Fund Overview

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 find additional information about the Fund at https://impaxam.com/LC. You can also request this information by contacting us at (800) 372-7827.

Annual Shareholder Report

December 31, 2025

Investor Class | PAXLX

Impax Large Cap 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	$104	0.98%

How did the Fund perform last year?

The Fund delivered double‑digit returns in 2025 through disciplined stock selection and tactical sector shifts, but it trailed the benchmark due to relative security selection, especially in the Information Technology sector. Avoiding certain high‑momentum tech names on valuation and risk concerns limited participation in areas with outsized gains. Within IT, software holdings like ServiceNow and Tyler Technologies lagged as investors questioned long‑term AI disruption risks. Marvell was volatile on fears of losing a major Amazon chip contract.

In the Consumer Staples sector, McCormick and Colgate faced pressure as consumers traded down, with declines amplified by the market using defensive stocks as a source of funds for AI‑related trades. Health Care selection detracted due to Avantor’s execution issues, market share losses, and the CEO’s resignation in the second quarter.

Conversely, the Consumer Discretionary sector was a strong contributor: Aptiv rebounded on margin improvement, eBay benefited from resilient growth and tariff‑resistant reselling trends, and Ulta Beauty gained from sustained demand in beauty products.

Total Returns Based on a Hypothetical $10,000 Investment is displayed

	Impax Large Cap Fund Investor Class $30,239	S&P 500 Index $35,295
12/16/2016	10,000	10,000
12/31/2016	9,916.67	9,922
06/30/2017	10,769.51	10,849
12/31/2017	11,964.6	12,088
06/30/2018	12,338.22	12,408
12/31/2018	11,365.39	11,558
06/30/2019	13,483.86	13,701
12/31/2019	15,326.77	15,197
06/30/2020	15,019.61	14,729
12/31/2020	18,966.84	17,994
06/30/2021	22,625.41	20,738
12/31/2021	24,764.43	23,159
06/30/2022	19,862.91	18,536
12/31/2022	19,814.71	18,964
06/30/2023	22,087.41	22,168
12/31/2023	23,757.55	23,950
06/30/2024	25,935.28	27,612
12/31/2024	27,018.28	29,942
06/30/2025	28,463.5	31,799
12/31/2025	30,238.8	35,295

Average Annual Total Returns as of December 31, 2025

	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

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.

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%

Top Ten Holdings as of December 31, 2025^{Footnote Reference*}

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%

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, 2025^{Footnote Reference *}^{Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	0.4%
Materials	1.7%
Utilities	1.8%
Real Estate	3.1%
Consumer Staples	3.7%
Communication Services	6.3%
Health Care	11.2%
Consumer Discretionary	12.6%
Financials	13.5%
Industrials	13.7%
Information Technology	32.0%

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

Industry Diversification as of December 31, 2025^{Footnote Reference ^}

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%

Footnote	Description
Footnote^{^}	Percent of Net Assets.
Footnote^†	Includes additional industries outside the top 10 listed above.

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

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

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

Impax Large Cap Fund

Annual Shareholder Report

December 31, 2025

An image of a QR code that, when scanned, navigates the user to the following URL: https://impaxam.com/LC

Investor Class: PAXLX

Impax Asset Management
(800) 767-1729
https://impaxam.com/LC

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

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) 767-1729.

Fund Overview

Annual Shareholder Report

December 31, 2025

Institutional Class | PXLIX

Impax Large Cap 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	$78	0.73%

How did the Fund perform last year?

Total Returns Based on a Hypothetical $250,000 Investment is displayed

	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

Average Annual Total Returns as of December 31, 2025

	1 Year	5 years	Since Inception (12/16/16)
Institutional Class - (Incorp December 16, 2016)	12.20%	10.05%	13.29%
S&P 500 Index	17.88	14.42	14.96

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%

Top Ten Holdings as of December 31, 2025^{Footnote Reference*}

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%

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, 2025^{Footnote Reference *}^{Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	0.4%
Materials	1.7%
Utilities	1.8%
Real Estate	3.1%
Consumer Staples	3.7%
Communication Services	6.3%
Health Care	11.2%
Consumer Discretionary	12.6%
Financials	13.5%
Industrials	13.7%
Information Technology	32.0%

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

Industry Diversification as of December 31, 2025^{Footnote Reference ^}

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%

Footnote	Description
Footnote^{^}	Percent of Net Assets.
Footnote^†	Includes additional industries outside the top 10 listed above.

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

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

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

Impax Large Cap Fund

Annual Shareholder Report

December 31, 2025

Institutional Class: PXLIX

Impax Asset Management
(800) 767-1729
https://impaxam.com/LC

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

Householding

Fund Overview

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 find additional information about the Fund at https://impaxam.com/SC. You can also request this information by contacting us at (800) 372-7827.

Annual Shareholder Report

December 31, 2025

Investor Class | PXSCX

Impax Small Cap 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	$122	1.16%

How did the Fund perform last year?

In 2025, the Fund marginally underperformed the Russell 2000 Index while navigating a volatile market. Sector allocation added value overall, and stock selection was strongest in the third quarter. Results benefited from defensive positioning and strong selection in the Consumer Discretionary and Real Estate sectors, though weakness in the Consumer Staples and Industrials sectors weighed on performance.

In the second quarter, high single‑digit returns were offset by underperformance as markets favored higher‑risk, momentum stocks. Positive contributors included the Financials, Consumer Staples, and Industrials sectors, while the Communication Services and IT sectors faced stock‑specific and industry pressures.

The third quarter saw slight underperformance, with strong selection in the Financials, Health Care, and IT sectors offset by weaker results in the Consumer Staples, Materials, and Industrials sectors.

In Q4, the Fund outperformed, supported by Health Care and IT sector overweights and by companies tied to AI infrastructure. Rivian and other Consumer Discretionary sector names contributed, while the Materials sector remained soft due to packaging demand weakness.

Total Returns Based on a Hypothetical $10,000 Investment is displayed

	Impax Small Cap Fund Investor Class $21,619	S&P 500 Index $39,827	Russell 2000 Index $25,047
12/31/2015	$10,000	$10,000	$10,000
12/31/2016	$11,790	$11,196	$12,131
12/31/2017	$12,824	$13,640	$13,908
12/31/2018	$10,798	$13,042	$12,376
12/31/2019	$13,313	$17,149	$15,535
12/31/2020	$14,880	$20,304	$18,636
12/31/2021	$19,371	$26,132	$21,397
12/31/2022	$14,921	$21,399	$17,024
12/31/2023	$16,938	$27,025	$19,906
12/31/2024	$19,395	$33,786	$22,203
12/31/2025	$21,619	$39,827	$25,047

Average Annual Total Returns as of December 31, 2025

	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

Key Fund Statistics as of December 31, 2025

Net Assets	$746,359,994
Total Number of Portfolio Holdings	64
Total Investment Advisory Fees Paid During the Reporting Period	$5,202,774
Portfolio Turnover Rate	36%

Top Ten Holdings as of December 31, 2025^{Footnote Reference*}

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%

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, 2025^{Footnote Reference *}^{Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	1.0%
Communication Services	0.9%
Materials	3.7%
Real Estate	4.5%
Consumer Staples	5.9%
Consumer Discretionary	8.3%
Information Technology	11.3%
Industrials	18.4%
Financials	22.1%
Health Care	23.9%

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

Industry Diversification as of December 31, 2025^{Footnote Reference ^}

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%

Footnote	Description
Footnote^{^}	Percent of Net Assets.
Footnote^†	Includes additional industries outside the top 10 listed above.

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

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

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

Impax Small Cap Fund

Annual Shareholder Report

December 31, 2025

An image of a QR code that, when scanned, navigates the user to the following URL: https://impaxam.com/SC

Investor Class: PXSCX

Impax Asset Management
(800) 767-1729
https://impaxam.com/SC

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

Householding

Fund Overview

Annual Shareholder Report

December 31, 2025

Class A | PXSAX

Impax Small Cap 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
Class A	$122	1.16%

How did the Fund perform last year?

Total Returns Based on a Hypothetical $10,000 Investment is displayed

	Impax Small Cap Fund Class A $20,420	S&P 500 Index $39,827	Russell 2000 Index $25,047
12/31/2015	$9,452	$10,000	$10,000
12/31/2016	$11,139	$11,196	$12,131
12/31/2017	$12,119	$13,640	$13,908
12/31/2018	$10,202	$13,042	$12,376
12/31/2019	$12,576	$17,149	$15,535
12/31/2020	$14,052	$20,304	$18,636
12/31/2021	$18,309	$26,132	$21,397
12/31/2022	$14,092	$21,399	$17,024
12/31/2023	$16,003	$27,025	$19,906
12/31/2024	$18,322	$33,786	$22,203
12/31/2025	$20,420	$39,827	$25,047

Average Annual Total Returns as of December 31, 2025

	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

Key Fund Statistics as of December 31, 2025

Net Assets	$746,359,994
Total Number of Portfolio Holdings	64
Total Investment Advisory Fees Paid During the Reporting Period	$5,202,774
Portfolio Turnover Rate	36%

Top Ten Holdings as of December 31, 2025^{Footnote Reference*}

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%

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, 2025^{Footnote Reference *}^{Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	1.0%
Communication Services	0.9%
Materials	3.7%
Real Estate	4.5%
Consumer Staples	5.9%
Consumer Discretionary	8.3%
Information Technology	11.3%
Industrials	18.4%
Financials	22.1%
Health Care	23.9%

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

Industry Diversification as of December 31, 2025^{Footnote Reference ^}

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%

Footnote	Description
Footnote^{^}	Percent of Net Assets.
Footnote^†	Includes additional industries outside the top 10 listed above.

