UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington

, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number			811-02064
IMPAX FUNDS SERIES TRUST I
(Exact name of Registrant as specified in charter)
30 Penhallow Street, Suite 400, Portsmouth, NH					03801
(Address of principal executive offices)					(Zip code)
Impax Asset Management LLC 30 Penhallow Street, Suite 400, Portsmouth, NH  03801 Attn.:  Edward Farrington
(Name and address of agent for service)
Registrant’s telephone number, including area code:				800-767-1729
Date of fiscal year end:	December 31
Date of reporting period:		December 31, 2023

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

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public.  A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number.  Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC  20549-0609.  The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. §3507.

Item 1.            Reports to Stockholders

IMPAX

LARGE

CAP

FUND

IMPAX

SMALL

CAP

FUND

IMPAX

US

SUSTAINABLE

ECONOMY

FUND

IMPAX

GLOBAL

SUSTAINABLE

INFRASTRUCTURE

FUND

IMPAX

GLOBAL

OPPORTUNITIES

FUND

IMPAX

GLOBAL

ENVIRONMENTAL

MARKETS

FUND

IMPAX

GLOBAL

SOCIAL

LEADERS

FUND

IMPAX

ELLEVATE

GLOBAL

WOMEN’S

LEADERSHIP

FUND

IMPAX

INTERNATIONAL

SUSTAINABLE

ECONOMY

FUND

IMPAX

CORE

BOND

FUND

IMPAX

HIGH

YIELD

BOND

FUND

IMPAX

SUSTAINABLE

ALLOCATION

FUND

ANNUAL

REPORT

December

31,

2023

www.impaxam.com

Annual

Report

1

Glossary

of

Terms

2

Letter

to

Shareholders

5

Portfolio

Manager

Comments

and

Highlights

Impax

Large

Cap

Fund

8

Impax

Small

Cap

Fund

11

Impax

US

Sustainable

Economy

Fund

15

Impax

Global

Sustainable

Infrastructure

Fund

19

Impax

Global

Opportunities

Fund

22

Impax

Global

Environmental

Markets

Fund

26

Impax

Global

Social

Leaders

Fund

30

Impax

Ellevate

Global

Women’s

Leadership

Fund

32

Impax

International

Sustainable

Economy

Fund

36

Impax

Core

Bond

Fund

40

Impax

High

Yield

Bond

Fund

44

Impax

Sustainable

Allocation

Fund

48

Shareholder

Expense

Examples

51

Schedule

of

Investments

53

Statements

of

Assets

and

Liabilities

91

Statements

of

Operations

96

Statements

of

Changes

in

Net

Assets

99

Financial

Highlights

109

Notes

to

Financial

Statements

137

Report

of

Independent

Registered

Public

Accounting

Firm

154

Trustees

and

Officers

159

Account

Options

and

Services

162

For

More

Information

General

Fund

Information

800.767.1729

Shareholder

Account

Information

800.372.7827

Account

Inquiries

Impax

Funds

P.O.

Box

534463

Pittsburgh,

PA

15253-4463

Investment

Adviser

Impax

Asset

Management

LLC

30

Penhallow

Street,

Suite

400

Portsmouth,

NH

03801

Transfer

and

Dividend

Disbursing

Agent

BNY

Mellon

Investment

Servicing

(U.S.)

Inc.

P.O.

Box

534463

Pittsburgh,

PA

15253-4463

Custodian

JP

Morgan

Chase

Bank,

N.A.

4

Chase

Metrotech

Center,

Floor

16,

Brooklyn,

NY

11245

Table

of

Contents

Glossary

of

Terms

December

31,

2023

2

www.impaxam.com

Annual

Report

Blended

Index

for

the

Impax

Sustainable

Allocation

Fund

is

composed

of

60%

S&P

500

Index

and

40%

Bloomberg

US

Aggregate

Bond

Index.

Bloomberg

US

Aggregate

Bond

Index

is

a

broad-based

index,

maintained

by

Bloomberg

L.P.

often

used

to

represent

investment

grade

bonds

being

traded

in

the

United

States.

FTSE

Environmental

Opportunities

Index

Series

measures

the

performance

of

global

companies

that

have

significant

involvement

in

environmental

business

activities,

including

renewable

and

alternative

energy,

energy

efficiency,

water

technology,

waste

and

pollution

control

and

food,

agriculture

and

forestry.

The

FTSE

Environmental

Opportunities

Index

Series

requires

companies

to

have

at

least

20%

of

their

business

derived

from

environmental

markets

and

technologies.

The

FTSE

Environmental

Opportunities

Index

Series

is

published

by

a

joint

venture

of

Impax

Asset

Management,

Ltd.

(“Impax”)

with

FTSE

International.

Impax

is

also

the

sub-adviser

to

the

Impax

Global

Environmental

Markets

Fund.

FTSE

Global

Infrastructure

Opportunities

Index

is

designed

to

reflect

the

performance

of

infrastructure

and

infrastructure-

related

listed

securities

worldwide.

Companies

must

derive

a

minimum

of

20%

of

their

revenue

from

either

the

core

infrastructure

activities

or

the

infrastructure-related

activities

to

be

considered

for

index

inclusion.

ICE

BofA

Merrill

Lynch

U.S.

High

Yield

-

Cash

Pay

-

BB-B

(Constrained

2%)

Index

tracks

the

performance

of

BB-

and

B

rated

fixed

income

securities

publicly

issued

in

the

major

domestic

or

Eurobond

markets,

with

total

index

allocation

to

an

individual

issuer

limited

to

2%.

Impax

Global

Women’s

Leadership

Index

is

a

customized

market

capitalization-weighted

index

created

and

licensed

by

Impax

Asset

Management

(“IAM”)

consisting

of

equity

securities

of

issuers

organized

or

operating

in

countries

around

the

world

that

demonstrate

a

commitment

to

advancing

and

empowering

women

through

gender

diversity

on

their

boards,

in

management

and

through

other

policies

and

programs,

and

an

understanding

of

the

potential

business

advantages

associated

with

greater

gender

diversity,

as

rated

by

the

IAM

Gender

Analytics

team,

with

final

approval

by

the

IAM

Women’s

Index

Committee.

In

addition,

the

companies

comprising

the

Women’s

Index

meet

certain

environmental,

social

and

governance

(ESG)

or

sustainability

thresholds,

as

rated

by

MSCI

ESG

Research.

Impax

Sustainability

Lens

is

a

proprietary

tool

designed

to

facilitate

a

systematic

review

of

the

economic

opportunities

and

risks

associated

with

the

transition

to

a

more

sustainable

economy.

The

tool

highlights

sub-industries

with

transition

tailwinds

and

headwinds,

enabling

our

investment

teams

to

construct

portfolios

weighted

towards

companies

that

the

Adviser

believes

present

attractive

opportunities

and

lower

risks.

Impax

Systematic

ESG

Rating

is

a

proprietary

ranking

of

companies’

environmental,

social

and

governance

(ESG).

The

rating

framework

is

shaped

on

how

sustainability

impacts

financial

performance.

The

rating

emphasizes

a

company’s

management

of

ESG-related

risks.

Lipper

Core

Bond

Funds

Index

tracks

the

results

of

the

30

largest

mutual

funds

in

the

Lipper

Core

Bond

Funds

Index

Average.

The

Lipper

Core

Bond

Funds

Index

Average

is

a

total

return

performance

average

of

mutual

funds

tracked

by

Lipper,

Inc.

that

invest

at

least

85%

in

domestic

investment-grade

debt

issues

(rated

in

the

top

four

grades)

with

any

remaining

investment

in

non-benchmark

sectors

such

as

high-yield,

global

and

emerging

market

debt.

These

funds

maintain

dollar-

weighted

average

maturities

of

five

to

ten

years.

Lipper

Global

Infrastructure

Funds

Index

tracks

the

results

of

the

10

largest

mutual

funds

in

the

Lipper

Global

Infrastructure

Fund

Index

Average.

The

Lipper

Global

Infrastructure

Funds

Index

Average

is

a

total

return

performance

average

of

mutual

funds

tracked

by

Lipper,

Inc.

that,

by

portfolio

practice,

invest

predominantly

across

energy,

industrials,

utilities

and

materials

sectors. Funds

must

contain

a

diverse

mix

of

listed

&

liquid

equities

that

reflect

companies

which

engaged in

core

infrastructure

activities.

These

generally

include

large

geographic

projects

leading

to

the

construction

of

energy

supplies,

utilities,

education,

health,

social

and

transportation

facilities.

3

www.impaxam.com

Annual

Report

December

31,

2023

Lipper

Global

Multi-Cap

Core

Funds

Index

tracks

the

results

of

the

30

largest

mutual

funds

in

the

Global

Multi-Cap

Core

Funds

Index

Average.

