What were the Fund's costs for the year?&#160;

This annual shareholder report contains important information about the Impax Large Cap Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025.

You can also request this information by contacting us at (800) 372-7827.

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	$104	0.98%

0.98%

	1 Year	5 years	Since Inception (12/16/16)
Investor Class - (Incorp December 16, 2016)	11.92%	9.78%	13.02%
S&P 500 Index	17.88	14.42	14.96

$ 934,105,723

$ 7,140,304

Key Fund Statistics as of December 31, 2025

Net Assets	$934,105,723
Total Number of Portfolio Holdings	43
Total Investment Advisory Fees Paid During the Reporting Period	$7,140,304
Portfolio Turnover Rate	60%

Impax Large Cap Fund

PXLIX

Annual Shareholder Report

(800) 372-7827

Line Graph [Table Text Block]

$ 78

	Impax Large Cap Fund (Institutional Class) $772,681	S&P 500 Index $882,386
12/16/2016	$250,000	$250,000
12/31/2016	$247,917	$248,050
06/30/2017	$269,424	$271,222
12/31/2017	$299,883	$302,203
06/30/2018	$309,562	$310,208
12/31/2018	$285,513	$288,954
06/30/2019	$339,044	$342,523
12/31/2019	$386,113	$379,935
06/30/2020	$378,959	$368,230
12/31/2020	$478,731	$449,838
06/30/2021	$571,720	$518,446
12/31/2021	$626,754	$578,966
06/30/2022	$503,379	$463,409
12/31/2022	$502,816	$474,110
06/30/2023	$560,957	$554,209
12/31/2023	$603,996	$598,742
06/30/2024	$660,364	$690,302
12/31/2024	$688,682	$748,546
06/30/2025	$726,453	$794,977
12/31/2025	$772,681	$882,386

Dec. 16, 2016

43

60.00%

Company	Percent of Net Assets
NVIDIA Corp.	11.0%
Microsoft Corp.	9.2%
Amazon.com, Inc.	5.6%
Alphabet, Inc., A	4.8%
Mastercard, Inc., A	3.9%
Apple, Inc.	3.5%
Danaher Corp.	3.3%
JPMorgan Chase & Co.	2.8%
Agilent Technologies, Inc.	2.5%
eBay, Inc.	2.4%

Value	Value
Other assets and liabilities (net)	0.4%
Others^{Footnote Reference†}	30.1%
Technology Hardware, Storage & Peripherals	3.5%
Ground Transportation	3.7%
Financial Services	3.9%
Trading Companies & Distributors	4.0%
Interactive Media & Services	4.8%
Banks	6.4%
Life Sciences Tools & Services	6.7%
Broadline Retail	8.0%
Semiconductors & Semiconductor Equipment	12.5%
Software	16.0%

Value	Value
U.S. Stocks	99.5%
Cash & Cash Equivalents	0.5%

Investor Class

This annual shareholder report contains important information about the Impax Small Cap Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025.

You can also request this information by contacting us at (800) 372-7827.

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	$122	1.16%

1.16%

	1 Year	5 years	10 Years
Investor Class	11.47%	7.76%	8.02%
S&P 500 Index	17.88	14.42	14.82
Russell 2000 Index	12.81	6.09	9.62

64

36.00%

Company	Percent of Net Assets
Victory Capital Holdings, Inc., A	5.5%
Acadian Asset Management, Inc.	5.3%
Ligand Pharmaceuticals, Inc.	4.2%
SI-BONE, Inc.	3.2%
Eastern Bankshares, Inc.	3.1%
Planet Fitness, Inc., A	2.8%
Pinnacle Financial Partners, Inc.	2.8%
Pacira BioSciences, Inc.	2.6%
US Foods Holding Corp.	2.3%
Arcosa, Inc.	2.2%

Value	Value
Other assets and liabilities (net)	1.0%
Others^{Footnote Reference†}	36.5%
Consumer Staples Distribution & Retail	3.8%
Hotels, Restaurants & Leisure	4.0%
Software	4.7%
Construction & Engineering	4.8%
Communications Equipment	5.0%
Biotechnology	5.0%
Health Care Equipment & Supplies	5.9%
Banks	8.9%
Pharmaceuticals	9.6%
Capital Markets	10.8%

Value	Value
U.S. Stocks	97.2%
Foreign Stocks	1.8%
Cash & Cash Equivalents	1.0%

Class A

This annual shareholder report contains important information about the Impax Small Cap Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025.