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

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

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

Impax Small Cap Fund

Annual Shareholder Report

December 31, 2025

Class A: PXSAX

Impax Asset Management
(800) 767-1729
https://impaxam.com/SC

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

Householding

Fund Overview

Annual Shareholder Report

December 31, 2025

Institutional Class | PXSIX

Impax Small Cap 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	$96	0.91%

How did the Fund perform last year?

Total Returns Based on a Hypothetical $250,000 Investment is displayed

	Impax Small Cap Fund (Institutional Class) $554,061	S&P 500 Index $995,685	Russell 2000 Index $626,170
12/31/2015	$250,000	$250,000	$250,000
12/31/2016	$295,431	$279,900	$303,270
12/31/2017	$322,319	$341,006	$347,691
12/31/2018	$272,079	$326,055	$309,396
12/31/2019	$336,172	$428,719	$388,369
12/31/2020	$376,709	$507,598	$465,891
12/31/2021	$491,769	$653,306	$534,931
12/31/2022	$379,635	$534,986	$425,610
12/31/2023	$431,971	$675,621	$497,661
12/31/2024	$495,854	$844,660	$555,081
12/31/2025	$554,061	$995,685	$626,170

Average Annual Total Returns as of December 31, 2025

	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

Key Fund Statistics as of December 31, 2025

Net Assets	$746,359,994
Total Number of Portfolio Holdings	64
Total Investment Advisory Fees Paid During the Reporting Period	$5,202,774
Portfolio Turnover Rate	36%

Top Ten Holdings as of December 31, 2025^{Footnote Reference*}

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%

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, 2025^{Footnote Reference *}^{Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	1.0%
Communication Services	0.9%
Materials	3.7%
Real Estate	4.5%
Consumer Staples	5.9%
Consumer Discretionary	8.3%
Information Technology	11.3%
Industrials	18.4%
Financials	22.1%
Health Care	23.9%

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

Industry Diversification as of December 31, 2025^{Footnote Reference ^}

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%

Footnote	Description
Footnote^{^}	Percent of Net Assets.
Footnote^†	Includes additional industries outside the top 10 listed above.

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

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

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

Impax Small Cap Fund

Annual Shareholder Report

December 31, 2025

Institutional Class: PXSIX

Impax Asset Management
(800) 767-1729
https://impaxam.com/SC

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

Householding

Fund Overview

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 find additional information about the Fund at https://impaxam.com/USSE. You can also request this information by contacting us at (800) 372-7827.

Annual Shareholder Report

December 31, 2025

Investor Class | PXWGX

Impax US Sustainable Economy 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	$76	0.70%

How did the Fund perform last year?

The Fund delivered strong absolute results but lagged an even stronger US market in 2025. The portfolio’s underperformance was attributable to negative style factor effects, with the portfolio’s smaller size, lower risk, lower momentum profile offsetting positive impacts from the portfolio’s sustainability and corporate resilience exposures, as well as positive stock-specific effects.

Stock-specific effects were most additive in the Information Technology, Health Care and Communication Services sectors. Selection within the Industrials, Consumer Discretionary and Utilities sectors meanwhile all detracted.

Total Returns Based on a Hypothetical $10,000 Investment is displayed

	Impax US Sustainable Economy Fund Investor Class $32,858	S&P 500 Index $39,827	Russell 1000 Index $39,030
12/31/2015	$10,000	$10,000	$10,000
12/31/2016	$10,626	$11,196	$11,205
12/31/2017	$12,953	$13,640	$13,636
12/31/2018	$12,378	$13,042	$12,983
12/31/2019	$15,736	$17,149	$17,063
12/31/2020	$17,836	$20,304	$20,640
12/31/2021	$23,190	$26,132	$26,101
12/31/2022	$18,958	$21,399	$21,108
12/31/2023	$23,581	$27,025	$26,708
12/31/2024	$28,395	$33,786	$33,255
12/31/2025	$32,858	$39,827	$39,030

Average Annual Total Returns as of December 31, 2025

	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

Key Fund Statistics as of December 31, 2025

Net Assets	$554,024,138
Total Number of Portfolio Holdings	130
Total Investment Advisory Fees Paid During the Reporting Period	$2,094,602
Portfolio Turnover Rate	52%

Top Ten Holdings as of December 31, 2025^{Footnote Reference*}

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%

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, 2025^{Footnote Reference *}^{Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	0.8%
Consumer Staples	1.3%
Real Estate	2.0%
Utilities	2.1%
Materials	2.3%
Communication Services	6.2%
Consumer Discretionary	6.8%
Industrials	8.9%
Health Care	14.4%
Financials	17.3%
Information Technology	37.9%

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

Industry Diversification as of December 31, 2025^{Footnote Reference ^}

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%

Footnote	Description
Footnote^{^}	Percent of Net Assets.
Footnote^†	Includes additional industries outside the top 10 listed above.

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

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

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

Impax US Sustainable Economy Fund

Annual Shareholder Report

December 31, 2025

An image of a QR code that, when scanned, navigates the user to the following URL: https://impaxam.com/USSE

Investor Class: PXWGX

Impax Asset Management
(800) 767-1729
https://impaxam.com/USSE

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

Householding

Fund Overview

Annual Shareholder Report

December 31, 2025

Class A | PXGAX

Impax US Sustainable Economy 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
Class A	$76	0.70%

How did the Fund perform last year?

Total Returns Based on a Hypothetical $10,000 Investment is displayed

	Impax US Sustainable Economy Fund Class A $31,044	S&P 500 Index $39,827	Russell 1000 Index $39,030
12/31/2015	$9,450	$10,000	$10,000
12/31/2016	$10,039	$11,196	$11,205
12/31/2017	$12,244	$13,640	$13,636
12/31/2018	$11,701	$13,042	$12,983
12/31/2019	$14,870	$17,149	$17,063
12/31/2020	$16,852	$20,304	$20,640
12/31/2021	$21,906	$26,132	$26,101
12/31/2022	$17,911	$21,399	$21,108
12/31/2023	$22,280	$27,025	$26,708
12/31/2024	$26,820	$33,786	$33,255
12/31/2025	$31,044	$39,827	$39,030

Average Annual Total Returns as of December 31, 2025

	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

Key Fund Statistics as of December 31, 2025

Net Assets	$554,024,138
Total Number of Portfolio Holdings	130
Total Investment Advisory Fees Paid During the Reporting Period	$2,094,602
Portfolio Turnover Rate	52%

Top Ten Holdings as of December 31, 2025^{Footnote Reference*}

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%

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, 2025^{Footnote Reference *}^{Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	0.8%
Consumer Staples	1.3%
Real Estate	2.0%
Utilities	2.1%
Materials	2.3%
Communication Services	6.2%
Consumer Discretionary	6.8%
Industrials	8.9%
Health Care	14.4%
Financials	17.3%
Information Technology	37.9%

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

Industry Diversification as of December 31, 2025^{Footnote Reference ^}

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%

Footnote	Description
Footnote^{^}	Percent of Net Assets.
Footnote^†	Includes additional industries outside the top 10 listed above.

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

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

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

Impax US Sustainable Economy Fund

Annual Shareholder Report

December 31, 2025

Class A: PXGAX

Impax Asset Management
(800) 767-1729
https://impaxam.com/USSE

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

Householding

Fund Overview

Annual Shareholder Report

December 31, 2025

Institutional Class | PWGIX

Impax US Sustainable Economy 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	$49	0.45%

How did the Fund perform last year?

Total Returns Based on a Hypothetical $250,000 Investment is displayed

	Impax US Sustainable Economy Fund (Institutional Class) $841,735	S&P 500 Index $995,685	Russell 1000 Index $975,745
12/31/2015	$250,000	$250,000	$250,000
12/31/2016	$266,235	$279,900	$280,135
12/31/2017	$325,380	$341,006	$340,888
12/31/2018	$311,842	$326,055	$324,579
12/31/2019	$397,349	$428,719	$426,582
12/31/2020	$451,276	$507,598	$516,007
12/31/2021	$588,223	$653,306	$652,517
12/31/2022	$482,312	$534,986	$527,711
12/31/2023	$601,199	$675,621	$667,708
12/31/2024	$725,614	$844,660	$831,370
12/31/2025	$841,735	$995,685	$975,745

Average Annual Total Returns as of December 31, 2025

	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

Key Fund Statistics as of December 31, 2025

Net Assets	$554,024,138
Total Number of Portfolio Holdings	130
Total Investment Advisory Fees Paid During the Reporting Period	$2,094,602
Portfolio Turnover Rate	52%

Top Ten Holdings as of December 31, 2025^{Footnote Reference*}

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%

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, 2025^{Footnote Reference *}^{Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	0.8%
Consumer Staples	1.3%
Real Estate	2.0%
Utilities	2.1%
Materials	2.3%
Communication Services	6.2%
Consumer Discretionary	6.8%
Industrials	8.9%
Health Care	14.4%
Financials	17.3%
Information Technology	37.9%

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

Industry Diversification as of December 31, 2025^{Footnote Reference ^}

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%

Footnote	Description
Footnote^{^}	Percent of Net Assets.
Footnote^†	Includes additional industries outside the top 10 listed above.

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

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

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

Impax US Sustainable Economy Fund

Annual Shareholder Report

December 31, 2025

Institutional Class: PWGIX

Impax Asset Management
(800) 767-1729
https://impaxam.com/USSE

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

Householding

Fund Overview

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

Annual Shareholder Report

December 31, 2025

Investor Class | PAXDX

Impax Global Sustainable Infrastructure 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	$98	0.90%

How did the Fund perform last year?