The

Global

Multi-Cap

Core

Funds

Index

Average

is

a

total

return

performance

average

of

mutual

funds

tracked

by

Lipper,

Inc.

that,

by

portfolio

practice,

invest

in

a

variety

of

market

capitalization

ranges

without

concentrating

75%

of

their

equity

assets

in

any

one

market

capitalization

range

over

an

extended

period

of

time.

Global

multi-cap

core

funds

typically

have

average

characteristics

compared

to

the

MSCI

World

Index.

Lipper

Global

Multi-Cap

Growth

Funds

Index

tracks

the

results

of

funds

that

invest

in

a

variety

of

market

capitalization

ranges

without

concentrating

75%

of

their

equity

assets

in

any

one

market

capitalization

range

over

an

extended

period

of

time.

Multi-cap

funds

typically

have

25%

to

75%

of

their

assets

invested

in

companies

both

inside

and

outside

of

the

U.S.

with

market

capitalizations

(on

a

three-year

weighted

basis)

above

400%

of

the

75th

market

capitalization

Glossary

of

Terms

3

percentile

of

the

S&P/Citigroup

World

Broad

Market

Index.

Multi-cap

growth

funds

typically

have

an

above-average

price-

to-cash

flow

ratio,

price-to-book

ratio,

and

three-year

sales-per-share

growth

value

compared

to

the

S&P/Citigroup

BMI.

One

cannot

invest

directly

in

an

index.

Lipper

High

Yield

Bond

Funds

Index

tracks

the

results

of

the

30

largest

mutual

funds

in

the

Lipper

High

Yield

Bond

Funds

Average.

The

Lipper

High

Yield

Bond

Funds

Average

is

a

total

return

performance

average

of

mutual

funds

tracked

by

Lipper,

Inc.

that

aim

at

high

(relative)

current

yield

from

fixed

income

securities,

have

no

quality

or

maturity

restrictions

and

tend

to

invest

in

lower

grade

debt

issues.

Lipper

International

Large-Cap

Core

Funds

Index

tracks

the

results

of

funds

that,

by

portfolio

practice,

invest

at

least

75%

of

their

equity

assets

in

companies

strictly

outside

of

the

U.S.

with

market

capitalizations

(on

a

three-year

weighted

basis)

above

Lipper’s

international

large-cap

floor.

International

large-cap

core

funds

typically

have

an

average

price-to-cash

flow

ratio,

price-

to-

book

ratio

and

three-year

sales-per-share

growth

value

compared

to

the

S&P/Citigroup

World

ex-U.S.

BMI.

Lipper

Large-Cap

Core

Funds

Index

tracks

the

results

of

the

30

largest

mutual

funds

in

the

Lipper

Large

Cap

Core

Funds

Index

Average.

The

Lipper

Large

Cap

Core

Funds

Index

Average

is

a

total

return

performance

average

of

mutual

funds

tracked

by

Lipper,

Inc.

that

invest

at

least

75%

of

their

equity

assets

in

companies

with

market

capitalizations

(on

a

three-year

weighted

basis)

above

Lipper’s

USDE

large-cap

floor.

Large-cap

core

funds

have

more

latitude

in

the

companies

in

which

they

invest.

These

funds

typically

have

average

characteristics

compared

to

the

S&P

500

Index.

Lipper

Multi-Cap

Core

Funds

Index

tracks

the

results

of

the

30

largest

mutual

funds

in

the

Lipper

Multi-Cap

Core

Funds

Index

Average.

The

Lipper

Multi-Cap

Core

Funds

Index

Average

is

a

total

return

performance

average

of

mutual

funds

tracked

by

Lipper,

Inc.

that

invest

in

a

variety

of

market

capitalization

ranges

without

concentrating

75%

of

their

equity

assets

in

any

one

market

capitalization

range

over

an

extended

period

of

time.

These

funds

typically

have

average

characteristics

compared

to

the

S&P

SuperComposite

1500

Index.

Lipper

Small-Cap

Core

Funds

Index

tracks

the

results

of

the

30

largest

mutual

funds

in

the

Lipper

Small-Cap

Core

Funds

Average.

The

Lipper

Small-Cap

Core

Funds

Average

is

a

total

return

performance

average

of

the

mutual

funds

tracked

by

Lipper,

Inc.

that,

by

portfolio

practice,

invest

at

least

75%

of

their

equity

assets

in

companies

with

market

capitalizations

(on

a

three-year

weighted

basis)

below

Lipper’s

USDE

small-cap

ceiling.

Small-cap

core

funds

have

more

latitude

in

the

companies

in

which

they

invest.

These

funds

typically

have

an

average

price-to-earnings

ratio,

price-to-book

ratio,

and

three-year

sales-

per-share

growth

value,

compared

to

the

S&P

SmallCap

600

Index.

Morningstar

Moderate

Allocation

seeks

to

provide

both

capital

appreciation

and

income

by

investing

in

three

major

areas:

stocks,

bonds

and

cash.

These

portfolios

tend

to

hold

larger

positions

in

stocks

than

conservative-allocation

portfolios.

These

portfolios

typically

have

50%

to

70%

of

assets

in

equities

and

the

remainder

in

fixed

income

and

cash.

MSCI

All-Country

World

Index

(“ACWI”)

Index

is

a

free

float-adjusted

market

capitalization

weighted

index

that

is

designed

to

measure

the

equity

market

performance

of

developed

and

emerging

markets.

The

MSCI

ACWI

consists

of

48

country

indices

comprising

23

developed

and

24

emerging

market

country

indices.

The

developed

market

country

indices

included

are:

Australia,

Austria,

Belgium,

Canada,

Denmark,

Finland,

France,

Germany,

Hong

Kong,

Ireland,

Israel,

Italy,

Japan,

4

www.impaxam.com

Annual

Report

Glossary

of

Terms,

continued

December

31,

2023

Netherlands,

New

Zealand,

Norway,

Portugal,

Singapore,

Spain,

Sweden,

Switzerland,

United

Kingdom

and

United

States.

The

emerging

market

country

indices

included

are:

Brazil,

Chile,

China,

Colombia,

Czech

Republic,

Egypt,

Greece,

Hungary,

India,

Indonesia,

Korea,

Kuwait,

Malaysia,

Mexico,

Peru,

Philippines,

Poland,

Qatar,

Saudi

Arabia,

South

Africa,

Taiwan,

Thailand,

Turkey

and

United

Arab

Emirates.

MSCI

EAFE

(Europe,

Australasia,

Far

East)

Index

is

a

free

float-adjusted

market

capitalization

index

that

is

designed

to

measure

the

equity

market

performance

of

developed

markets,

excluding

the

U.S.

and

Canada.

The

MSCI

EAFE

(Net)

Index

consists

of

the

following

21

developed

market

country

indices:

Australia,

Austria,

Belgium,

Denmark,

Finland,

France,

Germany,

Hong

Kong,

Ireland,

Israel,

Italy,

Japan,

Netherlands,

New

Zealand,

Norway,

Portugal,

Singapore,

Spain,

Sweden,

Switzerland,

and

United

Kingdom.

MSCI

EAFE

ESG

Leaders

Index

is

a

free

float-adjusted

market

capitalization

weighted

index

designed

to

measure

the

performance

of

equity

securities

of

issuers

organized

or

operating

in

developed

market

countries

around

the

world

excluding

the

U.S.

and

Canada

that

have

high

environmental,

social

and

governance

(ESG)

ratings

relative

to

their

sector

and

industry

group

peers,

as

rated

by

MSCI

ESG

Research

annually.

MSCI

ESG

Research

evaluates

companies’

ESG

characteristics

and

derives

corresponding

ESG

scores

and

ratings.

Companies

are

ranked

by

ESG

score

against

their

sector

peers

to

determine

their

eligibility

for

the

MSCI

ESG

indices.

MSCI

ESG

Research

identifies

the

highest-rated

companies

in

each

peer

group

to

meet

the

float-adjusted

market

capitalization

sector

targets.

The

rating

system

is

based

on

general

and

industry-specific

ESG

criteria,

assigning

ratings

on

a

7-point

scale

from

AAA

(highest)

to

CCC

(lowest).

MSCI

World

Index

is

a

free

float-adjusted

market

capitalization

weighted

index

that

is

designed

to

measure

the

equity

market

performance

of

developed

markets.

The

MSCI

World

Index

consists

of

the

following

23

developed

market

country

indices:

Australia,

Austria,

Belgium,

Canada,

Denmark,

Finland,

France,

Germany,

Hong

Kong,

Ireland,

Israel,

Italy,

Japan,

Netherlands,

New

Zealand,

Norway,

Portugal,

Singapore,

Spain,

Sweden,

Switzerland,

the

United

Kingdom,

and

the

United

States.