You can also request this information by contacting us at (800) 372-7827.

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
Class A	$122	1.16%

1.16%

	1 Year	5 years	10 Years
Class A	11.45%	7.76%	8.01%
S&P 500 Index	17.88	14.42	14.82
Russell 2000 Index	12.81	6.09	9.62

64

36.00%

Company	Percent of Net Assets
Victory Capital Holdings, Inc., A	5.5%
Acadian Asset Management, Inc.	5.3%
Ligand Pharmaceuticals, Inc.	4.2%
SI-BONE, Inc.	3.2%
Eastern Bankshares, Inc.	3.1%
Planet Fitness, Inc., A	2.8%
Pinnacle Financial Partners, Inc.	2.8%
Pacira BioSciences, Inc.	2.6%
US Foods Holding Corp.	2.3%
Arcosa, Inc.	2.2%

Value	Value
Other assets and liabilities (net)	1.0%
Others^{Footnote Reference†}	36.5%
Consumer Staples Distribution & Retail	3.8%
Hotels, Restaurants & Leisure	4.0%
Software	4.7%
Construction & Engineering	4.8%
Communications Equipment	5.0%
Biotechnology	5.0%
Health Care Equipment & Supplies	5.9%
Banks	8.9%
Pharmaceuticals	9.6%
Capital Markets	10.8%

Value	Value
U.S. Stocks	97.2%
Foreign Stocks	1.8%
Cash & Cash Equivalents	1.0%

Institutional Class

This annual shareholder report contains important information about the Impax Small Cap Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025.

You can also request this information by contacting us at (800) 372-7827.

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	$96	0.91%

0.91%

	1 Year	5 years	10 Years
Institutional Class	11.74%	8.02%	8.28%
S&P 500 Index	17.88	14.42	14.82
Russell 2000 Index	12.81	6.09	9.62

64

36.00%

Company	Percent of Net Assets
Victory Capital Holdings, Inc., A	5.5%
Acadian Asset Management, Inc.	5.3%
Ligand Pharmaceuticals, Inc.	4.2%
SI-BONE, Inc.	3.2%
Eastern Bankshares, Inc.	3.1%
Planet Fitness, Inc., A	2.8%
Pinnacle Financial Partners, Inc.	2.8%
Pacira BioSciences, Inc.	2.6%
US Foods Holding Corp.	2.3%
Arcosa, Inc.	2.2%

Value	Value
Other assets and liabilities (net)	1.0%
Others^{Footnote Reference†}	36.5%
Consumer Staples Distribution & Retail	3.8%
Hotels, Restaurants & Leisure	4.0%
Software	4.7%
Construction & Engineering	4.8%
Communications Equipment	5.0%
Biotechnology	5.0%
Health Care Equipment & Supplies	5.9%
Banks	8.9%
Pharmaceuticals	9.6%
Capital Markets	10.8%

Value	Value
U.S. Stocks	97.2%
Foreign Stocks	1.8%
Cash & Cash Equivalents	1.0%

Investor Class

This annual shareholder report contains important information about the Impax US Sustainable Economy Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025.

You can also request this information by contacting us at (800) 372-7827.

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	$76	0.70%

0.70%

	1 Year	5 years	10 Years
Investor Class	15.71%	13.00%	12.63%
S&P 500 Index	17.88	14.42	14.82
Russell 1000 Index	17.37	13.59	14.59

130

52.00%

Company	Percent of Net Assets
NVIDIA Corp.	8.5%
Apple, Inc.	5.8%
Microsoft Corp.	5.6%
Broadcom, Inc.	4.1%
Alphabet, Inc., A	3.3%
Amazon.com, Inc.	3.1%
Visa, Inc., A	2.3%
Johnson & Johnson	2.2%
Mastercard, Inc., A	2.2%
Eli Lilly & Co.	2.1%

Value	Value
Other assets and liabilities (net)	0.8%
Others^{Footnote Reference†}	29.1%
Banks	3.5%
Broadline Retail	3.9%
Insurance	3.9%
Financial Services	4.5%
Capital Markets	5.2%
Interactive Media & Services	5.4%
Technology Hardware, Storage & Peripherals	6.3%
Pharmaceuticals	7.1%
Software	10.4%
Semiconductors & Semiconductor Equipment	19.9%

Value	Value
U.S. Stocks	99.2%
Cash & Cash Equivalents	0.8%

Class A

This annual shareholder report contains important information about the Impax US Sustainable Economy Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025.