The Fund underperformed both its FTSE Global Infrastructure Opportunities Index benchmark and global equities, as measured by MSCI ACWI Index (Net). Performance was strong heading into and following Liberation Day, supported by the portfolio’s defensive positioning: roughly 30% in the Utilities sector and 13% in the Real Estate sector. These areas offered downside protection through resilient business models and attractive valuations, while the portfolio’s focus on high‑quality structural growth companies helped it keep pace in the subsequent rebound.

However, results lagged broader markets due to the continued strength of the AI rally. The portfolio is about 20% underweight the IT sector, and while exposure to electrification, cooling, and manufacturing tied to AI spending helped, it was not enough to offset mega‑cap tech gains.

Relative to the FTSE Global Infrastructure Opportunities Index, the Industrials, Materials, and Health Care sectors were the main detractors. The Health Care sector, not included in the index, saw valuations fall on soft demand and US pricing concerns. In the Materials and Industrials sectors, underweights were amplified by no exposure to mining or Aerospace & Defense.

Total Returns Based on a Hypothetical $10,000 Investment is displayed

	Impax Global Sustainable Infrastructure Fund Investor Class $20,437	MSCI ACWI Index (Net) $28,084	FTSE Global Infrastructure Opportunities Index $20,484
12/16/2016	10,000	10,000	10,000
12/31/2016	9,910.99	9,997	10,056
06/30/2017	10,581.68	11,144	10,923
12/31/2017	11,817.64	12,394	11,702
06/30/2018	11,917.24	12,340	11,202
12/31/2018	11,319.9	11,227	10,663
06/30/2019	12,983.69	13,049	12,154
12/31/2019	14,246.03	14,213	12,965
06/30/2020	13,672.18	13,324	11,437
12/31/2020	16,275.44	16,523	13,443
06/30/2021	17,969.73	18,556	14,994
12/31/2021	18,531.89	19,586	15,389
06/30/2022	16,094.06	15,633	13,965
12/31/2022	16,041.71	15,989	13,998
06/30/2023	17,282.52	18,217	14,660
12/31/2023	17,537.67	19,539	15,419
06/30/2024	17,632.02	21,747	15,691
12/31/2024	17,264.9	22,956	16,694
06/30/2025	20,408.42	25,263	19,217
12/31/2025	20,436.98	28,084	20,484

Average Annual Total Returns as of December 31, 2025

	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

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%

Top Ten Holdings as of December 31, 2025^{Footnote Reference*}

Company	Percent of Net Assets
Waste Connections, Inc.	4.0%
Iberdrola SA	4.0%
Union Pacific Corp.	3.8%
American Water Works Co., Inc.	3.6%
Tele2 AB, B	3.6%
Keppel DC REIT	3.5%
NextEra Energy, Inc.	3.5%
Digital Realty Trust, Inc.	3.4%
Taiwan Semiconductor Manufacturing Co. Ltd.	3.2%
SSE plc	3.1%

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, 2025^{Footnote Reference *}^{Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	1.3%
Financials	1.6%
Health Care	2.1%
Materials	2.3%
Information Technology	6.7%
Communication Services	11.4%
Real Estate	12.0%
Industrials	29.3%
Utilities	33.3%

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

Geographical Diversification as of December 31, 2025^{Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	1.3%
Others^{Footnote Reference‡}	11.4%
Belgium	2.7%
France	3.0%
Singapore	3.5%
Sweden	3.6%
Spain	4.0%
Taiwan	4.2%
Germany	5.1%
Canada	6.5%
United Kingdom	8.2%
United States	46.5%

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

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

Value	Value
Foreign Stocks	52.4%
U.S. Stocks	46.6%
Cash & Cash Equivalents	1.0%

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

Impax Global Sustainable Infrastructure Fund

Annual Shareholder Report

December 31, 2025

An image of a QR code that, when scanned, navigates the user to the following URL: https://impaxam.com/GSI

Investor Class: PAXDX

Impax Asset Management
(800) 767-1729
https://impaxam.com/GSI

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

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.

Householding

Fund Overview

Annual Shareholder Report

December 31, 2025

Institutional Class | PXDIX

Impax Global Sustainable Infrastructure 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	$71	0.65%

How did the Fund perform last year?

Total Returns Based on a Hypothetical $250,000 Investment is displayed

	Impax Global Sustainable Infrastructure Fund (Institutional Class) $522,814	MSCI ACWI Index (Net) $702,109	FTSE Global Infrastructure Opportunities Index $512,112
12/16/2016	$250,000	$250,000	$250,000
12/31/2016	$247,775	$249,928	$251,398
06/30/2017	$264,962	$278,612	$273,071
12/31/2017	$295,943	$309,841	$292,562
06/30/2018	$299,201	$308,500	$280,055
12/31/2018	$284,567	$280,672	$266,585
06/30/2019	$326,936	$326,215	$303,838
12/31/2019	$359,075	$355,323	$324,127
06/30/2020	$345,028	$333,107	$285,914
12/31/2020	$411,294	$413,080	$336,079
06/30/2021	$454,460	$463,900	$374,859
12/31/2021	$469,518	$489,655	$384,716
06/30/2022	$408,071	$390,834	$349,136
12/31/2022	$407,286	$399,734	$349,954
06/30/2023	$439,642	$455,435	$366,488
12/31/2023	$446,172	$488,483	$385,478
06/30/2024	$449,065	$543,685	$392,285
12/31/2024	$440,384	$573,912	$417,358
06/30/2025	$521,269	$631,587	$480,424
12/31/2025	$522,814	$702,109	$512,112

Average Annual Total Returns as of December 31, 2025

	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

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%

Top Ten Holdings as of December 31, 2025^{Footnote Reference*}

Company	Percent of Net Assets
Waste Connections, Inc.	4.0%
Iberdrola SA	4.0%
Union Pacific Corp.	3.8%
American Water Works Co., Inc.	3.6%
Tele2 AB, B	3.6%
Keppel DC REIT	3.5%
NextEra Energy, Inc.	3.5%
Digital Realty Trust, Inc.	3.4%
Taiwan Semiconductor Manufacturing Co. Ltd.	3.2%
SSE plc	3.1%

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, 2025^{Footnote Reference *}^{Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	1.3%
Financials	1.6%
Health Care	2.1%
Materials	2.3%
Information Technology	6.7%
Communication Services	11.4%
Real Estate	12.0%
Industrials	29.3%
Utilities	33.3%

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

Geographical Diversification as of December 31, 2025^{Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	1.3%
Others^{Footnote Reference‡}	11.4%
Belgium	2.7%
France	3.0%
Singapore	3.5%
Sweden	3.6%
Spain	4.0%
Taiwan	4.2%
Germany	5.1%
Canada	6.5%
United Kingdom	8.2%
United States	46.5%

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

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

Value	Value
Foreign Stocks	52.4%
U.S. Stocks	46.6%
Cash & Cash Equivalents	1.0%

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

Impax Global Sustainable Infrastructure Fund

Annual Shareholder Report

December 31, 2025

Institutional Class: PXDIX

Impax Asset Management
(800) 767-1729
https://impaxam.com/GSI

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

Material Fund Changes

Householding

Fund Overview

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 find additional information about the Fund at https://impaxam.com/GO. You can also request this information by contacting us at (800) 372-7827.

Annual Shareholder Report

December 31, 2025

Investor Class | PAXGX

Impax Global Opportunities 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	$129	1.23%

How did the Fund perform last year?

Fund returns rose but trailed the MSCI ACWI Index (Net) as style factors weighed, especially in the second half. Markets favored cyclicals, rate‑sensitive banks, and hyper‑growth AI names, while the portfolio’s higher‑quality, more predictable businesses lagged. Pressures were most evident in the Industrials, Materials, and Financials sectors, where cyclical, defense, and extractive companies led. Environmental solutions names held up, but software‑oriented holdings weakened on AI disruption fears that also affected select Financials and IT sector positions. The team sees these risks as overstated and expects long‑term benefits from AI adoption.

An overweight in the Financials sector helped, though gains centered on large U.S. commercial banks. The portfolio favored insurers, payment processors, consultants, and strong regional banks.

The Health Care sector detracted amid pricing uncertainty and rotation into the IT sector, though sentiment improved after Medicaid cost agreements.

Strength came from the Consumer Discretionary and Consumer Staples sectors, with eBay, Aptiv, and the portfolio’s discount retailer performing well.

Total Returns Based on a Hypothetical $10,000 Investment is displayed

	Impax Global Opportunities Fund Investor Class $19,428	MSCI ACW Index (Net) $22,935
06/27/2018	10,000	10,000
06/30/2018	9,970	10,077
12/31/2018	9,180	9,168
06/30/2019	11,510.63	10,656
12/31/2019	12,255.84	11,607
06/30/2020	11,981	10,881
12/31/2020	15,045.19	13,493
06/30/2021	16,328.04	15,154
12/31/2021	17,857.73	15,995
06/30/2022	13,657.95	12,767
12/31/2022	14,525.56	13,058
06/30/2023	16,312.23	14,877
12/31/2023	16,726.95	15,957
06/30/2024	17,627.31	17,760
12/31/2024	17,754.1	18,747
06/30/2025	19,245.27	20,631
12/31/2025	19,427.62	22,935

Average Annual Total Returns as of December 31, 2025

	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

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%

Top Ten Holdings as of December 31, 2025^{Footnote Reference*}

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%

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, 2025^{Footnote Reference *}^{Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	1.6%
Communication Services	1.4%
Materials	3.2%
Consumer Staples	3.6%
Consumer Discretionary	5.1%
Industrials	15.0%
Health Care	16.9%
Financials	20.3%
Information Technology	32.9%

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

Geographical Diversification as of December 31, 2025^{Footnote Reference ^}

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%

Footnote	Description
Footnote^{^}	Percent of Net Assets.

