total

Long

Term

Investments

(Cost

$531,041,869)

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

527,812,055

a

a

Certificates

of

Deposit

0.2%

c,d

Shared

Interest,

Inc.,

4.000%,

9/30/25

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

500,000

500,000

c

Walden

Mutual

Bank,

3.930%,

11/14/25

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

500,000

499,147

—

—

Total

Certificates

of

Deposit

(Cost

$1,000,000)

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

999,147

Money

Market

4.3%

g,h

JPMorgan

Prime

Money

Market

Fund,

4.660%

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

23,520,034

23,520,034

(Cost

$23,520,034)

a

Total

Investments

102.0%

(Cost

$555,561,903)

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

$552,331,236

Other

Assets,

less

Liabilities

(2.0)%

(11,088,292)

Net

Assets

100.0%

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

$541,242,944

a

Non-income

producing

security.

b

Rounds

to

less

than

0.05%.

c

Illiquid

security.

d

Security

valued

using

significant

unobservable

inputs.

e

Rate

shown

reflects

the

accrual

rate

as

of

December

31,

2024

on

securities

with

variable

or

step

rates.

f

Security

purchased

pursuant

to

Rule

144A

of

the

Securities

Act

of

1933

and

may

be

resold

only

to

qualified

institutional

buyers.

g

Rate

shown

represents

annualized

7-day

yield

as

of

December

31,

2024.

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,

December

31,

2024

Impax

Sustainable

Allocation

Fund

www.impaxam.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

36

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Affiliated

Investment

Companies

98.3%

a

Impax

Core

Bond

Fund,

Class

Institutional

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

84,651,569

$

734,775,623

a

Impax

Ellevate

Global

Women's

Leadership

Fund,

Class

Institutional

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

1,970,528

64,396,865

a

Impax

Global

Environmental

Markets

Fund,

Class

Institutional

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

2,782,977

63,396,210

a

Impax

Global

Opportunities

Fund,

Class

Institutional

..........

4,214,207

68,986,564

a

Impax

Global

Sustainable

Infrastructure

Fund,

Class

Institutional

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

6,547,668

57,750,434

a

Impax

High

Yield

Bond

Fund,

Class

Institutional

..........

18,221,512

109,693,503

a

Impax

International

Sustainable

Economy

Fund,

Class

Institutional

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

9,428,525

95,888,097

a

Impax

Large

Cap

Fund,

Class

Institutional

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

74,884,780

957,027,489

a

Impax

Small

Cap

Fund,

Class

Institutional

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

6,320,888

112,195,771

2,264,110,556

Total

Affiliated

Investment

Companies

(Cost

$2,058,483,542)

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

2,264,110,556

Money

Market

1.5%

a,b

JPMorgan

Prime

Money

Market

Fund,

4.660%

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

33,898,048

33,898,048

(Cost

$33,898,048)

a

Total

Investments

99.8%

(Cost

$2,092,381,590)

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

$2,298,008,604

Other

Assets,

less

Liabilities

0.2%

.

4,999,116

Net

Assets

100.0%

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

$2,303,007,720

a

Institutional

Class

shares.

b

Rate

shown

represents

annualized

7-day

yield

as

of

December

31,

2024.

Financial

Statements

Statements

of

Assets

and

Liabilities

December

31,

2024

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

37

Large

Cap

Fund

Small

Cap

Fund

US

Sustainable

Economy

Fund

Global

Sustainable

Infrastructure

Fund

Assets:

Investments,

at

cost

-

Note

A

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

$929,581,918

$614,972,338

$221,472,231

$89,152,979

Investments

in

unaffiliated

issuers,

at

value

....

$1,368,588,583

$728,040,172

$335,146,145

$87,707,408

Total

investments,

at

value

-

Note

A

1

1,368,588,583

728,040,172

335,146,145

87,707,408

Cash

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

—

261

—

—

Receivables:

Capital

stock

sold

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

862,479

1,394,351

1,213,130

61,472

Dividends

and

interest

-

Note

A

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

1,345,163

910,879

333,603

222,176

Investment

securities

sold

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

—

801,098

—

164,169

Investment

Adviser

reimbursement

.........

—

—

48,473

—

Other

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

889

3,132

287

168,776

Total

assets

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

1,370,797,114

731,149,893

336,741,638

88,324,001

Liabilities:

Collateral

on

securities

loaned,

at

value

.......

—

1,289,717

—

—

Payables:

Capital

stock

reacquired

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

552,441

280,783

21,636

475

Investment

securities

purchased

...........

141,499

2,875,833

—

—

Payable

to

foreign

banks

(cost

$—,

$—,

$—

and

$1,966)

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

—

—

—

1,962

Accrued

expenses:

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

Investment

advisory

fees

-

Note

B

..........

776,754

482,994

180,845

50,420

Distribution

expense

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

14,614

23,471

47,625

1,302

Transfer

agent

fees

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

107,733

77,175

—

—

Printing

and

other

shareholder

communication

fees

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

11,056

25,097

—

—

Custodian

fees

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

25,239

14,008

—

—

Legal

and

audit

fees

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

55,966

39,935

—

—

Due

to

Custodian

—

—

—

30,111

Other

accrued

expenses

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

27,111

43,388

122

25

Total

liabilities

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

1,712,413

5,152,401

250,228

84,295

Net

assets,

at

value

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

$1,369,084,701

$725,997,492

$336,491,410

$88,239,706

Net

assets

consist

of:

Paid-in

capital

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

$930,342,320

$602,935,388

$214,084,361

$97,999,019

Total

distributable

earnings

(losses)

..........

438,742,381

123,062,104

122,407,049

(9,759,313)

Net

assets,

at

value

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

$1,369,084,701

$725,997,492

$336,491,410

$88,239,706

1

Investments

at

market

value

include

securities

loaned.

At

December

31,

2024,

the

Impax

Large

Cap

Fund,

Impax

Small

Cap

Fund

and

Impax

US

Sustainable

Economy

Fund

had

total

market

values

of

securities

on

loan

of

$38,155,714,

$10,157,616

and

$4,938,385

respectively.

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

December

31,

2024

www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

38

Global

Opportunities

Fund

Global

Environmental

Markets

Fund

Global

Social

Leaders

Fund

Global

Women’s

Leadership

Fund

Assets:

Investments,

at

cost

-

Note

A

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

$99,052,310

$1,702,669,397

$1,659,027

$545,262,231

Investments

in

unaffiliated

issuers,

at

value

....

$126,020,005

$2,281,693,263

$1,844,258

$727,304,522

Total

investments,

at

value

-

Note

A

1

126,020,005

2,281,693,263

1,844,258

727,304,522

Cash

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

—

—

—

64,120

Foreign

currency,

at

value

(cost

$–,

$5,923,

$–

and

$477,

respectively)

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

—

5,918

—

477

Receivables:

Capital

stock

sold

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

61,580

3,871,252

—

431,146

Dividends

and

interest

-

Note

A

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

13,744

662,629

1,837

550,928

Investment

securities

sold

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

—

—

—

335,317

Investment

Adviser

reimbursement

.........

12,131

—

29,784

—

Due

from

custodian

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

—

—

8,925

—

Other

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

96,360

2,396,322

37

641,712

Total

assets

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

126,203,820

2,288,629,384

1,884,841

729,328,222

Liabilities:

Payables:

Capital

stock

reacquired

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

—

4,611,695

—

411,799

Investment

securities

purchased

...........

33,756

—

12,740

—

Payable

to

bank

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

5,035

—

—

—

Accrued

expenses:

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

Investment

advisory

fees

-

Note

B

..........

89,406

1,499,374

1,258

335,338

Distribution

expense

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

1,726

39,578

18

30,241

Transfer

agent

fees

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

10,987

390,168

421

—

Printing

and

other

shareholder

communication

fees

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

4,087

40,866

4,119

—

Custodian

fees

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

8,016

46,684

—

—

Legal

and

audit

fees

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

34,879

77,785

41,184

—

Other

accrued

expenses

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

20,234

75,326

11,993

4

Total

liabilities

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

208,126

6,781,476

71,733

777,382

Net

assets,

at

value

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

$125,995,694

$2,281,847,908

$1,813,108

$728,550,840

Net

assets

consist

of:

Paid-in

capital

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

$99,725,060

$1,708,297,059

$1,643,097

$537,944,509

Total

distributable

earnings

(losses)

..........

26,270,634

573,550,849

170,011

190,606,331

Net

assets,

at

value

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

$125,995,694

$2,281,847,908

$1,813,108

$728,550,840

1

Investments

at

market

value

include

securities

loaned.

At

December

31,

2024,

the

Impax

Global

Opportunities

Fund

and

Impax

Ellevate

Global

Women's

Leadership

Fund

had

total

market

values

of

securities

on

loan

of

$2,748,242

and

$8,220,762

respectively.

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

December

31,

2024

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

39

International

Sustainable

Economy

Fund

Core

Bond

Fund

High

Yield

Bond

Fund

Sustainable

Allocation

Fund

Assets:

Investments,

at

cost

-

Note

A

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

$1,066,655,550

$881,585,061

$555,561,903

$2,092,381,590

Investments

in

unaffiliated

issuers,

at

value

....

$1,217,995,145

$836,756,503

$552,331,236

$33,898,048

Investments

in

affiliated

issuers,

at

value

.....

—

—

—

2,264,110,556

Total

investments,

at

value

-

Note

A

1

1,217,995,145

836,756,503

552,331,236

2,298,008,604

Cash

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

—

—

269,531

—

Foreign

currency,

at

value

(cost

$1,072,

$–,

$–

and

$–,

respectively)

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

1,067

—

—

—

Receivables:

Capital

stock

sold

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

3,007,682

3,052,863

3,421,648

5,787,062

Dividends

and

interest

-

Note

A

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

1,017,402

6,703,282

8,543,563

3,154,406

Investment

securities

sold

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

—

7,512

5,059

—

Other

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

4,473,357

1,203

—

—

Total

assets

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

1,226,494,653

846,521,363

564,571,037

2,306,950,072

Liabilities:

Collateral

on

securities

loaned,

at

value

.......

—

782,340

—

—

Payables:

Capital

stock

reacquired

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

698,716

181,389

1,087,697

471,102

Investment

securities

purchased

...........

—

7,047,610

18,538,033

3,082,116

Dividend

payable

-

Note

A

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

—

2,727,904

3,264,200

—

Payable

to

bank

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

17

—

—

96

Accrued

expenses:

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

Investment

advisory

fees

-

Note

B

..........

471,691

289,650

229,013

99,396

Distribution

expense

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

20,083

2,695

27,127

289,642

Transfer

agent

fees

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

—

9,013

77,274

—

Printing

and

other

shareholder

communication

fees

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

—

7,981

6,408

—

Custodian

fees

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

—

10,046

10,277

—

Legal

and

audit

fees

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

—

51,119

46,127

—

Other

accrued

expenses

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

—

10,544

41,937

—

Total

liabilities

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

1,190,507

11,120,291

23,328,093

3,942,352

Net

assets,

at

value

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

$1,225,304,146

$835,401,072

$541,242,944

$2,303,007,720

Net

assets

consist

of:

Paid-in

capital

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

$1,078,000,320

$951,530,725

$687,091,563

$1,838,744,218

Total

distributable

earnings

(losses)

..........

147,303,826

(116,129,653)

(145,848,619)

464,263,502

Net

assets,

at

value

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

$1,225,304,146

$835,401,072

$541,242,944

$2,303,007,720

1

Investments

at

market

value

include

securities

loaned.

At

December

31,

2024,

the

Impax

Core

Bond

Fund

had

total

market

values

of

securities

on

loan

of

$3,017,045

respectively.

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

December

31,

2024

www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

40

Large

Cap

Fund

Small

Cap

Fund

US

Sustainable

Economy

Fund

Global

Sustainable

Infrastructure

Fund

Investor

Class:

Net

assets,

at

value

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

$65,657,972

$93,020,296

$206,719,722

$5,787,030

Capital

Shares

outstanding

(unlimited/

authorized)

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

5,157,737

5,351,869

8,866,239

659,320

Net

asset

value

per

share

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

$12.73

$17.38

$23.32

$8.78

Class

A:

Net

assets,

at

value

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

$12,763,426

$10,931,792

Capital

Shares

outstanding

(unlimited/

authorized)

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

737,064

471,349

Net

asset

value

per

share

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

$17.32

$23.19

Institutional

Class:

Net

assets,

at

value

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

$1,303,426,729

$620,213,770

$118,839,896

$82,452,676

Capital

Shares

outstanding

(unlimited/

authorized)

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

101,965,791

34,944,941

4,840,450

9,346,798

Net

asset

value

per

share

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

$12.78

$17.75

$24.55

$8.82

Global

Opportunities

Fund

Global

Environmental

Markets

Fund

Global

Social

Leaders

Fund

Global

Women’s

Leadership

Fund

Investor

Class:

Net

assets,

at

value

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

$7,952,129

$160,952,595

$93,373

$138,287,605

Capital

Shares

outstanding

(unlimited/

authorized)

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

489,585

7,149,749

8,402

4,269,798

Net

asset

value

per

share

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

$16.24

$22.51

$11.11

$32.39

Class

A:

Net

assets,

at

value

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

$17,848,140

Capital

Shares

outstanding

(unlimited/

authorized)

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

794,225

Net

asset

value

per

share

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

$22.47

Institutional

Class:

Net

assets,

at

value

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

$118,043,565

$2,103,047,173

$1,719,735

$590,263,235

Capital

Shares

outstanding

(unlimited/

authorized)

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

7,210,279

92,329,058

154,557

18,060,502

Net

asset

value

per

share

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

$16.37

$22.78

$11.13

$32.68

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

December

31,

2024

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

41

International

Sustainable

Economy

Fund

Core

Bond

Fund

High

Yield

Bond

Fund

Sustainable

Allocation

Fund

Investor

Class:

Net

assets,

at

value

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

$93,094,439

$12,726,441

$123,274,147

$1,336,213,304

Capital

Shares

outstanding

(unlimited/

authorized)

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

8,945,432

1,465,018

20,426,108

51,753,243

Net

asset

value

per

share

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

$10.41

$8.69

$6.04

$25.82

Class

A:

Net

assets,

at

value

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

$4,358,163

Capital

Shares

outstanding

(unlimited/

authorized)

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

720,603

Net

asset

value

per

share

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

$6.05

Institutional

Class:

Net

assets,

at

value

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

$1,132,209,707

$822,674,631

$413,610,634

$966,794,416

Capital

Shares

outstanding

(unlimited/

authorized)

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

111,350,856

94,736,331

68,739,961

36,553,641

Net

asset

value

per

share

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

$10.17

$8.68

$6.02

$26.45

Financial

Statements

Statements

of

Operations

For

the

Year

Ended

December

31,

2024

www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

42

Large

Cap

Fund

Small

Cap

Fund

US

Sustainable

Economy

Fund

Global

Sustainable

Infrastructure

Fund

Investment

income:

Dividends:

(net

of

foreign

taxes

of

$–,

$–,

$–

and

$173,611,

respectively)

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

$20,888,019

$6,573,826

$4,849,289

$2,632,043

Interest

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

795,548

977,510

131,454

67,222

Income

from

securities

lending

-

Note

A

.......

52,614

15,204

81,711

2,253

Other

income

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

622,582

164,422

23,169

12,983

Total

investment

income

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

22,358,763

7,730,962

5,085,623

2,714,501

Expenses:

Investment

advisory

fees

-

Note

B

...........

9,409,925

5,247,828

1,999,581

613,530

Distribution

expenses

Investor

Class

-

Note

B

...

158,790

235,699

507,166

16,286

Distribution

expenses

Class

A

-

Note

B

........

30,053

25,920

Transfer

agent

fees

-

Note

A

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

553,338

572,859

—

—

Printing

and

other

shareholder

communication

fees

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

68,710

91,243

—

—

Custodian

fees

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

126,082

80,582

—

—

Legal

fees

and

related

expenses

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

139,673

94,526

—

—

Trustees’

fees

and

expenses

-

Note

B

........

112,267

73,799

—

—

Compliance

expense

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

23,320

21,493

—

—

Audit

fees

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

57,122

44,151

—

—

Registration

and

filing

fees

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

35,456

48,718

—

—

Other

expenses

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

48,217

27,025

16,342

451

Total

Expenses

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

10,732,900

6,567,976

2,549,009

630,267

Less:

Advisory

fee

waiver

-

Note

B

........

—

—

(547,652)

(30,691)

Net

expenses

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

10,732,900

6,567,976

2,001,357

599,576

Net

investment

income

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

11,625,863

1,162,986

3,084,266

2,114,925

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

-

Note

A

and

C

Net

realized

gain

(loss)

on:

Investments

in

unaffiliated

issuers

...........

195,868,488

54,028,134

34,721,252

1,989,377

Foreign

currency

transactions

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

—

(1,361)

—

(24,962)

Change

in

unrealized

appreciation

(depreciation)

on:

Investments

in

unaffiliated

issuers

...........

(14,239,226)

40,377,813

20,760,837

(5,181,036)

Foreign

currency

translation

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

—

(72)

—

(10,877)

Net

realized

and

unrealized

gain

(loss)

on

investments

and

foreign

currency

....

181,629,262

94,404,514

55,482,089

(3,227,498)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

..........

$193,255,125

$95,567,500

$58,566,355

$(1,112,573)

Financial

Statements

Statements

of

Operations

(continued)

For

the

Year

Ended

December

31,

2024

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

43

Global

Opportunities

Fund

Global

Environmental

Markets

Fund

Global

Social

Leaders

Fund

Global

Women’s

Leadership

Fund

Investment

income:

Dividends:

(net

of

foreign

taxes

of

$67,177,

$–,

$1,926

and

$794,277,

respectively)

..........

$1,631,897

$32,435,542

$26,107

$16,265,160

Interest

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

81,413

1,135,700

4,176

219,457

Income

from

securities

lending

-

Note

A

.......

2,948

29,247

35

18,869

Other

income

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

37,729

868,963

19

11,686

Total

investment

income

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

1,753,987

34,469,452

30,337

16,515,172

Expenses:

Investment

advisory

fees

-

Note

B

...........

1,034,611

18,232,463

13,825

4,042,368

Distribution

expenses

Investor

Class

-

Note

B

...

20,346

442,034

125

347,269

Distribution

expenses

Class

A

-

Note

B

........

47,588

Transfer

agent

fees

-

Note

A

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

72,504

2,602,541

599

—

Printing

and

other

shareholder

communication

fees

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

9,049

207,566

4,598

—

Custodian

fees

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

60,908

216,408

17,801

—

Legal

fees

and

related

expenses

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

61,431

200,759

57,255

—

Trustees’

fees

and

expenses

-

Note

B

........

48,150

156,800

48,664

—

Compliance

expense

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

20,072

25,779

19,904

—

Audit

fees

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

41,349

78,500

44,003

—

Registration

and

filing

fees

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

44,541

55,878

44,279

—

Other

expenses

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

5,759

84,879

3,162

3,739

Total

Expenses

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

1,418,720

22,351,195

254,215

4,393,376

Less:

Advisory

fee

waiver

-

Note

B

........

—

—

(13,825)

—

Expenses

assumed

by

Adviser

-

Note

B

..

(130,378)

—

(223,323)

—

Net

expenses

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

1,288,342

22,351,195

17,067

4,393,376

Net

investment

income

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

465,645

12,118,257

13,270

12,121,796

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

-

Note

A

and

C

Net

realized

gain

(loss)

on:

Investments

in

unaffiliated

issuers

...........

5,767,630

131,108,135

13,018

84,506,744

Foreign

currency

transactions

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

(6,318)

(258,738)

408

(456,896)

Change

in

unrealized

appreciation

(depreciation)

on:

Investments

in

unaffiliated

issuers

...........

1,341,611

(12,021,480)

117,078

(5,526,527)

Foreign

currency

translation

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

(5,378)

(144,768)

32

(43,737)

Net

realized

and

unrealized

gain

on

investments

and

foreign

currency

....

7,097,545

118,683,149

130,536

78,479,584

Net

increase

in

net

assets

resulting

from

operations

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

$7,563,190

$130,801,406

$143,806

$90,601,380

Financial

Statements

Statements

of

Operations

(continued)

For

the

Year

Ended

December

31,

2024

www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

44

International

Sustainable

Economy

Fund

Core

Bond

Fund

High

Yield

Bond

Fund

Sustainable

Allocation

Fund

Investment

income:

Dividends:

(net

of

foreign

taxes

of

$2,578,343,

$–,

$–

and

$–,

respectively)

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

$35,023,917

$—

$—

$—

Dividends

from

affiliates

-

Note

C

.........

—

—

—

50,485,154

Interest

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

662,596

36,807,443

34,635,522

1,296,920

Income

from

securities

lending

-

Note

A

.......

1,342

270,358

—

—

Other

income

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

—

—

—

21,422

Total

investment

income

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

35,687,855

37,077,801

34,635,522

51,803,496

Expenses:

Investment

advisory

fees

-

Note

B

...........

5,430,884

3,495,648

2,697,622

1,165,950

Distribution

expenses

Investor

Class

-

Note

B

...

233,569

30,633

315,903

3,442,879

Distribution

expenses

Class

A

-

Note

B

........

10,876

Transfer

agent

fees

-

Note

A

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

—

95,862

459,423

—

Printing

and

other

shareholder

communication

fees

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

—

11,454

84,261

—

Custodian

fees

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

—

104,612

88,735

—

Legal

fees

and

related

expenses

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

—

106,997

86,159

—

Trustees’

fees

and

expenses

-

Note

B

........

—

83,537

66,538

—

Compliance

expense

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

—

21,903

21,105

—

Audit

fees

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

—

55,849

52,658

—

Registration

and

filing

fees

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

—

36,418

89,698

—

Other

expenses

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

268

60,598

18,791

—

Total

Expenses

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

5,664,721

4,103,511

3,991,769

4,608,829

Net

investment

income

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

30,023,134

32,974,290

30,643,753

47,194,667

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

-

Note

A

and

C

Net

realized

gain

(loss)

on:

Investments

in

unaffiliated

issuers

...........