You can also request this information by contacting us at (800) 372-7827.

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
Class A	$76	0.70%

0.70%

	1 Year	5 years	10 Years
Class A	15.75%	13.00%	12.63%
S&P 500 Index	17.88	14.42	14.82
Russell 1000 Index	17.37	13.59	14.59

130

52.00%

Company	Percent of Net Assets
NVIDIA Corp.	8.5%
Apple, Inc.	5.8%
Microsoft Corp.	5.6%
Broadcom, Inc.	4.1%
Alphabet, Inc., A	3.3%
Amazon.com, Inc.	3.1%
Visa, Inc., A	2.3%
Johnson & Johnson	2.2%
Mastercard, Inc., A	2.2%
Eli Lilly & Co.	2.1%

Value	Value
Other assets and liabilities (net)	0.8%
Others^{Footnote Reference†}	29.1%
Banks	3.5%
Broadline Retail	3.9%
Insurance	3.9%
Financial Services	4.5%
Capital Markets	5.2%
Interactive Media & Services	5.4%
Technology Hardware, Storage & Peripherals	6.3%
Pharmaceuticals	7.1%
Software	10.4%
Semiconductors & Semiconductor Equipment	19.9%

Value	Value
U.S. Stocks	99.2%
Cash & Cash Equivalents	0.8%

Institutional Class

This annual shareholder report contains important information about the Impax US Sustainable Economy Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025.

You can also request this information by contacting us at (800) 372-7827.

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	$49	0.45%

0.45%

	1 Year	5 years	10 Years
Institutional Class	16.00%	13.28%	12.91%
S&P 500 Index	17.88	14.42	14.82
Russell 1000 Index	17.37	13.59	14.59

130

52.00%

Company	Percent of Net Assets
NVIDIA Corp.	8.5%
Apple, Inc.	5.8%
Microsoft Corp.	5.6%
Broadcom, Inc.	4.1%
Alphabet, Inc., A	3.3%
Amazon.com, Inc.	3.1%
Visa, Inc., A	2.3%
Johnson & Johnson	2.2%
Mastercard, Inc., A	2.2%
Eli Lilly & Co.	2.1%

Value	Value
Other assets and liabilities (net)	0.8%
Others^{Footnote Reference†}	29.1%
Banks	3.5%
Broadline Retail	3.9%
Insurance	3.9%
Financial Services	4.5%
Capital Markets	5.2%
Interactive Media & Services	5.4%
Technology Hardware, Storage & Peripherals	6.3%
Pharmaceuticals	7.1%
Software	10.4%
Semiconductors & Semiconductor Equipment	19.9%

Value	Value
U.S. Stocks	99.2%
Cash & Cash Equivalents	0.8%

Investor Class

This annual shareholder report contains important information about the Impax Global Sustainable Infrastructure Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025.

You can also request this information by contacting us at (800) 372-7827.

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	$98	0.90%

0.90%

	1 Year	5 years	Since Inception (12/16/16)
Investor Class - (Incorp December 16, 2016)	18.37%	4.66%	8.23%
MSCI ACWI Index (Net)	22.34	11.19	12.11
FTSE Global Infrastructure Opportunities Index	22.70	8.79	8.25

$ 97,518,798

$ 629,302

Key Fund Statistics as of December 31, 2025

Net Assets	$97,518,798
Total Number of Portfolio Holdings	41
Total Investment Advisory Fees Paid During the Reporting Period	$629,302
Portfolio Turnover Rate	53%