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

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

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

Impax Global Opportunities Fund

Annual Shareholder Report

December 31, 2025

An image of a QR code that, when scanned, navigates the user to the following URL: https://impaxam.com/GO

Investor Class: PAXGX

Impax Asset Management
(800) 767-1729
https://impaxam.com/GO

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

Householding

Fund Overview

Annual Shareholder Report

December 31, 2025

Institutional Class | PXGOX

Impax Global Opportunities 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	$103	0.98%

How did the Fund perform last year?

An overweight in the Financials sector helped, though gains centered on large U.S. commercial banks. The portfolio favored insurers, payment processors, consultants, and strong regional banks.

The Health Care sector detracted amid pricing uncertainty and rotation into the IT sector, though sentiment improved after Medicaid cost agreements.

Strength came from the Consumer Discretionary and Consumer Staples sectors, with eBay, Aptiv, and the portfolio’s discount retailer performing well.

Total Returns Based on a Hypothetical $250,000 Investment is displayed

	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

Average Annual Total Returns as of December 31, 2025

	1 Year	5 years	Since Inception (6/27/18)
Institutional Class - (Incorp June 27, 2018)	9.66%	5.50%	9.48%
MSCI ACW Index (Net)	22.34	11.19	11.68

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%

Top Ten Holdings as of December 31, 2025^{Footnote Reference*}

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%

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, 2025^{Footnote Reference *}^{Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	1.6%
Communication Services	1.4%
Materials	3.2%
Consumer Staples	3.6%
Consumer Discretionary	5.1%
Industrials	15.0%
Health Care	16.9%
Financials	20.3%
Information Technology	32.9%

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

Geographical Diversification as of December 31, 2025^{Footnote Reference ^}

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%

Footnote	Description
Footnote^{^}	Percent of Net Assets.

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

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

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

Impax Global Opportunities Fund

Annual Shareholder Report

December 31, 2025

Institutional Class: PXGOX

Impax Asset Management
(800) 767-1729
https://impaxam.com/GO

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

Householding

Fund Overview

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 find additional information about the Fund at https://impaxam.com/GEM. You can also request this information by contacting us at (800) 372-7827.

Annual Shareholder Report

December 31, 2025

Investor Class | PGRNX

Impax Global Environmental Markets 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	$126	1.18%

How did the Fund perform last year?

The fund underperformed the MSCI ACWI Index (Net) in 2025, with the largest relative weakness coming from Materials and Industrials sectors. Softer US residential construction volumes weighed on the portfolio’s energy efficient HVAC exposure, contributing to underperformance from Carrier Global, which moved lower after weaker residential HVAC demand led to a guidance cut. Underwhelming results elsewhere in smart & efficient grids also detracted, including Itron, which fell following weak order intake and the reversal of its full year book to bill target, creating uncertainty around near term growth.

A rotation away from defensive areas, such as industrial gases and waste & recycling, towards AI led growth also weighed on some of the portfolio’s more durable holdings. Despite this pressure, the team continues to see compelling long term reward to risk characteristics in these businesses, given their resilient end markets and multi decade pricing power.

By contrast, the Information Technology sector was the strongest driver of both absolute and relative returns. Companies positioned to benefit from AI related investment performed particularly well. Delta Electronics generated strong gains as data centre capital expenditure boosted demand for its power and thermal management solutions. Amphenol delivered impressive performance as sequential growth in data centre activity drove revenue and margins above expectations, supporting its role within Advanced Road Vehicles & Devices. TSMC advanced as the leading manufacturer of advanced process semiconductors for key AI customers, while Applied Materials also rose strongly, supported by robust AI-driven demand, better than expected revenue growth, and an improving memory market backdrop.

Total Returns Based on a Hypothetical $10,000 Investment is displayed

	Impax Global Environmental Markets Fund Investor Class $25,245	MSCI ACWI Index (Net) $30,302
12/31/2015	$10,000	$10,000
12/31/2016	$11,062	$10,786
12/31/2017	$13,985	$13,372
12/31/2018	$11,983	$12,113
12/31/2019	$15,308	$15,335
12/31/2020	$19,243	$17,828
12/31/2021	$23,467	$21,133
12/31/2022	$18,159	$17,252
12/31/2023	$21,165	$21,082
12/31/2024	$22,196	$24,769
12/31/2025	$25,245	$30,302

Average Annual Total Returns as of December 31, 2025

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

Key Fund Statistics as of December 31, 2025

Net Assets	$1,671,517,691
Total Number of Portfolio Holdings	45
Total Investment Advisory Fees Paid During the Reporting Period	$15,493,973
Portfolio Turnover Rate	39%

Top Ten Holdings as of December 31, 2025^{Footnote Reference*}

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%

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, 2025^{Footnote Reference *}^{Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	1.4%
Information Technology	1.1%
Industrials	2.0%
Sustainable Food & Agriculture	7.5%
Resource Efficiency & Waste Management	8.9%
Transport Solutions	9.2%
Water Infrastructure & Technologies	10.0%
Environmental Services & Resources	11.4%
Digital Infrastructure	23.0%
Energy Management & Efficiency	25.5%

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

Geographical Diversification as of December 31, 2025^{Footnote Reference ^}

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%

Footnote	Description
Footnote^{^}	Percent of Net Assets.

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

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

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

Impax Global Environmental Markets Fund

Annual Shareholder Report

December 31, 2025

An image of a QR code that, when scanned, navigates the user to the following URL: https://impaxam.com/GEM

Investor Class: PGRNX

Impax Asset Management
(800) 767-1729
https://impaxam.com/GEM

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

Householding

Fund Overview

Annual Shareholder Report

December 31, 2025

Class A | PXEAX

Impax Global Environmental Markets 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
Class A	$126	1.18%

How did the Fund perform last year?

Total Returns Based on a Hypothetical $10,000 Investment is displayed

	Impax Global Environmental Markets Fund Class A $23,862	MSCI ACWI Index (Net) $30,302
12/31/2015	$9,454	$10,000
12/31/2016	$10,458	$10,786
12/31/2017	$13,224	$13,372
12/31/2018	$11,329	$12,113
12/31/2019	$14,475	$15,335
12/31/2020	$18,192	$17,828
12/31/2021	$22,175	$21,133
12/31/2022	$17,168	$17,252
12/31/2023	$20,014	$21,082
12/31/2024	$20,982	$24,769
12/31/2025	$23,862	$30,302

Average Annual Total Returns as of December 31, 2025

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

Key Fund Statistics as of December 31, 2025

Net Assets	$1,671,517,691
Total Number of Portfolio Holdings	45
Total Investment Advisory Fees Paid During the Reporting Period	$15,493,973
Portfolio Turnover Rate	39%

Top Ten Holdings as of December 31, 2025^{Footnote Reference*}

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%

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, 2025^{Footnote Reference *}^{Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	1.4%
Information Technology	1.1%
Industrials	2.0%
Sustainable Food & Agriculture	7.5%
Resource Efficiency & Waste Management	8.9%
Transport Solutions	9.2%
Water Infrastructure & Technologies	10.0%
Environmental Services & Resources	11.4%
Digital Infrastructure	23.0%
Energy Management & Efficiency	25.5%

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

Geographical Diversification as of December 31, 2025^{Footnote Reference ^}

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%

Footnote	Description
Footnote^{^}	Percent of Net Assets.

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

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

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

Impax Global Environmental Markets Fund

Annual Shareholder Report

December 31, 2025

Class A: PXEAX

Impax Asset Management
(800) 767-1729
https://impaxam.com/GEM

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

Householding

Fund Overview

Annual Shareholder Report

December 31, 2025

Institutional Class | PGINX

Impax Global Environmental Markets 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	$100	0.93%

How did the Fund perform last year?

Total Returns Based on a Hypothetical $250,000 Investment is displayed

	Impax Global Environmental Markets Fund (Institutional Class) $647,132	MSCI ACWI Index (Net) $757,542
12/31/2015	$250,000	$250,000
12/31/2016	$277,277	$269,661
12/31/2017	$351,551	$334,304
12/31/2018	$301,738	$302,831
12/31/2019	$386,726	$383,377
12/31/2020	$487,257	$445,694
12/31/2021	$595,561	$528,314
12/31/2022	$462,230	$431,294
12/31/2023	$540,128	$527,050
12/31/2024	$567,794	$619,224
12/31/2025	$647,132	$757,542

Average Annual Total Returns as of December 31, 2025

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

Key Fund Statistics as of December 31, 2025

Net Assets	$1,671,517,691
Total Number of Portfolio Holdings	45
Total Investment Advisory Fees Paid During the Reporting Period	$15,493,973
Portfolio Turnover Rate	39%

Top Ten Holdings as of December 31, 2025^{Footnote Reference*}

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%

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, 2025^{Footnote Reference *}^{Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	1.4%
Information Technology	1.1%
Industrials	2.0%
Sustainable Food & Agriculture	7.5%
Resource Efficiency & Waste Management	8.9%
Transport Solutions	9.2%
Water Infrastructure & Technologies	10.0%
Environmental Services & Resources	11.4%
Digital Infrastructure	23.0%
Energy Management & Efficiency	25.5%

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

Geographical Diversification as of December 31, 2025^{Footnote Reference ^}

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%

Footnote	Description
Footnote^{^}	Percent of Net Assets.

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

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

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

Impax Global Environmental Markets Fund

Annual Shareholder Report

December 31, 2025

Institutional Class: PGINX

Impax Asset Management
(800) 767-1729
https://impaxam.com/GEM

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

Householding

Fund Overview

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 find additional information about the Fund at https://impaxam.com/GSL. You can also request this information by contacting us at (800) 372-7827.