40,081,672

(6,316,373)

(28,337,498)

2,264

Investment

in

affiliated

issuers

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

—

—

—

(2,001,615)

Capital

gain

distributions

from

affiliated

issuers

—

—

—

156,789,830

Foreign

currency

transactions

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

(322,411)

—

—

—

Change

in

unrealized

appreciation

(depreciation)

on:

Investments

in

unaffiliated

issuers

...........

(13,314,891)

(13,111,232)

30,097,121

—

Investment

in

affiliated

issuers

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

—

—

—

(31,182,453)

Foreign

currency

translation

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

(294,247)

—

—

—

Net

realized

and

unrealized

gain

(loss)

on

investments

and

foreign

currency

....

26,150,123

(19,427,605)

1,759,623

123,608,026

Net

increase

in

net

assets

resulting

from

operations

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

$56,173,257

$13,546,685

$32,403,376

$170,802,693

Financial

Statements

Statements

of

Changes

in

Net

Assets

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

45

Large

Cap

Fund

Small

Cap

Fund

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Increase

(decrease)

in

net

assets:

Operations:

Investment

income,

net

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

$11,625,863

$13,082,859

$1,162,986

$659,015

Net

realized

gain

on

investments

and

foreign

currency

transactions

......

195,868,488

58,474,609

54,026,773

2,154,442

Change

in

unrealized

appreciation

(depreciation)

on

investments

and

foreign

currency

translations

......

(14,239,226)

183,776,190

40,377,741

78,626,869

Net

increase

in

net

assets

resulting

from

operations

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

193,255,125

255,333,658

95,567,500

81,440,326

Distributions

from

distributable

earning

-

Investor

Class

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

(10,658,577)

(2,433,954)

(4,647,968)

—

Distributions

from

distributable

earning

-

Class

A

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

(635,017)

—

Distributions

from

distributable

earning

-

Institutional

Class

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

(207,033,360)

(60,477,023)

(30,933,503)

—

Total

distributions

to

shareholders

.....

(217,691,937)

(62,910,977)

(36,216,488)

—

From

capital

share

transactions:

Investor

Class

Proceeds

from

shares

sold

...........

24,458,719

17,968,575

6,455,538

9,382,454

Proceeds

from

reinvestment

of

distributions

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

10,039,151

2,401,686

4,385,003

—

Cost

of

shares

redeemed

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

(24,323,141)

(26,614,761)

(22,472,529)

(17,883,023)

Net

increase

(decrease)

from

Investor

Class

transactions

...............

10,174,729

(6,244,500)

(11,631,988)

(8,500,569)

Class

A

Proceeds

from

shares

sold

...........

2,444,209

2,193,054

Proceeds

from

reinvestment

of

distributions

....................

585,865

—

Cost

of

shares

redeemed

............

(2,980,996)

(2,790,350)

Net

increase

(decrease)

from

Class

A

transactions

....................

49,078

(597,296)

Institutional

Class

Proceeds

from

shares

sold

...........

80,243,884

176,720,304

94,998,836

102,357,823

Proceeds

from

reinvestment

of

distributions

....................

206,059,271

60,184,489

28,184,856

—

Cost

of

shares

redeemed

............

(346,132,842)

(328,560,947)

(121,981,291)

(86,155,697)

Net

increase

(decrease)

from

Institutional

Class

transactions

...............

(59,829,687)

(91,656,154)

1,202,401

16,202,126

Net

increase

(decrease)

from

capital

share

transactions

......................

(49,654,958)

(97,900,654)

(10,380,509)

7,104,261

Net

increase

(decrease)

in

net

assets

.....................

(74,091,770)

94,522,027

48,970,503

88,544,587

Net

assets

Beginning

of

period

................

1,443,176,471

1,348,654,444

677,026,989

588,482,402

End

of

period

.....................

$1,369,084,701

$1,443,176,471

$725,997,492

$677,026,989

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

46

Large

Cap

Fund

Small

Cap

Fund

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Shares

of

Beneficial

Interest:

Investor

Class

Shares

sold

.......................

1,689,447

1,446,865

381,373

652,136

Shares

issued

in

reinvestment

of

distributions

.......................

782,053

182,891

250,429

—

Shares

redeemed

...................

(1,711,463)

(2,148,988)

(1,328,381)

(1,224,041)

Net

increase

(decrease)

in

shares

outstanding

........................

760,037

(519,232)

(696,579)

(571,905)

Class

A

Shares

sold

.......................

145,694

146,843

Shares

issued

in

reinvestment

of

distributions

.......................

33,593

—

Shares

redeemed

...................

(177,756)

(188,832)

Net

increase

(decrease)

in

shares

outstanding

........................

1,531

(41,989)

Institutional

Class

Shares

sold

.......................

5,677,742

14,210,925

5,469,591

6,812,596

Shares

issued

in

reinvestment

of

distributions

.......................

15,970,408

4,571,897

1,578,824

—

Shares

redeemed

...................

(23,944,023)

(26,264,830)

(7,084,897)

(5,742,838)

Net

increase

(decrease)

in

shares

outstanding

........................

(2,295,873)

(7,482,008)

(36,482)

1,069,758

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

47

US

Sustainable

Economy

Fund

Global

Sustainable

Infrastructure

Fund

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Increase

(decrease)

in

net

assets:

Operations:

Investment

income,

net

............

$3,084,266

$3,056,781

$2,114,925

$2,872,082

Net

realized

gain

(loss)

on

investments

and

foreign

currency

transactions

...

34,721,252

31,863,235

1,964,415

(4,077,850)

Change

in

unrealized

appreciation

(depreciation)

on

investments

and

foreign

currency

translations

......

20,760,837

23,907,560

(5,191,913)

10,599,611

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

58,566,355

58,827,576

(1,112,573)

9,393,843

Distributions

from

distributable

earning

-

Investor

Class

...................

(29,508,948)

(10,495,477)

(124,160)

(154,056)

Distributions

from

distributable

earning

-

Class

A

........................

(1,566,010)

(546,355)

Distributions

from

distributable

earning

-

Institutional

Class

................

(16,454,071)

(5,287,617)

(1,901,231)

(2,553,737)

Total

distributions

to

shareholders

.....

(47,529,029)

(16,329,449)

(2,025,391)

(2,707,793)

From

capital

share

transactions:

Investor

Class

Proceeds

from

shares

sold

...........

8,778,548

5,506,365

747,843

1,997,170

Proceeds

from

reinvestment

of

distributions

....................

29,022,463

10,349,644

122,249

151,757

Cost

of

shares

redeemed

............

(24,300,572)

(16,948,583)

(1,338,380)

(1,890,947)

Net

increase

(decrease)

from

Investor

Class

transactions

...............

13,500,439

(1,092,574)

(468,288)

257,980

Class

A

Proceeds

from

shares

sold

...........

957,083

738,543

Proceeds

from

reinvestment

of

distributions

....................

1,533,712

450,961

Cost

of

shares

redeemed

............

(1,336,829)

(1,284,508)

Net

increase

(decrease)

from

Class

A

transactions

....................

1,153,966

(95,004)

Institutional

Class

Proceeds

from

shares

sold

...........

18,514,675

9,043,257

4,276,306

7,572,671

Proceeds

from

reinvestment

of

distributions

....................

15,951,421

5,103,388

1,831,039

2,469,828

Cost

of

shares

redeemed

............

(13,638,281)

(14,021,496)

(8,166,147)

(29,919,577)

Net

increase

(decrease)

from

Institutional

Class

transactions

...............

20,827,815

125,149

(2,058,802)

(19,877,078)

Net

increase

(decrease)

from

capital

share

transactions

......................

35,482,220

(1,062,429)

(2,527,090)

(19,619,098)

Net

increase

(decrease)

in

net

assets

.....................

46,519,546

41,435,698

(5,665,054)

(12,933,048)

Net

assets

Beginning

of

period

................

289,971,864

248,536,166

93,904,760

106,837,808

End

of

period

.....................

$336,491,410

$289,971,864

$88,239,706

$93,904,760

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

48

US

Sustainable

Economy

Fund

Global

Sustainable

Infrastructure

Fund

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Shares

of

Beneficial

Interest:

Investor

Class

Shares

sold

.......................

351,785

256,134

80,957

227,170

Shares

issued

in

reinvestment

of

distributions

.......................

1,229,582

465,242

13,583

16,898

Shares

redeemed

...................

(964,475)

(798,637)

(144,042)

(217,030)

Net

increase

(decrease)

in

shares

outstanding

........................

616,892

(77,261)

(49,502)

27,038

Class

A

Shares

sold

.......................

37,284

35,337

Shares

issued

in

reinvestment

of

distributions

.......................

65,374

20,365

Shares

redeemed

...................

(53,877)

(59,112)

Net

increase

(decrease)

in

shares

outstanding

........................

48,781

(3,410)

Institutional

Class

Shares

sold

.......................

691,123

402,658

460,494

857,951

Shares

issued

in

reinvestment

of

distributions

.......................

641,994

219,657

202,638

273,787

Shares

redeemed

...................

(521,756)

(623,954)

(882,919)

(3,346,794)

Net

increase

(decrease)

in

shares

outstanding

........................

811,361

(1,639)

(219,787)

(2,215,056)

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

49

Global

Opportunities

Fund

Global

Environmental

Markets

Fund

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Increase

(decrease)

in

net

assets:

Operations:

Investment

income,

net

............

$465,645

$434,752

$12,118,257

$15,609,422

Net

realized

gain

on

investments

and

foreign

currency

transactions

......

5,761,312

2,027,767

130,849,397

47,580,610

Change

in

unrealized

appreciation

(depreciation)

on

investments

and

foreign

currency

translations

......

1,336,233

14,115,946

(12,166,248)

295,865,601

Net

increase

in

net

assets

resulting

from

operations

.............

7,563,190

16,578,465

130,801,406

359,055,633

Distributions

from

distributable

earning

-

Investor

Class

...................

(218,609)

(14,860)

(7,426,368)

(1,165,858)

Distributions

from

distributable

earning

-

Class

A

........................

(818,064)

(121,806)

Distributions

from

distributable

earning

-

Institutional

Class

................

(3,374,273)

(379,048)

(98,172,152)

(17,275,428)

Total

distributions

to

shareholders

.....

(3,592,882)

(393,908)

(106,416,584)

(18,563,092)

From

capital

share

transactions:

Investor

Class

Proceeds

from

shares

sold

...........

1,719,780

2,874,168

8,190,983

11,801,181

Proceeds

from

reinvestment

of

distributions

....................

209,394

14,541

7,147,897

1,109,598

Cost

of

shares

redeemed

............

(1,864,636)

(1,394,501)

(33,370,783)

(27,944,829)

Net

increase

(decrease)

from

Investor

Class

transactions

...............

64,538

1,494,208

(18,031,903)

(15,034,050)

Class

A

Proceeds

from

shares

sold

...........

2,333,493

2,279,083

Proceeds

from

reinvestment

of

distributions

....................

760,749

110,885

Cost

of

shares

redeemed

............

(4,608,085)

(3,025,083)

Net

decrease

from

Class

A

transactions

.

(1,513,843)

(635,115)

Institutional

Class

Proceeds

from

shares

sold

...........

15,390,881

15,063,023

319,771,375

430,361,238

Proceeds

from

reinvestment

of

distributions

....................

3,287,781

374,782

91,998,475

16,046,237

Cost

of

shares

redeemed

............

(18,849,494)

(15,725,149)

(581,186,495)

(533,482,046)

Net

decrease

from

Institutional

Class

transactions

....................

(170,832)

(287,344)

(169,416,645)

(87,074,571)

Net

increase

(decrease)

from

capital

share

transactions

......................

(106,294)

1,206,864

(188,962,391)

(102,743,736)

Net

increase

(decrease)

in

net

assets

.....................

3,864,014

17,391,421

(164,577,569)

237,748,805

Net

assets

Beginning

of

period

................

122,131,680

104,740,259

2,446,425,477

2,208,676,672

End

of

period

.....................

$125,995,694

$122,131,680

$2,281,847,908

$2,446,425,477

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

50

Global

Opportunities

Fund

Global

Environmental

Markets

Fund

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Shares

of

Beneficial

Interest:

Investor

Class

Shares

sold

.......................

104,228

193,824

346,289

569,716

Shares

issued

in

reinvestment

of

distributions

.......................

12,787

964

313,579

52,538

Shares

redeemed

...................

(112,188)

(94,374)

(1,399,731)

(1,349,313)

Net

increase

(decrease)

in

shares

outstanding

........................

4,827

100,414

(739,863)

(727,059)

Class

A

Shares

sold

.......................

98,099

107,937

Shares

issued

in

reinvestment

of

distributions

.......................

33,437

5,260

Shares

redeemed

...................

(196,694)

(145,875)

Net

decrease

in

shares

outstanding

......

(65,158)

(32,678)

Institutional

Class

Shares

sold

.......................

889,118

1,019,972

13,323,985

20,887,675

Shares

issued

in

reinvestment

of

distributions

.......................

199,055

24,738

3,985,963

753,344

Shares

redeemed

...................

(1,109,673)

(1,045,531)

(24,102,281)

(25,888,175)

Net

decrease

in

shares

outstanding

......

(21,500)

(821)

(6,792,333)

(4,247,156)

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

51

Global

Social

Leaders

Fund

Global

Women’s

Leadership

Fund

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

1

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Increase

(decrease)

in

net

assets:

Operations:

Investment

income,

net

............

$13,270

$730

$12,121,796

$17,213,036

Net

realized

gain

on

investments

and

foreign

currency

transactions

......

13,426

11,484

84,049,848

1,644,726

Change

in

unrealized

appreciation

(depreciation)

on

investments

and

foreign

currency

translations

......

117,110

68,104

(5,570,264)

115,753,552

Net

increase

in

net

assets

resulting

from

operations

.............

143,806

80,318

90,601,380

134,611,314

Distributions

from

distributable

earning

-

Investor

Class

...................

(2,188)

—

(12,476,824)

(2,236,408)

Distributions

from

distributable

earning

-

Institutional

Class

................

(51,925)

—

(55,223,742)

(12,284,755)

Total

distributions

to

shareholders

.....

(54,113)

—

(67,700,566)

(14,521,163)

From

capital

share

transactions:

Investor

Class

Proceeds

from

shares

sold

...........

96,682

2,000

8,659,276

9,049,641

Proceeds

from

reinvestment

of

distributions

....................

2,186

—

11,774,946

2,125,123

Cost

of

shares

redeemed

............

(8,458)

—

(23,477,040)

(15,662,661)

Net

increase

(decrease)

from

Investor

Class

transactions

...............

90,410

2,000

(3,042,818)

(4,487,897)

Institutional

Class

Proceeds

from

shares

sold

...........

2,500

1,500,500

57,517,696

77,271,261

Proceeds

from

reinvestment

of

distributions

....................

49,272

—

49,813,790

11,089,075

Cost

of

shares

redeemed

............

(1,585)

—

(232,111,629)

(141,586,581)

Net

increase

(decrease)

from

Institutional

Class

transactions

...............

50,187

1,500,500

(124,780,143)

(53,226,245)

Net

increase

(decrease)

from

capital

share

transactions

......................

140,597

1,502,500

(127,822,961)

(57,714,142)

Net

increase

(decrease)

in

net

assets

.....................

230,290

1,582,818

(104,922,147)

62,376,009

Net

assets

Beginning

of

period

................

1,582,818

—

833,472,987

771,096,978

End

of

period

.....................

$1,813,108

$1,582,818

$728,550,840

$833,472,987

Shares

of

Beneficial

Interest:

Investor

Class

Shares

sold

.......................

8,762

196

262,956

305,425

Shares

issued

in

reinvestment

of

distributions

.......................

196

—

361,238

72,332

Shares

redeemed

...................

(752)

—

(709,396)

(536,671)

Net

increase

(decrease)

in

shares

outstanding

........................

8,206

196

(85,202)

(158,914)

Institutional

Class

Shares

sold

.......................

239

150,043

1,726,448

2,634,666

Shares

issued

in

reinvestment

of

distributions

.......................

4,419

—

1,514,612

374,884

Shares

redeemed

...................

(144)

—

(6,970,769)

(4,830,605)

Net

increase

(decrease)

in

shares

outstanding

........................

4,514

150,043

(3,729,709)

(1,821,055)

1

For

the

period

November

30,

2023

(commencement

of

operations)

to

December

31,

2023.

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

52

International

Sustainable

Economy

Fund

Core

Bond

Fund

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Increase

(decrease)

in

net

assets:

Operations:

Investment

income,

net

............

$30,023,134

$26,351,376

$32,974,290

$26,843,481

Net

realized

gain

(loss)

on

investments

and

foreign

currency

transactions

...

39,759,261

13,521,314

(6,316,373)

(34,327,063)

Change

in

unrealized

appreciation

(depreciation)

on

investments

and

foreign

currency

translations

......

(13,609,138)

130,912,287

(13,111,232)

54,314,513

Net

increase

in

net

assets

resulting

from

operations

.............

56,173,257

170,784,977

13,546,685

46,830,931

Distributions

from

distributable

earning

-

Investor

Class

...................

(2,846,375)

(1,881,323)

(426,881)

(348,254)

Distributions

from

distributable

earning

-

Institutional

Class

................

(38,290,694)

(24,395,730)

(32,164,241)

(26,643,485)

Total

distributions

to

shareholders

.....

(41,137,069)

(26,277,053)

(32,591,122)

(26,991,739)

From

capital

share

transactions:

Investor

Class

Proceeds

from

shares

sold

...........

29,582,926

15,657,230

2,644,757

1,937,326

Proceeds

from

reinvestment

of

distributions

....................

2,782,881

1,835,216

420,817

342,714

Cost

of

shares

redeemed

............

(28,471,080)

(24,354,546)

(1,995,869)

(2,647,733)

Net

increase

(decrease)

from

Investor

Class

transactions

...............

3,894,727

(6,862,100)

1,069,705

(367,693)

Institutional

Class

Proceeds

from

shares

sold

...........

242,292,306

317,581,544

31,023,844

80,487,309

Proceeds

from

reinvestment

of

distributions

....................

34,196,322

21,741,020

32,139,783

26,624,724

Cost

of

shares

redeemed

............

(205,837,635)

(167,131,042)

(106,126,112)

(29,894,603)

Net

increase

(decrease)

from

Institutional

Class

transactions

...............

70,650,993

172,191,522

(42,962,485)

77,217,430

Net

increase

(decrease)

from

capital

share

transactions

......................

74,545,720

165,329,422

(41,892,780)

76,849,737

Net

increase

(decrease)

in

net

assets

.....................

89,581,908

309,837,346

(60,937,217)

96,688,929

Net

assets

Beginning

of

period

................

1,135,722,238

825,884,892

896,338,289

799,649,360

End

of

period

.....................

$1,225,304,146

$1,135,722,238

$835,401,072

$896,338,289

Shares

of

Beneficial

Interest:

Investor

Class

Shares

sold

.......................

2,712,668

1,632,660

302,540

219,989

Shares

issued

in

reinvestment

of

distributions

.......................

261,478

187,653

47,948

39,409

Shares

redeemed

...................

(2,623,070)

(2,536,509)

(228,129)

(303,303)

Net

increase

(decrease)

in

shares

outstanding

........................

351,076

(716,196)

122,359

(43,905)

Institutional

Class

Shares

sold

.......................

23,010,763

33,749,031

3,533,613

9,223,481

Shares

issued

in

reinvestment

of

distributions

.......................

3,289,155

2,268,195

3,664,867

3,065,212

Shares

redeemed

...................

(19,549,571)

(17,833,583)

(12,064,273)

(3,441,961)

Net

increase

(decrease)

in

shares

outstanding

........................

6,750,347

18,183,643

(4,865,793)

8,846,732

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

53

High

Yield

Bond

Fund

Sustainable

Allocation

Fund

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Increase

(decrease)

in

net

assets:

Operations:

Investment

income,

net

............

$30,643,753

$33,569,533

$47,194,667

$42,470,600

Net

realized

gain

(loss)

on

investments

and

foreign

currency

transactions

...

(28,337,498)

(31,167,670)

154,790,479

38,893,816

Change

in

unrealized

appreciation

(depreciation)

on

investments

and

foreign

currency

translations

......

30,097,121

58,038,234

(31,182,453)

195,735,869

Net

increase

in

net

assets

resulting

from

operations

.............

32,403,376

60,440,097

170,802,693

277,100,285

Distributions

from

distributable

earning

-

Investor

Class

...................

(7,028,433)

(7,542,543)

(49,450,416)

(45,872,248)

Distributions

from

distributable

earning

-

Class

A

........................

(242,200)

(254,040)

Distributions

from

distributable

earning

-

Institutional

Class

................

(23,776,319)

(25,583,018)

(35,498,005)

(31,260,658)

Total

distributions

to

shareholders

.....

(31,046,952)

(33,379,601)

(84,948,421)

(77,132,906)

From

capital

share

transactions:

Investor

Class

Proceeds

from

shares

sold

...........

36,114,697

57,534,255

25,087,500

29,864,960

Proceeds

from

reinvestment

of

distributions

....................

6,780,935

7,273,144

47,955,255

44,535,448

Cost

of

shares

redeemed

............

(51,064,614)

(77,799,598)

(159,207,569)

(121,185,568)

Net

decrease

from

Investor

Class

transactions

....................

(8,168,982)

(12,992,199)

(86,164,814)

(46,785,160)

Class

A

Proceeds

from

shares

sold

...........

1,049,016

1,324,300

Proceeds

from

reinvestment

of

distributions

....................

221,905

235,341

Cost

of

shares

redeemed

............

(1,219,494)

(2,519,498)

Net

increase

(decrease)

from

Class

A

transactions

....................

51,427

(959,857)

Institutional

Class

Proceeds

from

shares

sold

...........

66,472,637

101,930,431

103,649,295

101,111,466

Proceeds

from

reinvestment

of

distributions

....................

21,217,319

23,041,969

34,300,051

30,216,167

Cost

of

shares

redeemed

............

(103,027,378)

(161,330,997)

(133,945,754)

(130,125,953)

Net

increase

(decrease)

from

Institutional

Class

transactions

...............

(15,337,422)

(36,358,597)

4,003,592

1,201,680

Net

decrease

from

capital

share

transactions

......................