Material Fund Changes

At a meeting held on October 1st, 2025, the Trustees of the Fund (the "Acquired Fund") unanimously approved the reorganization of the Acquired Fund into a newly-created exchange-traded fund ("ETF"), which will be managed by the Adviser. The Trustees, who are not "interested persons" (as defined in the Investment Company Act of 1940, as amended) of the Acquired Fund, determined that participation in the Reorganization (as defined below) is in the best interests of the Acquired Fund and the interests of existing shareholders of the Acquired Fund will not be diluted as a result of the Reorganization. Subject to shareholder approval, the Acquired Fund will be reorganized into a newly-created ETF, Impax Global Infrastructure ETF, a series of Impax Series Trust I (the "Reorganization"). Upon completion of the reorganization on February 2nd, 2026, all net assets in the Fund were transferred into the ETF and ETF shares were distributed to the Fund's shareholders in complete liquidation of the Fund.

Institutional Class

This annual shareholder report contains important information about the Impax Global Sustainable Infrastructure Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025.

You can also request this information by contacting us at (800) 372-7827.

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	$71	0.65%

0.65%

	1 Year	5 years	Since Inception (12/16/16)
Institutional Class - (Incorp December 16, 2016)	18.72%	4.92%	8.50%
MSCI ACWI Index (Net)	22.34	11.19	12.11
FTSE Global Infrastructure Opportunities Index	22.70	8.79	8.25

$ 97,518,798

$ 629,302

Key Fund Statistics as of December 31, 2025

Net Assets	$97,518,798
Total Number of Portfolio Holdings	41
Total Investment Advisory Fees Paid During the Reporting Period	$629,302
Portfolio Turnover Rate	53%

Material Fund Changes

At a meeting held on October 1st, 2025, the Trustees of the Fund (the "Acquired Fund") unanimously approved the reorganization of the Acquired Fund into a newly-created exchange-traded fund ("ETF"), which will be managed by the Adviser. The Trustees, who are not "interested persons" (as defined in the Investment Company Act of 1940, as amended) of the Acquired Fund, determined that participation in the Reorganization (as defined below) is in the best interests of the Acquired Fund and the interests of existing shareholders of the Acquired Fund will not be diluted as a result of the Reorganization. Subject to shareholder approval, the Acquired Fund will be reorganized into a newly-created ETF, Impax Global Infrastructure ETF, a series of Impax Series Trust I (the "Reorganization"). Upon completion of the reorganization on February 2nd, 2026, all net assets in the Fund were transferred into the ETF and ETF shares were distributed to the Fund's shareholders in complete liquidation of the Fund.

Investor Class

This annual shareholder report contains important information about the Impax Global Opportunities Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025.

You can also request this information by contacting us at (800) 372-7827.

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	$129	1.23%

1.23%

	1 Year	5 years	Since Inception (6/27/18)
Investor Class - (Incorp June 27, 2018)	9.43%	5.25%	9.24%
MSCI ACW Index (Net)	22.34	11.19	11.68

$ 126,672,725

$ 889,484

Key Fund Statistics as of December 31, 2025

Net Assets	$126,672,725
Total Number of Portfolio Holdings	39
Total Investment Advisory Fees Paid During the Reporting Period	$889,484
Portfolio Turnover Rate	49%

Impax Global Opportunities Fund

PXGOX

Annual Shareholder Report

(800) 372-7827

Line Graph [Table Text Block]

$ 103

	Impax Global Opportunities Fund (Institutional Class) $493,822	MSCI ACW Index (Net) $573,369
06/27/2018	$250,000	$250,000
06/30/2018	$249,250	$251,932
12/31/2018	$229,500	$229,204
06/30/2019	$287,933	$266,400
12/31/2019	$306,895	$290,169
06/30/2020	$300,523	$272,027
12/31/2020	$377,840	$337,336
06/30/2021	$410,562	$378,839
12/31/2021	$449,488	$399,870
06/30/2022	$344,328	$319,170
12/31/2022	$366,380	$326,438
06/30/2023	$412,216	$371,925
12/31/2023	$423,176	$398,913
06/30/2024	$446,579	$443,994
12/31/2024	$450,307	$468,678
06/30/2025	$488,694	$515,778
12/31/2025	$493,822	$573,369