Russell

1000

Index

measures

the

performance

of

the

1,000

largest

U.S.

companies,

as

measured

by

market

capitalization.

It

is

a

subset

of

the

Russell

3000

Index,

which

measures

the

largest

3,000

companies.

The

Russell

1000

Index

is

comprised

of

over

90%

of

the

total

market

capitalization

of

all

listed

U.S

stocks.

Russell

2000

Index

measures

the

performance

of

the

small-cap

segment

of

the

U.S.

equity

universe.

The

Russell

2000

Index

is

a

subset

of

the

Russell

3000

Index

representing

approximately

10%

of

the

total

market

capitalization

of

that

index.

It

includes

approximately

2,000

of

the

smallest

securities

based

on

a

combination

of

their

market

cap

and

current

index

membership.

The

S&P

500

Index

is

an

unmanaged

index

of

large

capitalization

common

stocks.

Performance

for

the

MSCI

ACWI

Index,

the

MSCI

EAFE

Index,

the

MSCI

EAFE

ESG

Leaders

Index,

the

MSCI

World

Index are

shown

“net”,

which

includes

dividend

reinvestments

after

deduction

of

foreign

withholding

tax.

Securities

Indices

above

assume

reinvestment

of

all

distributions

and

interest

payments,

have

no

policy

of

sustainable

investing

and

do

not

take

into

account

brokerage

fees

or

expenses.

Lipper

Indices

above

are

not

what

are

typically

considered

to

be

an

“index”

because

they

track

the

performance

of

other

mutual

funds

rather

than

changes

in

the

value

of

a

group

of

securities,

a

securities

index

or

some

other

traditional

economic

indicator.

Diversification

does

not

eliminate

the

risk

of

experiencing

investment

losses.

One

cannot

invest

directly

in

any

index. 

5

www.impaxam.com

Annual

Report

Letter

to

Shareholders

by

Ed

Farrington,

President

Dear

fellow

shareholders,

For

18

years,

Joe

Keefe

has

been

penning

the

President’s

Letter,

offering

his

unique

insights,

reflections

and

prognostications

on

the

markets,

our

funds

and

the

state

of

the

transition

to

a

more

sustainable

economy.

Read

together,

these

letters

are

a

history

lesson

on

the

evolution

of

sustainable

investing

and

a

reminder

of

the

difference

that

leaders

make.

I

am

honored

that

Joe

has

passed

that

responsibility

to

me

and

endeavor

to

match

his

forthrightness,

humor,

and

hopefulness

which

always

sought

opportunity

in

the

face

of

challenge.

It

is

not

a

responsibility

to

take

lightly

and

I,

with

the

support

of

a

world-class

team,

look

forward

to

building

upon

the

solid

foundation

that

Joe

has

willed

into

existence.

Joe’s

accomplishments

are

too

many

to

list

in

a

letter.

Some

stand

out

above

the

rest

for

the

impact

they’ve

had

on

the

investment

community

and

the

world

at

large.

Joe

shepherded

the

Impax

Funds

through

two

decades

of

change.

He

led

the

company

from

a

socially

responsible

investment

model

to

one

focused

on

the

economic

opportunity

present

in

environmental,

social

and

governance

factors.

Not

one

to

stand

still,

Joe

was

one

of

the

first

leaders

to

position

that

ESG

was

not

a

comprehensive

framework

and

argued

for

a

sustainable

investment

framework

that

considered

businesses'

approach

to

more

sustainable

methods

for

both

people

and

planet.

In

2007,

he

brought

the

category

of

gender

lens

investing

into

the

mainstream

through

the

creation

of

the

Impax

Ellevate

Global

Women’s

Leadership

Fund.

As

I

write

this,

Joe

continues

to

work

on

the

evolution

of

that

strategy

to

ensure

investors

benefit

from

the

potential

outperformance

that

we

believe

is

available

in

companies

with

progressive

policies,

diverse

leadership

and

equal

pay.

In

2008,

Joe

launched

the

most

innovative

environmental

investment

strategy

in

partnership

with

Impax

Asset

Management

Ltd.

now

known

as

the

Impax

Global

Environmental

Markets

Fund.

The

success

of

that strategy

paved

the

way

for

the

acquisition

of the

Impax

Funds

(formerly,

the

Pax

World

Funds)

by

Impax

Asset

Management

Group

plc in

2018.

Today,

we

are

one

of

the

world’s

largest

investment

team

dedicated

to

investing

in

the

transition

to

a

sustainable

economy.

When

we

are

young,

we

are

taught

to

leave

a

place

better

than

it

was

when

we

arrived.

Joe

has

done

exactly

that.

He

has

developed

our

team

into

what

we

believe

to

be the

country’s

most

authentic,

dedicated

sustainable

investment

platform.

Joe

finds

great

people,

empowers

them,

cares

for

them,

encourages

them

and

helps

them

accomplish

more

than

they

ever

thought

possible.

I

am

one

of

those

people

and

I

am

forever

grateful.

Looking

forward,

I

am

filled

with

hope

and

optimism.

I

am

aware

of

the

challenge

ahead

but

am

buoyed

by

what

I

see

each

day.

The

fact

is,

we

live

on

a

finite

planet.

Our

population

has

swelled

over

the

past

century

–

and

the

simple

combination

of

more

people

demanding

more

comfort

and

convenience

has

reached

a

point

where

it

is

stretching

the

earth’s

ability

to

sustain

us.

And

our

reliance

on

last-century

systems

is

causing

strain.

Fossil

fuels

pump

CO2

into

our

atmosphere,

trapping

the

sun’s

heat

and

rapidly

changing

our

climate.

The

agricultural

techniques

which

allowed

for

high

volume

produce

production

often

strip

our

soils

of

nutrients

and

destroy

the

bio-diverse

lands

on

which

they

sit.

We

know

these

systems

can’t

abruptly

end.

But

they

must

transition

into

the

next

economy

through

innovations

that

consider

the

impact

on

our

planet

before

we

reach

a

tipping

point.

We

believe

this

will

create

a

massive

opportunity

for

advancement

–

one

that

may

dwarf

the

industrial

and

technological

revolutions.

Great

businesses

will

respond

to

the

opportunity.

Consumers

will

demand

change;

technology

will

find

solutions

at

an

accelerated

rate

and

governments

will

craft

policy

to

spur

this

development.

At

Impax,

we

have

been

taking

advantage

of

this

opportunity

for

the

past

25

years.

We

believe

companies

that

embrace

change

will

thrive

and

the

companies

that

resist

change

will

struggle.

Many

investment

firms

continue

to

underestimate

this

transition,

leading

them

to

mispricing

the

opportunities

and

risks.

Impax

looks

for

those

great

companies

and

patiently

invests

in

them

on

behalf

of

our

shareholders.

6

www.impaxam.com

Annual

Report

Over

the

past

few

months,

we

have

continued

to

drive

forward.

We

enter

2024

with

the

belief

that

our

investment

thesis

is

stronger

than

ever.

Diverse

companies

with

innovative

policies

that

seek

to

live

in

balance

with

nature

can

–

and

in

many

cases

do

–

outperform

their

peers.

That

is

the

context

that

we

invest

in

each

day

and

is

the

context

that

makes

me

hopeful

for

our

future.

With

thanks

to

Joe

for

his

leadership

and

friendship,

our

team

looks

forward

to

working

on

your

behalf

to

invest

in

the

companies

that

we

believe

will

shape

the

future

we

deserve.

We

will

continue

to

innovate

to

provide

investment

options

that

stand

out

from

the

crowd.

And

we

will not

take

your

trust

in

us

for

granted.

Sincerely,

Ed

Farrington

President

7

www.impaxam.com

Annual

Report

Performance

Information

December

31,

2023

Commentary

The

portfolio

manager

commentaries

in

this

report

provide

insight

from

the

respective

fund

managers

in

an

effort

to

help

you

examine

your

fund.

The

views

expressed

therein

are

those

of

the

portfolio

managers

and

are

for

the

period

covered

by

this

report.

Such

commentary

does

not

necessarily

represent

the

views

of

the

Board

of

Trustees

of

your

fund.

The

views

expressed

herein

are

subject

to

change

at

any

time

based

upon

market

and/or

other

conditions

and

Impax

Asset

Management

LLC

and

the

funds

disclaim

any

responsibility

to

update

such

views.

The

commentaries

should

not

be

relied

upon

as

investment

advice.

Historical

performance

Historical

performance

can

be

evaluated

in

several

ways.

Each

fund’s

portfolio

highlights

provide

total

and

average

annual

total

returns.

A

comparison

of

this

historical

data

to

an

appropriate

benchmark

is

also

provided.