(23,454,977)

(50,310,653)

(82,161,222)

(45,583,480)

Net

increase

(decrease)

in

net

assets

.....................

(22,098,553)

(23,250,157)

3,693,050

154,383,899

Net

assets

Beginning

of

period

................

563,341,497

586,591,654

2,299,314,670

2,144,930,771

End

of

period

.....................

$541,242,944

$563,341,497

$2,303,007,720

$2,299,314,670

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

54

High

Yield

Bond

Fund

Sustainable

Allocation

Fund

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Shares

of

Beneficial

Interest:

Investor

Class

Shares

sold

.......................

6,052,884

9,926,021

968,288

1,261,704

Shares

issued

in

reinvestment

of

distributions

.......................

1,128,265

1,251,751

1,862,353

1,815,685

Shares

redeemed

...................

(8,537,234)

(13,418,558)

(6,119,449)

(5,080,036)

Net

decrease

in

shares

outstanding

......

(1,356,085)

(2,240,786)

(3,288,808)

(2,002,647)

Class

A

Shares

sold

.......................

174,799

226,293

Shares

issued

in

reinvestment

of

distributions

.......................

36,830

40,397

Shares

redeemed

...................

(203,259)

(426,883)

Net

increase

(decrease)

in

shares

outstanding

........................

8,370

(160,193)

Institutional

Class

Shares

sold

.......................

11,060,148

17,630,654

3,882,704

4,129,846

Shares

issued

in

reinvestment

of

distributions

.......................

3,541,201

3,977,547

1,301,749

1,207,066

Shares

redeemed

...................

(17,216,324)

(27,952,309)

(5,045,148)

(5,304,628)

Net

increase

(decrease)

in

shares

outstanding

........................

(2,614,975)

(6,344,108)

139,305

32,284

Financial

Highlights

Impax

Large

Cap

Fund

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

55

a

Year

Ended

December

31,

2024

2023

2022

2021

2020

Investor

Class

Net

asset

value,

beginning

of

year

...................

$13.24

$11.52

$14.82

$12.02

$10.38

Net

investment

income

1

.........................

0.08

0.09

0.06

0.03

0.06

Net

realized

and

unrealized

gains

(losses)

...........

1.75

2.20

(3.02)

3.63

2.38

Total

from

investment

operations

....................

1.83

2.29

(2.96)

3.66

2.44

Distributions

to

shareholders

From

net

investment

income

.....................

0.10

0.10

0.08

0.03

0.07

From

net

realized

gains

.........................

2.24

0.47

0.26

0.83

0.73

Total

distributions

...............................

2.34

0.57

0.34

0.86

0.80

Net

asset

value,

end

of

year

.......................

$12.73

$13.24

$11.52

$14.82

$12.02

Total

return

2

...................................

13.72%

19.90%

(19.99)%

30.57%

23.75%

Net

assets,

end

of

period

(in

$000’s)

.................

$65,658

$58,218

$56,667

$57,965

$21,351

Ratios

to

average

net

assets

Net

expenses

including

reimbursements

and

waivers

....

0.98%

0.98%

0.97%

0.97%

0.95%

Net

investment

income

...........................

0.57%

0.71%

0.49%

0.22%

0.51%

Total

expenses

excluding

reimbursements

and

waivers

...

0.98%

0.98%

0.97%

0.97%

0.95%

Portfolio

Turnover

...............................

36%

44%

34%

25%

43%

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

Financial

Highlights

Impax

Large

Cap

Fund

(continued)

www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

56

a

Year

Ended

December

31,

2024

2023

2022

2021

2020

Institutional

Class

Net

asset

value,

beginning

of

year

...................

$13.28

$11.56

$14.87

$12.05

$10.40

Net

investment

income

1

.........................

0.12

0.12

0.09

0.07

0.09

Net

realized

and

unrealized

gains

(losses)

...........

1.75

2.20

(3.03)

3.64

2.38

Total

from

investment

operations

....................

1.87

2.32

(2.94)

3.71

2.47

Distributions

to

shareholders

From

net

investment

income

.....................

0.13

0.13

0.11

0.06

0.09

From

net

realized

gains

.........................

2.24

0.47

0.26

0.83

0.73

Total

distributions

...............................

2.37

0.60

0.37

0.89

0.82

Net

asset

value,

end

of

year

.......................

$12.78

$13.28

$11.56

$14.87

$12.05

Total

return

2

...................................

14.02%

20.12%

(19.77)%

30.92%

23.99%

Net

assets,

end

of

period

(in

$000’s)

.................

$1,303,427

$1,384,959

$1,291,988

$1,511,547

$1,020,242

Ratios

to

average

net

assets

Net

expenses

including

reimbursements

and

waivers

....

0.73%

0.73%

0.72%

0.71%

0.70%

Net

investment

income

...........................

0.81%

0.96%

0.73%

0.47%

0.84%

Total

expenses

excluding

reimbursements

and

waivers

...

0.73%

0.73%

0.72%

0.71%

0.70%

Portfolio

Turnover

...............................

36%

44%

34%

25%

43%

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

Financial

Highlights

Impax

Small

Cap

Fund

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

57

a

Year

Ended

December

31,

2024

2023

2022

2021

2020

Investor

Class

Net

asset

value,

beginning

of

year

...................

$15.96

$14.06

$18.72

$15.78

$14.67

Net

investment

income

(loss)

1

....................

(0.01)

(0.02)

(0.03)

0.08

(0.03)

Net

realized

and

unrealized

gains

(losses)

...........

2.33

1.92

(4.28)

4.66

1.75

Total

from

investment

operations

....................

2.32

1.90

(4.31)

4.74

1.72

Distributions

to

shareholders

From

net

investment

income

.....................

—

—

—

0.04

—

From

net

realized

gains

.........................

0.90

—

0.35

1.76

0.61

Total

distributions

...............................

0.90

—

0.35

1.80

0.61

Net

asset

value,

end

of

year

.......................

$17.38

$15.96

$14.06

$18.72

$15.78

Total

return

2

...................................

14.51%

13.51%

(22.97)%

30.26%

11.77%

Net

assets,

end

of

period

(in

$000’s)

.................

$93,020

$96,548

$93,090

$125,234

$102,582

Ratios

to

average

net

assets

Net

expenses

including

reimbursements

and

waivers

....

1.15%

1.16%

1.16%

1.15%

1.19%

Net

investment

income

(loss)

......................

(0.05)%

(0.11)%

(0.23)%

3

0.44%

(0.23)%

Total

expenses

excluding

reimbursements

and

waivers

...

1.15%

1.16%

1.16%

1.15%

1.19%

Portfolio

Turnover

...............................

48%

43%

38%

44%

73%

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

3

In

2022

the

Adviser

reimbursed

the

Fund

losses

related

to

a

trading

error

in

the

amount

of

$63,091.

Before

the

reimbursement

by

the

Adviser,

total

return

for

Investor

Class

shares

would

have

remained

the

same

at

(22.97%).

The

Net

Investment

Income

for

Investor

Class

shares

would

have

been

(0.24%).

Financial

Highlights

Impax

Small

Cap

Fund

(continued)

www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

58

a

Year

Ended

December

31,

2024

2023

2022

2021

2020

Class

A

Net

asset

value,

beginning

of

year

...................

$15.91

$14.01

$18.66

$15.73

$14.63

Net

investment

income

(loss)

1

....................

(0.01)

(0.02)

(0.03)

0.08

(0.03)

Net

realized

and

unrealized

gains

(losses)

...........

2.32

1.92

(4.27)

4.65

1.74

Total

from

investment

operations

....................

2.31

1.90

(4.30)

4.73

1.71

Distributions

to

shareholders

From

net

investment

income

.....................

—

—

—

0.04

—

From

net

realized

gains

.........................

0.90

—

0.35

1.76

0.61

Total

distributions

...............................

0.90

—

0.35

1.80

0.61

Net

asset

value,

end

of

year

.......................

$17.32

$15.91

$14.01

$18.66

$15.73

Total

return

2

...................................

14.49%

13.56%

(23.03)%

30.29%

11.73%

Net

assets,

end

of

period

(in

$000’s)

.................

$12,763

$11,700

$10,895

$14,305

$10,948

Ratios

to

average

net

assets

Net

expenses

including

reimbursements

and

waivers

....

1.15%

1.16%

1.16%

1.15%

1.19%

Net

investment

income

(loss)

......................

(0.05)%

(0.10)%

(0.23)%

3

0.44%

(0.23)%

Total

expenses

excluding

reimbursements

and

waivers

...

1.15%

1.16%

1.16%

1.15%

1.19%

Portfolio

Turnover

...............................

48%

43%

38%

44%

73%

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

3

In

2022

the

Adviser

reimbursed

the

Fund

losses

related

to

a

trading

error

in

the

amount

of

$63,091.

Before

the

reimbursement

by

the

Adviser,

total

return

for

Class

A

shares

would

have

remained

the

same

at

(23.03%).

The

Net

Investment

Income

for

Class

A

shares

would

have

been

(0.22%).

Financial

Highlights

Impax

Small

Cap

Fund

(continued)

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

59

a

Year

Ended

December

31,

2024

2023

2022

2021

2020

Institutional

Class

Net

asset

value,

beginning

of

year

...................

$16.26

$14.29

$18.99

$15.99

$14.82

Net

investment

income

1

.........................

0.04

0.02

0.01

0.14

—

Net

realized

and

unrealized

gains

(losses)

...........

2.37

1.95

(4.34)

4.71

1.78

Total

from

investment

operations

....................

2.41

1.97

(4.33)

4.85

1.78

Distributions

to

shareholders

From

net

investment

income

.....................

0.02

—

0.02

0.09

—

From

net

realized

gains

.........................

0.90

—

0.35

1.76

0.61

Total

distributions

...............................

0.92

—

0.37

1.85

0.61

Net

asset

value,

end

of

year

.......................

$17.75

$16.26

$14.29

$18.99

$15.99

Total

return

2

...................................

14.79%

13.79%

(22.80)%

30.54%

12.06%

Net

assets,

end

of

period

(in

$000’s)

.................

$620,214

$568,779

$484,498

$603,123

$352,709

Ratios

to

average

net

assets

Net

expenses

including

reimbursements

and

waivers

....

0.90%

0.91%

0.91%

0.90%

0.94%

Net

investment

income

...........................

0.21%

0.15%

0.03%

3

0.73%

0.02%

Total

expenses

excluding

reimbursements

and

waivers

...

0.90%

0.91%

0.91%

0.90%

0.94%

Portfolio

Turnover

...............................

48%

43%

38%

44%

73%

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

3

In

2022

the

Adviser

reimbursed

the

Fund

losses

related

to

a

trading

error

in

the

amount

of

$63,091.

Before

the

reimbursement

by

the

Adviser,

total

return

for

Institutional

Class

shares

would

have

remained

the

same

at

(22.80%).

The

Net

Investment

Income

for

Institutional

Class

shares

would

have

been

0.02%.

Financial

Highlights

Impax

US

Sustainable

Economy

Fund

www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

60

a

Year

Ended

December

31,

2024

2023

2022

2021

2020

Investor

Class

Net

asset

value,

beginning

of

year

...................

$22.51

$19.19

$25.28

$23.78

$21.41

Net

investment

income

1

.........................

0.22

0.23

0.22

0.20

0.23

Net

realized

and

unrealized

gains

(losses)

...........

4.39

4.42

(4.84)

6.83

2.60

Total

from

investment

operations

....................

4.61

4.65

(4.62)

7.03

2.83

Distributions

to

shareholders

From

net

investment

income

.....................

0.49

0.10

0.37

0.20

0.22

From

net

realized

gains

.........................

3.31

1.23

1.06

5.33

0.24

Tax

return

of

capital

............................

—

—

0.04

—

—

Total

distributions

...............................

3.80

1.33

1.47

5.53

0.46

Net

asset

value,

end

of

year

.......................

$23.32

$22.51

$19.19

$25.28

$23.78

Total

return

2

...................................

20.41%

24.39%

(18.25)%

30.02%

13.34%

Net

assets,

end

of

period

(in

$000’s)

.................

$206,720

$185,687

$159,822

$205,407

$170,315

Ratios

to

average

net

assets

Net

expenses

including

reimbursements

and

waivers

....

0.71%

0.70%

0.70%

0.74%

0.90%

Net

investment

income

...........................

0.87%

1.06%

1.01%

0.74%

1.10%

Total

expenses

excluding

reimbursements

and

waivers

...

0.88%

0.88%

0.88%

0.88%

0.90%

Portfolio

Turnover

...............................

45%

43%

37%

47%

65%

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

Financial

Highlights

Impax

US

Sustainable

Economy

Fund

(continued)

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

61

a

Year

Ended

December

31,

2024

2023

2022

2021

2020

Class

A

Net

asset

value,

beginning

of

year

...................

$22.41

$19.11

$25.18

$23.71

$21.35

Net

investment

income

1

.........................

0.22

0.22

0.22

0.20

0.23

Net

realized

and

unrealized

gains

(losses)

...........

4.36

4.42

(4.82)

6.80

2.59

Total

from

investment

operations

....................

4.58

4.64

(4.60)

7.00

2.82

Distributions

to

shareholders

From

net

investment

income

.....................

0.49

0.11

0.37

0.20

0.22

From

net

realized

gains

.........................

3.31

1.23

1.06

5.33

0.24

Tax

return

of

capital

............................

—

—

0.04

—

—

Total

distributions

...............................

3.80

1.34

1.47

5.53

0.46

Net

asset

value,

end

of

year

.......................

$23.19

$22.41

$19.11

$25.18

$23.71

Total

return

2

...................................

20.37%

24.39%

(18.24)%

29.99%

13.33%

Net

assets,

end

of

period

(in

$000’s)

.................

$10,932

$9,469

$8,142

$10,150

$6,599

Ratios

to

average

net

assets

Net

expenses

including

reimbursements

and

waivers

....

0.71%

0.70%

0.70%

0.74%

0.90%

Net

investment

income

...........................

0.87%

1.06%

1.01%

0.74%

1.11%

Total

expenses

excluding

reimbursements

and

waivers

...

0.87%

0.88%

0.88%

0.88%

0.90%

Portfolio

Turnover

...............................

45%

43%

37%

47%

65%

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

Financial

Highlights

Impax

US

Sustainable

Economy

Fund

(continued)

www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

62

a

Year

Ended

December

31,

2024

2023

2022

2021

2020

Institutional

Class

Net

asset

value,

beginning

of

year

...................

$23.53

$19.99

$26.25

$24.52

$22.07

Net

investment

income

1

.........................

0.30

0.29

0.28

0.28

0.29

Net

realized

and

unrealized

gains

(losses)

...........

4.58

4.61

(5.02)

7.05

2.67

Total

from

investment

operations

....................

4.88

4.90

(4.74)

7.33

2.96

Distributions

to

shareholders

From

net

investment

income

.....................

0.55

0.13

0.42

0.27

0.27

From

net

realized

gains

.........................

3.31

1.23

1.06

5.33

0.24

Tax

return

of

capital

............................

—

—

0.04

—

—

Total

distributions

...............................

3.86

1.36

1.52

5.60

0.51

Net

asset

value,

end

of

year

.......................

$24.55

$23.53

$19.99

$26.25

$24.52

Total

return

2

...................................

20.69%

24.65%

(18.01)%

30.35%

13.57%

Net

assets,

end

of

period

(in

$000’s)

.................

$118,840

$94,815

$80,572

$98,866

$79,301

Ratios

to

average

net

assets

Net

expenses

including

reimbursements

and

waivers

....

0.46%

0.45%

0.45%

0.49%

0.65%

Net

investment

income

...........................

1.12%

1.31%

1.27%

0.99%

1.35%

Total

expenses

excluding

reimbursements

and

waivers

...

0.62%

0.63%

0.63%

0.63%

0.65%

Portfolio

Turnover

...............................

45%

43%

37%

47%

65%

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

Financial

Highlights

Impax

Global

Sustainable

Infrastructure

Fund

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

63

a

Year

Ended

December

31,

2024

2023

2022

2021

2020

Investor

Class

Net

asset

value,

beginning

of

year

...................

$9.10

$8.53

$10.11

$14.17

$12.78

Net

investment

income

1

.........................

0.19

0.22

0.24

0.41

0.23

Net

realized

and

unrealized

gains

(losses)

...........

(0.33)

0.57

(1.61)

1.48

1.56

Total

from

investment

operations

....................

(0.14)

0.79

(1.37)

1.89

1.79

Distributions

to

shareholders

From

net

investment

income

.....................

0.18

0.22

0.21

0.32

0.21

From

net

realized

gains

.........................

—

—

—

5.63

0.19

Total

distributions

...............................

0.18

0.22

0.21

5.95

0.40

Net

asset

value,

end

of

year

.......................

$8.78

$9.10

$8.53

$10.11

$14.17

Total

return

2

...................................

(1.56)%

9.33%

(13.44)%

13.98%

14.25%

Net

assets,

end

of

period

(in

$000’s)

.................

$5,787

$6,448

$5,816

$5,432

$4,014

Ratios

to

average

net

assets

Net

expenses

including

reimbursements

and

waivers

....

0.87%

0.80%

0.80%

0.83%

0.90%

Net

investment

income

...........................

2.01%

2.45%

2.64%

2.70%

1.80%

Total

expenses

excluding

reimbursements

and

waivers

...

0.90%

0.90%

0.90%

0.90%

0.90%

Portfolio

Turnover

...............................

34%

89%

54%

127%

93%

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

Financial

Highlights

Impax

Global

Sustainable

Infrastructure

Fund

(continued)

www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

64

a

Year

Ended

December

31,

2024

2023

2022

2021

2020

Institutional

Class

Net

asset

value,

beginning

of

year

...................

$9.14

$8.57

$10.16

$14.21

$12.81

Net

investment

income

1

.........................

0.21

0.24

0.26

0.43

0.26

Net

realized

and

unrealized

gains

(losses)

...........

(0.32)

0.57

(1.62)

1.51

1.57

Total

from

investment

operations

....................

(0.11)

0.81

(1.36)

1.94

1.83

Distributions

to

shareholders

From

net

investment

income

.....................

0.21

0.24

0.23

0.36

0.24

From

net

realized

gains

.........................

—

—

—

5.63

0.19

Total

distributions

...............................

0.21

0.24

0.23

5.99

0.43

Net

asset

value,

end

of

year

.......................

$8.82

$9.14

$8.57

$10.16

$14.21

Total

return

2

...................................

(1.30)%

9.55%

(13.25)%

14.27%

14.54%

Net

assets,

end

of

period

(in

$000’s)

.................

$82,453

$87,457

$101,022

$92,244

$136,036

Ratios

to

average

net

assets

Net

expenses

including

reimbursements

and

waivers

....

0.62%

0.55%

0.55%

0.58%

0.65%

Net

investment

income

...........................

2.26%

2.69%

2.89%

2.81%

2.06%

Total

expenses

excluding

reimbursements

and

waivers

...

0.65%

0.65%

0.65%

0.65%

0.65%

Portfolio

Turnover

...............................

34%

89%

54%

127%

93%

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

Financial

Highlights

Impax

Global

Opportunities

Fund

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

65

a

Year

Ended

December

31,

2024

2023

2022

2021

2020

Investor

Class

Net

asset

value,

beginning

of

year

...................

$15.73

$13.69

$17.09

$14.66

$12.04

Net

investment

income

(loss)

1

....................

0.02

0.02

0.01

(0.02)

(0.01)

Net

realized

and

unrealized

gains

(losses)

...........

0.95

2.05

(3.20)

2.76

2.75

Total

from

investment

operations

....................

0.97

2.07

(3.19)

2.74

2.74

Distributions

to

shareholders

From

net

investment

income

.....................

0.05

0.03

0.03

—

—

From

net

realized

gains

.........................

0.41

—

0.18

0.31

0.12

Total

distributions

...............................

0.46

0.03

0.21

0.31

0.12

Net

asset

value,

end

of

year

.......................

$16.24

$15.73

$13.69

$17.09

$14.66

Total

return

2

...................................

6.14%

15.16%

(18.66)%

18.69%

22.76%

Net

assets,

end

of

period

(in

$000’s)

.................

$7,952

$7,627

$5,260

$5,784

$3,401

Ratios

to

average

net

assets

Net

expenses

including

reimbursements

and

waivers

....

1.23%

1.23%

1.23%

1.21%

1.18%

Net

investment

income

(loss)

......................

0.14%

0.12%

0.09%

(0.15)%

(0.06)%

Total

expenses

excluding

reimbursements

and

waivers

...

1.33%

1.33%

1.33%

1.32%

1.56%

Portfolio

Turnover

...............................

32%

33%

38%

30%

34%

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

Financial

Highlights

Impax

Global

Opportunities

Fund

(continued)

www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

66

a

Year

Ended

December

31,

2024

2023

2022

2021

2020

Institutional

Class

Net

asset

value,

beginning

of

year

...................

$15.83

$13.75

$17.15

$14.69

$12.04

Net

investment

income

1

.........................

0.06

0.06

0.05

0.02

0.02

Net

realized

and

unrealized

gains

(losses)

...........

0.96

2.07

(3.22)

2.76

2.76

Total

from

investment

operations

....................

1.02

2.13

(3.17)

2.78

2.78

Distributions

to

shareholders

From

net

investment

income

.....................

0.07

0.05

0.05

0.01

0.01

From

net

realized

gains

.........................

0.41

—

0.18

0.31

0.12

Total

distributions

...............................

0.48

0.05

0.23

0.32

0.13

Net

asset

value,

end

of

year

.......................

$16.37

$15.83

$13.75

$17.15

$14.69

Total

return

2

...................................

6.41%

15.50%

(18.49)%

18.96%

23.12%

Net

assets,

end

of

period

(in

$000’s)

.................

$118,044

$114,505

$99,480

$137,236

$65,644

Ratios

to

average

net

assets

Net

expenses

including

reimbursements

and

waivers

....

0.98%

0.98%

0.98%

0.96%

0.94%

Net

investment

income

...........................

0.37%

0.39%

0.34%

0.11%

0.17%

Total

expenses

excluding

reimbursements

and

waivers

...

1.08%

1.08%

1.08%

1.07%

1.31%

Portfolio

Turnover

...............................