Jun. 27, 2018

39

49.00%

Company	Percent of Net Assets
Microsoft Corp.	7.1%
Taiwan Semiconductor Manufacturing Co. Ltd.	4.9%
NVIDIA Corp.	4.7%
Boston Scientific Corp.	4.0%
Mastercard, Inc., A	3.6%
Linde plc	3.2%
KBC Group NV	3.1%
Intuitive Surgical, Inc.	3.0%
Cullen/Frost Bankers, Inc.	2.8%
eBay, Inc.	2.7%

Value	Value
Other assets and liabilities (net)	1.6%
Ireland	1.8%
Bermuda	1.8%
Portugal	1.8%
Switzerland	1.9%
India	2.1%
Belgium	3.1%
United Kingdom	4.8%
Japan	5.7%
Taiwan	7.5%
United States	67.9%

Value	Value
U.S. Stocks	68.0%
Foreign Stocks	30.6%
Cash & Cash Equivalents	1.4%

Investor Class

This annual shareholder report contains important information about the Impax Global Environmental Markets Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025.

You can also request this information by contacting us at (800) 372-7827.

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	$126	1.18%

1.18%

	1 Year	5 years	10 Years
Investor Class	13.74%	5.58%	9.70%
MSCI ACWI Index (Net)	22.34	11.19	11.72

45

39.00%

Company	Percent of Net Assets
Microsoft Corp.	5.8%
Agilent Technologies, Inc.	4.8%
Linde plc	4.6%
Taiwan Semiconductor Manufacturing Co. Ltd.	4.4%
Air Liquide SA	3.6%
RenaissanceRe Holdings Ltd.	3.2%
Union Pacific Corp.	3.1%
Schneider Electric SE	3.1%
Veolia Environnement SA	3.1%
Kerry Group plc, A	2.9%

Value	Value
Other assets and liabilities (net)	1.4%
Japan	1.5%
Ireland	2.9%
Bermuda	3.2%
Germany	3.7%
United Kingdom	3.9%
Switzerland	4.7%
Taiwan	6.4%
France	6.7%
United States	65.6%

Value	Value
U.S. Stocks	65.8%
Foreign Stocks	32.9%
Cash & Cash Equivalents	1.3%

Class A

This annual shareholder report contains important information about the Impax Global Environmental Markets Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025.

You can also request this information by contacting us at (800) 372-7827.

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
Class A	$126	1.18%

1.18%

	1 Year	5 years	10 Years
Class A	13.72%	5.58%	9.70%
MSCI ACWI Index (Net)	22.34	11.19	11.72

45

39.00%

Company	Percent of Net Assets
Microsoft Corp.	5.8%
Agilent Technologies, Inc.	4.8%
Linde plc	4.6%
Taiwan Semiconductor Manufacturing Co. Ltd.	4.4%
Air Liquide SA	3.6%
RenaissanceRe Holdings Ltd.	3.2%
Union Pacific Corp.	3.1%
Schneider Electric SE	3.1%
Veolia Environnement SA	3.1%
Kerry Group plc, A	2.9%

Value	Value
Other assets and liabilities (net)	1.4%
Japan	1.5%
Ireland	2.9%
Bermuda	3.2%
Germany	3.7%
United Kingdom	3.9%
Switzerland	4.7%
Taiwan	6.4%
France	6.7%
United States	65.6%

Value	Value
U.S. Stocks	65.8%
Foreign Stocks	32.9%
Cash & Cash Equivalents	1.3%

Institutional Class

This annual shareholder report contains important information about the Impax Global Environmental Markets Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025.

You can also request this information by contacting us at (800) 372-7827.

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	$100	0.93%

0.93%

	1 Year	5 years	10 Years
Institutional Class	13.97%	5.84%	9.98%
MSCI ACWI Index (Net)	22.34	11.19	11.72

45

39.00%

Company	Percent of Net Assets
Microsoft Corp.	5.8%
Agilent Technologies, Inc.	4.8%
Linde plc	4.6%
Taiwan Semiconductor Manufacturing Co. Ltd.	4.4%
Air Liquide SA	3.6%
RenaissanceRe Holdings Ltd.	3.2%
Union Pacific Corp.	3.1%
Schneider Electric SE	3.1%
Veolia Environnement SA	3.1%
Kerry Group plc, A	2.9%

Value	Value
Other assets and liabilities (net)	1.4%
Japan	1.5%
Ireland	2.9%
Bermuda	3.2%
Germany	3.7%
United Kingdom	3.9%
Switzerland	4.7%
Taiwan	6.4%
France	6.7%
United States	65.6%

Value	Value
U.S. Stocks	65.8%
Foreign Stocks	32.9%
Cash & Cash Equivalents	1.3%

Investor Class

This annual shareholder report contains important information about the Impax Global Social Leaders Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025.