These

performance

figures

include

changes

in

a

fund’s

share

price,

plus

reinvestment

of

any

dividends

(generally

income)

and

any

capital

gains

(generally

profits

the

fund

earns

when

it

sells

securities

that

have

grown

in

value).

Performance

data

quoted

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

of

an

investment

will

fluctuate

so

that

an

investor’s

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

For

most

recent

month-end

performance

information,

visit

www.impaxam.com 

The

Funds’

distributor,

Foreside

Financial

Services,

LLC,

is

not

affiliated

with

Impax

Asset

Management

LLC

or

Impax

Asset

Management,

LTD

8

www.impaxam.com

Annual

Report

Impax

Large

Cap

Fund

December

31,

2023

Portfolio

Managers'

Comments

How

did

the

Impax

 Large

Cap

Fund

(the

Fund)

perform

for

the

period?

For

the year

ended

December

31,

2023,

the

Investor

Class

and

Institutional

Class

of

the

Fund

had

total

returns

of

19.90%

and

20.12%,

respectively,

compared

to

26.29% 

for

the

S&P

500

Index

and 24.16%

for

the

Lipper

Multi-Cap

Core

Funds

Index.

What

factors

or

portfolio

holdings

contributed

to

the

Fund’s

performance?

The

top

contributors

benefited

from

strong

execution

and

thematic

tailwinds

from

artificial

intelligence

(AI),

and

government

spending

on

large

infrastructure

products.

Salesforce

Inc

(Information

Technology)

reaped

the

benefits

from

the

restructuring

plan

set

in

place

in

2022,

as

the

company’s

focus

on

operating

margins

instead

of

growth

was

well

received

by

investors.

Investors

found

early

traction

in

the

company’s

AI

solutions

attractive,

as

the

market

rewarded

early

movers

in

artificial

intelligence.

Trane

Technologies

(Industrials)

moved

from

strength

to

strength

in

2023,

as

sales

and

earnings

growth

continued

as

the

company

continues

to

benefit

from

new

commercial

construction

trends,

and

retrofits

in

verticals

like

Data

Centers,

Tech,

Education,

Healthcare,

and

Manufacturing.

Applied

Materials

(Information

Technology

)

benefited

from

the

AI

related

excitement

in

the

first

half

of

the

year

and

was

rewarded

for

its

operating

stability

as

peers

struggled.

Results

were

buoyed

by

order

strength

seen

across

its

broad

product

line

of

semiconductor

equipment

solutions.

What

factors

or

portfolio

holdings

detracted

from

the

Fund’s

performance?

The

detractors

were

driven

by

a

combination

of

industry

specific

cross

winds,

and

execution.

International

Flavors

&

Fragrances

(Materials)

struggled

as

earnings

were

negatively

affected

by

the

higher

interest

costs

associated

with

debt-financed

acquisitions

over

the

last

5

years,

and

inventory

destocking

that

plagued

the

ingredients industry

in

2023.

Citizens

Financial

Group

(Financials)

was

caught

up

in

the

regional

bank

sell

off

in

the

first

quarter

as

deposit

costs

increased

dramatically

for

even

the

best

capitalized

regional

banks.

CVS

Health

Corp

(Health

Care)

suffered

from

three

main

challenges

in

2023.

1)

The

acquisition

of

Oak

Street

Health,

while

strategically

sound,

was

viewed

as

expensive.

2)

It

suffered

from

elevated

utilization

in

the

health

insurance

business

in

the

second

half

of

the

year

3)

The

threat

of

pharmacy

benefit

manager

(PBM)

reform

also

acted

as

a

headwind

throughout

the

year.

Portfolio

Manager

Andrew

Braun

Portfolio

Manager

Barbara

Browning,

CFA

December

31,

2023

9

www.impaxam.com

Annual

Report

Portfolio

Highlights

(unaudited)

Since

Inception

Total

Return—Historical

Growth

of

$10,000

See

‘Glossary

of

Terms’

for

descriptions

of

benchmarks.

These

figures

represent

past

performance,

which

is

no

guarantee

of

future

results.

Investment

return

and

principal

value

of

an

investment

will

fluctuate

so

that

an

investor’s

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Total

returns

for

periods

of

less

than

one

year

have

not

been

annualized.

For

most

recent

month-

end

performance

data,

please

visit

www.impaxam.com

or

call

800.767.1729.

1

The

Fund’s

inception

date

is

December

16,

2016.

2

Total

return

figures

include

reinvested

dividends

and

capital

gains

distributions,

and

changes

in

principal

value,

and

do

not

reflect

the

taxes

that

a

shareholder

might

pay

on

Fund

distributions

or

on

the

redemption

of

Fund

shares.

Returns—Year

ended

December

31,

2023

    Total                  

Average

Annual

Return

Return

Share

class

Ticker

Symbol

1

Year

3

Years

5

Years

Since

Inception

1

Investor

Class

2

PAXLX

19.90%

7.81%

15.90%

13.08%

Institutional

Class

2

PXLIX

20.12%

8.07%

16.18%

13.35%

S&P

500

Index

26.29%

10.00%

15.69%

13.21%

Lipper

Muliti-Cap

Core

Funds

Index

24.16%

7.87%

14.49%

12.01%

Impax

Large

Cap

Fund,

continued

December

31,

2023

10

www.impaxam.com

Annual

Report

Asset

Allocation

Percent

of

Investments

U.S.

Stocks

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

98.8%

Cash

&

Cash

Equivalents

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

1.2%

Total

100.0%

Top

Ten

Holdings

Company

Percent

of

Net

Assets

Microsoft

Corp.

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

7.4%

Apple,

Inc.

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

5.4%

Alphabet,

Inc.,

A

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

4.2%

Merck

&

Co.,

Inc.

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

3.0%

Aptiv

plc

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

2.4%

Abbott

Laboratories

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

2.4%

Visa,

Inc.,

A

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

2.3%

ServiceNow,

Inc.

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

2.2%

JPMorgan

Chase

&

Co.

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

2.2%

Walt

Disney

Co.

(The)

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

2.2%

Total

33.7%

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

Sector

Percent

of

Net

Assets

Information

Technology

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

27.0%

Health

Care

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

16.1%

Financials

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

14.2%

Communication

Services

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

9.0%

Consumer

Staples

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

8.6%

Industrials

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

8.0%

Consumer

Discretionary

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

6.8%

Materials

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

4.2%

Real

Estate

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

3.8%

Utilities

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

1.0%

Other

assets

and

liabilities

(net)

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

1.3%

Total

100.0%

May

include

companies

representing

multiple

industries

within

a

single

“Sector”

Portfolio

Highlights

(unaudited)

(continued)

11

www.impaxam.com

Annual

Report

Impax

Small

Cap

Fund

December

31,

2023

Portfolio

Managers'

Comments

How

did

the

Impax

Small

Cap

Fund

(the

Fund)

perform

for

the

period?

For

the year

ended

December

31,

2023,

the

Investor

Class,

Class

A

and

Institutional

Class

shares

of

the

Fund

had

total

returns

of

 13.51%, 13.56%

and

13.79%,

respectively,

compared

to 16.93% for

the

Russell

2000

Index

and 16.15%

for

the

Lipper

Small-Cap

Core

Funds

Index.

What

factors

or

portfolio

holdings

contributed

to

the

Fund’s

performance?

QuinStreet

Inc.

(Communication

Services)

reported

largely

in-line

results

on

top/bottom

line.

The

stock

benefited

from

management’s

ability

to

effectively

detail

expectations

around

revenue

recovery

as

auto

insurance

companies

return

to

lead

generation,

while

non-auto

insurance

related

businesses

continue

to

grow

in

the

low

teens.

8x8

Inc.

(Information

Technology)

benefitted

from

steady

results

and

guidance,

as

investors

rewarded

an

increased

focus

on

using

operating

cash

flow

to

reduce

debt

and

potentially

return

capital

to

shareholders.

Planet

Fitness

Inc.

(Consumer

Discretionary)

recovered

from

share

weakness

associated

with the

unexpected

departure

of

its

CEO

in

the

third

quarter.

The

membership

model

remains

healthy

and

investors

are

positive

with

plans

to

improve

franchisee

unit

economics

and

the

potential

tailwinds

that

lower

interest

rates

provide.

What

factors

or

portfolio

holdings

detracted

from

the

Fund’s

performance?

National

Vision

(Consumer

Discretionary)

sold

off

sharply

in

the

first

quarter

as

the

company

reported

weaker

than

expected

earnings

and

guidance

amid

a

challenging

margin

environment

and

experienced delayed

demand

as

consumers

focus

on

other

essential

spending.

Eastern

Bankshares

Inc.

(Financials)

sold

off

in

January

as

funding

pressures

affected

net

income,

the

stock

fell

further

as

regional

banks

were

broadly

punished

amid

the

issues

at

Silicon

Valley

Bank

and

First

Republic.