32%

33%

38%

30%

34%

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

Financial

Highlights

Impax

Global

Environmental

Markets

Fund

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

67

a

Year

Ended

December

31,

2024

2023

2022

2021

2020

Investor

Class

Net

asset

value,

beginning

of

year

...................

$22.47

$19.41

$25.22

$21.08

$16.85

Net

investment

income

1

.........................

0.06

0.09

0.07

0.14

0.09

Net

realized

and

unrealized

gains

(losses)

...........

1.04

3.11

(5.78)

4.48

4.22

Total

from

investment

operations

....................

1.10

3.20

(5.71)

4.62

4.31

Distributions

to

shareholders

From

net

investment

income

.....................

0.10

0.14

0.04

0.13

0.08

From

net

realized

gains

.........................

0.96

—

0.06

0.35

—

Total

distributions

...............................

1.06

0.14

0.10

0.48

0.08

Net

asset

value,

end

of

year

.......................

$22.51

$22.47

$19.41

$25.22

$21.08

Total

return

2

...................................

4.87%

16.55%

(22.62)%

21.95%

25.71%

Net

assets,

end

of

period

(in

$000’s)

.................

$160,953

$177,310

$167,290

$227,902

$175,040

Ratios

to

average

net

assets

Net

expenses

including

reimbursements

and

waivers

....

1.14%

1.16%

1.16%

1.15%

1.20%

Net

investment

income

...........................

0.26%

0.44%

0.37%

0.61%

0.55%

Total

expenses

excluding

reimbursements

and

waivers

...

1.14%

1.16%

1.16%

1.15%

1.20%

Portfolio

Turnover

...............................

30%

26%

35%

18%

25%

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

Financial

Highlights

Impax

Global

Environmental

Markets

Fund

(continued)

www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

68

a

Year

Ended

December

31,

2024

2023

2022

2021

2020

Class

A

Net

asset

value,

beginning

of

year

...................

$22.44

$19.38

$25.17

$21.05

$16.83

Net

investment

income

1

.........................

0.06

0.09

0.07

0.14

0.09

Net

realized

and

unrealized

gains

(losses)

...........

1.03

3.11

(5.76)

4.46

4.21

Total

from

investment

operations

....................

1.09

3.20

(5.69)

4.60

4.30

Distributions

to

shareholders

From

net

investment

income

.....................

0.10

0.14

0.04

0.13

0.08

From

net

realized

gains

.........................

0.96

—

0.06

0.35

—

Total

distributions

...............................

1.06

0.14

0.10

0.48

0.08

Net

asset

value,

end

of

year

.......................

$22.47

$22.44

$19.38

$25.17

$21.05

Total

return

2

...................................

4.84%

16.58%

(22.58)%

21.89%

25.68%

Net

assets,

end

of

period

(in

$000’s)

.................

$17,848

$19,283

$17,292

$22,613

$16,651

Ratios

to

average

net

assets

Net

expenses

including

reimbursements

and

waivers

....

1.14%

1.16%

1.16%

1.15%

1.20%

Net

investment

income

...........................

0.26%

0.43%

0.36%

0.61%

0.54%

Total

expenses

excluding

reimbursements

and

waivers

...

1.14%

1.16%

1.16%

1.15%

1.20%

Portfolio

Turnover

...............................

30%

26%

35%

18%

25%

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

Financial

Highlights

Impax

Global

Environmental

Markets

Fund

(continued)

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

69

a

Year

Ended

December

31,

2024

2023

2022

2021

2020

Institutional

Class

Net

asset

value,

beginning

of

year

...................

$22.70

$19.58

$25.40

$21.23

$16.97

Net

investment

income

1

.........................

0.12

0.14

0.12

0.21

0.14

Net

realized

and

unrealized

gains

(losses)

...........

1.05

3.15

(5.82)

4.49

4.25

Total

from

investment

operations

....................

1.17

3.29

(5.70)

4.70

4.39

Distributions

to

shareholders

From

net

investment

income

.....................

0.13

0.17

0.06

0.18

0.13

From

net

realized

gains

.........................

0.96

—

0.06

0.35

—

Total

distributions

...............................

1.09

0.17

0.12

0.53

0.13

Net

asset

value,

end

of

year

.......................

$22.78

$22.70

$19.58

$25.40

$21.23

Total

return

2

...................................

5.12%

16.85%

(22.39)%

22.23%

26.00%

Net

assets,

end

of

period

(in

$000’s)

.................

$2,103,047

$2,249,833

$2,024,095

$2,495,005

$1,437,952

Ratios

to

average

net

assets

Net

expenses

including

reimbursements

and

waivers

....

0.89%

0.91%

0.91%

0.90%

0.95%

Net

investment

income

...........................

0.51%

0.69%

0.63%

0.87%

0.78%

Total

expenses

excluding

reimbursements

and

waivers

...

0.89%

0.91%

0.91%

0.90%

0.95%

Portfolio

Turnover

...............................

30%

26%

35%

18%

25%

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

Financial

Highlights

Impax

Global

Social

Leaders

Fund

www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

70

a

Year

Ended

December

31,

2024

Period

Ended

December

31,

2023

1

Investor

Class

Net

asset

value,

beginning

of

year

........................................................

$10.53

$10.00

Net

investment

income

2

..............................................................

0.06

0.00

3

Net

realized

and

unrealized

gains

.......................................................

0.85

0.53

Total

from

investment

operations

.........................................................

0.91

0.53

Distributions

to

shareholders

From

net

investment

income

..........................................................

0.10

—

From

net

realized

gains

..............................................................

0.23

—

Total

distributions

....................................................................

0.33

—

Net

asset

value,

end

of

year

............................................................

$11.11

$10.53

Total

return

4

........................................................................

8.61%

5.30%

Net

assets,

end

of

period

(in

$000’s)

......................................................

$93

$2

Ratios

to

average

net

assets

5

Net

expenses

including

reimbursements

and

waivers

.........................................

1.23%

1.23%

Net

investment

income

................................................................

0.50%

0.10%

Total

expenses

excluding

reimbursements

and

waivers

........................................

14.95%

25.89%

Portfolio

Turnover

....................................................................

30%

13%

6

1

For

the

period

from

November

30,

2023

(commencement

of

operations)

through

December

31,

2023.

2

Based

on

average

shares

outstanding

during

the

period.

3

Less

than

$0.005

per

share.

4

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

Total

returns

for

periods

of

less

than

one

year

have

not

been

annualized.

5

Ratios

representing

periods

of

less

than

one

year

have

been

annualized.

6

Not

annualized.

Financial

Highlights

Impax

Global

Social

Leaders

Fund

(continued)

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

71

a

Year

Ended

December

31,

2024

Period

Ended

December

31,

2023

1

Institutional

Class

Net

asset

value,

beginning

of

year

........................................................

$10.54

$10.00

Net

investment

income

2

..............................................................

0.09

0.01

Net

realized

and

unrealized

gains

.......................................................

0.84

0.53

Total

from

investment

operations

.........................................................

0.93

0.54

Distributions

to

shareholders

From

net

investment

income

..........................................................

0.11

—

From

net

realized

gains

..............................................................

0.23

—

Total

distributions

....................................................................

0.34

—

Net

asset

value,

end

of

year

............................................................

$11.13

$10.54

Total

return

3

........................................................................

8.88%

5.40%

Net

assets,

end

of

period

(in

$000’s)

......................................................

$1,720

$1,581

Ratios

to

average

net

assets

4

Net

expenses

including

reimbursements

and

waivers

.........................................

0.98%

0.98%

Net

investment

income

................................................................

0.78%

0.56%

Total

expenses

excluding

reimbursements

and

waivers

........................................

14.70%

25.64%

Portfolio

Turnover

....................................................................

30%

13%

5

1

For

the

period

from

November

30,

2023

(commencement

of

operations)

through

December

31,

2023.

2

Based

on

average

shares

outstanding

during

the

period.

3

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

Total

returns

for

periods

of

less

than

one

year

have

not

been

annualized.

4

Ratios

representing

periods

of

less

than

one

year

have

been

annualized.

5

Not

annualized.

Financial

Highlights

Impax

Ellevate

Global

Women’s

Leadership

Fund

www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

72

a

Year

Ended

December

31,

2024

2023

2022

2021

2020

Investor

Class

Net

asset

value,

beginning

of

year

...................

$31.66

$27.26

$35.14

$30.34

$27.00

Net

investment

income

1

.........................

0.45

0.57

0.42

0.39

0.33

Net

realized

and

unrealized

gains

(losses)

...........

3.35

4.34

(7.45)

4.84

3.32

Total

from

investment

operations

....................

3.80

4.91

(7.03)

5.23

3.65

Distributions

to

shareholders

From

net

investment

income

.....................

0.76

0.51

0.24

0.43

0.31

From

net

realized

gains

.........................

2.31

—

0.61

—

—

Total

distributions

...............................

3.07

0.51

0.85

0.43

0.31

Net

asset

value,

end

of

year

.......................

$32.39

$31.66

$27.26

$35.14

$30.34

Total

return

2

...................................

12.08%

18.14%

(19.98)%

17.27%

13.67%

Net

assets,

end

of

period

(in

$000’s)

.................

$138,288

$137,887

$123,060

$160,749

$130,255

Ratios

to

average

net

assets

Net

expenses

including

reimbursements

and

waivers

....

0.77%

0.77%

0.77%

0.76%

0.78%

Net

investment

income

...........................

1.36%

1.95%

1.42%

1.18%

1.27%

Total

expenses

excluding

reimbursements

and

waivers

...

0.77%

0.77%

0.77%

0.76%

0.78%

Portfolio

Turnover

...............................

63%

32%

45%

43%

3

69%

3

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

3

To

manage

cash

flows,

minimize

trading

costs

and

equitize

cash

balances

in

between

trading

blocks

of

securities,

the

Global

Women’s

Leadership

Fund

utilized

one

or

more

exchange-traded

funds

(ETFs),

the

combination

of

which

is

intended

to

track

the

Fund’s

broad-based

benchmark.

These

investments

are

frequent

and

short-term,

however,

the

Fund

is

required

to

include

such

ETF

investment

activity

in

the

calculation

of

its

portfolio

turnover.

Had

such

transactions

been

excluded,

the

portfolio

turnover

would

have

been

26%

for

the

year

ended

December

31,

2021

and

37%  for

the

year

ended

December

31,

2020.

Financial

Highlights

Impax

Ellevate

Global

Women’s

Leadership

Fund

(continued)

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

73

a

Year

Ended

December

31,

2024

2023

2022

2021

2020

Institutional

Class

Net

asset

value,

beginning

of

year

...................

$31.92

$27.45

$35.33

$30.50

$27.14

Net

investment

income

1

.........................

0.54

0.64

0.49

0.48

0.40

Net

realized

and

unrealized

gains

(losses)

...........

3.37

4.37

(7.48)

4.86

3.34

Total

from

investment

operations

....................

3.91

5.01

(6.99)

5.34

3.74

Distributions

to

shareholders

From

net

investment

income

.....................

0.84

0.54

0.28

0.51

0.38

From

net

realized

gains

.........................

2.31

—

0.61

—

—

Total

distributions

...............................

3.15

0.54

0.89

0.51

0.38

Net

asset

value,

end

of

year

.......................

$32.68

$31.92

$27.45

$35.33

$30.50

Total

return

2

...................................

12.35%

18.41%

(19.76)%

17.56%

13.94%

Net

assets,

end

of

period

(in

$000’s)

.................

$590,263

$695,585

$648,037

$854,540

$619,168

Ratios

to

average

net

assets

Net

expenses

including

reimbursements

and

waivers

....

0.52%

0.52%

0.52%

0.51%

0.53%

Net

investment

income

...........................

1.61%

2.20%

1.67%

1.43%

1.52%

Total

expenses

excluding

reimbursements

and

waivers

...

0.52%

0.52%

0.52%

0.51%

0.53%

Portfolio

Turnover

...............................

63%

32%

45%

43%

3

69%

3

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

3

To

manage

cash

flows,

minimize

trading

costs

and

equitize

cash

balances

in

between

trading

blocks

of

securities,

the

Global

Women’s

Leadership

Fund

utilized

one

or

more

exchange-traded

funds

(ETFs),

the

combination

of

which

is

intended

to

track

the

Fund’s

broad-based

benchmark.

These

investments

are

frequent

and

short-term,

however,

the

Fund

is

required

to

include

such

ETF

investment

activity

in

the

calculation

of

its

portfolio

turnover.

Had

such

transactions

been

excluded,

the

portfolio

turnover

would

have

been

26%

for

the

year

ended

December

31,

2021

and

37%  for

the

year

ended

December

31,

2020.

Financial

Highlights

Impax

International

Sustainable

Economy

Fund

www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

74

a

Year

Ended

December

31,

2024

2023

2022

2021

2020

Investor

Class

Net

asset

value,

beginning

of

year

...................

$10.24

$8.80

$10.99

$10.35

$9.53

Net

investment

income

1

.........................

0.24

0.23

0.21

0.22

0.17

Net

realized

and

unrealized

gains

(losses)

...........

0.26

1.42

(2.19)

0.90

0.81

Total

from

investment

operations

....................

0.50

1.65

(1.98)

1.12

0.98

Distributions

to

shareholders

From

net

investment

income

.....................

0.25

0.21

0.21

0.23

0.16

From

net

realized

gains

.........................

0.08

—

—

0.25

—

Total

distributions

...............................

0.33

0.21

0.21

0.48

0.16

Net

asset

value,

end

of

year

.......................

$10.41

$10.24

$8.80

$10.99

$10.35

Total

return

2

...................................

4.87%

18.92%

(18.00)%

10.88%

10.51%

Net

assets,

end

of

period

(in

$000’s)

.................

$93,094

$88,042

$81,939

$90,993

$77,963

Ratios

to

average

net

assets

Net

expenses

including

reimbursements

and

waivers

....

0.70%

0.70%

0.72%

0.72%

0.75%

Net

investment

income

...........................

2.22%

2.44%

2.30%

1.98%

1.91%

Total

expenses

excluding

reimbursements

and

waivers

...

0.70%

0.70%

0.72%

0.72%

0.75%

Portfolio

Turnover

...............................

46%

56%

51%

55%

3

43%

3

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

3

To

manage

cash

flows,

minimize

trading

costs

and

equitize

cash

balances

in

between

trading

blocks

of

securities,

the

International

Sustainable

Economy

Fund

utilized

one

or

more

exchange-traded

funds

(ETFs)

which

have

an

investment

objective

that

tracks

the

Fund’s

broad-based

benchmark.

These

investments

are

frequent

and

short-term,

however,

the

Fund

is

required

to

include

such

ETF

investment

activity

in

the

calculation

of

its

portfolio

turnover.

Had

such

transactions

been

excluded,

the

portfolio

turnover

would

have

been

41%

for

the

year

ended

December

31,

2021

and

27%  for

the

year

ended

December

31,

2020.

Financial

Highlights

Impax

International

Sustainable

Economy

Fund

(continued)

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

75

a

Year

Ended

December

31,

2024

2023

2022

2021

2020

Institutional

Class

Net

asset

value,

beginning

of

year

...................

$10.02

$8.61

$10.76

$10.14

$9.34

Net

investment

income

1

.........................

0.26

0.24

0.23

0.24

0.19

Net

realized

and

unrealized

gains

(losses)

...........

0.25

1.41

(2.15)

0.89

0.79

Total

from

investment

operations

....................

0.51

1.65

(1.92)

1.13

0.98

Distributions

to

shareholders

From

net

investment

income

.....................

0.28

0.24

0.23

0.26

0.18

From

net

realized

gains

.........................

0.08

—

—

0.25

—

Total

distributions

...............................

0.36

0.24

0.23

0.51

0.18

Net

asset

value,

end

of

year

.......................

$10.17

$10.02

$8.61

$10.76

$10.14

Total

return

2

...................................

5.04%

19.28%

(17.80)%

11.19%

10.78%

Net

assets,

end

of

period

(in

$000’s)

.................

$1,132,210

$1,047,680

$743,946

$787,829

$623,014

Ratios

to

average

net

assets

Net

expenses

including

reimbursements

and

waivers

....

0.45%

0.45%

0.47%

0.47%

0.50%

Net

investment

income

...........................

2.48%

2.62%

2.57%

2.22%

2.15%

Total

expenses

excluding

reimbursements

and

waivers

...

0.45%

0.45%

0.47%

0.47%

0.50%

Portfolio

Turnover

...............................

46%

56%

51%

55%

3

43%

3

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

3

To

manage

cash

flows,

minimize

trading

costs

and

equitize

cash

balances

in

between

trading

blocks

of

securities,

the

International

Sustainable

Economy

Fund

utilized

one

or

more

exchange-traded

funds

(ETFs)

which

have

an

investment

objective

that

tracks

the

Fund’s

broad-based

benchmark.

These

investments

are

frequent

and

short-term,

however,

the

Fund

is

required

to

include

such

ETF

investment

activity

in

the

calculation

of

its

portfolio

turnover.

Had

such

transactions

been

excluded,

the

portfolio

turnover

would

have

been

41%

for

the

year

ended

December

31,

2021

and

27%  for

the

year

ended

December

31,

2020.

Financial

Highlights

Impax

Core

Bond

Fund

www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

76

a

Year

Ended

December

31,

2024

2023

2022

2021

2020

Investor

Class

Net

asset

value,

beginning

of

year

...................

$8.88

$8.68

$10.21

$10.56

$10.29

Net

investment

income

1

.........................

0.31

0.25

0.18

0.14

0.17

Net

realized

and

unrealized

gains

(losses)

...........

(0.19)

0.21

(1.52)

(0.31)

0.53

Total

from

investment

operations

....................

0.12

0.46

(1.34)

(0.17)

0.70

Distributions

to

shareholders

From

net

investment

income

.....................

0.31

0.26

0.19

0.16

0.19

From

net

realized

gains

.........................

—

—

—

0.02

0.24

Total

distributions

...............................

0.31

0.26

0.19

0.18

0.43

Net

asset

value,

end

of

year

.......................

$8.69

$8.88

$8.68

$10.21

$10.56

Total

return

2

...................................

1.33%

5.36%

(13.16)%

(1.63)%

6.89%

Net

assets,

end

of

period

(in

$000’s)

.................

$12,726

$11,926

$12,029

$14,076

$14,101

Ratios

to

average

net

assets

Net

expenses

including

reimbursements

and

waivers

....

0.72%

0.72%

0.71%

0.71%

0.72%

Net

investment

income

...........................

3.53%

2.92%

1.99%

1.35%

1.58%

Total

expenses

excluding

reimbursements

and

waivers

...

0.72%

0.72%

0.71%

0.71%

0.72%

Portfolio

Turnover

...............................

124%

79%

70%

48%

79%

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

Financial

Highlights

Impax

Core

Bond

Fund

(continued)

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

77

a

Year

Ended

December

31,

2024

2023

2022

2021

2020

Institutional

Class

Net

asset

value,

beginning

of

year

...................

$8.88

$8.68

$10.21

$10.56

$10.29

Net

investment

income

1

.........................

0.33

0.28

0.21

0.16

0.20

Net

realized

and

unrealized

gains

(losses)

...........

(0.20)

0.20

(1.52)

(0.30)

0.53

Total

from

investment

operations

....................

0.13

0.48

(1.31)

(0.14)

0.73

Distributions

to

shareholders

From

net

investment

income

.....................

0.33

0.28

0.22

0.19

0.22

From

net

realized

gains

.........................

—

—

—

0.02

0.24

Total

distributions

...............................

0.33

0.28

0.22

0.21

0.46

Net

asset

value,

end

of

year

.......................

$8.68

$8.88

$8.68

$10.21

$10.56

Total

return

2

...................................

1.46%

5.62%

(12.94)%

(1.38)%

7.16%

Net

assets,

end

of

period

(in

$000’s)

.................

$822,675

$884,413

$787,620

$771,495

$746,615

Ratios

to

average

net

assets

Net

expenses

including

reimbursements

and

waivers

....

0.47%

0.47%

0.46%

0.46%

0.46%

Net

investment

income

...........................

3.78%

3.19%

2.26%

1.60%

1.86%

Total

expenses

excluding

reimbursements

and

waivers

...

0.47%

0.47%

0.46%

0.46%

0.46%

Portfolio

Turnover

...............................

124%

79%

70%

48%

79%

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

Financial

Highlights

Impax

High

Yield

Bond

Fund

www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

78

a

Year

Ended

December

31,

2024

2023

2022

2021

2020

Investor

Class

Net

asset

value,

beginning

of

year

...................

$6.02

$5.73

$6.90

$6.97

$6.79

Net

investment

income

1

.........................

0.33

0.33

0.29

0.27

0.32

Net

realized

and

unrealized

gains

(losses)

...........

0.02

0.29

(1.17)

(0.07)

0.18

Total

from

investment

operations

....................

0.35

0.62

(0.88)

0.20

0.50

Distributions

to

shareholders

From

net

investment

income

.....................

0.33

0.33

0.29

0.27

0.32

Total

distributions

...............................

0.33

0.33

0.29

0.27

0.32

Net

asset

value,

end

of

year

.......................

$6.04

$6.02

$5.73

$6.90

$6.97

Total

return

2

...................................

6.06%

11.09%

(12.89)%

2.96%

7.80%

Net

assets,

end

of

period

(in

$000’s)

.................

$123,274

$131,044

$137,689

$172,881

$171,838

Ratios

to

average

net

assets

Net

expenses

including

reimbursements

and

waivers

....

0.93%

0.93%

0.92%

0.93%

0.96%

Net

investment

income

...........................

5.49%

5.63%

4.70%

3.86%

4.87%

Total

expenses

excluding

reimbursements

and

waivers

...

0.93%

0.93%

0.92%

0.93%

0.96%

Portfolio

Turnover

...............................

61%

29%

35%

51%

97%

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

Financial

Highlights

Impax

High

Yield

Bond

Fund

(continued)

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

79

a

Year

Ended

December

31,

2024

2023

2022

2021

2020

Class

A

Net

asset

value,

beginning

of

year

...................

$6.03

$5.74

$6.92

$6.98

$6.80

Net

investment

income

1

.........................

0.33

0.33

0.29

0.27

0.32

Net

realized

and

unrealized

gains

(losses)

...........