Annual Shareholder Report

December 31, 2025

Investor Class | IGSLX

Impax Global Social Leaders 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	$128	1.23%

How did the Fund perform last year?

The Fund underperformed the MSCI ACWI Index (Net) in 2025. Performance was strong in the first half, helped by exposure to service‑ and digitally oriented companies, an overweight to Europe, and a quality tilt that limited tariff‑driven volatility. Results weakened in the second half as investors moved back into the AI trade and toward momentum, value, and cyclicals. The portfolio’s focus on high‑quality secular growers was out of favor, creating stock‑selection headwinds. Sector allocation also detracted, with overweights in the Consumer Discretionary and Health Care sectors and an underweight in the Communication Services sector offsetting positives from Financials and no Energy sector exposure.

Style pressures were most acute in the IT and Industrials sectors, where semiconductor‑led returns contrasted with the portfolio’s software orientation, and service‑focused Industrials sector names lagged cyclical and defense names. Health Care sector names faced U.S. policy uncertainty.

Positive contributors included the Financials sector—both banks and insurers—and resilient Consumer Staples sector names, with solid stock selection in the Consumer Discretionary sector.

Total Returns Based on a Hypothetical $10,000 Investment is displayed

	Impax Global Social Leaders Fund Investor Class $12,448	MSCI ACWI Index (Net) $15,064
11/30/2023	10,000	10,000
12/31/2023	10,530	10,480
06/30/2024	11,007.3	11,665
12/31/2024	11,436.66	12,313
06/30/2025	12,809.27	13,551
12/31/2025	12,447.72	15,064

Average Annual Total Returns as of December 31, 2025

	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

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%

Top Ten Holdings as of December 31, 2025^{Footnote Reference*}

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%

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, 2025^{Footnote Reference *}^{Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	3.7%
Communication Services	3.0%
Real Estate	4.8%
Consumer Staples	5.1%
Industrials	7.5%
Health Care	12.8%
Consumer Discretionary	16.4%
Financials	22.8%
Information Technology	23.9%

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

Geographical Diversification as of December 31, 2025^{Footnote Reference ^}

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%

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

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

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

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

Impax Global Social Leaders Fund

Annual Shareholder Report

December 31, 2025

An image of a QR code that, when scanned, navigates the user to the following URL: https://impaxam.com/GSL

Investor Class: IGSLX

Impax Asset Management
(800) 767-1729
https://impaxam.com/GSL

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

Householding

Fund Overview

Annual Shareholder Report

December 31, 2025

Institutional Class | IGSIX

Impax Global Social Leaders 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	$102	0.98%

How did the Fund perform last year?

Positive contributors included the Financials sector—both banks and insurers—and resilient Consumer Staples sector names, with solid stock selection in the Consumer Discretionary sector.

Total Returns Based on a Hypothetical $250,000 Investment is displayed

	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

Average Annual Total Returns as of December 31, 2025

	1 Year	Since Inception (11/30/23)
Institutional Class - (Incorp November 30, 2023)	9.11%	11.39%
MSCI ACWI Index (Net)	22.34	21.73

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%

Top Ten Holdings as of December 31, 2025^{Footnote Reference*}

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%

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, 2025^{Footnote Reference *}^{Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	3.7%
Communication Services	3.0%
Real Estate	4.8%
Consumer Staples	5.1%
Industrials	7.5%
Health Care	12.8%
Consumer Discretionary	16.4%
Financials	22.8%
Information Technology	23.9%

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

Geographical Diversification as of December 31, 2025^{Footnote Reference ^}

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%

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

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

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

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

Impax Global Social Leaders Fund

Annual Shareholder Report

December 31, 2025

Institutional Class: IGSIX

Impax Asset Management
(800) 767-1729
https://impaxam.com/GSL

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

Householding

Fund Overview

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 find additional information about the Fund at https://impaxam.com/ISE. You can also request this information by contacting us at (800) 372-7827.

Annual Shareholder Report

December 31, 2025

Investor Class | PXINX

Impax International Sustainable Economy 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	$79	0.69%

How did the Fund perform last year?

The Fund underperformed the MSCI EAFE Index (Net) in 2025, driven by style factor effects which were the key drivers of the underperformance. The portfolio’s tilts towards high quality – which has not been rewarded over the past few years – and away from higher risk, high momentum stocks – which have seen multi decade highs – explain the underperformance in the period. The sustainability tools driving the portfolio’s sector weightings contributed positively to returns, as did the portfolio’s Sustainability Lens profile. The portfolio’s tilt towards securities with higher Corporate Resilience scores was also a tailwind as stocks with scores in the top quartiles performed well.

From a stock-specific perspective, the portfolio saw the strongest results from positions in the Information Technology sector with Japanese companies NEC, Fujitsu and Tokyo Electron having a positive impact. Stock-specific effects within Industrials provided the largest drag, overall, with Wolters Kluwer, Komatsu and Relx among the detractors.

Total Returns Based on a Hypothetical $10,000 Investment is displayed

	Impax International Sustainable Economy Fund Investor Class $20,752	MSCI EAFE Index (Net) $21,564	MSCI EAFE ESG Leaders Index (Net) $20,505
12/31/2015	$10,000	$10,000	$10,000
12/31/2016	$9,815	$10,100	$9,955
12/31/2017	$12,074	$12,628	$12,281
12/31/2018	$10,487	$10,691	$10,634
12/31/2019	$12,876	$13,044	$13,173
12/31/2020	$14,228	$14,064	$14,551
12/31/2021	$15,777	$15,648	$16,193
12/31/2022	$12,937	$13,386	$13,441
12/31/2023	$15,385	$15,828	$15,972
12/31/2024	$16,134	$16,433	$16,330
12/31/2025	$20,752	$21,564	$20,505

Average Annual Total Returns as of December 31, 2025

	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

Key Fund Statistics as of December 31, 2025

Net Assets	$1,596,207,609
Total Number of Portfolio Holdings	131
Total Investment Advisory Fees Paid During the Reporting Period	$6,326,359
Portfolio Turnover Rate	52%

Top Ten Holdings as of December 31, 2025^{Footnote Reference*}

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%

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, 2025^{Footnote Reference *}^{Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	2.1%
Real Estate	1.5%
Materials	2.3%
Communication Services	3.9%
Consumer Discretionary	6.3%
Consumer Staples	6.6%
Utilities	6.6%
Health Care	11.6%
Information Technology	13.0%
Industrials	17.2%
Financials	28.9%

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

Geographical Diversification as of December 31, 2025^{Footnote Reference ^}

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%

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

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

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

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

Impax International Sustainable Economy Fund

Annual Shareholder Report

December 31, 2025

An image of a QR code that, when scanned, navigates the user to the following URL: https://impaxam.com/ISE

Investor Class: PXINX

Impax Asset Management
(800) 767-1729
https://impaxam.com/ISE

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

Householding

Fund Overview

Annual Shareholder Report

December 31, 2025

Institutional Class | PXNIX

Impax International Sustainable Economy 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	$50	0.44%

How did the Fund perform last year?

Total Returns Based on a Hypothetical $250,000 Investment is displayed

	Impax International Sustainable Economy Fund (Institutional Class) $531,463	MSCI EAFE Index (Net) $539,090	MSCI EAFE ESG Leaders Index (Net) $512,623
12/31/2015	$250,000	$250,000	$250,000
12/31/2016	$245,920	$252,500	$248,875
12/31/2017	$303,320	$315,712	$307,036
12/31/2018	$264,181	$267,269	$265,849
12/31/2019	$324,966	$326,107	$329,333
12/31/2020	$359,989	$351,595	$363,763
12/31/2021	$400,279	$391,196	$404,831
12/31/2022	$329,047	$334,662	$336,037
12/31/2023	$392,501	$395,697	$399,288
12/31/2024	$412,275	$410,825	$408,253
12/31/2025	$531,463	$539,090	$512,623

Average Annual Total Returns as of December 31, 2025

	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

Key Fund Statistics as of December 31, 2025

Net Assets	$1,596,207,609
Total Number of Portfolio Holdings	131
Total Investment Advisory Fees Paid During the Reporting Period	$6,326,359
Portfolio Turnover Rate	52%

Top Ten Holdings as of December 31, 2025^{Footnote Reference*}

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%

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, 2025^{Footnote Reference *}^{Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	2.1%
Real Estate	1.5%
Materials	2.3%
Communication Services	3.9%
Consumer Discretionary	6.3%
Consumer Staples	6.6%
Utilities	6.6%
Health Care	11.6%
Information Technology	13.0%
Industrials	17.2%
Financials	28.9%

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

Geographical Diversification as of December 31, 2025^{Footnote Reference ^}

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%

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

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

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

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

Impax International Sustainable Economy Fund

Annual Shareholder Report

December 31, 2025

Institutional Class: PXNIX

Impax Asset Management
(800) 767-1729
https://impaxam.com/ISE

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

Householding

Fund Overview

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 find additional information about the Fund at https://impaxam.com/CB. You can also request this information by contacting us at (800) 372-7827.

Annual Shareholder Report

December 31, 2025

Investor Class | PAXBX

Impax Core Bond 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	$75	0.73%

How did the Fund perform last year?

The Fund underperformed the Bloomberg US Aggregate Bond Index in 2025. Broad allocation decisions contributed, while security selection in several sectors detracted. The largest positive contributor was the underweight in U.S. Treasuries, supported by overweights in securitized products and government‑related securities. Corporate selection also added value, particularly in the Communications and Financial Institutions sectors, helped by avoiding volatile names such as Warner Bros. Discovery and Meta. Agency fixed‑rate holdings and non‑agency CMBS further aided results.