You can also request this information by contacting us at (800) 372-7827.

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	$128	1.23%

1.23%

	1 Year	Since Inception (11/30/23)
Investor Class - (Incorp November 30, 2023)	8.84%	11.07%
MSCI ACWI Index (Net)	22.34	21.73

$ 2,491,554

$ 0

Key Fund Statistics as of December 31, 2025

Net Assets	$2,491,554
Total Number of Portfolio Holdings	42
Total Investment Advisory Fees Paid During the Reporting Period	$-
Portfolio Turnover Rate	26%

Impax Global Social Leaders Fund

IGSIX

Annual Shareholder Report

(800) 372-7827

Line Graph [Table Text Block]

$ 102

	Impax Global Social Leaders Fund (Institutional Class) $313,035	MSCI ACWI Index (Net) $376,592
11/30/2023	$250,000	$250,000
12/31/2023	$263,500	$262,008
06/30/2024	$275,591	$291,617
12/31/2024	$286,889	$307,830
06/30/2025	$321,319	$338,766
12/31/2025	$313,035	$376,592

Nov. 30, 2023

42

26.00%

Company	Percent of Net Assets
NVIDIA Corp.	7.8%
Halma plc	5.0%
Mastercard, Inc., A	4.3%
eBay, Inc.	3.7%
Danone SA	3.3%
Banco Bilbao Vizcaya Argentaria SA	3.2%
Experian plc	3.2%
Trip.com Group Ltd.	3.0%
Recruit Holdings Co. Ltd.	2.9%
Intuit, Inc.	2.7%

Value	Value
Other assets and liabilities (net)	3.7%
Others^{Footnote Reference‡}	7.4%
Sweden	2.3%
Brazil	2.5%
Japan	2.9%
China	3.0%
Spain	3.2%
France	3.3%
Netherlands	3.9%
Hong Kong	3.9%
United Kingdom	6.1%
United States	57.8%

Value	Value
U.S. Stocks	56.8%
Foreign Stocks	37.9%
Cash & Cash Equivalents	5.3%

Investor Class

This annual shareholder report contains important information about the Impax International Sustainable Economy Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025.

You can also request this information by contacting us at (800) 372-7827.

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	$79	0.69%

0.69%

	1 Year	5 years	10 Years
Investor Class	28.62%	7.84%	7.57%
MSCI EAFE Index (Net)	31.22	8.92	8.18
MSCI EAFE ESG Leaders Index (Net)	25.57	7.10	7.44

131

52.00%

Company	Percent of Net Assets
ASML Holding NV	3.3%
HSBC Holdings plc	2.8%
AstraZeneca plc	2.7%
Novartis AG	2.7%
Siemens AG	2.2%
Iberdrola SA	2.1%
Hitachi Ltd.	2.1%
Sony Group Corp.	2.0%
Tokyo Electron Ltd.	2.0%
Schneider Electric SE	1.9%

Value	Value
Other assets and liabilities (net)	2.1%
Others^{Footnote Reference‡}	10.9%
Spain	3.9%
Switzerland	4.9%
Italy	5.0%
Netherlands	5.1%
Australia	5.9%
United States	7.8%
France	8.8%
Germany	9.5%
United Kingdom	13.8%
Japan	22.3%

Value	Value
Foreign Stocks	90.7%
U.S. Stocks	7.8%
Cash & Cash Equivalents	1.5%

Institutional Class

This annual shareholder report contains important information about the Impax International Sustainable Economy Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025.

You can also request this information by contacting us at (800) 372-7827.