0.03

0.29

(1.18)

(0.06)

0.19

Total

from

investment

operations

....................

0.36

0.62

(0.89)

0.21

0.51

Distributions

to

shareholders

From

net

investment

income

.....................

0.34

0.33

0.29

0.27

0.33

Total

distributions

...............................

0.34

0.33

0.29

0.27

0.33

Net

asset

value,

end

of

year

.......................

$6.05

$6.03

$5.74

$6.92

$6.98

Total

return

2

...................................

6.06%

11.08%

(12.99)%

3.11%

7.79%

Net

assets,

end

of

period

(in

$000’s)

.................

$4,358

$4,294

$5,011

$7,102

$6,177

Ratios

to

average

net

assets

Net

expenses

including

reimbursements

and

waivers

....

0.93%

0.93%

0.92%

0.93%

0.96%

Net

investment

income

...........................

5.49%

5.63%

4.68%

3.85%

4.87%

Total

expenses

excluding

reimbursements

and

waivers

...

0.93%

0.93%

0.92%

0.93%

0.96%

Portfolio

Turnover

...............................

61%

29%

35%

51%

97%

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

Financial

Highlights

Impax

High

Yield

Bond

Fund

(continued)

www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

80

a

Year

Ended

December

31,

2024

2023

2022

2021

2020

Institutional

Class

Net

asset

value,

beginning

of

year

...................

$6.00

$5.71

$6.88

$6.94

$6.76

Net

investment

income

1

.........................

0.34

0.34

0.30

0.28

0.33

Net

realized

and

unrealized

gains

(losses)

...........

0.03

0.29

(1.17)

(0.04)

0.19

Total

from

investment

operations

....................

0.37

0.63

(0.87)

0.24

0.52

Distributions

to

shareholders

From

net

investment

income

.....................

0.35

0.34

0.30

0.30

0.34

Total

distributions

...............................

0.35

0.34

0.30

0.30

0.34

Net

asset

value,

end

of

year

.......................

$6.02

$6.00

$5.71

$6.88

$6.94

Total

return

2

...................................

6.33%

11.39%

(12.72)%

3.36%

8.08%

Net

assets,

end

of

period

(in

$000’s)

.................

$413,611

$428,004

$443,891

$560,469

$294,313

Ratios

to

average

net

assets

Net

expenses

including

reimbursements

and

waivers

....

0.68%

0.68%

0.67%

0.69%

0.72%

Net

investment

income

...........................

5.74%

5.89%

4.95%

4.08%

5.07%

Total

expenses

excluding

reimbursements

and

waivers

...

0.68%

0.68%

0.67%

0.69%

0.72%

Portfolio

Turnover

...............................

61%

29%

35%

51%

97%

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

Financial

Highlights

Impax

Sustainable

Allocation

Fund

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

81

a

Year

Ended

December

31,

2024

2023

2022

2021

2020

Investor

Class

Net

asset

value,

beginning

of

year

...................

$24.92

$22.78

$28.98

$26.36

$23.35

Net

investment

income

1

.........................

0.50

0.43

0.33

0.23

0.26

Net

realized

and

unrealized

gains

(losses)

...........

1.36

2.55

(5.11)

3.79

3.49

Total

from

investment

operations

....................

1.86

2.98

(4.78)

4.02

3.75

Distributions

to

shareholders

From

net

investment

income

.....................

0.51

0.34

0.29

0.23

0.26

From

net

realized

gains

.........................

0.45

0.50

1.13

1.17

0.48

Total

distributions

...............................

0.96

0.84

1.42

1.40

0.74

Net

asset

value,

end

of

year

.......................

$25.82

$24.92

$22.78

$28.98

$26.36

Total

return

2

...................................

7.50%

13.17%

(16.42)%

15.31%

16.24%

Net

assets,

end

of

period

(in

$000’s)

.................

$1,336,213

$1,371,707

$1,299,467

$1,652,892

$1,518,966

Ratios

to

average

net

assets

Net

expenses

including

reimbursements

and

waivers

3

....

0.30%

0.30%

0.30%

0.30%

0.30%

Net

investment

income

...........................

1.92%

1.82%

1.29%

0.80%

1.08%

Total

expenses

excluding

reimbursements

and

waivers

3

..

0.30%

0.30%

0.30%

0.30%

0.30%

Portfolio

Turnover

...............................

9%

7%

4%

4%

13%

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

3

The

expense

ratio

of

the

Sustainable

Allocation

Fund

does

not

include

indirect

expenses

of

the

underlying

funds

the

Fund

invests

in.

Indirect

expenses

of

the

underlying

funds

were

0.63%

for

the

year

ended

December

31,

2024,

0.62%

for

the

year

ended

December

31,

2023,

0.60%

for

the

year

ended

December

31,

2022,

0.59%

for

the

year

ended

December

31,

2021

and

0.57%

for

the

year

ended

December

31,

2020.

Financial

Highlights

Impax

Sustainable

Allocation

Fund

(continued)

www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

82

a

Year

Ended

December

31,

2024

2023

2022

2021

2020

Institutional

Class

Net

asset

value,

beginning

of

year

...................

$25.47

$23.24

$29.54

$26.83

$23.76

Net

investment

income

1

.........................

0.58

0.50

0.40

0.32

0.33

Net

realized

and

unrealized

gains

(losses)

...........

1.39

2.60

(5.22)

3.86

3.54

Total

from

investment

operations

....................

1.97

3.10

(4.82)

4.18

3.87

Distributions

to

shareholders

From

net

investment

income

.....................

0.54

0.37

0.35

0.30

0.32

From

net

realized

gains

.........................

0.45

0.50

1.13

1.17

0.48

Total

distributions

...............................

0.99

0.87

1.48

1.47

0.80

Net

asset

value,

end

of

year

.......................

$26.45

$25.47

$23.24

$29.54

$26.83

Total

return

2

...................................

7.78%

13.44%

(16.22)%

15.64%

16.49%

Net

assets,

end

of

period

(in

$000’s)

.................

$966,794

$927,608

$845,463

$974,940

$657,906

Ratios

to

average

net

assets

Net

expenses

including

reimbursements

and

waivers

3

....

0.05%

0.05%

0.05%

0.05%

0.05%

Net

investment

income

...........................

2.18%

2.07%

1.56%

1.10%

1.36%

Total

expenses

excluding

reimbursements

and

waivers

3

..

0.05%

0.05%

0.05%

0.05%

0.05%

Portfolio

Turnover

...............................

9%

7%

4%

4%

13%

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

3

The

expense

ratio

of

the

Sustainable

Allocation

Fund

does

not

include

indirect

expenses

of

the

underlying

funds

the

Fund

invests

in.

Indirect

expenses

of

the

underlying

funds

were

0.63%

for

the

year

ended

December

31,

2024,

0.62%

for

the

year

ended

December

31,

2023,

0.60%

for

the

year

ended

December

31,

2022,

0.59%

for

the

year

ended

December

31,

2021

and

0.57%

for

the

year

ended

December

31,

2020.

83

www.impaxam.com

Annual

Report

Notes

to

Financial

Statements

December

31,

2024

Impax

Funds

Series

Trust

I

and

Impax

Funds

Series

Trust

III

NOTE

A—Organization

and

Summary

of

Significant

Accounting

Policies

Organization

Impax

Funds

Series

Trust

I

(“Trust

I”),

which

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

is

an

open-end

management

investment

company

organized

under

the

laws

of

the

Commonwealth

of

Massachusetts

on

May

25,

2006.

As

of

December

31,

2024,

Trust

I

offered eleven

investment

funds:

Impax

Large

Cap

Fund

(the

“Large

Cap

Fund”),

Impax

Small

Cap

Fund

(the

“Small

Cap

Fund”),

Impax

US

Sustainable

Economy

Fund

(the

“US

Sustainable

Economy

Fund”),

Impax

Global

Sustainable

Infrastructure

Fund

(the

“Global

Sustainable

Infrastructure

Fund”),

Impax

Global

Opportunities

Fund

(the

“Global

Opportunities

Fund”),

Impax

Global

Environmental

Markets

Fund

(the

“Global

Environmental

Markets

Fund”),

Impax

Global

Social

Leaders

Fund

(the

"Global

Social

Leaders

Fund"),

Impax

International

Sustainable

Economy

Fund

(the

“International

Sustainable

Economy

Fund”),

Impax

Core

Bond

Fund

(the

“Core

Bond

Fund”),

Impax

High

Yield

Bond

Fund

(the

“High

Yield

Bond

Fund”),

and

Impax

Sustainable

Allocation

Fund

(the

“Sustainable

Allocation

Fund”). 

Impax

Funds

Series

Trust

III

(“Trust

III”)

is

an

open-end

management

investment

company

that

was

organized

under

the

laws

of

the

Commonwealth

of

Massachusetts

on

December

4,

2013

and

registered

under

the

1940

Act.

Impax

Ellevate

Global

Women’s

Leadership

Fund

(the

“Global

Women’s

Leadership

Fund”)

is

a

diversified

series

of

Trust

III. 

These

financial

statements

relate

to

all

funds

(each

a

“Fund”,

collectively,

the

“Funds”)

offered

under

both

Trust

I

and

Trust

III

(each

a

“Trust”,

collectively,

the

“Trusts”). 

The

Large

Cap

Fund,

Global

Sustainable

Infrastructure

Fund,

Global

Opportunities

Fund,

Global

Social

Leaders

Fund,

Global

Women’s

Leadership

Fund,

International

Sustainable

Economy

Fund,

Core

Bond

Fund

and

Sustainable

Allocation

Fund

each

offer

two

classes

of

shares—Investor

Class

shares

and

Institutional

Class

shares.

The

Small

Cap

Fund,

US

Sustainable

Economy

Fund,

Global

Environmental

Markets

Fund

and

High

Yield

Bond

Fund

each

offer

three

classes

of

shares—Investor

Class

shares,

Class

A

shares

and

Institutional

Class

shares.

Although

all

share

classes

generally

have

identical

voting,

dividend

and

liquidation

rights,

each

class

votes

separately

when

required

by

law.

Different

share

classes

pay

different

distribution

amounts

to

the

extent

the

expenses

of

such

classes

differ,

and

distributions

in

liquidation

will

be

proportional

to

the

net

asset

value

of

each

share

class.

Each

share

class

has

its

own

expense

structure

and

sales

charges,

as

applicable.

The

Funds

seek

to

avoid

investing

in

issuers

that

Impax

Asset

Management

LLC

("IAM"

or

the

"Adviser") has

determined have

significant

involvement in

the

manufacture

or

sale

of

weapons,

firearms

or

manufacture

of

tobacco

products

or

engage

in

business

practices

that

their

investment

adviser

determines

to

be

sub-standard

from

an

Environmental,

Social

and

Governance

(ESG)

or

sustainability

perspective

in

relation

to

their

industry,

sector,

asset

class

or

universe

peers.

Under

normal

market

conditions,

and

as

a

result

of

the

Adviser's

focus

on

the

risks

and

opportunities

accompanying

the

transition

to

a

more

sustainable

economy,

the

Funds

will

not

invest

in

securities

of

companies

that

the

Adviser

determines

derive

revenues

or

profits

from

fossil

fuel

exploration

and

production,

or

derive

significant

(more

than

5%)

revenues

or

profits

from

fossil

fuel

refining,

processing,

storage,

transportation

and

distribution.

However,

a

company

that

derives

significant

revenues

or

profits

from

fossil

fuel

refining,

processing,

storage,

transportation

and

distribution

may

be

included

in

the

Fund’s

portfolio

if

the

Adviser

determines

that

such

company

has

credible

plans

for

climate

risk

mitigation

aligned

with

the

transition

to

net

zero. 

The

Large

Cap

Fund’s

investment

objective

is

to

seek

long-term

growth

of

capital.

The

Fund

seeks

to

achieve

this

objective

by

investing,

under

normal

market

conditions,

at

least

80%

of

its

assets

in

equity

securities

(such

as

common

stocks,

securities

convertible

into

common

or

preferred

stocks

and

warrants)

of

companies

that,

when

purchased,

have

capitalizations

within

the

range

of

the

Standard

&

Poor’s

500

Index

as

measured

by

market

capitalization.

84

www.impaxam.com

Annual

Report

Notes

to

Financial

Statements,

continued

December

31,

2024

The

Small

Cap

Fund’s

investment

objective

is

to

seek

long-term

growth

of

capital.

The

Fund

seeks

to

achieve

this

objective

by

investing,

under

normal

market

conditions,

at

least

80%

of

its

assets

in

equity

securities

(such

as

common

stocks,

securities

convertible

into

common

or

preferred

stocks

and

warrants)

of

companies

that,

when

purchased,

have

capitalizations

within

the

range

of

the

Russell

2000

Index

as

measured

by

market

capitalization.

The

US

Sustainable

Economy

Fund’s

investment

objective

is

to

seek

long-term

growth

of

capital.

The

Fund

seeks

to

achieve

this

objective

by

investing,

under

normal

market

conditions,

at

least

80%

of

its

assets

in

large-capitalization

U.S.

equity

securities.

The

Fund

also

may

invest

up

to

20%

of

its

assets

in

non-US

issuers,

including

emerging

market

investments

and

American

depository

receipts

(ADRs).

The

Global

Sustainable

Infrastructure

Fund’s

investment

objective

is

capital

appreciation

and

income.

The

Fund

seeks

to

achieve

its

investment

objective

by

investing,

under

normal

market

conditions,

at

least

80%

of

its

assets

in

equity

securities

of

companies

that

the

Adviser

determines

derive

significant

revenues

(i.e.,

at

least

20%

of

revenues)

from

owning,

operating,

developing

or

distributing

sustainable

infrastructure-related

goods,

services

or

assets. 

The

Global

Opportunities

Fund’s

investment

objective

is

to

seek

long-term

growth

of

capital

by

investing

in

companies

benefiting

from

the

transition

to

a

more

sustainable

global

economy.

The

Fund

seeks

to

achieve

this

objective

by

investing,

under

normal

market

conditions,

at

least

80%

of

its

net

assets

in

companies

that

its

Adviser

or

Impax

Asset

Management

Ltd.

(the

"Sub-Adviser")

believe

will

benefit

from

the

transition

to

a

more

sustainable

global

economy

-

the

shift

away

from

a

depletive

economy

to

one

that

preserves

ecological

and

societal

balance

for

the

benefit

of

future

generations.

The

Fund

seeks

to

invest

in

companies

with

durable

business

models

that

are

well-positioned

to

benefit

from

or

avoid

the

risks

associated

with

this

transition.

Under

normal

market

conditions,

the

Global

Opportunities

Fund

will

invest

primarily

in

equity

securities

(such

as

common

stocks,

preferred

stocks

and

securities

convertible

into

common

or

preferred

stocks)

of

companies

located

around

the

world,

including

at

least

40%

of

its

net

assets

in

securities

of

companies

organized

or

located

outside

the

United

States

or

doing

a

substantial

amount

of

business

outside

the

United

States,

including

those

located

in

emerging

markets.

The

Global

Environmental

Markets

Fund's

investment

objective

is

to

seek

long

term

growth

of

capital

by

investing

in

innovative

companies

around

the

world

whose

businesses

and

technologies

focus

on

environmental

markets,

including

alternative

energy

and

energy

management

&

efficiency;

transportation

solutions;

water

infrastructure

&

technologies;

environmental

services

&

resources;

resource

efficiency

&

waste

management;

digital

infrastructure;

and

sustainable

food

&

agriculture.

The

Fund

seeks

to

achieve

this

objective

by

investing,

under

normal

market

conditions,

at

least

80%

of

its

net

assets

in

the

foregoing

companies

and

will

invest

primarily

in

equity

securities

(such

as

common

stocks,

preferred

stocks

and

securities

convertible

into

common

and

preferred

stocks)

of

companies

located

around

the

world,

including

at

least

40%

of

its

net

assets

in

securities

of

companies

organized

or

located

outside

the

United

States

or

doing

a

substantial

amount

of

business

outside

the

United

States,

including

those

located

in

emerging

markets.

The

Global

Social

Leaders

Fund’s

investment

objective

is

to

seek

long

term

growth

of

capital.

The

Fund

seeks

to

achieve

this

objective

by

investing,

under

normal

market

conditions, at

least

80%

of

its

net

assets

(plus

any

borrowings

for

investment

purposes)

in

equity

securities

of

companies

that

the

Fund’s

Sub-Adviser

has

determined

are

“social

leaders.”

To

identify

social

leaders,

the

Fund’s

Sub-Adviser

identifies

a

universe

of

companies

that

it

has

determined

(1)

derive

significant

revenues

(i.e.,

at

least

20%

of

revenues)

from

“social

markets,”

meaning

products

or

services

that

address

societal

challenges,

including

meeting

basic

needs,

such

as

food,

water,

and

shelter,

or

essential

services,

such

as

transportation

and

utilities;

broadening

economic

participation

by

enabling

access

to

education,

jobs,

financial

services

and/or

digital

services;

or

improving

quality

of

life

through

accessible

and

affordable

health

care

and

wellness;

and

(2)

also

demonstrate

positive

behaviors

through

policies

and

programs

that

foster

diverse,

inclusive

and

equitable

workplace

cultures.

From

this

universe,

the

Fund’s

Sub-Adviser

selects

portfolio

companies

for

the

Fund

that

it

determines

to

be

social

leaders

on

a

company-by-company

basis

primarily

through

the

use

of

fundamental

financial

analysis,

which

includes

an

analysis

of

ESG

factors

that

the

Fund’s

Sub-Adviser

has

determined

are

financially

material.

The

Fund

is

not

constrained

by

any

particular

investment

style,

and

may

therefore

invest

in

“growth”

stocks,

“value”

stocks

or

a

combination

of

both.

Additionally,

it

may

buy

stocks

in

any

sector

or

industry,

and

it

is

not

limited

to

investing

in

securities

of

a

specific

market

capitalization.

85

www.impaxam.com

Annual

Report

December

31,

2024

The

Global

Women's

Leadership

Fund's

investment

objective

is

to

seek

long-term

growth

of

capital.

The

Fund

seeks

to

achieve

this

objective

by

investing

at

least

80%

of

its

net

assets

in

equity

securities

of

companies

that

the

Adviser

has

determined

are

“global

women's

leaders.” To

identify

these

companies,

the

Adviser

constructs

an

investment

universe

by

(1)

ranking

the

companies

comprising

the

MSCI

World

Index

according

to

the

Adviser's

proprietary

gender

leadership

score;

(2)

excluding

companies

ranking

in

the

bottom

50%

of

the

MSCI

World

Index

based

on

gender

leadership

scores;

(3)

excluding

companies

that

fail

to

meet

certain

ESG

or

sustainability

criteria;

and

(4)

applying

quantitative

screens

consisting

of

valuation

and

quality

metrics.

Under

normal

market

conditions,

the

Fund

will

invest

primarily

in

equity

securities

(such

as

common

stocks,

preferred

stocks

and

securities

convertible

into

common

and

preferred

stocks)

of

companies

located

around

the

world,

including

at

least

40%

of

its

net

assets

(unless

market

conditions

are

not

deemed

favorable,

in

which

case

the

Global

Women's

Fund

would

normally

invest

at

least

30%

of

its

assets)

in

securities

of

companies

organized

or

located

outside

the

United

States

or

doing

a

substantial

amount

of

business

outside

the

United

States.

The

Fund

is

not

constrained

by

any

particular

investment

style,

and

may

therefore

invest

in

“growth”

stocks,

“value”

stocks

or

a

combination

of

both.

Additionally,

it

may

buy

stocks

in

any

sector

or

industry,

and

it

is

not

limited

to

investing

in

securities

of

a

specific

market

capitalization.

The

International

Sustainable

Economy

Fund’s

investment

objective

is

to

seek

long-term

growth

of

capital.

The

Fund

seeks

to

achieve

this

objective

by

investing,

under

normal

circumstances,

more

than

80%

of

its

assets

in

large-capitalization

equity

securities

in

non-U.S.

developed

markets,

including

American

depositary

receipts,

Global

depositary

receipts

and

Euro

depositary

receipts.

The

Fund

may

take

significant

positions

in

one

or

more

non-U.S.

developed

markets,

including

the

Asia

and

Pacific

region

and

the

European

Union.

The

Core

Bond

Fund’s

investment

objective

is

to

seek

income

and

conservation

of

principal.

The

Fund

seeks

to

achieve

this

objective

by

investing,

under

normal

market

conditions,

at

least

80%

of

its

assets

in

bonds,

which

include

debt

obligations

such

as

mortgage-related

securities,

securities

issued

by

the

United

States

government

or

its

agencies

and

instrumentalities,

municipal

bonds,

corporate

bonds

and

high-impact

bonds

(which

provide

financing

to

support

solutions

to

global

sustainability

challenges)

across

the

spectrum

of

issuers,

each

of

which

is,

at

the

time

of

purchase,

rated

at

least

investment

grade

(rated

BBB-

or

higher

by

Standard

&

Poor’s

Ratings

Group

or

Baa3

or

higher

by

Moody’s

Investors

Service)

or

unrated

and

determined

by

the

Adviser

to

be

of

comparable

quality.

The

High

Yield

Bond

Fund’s

primary

investment

objective

is

to

seek

high

current income.

As

a

secondary

investment

objective,

the

High

Yield

Bond

Fund

seeks

capital

appreciation.

The

Fund

seeks

to

achieve

this

objective

by

investing,

under

normal

market

conditions,

at

least

80%

of

its

assets

in

high-yield,

fixed

income

securities

(such

as

bonds,

notes

or

debentures)

that

are

rated

below

BBB-

by

Standard

&

Poor’s

Ratings

Group

or

below

Baa3

by

Moody’s

Investors

Service,

similarly

rated

by

another

major

rating

service,

or

unrated

and

determined

by

the

High

Yield

Bond

Fund’s

investment

adviser

to

be

of

comparable

quality.

These

fixed

income

securities

are

commonly

referred

to

as

“junk

bonds”.

The

Sustainable

Allocation

Fund’s

primary

investment

objective

is

to

seek

income

and

conservation

of

principal.

As

a

secondary

investment

objective,

the

Fund

seeks

long-term

growth

of

capital.