Key detractors were security selection in government‑related securities and U.S. Treasury curve positioning. The portfolio typically overweights the long end while holding shorter‑duration government‑related securities to keep duration neutral, but the Treasury rally during the Liberation Day sell‑off, followed by curve steepening, hurt longer‑dated positions. Selection in the Technology sector also detracted due to weakness in a small Oracle position, while esoteric ABS, off‑benchmark non‑agency MBS, and CLOs weighed on returns.

Total Returns Based on a Hypothetical $10,000 Investment is displayed

	Impax Core Bond Fund Investor Class $11,543	Bloomberg US Aggregate Bond Index $12,017
12/16/2016	10,000	10,000
12/31/2016	10,087.34	10,111
06/30/2017	10,274.83	10,341
12/31/2017	10,345.83	10,469
06/30/2018	10,185.65	10,300
12/31/2018	10,321.23	10,470
06/30/2019	10,900.26	11,110
12/31/2019	11,124.47	11,383
06/30/2020	11,747.42	12,081
12/31/2020	11,890.96	12,237
06/30/2021	11,711.35	12,041
12/31/2021	11,697.36	12,049
06/30/2022	10,486.09	10,802
12/31/2022	10,158.39	10,481
06/30/2023	10,381.93	10,701
12/31/2023	10,702.79	11,061
06/30/2024	10,656.27	10,982
12/31/2024	10,844.92	11,199
06/30/2025	11,219.19	11,649
12/31/2025	11,543.16	12,017

Average Annual Total Returns as of December 31, 2025

	1 Year	5 years	Since Inception (12/16/16)
Investor Class - (Incorp December 16, 2016)	6.44%	-0.59%	1.60%
Bloomberg US Aggregate Bond Index	7.30	-0.36	2.04

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%

Top Ten Holdings as of December 31, 2025^{Footnote Reference*}

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%

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, 2025^{Footnote Reference *}^{Footnote Reference ^}

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%

Footnote	Description
Footnote^*	May include companies representing multiple industries within a single “Sector”.
Footnote^{^}	Percent of Net Assets.
Footnote^#	Less than 0.05%.

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

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#}

Footnote	Description
Footnote^{^}	Percent of Total Investments.
Footnote^#	Less than 0.05%.

Credit Quality Allocation as of December 31, 2025^{Footnote Reference ^}^{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%

Footnote	Description
Footnote^{^}	Percent of Net Bonds.
Footnote^*	The credit quality ratings shown above are assigned by S&P Global Ratings. S&P Global Ratings is a nationally recognized statistical rating organization. Investment grade ratings are credit ratings of BB or higher. Below investment grade are credit ratings of BB or lower. Investments designated N/R are not rated by S&P Global Ratings. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

Impax Core Bond Fund

Annual Shareholder Report

December 31, 2025

An image of a QR code that, when scanned, navigates the user to the following URL: https://impaxam.com/CB

Investor Class: PAXBX

Impax Asset Management
(800) 767-1729
https://impaxam.com/CB

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

Householding

Fund Overview

Annual Shareholder Report

December 31, 2025

Institutional Class | PXBIX

Impax Core Bond 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	$50	0.48%

How did the Fund perform last year?

Total Returns Based on a Hypothetical $250,000 Investment is displayed

	Impax Core Bond Fund (Institutional Class) $295,245	Bloomberg US Aggregate Bond Index $300,415
12/16/2016	$250,000	$250,000
12/31/2016	$252,320	$252,775
06/30/2017	$257,320	$258,522
12/31/2017	$259,426	$261,728
06/30/2018	$255,725	$257,496
12/31/2018	$259,454	$261,758
06/30/2019	$274,597	$277,759
12/31/2019	$280,320	$284,574
06/30/2020	$296,383	$302,033
12/31/2020	$300,382	$305,936
06/30/2021	$296,213	$301,028
12/31/2021	$296,232	$301,219
06/30/2022	$265,883	$270,045
12/31/2022	$257,899	$262,030
06/30/2023	$263,597	$267,513
12/31/2023	$272,394	$276,517
06/30/2024	$271,236	$274,550
12/31/2024	$276,382	$279,974
06/30/2025	$286,599	$291,233
12/31/2025	$295,245	$300,415

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

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%

Top Ten Holdings as of December 31, 2025^{Footnote Reference*}

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%

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, 2025^{Footnote Reference *}^{Footnote Reference ^}

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%

Footnote	Description
Footnote^*	May include companies representing multiple industries within a single “Sector”.
Footnote^{^}	Percent of Net Assets.
Footnote^#	Less than 0.05%.

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

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#}

Footnote	Description
Footnote^{^}	Percent of Total Investments.
Footnote^#	Less than 0.05%.

Credit Quality Allocation as of December 31, 2025^{Footnote Reference ^}^{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%

Footnote	Description
Footnote^{^}	Percent of Net Bonds.
Footnote^*	The credit quality ratings shown above are assigned by S&P Global Ratings. S&P Global Ratings is a nationally recognized statistical rating organization. Investment grade ratings are credit ratings of BB or higher. Below investment grade are credit ratings of BB or lower. Investments designated N/R are not rated by S&P Global Ratings. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

Impax Core Bond Fund

Annual Shareholder Report

December 31, 2025

Institutional Class: PXBIX

Impax Asset Management
(800) 767-1729
https://impaxam.com/CB

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

Householding

Fund Overview

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 find additional information about the Fund at https://impaxam.com/HYB. You can also request this information by contacting us at (800) 372-7827.

Annual Shareholder Report

December 31, 2025

Investor Class | PAXHX

Impax High Yield Bond 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	$99	0.95%

How did the Fund perform last year?

The Fund outperformed its benchmark, the ICE BofA Merrill Lynch U.S. High Yield Cash Pay BB‑B (Constrained 2%) Index, driven by strong, broad‑based security selection and supportive allocation decisions. Overweights in the Media and Telecommunications sectors and an underweight in the Leisure sector contributed, while no Energy sector exposure added a tailwind. Security selection in the Media, Financial Services, and Basic Industry sectors was additive, supported by strong contributions from Azorra Finance and Brookfield Property and by avoiding Labels Buyers. Azorra’s fleet growth boosted earnings, and Brookfield’s solid asset base and potential policy support helped limit downside risk.

Detractors included overweights in the Technology & Electronics and Banking sectors. The Healthcare sector was the only area of negative selection, driven by Dentsply Sirona as investor concerns over higher R&D spending overshadowed in‑line results. Cash holdings also weighed on performance amid a strong high‑yield rally.

Total Returns Based on a Hypothetical $10,000 Investment is displayed

	Impax High Yield Bond Fund Investor Class $16,585	Bloomberg US Aggregate Bond Index $12,199	ICE BofA Merrill Lynch U.S. High Yield Cash Pay BB-B (Constrained 2%) Index $17,980
12/31/2015	$10,000	$10,000	$10,000
12/31/2016	$11,381	$10,265	$11,476
12/31/2017	$12,106	$10,628	$12,276
12/31/2018	$11,735	$10,630	$12,026
12/31/2019	$13,391	$11,556	$13,840
12/31/2020	$14,435	$12,424	$14,715
12/31/2021	$14,862	$12,232	$15,388
12/31/2022	$12,946	$10,641	$13,758
12/31/2023	$14,382	$11,229	$15,485
12/31/2024	$15,254	$11,369	$16,543
12/31/2025	$16,585	$12,199	$17,980

Average Annual Total Returns as of December 31, 2025

	1 Year	5 years	10 Years
Investor Class	8.72%	2.82%	5.19%
Bloomberg US Aggregate Bond Index	7.30	-0.36	2.01
ICE BofA Merrill Lynch U.S. High Yield Cash Pay BB-B (Constrained 2%) Index	8.69	4.09	6.04

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%

Top Ten Holdings as of December 31, 2025^{Footnote Reference*}

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%

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, 2025^{Footnote Reference *}^{Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	3.1%
Others^{Footnote Reference†}	24.4%
Insurance	5.1%
Services	5.8%
Capital Goods	6.1%
Real Estate	6.3%
Financial Services	6.4%
Healthcare	6.6%
Basic Industry	7.7%
Technology & Electronics	7.8%
Telecommunications	8.9%
Media	11.8%

Footnote	Description
Footnote^*	May include companies representing multiple industries within a single “Sector”.
Footnote^{^}	Percent of Net Assets.
Footnote^†	Includes additional sectors outside the top 10 listed above.

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

Value	Value
U.S. Bonds	81.6%
Foreign Bonds	13.7%
Loans	2.7%
Cash & Cash Equivalents	1.8%
Foreign Stocks	0.1%
Community Investment Notes	0.1%

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

Credit Quality Allocation as of December 31, 2025^{Footnote Reference ^}^{Footnote Reference*}

A	0.6%
BBB	1.7%
BB or lower	89.4%
N/R (Not Rated)	8.3%

Footnote	Description
Footnote^{^}	Percent of Net Bonds.
Footnote^*	The credit quality ratings shown above are assigned by S&P Global Ratings. S&P Global Ratings is a nationally recognized statistical rating organization. Investment grade ratings are credit ratings of BB or higher. Below investment grade are credit ratings of BB or lower. Investments designated N/R are not rated by S&P Global Ratings. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

Impax High Yield Bond Fund

Annual Shareholder Report

December 31, 2025

An image of a QR code that, when scanned, navigates the user to the following URL: https://impaxam.com/HYB

Investor Class: PAXHX

Impax Asset Management
(800) 767-1729
https://impaxam.com/HYB

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

Householding

Fund Overview

Annual Shareholder Report

December 31, 2025

Class A | PXHAX

Impax High Yield Bond 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
Class A	$99	0.95%

How did the Fund perform last year?