Leslie’s

Inc.

(Consumer

Discretionary)

in

July

the

company

pre-announced

a

material

miss

on

revenue

and

earnings

for

the

quarter

and

weaker

guidance

as

destocking

and

margin

pressures

have

stunted

medium

term

prospects.

The

position

was

exited

in

the

third

quarter.

Portfolio

Manager

Nathan

Moser,

CFA

Portfolio

Manager

Diederik

Basch,

CFA

Portfolio

Manager

Curtis

Kim,

CFA

Impax

Small

Cap

Fund,

continued

December

31,

2023

12

www.impaxam.com

Annual

Report

Portfolio

Highlights

(unaudited)

Ten

Year

Annual

Total

Return—Historical

Growth

of

$10,000

See

‘Glossary

of

Terms’

for

descriptions

of

benchmarks.

Returns—Year

ended

December

31,

2023

    Total                  

Average

Annual

Return

Return

Share

class

Ticker

Symbol

1

Year

3

Years

5

Years

10

Years

Investor

Class

1

PXSCX

13.51%

4.42%

9.43%

5.72%

Class

A

1,2,3

PXSAX

NAV

4

13.56%

4.44%

9.43%

5.71%

POP

7.28%

2.47%

8.19%

5.12%

Institutional

Class

1

PXSIX

13.79%

4.68%

9.69%

5.98%

Russell

2000

Index

16.93%

2.22%

9.97%

7.16%

Lipper

Small-Cap

Core

Funds

Index

16.15%

7.33%

11.30%

7.76%

December

31,

2023

13

www.impaxam.com

Annual

Report

These

figures

represent

past

performance,

which

is

no

guarantee

of

future

results.

Investment

return

and

principal

value

of

an

investment

will

fluctuate

so

that

an

investor’s

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Total

returns

for

periods

of

less

than

one

year

have

not

been

annualized.

For

most

recent

month-

end

performance

data,

please

visit

www.impaxam.com

or

call

800.767.1729.

1

The

Fund's

investment

adviser

assumed

certain

expenses

during

the

10-year

period;

total

returns

would

have

been

lower

had

these

expenses

not

been

assumed.

Total

return

figures

include

reinvested

dividends

and

capital

gains

distributions,

and

changes

in

principal

value,

and

do

not

reflect

the

taxes

that

a

shareholder

might

pay

on

Fund

distributions

or

on

the

redemption

of

Fund

shares.

2

A

1.00%

CDSC

(contingent

deferred

sales

charge)

may

be

charged

on

any

shares

sold

within

18

months

of

purchase

over

$1

million.

POP

(public

offering

price)

reflects

the

maximum

sales

load

for

the

Fund’s

Class

A

Shares

of

5.50%.

NAV

performance

does

not

reflect

the

deduction

of

the

sales

load

of

the

CDSC,

which

if

reflected

would

reduce

the

performance

shown.

3

Inception

of

Class

A

shares

is

May

1,

2013.

The

performance

information

shown

for

Class

A

shares

includes

the

performance

of

Investor

Class

shares,

adjusted

to

reflect

the

sales

charge

applicable

to

Class

A

shares,

for

the

period

prior

to

Class

A

inception.

4

NAV

is

Net

Asset

Value.

Asset

Allocation

Percent

of

Investments

U.S.

Stocks

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

94.7%

Cash

&

Cash

Equivalents

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

4.7%

Foreign

Stocks

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

0.6%

Total

100.0%

Top

Ten

Holdings

Company

Percent

of

Net

Assets

Victory

Capital

Holdings,

Inc.,

A

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

3.8%

Voya

Financial,

Inc.

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

3.2%

Brightsphere

Investment

Group,

Inc.

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

3.0%

Onto

Innovation,

Inc.

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

2.4%

Health

Catalyst,

Inc.

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

2.4%

Ciena

Corp.

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

2.3%

Axonics,

Inc.

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

2.2%

Huron

Consulting

Group,

Inc.

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

2.2%

Ligand

Pharmaceuticals,

Inc.

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

2.2%

Neurocrine

Biosciences,

Inc.

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

2.1%

Total

25.8%

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.

Portfolio

Highlights

(unaudited)

(continued)

Portfolio

Highlights

(unaudited)

Ten

Year

Annual

Total

Return—Historical

Growth

of

$10,000

See

‘Glossary

of

Terms’

for

descriptions

of

benchmarks.

Returns—Year

ended

December

31,

2023

    Total                  

Average

Annual

Return

Return

Share

class

Ticker

Symbol

1

Year

3

Years

5

Years

10

Years

Investor

Class

1

PXSCX

13.51%

4.42%

9.43%

5.72%

Class

A

1,2,3

PXSAX

NAV

4

13.56%

4.44%

9.43%

5.71%

POP

7.28%

2.47%

8.19%

5.12%

Institutional

Class

1

PXSIX

13.79%

4.68%

9.69%

5.98%

Russell

2000

Index

16.93%

2.22%

9.97%

7.16%

Lipper

Small-Cap

Core

Funds

Index

16.15%

7.33%

11.30%

7.76%

Impax

Small

Cap

Fund,

continued

December

31,

2023

14

www.impaxam.com

Annual

Report

Sector

Diversification

Sector

Percent

of

Net

Assets

Industrials

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

21.8%

Health

Care

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

20.1%

Information

Technology

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

13.3%

Financials

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

13.1%

Real

Estate

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

8.0%

Consumer

Staples

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

6.7%

Consumer

Discretionary

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

5.6%

Materials

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

3.9%

Communication

Services

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

2.9%

Other

assets

and

liabilities

(net)

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

4.6%

Total

100.0%

May

include

companies

representing

multiple

industries

within

a

single

“Sector”

Portfolio

Highlights

(unaudited)

(continued)

15

www.impaxam.com

Annual

Report

Impax

US

Sustainable

Economy

Fund

December

31,

2023

Portfolio

Managers’

Comments

How

did

the

Impax

US

Sustainable

Economy

Fund

(the

Fund)

perform

for

the

period?

For

the year

ended

December

31,

2023,

the

Fund’s

Investor

Class,

Class

A,

and

Institutional

Class

shares

had

total

returns

of

24.39%,

24.39%

and

24.65%,

respectively,

compared

to

26.53%

for

the

Russell

1000

Index

and

24.16%

for

the

Lipper

Multi-Cap

Core

Funds

Index.

What

factors

or

portfolio

holdings

contributed

to

the

Fund’s

performance?

Stock

selection

saw

positive

results

within

Health

Care,

Materials,

and

Information

Technology.

Leading

advances

within

these

sectors

included

a

lack

of

exposure

to

Pfizer,

an

investment

in

Nvidia,

and

a

position

in

Linde.

The

top

contributors

benefited

from

strong

execution

and

thematic

tailwinds

related

to

artificial

intelligence.

Nvidia

(Information

Technology)

rallied

after

the

chipmaker

blew

away

earnings

and

growth

expectations

in

its

AI

related

chips

and

unveiled

its

latest

“H200”

graphics

processor.

Lam

Research

(Information

Technology)

jumped

after

the

semiconductor

maker

reported

stronger-than-expected

fiscal-Q3

results.

Alphabet

Inc

Class

A

(Communication

Services)

after

a

difficult

2022

the

company

saw

a rapidly

rebounding

digital

advertising

market

in

2023.

The

company's

AI

platform

was

another

driver

of

outperformance

as

investors

rewarded

artificial

intelligence

(AI)

exposure.

What

factors

or

portfolio

holdings

detracted

from

the

Fund’s

performance?

The

sustainability

tools

used

to

drive

the

over/under

weights

within

the

portfolio

detracted

from

the

Fund's

performance in

the

calendar

year.

The

portfolio’s

Sustainability

Lens

profile,

which

overweights

sub-industries

that

offer

higher

opportunity

and

lower

risk

in

the

transition

to

a

more

sustainable

economy

was

a

tailwind,

as

high-opportunity

sub-industries

significantly

outperformed

low-and

neutral-opportunity

industries.

The

portfolio’s

focus

on

securities

with

higher

Systematic

ESG

scores

detracted

in

the

period

as

stocks

with

scores

in

the

bottom

quartile

led

the

market.

The

portfolio’s

energy

efficiency

allocation,

which

involves

replacing

traditional

Energy

stocks

with

companies

that

provide

energy

efficiency

solutions

was

a

modest

detractor.

Stock

selection

saw

the

weakest

results

in

Consumer

Discretionary,

Communication

Services,

and

Consumer

Staples.

The

lack

of

exposure

to

Amazon

and

Meta

were

meaningfully

impactful,

as

was

the

portfolio’s

investment

in

Bristol-Myers-Squibb.