The

Fund

uses

a

team

approach

to

allocate

among

multiple

funds

managed

by

the

Adviser

(“Underlying

Funds”)

in

order

to

seek

to

achieve

its

investment

objectives.

The

Adviser

will

allocate

the

Fund’s

assets

among

Underlying

Funds

in

its

sole

discretion.

The

Fund

seeks

to

achieve

its

investment

objectives,

under

normal

market

conditions,

by

investing

(indirectly

through

the

use

of

Underlying

Funds)

approximately

50%-75%

of

its

assets

in

equity

securities

(such

as

common

stocks,

preferred

stocks

and

securities

convertible

into

common

or

preferred

stocks)

and

25%-50%

of

its

assets

in

debt

securities

(including

but

not

limited

to

debt

securities

convertible

into

equity

securities). 

Under

the

Trusts’

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trusts.

Additionally,

in

the

normal

course

of

business,

the

Trusts

enter

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The

Trusts’

maximum

exposure

under

these

arrangements

is

unknown

as

this

could

involve

future

claims

that

may

be

made

against

the

Trusts

that

have

not

yet

occurred.

However,

based

on

experience,

the

Trusts

expect

this

risk

of

loss

to

be

remote. 

86

www.impaxam.com

Annual

Report

Notes

to

Financial

Statements,

continued

December

31,

2024

Accounting

Estimates

The

preparation

of

financial

statements

in

conformity

with

U.S.

generally

accepted

accounting

principles

(“GAAP”)

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

revenues

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

The

Funds

apply

Investment

Company

accounting

and

reporting

guidance

. 

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

December

31,

2024,

two

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

 $473,622,

representing 0.06%

of

the

Fund’s

net

asset

value

and

the

High

Yield

Bond

Fund

held five

securities

fair

valued

at

$1,269,257,

representing 0.23% of

the

Fund’s

net

assets. 

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’

87

www.impaxam.com

Annual

Report

December

31,

2024

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,

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. 

88

www.impaxam.com

Annual

Report

Notes

to

Financial

Statements,

continued

December

31,

2024

The

following

is

a

summary

of

the

inputs

used

to

value

the

Funds’

net

assets

as

of

December

31,

2024:

Level

1

Level

2

Level

3

Totals

Large

Cap

Fund

Common

Stocks

$

1,361,697,065

$

—

$

—

$

1,361,697,065

Cash

Equivalents

6,891,518

—

—

6,891,518

Total

$

1,368,588,583

$

—

$

—

$

1,368,588,583

Small

Cap

Fund

Common

Stocks

$

723,362,172

$

—

$

—

$

723,362,172

Cash

Equivalents

4,678,000

—

—

4,678,000

Total

$

728,040,172

$

—

$

—

$

728,040,172

US

Sustainable

Economy

Fund

Common

Stocks

$

330,980,911

$

—

$

—

$

330,980,911

Cash

Equivalents

4,165,234

—

—

4,165,234

Total

$

335,146,145

$

—

$

—

$

335,146,145

Global

Sustainable

Infrastructure

Fund

Common

Stocks

$

51,139,252

$

35,143,017

$

—

$

86,282,269

Cash

Equivalents

1,425,139

—

—

1,425,139

Total

$

52,564,391

$

35,143,017

$

—

$

87,707,408

Global

Opportunities

Fund

Common

Stocks

$

77,583,666

$

47,203,115

$

—

$

124,786,781

Cash

Equivalents

1,233,224

—

—

1,233,224

Total

$

78,816,890

$

47,203,115

$

—

$

126,020,005

Global

Environmental

Markets

Fund

Common

Stocks

$

1,486,384,225

$

750,574,335

$

—

$

2,236,958,560

Preferred

Stocks

—

24,976,642

—

24,976,642

Cash

Equivalents

19,758,061

—

—

19,758,061

Total

$

1,506,142,286

$

775,550,977

$

—

$

2,281,693,263

Global

Social

Leaders

Fund

Common

Stocks

$

1,039,091

$

687,195

$

—

$

1,726,286

Preferred

Stocks

—

28,668

—

28,668

Cash

Equivalents

89,304

—

—

89,304

Total

$

1,128,395

$

715,863

$

—

$

1,844,258

Global

Women’s

Leadership

Fund

Common

Stocks

$

553,131,165

$

165,533,772

$

—

$

718,664,937

Cash

Equivalents

8,639,585

—

—

8,639,585

Total

$

561,770,750

$

165,533,772

$

—

$

727,304,522

International

Sustainable

Economy

Fund

Common

Stocks

$

53,960,647

$

1,140,017,833

$

—

$

1,193,978,480

Preferred

Stocks

—

4,670,244

—

4,670,244

89

www.impaxam.com

Annual

Report

December

31,

2024

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.

In

Kind

Transaction

 The

value

of

assets

contributed

in

in-kind

transactions

within

the

Global

Opportunities

Fund

during

the

year

ended

December

31,

2024

were

$7,998,552

and

settled

on

September

5,

2024

. 

Investment

Transactions

 Investment

transactions

are

recorded

as

of

the

date

of

purchase,

sale

or

maturity.

Net

realized

gains

and

losses

from

the

sale

or

disposition

of

securities

are

determined

on

the

identified

cost

basis,

which

is

also

used

for

federal

income

tax

purposes.

Corporate

actions

(including

cash

dividends)

are

recorded

net

of

foreign

tax

withholdings. 

Level

1

Level

2

Level

3

Totals

Cash

Equivalents

19,346,421

—

—

19,346,421

Total

$

73,307,068

$

1,144,688,077

$

—

$

1,217,995,145

Core

Bond

Fund

Community

Investment

Notes

$

—

$

245,060

$

473,622

$

718,682

Corporate

Bonds

—

251,848,601

—

251,848,601

Foreign

Government

and

Agency

Securities

—

15,060,308

—

15,060,308

U.S.

Government

and

Agency

Securities

—

170,123,709

—

170,123,709

Asset-Backed

Securities

—

42,403,585

—

42,403,585

Mortgage-Backed

Securities

—

283,607,884

—

283,607,884

Municipal

Bonds

—

7,068,558

—

7,068,558

Supranational

—

44,122,215

—

44,122,215

Loans

—

3,982,588

—

3,982,588

Certificates

of

Deposit

—

499,147

—

499,147

Cash

Equivalents

17,321,226

—

—

17,321,226

Total

$

17,321,226

$

818,961,655

$

473,622

$

836,756,503

High

Yield

Bond

Fund

Common

Stocks

$

1,280,845

$

—

$

44,114

$

1,324,959

Preferred

Stocks

—

—

22,408

22,408

Community

Investment

Notes

—

245,060

702,735

947,795

Corporate

Bonds

—

478,722,740

—

478,722,740

Asset-Backed

Securities

—

4,136,525

—

4,136,525

Loans

—

42,657,628

—

42,657,628

Certificates

of

Deposit

—

499,147

500,000

999,147

Cash

Equivalents

23,520,034

—

—

23,520,034

Total

$

24,800,879

$

526,261,100

$

1,269,257

$

552,331,236

Sustainable

Allocation

Fund

Management

Investment

Companies

$

2,264,110,556

$

—

$

—

$

2,264,110,556

Cash

Equivalents

33,898,048

—

—

33,898,048

Total

$

2,298,008,604

$

—

$

—

$

2,298,008,604

See

Schedules

of

Investments

for

additional

detailed

industry

classifications.

90

www.impaxam.com

Annual

Report

Notes

to

Financial

Statements,

continued

December

31,

2024

Investment

Income

 Dividend

income

is

recorded

on

the

ex-dividend

date.

Interest

income

is

recorded

on

the

accrual

basis

and

includes

accretion

of

discount

and

amortization

of

premiums,

if

any.

The

value

of

additional

securities

received

as

dividend

payments

is

recorded

as

income

and

as

an

increase

to

the

cost

basis

of

such

securities.

The

Funds

amortize

purchase

price

premium

and

accrete

discount

on

bonds,

if

any,

over

the

remaining

life

of

the

bonds

using

the

effective

interest

method

of

amortization;

for

callable

bonds,

the

premium

amortization

period

is

to

the

earliest

call

date.

Distributions

to

Shareholders

 Distributions

to

shareholders

are

recorded

by

each

of

the

Funds

on

the

ex-dividend

dates.

The

Funds

(except

Core

Bond

Fund

and

High

Yield

Bond

Fund)

expect

to

pay

dividends

of

net

investment

income,

if

any,

semiannually

and

to

make

distributions

of

capital

gains,

if

any,

at

least

annually. 

The Core

Bond

Fund

and

High

Yield

Bond

Fund

expect

to

pay

dividends

of

net

investment

income,

if

any,

monthly

and

to

make

distributions

of

capital

gains,

if

any,

at

least

annually.

A

shareholder

begins

earning

dividends

on

the

Core

Bond

Fund

and

High

Yield

Bond

Fund

shares

the

day

after

the

Funds

receive

his

or

her

purchase

payment.

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations,

which

may

differ

from

U.S.

generally

accepted

accounting

principles.

Class

Accounting

Expenses

directly

attributable

to

a

class

of

shares,

such

as

12b-1

distribution

fees,

are

charged

to

that

class.

Each

Fund

has

adopted

a

12b-1

plan,

applicable

to

certain

classes

of

each

of

the

Funds.

Expenses

of

the

Funds

that

are

directly

identifiable

to

a

specific

Fund,

such

as

transfer

agent

fees,

custody

fees

and

registration

fees,

are

applied

to

that

Fund.

Expenses

that

are

not

readily

identifiable

to

a

specific

Fund,

such

as

printing

expense,

Trustees’

fees

and

legal

fees,

are

allocated

in

such

a

manner

as

deemed

equitable,

taking

into

consideration

the

nature

and

type

of

expense

and

the

relative

net

assets

of

the

Funds.

Investment

income,

realized

and

unrealized

gains

and

losses

are

allocated

based

upon

the

relative

daily

net

assets

of

each

class

of

shares. 

Federal

Income

Taxes

 Each

of

the

Funds

has

elected

to

be

treated

and

intends

to

qualify

each

year

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

of

1986,

as

amended.

If

a

Fund

so

qualifies

and

satisfies

certain

distribution

requirements,

such

Fund

will

ordinarily

not

be

subject

to

federal

income

tax

on

its

net

investment

income

(which

includes

short-term

capital

gains)

and

net

capital

gains

that

it

distributes

to

shareholders.

Each

Fund

expects

to

distribute

all

or

substantially

all

of

its

income

and

gains

to

shareholders

every

year.

Therefore,

no

federal

income

or

excise

tax

provision

is

required.

The

Funds

are

treated

as

separate

entities

for

federal

income

tax

purposes

. 

Foreign

Currency

Transactions

The

accounting

records

of

the

Funds

are

maintained

in

U.S.

dollars.

In

addition,

purchases

and

sales

of

investment

securities,

dividend

and

interest

income,

and

certain

expenses

are

translated

at

the

rates

of

exchange

prevailing

on

the

respective

dates

of

such

transactions.

Net

realized

and

unrealized

foreign

currency

exchange

gains

or

losses

occurring

during

the

holding

period

of

investment

securities

are

a

component

of

realized

gain

(loss)

on

investment

transactions

and

unrealized

appreciation

(depreciation)

on

investments,

respectively. 

Non-

U.S.Securities

 Non-U.S.

markets

can

be

significantly

more

volatile

than

domestic

markets,

causing

the

prices

of

some

Fund

investments

to

fluctuate

significantly,

rapidly

and

unpredictably.

Non-U.S.

securities

may

be

less

liquid

than

domestic

securities;

consequently,

a

Fund

may

at

times

be

unable

to

sell

non-U.S.

securities

at

desirable

times

or

prices.

Other

risks

related

to

non-U.S.

securities

include

delays

in

the

settlement

of

transactions;

less

publicly

available

information

about

issuers;

different

reporting,

accounting

and

auditing

standards;

the

effect

of

political,

social,

diplomatic

or

economic

events;

seizure,

expropriation

or

nationalization

of

the

issuer

or

its

assets;

fluctuation

in

foreign

currency

exchange

rates

and

the

possible

imposition

of

currency

exchange

controls.

If

a

Fund

invests

substantially

in

securities

of

non-U.S.

issuers

tied

economically

to

a

particular

country

or

geographic

region,

it

will

be

subject

to

the

risks

associated

with

such

country

or

geographic

region

to

a

greater

extent

than

a

fund

that

is

more

diversified

across

countries

or

geographic

regions.

Redemption

Fee

(High

Yield

Bond

Fund

Only)

 Generally,

a

redemption

of

shares

of

the

High

Yield

Bond

Fund

is

subject

to

a

redemption

fee

of

2.00%

of

the

net

asset

value

of

the

shares

redeemed

or

exchanged

if

such

redemption

occurs

within

30

days

after

purchase

of

such

shares.

The

redemption

fee

applies

to

exchanges

for

shares

of

other

Impax

Funds

as

well

as

to

91

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Annual

Report

December

31,

2024

redemptions

for

cash.

In

cases

when

redeeming

shareholders

hold

shares

purchased

on

different

dates,

the

first-in/first-out

method

will

be

used

to

determine

which

shares

are

being

redeemed,

and

therefore

whether

a

redemption

fee

will

be

imposed.

Redemption

fees

are

deducted

from

the

amount

to

be

received

in

connection

with

a

redemption

or

exchange

and

are

paid

to

the

High

Yield

Bond

Fund

for

the

purpose

of

offsetting

any

costs

associated

with

short-term

trading

in

shares

of

the

Fund.

The

redemption

fee

is

not

a

sales

charge

(load);

it

is

retained

by

the

Fund

and

does

not

benefit

the

Adviser,

the

Distributor

or

any

third

party.

There

is

no

assurance

that

the

use

of

redemption

fees

will

be

successful

in

discouraging

frequent

short-term

trading

in

Fund

shares.

Securities

Lending

 The

Funds

may

lend

their

securities

pursuant

to

a

securities

lending

agreement

(Lending

Agreement)

with J.P.

Morgan

Chase Bank, N.A.

Initial

security

loans

made

pursuant

to

the

Lending

Agreement

are

required

to

be

secured

by

collateral

not

less

than

the

percentage

specified

in

the

agreement,

ranging

from

102%

to

105%,

depending

on

the

types

of

securities.

Cash

collateral

received

is

invested

in

government

money

market

funds. Borrowers

may

also

pledge

non-

cash

collateral

within

the

guidelines

for

acceptable

forms

of

non-cash

collateral

approved

by

the

Boards

of

Trustees.

As

of December

31,

2024,

non-cash

collateral

consisted

of

common

stock,

U.S.

Treasuries,

short-term

U.S.

Government

agency

obligations

and

sovereign

debt. 

The

Funds

have

the

right

under

the

Lending

Agreement

to

recover

the

securities

from

the

borrower

on

demand.

The

primary

risk

associated

with

securities

lending

is

if

the

borrower

defaults

on

its

obligation

to

return

the

securities

loaned

because

of

insolvency

or

other

reasons.

The

Funds

could

experience

delays

and

costs

in

recovering

securities

loaned

or

in

gaining

access

to

the

collateral.

In

the

event

the

borrower

fails

to

return

loaned

securities

and

the

collateral

received

is

insufficient

to

cover

the

value

of

the

loaned

securities

and

provided

such

collateral

shortfall

is

not

the

result

of

investment

losses,

the

lending

agent

has

agreed

to

pay

the

amount

of

the

shortfall

to

the

Funds,

or

at

the

discretion

of

the

lending

agent,

replace

the

loaned

securities. 

A

portion

of

the

income

generated

upon

investment

of

the

collateral

is

remitted

to

the

borrower

and

the

remainder

is

allocated

between

the

Funds

and

the

lending

agent.

The

Funds

record

security

lending

income

net

of

such

allocation.

The

Funds

continue

to

receive

dividends

on

the

securities

loaned,

which

are

accounted

for

in

the

same

manner

as

other

dividend

and

interest

income. 

As

of

December

31,

2024,

the

value

of

securities

loaned,

payable

for

collateral

due

to

brokers

and

non-cash

collateral

pledged

by

brokers

were

as

follows:

*

Non-cash

collateral

is

not

included

in

the

financial

statements.

For

the

Large

Cap

Fund,

Small

Cap

Fund,

US

Sustainable

Economy

Fund,

Global

Opportunities

Fund

and

Global

Women’s

Leadership

Fund all

of

the

securities

on

loan

at December

31,

2024

are

classified

as

Common

Stocks

in

each

Fund’s

Schedule

of

Investments.

For

the

Core

Bond

Fund

all

of

the

securities

on

loan

on

December

31,

2024 are

classified

as

Corporate

Bonds

on

the

Fund's

Schedule

of

Investments.

Fund

Market

Value

of

Securities

Loaned

Payable

on

Collateral

Due

to

Broker

Non-Cash

Collateral

Value

*

Over

(Under)

Collateralized

Large

Cap

Fund

$

38,155,714

$

—

$

38,934,679

$

778,965

Small

Cap

Fund

10,157,616

1,289,717

9,083,696

215,797

US

Sustainable

Economy

Fund

4,938,385

—

5,039,185

100,800

Global

Opportunities

Fund

2,748,242

—

2,804,338

56,096

Global

Women’s

Leadership

Fund

8,220,762

—

8,388,560

167,798

Core

Bond

Fund

3,017,045

782,340

2,296,629

61,924

92

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Annual

Report

Notes

to

Financial

Statements,

continued

December

31,

2024

NOTE

B—Investment

Advisory

Fee

and

Transactions

with

Affiliated

and

Other

Parties 

Each

of

Trust

I

and

Trust

III

have

entered

into

an

Investment

Advisory

Contract

(the

“Management

Contract”)

with

Impax

Asset

Management

LLC

(“IAM”)

(the

“Adviser”).

Pursuant

to

the

terms

of

the

Management

Contract,

the

Adviser,

subject

to

the

supervision

of

the

Boards

of

Trustees

of

the

Trusts,

is

responsible

for

managing

the

assets

of

the

Funds

in

accordance

with

the

Funds’

investment

objectives,

investment

programs

and

policies.

Pursuant

to

the

Management

Contract,

the

Adviser

has

contracted

to

furnish

the

Funds

continuously

with

an

investment

program,

determining

what

investments

to

purchase,

sell

and

exchange

for

the

Funds

and

what

assets

to

hold

uninvested.

The

Adviser

also

has

contracted

to

provide

office

space

and

certain

management

and

administrative

facilities

for

the

Funds.

In

return

for

such

services,

the

Funds

pay

an

advisory

fee

to

the

Adviser

at

the

following

annual

rates

(expressed

as

a

percentage

of

the

average

daily

net

assets

of

such

Fund):

*

The

management

fee

is

a

unified

fee

that

includes

all

of

the

operating

costs

and

expenses

of

the

Fund

(other

than

taxes,

charges

of

governmental

agencies,

interest,

brokerage

commissions

incurred

in

connection

with

portfolio

transactions,

distribution

and/or

service

fees

payable

under

a

plan

pursuant

to

Rule

12b-1

under

the

Investment

Company

Act

of

1940,

acquired

fund

fees

and

expenses

and

extraordinary

expenses),

including

accounting

expenses,

administrator,

transfer

agent,

custodian

fees,

legal

fees

and

other

expenses.

1

Effective

November

15,

2022,

the

management

fee

is

0.65%

based

on

average

net

assets

up

to

$2

billion;

0.62%

for

assets

of

$2

billion

to

$3

billion;

0.58%

for

assets

of

$3

billion

to

$4

billion;

and

0.55%

for

assets

over

$4

billion.

2

Management

contractually

agreed

to

waive

a

portion

of

its

management

fee.

This

fee

waiver

may

not

be

amended

or

terminated

without

the

approval

of

the

Fund’s

Board

of

Trustees

before May

1,

2025.

The

gross

management

fee

(before

waiver)

is

0.65%

based

on

average

net

assets

up

to

$225

million;

0.55%

for

assets

of

$225

million

to

$375

million;

0.50%

for

assets

of

$375

million

to

$500

million;

and

0.45%

for

assets

over

$500

million.

3

The

management

fee

is

0.65%

based

on

average

net

assets

up

to

$150

million;

0.55%

for

assets

of

$150

million

to

$375

million;

0.50%

for

assets

of

$375

million

to

$500

million;

and

0.45%

for

assets

over

$500

million.

4

The

management

fee

is

0.80%

based

on

average

net

assets

up

to

$1

billion;

0.75%

for

assets

of

$1

billion

to

$1.5

billion;

0.70%

for

assets

of

$1.5

billion

to

$2

billion;

0.65%

for

assets

of

$2

billion

to

$3

billion;

and

0.60%

for

assets

over

$3

billion.

Fund

Annual

Rate

Large

Cap

Fund

1

0.65%

Small

Cap

Fund

0.75%

US

Sustainable

Economy

Fund

2

0.45%

*

Global

Sustainable

Infrastructure

Fund

3

0.62%

*

Global

Opportunities

Fund

0.80%

Global

Environmental

Markets

Fund

4

0.74%

Global

Social

Leaders

Fund

5

0.80%

Global

Women’s

Leadership

Fund

6

0.52%

*

International

Sustainable

Economy

Fund

7

0.45%

*

Core

Bond

Fund

0.40%

High

Yield

Bond

Fund

0.50%

Sustainable

Allocation

Fund

0.05%

*

93

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December

31,

2024

5

The

Global

Social

Leaders

Fund’s

investment

adviser

has

contractually

agreed

to

reimburse

expenses

(other

than

interest,

commissions,

taxes,

extraordinary

expenses

and

Acquired

Fund

Fees

and

Expenses,

if

any)

allocable

to

Institutional

Class

and

Investor

Class

shares

of

the

Fund

to

the

extent

such

expenses

exceed

0.98%

and

1.23%

of

the

average

daily

net

assets

of

Institutional

Class

and

Investor

Class

shares,

respectively.

This

reimbursement

arrangement

may

not

be

amended

or

terminated

without

the

approval

of

the

Fund’s

Board

of

Trustees

before

May

1,

2027.

6

The

management

fee

is

0.55%

based

on

average

net

assets

up

to

$375

million;

0.50%

for

assets

of

$375

million

to

$750

million;

and

0.45%

for

assets

over

$750

million.