Total Returns Based on a Hypothetical $10,000 Investment is displayed

	Impax High Yield Bond Fund Class A $15,852	Bloomberg US Aggregate Bond Index $12,199	ICE BofA Merrill Lynch U.S. High Yield Cash Pay BB-B (Constrained 2%) Index $17,980
12/31/2015	$9,557	$10,000	$10,000
12/31/2016	$10,876	$10,265	$11,476
12/31/2017	$11,568	$10,628	$12,276
12/31/2018	$11,215	$10,630	$12,026
12/31/2019	$12,796	$11,556	$13,840
12/31/2020	$13,793	$12,424	$14,715
12/31/2021	$14,221	$12,232	$15,388
12/31/2022	$12,374	$10,641	$13,758
12/31/2023	$13,746	$11,229	$15,485
12/31/2024	$14,579	$11,369	$16,543
12/31/2025	$15,852	$12,199	$17,980

Average Annual Total Returns as of December 31, 2025

	1 Year	5 years	10 Years
Class A	8.73%	2.82%	5.19%
Bloomberg US Aggregate Bond Index	7.30	-0.36	2.01
ICE BofA Merrill Lynch U.S. High Yield Cash Pay BB-B (Constrained 2%) Index	8.69	4.09	6.04

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%

Top Ten Holdings as of December 31, 2025^{Footnote Reference*}

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%

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, 2025^{Footnote Reference *}^{Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	3.1%
Others^{Footnote Reference†}	24.4%
Insurance	5.1%
Services	5.8%
Capital Goods	6.1%
Real Estate	6.3%
Financial Services	6.4%
Healthcare	6.6%
Basic Industry	7.7%
Technology & Electronics	7.8%
Telecommunications	8.9%
Media	11.8%

Footnote	Description
Footnote^*	May include companies representing multiple industries within a single “Sector”.
Footnote^{^}	Percent of Net Assets.
Footnote^†	Includes additional sectors outside the top 10 listed above.

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

Value	Value
U.S. Bonds	81.6%
Foreign Bonds	13.7%
Loans	2.7%
Cash & Cash Equivalents	1.8%
Foreign Stocks	0.1%
Community Investment Notes	0.1%

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

Credit Quality Allocation as of December 31, 2025^{Footnote Reference ^}^{Footnote Reference*}

A	0.6%
BBB	1.7%
BB or lower	89.4%
N/R (Not Rated)	8.3%

Footnote	Description
Footnote^{^}	Percent of Net Bonds.
Footnote^*	The credit quality ratings shown above are assigned by S&P Global Ratings. S&P Global Ratings is a nationally recognized statistical rating organization. Investment grade ratings are credit ratings of BB or higher. Below investment grade are credit ratings of BB or lower. Investments designated N/R are not rated by S&P Global Ratings. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

Impax High Yield Bond Fund

Annual Shareholder Report

December 31, 2025

Class A: PXHAX

Impax Asset Management
(800) 767-1729
https://impaxam.com/HYB

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

Householding

Fund Overview

Annual Shareholder Report

December 31, 2025

Institutional Class | PXHIX

Impax High Yield Bond 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	$73	0.70%

How did the Fund perform last year?

Total Returns Based on a Hypothetical $250,000 Investment is displayed

	Impax High Yield Bond Fund (Institutional Class) $425,060	Bloomberg US Aggregate Bond Index $304,983	ICE BofA Merrill Lynch U.S. High Yield Cash Pay BB-B (Constrained 2%) Index $449,498
12/31/2015	$250,000	$250,000	$250,000
12/31/2016	$284,891	$256,619	$286,889
12/31/2017	$303,799	$265,708	$306,910
12/31/2018	$295,583	$265,738	$300,655
12/31/2019	$337,729	$288,901	$346,010
12/31/2020	$365,008	$310,588	$367,864
12/31/2021	$377,269	$305,799	$384,696
12/31/2022	$329,271	$266,014	$343,953
12/31/2023	$366,767	$280,721	$387,128
12/31/2024	$389,965	$284,231	$413,577
12/31/2025	$425,060	$304,983	$449,498

Average Annual Total Returns as of December 31, 2025

	1 Year	5 years	10 Years
Institutional Class	9.00%	3.09%	5.45%
Bloomberg US Aggregate Bond Index	7.30	-0.36	2.01
ICE BofA Merrill Lynch U.S. High Yield Cash Pay BB-B (Constrained 2%) Index	8.69	4.09	6.04

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%

Top Ten Holdings as of December 31, 2025^{Footnote Reference*}

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%

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, 2025^{Footnote Reference *}^{Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	3.1%
Others^{Footnote Reference†}	24.4%
Insurance	5.1%
Services	5.8%
Capital Goods	6.1%
Real Estate	6.3%
Financial Services	6.4%
Healthcare	6.6%
Basic Industry	7.7%
Technology & Electronics	7.8%
Telecommunications	8.9%
Media	11.8%

Footnote	Description
Footnote^*	May include companies representing multiple industries within a single “Sector”.
Footnote^{^}	Percent of Net Assets.
Footnote^†	Includes additional sectors outside the top 10 listed above.

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

Value	Value
U.S. Bonds	81.6%
Foreign Bonds	13.7%
Loans	2.7%
Cash & Cash Equivalents	1.8%
Foreign Stocks	0.1%
Community Investment Notes	0.1%

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

Credit Quality Allocation as of December 31, 2025^{Footnote Reference ^}^{Footnote Reference*}

A	0.6%
BBB	1.7%
BB or lower	89.4%
N/R (Not Rated)	8.3%

Footnote	Description
Footnote^{^}	Percent of Net Bonds.
Footnote^*	The credit quality ratings shown above are assigned by S&P Global Ratings. S&P Global Ratings is a nationally recognized statistical rating organization. Investment grade ratings are credit ratings of BB or higher. Below investment grade are credit ratings of BB or lower. Investments designated N/R are not rated by S&P Global Ratings. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

Impax High Yield Bond Fund

Annual Shareholder Report

December 31, 2025

Institutional Class: PXHIX

Impax Asset Management
(800) 767-1729
https://impaxam.com/HYB

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

Householding

Fund Overview

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 find additional information about the Fund at https://impaxam.com/SA. You can also request this information by contacting us at (800) 372-7827.

Annual Shareholder Report

December 31, 2025

Investor Class | PAXWX

Impax Sustainable Allocation 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	$32	0.30%

How did the Fund perform last year?

The Fund delivered double‑digit returns but underperformed its Blended Index benchmark. Equity results lagged due to weak manager selection in US Large Cap and softness in International and Small Cap allocations. Sector effects were modestly negative, with underweights in the Communication Services sector and an overweight in the Real Estate sector detracting. An overweight in the Health Care sector was positive as companies saw growth.

The bond allocation also underperformed. Broad allocation decisions helped, but security selection detracted. The biggest positive contributor was the underweight in US Treasuries, supported by overweights in securitized products and government‑related securities. Corporate selection added value in the Communications and Financial Institutions sectors, aided by avoiding volatile names like Warner Bros. Discovery and Meta. Agency fixed‑rate holdings and non‑agency CMBS also contributed.

Key detractors were security selection in government‑related securities and US Treasury curve positioning.

Total Returns Based on a Hypothetical $10,000 Investment is displayed

	Impax Sustainable Allocation Fund Investor Class $20,970	S&P 500 Index $39,827	Blended Index $25,428	Morningstar Moderate Allocation $18,649
12/31/2015	$10,000	$10,000	$10,000	$10,000
12/31/2016	$10,581	$11,196	$10,831	$9,807
12/31/2017	$11,974	$13,640	$12,370	$10,527
12/31/2018	$11,486	$13,042	$12,079	$11,917
12/31/2019	$13,878	$17,149	$14,758	$11,231
12/31/2020	$16,133	$20,304	$16,932	$13,391
12/31/2021	$18,602	$26,132	$19,617	$14,960
12/31/2022	$15,548	$21,399	$16,520	$17,038
12/31/2023	$17,596	$27,025	$19,439	$14,714
12/31/2024	$18,915	$33,786	$22,364	$16,742
12/31/2025	$20,970	$39,827	$25,428	$18,649

Average Annual Total Returns as of December 31, 2025

	1 Year	5 years	10 Years
Investor Class	10.86%	5.38%	7.69%
S&P 500 Index	17.88	14.42	14.82
Blended Index	13.70	8.47	9.78
Morningstar Moderate Allocation	12.50	7.25	8.35

Key Fund Statistics as of December 31, 2025

Net Assets	$2,388,985,431
Total Number of Portfolio Holdings	11
Total Investment Advisory Fees Paid During the Reporting Period	$1,150,813
Portfolio Turnover Rate	13%

Affiliated Investment Companies as of December 31, 2025

	Percent of Net Assets
Impax Large Cap Fund	32.9%
Impax Core Bond Fund	31.2%
Impax US Sustainable Economy Fund	7.6%
Impax Small Cap Fund	5.0%
Impax High Yield Bond Fund	5.0%
Impax International Sustainable Economy Fund	5.0%
Impax Ellevate Global Women's Leadership Fund	3.0%
Impax Global Opportunities Fund	3.0%
Impax Global Environmental Markets Fund	2.9%
Impax Global Sustainable Infrastructure Fund	2.8%

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.

Impax Sustainable Allocation Fund

Annual Shareholder Report

December 31, 2025

An image of a QR code that, when scanned, navigates the user to the following URL: https://impaxam.com/SA

Investor Class: PAXWX

Impax Asset Management
(800) 767-1729
https://impaxam.com/SA

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

Householding

Fund Overview

Annual Shareholder Report

December 31, 2025

Institutional Class | PAXIX

Impax Sustainable Allocation 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	$5	0.05%

How did the Fund perform last year?