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	$50	0.44%

0.44%

	1 Year	5 years	10 Years
Institutional Class	28.91%	8.10%	7.83%
MSCI EAFE Index (Net)	31.22	8.92	8.18
MSCI EAFE ESG Leaders Index (Net)	25.57	7.10	7.44

131

52.00%

Company	Percent of Net Assets
ASML Holding NV	3.3%
HSBC Holdings plc	2.8%
AstraZeneca plc	2.7%
Novartis AG	2.7%
Siemens AG	2.2%
Iberdrola SA	2.1%
Hitachi Ltd.	2.1%
Sony Group Corp.	2.0%
Tokyo Electron Ltd.	2.0%
Schneider Electric SE	1.9%

Value	Value
Other assets and liabilities (net)	2.1%
Others^{Footnote Reference‡}	10.9%
Spain	3.9%
Switzerland	4.9%
Italy	5.0%
Netherlands	5.1%
Australia	5.9%
United States	7.8%
France	8.8%
Germany	9.5%
United Kingdom	13.8%
Japan	22.3%

Value	Value
Foreign Stocks	90.7%
U.S. Stocks	7.8%
Cash & Cash Equivalents	1.5%

Investor Class

This annual shareholder report contains important information about the Impax Core Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025.

You can also request this information by contacting us at (800) 372-7827.

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	$75	0.73%

0.73%

Dec. 16, 2016

417

137.00%

Value	Value
Other assets and liabilities (net)	2.3%
Community Investment Notes	0.0%^{Footnote Reference#}
Municipal Bonds	1.0%
Foreign Government and Agency Securities	1.5%
Supranational	5.6%
Asset-Backed Securities	5.9%
U.S. Government and Agency Securities	21.5%
Corporate Bonds	31.0%
Mortgage-Backed Securities	31.2%

Value	Value
U.S. Bonds	88.8%
Supranational	5.7%
Foreign Bonds	4.0%
Cash & Cash Equivalents	1.5%
Community Investment Notes	0.0%^{Footnote Reference#}

U.S. Government	22.7%
AAA	8.1%
AA	5.2%
A	10.6%
BBB	14.3%
BB or lower	3.5%
N/R (Not Rated)	35.6%

Impax Core Bond Fund

PXBIX

Annual Shareholder Report

(800) 372-7827

$ 50

Average Annual Total Returns as of December 31, 2025

	1 Year	5 years	Since Inception (12/16/16)
Institutional Class - (Incorp December 16, 2016)	6.82%	-0.34%	1.86%
Bloomberg US Aggregate Bond Index	7.30	-0.36	2.04

The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call us at 800.372.7827 or visit www.impaxam.com if you have questions about current performance.

$ 857,297,525

$ 3,364,883

Key Fund Statistics as of December 31, 2025

Net Assets	$857,297,525
Total Number of Portfolio Holdings	417
Total Investment Advisory Fees Paid During the Reporting Period	$3,364,883
Portfolio Turnover Rate	137%

Company	Percent of Net Assets
U.S. Treasury Notes, 3.500%, 10/15/28	4.4%
U.S. Treasury Bonds, 4.875%, 8/15/45	4.1%
U.S. Treasury Notes, 3.625%, 10/31/30	3.5%
U.S. Treasury Notes, 3.375%, 11/30/27	2.7%
U.S. Treasury Bonds, 4.625%, 11/15/55	2.4%
U.S. Treasury Bonds, 1.875%, 11/15/51	1.1%
U.S. Treasury Notes, 3.750%, 10/31/32	1.0%
Wells Fargo & Co., 5.499%, 1/23/35	0.8%
Bank of America Corp., 5.872%, 9/15/34	0.8%
Sprint Capital Corp., 8.750%, 3/15/32	0.7%

Investor Class

This annual shareholder report contains important information about the Impax High Yield Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025.

You can also request this information by contacting us at (800) 372-7827.

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	$99	0.95%

0.95%

$ 535,826,692

$ 2,642,451

Key Fund Statistics as of December 31, 2025

Net Assets	$535,826,692
Total Number of Portfolio Holdings	215
Total Investment Advisory Fees Paid During the Reporting Period	$2,642,451
Portfolio Turnover Rate	84%