7

The

management

fee is

0.48%

based

on

average

net

assets

up

to

$600

million;

0.45%

for

assets

of

$600

million

to

$750

million;

and

0.40%

for

assets

over

$750

million.

For

the

year ended

December

31,

2024,

the

Funds

incurred

the

following

advisory

fees:

The

Adviser

has

contractually

agreed

to

reimburse

the

Funds

or

limit

expenses

of

the

Funds

to

the

extent

that

each

Fund’s

respective

expenses

exceed,

on

an

annual

basis,

the

following

percentages

of

average

daily

net

assets:

1

The

Adviser

has

contractually

agreed

to

waive

a

portion

of

its

management

fee.

This

fee

waiver

may

not

be

amended

or

terminated

without

the

approval

of

the

Funds’

Board

of

Trustees

before

May

1,

2025.

2

The

Adviser

has

contractually

agreed

to

waive

a

portion

of

its

management

fee.

This

fee

waiver

expired

on

May

1,

2024.

3

Expense

caps

for

funds

represent

their

respective

unified

management

fees

plus

distribution

and/or

service

fees

payable

under

a

plan

pursuant

to

Rule

12b-1,

as

applicable

to

particular

classes

of

shares.

Fund

Amount

Large

Cap

Fund

$

9,409,925

Small

Cap

Fund

5,247,828

US

Sustainable

Economy

Fund

1,999,581

Global

Sustainable

Infrastructure

Fund

613,530

Global

Opportunities

Fund

1,034,611

Global

Environmental

Markets

Fund

18,232,463

Global

Social

Leaders

Fund

13,825

Global

Women’s

Leadership

Fund

4,042,368

International

Sustainable

Economy

Fund

5,430,884

Core

Bond

Fund

3,495,648

High

Yield

Bond

Fund

2,697,622

Sustainable

Allocation

Fund

1,165,950

Expense

Caps

by

Class

Fund

Investor

Class

Class

A

Institutional

Class

US

Sustainable

Economy

Fund

1,3

0.70%

0.70%

0.45%

Global

Sustainable

Infrastructure

Fund

2,3

0.87%

0.62%

Global

Opportunities

Fund

4

1.23%

0.98%

Global

Social

Leaders

Fund

5

1.23%

0.98%

Global

Women’s

Leadership

Fund

3

0.77%

0.52%

International

Sustainable

Economy

Fund

3

0.70%

0.45%

Sustainable

Allocation

Fund

3

0.30%

0.05%

94

www.impaxam.com

Annual

Report

Notes

to

Financial

Statements,

continued

December

31,

2024

4

The

Adviser

has

contractually

agreed

to

reimburse

expenses

(other

than

interest,

commissions,

taxes,

extraordinary

expenses

and

acquired

fund

fees

and

expenses,

if

any)

to

the

extent

that

they

exceed

the

expense

caps

indicated.

The

reimbursement

arrangement

may

not

be

amended

or

terminated

without

the

approval

of

the

Funds’

Board

of

Trustees

before

May

1,

2025.

5

The

Adviser

has

contractually

agreed

to

reimburse

expenses

(other

than

interest,

commissions,

taxes,

extraordinary

expenses

and

acquired

fund

fees

and

expenses,

if

any)

to

the

extent

that

they

exceed

the

expense

caps

indicated.

The

reimbursement

arrangement

may

not

be

amended

or

terminated

without

the

approval

of

the

Funds’

Board

of

Trustees

before

May

1,

2027.

Such

expenses

include

(i)

management

and

distribution

fees;

(ii)

the

fees

of

affiliated

and

unaffiliated

Trustees;

(iii)

the

fees

of

the

Funds’

custodian

and

transfer

agent;

(iv)

the

fees

of

the

Funds’

legal

counsel

and

independent

registered

public

accounting

firm;

(v)

the

reimbursement

of

organizational

expenses;

and

(vi)

expenses

related

to

shareholder

communications

including

all

expenses

of

shareholders’

and

Boards

of

Trustees’

meetings

and

of

preparing,

printing

and

mailing

reports,

proxy

statements

and

prospectuses

to

shareholders.

For

the year

ended December

31,

2024,

the

dollar

amounts

of

expense

reimbursements

were

as

follows:

In

addition,

the

Adviser

waived

its

management

fee

from

the

following

Funds:

Pursuant

to

a

sub-advisory

agreement,

Impax

Asset

Management

Ltd.

(the

“Sub-Adviser”)

assists

in

the

management

of

the

Global

Environmental

Markets

Fund’s,

Global

Opportunities

Fund’s

and

Global

Social

Leaders

Fund's

portfolios

of

securities.

The

Sub-Adviser

makes

decisions

with

respect

to

the

purchase

and

sale

of

investments,

subject

to

the

general

control

of

the

Board

of

the

Fund

and

the

determination

of

IAM

that

the

contemplated

investments

satisfy

the

sustainable

investing

criteria

applied

to

the

Funds.

As

compensation

for

its

sub-advisory

services,

the

Sub-Adviser

receives

a

fee

from

the

Adviser,

computed

separately

for

the

applicable

Fund,

stated

as

an

annual

percentage

of

the

Fund’s

net

assets.

The

Trusts

have

adopted

a

plan

(“Plan”)

pursuant

to

Rule

12b-1

under

the

1940

Act

that

allows

the

Funds

to

pay

distribution

fees

for

the

sale

and

distribution

of

certain

shares

as

described

below

and

for

personal

services

rendered

to

the

Fund

shareholders

in

connection

with

the

maintenance

of

shareholder

accounts.

Under

the

Plan,

each

Fund

will

pay

its

Distributor

a

distribution

fee

equal

to

0.25%

of

the

annual

average

daily

net

assets

attributable

to

the

Investor

Class

shares

and

Class

A

shares.

The

Distributor

may

pay

all

or

any

portion

of

the

distribution

fee

to

securities

dealers

or

other

organizations

(including,

but

not

limited

to,

any

affiliate

of

the

Distributor)

as

commissions,

asset-based

sales

charges

or

other

compensation

with

respect

to

the

sale

of

indicated

shares

of

such

Fund,

or

for

providing

personal

services

to

investors

in

the

indicated

shares

of

such

Fund

and/or

the

maintenance

of

shareholder

accounts,

and

may

retain

all

or

any

portion

of

the

distribution

fee

as

compensation

for

the

Distributor’s

services

as

principal

underwriter

of

the

indicated

shares

of

such

Fund.

Several

individuals

who

are

officers

and/or

Trustees

of

the

Trusts

are

also

employees

of

the

Adviser.

Total

expenses

reimbursed

by

Advisor

Fund

Investor

Class

Institutional

Class

Global

Opportunities

Fund

$

8,206

$

122,172

Global

Social

Leaders

Fund

6,476

216,847

Fund

Amount

US

Sustainable

Economy

Fund

$

547,652

Global

Sustainable

Infrastructure

Fund

30,691

Global

Social

Leaders

Fund

13,825

95

www.impaxam.com

Annual

Report

December

31,

2024

NOTE

C—Investment

Information 

Purchases

and

proceeds

from

sales

of

investments

for

the

Funds

for

the year

ended December

31,

2024

were

as

follows:

For

federal

income

tax

purposes,

the

identified

cost

of

investments

owned

at December

31,

2024

as

well

as

the

gross

unrealized

appreciation

(depreciation)

of

investments

and

resulting

net

unrealized

appreciation

(depreciation)

as

of December

31,

2024

were

as

follows

for

the

Funds:

Purchases

Sales

Fund

Investments

1

U.S.

Gov’t

Bonds

Investments

1

U.S.

Gov’t

Bonds

Large

Cap

Fund

$

521,441,211

$

—

$

766,579,250

$

—

Small

Cap

Fund

327,578,921

—

344,086,156

—

US

Sustainable

Economy

Fund

143,997,577

—

154,752,135

—

Global

Sustainable

Infrastructure

Fund

31,578,091

—

34,044,048

—

Global

Opportunities

Fund

41,329,036

—

51,622,473

—

Global

Environmental

Markets

Fund

730,325,850

—

987,219,969

—

Global

Social

Leaders

Fund

609,287

—

495,968

—

Global

Women’s

Leadership

Fund

486,815,009

—

671,251,734

—

International

Sustainable

Economy

Fund

605,785,235

—

550,619,635

—

Core

Bond

Fund

356,404,979

707,172,774

407,381,283

695,993,014

High

Yield

Bond

Fund

319,704,034

—

342,577,878

—

Sustainable

Allocation

Fund

219,279,724

—

203,000,000

—

1

Excluding

short-term

investments

and

U.S.

Government

Bonds

Fund

Identified

cost

of

investments

for

Federal

income

tax

basis

Gross

unrealized

appreciation

Gross

unrealized

depreciation

Net

unrealized

appreciation

(depreciation)

Large

Cap

Fund

$

938,029,793

$

478,071,765

$

47,512,975

$

430,558,790

Small

Cap

Fund

614,440,353

176,063,507

62,463,688

113,599,819

US

Sustainable

Economy

Fund

221,650,968

125,137,650

11,642,473

113,495,177

Global

Sustainable

Infrastructure

Fund

89,377,419

7,632,569

9,302,580

(1,670,011)

Global

Opportunities

Fund

100,120,535

29,921,620

4,022,150

25,899,470

Global

Environmental

Markets

Fund

1,715,677,967

658,305,159

92,289,863

566,015,296

Global

Social

Leaders

Fund

1,659,051

261,561

76,354

185,207

Global

Women’s

Leadership

Fund

547,283,156

207,375,019

27,353,653

180,021,366

International

Sustainable

Economy

Fund

1,071,448,604

212,296,949

65,750,408

146,546,541

Core

Bond

Fund

881,937,056

2,423,588

47,604,141

(45,180,553)

High

Yield

Bond

Fund

556,199,665

8,239,355

12,107,784

(3,868,429)

Sustainable

Allocation

Fund

1,997,084,524

400,893,881

99,969,801

300,924,080

96

www.impaxam.com

Annual

Report

Notes

to

Financial

Statements,

continued

December

31,

2024

At December

31,

2024 the

following

Funds

had

unrealized

foreign

currency

gains

(losses):

Netting

Agreements

 During

the

ordinary

course

of

business,

the

Funds

may

enter

into

transactions

subject

to

enforceable

netting

agreements

or

other

similar

arrangements

(“netting

agreements”).

Generally,

the

right

to

offset

in

netting

agreements

allows

a

Fund

to

offset

any

exposure

to

a

specific

counterparty

with

any

collateral

received

or

delivered

to

that

counterparty

based

on

the

terms

of

the

agreement.

Generally,

a

Fund

manages

its

cash

collateral

and

securities

collateral

on

a

counterparty

basis.

As

of December

31,

2024,

there

is

no

collateral

held

at

the

counterparty

that

would

be

offset

by

a

master

netting

agreement

that

the

Funds

have

with

the

counterparty.

The

Funds

did

not

hold

any

derivative

instruments

as

of December

31,

2024.

Affiliated

Investments

The

term

“affiliated

company”

includes

other

investment

companies

that

are

managed

by

a

Fund’s

Adviser.

At December

31,

2024,

the

Sustainable

Allocation

Fund

held

the

following

investments

in

affiliated

Funds:

Fund

Amount

Small

Cap

Fund

$

(92)

Global

Sustainable

Infrastructure

Fund

(12,114)

Global

Opportunities

Fund

(2,286)

Global

Environmental

Markets

Fund

(138,336)

Global

Social

Leaders

Fund

(17)

Global

Women’s

Leadership

Fund

(29,585)

International

Sustainable

Economy

Fund

(226,758)

Fund

Shares

Held

at

12/31/2023

Gross

Additions

Gross

Reductions

Shares

Held

at

12/31/2024

Sustainable

Allocation

Fund

Large

Cap

Fund

67,987,617

11,692,097

4,794,934

74,884,780

Small

Cap

Fund

5,641,695

926,717

247,524

6,320,888

Global

Sustainable

Infrastructure

Fund

6,401,468

146,200

—

6,547,668

Global

Opportunities

Fund

4,095,396

118,811

—

4,214,207

Global

Environmental

Markets

Fund

2,656,703

126,274

—

2,782,977

Global

Women's

Leadership

Fund

2,095,600

174,778

299,850

1,970,528

International

Sustainable

Economy

Fund

11,559,969

338,080

2,469,524

9,428,525

Core

Bond

Fund

91,989,678

3,343,874

10,681,983

84,651,569

High

Yield

Fund

17,194,651

1,026,861

—

18,221,512

Fund

Value

at

12/31/2023

Dividend

Income

Realized

Gains/

Losses

1

Net

change

in

Unrealized

Appreciation/

Depreciation

Value

at

12/31/2024

Sustainable

Allocation

Fund

Large

Cap

Fund

$

902,875,554

$

8,681,629

$

153,297,005

$

(38,826,699)

$

957,027,489

Small

Cap

Fund

91,733,966

90,951

4,821,826

7,549,027

112,195,771

Global

Sustainable

Infrastructure

Fund

58,509,418

1,320,878

—

(2,079,862)

57,750,434

Global

Opportunities

Fund

64,830,125

271,857

1,690,526

2,194,056

68,986,564

Global

Environmental

Markets

Fund

60,307,152

341,628

2,572,297

175,133

63,396,210

Global

Women's

Leadership

Fund

66,891,544

1,520,562

4,288,123

1,696,636

64,396,865

97

www.impaxam.com

Annual

Report

December

31,

2024

1

Includes

realized

capital

gain

distributions

from

an

affiliated

fund,

if

any.

The

Funds

are

permitted

to

purchase

and

sell

securities

(“cross-trade”)

from

and

to

other

Funds

within

the

Trusts

or

other

accounts

managed

by

the

Adviser

pursuant

to

“Cross-Trading”

Procedures

adopted

by

the

Trusts’

Boards

of

Trustees.

These

procedures

have

been

designed

to

ensure

that

any

cross-trade

of

securities

by

the

respective

Fund

from

or

to

another

Fund

or

account

that

is

or

could

be

considered

an

affiliate

of

the

Fund

under

certain

limited

circumstances

by

virtue

of

having

a

common

investment

adviser

complies

with

Rule

17a-7

of

the

1940

Act.

Further,

as

defined

under

these

procedures,

each

cross-trade

is

effected

at

the

current

market

price

to

save

costs

where

allowed.

The

Funds

did

not

engage

in

cross

trades

during

the year

ended December

31,

2024. 

Restricted

and

Illiquid

Securities

The

Funds

may

purchase

certain

restricted

securities

and

limited

amounts

of

illiquid

securities.

The

Funds

may

invest

in

securities

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933

(“the

Act”)

which

are

restricted

from

sale

to

the

public

and

may

only

be

sold

to

a

qualified

institutional

buyer.

The

Funds

do

not

have

the

right

to

demand

that

such

securities

be

registered.

The

value

of

such

securities

is

determined

by

valuations

supplied

by

a

pricing

service

or,

if

not

available,

in

good

faith

pursuant

to

policies

and

procedures

approved

by

the

Boards.

At December

31,

2024,

the

Core

Bond

Fund

held

$103,255,984

or

12.36%

of

net

assets

and

the High

Yield

Bond

Fund

held

$405,377,918

or

74.90%

of

net

assets in

securities

exempt

from

registration

under

Rule

144A

of

the

Act.

At December

31,

2024,

the Core

Bond

Fund

held

$2,219,954

of

illiquid

securities,

representing

0.27%

of

net

assets

and

High

Yield

Bond

Fund

held

$4,974,768

of

illiquid

securities,

representing

0.92%

of

net

assets.

The

Fund

will

classify

as

“illiquid”

all

securities

that

the

Fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment.

Illiquid

investments

may

include

restricted

securities,

repurchase

agreements

that

mature

in

more

than

seven

days

or

that

have

a

notice

or

demand

feature

more

than

seven

days,

certain

over-the-counter

option

contracts

and

participation

interests

in

loans.

Because

illiquid

securities

trade

less

frequently

and

in

smaller

volume

than

liquid

securities,

the

Fund

may

experience

difficulty

in

closing

out

positions

at

prevailing

market

prices.

Fund

International

Sustainable

Economy

Fund

$

115,830,889

$

2,784,506

$

5,580,395

$

(2,307,693)

$

95,888,097

Core

Bond

Fund

816,868,344

29,318,386

(17,461,957)

46,265

734,775,623

High

Yield

Fund

103,167,907

6,154,757

—

370,684

109,693,503

Total

$

2,281,014,899

$

50,485,154

$

154,788,215

$

(31,182,453)

$

2,264,110,556

Security

Acquisition

Date

Range

Cost

Market

Value

Core

Bond

Fund

CEI

Investments

LLC,

4.000%,

10/31/2025

11/01/24-11/01/24

$

323,622

$

323,622

Envest

Microfinance

Cooperative,

4.000%,

4/20/2026

04/20/22-04/20/22

250,000

245,060

Envest

Microfinance

Cooperative,

4.000%,

10/24/2025

10/24/24-10/24/24

150,000

150,000

McAfee

Corp.,

First

Lien,

CME

Term

Loan,

B1,

7.803%,

3/1/2029

11/21/24-11/21/24

1,006,250

1,002,125

Walden

Mutual

Bank,

3.930%,

11/14/2025

11/14/24-11/14/24

500,001

499,147

High

Yield

Bond

Fund

CEI

Investments

LLC,

4.000%,

9/30/2025

09/30/24-09/30/24

552,735

552,735

Digicel

Holdings

Bermuda

Ltd.,

Common

Stock

01/29/24-01/29/24

44,161

44,114

Digicel

Holdings

Bermuda

Ltd.,

Preferred

Stock

01/29/24-01/29/24

14,550

22,408

Envest

Microfinance

Cooperative,

4.000%,

4/20/2026

04/20/22-04/20/22

250,000

245,060

98

www.impaxam.com

Annual

Report

Notes

to

Financial

Statements,

continued

December

31,

2024

NOTE

D—Tax

Information 

The

timing

and

characterization

of

certain

income

and

capital

gains

distributions

are

determined

annually

in

accordance

with

federal

tax

regulations,

which

may

differ

from

GAAP.

In

addition

to

permanent

differences

previously

noted,

temporary

differences

may

arise

from

recognition

of

certain

items

of

income,

expense,

gain

or

loss

in

different

periods

for

financial

reporting

and

tax

purposes.

Such

differences

will

reverse

at

some

time

in

the

future.

As

a

result,

net

investment

income

(loss)

and

net

realized

gain

(loss)

on

investment

transactions

for

a

reporting

period

may

differ

significantly

from

distributions

during

such

period.

For

tax

purposes,

short-term

capital

gains

are

considered

ordinary

income. 

The

tax

character

of

distributions

paid

during 2024

and 2023

was

as

follows:

For

the

year

ended December

31,

2024,

the

components

of

distributable

earnings

on

a

tax

basis

are

as

follows:

Security

Acquisition

Date

Range

Cost

Market

Value

High

Yield

Bond

Fund

(continued)

Envest

Microfinance

Cooperative,

4.000%,

10/24/2025

10/24/24-10/24/24

$

150,000

$

150,000

McAfee

Corp.,

First

Lien,

CME

Term

Loan,

B1,

7.803%,

3/1/2029

05/23/24-11/15/24

2,961,155

2,961,304

Shared

Interest,

Inc.,

4.000%,

9/30/2025

09/30/24-09/30/24

500,000

500,000

Walden

Mutual

Bank,

3.930%,

11/14/2025

11/14/24-11/14/24

500,000

499,147

Distributions

paid

in

2024

Distributions

paid

in

2023

Fund

Ordinary

income

Tax

Return

of

capital

Long

term

capital

gains

Ordinary

income

Tax

Return

of

capital

Long-term

capital

gains

Large

Cap

Fund

$

51,639,928

$

—

$

166,052,009

$

15,248,262

$

—

$

47,662,715

Small

Cap

Fund

16,720,693

—

19,495,795

—

—

—

US

Sustainable

Economy

Fund

11,188,524

—

36,340,505

1,401,814

—

14,927,635

Global

Sustainable

Infrastructure

Fund

2,025,391

—

—

2,707,793

—

—

Global

Opportunities

Fund

496,195

—

3,096,687

393,908

—

—

Global

Environmental

Markets

Fund

12,785,996

—

93,630,588

18,563,092

—

—

Global

Social

Leaders

Fund

54,076

—

37

—

—

—

Global

Women’s

Leadership

Fund

18,721,747

—

48,978,819

14,521,163

—

—

International

Sustainable

Economy

Fund

41,137,069

—

—

26,277,053

—

—

Core

Bond

Fund

32,591,122

—

—

26,991,739

—

—

High

Yield

Bond

Fund

31,046,952

—

—

33,379,601

—

—

Sustainable

Allocation

Fund

49,296,554

—

35,651,867

33,944,169

—

43,188,737

Fund

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gain

Other

Temporary

Differences

Net

U

nrealized

Appreciation

(Depreciation)

Large

Cap

Fund

$

–

$

8,183,591

$

–

$

430,558,790

Small

Cap

Fund

7,087,582

2,374,795

–

113,599,727

US

Sustainable

Economy

Fund

66,605

8,845,266

–

113,495,177

Global

Sustainable

Infrastructure

Fund

–

–

(8,077,188)

(1,682,125)

Global

Opportunities

Fund

–

378,416

(4,966)

25,897,184

Global

Environmental

Markets

Fund

1,976,675

5,697,212

–

565,876,960

Global

Social

Leaders

Fund

–

–

(15,179)

185,190

Global

Women’s

Leadership

Fund

1,278,887

9,335,384

–

179,992,060

99

www.impaxam.com

Annual

Report

December

31,

2024

As

of December

31,

2024,

for

federal

income

tax

purposes,

the

following

Funds

had

capital

loss

carryforwards

available

to

offset

future

gains,

if

any,

to

the

extent

provided

by

the

Treasury

regulations:

The

Global

Social

Leaders

Fund

and

International

Sustainable

Economy

Fund

elected

to

defer

$15,179

and

$1,443,829

of

capital

losses

recognized

between

November

1,

2024

and

December

31,

2024

for

the

Funds'

fiscal

year

ending

December

2024,

respectively.