Key detractors were security selection in government‑related securities and US Treasury curve positioning.

Total Returns Based on a Hypothetical $250,000 Investment is displayed

	Impax Sustainable Allocation Fund (Institutional Class) $537,626	S&P 500 Index $995,685	Blended Index $635,690	Morningstar Moderate Allocation $466,213
12/31/2015	$250,000	$250,000	$250,000	$250,000
12/31/2016	$265,260	$279,900	$270,764	$245,175
12/31/2017	$300,859	$341,006	$309,240	$263,171
12/31/2018	$289,275	$326,055	$301,983	$297,936
12/31/2019	$350,521	$428,719	$368,960	$280,775
12/31/2020	$408,335	$507,598	$423,304	$334,768
12/31/2021	$472,216	$653,306	$490,426	$374,002
12/31/2022	$395,612	$534,986	$413,006	$425,951
12/31/2023	$448,763	$675,621	$485,979	$367,852
12/31/2024	$483,683	$844,660	$559,088	$418,541
12/31/2025	$537,626	$995,685	$635,690	$466,213

Average Annual Total Returns as of December 31, 2025

	1 Year	5 years	10 Years
Institutional Class	11.15%	5.66%	7.96%
S&P 500 Index	17.88	14.42	14.82
Blended Index	13.70	8.47	9.78
Morningstar Moderate Allocation	12.50	7.25	8.35

Key Fund Statistics as of December 31, 2025

Net Assets	$2,388,985,431
Total Number of Portfolio Holdings	11
Total Investment Advisory Fees Paid During the Reporting Period	$1,150,813
Portfolio Turnover Rate	13%

Affiliated Investment Companies as of December 31, 2025

	Percent of Net Assets
Impax Large Cap Fund	32.9%
Impax Core Bond Fund	31.2%
Impax US Sustainable Economy Fund	7.6%
Impax Small Cap Fund	5.0%
Impax High Yield Bond Fund	5.0%
Impax International Sustainable Economy Fund	5.0%
Impax Ellevate Global Women's Leadership Fund	3.0%
Impax Global Opportunities Fund	3.0%
Impax Global Environmental Markets Fund	2.9%
Impax Global Sustainable Infrastructure Fund	2.8%

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.

Impax Sustainable Allocation Fund

Annual Shareholder Report

December 31, 2025

Institutional Class: PAXIX

Impax Asset Management
(800) 767-1729
https://impaxam.com/SA

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

Fund Overview

What were the Fund's costs for the year?

How did the Fund perform last year?

Total Returns Based on a Hypothetical $10,000 Investment is displayed

Average Annual Total Returns as of December 31, 2025

Key Fund Statistics as of December 31, 2025

Top Ten Holdings as of December 31, 2025Footnote Reference*

Sector Diversification as of December 31, 2025Footnote Reference *Footnote Reference ^

Industry Diversification as of December 31, 2025Footnote Reference ^

Asset Allocation as of December 31, 2025Footnote Reference ^

Householding

Fund Overview

What were the Fund's costs for the year?

How did the Fund perform last year?

Total Returns Based on a Hypothetical $250,000 Investment is displayed

Average Annual Total Returns as of December 31, 2025

Key Fund Statistics as of December 31, 2025

Top Ten Holdings as of December 31, 2025Footnote Reference*

Sector Diversification as of December 31, 2025Footnote Reference *Footnote Reference ^

Industry Diversification as of December 31, 2025Footnote Reference ^

Asset Allocation as of December 31, 2025Footnote Reference ^

Householding

Fund Overview

What were the Fund's costs for the year?

How did the Fund perform last year?

Total Returns Based on a Hypothetical $10,000 Investment is displayed

Average Annual Total Returns as of December 31, 2025

Key Fund Statistics as of December 31, 2025

Top Ten Holdings as of December 31, 2025Footnote Reference*

Sector Diversification as of December 31, 2025Footnote Reference *Footnote Reference ^

Industry Diversification as of December 31, 2025Footnote Reference ^

Asset Allocation as of December 31, 2025Footnote Reference ^

Householding

Fund Overview

What were the Fund's costs for the year?

How did the Fund perform last year?

Total Returns Based on a Hypothetical $10,000 Investment is displayed

Average Annual Total Returns as of December 31, 2025

Key Fund Statistics as of December 31, 2025

Top Ten Holdings as of December 31, 2025Footnote Reference*

Sector Diversification as of December 31, 2025Footnote Reference *Footnote Reference ^

Industry Diversification as of December 31, 2025Footnote Reference ^

Asset Allocation as of December 31, 2025Footnote Reference ^

Householding

Fund Overview

What were the Fund's costs for the year?

How did the Fund perform last year?

Total Returns Based on a Hypothetical $250,000 Investment is displayed

Average Annual Total Returns as of December 31, 2025

Key Fund Statistics as of December 31, 2025

Top Ten Holdings as of December 31, 2025Footnote Reference*

Sector Diversification as of December 31, 2025Footnote Reference *Footnote Reference ^

Industry Diversification as of December 31, 2025Footnote Reference ^

Asset Allocation as of December 31, 2025Footnote Reference ^

Householding

Fund Overview

What were the Fund's costs for the year?

How did the Fund perform last year?

Total Returns Based on a Hypothetical $10,000 Investment is displayed

Average Annual Total Returns as of December 31, 2025

Key Fund Statistics as of December 31, 2025

Top Ten Holdings as of December 31, 2025Footnote Reference*

Sector Diversification as of December 31, 2025Footnote Reference *Footnote Reference ^

Industry Diversification as of December 31, 2025Footnote Reference ^

Asset Allocation as of December 31, 2025Footnote Reference ^

Householding

Fund Overview

What were the Fund's costs for the year?

How did the Fund perform last year?

Total Returns Based on a Hypothetical $10,000 Investment is displayed

Average Annual Total Returns as of December 31, 2025

Key Fund Statistics as of December 31, 2025

Top Ten Holdings as of December 31, 2025Footnote Reference*

Sector Diversification as of December 31, 2025Footnote Reference *Footnote Reference ^

Industry Diversification as of December 31, 2025Footnote Reference ^

Asset Allocation as of December 31, 2025Footnote Reference ^

Householding

Fund Overview

What were the Fund's costs for the year?

How did the Fund perform last year?

Top Ten Holdings as of December 31, 2025^{Footnote Reference*}

Sector Diversification as of December 31, 2025^{Footnote Reference *}^{Footnote Reference ^}

Industry Diversification as of December 31, 2025^{Footnote Reference ^}

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

Top Ten Holdings as of December 31, 2025^{Footnote Reference*}

Sector Diversification as of December 31, 2025^{Footnote Reference *}^{Footnote Reference ^}

Industry Diversification as of December 31, 2025^{Footnote Reference ^}

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

Top Ten Holdings as of December 31, 2025^{Footnote Reference*}

Sector Diversification as of December 31, 2025^{Footnote Reference *}^{Footnote Reference ^}

Industry Diversification as of December 31, 2025^{Footnote Reference ^}

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

Top Ten Holdings as of December 31, 2025^{Footnote Reference*}

Sector Diversification as of December 31, 2025^{Footnote Reference *}^{Footnote Reference ^}

Industry Diversification as of December 31, 2025^{Footnote Reference ^}

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

Top Ten Holdings as of December 31, 2025^{Footnote Reference*}

Sector Diversification as of December 31, 2025^{Footnote Reference *}^{Footnote Reference ^}

Industry Diversification as of December 31, 2025^{Footnote Reference ^}

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

Top Ten Holdings as of December 31, 2025^{Footnote Reference*}

Sector Diversification as of December 31, 2025^{Footnote Reference *}^{Footnote Reference ^}

Industry Diversification as of December 31, 2025^{Footnote Reference ^}

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

Top Ten Holdings as of December 31, 2025^{Footnote Reference*}

Sector Diversification as of December 31, 2025^{Footnote Reference *}^{Footnote Reference ^}

Industry Diversification as of December 31, 2025^{Footnote Reference ^}

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

Top Ten Holdings as of December 31, 2025^{Footnote Reference*}

Sector Diversification as of December 31, 2025^{Footnote Reference *}^{Footnote Reference ^}

Industry Diversification as of December 31, 2025^{Footnote Reference ^}

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

Top Ten Holdings as of December 31, 2025^{Footnote Reference*}

Sector Diversification as of December 31, 2025^{Footnote Reference *}^{Footnote Reference ^}

Geographical Diversification as of December 31, 2025^{Footnote Reference ^}

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

Top Ten Holdings as of December 31, 2025^{Footnote Reference*}

Sector Diversification as of December 31, 2025^{Footnote Reference *}^{Footnote Reference ^}

Geographical Diversification as of December 31, 2025^{Footnote Reference ^}

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

Top Ten Holdings as of December 31, 2025^{Footnote Reference*}

Sector Diversification as of December 31, 2025^{Footnote Reference *}^{Footnote Reference ^}

Geographical Diversification as of December 31, 2025^{Footnote Reference ^}

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

Top Ten Holdings as of December 31, 2025^{Footnote Reference*}

Sector Diversification as of December 31, 2025^{Footnote Reference *}^{Footnote Reference ^}

Geographical Diversification as of December 31, 2025^{Footnote Reference ^}

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

Top Ten Holdings as of December 31, 2025^{Footnote Reference*}

Sector Diversification as of December 31, 2025^{Footnote Reference *}^{Footnote Reference ^}

Geographical Diversification as of December 31, 2025^{Footnote Reference ^}

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