The

top

detractors

were

driven

by

a

combination

of

industry

specific

cross

winds,

and

poor

execution.

Bristol

Myers

Squibb

(Health

Care)

fell

after

the

biopharmaceutical

maker

reported

a

decline

in

third

quarter

revenue

from

a

year

ago.

Mettler-Toledo

(Industrials)

announced

that

its

sales

and

adjusted

EPS

for

Q4

will

be

below

its

previously-issued

guidance

due

to

unexpected

shipping

delays

with

a

new

external

European

logistics

provider.

Norfolk

Southern

(Industrials)

sold

off

as

investors

digested

the

potential

financial

risks

associated

with

a

February

2023 train

derailment

in

Ohio. 

Portfolio

Manager

Scott

LaBreche

Portfolio

Manager

Christine

Cappabianca

Impax

US

Sustainable

Economy

Fund,

continued

December

31,

2023

16

www.impaxam.com

Annual

Report

Portfolio

Highlights

(unaudited)

Ten

Year

Annual

Total

Return—Historical

Growth

of

$10,000

See

‘Glossary

of

Terms’

for

descriptions

of

benchmarks.

 These

figures

represent

past

performance,

which

is

no

guarantee

of

future

results.

Investment

return

and

principal

value

of

an

investment

will

fluctuate

so

that

an

investor’s

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

lower

Returns—Year

ended

December

31,

2023

    Total                  

Average

Annual

Return

Return

Share

class

Ticker

Symbol

1

Year

3

Years

5

Years

10

Years

Investor

Class

1

PXWGX

24.39%

9.77%

13.77%

10.41%

Class

A

1,2,3

PXGAX

NAV

4

24.39%

9.77%

13.75%

10.41%

POP

17.56%

7.72%

12.48%

9.79%

Institutional

Class

1

PWGIX

24.65%

10.05%

14.04%

10.68%

Russell

1000

Index

26.53%

8.97%

15.52%

11.80%

Lipper

Multi-Cap

Core

Funds

Index

24.16%

7.87%

14.49%

10.29%

December

31,

2023

17

www.impaxam.com

Annual

Report

or

higher

than

the

performance

data

quoted.

Total

returns

for

periods

of

less

than

one

year

have

not

been

annualized.

For

most

recent

month-

end

performance

data,

please

visit

www.impaxam.com

or

call

800.767.1729.

1

The

Fund's

investment

adviser

waived

a

portion

of

its

management

fee

during

all

periods

shown;

total

returns

would

have

been

lower

had

these

expenses

not

been

waived.

Total

return

figures

include

reinvested

dividends

and

capital

gains

distributions,

and

changes

in

principal

value,

and

do

not

reflect

the

taxes

that

a

shareholder

might

pay

on

Fund

distributions

or

on

the

redemption

of

Fund

shares.

2

A

1.00%

CDSC

(contingent

deferred

sales

charge)

may

be

charged

on

any

shares

sold

within

18

months

of

purchase

over

$1

million.

POP

(public

offering

price)

reflects

the

maximum

sales

load

for

the

Fund’s

Class

A

Shares

of

5.50%.

NAV

performance

does

not

reflect

the

deduction

of

the

sales

load

of

the

CDSC,

which

if

reflected

would

reduce

the

performance

shown.

3

Inception

of

Class

A

shares

is

May

1,

2013.

The

performance

information

shown

for

Class

A

shares

includes

the

performance

of

Investor

Class

shares,

adjusted

to

reflect

the

sales

charge

applicable

to

Class

A

shares,

for

the

period

prior

to

Class

A

inception.

4

NAV

is

Net

Asset

Value.

Asset

Allocation

Percent

of

Investments

U.S.

Stocks

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

98.4%

Cash

&

Cash

Equivalents

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

1.6%

Total

100.0%

Top

Ten

Holdings

Company

Percent

of

Net

Assets

Apple,

Inc.

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

5.9%

Microsoft

Corp.

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

5.9%

NVIDIA

Corp.

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

3.7%

Eli

Lilly

&

Co.

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

2.3%

Mastercard,

Inc.,

A

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

2.3%

Merck

&

Co.,

Inc.

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

2.1%

Johnson

&

Johnson

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

1.8%

Verizon

Communications,

Inc.

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

1.7%

Texas

Instruments,

Inc.

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

1.7%

Zoetis,

Inc.,

A

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

1.6%

Total

29.0%

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.

Portfolio

Highlights

(unaudited)

(continued)

Portfolio

Highlights

(unaudited)

Ten

Year

Annual

Total

Return—Historical

Growth

of

$10,000

See

‘Glossary

of

Terms’

for

descriptions

of

benchmarks.

 These

figures

represent

past

performance,

which

is

no

guarantee

of

future

results.

Investment

return

and

principal

value

of

an

investment

will

fluctuate

so

that

an

investor’s

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

lower

Returns—Year

ended

December

31,

2023

    Total                  

Average

Annual

Return

Return

Share

class

Ticker

Symbol

1

Year

3

Years

5

Years

10

Years

Investor

Class

1

PXWGX

24.39%

9.77%

13.77%

10.41%

Class

A

1,2,3

PXGAX

NAV

4

24.39%

9.77%

13.75%

10.41%

POP

17.56%

7.72%

12.48%

9.79%

Institutional

Class

1

PWGIX

24.65%

10.05%

14.04%

10.68%

Russell

1000

Index

26.53%

8.97%

15.52%

11.80%

Lipper

Multi-Cap

Core

Funds

Index

24.16%

7.87%

14.49%

10.29%

Impax

US

Sustainable

Economy

Fund,

continued

December

31,

2023

18

www.impaxam.com

Annual

Report

Sector

Diversification

Sector

Percent

of

Net

Assets

Information

Technology

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

32.4%

Health

Care

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

15.9%

Financials

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

11.5%

Industrials

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

11.3%

Real

Estate

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

6.3%

Consumer

Discretionary

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

6.0%

Consumer

Staples

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

5.4%

Materials

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

4.9%

Communication

Services

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

3.6%

Utilities

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

1.4%

Other

assets

and

liabilities

(net)

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

1.3%

Total

100.0%

May

include

companies

representing

multiple

industries

within

a

single

“Sector”

19

www.impaxam.com

Annual

Report

Impax

Global

Sustainable

Infrastructure

Fund

December

31,

2023

Portfolio

Managers’

Comments

How

did

the

Impax

Global

Sustainable

Infrastructure

Fund

(the

Fund)

perform

for

the

period?

Strategy

Change

Note:

Effective

December

15,

2023,

the

Impax

Global

Sustainable

Infrastructure

Fund

investment

style

converted

from

systematic

to

active

management.

As

a

result

of

the

investment

process

change,

the

portfolio

management

team

changed.

Portfolio

manager

Christine

Cappabianca

remained

with

the

Fund,

and

was

joined

by

fellow

portfolio

managers

Justin

Winter

and

Harry

Boyle.

Scott

LaBreche

stepped

down.

For

the year

ended

December

31,

2023,

the

Fund’s

Institutional

Class

and

Investor

Class

shares

had

total

returns

of

9.55%

and

9.33%,

respectively,

compared

to

10.15%

for

the FTSE

Global

Infrastructure

Opportunities

Index

(FTSE

IO),

22.20%

for

the

MSCI

ACWI,

and

4.17%

for

the

Lipper

Global

Infrastructure

Funds

Index.

What

factors

or

portfolio

holdings

contributed

to

the

Fund’s

performance?

Security

Selection

was

a

bright

spot

during

the

year,

with

selection

in

Communications

and

Data

being

most

impactful

as

exposure

to

Semi-conductor

and

Semi

equipment

names

like

TSMC,

MediaTek,

and

Cadence

benefitted

from

a

rebound

in

sentiment

across

the

Semiconductor

landscape.

Resource

infrastructure,

specifically

the

Energy

subsector

was

also

additive;

stocks

with

exposure

to

Grid

buildout

like

Schneider

Electric,

Hubbell,

and

Power

Grid

Corp

of

India

led

the

way.

What

factors

or

portfolio

holdings

detracted

from

the

Fund’s

performance?

Security

Selection

and

Sector

allocation

were

both

material

detractors

for

the

Fund

compared

the

MSCI

ACWI

in

the

period.

The

Fund’s

material

overweight

to

Utilities

and

underweight

to

the

Information

Technology

sector

were

the

key

detractors,

while

underweighting

Staples

and

overweight

to

Communication

Services

offered

some

respite.

Security

Selection

was

weakest

in

Communication

Services

with

not

holding

Meta

given

its

lack

of sustainable

infrastructure

exposure.