Company	Percent of Net Assets
NCL Corp. Ltd., 6.750%, 2/01/32	1.1%
Liberty Mutual Group, Inc., 4.125%, 12/15/51	1.1%
Avantor Funding, Inc., 4.625%, 7/15/28	1.0%
CCO Holdings LLC / CCO Holdings Capital Corp., 4.750%, 3/01/30	1.0%
Hilton Domestic Operating Co., Inc., 6.125%, 4/01/32	1.0%
Cogent Communications Group LLC / Cogent Finance, Inc., 7.000%, 6/15/27	0.8%
Ryan Specialty LLC, 5.875%, 8/01/32	0.8%
United Rentals North America, Inc., 5.250%, 1/15/30	0.8%
CVR Partners LP / CVR Nitrogen Finance Corp., 6.125%, 6/15/28	0.8%
Kennedy-Wilson, Inc., 4.750%, 2/01/30	0.8%

Class A

This annual shareholder report contains important information about the Impax High Yield Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025.

You can also request this information by contacting us at (800) 372-7827.

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
Class A	$99	0.95%

0.95%

$ 535,826,692

$ 2,642,451

Key Fund Statistics as of December 31, 2025

Net Assets	$535,826,692
Total Number of Portfolio Holdings	215
Total Investment Advisory Fees Paid During the Reporting Period	$2,642,451
Portfolio Turnover Rate	84%

Company	Percent of Net Assets
NCL Corp. Ltd., 6.750%, 2/01/32	1.1%
Liberty Mutual Group, Inc., 4.125%, 12/15/51	1.1%
Avantor Funding, Inc., 4.625%, 7/15/28	1.0%
CCO Holdings LLC / CCO Holdings Capital Corp., 4.750%, 3/01/30	1.0%
Hilton Domestic Operating Co., Inc., 6.125%, 4/01/32	1.0%
Cogent Communications Group LLC / Cogent Finance, Inc., 7.000%, 6/15/27	0.8%
Ryan Specialty LLC, 5.875%, 8/01/32	0.8%
United Rentals North America, Inc., 5.250%, 1/15/30	0.8%
CVR Partners LP / CVR Nitrogen Finance Corp., 6.125%, 6/15/28	0.8%
Kennedy-Wilson, Inc., 4.750%, 2/01/30	0.8%

Institutional Class

This annual shareholder report contains important information about the Impax High Yield Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025.

You can also request this information by contacting us at (800) 372-7827.

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	$73	0.70%

0.70%

$ 535,826,692

$ 2,642,451

Key Fund Statistics as of December 31, 2025

Net Assets	$535,826,692
Total Number of Portfolio Holdings	215
Total Investment Advisory Fees Paid During the Reporting Period	$2,642,451
Portfolio Turnover Rate	84%

Company	Percent of Net Assets
NCL Corp. Ltd., 6.750%, 2/01/32	1.1%
Liberty Mutual Group, Inc., 4.125%, 12/15/51	1.1%
Avantor Funding, Inc., 4.625%, 7/15/28	1.0%
CCO Holdings LLC / CCO Holdings Capital Corp., 4.750%, 3/01/30	1.0%
Hilton Domestic Operating Co., Inc., 6.125%, 4/01/32	1.0%
Cogent Communications Group LLC / Cogent Finance, Inc., 7.000%, 6/15/27	0.8%
Ryan Specialty LLC, 5.875%, 8/01/32	0.8%
United Rentals North America, Inc., 5.250%, 1/15/30	0.8%
CVR Partners LP / CVR Nitrogen Finance Corp., 6.125%, 6/15/28	0.8%
Kennedy-Wilson, Inc., 4.750%, 2/01/30	0.8%

Investor Class

This annual shareholder report contains important information about the Impax Sustainable Allocation Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025.

You can also request this information by contacting us at (800) 372-7827.

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	$32	0.30%

0.30%

11

13.00%

Asset Allocation as of December 31, 2025^{Footnote Reference ^}

Value	Value
Affiliated Investment Companies	98.6%
Cash & Cash Equivalents	1.4%

Footnote	Description
Footnote^{^}	Percent of Total Investments.

Institutional Class

This annual shareholder report contains important information about the Impax Sustainable Allocation Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025.

You can also request this information by contacting us at (800) 372-7827.

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	$5	0.05%

0.05%

11

13.00%

Asset Allocation as of December 31, 2025^{Footnote Reference ^}

Value	Value
Affiliated Investment Companies	98.6%
Cash & Cash Equivalents	1.4%

Footnote	Description
Footnote^{^}	Percent of Total Investments.