In

addition,

the Global

Sustainable

Infrastructure

Fund and Global

Opportunities

Fund

incurred

late-year

ordinary

losses

of

$5,716

and

$4,966,

respectively.

These

losses

are

treated

for

federal

income

tax

purposes

as

if

they

had

occurred

on

January

1,

2025. 

For

the

year

ended December

31,

2024,

the

Funds

recorded

the

following

reclassifications:

For

financial

reporting

purposes,

the

capital

accounts

are

adjusted

to

reflect

the

tax

character

of

permanent

book/tax

differences.

Reclassifications

are

primarily

due

to

tax

treatment

of

gain

(loss)

on

foreign

currency

transactions

and

tax

treatment

related

to

REITs,

Passive

Foreign

Investment

Companies,

paydowns

and

bond

amortization

adjustments.

Distributions

received

from

REITs

may

be

classified

as

dividends,

capital

gains

and/or

return

of

capital.

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gain

Other

Temporary

Differences

Net

Unrealized

Appreciation

(Depreciation)

International

Sustainable

Economy

Fund

$

–

$

2,427,871

$

(1,443,829)

$

146,319,783

Core

Bond

Fund

948,723

–

(71,897,823)

(45,180,553)

High

Yield

Bond

Fund

–

–

(141,980,190)

(3,868,429)

Sustainable

Allocation

Fund

54,891,655

108,447,767

–

300,924,080

No

Expiration

Fund

Short-term

Long-term

Global

Sustainable

Infrastructure

Fund

$

–

$

8,071,472

Core

Bond

Fund

30,759,424

41,138,399

High

Yield

Bond

Fund

31,839,775

109,968,825

Fund

Undistributed

Net

Investment

Income

Accumulated

Net

Realized

Gain/

(Loss)

Paid

In

Capital

Large

Cap

Fund

$

1,211,002

$

(1,211,002)

$

–

Small

Cap

Fund

(584,496)

173,314

411,182

US

Sustainable

Economy

Fund

1,601,605

(1,601,605)

–

Global

Sustainable

Infrastructure

Fund

(869)

28,577

(27,708)

Global

Opportunities

Fund

19,970

(19,970)

–

Global

Environmental

Markets

Fund

(601,772)

601,774

(2)

Global

Social

Leaders

Fund

4,444

(4,444)

–

Global

Women’s

Leadership

Fund

216,198

(216,198)

–

International

Sustainable

Economy

Fund

(1,291,526)

1,291,526

–

Core

Bond

Fund

286,600

(286,600)

–

High

Yield

Bond

Fund

34,157

(34,157)

–

Sustainable

Allocation

Fund

272

(272)

–

NOTE

D—Tax

Information 

100

www.impaxam.com

Annual

Report

Notes

to

Financial

Statements,

continued

December

31,

2024

Uncertain

Tax

Positions

Management

has

analyzed

the

Funds’

tax

positions

taken

for

all

open

tax

years

which

remain

subject

to

examination

by

the

Funds’

major

tax

jurisdictions

(years

2021

through

2024).

The

Funds

recognize

interest

and

penalties,

if

any,

related

to

tax

liabilities

as

income

tax

expense

in

the

Statement

of

Operations.

Management

has

concluded

that,

as

of

and

during

the

year ended

December

31,

2024,

no

provision

for

federal

income

tax

is

necessary

and,

therefore,

the

Funds

did

not

have

a

liability

for

any

unrecognized

tax

expenses.

Note

E—Recent

Accounting

Pronouncements 

In

this

reporting

period,

the

Funds

adopted

FASB

Accounting

Standards

Update

2023-07,

Segment

Reporting

(Topic

280)

-

Improvements

to

Reportable

Segment

Disclosures

(“ASU

2023-07”).

Adoption

of

the

new

standard

impacted

financial

statement

disclosures

only

and

did

not

affect

the

Funds'

financial

position

or

the

results

of

its

operations.

An

operating

segment

is

defined

in

Topic

280

as

a

component

of

a

public

entity

that

engages

in

business

activities

from

which

it

may

recognize

revenues

and

incur

expenses,

has

operating

results

that

are

regularly

reviewed

by

the

public

entity’s

chief

operating

decision

maker

(CODM)

to

make

decisions

about

resources

to

be

allocated

to

the

segment

and

assess

its

performance,

and

has

discrete

financial

information

available.

The

management

committee

of

the

Funds'

adviser

acts

as

the

Funds'

CODM.

The

Funds

represent single

operating

segments,

as

the

CODM

monitors

the

operating

results

of

the

Funds

as

a

whole

and

the

Funds'

long-term

strategic

asset

allocation

is

pre-determined

in

accordance

with

the

single

investment

objective

which

is

executed

by

the

Funds'

portfolio

managers

as

a

team.

The

financial

information

in

the

form

of

the

Funds'

portfolio

composition,

total

returns,

expense

ratios

and

changes

in

net

assets

(i.e.,

changes

in

net

assets

resulting

from

operations,

subscriptions

and

redemptions),

which

are

used

by

the

CODM

to

assess

the

segment’s

performance

versus

the

Funds'

comparative

benchmarks

and

to

make

resource

allocation

decisions

for

the

Funds'

single

segment,

is

consistent

with

that

presented

within

the

Funds'

financial

statements.

Segment

assets

are

reflected

on

the

accompanying

statement

of

assets

and

liabilities

as

“total

assets”,

significant

segment

expenses

are

listed

on

the

accompanying

statement

of

operations,

and

other

information

about

the

segment’s

performance,

including

total

return,

portfolio

turnover

and

expense

ratios

are

reflected

within

the

Financial

Highlights.

Note

F—Subsequent

Events 

The

Registrant

has evaluated

all

subsequent

events

for

potential

recognition

or

disclosure

in

these

financial

statements

through  February

24,

2025,

the

date

the

financial

statements

were

available

to

be

issued.

No

subsequent

events

were

identified. 

NOTE

D—Tax

Information 

101

Annual

Report

Report

of

Independent

Registered

Public

Accounting

Firm

December

31,

2024

To

the

Boards

of

Trustees

and

Shareholders

of

Impax

Funds

Series

Trust

I

and

Impax

Funds

Series

Trust

III:

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities

of

Impax

Funds

Series

Trust

I

(“Trust

I”)

(comprising

Impax

Sustainable

Allocation

Fund,

Impax

US

Sustainable

Economy

Fund,

Impax

Small

Cap

Fund,

Impax

High

Yield

Bond

Fund,

Impax

Global

Environmental

Markets

Fund,

Impax

International

Sustainable

Economy

Fund,

Impax

Core

Bond

Fund,

Impax

Large

Cap

Fund,

Impax

Global

Opportunities

Fund,

Impax

Global

Sustainable

Infrastructure

Fund,

and

Impax

Global

Social

Leaders

Fund)

and

Impax

Funds

Series

Trust

III

(“Trust

III”)

(comprising

Impax

Ellevate

Global

Women’s

Leadership

Fund)

(Trust

I

and

Trust

III

collectively,

the

“Trusts”)

(all

funds

comprising

the

Trusts

collectively,

the

“Funds”),

including

the

schedules

of

investments,

as

of

December

31,

2024,

and

the

related

statements

of

operations,

changes

in

net

assets,

and

the

financial

highlights

for

each

of

the

periods

indicated

in

the

table

below

and

the

related

notes

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Funds

at

December

31,

2024,

the

results

of

their

operations,

changes

in

net

assets

and

financial

highlights

for

each

of

the

periods

indicated

in

the

table

below,

in

conformity

with

U.S.

generally

accepted

accounting

principles.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Trusts’

management.

Our

responsibility

is

to

express

an

opinion

on

each

of

the

Funds’

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(“PCAOB”)

and

are

required

to

be

independent

with

respect

to

the

Trusts

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

The

Trusts

are

not

required

to

have,

nor

were

we

engaged

to

perform,

an

audit

of

the

Trusts’

internal

Funds

comprising

Trust

I

Statement

of

Operations

Statements

of

Changes

in

Net

Assets

Financial

highlights

Impax

Sustainable

Allocation

Fund

Impax

US

Sustainable

Economy

Fund

Impax

Small

Cap

Fund

Impax

High

Yield

Bond

Fund

Impax

Global

Environmental

Markets

Fund

Impax

International

Sustainable

Economy

Fund

Impax

Large

Cap

Fund

Impax

Global

Sustainable

Infrastructure

Fund

Impax

Core

Bond

Fund

Impax

Global

Opportunities

Fund

For

the

year

ended

December

31,

2024

For

each

of

the

two

years

in

the

period

ended

December

31,

2024

For

each

of

the

five

years

in

the

period

ended

December

31,

2024

Impax

Global

Social

Leaders

Fund

For

the

year

ended

December

31,

2024

For

the

year

ended

December

31,

2024

and

the

period

from

November

30,

2023

(commencement

of

operations)

through

December

31,

2023

Fund

comprising

Trust

III

Statement

of

Operations

Statements

of

Changes

in

Net

Assets

Financial

highlights

Impax

Ellevate

Global

Women’s

Leadership

Fund

For

the

year

ended

December

31,

2024

For

each

of

the

two

years

in

the

period

ended

December

31,

2024

For

each

of

the

five

years

in

the

period

ended

December

31,

2024

102

Annual

Report

December

31,

2024

control

over

financial

reporting.

As

part

of

our

audits,

we

are

required

to

obtain

an

understanding

of

internal

control

over

financial

reporting

but

not

for

the

purpose

of

expressing

an

opinion

on

the

effectiveness

of

the

Trusts’

internal

control

over

financial

reporting.

Accordingly,

we

express

no

such

opinion.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2024,

by

correspondence

with

the

custodian,

brokers

and

others;

when

replies

were

not

received

from

brokers

and

others,

we

performed

other

auditing

procedures.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

We

have

served

as

the

auditor

of

the

Impax

Funds

Series

Trust

I

and

Impax

Funds

Series

Trust

III

since

2003

.

Boston,

Massachusetts

February

 24,

2025

103

www.impaxam.com

Annual

Report

December

31,

2024

Proxy

Voting

(Unaudited)

You

may

obtain

a

description

of

the

Funds’

policies

and

procedures

that

the

Funds

use

to

determine

how

to

vote

proxies

relating

to

their

portfolio

securities,

without

charge,

upon

request

by

contacting

the

Funds

at

800.767.1729

or

on

the

SEC’s

website

at

www.sec.gov.

The

information

regarding

how

the

Funds

voted

proxies

relating

to

portfolio

securities

during

the

most

recent

12-month

period

ended

June

30

is

available

without

charge,

upon

request,

by

telephoning

Impax

(toll-free)

at

800.767.1729

or

visiting

Impax’s

website

at

www.impaxam.com

and

will

be

available

without

charge

by

visiting

the

SEC’s

website

at

www.sec.gov.

Portfolio

Holdings

(Unaudited)

Each

Fund

files

its

complete

schedule

of

portfolio

holdings

with

the

U.S.

Securities

and

Exchange

Commission

(“SEC”)

for

the

first

and

third

quarters

of

each

fiscal

year

(or

as

an

exhibit

to

its

reports

Form

N-PORT).

Each

Fund’s

Forms

N-PORT

are

available

on

the

SEC’s

web

site

at

www.sec.gov.

104

Annual

Report

December

31,

2024

Federal

Tax

Information

(Unaudited) 

The

percentages

of

ordinary

income

distributed

by

each

of

the

Funds

that

is

Qualified

Dividend

Income

(QDI)

and

that

qualifies

for

corporate

Dividends

Received

Deduction

(DRD)

are

as

follows:

For

the

fiscal

year

ended

December

31,

2024

the

International

Sustainable

Economy

Fund

earned

foreign

source

income

totaling

$37,405,439

and

paid

$2,578,343

foreign

taxes

which

it

intends

to

pass

through

to

its

shareholders.

Fund

QDI%

DRD%

Large

Cap

Fund

100.00%

33.70%

Small

Cap

Fund

100.00%

20.60%

US

Sustainable

Economy

Fund

66.89%

36.57%

Global

Sustainable

Infrastructure

Fund

100.00%

18.09%

Global

Opportunities

Fund

100.00%

74.56%

Global

Environmental

Markets

Fund

100.00%

89.44%

Global

Social

Leaders

Fund

100.00%

10.23%

Global

Women’s

Leadership

Fund

82.90%

39.79%

International

Sustainable

Economy

Fund

100.00%

0.00%

Core

Bond

Fund

0.00%

0.00%

High

Yield

Bond

Fund

0.00%

0.00%

Sustainable

Allocation

Fund

33.00%

8.72%

105

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Annual

Report

December

31,

2024

Item

8.

Changes

in

and

Disagreements

with

Accountants

for

Open-End

Management

Investment

Companies.

None.

Item

9.

Proxy

Disclosures

for

Open-End

Management

Investment

Companies.

Special

Meeting

of

Shareholders

(Unaudited)

A

Joint

Special

Meeting

of

Shareholders

of

Impax

Funds

Series

Trust

I

(“Trust

I”)

and

Impax

Funds

Series

Trust

III

(“Trust

III

and,

together

with

Trust

I,

the

“Trusts”)

was

held

on

August

21,

2024,

at

10:00

a.m.

ET,

at

the

offices

of

the

Trusts

at

30

Penhallow

Street,

Suite

100,

Portsmouth,

NH.

The

matters

voted

upon

and

the

number

of

votes

cast

for,

against

or

withheld,

as

well

as

the

number

of

abstentions

and

broker

non-votes,

as

applicable

to

each

matter,

are

as

follows

below.

Proposal

1.

For

shareholders

of

all

series

of

the

Trusts

(each,

a

“Fund”

and

collectively,

the

“Funds”),

to

elect

Adrian

Anderson,

Ingrid

Dyott,

Edward

Farrington,

Anne

Goggin,

D’Anne

Hurd,

Teresa

Kong,

John

Liechty,

Lyle

Logan,

Gregory

Sheehan

and

Nancy

Taylor

to

serve

as

Trustees

of

the

Trusts.

Trust

I:

1.01:

Election

of

Trustee

Adrian

Anderson

1.02

Election

of

Trustee

Ingrid

Dyott

1.03

Election

of

Trustee

Edward

Farrington

1.04

Election

of

Trustee

Anne

Goggin

1.05

Election

of

Trustee

D’Anne

Hurd

For

Against/Withold

Passed

497,351,185.689

13,087,174.793

Yes

For

Against/Withold

Passed

504,350,634.680

6,087,725.802

Yes

For

Against/Withold

Passed

502,819,823.784

7,618,536.698

Yes

For

Against/Withold

Passed

498,527,741.733

11,910,618.749

Yes

For

Against/Withold

Passed

498,668,577.397

11,769,783.085

Yes

106

www.impaxam.com

Annual

Report

December

31,

2024

1.06

Election

of

Trustee

Teresa

Kong

1.07

Election

of

Trustee

John

Liechty

1.08

Election

of

Trustee

Lyle

Logan

1.09

Election

of

Trustee

Gregory

Sheehan

1.10

Election

of

Trustee

Nancy

Taylor

Trust

III:

01:

Election

of

Trustee

Adrian

Anderson

1.02

Election

of

Trustee

Ingrid

Dyott

1.03

Election

of

Trustee

Edward

Farrington

For

Against/Withold

Passed

503,696,440.281

6,741,920.201

Yes

For

Against/Withold

Passed

497,481,854.533

12,956,505.949

Yes

For

Against/Withold

Passed

502,683,143.154

7,755,217.328

Yes

For

Against/Withold

Passed

497,243,483.873

13,194,876.609

Yes

For

Against/Withold

Passed

498,697,931.012

11,740,429.470

Yes

For

Against/Withold

Passed

11,565,018.871

5,350,774.921

Yes

For

Against/Withold

Passed

16,623,430.033

292,363.759

Yes

For

Against/Withold

Passed

107

www.impaxam.com

Annual

Report

December

31,

2024

1.04

Election

of

Trustee

Anne

Goggin

1.05

Election

of

Trustee

D’Anne

Hurd

1.06

Election

of

Trustee

Teresa

Kong

1.07

Election

of

Trustee

John

Liechty

1.08

Election

of

Trustee

Lyle

Logan

1.09

Election

of

Trustee

Gregory

Sheehan

1.10

Election

of

Trustee

Nancy

Taylor

Proposal

2a.

For

shareholders

of

Impax

International

Sustainable

Economy

Fund,

to

approve

an

amendment

the

Fund’s

fundamental

investment

restriction

on

concentration.

16,494,650.640

421,143.152

Yes

For

Against/Withold

Passed

16,583,424.635

332,369.157

Yes

For

Against/Withold

Passed

11,698,963.545

5,216,830.247

Yes

For

Against/Withold

Passed

16,605,706.731

310,087.061

Yes

For

Against/Withold

Passed

16,459,726.640

456,067.152

Yes

For

Against/Withold

Passed

16,482,815.466

432,978.326

Yes

For

Against/Withold

Passed

11,548,321.839

5,367,471.953

Yes

For

Against/Withold

Passed

16,587,934.719

327,859.073

Yes

For

Against

Abstain

Broker

Non-Vote

Passed

61,066,665.543

145,278.930

178,921.290

27,281,289.000

Yes

108

www.impaxam.com

Annual

Report

December

31,

2024

Proposal

2b.

For

shareholders

of

Impax

Ellevate

Global

Women’s

Leadership

Fund,

to

approve

an

amendment

the

Fund’s

fundamental

investment

restriction

on

concentration

Item

10.

Remuneration

Paid

to

Directors,

Officers,

and

Others

of

Open-End

Management

Investment

Companies.

              This

information

is

disclosed

as

part

of

the

financial

statements

included

in

Item

7.

Item

11.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract.

Refer

to

the

semiannual

financial

statements

and

other

information

as

of

and

for

the

period

ended

June

30,

2024,

included

within

the

N-CSRS

filed

with

the

SEC.

For

Against

Abstain

Broker

Non-Vote

Passed

8,574,551.950

56,650.331

341,833.511

7,942,758.000

No

109

www.impaxam.com

Annual

Report

Account

Options

and

Services

December

31,

2024

At

Impax,

we

are

pleased

to

offer

a

variety

of

account

options

and

shareholder

services

to

help

meet

your

investment

needs.

Types

of

Accounts

Services

Regular

Accounts

Individual,

business

and

trust

accounts

are

available

for

all

Impax

Funds.

Traditional

IRA

Contributions

to

an

IRA

may

be

tax-

deductible.

Taxes

are

paid

only

when

funds

are

withdrawn,

when

investors

may

be

in

a

lower

tax

bracket.

Roth

IRA

Contributions

to

a

Roth

IRA

are

not

deductible,

but

after

five

years

some

types

of

withdrawals

are

tax-free.

SIMPLE

IRA

This

is

an

easy-to

maintain

retirement

plan

designed

for

small

businesses.

SEP

IRA

This

is

an

employer

funded

retirement

plan

popular

with

small

businesses

and

self-employed

persons.

Coverdell

Education

Savings

Account

&

Uniform

Transfers/Gifts

to

Minors

Act

(UTMA/UGMA)

These

plans

provide

excellent

ways

to

save

for

a

child’s

education.

Services

Automatic

Investment

Plan

You

may

arrange

to

have

a

fixed

amount

automatically

deducted

from

your

checking

or

savings

account

and

invested

in

your

Impax

account

on

a

monthly

or

quarterly

basis.

Automatic

investment

plans

do

not

assure

a

profit

and

do

not

protect

against

loss

in

declining

markets.

Online

Account

Access

Impax

shareholders

can

view

account

balances

and

recent

transaction

history,

purchase

and

redeem

shares

or

make

exchanges

between

different

Impax

Funds.

www.impaxam.com

Learn

all

about

Impax

Funds

through

our

web

site.

You

can

check

Fund

performance,

read

about

our

portfolio

managers,

view

Connection—our

quarterly

newsletter,

and

see

how

we

voted

on

various

proxies

for

the

companies

in

our

portfolios.

Please

note

that

the

information

contained

herein

does

not

constitute

tax

advice.

Always

consult

your

tax

advisor

before

making

any

tax-related

investment

decisions.

This

annual report

is

intended

for

shareholders

of

the

Impax

Funds

only,

and

is

not

authorized

for

distribution

to

other

persons

unless

accompanied

or

preceded

by

a

prospectus.

Please

consider

the

Funds’

investment

objectives,

risks

and

charges

and

expenses

carefully

before

investing.

The

Funds’

prospectus

contains

this

and

other

information

about

the

Funds

and

may

be

obtained

by

calling

800.767.1729,

emailing

impaxfunds@impaxam.com

or

visiting

www.impaxam.com.

Distributor:

Foreside

Financial

Services,

LLC

Member

of

FINRA

2/25

.

30

Penhallow

Street,

Suite

1

00

Portsmouth

NH

03801

800.767.1729

www.impaxam.com

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15.  Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Board that have been implemented since the Registrant last provided disclosure in response to the requirements of this Item.

Item 16. Controls and Procedures.

(a) It is the conclusion of the Registrant’s principal executive officer and principal financial officer (or persons performing similar functions), based on an evaluation of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) (the “Disclosure Controls”) as of a date within 90 days of the filing date of this report on Form N-CSR, that the design and operation of the Disclosure Controls are effective to reasonably ensure that information required to be disclosed by the Registrant in this report on Form N-CSR has been recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission.

(b) There has been no change in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) that occurred during the period covered by this report on Form N-CSR that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Companies

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

(a)(1) The Registrant’s code of ethics, or any amendment thereto, that is the subject of the disclosure required by Item 2 of Form N-CSR is filed with the Registrant’s annual Form N-CSR.

(a)(2) Not applicable.

(a)(3) Certifications of the principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are attached.

(a)(4) Not applicable.

(a)(5) There has been no change to the Registrant’s independent public accountant during the reporting period

(b) Certification of the principal executive officer and principal financial officer of the Registrant required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, are attached

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)	Impax Funds Series Trust III
By (Signature and Title)	/s/ Edward Farrington
	Edward Farrington, President
Date	2/24/25

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By (Signature and Title)	/s/ Edward Farrington
	Edward Farrington, President (Principal Executive Officer)
Date	2/24/25
By (Signature and Title)	/s/ Daniel Saltus
	Daniel Saltus, Treasurer (Principal Financial Officer)
Date	2/24/25