The

investment

managers

define

"sustainable

infrastructure”

to

mean

infrastructure

that

conserves,

enables

or

increases

access

to

vital

resources

such

as

clean

energy,

water,

food 

and

agriculture,

including

resource

and

waste

management,

as

well

as

other

societal

resources

such

as

healthcare,

education,

finance,

transportation,

and

data

and

communications

that

advance

social

well-being.

Information

Technology

also

lagged

as

renewable

energy

solutions

providers

Xinyi

Solar

and

Enphase

faced

a

challenging

macro

environment.

The

Fund’s

marginal

underperformance

to

the

FTSE

IO

was

due

to

weaker

asset

selection,

as

the

portfolio’s

overweight

to

Resource

infrastructure

was

the

worst

performing

Infrastructure

sector

during

the

calendar

year.

The

lack

of

exposure

to

areas

not

captured

by

the

worst

performing

sustainable

infrastructure

sector

in

areas

like

Materials

and

Logistics

were

particularly

impactful.

Portfolio

Manager

Harry

Boyle

Portfolio

Manager

Christine

Cappabianca

Portfolio

Manager

Justin

Winter

Impax

Global

Sustainable

Infrastructure

Fund,

continued

December

31,

2023

20

www.impaxam.com

Annual

Report

Portfolio

Highlights

(unaudited)

Since

Inception

Total

Return—Historical

Growth

of

$10,000

See

‘Glossary

of

Terms’

for

descriptions

of

benchmarks.

These

figures

represent

past

performance,

which

is

no

guarantee

of

future

results.

Investment

return

and

principal

value

of

an

investment

will

fluctuate

so

that

an

investor’s

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Total

returns

for

periods

of

less

than

one

year

have

not

been

annualized.

For

most

recent

month-

end

performance

data,

please

visit

www.impaxam.com

or

call

800.767.1729.

Returns—Year

ended

December

31,

2023

    Total                  

Average

Annual

Return

Return

Share

class

Ticker

Symbol

1

Year

3

Years

5

Years

Since

Inception

1

Investor

Class

2

PAXDX

9.33%

2.53%

9.16%

8.31%

Institutional

Class

2

PXDIX

9.55%

2.76%

9.42%

8.58%

FTSE

Global

Infrastructure

Opportunities

Index

10.15%

4.68%

7.65%

6.68%

MSCI

ACWI

Index

(Net)

22.20%

5.75%

11.72%

9.99%

Lipper

Global

Infrastructure

Funds

Index

4.17%

3.64%

6.45%

6.33%

December

31,

2023

21

www.impaxam.com

Annual

Report

1

The

Fund's

inception

date

is

December

16,

2016.

2

The

Fund's

investment

adviser

waived

a

portion

of

its

management

fee

during

all

periods

shown;

total

returns

would

have

been

lower

had

these

expenses

not

been

waived.

Total

return

figures

include

reinvested

dividends

and

capital

gains

distributions,

and

changes

in

principal

value,

and

do

not

reflect

the

taxes

that

a

shareholder

might

pay

on

Fund

distributions

or

on

the

redemption

of

Fund

shares..

Asset

Allocation

Percent

of

Investments

Foreign

Stocks

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

56.6%

U.S.

Stocks

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

41.4%

Cash

&

Cash

Equivalents

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

2.0%

Total

100.0%

Top

Ten

Holdings

Company

Percent

of

Net

Assets

Waste

Management,

Inc.

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

3.9%

Tele2

AB,

B

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

3.8%

SSE

plc

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

3.7%

KDDI

Corp.

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

3.7%

National

Grid

plc

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

3.4%

Canadian

Pacific

Kansas

City

Ltd.

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

3.3%

American

Tower

Corp.

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

3.3%

Koninklijke

KPN

NV

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

3.2%

Veolia

Environnement

SA

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

3.1%

United

Utilities

Group

plc

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

3.1%

Total

34.5%

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

Sector

Percent

of

Net

Assets

Industrials

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

27.3%

Utilities

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

24.9%

Communication

Services

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

15.0%

Information

Technology

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

8.3%

Real

Estate

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

7.3%

Health

Care

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

5.8%

Financials

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

4.4%

Consumer

Staples

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

2.1%

Materials

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

1.4%

Energy

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

1.4%

Other

assets

and

liabilities

(net)

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

2.1%

Total

100.0%

May

include

companies

representing

multiple

industries

within

a

single

“Sector”

Portfolio

Highlights

(unaudited)

(continued)

Portfolio

Highlights

(unaudited)

Since

Inception

Total

Return—Historical

Growth

of

$10,000

See

‘Glossary

of

Terms’

for

descriptions

of

benchmarks.

These

figures

represent

past

performance,

which

is

no

guarantee

of

future

results.

Investment

return

and

principal

value

of

an

investment

will

fluctuate

so

that

an

investor’s

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Total

returns

for

periods

of

less

than

one

year

have

not

been

annualized.

For

most

recent

month-

end

performance

data,

please

visit

www.impaxam.com

or

call

800.767.1729.

Returns—Year

ended

December

31,

2023

    Total                  

Average

Annual

Return

Return

Share

class

Ticker

Symbol

1

Year

3

Years

5

Years

Since

Inception

1

Investor

Class

2

PAXDX

9.33%

2.53%

9.16%

8.31%

Institutional

Class

2

PXDIX

9.55%

2.76%

9.42%

8.58%

FTSE

Global

Infrastructure

Opportunities

Index

10.15%

4.68%

7.65%

6.68%

MSCI

ACWI

Index

(Net)

22.20%

5.75%

11.72%

9.99%

Lipper

Global

Infrastructure

Funds

Index

4.17%

3.64%

6.45%

6.33%

22

www.impaxam.com

Annual

Report

Impax

Global

Opportunities

Fund

December

31,

2023

Portfolio

Managers’

Comments

How

did

the

Impax

Global

Opportunities

Fund

(the

Fund)

perform

for

the

period?

For

the year

ended

December

31,

2023,

the

Fund’s

Investor

Class

and

Institutional

Class shares

had

total

returns

of

15.16%

and

15.50%,

respectively,

compared

to

22.20%

for

the

MSCI

All-Country

World

(Net)

Index

(“MSCI

ACWI”)

and

22.35%

for

the

Lipper

Global

Multi-Cap

Growth

Funds

Index.

What

factors

or

portfolio

holdings

contributed

to

the

Fund’s

performance?

Top

performers

benefitted

from

improved

sentiment

towards

the

growth

opportunities

in

semiconductors

and

renewed

interest

in

digitalisation

of

economies.

Microsoft

(Systems

Software,

US)

rose

due

to

continued

investor

optimism

regarding

the

company’s

ability

to

benefit

from

recent

AI

innovations

through

both

the

provision

of

cloud

computing

power

through

their

Azure

platform,

which

continues

to

post

double

digit

growth,

together

with

impressive

integration

of

AI

solutions

into

the

Microsoft

product

suite.

The

stock

has

also

benefitted

from

‘safe-haven’

status

due

to

the

company’s

strong

balance

sheet

and

ability

to

generate

positive

free

cash

flow.

Cadence

Design

Systems

(Application

Software,

US)

has

been

a

steady

performer,

with

quarterly

results

indicative

of

resilient

software

design

tool

demand

compared

to

more

variable

semiconductor

end

demand.

The

company

is

gaining

from

solid

chip

design

activity

and

increasing

design

complexity

in

leading

edge

chips

as

well

as

stronger

than

expected

demand

in

“lagging

edge”

chips.

In

common

with

many

companies

in

the

semiconductor

value

chain,

Cadence

has

also

benefitted

from

the

combination

of

a

potential

trough

in

market

segments

such

as

memory

chips,

continued

momentum

behind

semiconductor

‘near

shoring’

initiatives

and

stronger

potential

demand

from

AI

led

software

applications.

Schneider

Electric

(Electrical

Components

&

Equipment,

US)

a

leading

global

supplier

of

energy

efficiency

solutions,

has

performed

well

over

the

year

on

expectations

of

a

better

growth

outlook.

The

company

benefitted

from

expectations

of

China

reopening

earlier

in

the

year,

policy

tailwinds

in

the

US

from

the

Inflation

Reduction

Act

and

the

Green

Deal

in

Europe.

More

recently,

the

stock

rose

after

a

positive

capital

markets

day,

where

the

company

announced

new

long-term

financial

goals

which

include

tailwinds

from

growth

in

data

centres

as

interest

in

artificial

intelligence

continues

to

grow.

What

factors

or

portfolio

holdings

detracted

from

the

Fund’s

performance?

Most

detractors

have

experienced

temporary

moderation

in

demand

or

inventory

destocking

as

end-customers

adjust

to

the

lifting

of

COVID-19

restriction

and

easing

of

supply

disruptions.

AIA

Group

(Life

&

Health

Insurance,

Hong

Kong)

was

initially

negatively

impacted

by

deteriorating

sentiment

towards

financials

during

the

banking

turmoil

early

in

the

year.

More

recently,

the

share

price

has

been

under

pressure

from

continued

weak

macro-economic

headlines

in

China

and

a

change

in

the

product

mix

as

customers

move

away

from

health

protection

products

to

lower

margin

savings

products.

Long

term

business

fundamental

remains

strong,

driven

by

growth

in

the

number

of

active

sales

agents,

expansion

in

China

and

a

leading

position

in

fast

growing

South

and

Southeast

Asian

markets. In

our

view,

the stock

remains

attractively

valued,

trading

near

historical

lows,

and

the

business

is

expected

to

benefit

over

the

longer

term

from

a

more

positive

outlook

on

the

value

of

new

business.

DSM-

Firmenich

(

Speciality

Chemicals,

Switzerland)

has

trended

lower

over

the

year

on

weaker

vitamin

and

supplements

demand,

some

deterioration

in

working

capital

and

a

need

to

demonstrate

benefits

from

the

recent

merger.

Recent

results

have

shown

early

signs

of

stabilisation

in

end

markets

and

the

company

has

announced

action

to

reduce

its

exposure

to

commodity

vitamins.

They

have

also

given

greater

clarity

on

expected

post-merger

revenue

and

cost

synergies

and

with

the

Portfolio

Manager

Kirsteen

Morrison

Portfolio

Manager

David

Winborne

Sub-Adviser

Impax

Asset

Management

Ltd.

December

31,

2023

23

www.impaxam.com

Annual

Report

merged

company

offering

a

full

suite

of

fragrance

and

flavours

solutions,

we

believe

it

remains

well

placed

to

capture

secular

growth

trends.

Lonza

(Life

Sciences

Tools

&

Services,

Switzerland)

a

contract

manufacturer

of

pharmaceuticals,

fell

after

announcing

cuts

to

mid-term

growth

rates

and

lowering

margin

expectations.

Sentiment

towards

the

stock

was

impacted

by

several

factors

including

uncertainty

over

the

CEO

replacement.

In

addition,

when

the

company

revealed

the

cancellation

of

a

number

of

high-profile

projects,

it

also

disclosed

the

organic

growth

rate

was

lower,

and

the

risk

profile

higher,

than

they

had

previously

indicated.

Portfolio

Highlights

(unaudited)

Since

Inception

Total

Return—Historical

Growth

of

$10,000

Impax

Global

Opportunities

Fund,

continued

December

31,

2023

24

www.impaxam.com

Annual

Report

See

‘Glossary

of

Terms’

for

descriptions

of

benchmarks.

These

figures

represent

past

performance,

which

is

no

guarantee

of

future

results.

Investment

return

and

principal

value

of

an

investment

will

fluctuate

so

that

an

investor’s

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Total

returns

for

periods

of

less

than

one

year

have

not

been

annualized.

For

most

recent

month-

end

performance

data,

please

visit

www.impaxam.com

or

call

800.767.1729.

1

The

Fund’s

inception

date

is

June

27,

2018.

2

The

Fund's

investment

adviser

assumed

certain

expenses

during

each

period

shown;

total

returns

would

have

been

lower

had

these

expenses

not

been

assumed.

Total

return

figures

include

reinvested

dividends

and

capital

gains

distributions,

and

changes

in

principal

value,

and

do

not

reflect

the

taxes

that

a

shareholder

might

pay

on

Fund

distributions

or

on

the

redemption

of

Fund

shares..

Returns—Year

ended

December

31,

2023

    Total                  

Average

Annual

Return

Return

Share

class

Ticker

Symbol

1

Year

3

Years

5

Years

Since

Inception

1

Investor

Class

2

PAXGX

15.16%

3.60%

12.76%

9.79%

Institutional

Class

2

PXGOX

15.50%

3.86%

13.03%

10.02%

MSCI

ACWI

(Net)

Index

22.20%

5.75%

11.72%

8.85%

Lipper

Global

Multi-Cap

Growth

Funds

Index

22.35%

-0.46%

11.65%

8.28%

Asset

Allocation

Percent

of

Investments

U.S.

Stocks

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

59.2%

Foreign

Stocks

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

39.0%

Cash

&

Cash

Equivalents

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

1.8%

Total

100.0%

Top

Ten

Holdings

Company

Percent

of

Net

Assets

Microsoft

Corp.

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

4.9%

Linde

plc

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

4.7%

Mastercard,

Inc.,

A

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

4.4%

Cintas

Corp.

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

4.1%

Schneider

Electric

SE

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

3.8%

Hannover

Rueck

SE

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

3.7%

Alcon,

Inc.

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

3.6%

Wolters

Kluwer

NV

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

3.6%

Thermo

Fisher

Scientific,

Inc.

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

3.4%

HDFC

Bank

Ltd.

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

3.3%

Total

39.5%

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.

Portfolio

Highlights

(unaudited)

(continued)

December

31,

2023

25

www.impaxam.com

Annual

Report

Sector

Diversification

Sector

Percent

of

Net

Assets

Financials

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

24.0%

Health

Care

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

18.8%

Information

Technology

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

18.3%

Industrials

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

16.1%

Materials

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

7.9%

Consumer

Staples

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

7.9%

Communication

Services

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

3.0%

Consumer

Discretionary

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

2.2%

Other

assets

and

liabilities

(net)

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

1.8%

Total

100.0%

May

include

companies

representing

multiple

industries

within

a

single

“Sector”

Portfolio

Highlights

(unaudited)

(continued)

26

www.impaxam.com

Annual

Report

Impax

Global

Environmental

Markets

Fund

December

31,

2023

Portfolio

Managers'

Comments

How

did

the

Impax

Global

Environmental

Markets

Fund

(the

Fund)

perform

for

the

period?

For

the year

ended December

31,

2023,

the

Investor

Class,

Class

A,

and

Institutional

Class

of

the

Fund

had

total

returns

of

16.55%,

16.58%,

and

16.85%,

respectively,

versus

22.20%

for

the

MSCI

All-Country

World

(Net)

Index

(“MSCI

ACWI”)

and

27.69%

for

the

FTSE

Environmental

Opportunities

Index

Series

(“FTSE

EOAS”).

What

factors

or

portfolio

holdings

contributed

to

the

Fund’s

performance?

Pentair

(Water

Distribution

&

Infrastructure,

US)

rebounded

strongly

in

2023,

following

a

challenging

2022

in

which

concerns

around

slowing

US

residential

activity

caused

the

share

price

to

decline.

The

company

delivered

solid

results

throughout

the

year,

with

margin

expansion

and

deleveraging

efforts

leading

to

share

price

gains.

Microsoft

(Cloud

Computing,

US)

rose

due

to

continued

investor

optimism

regarding

the

company’s

ability

to

benefit

from

recent

AI

innovations

through

both

the

provision

of

cloud

computing

power

through

their

Azure

platform,

together

with

impressive

integration

of

AI

solutions

into

the

Microsoft

product

suite.

The

stock

also

benefitted

from

‘safe

haven’

status

due

to

the

company’s

strong

balance

sheet

and

ability

to

generate

positive

free

cash

flow.

United

Rentals

(Resource

Circularity

&

Efficiency,

US)

outperformed

in

2023,

supported

by

solid

earnings

delivery

throughout

the

year

and

positive

tailwinds

related

to

megaproject

and

infrastructure

opportunities.

These

policy-related

opportunities

from

legislation

such

as

the

US

Inflation

Reduction

ACT

or

the

CHIPS

&

Science

Act

have,

in

our

view, the

potential

to

be

economically

insensitive

and

provide

a

cushion

for

growth

in

the

event

of

a

construction

downturn.

With

superior

scale

and

purchasing

power,

we

believe

the

company

can

generate

above

average

industry

returns

and

disproportionately

benefit

from

secular

shift

of

ownership

to

renting

of

construction

equipment.

What

factors

or

portfolio

holdings

detracted

from

the

Fund’s

performance?

Orsted

(Renewable

Energy

Developers

&

IPPs,

Denmark)

develops,

owns,

and

operates

renewable

energy

generation

assets,

with

a

particular

focus

on

offshore

wind

farms

–

it

is

the

largest

developer

globally

of

projects.

Due

to

rising

bond

yields,

and

supply

chain

–

or

project

cost

–

inflation,

questions

have

been

asked

about

the

shareholder

value

creation

of

Orsted’s

US

projects.

Supply

chain

issues,

tariff

headwinds,

and

higher

costs

of

capital

led

to

the

announcement

of

impairments

on

US

offshore

wind

projects.

Management

execution

missteps

and

a

challenging

offshore

wind

operating

environment

exerted

downward

pressure

on

the

share

price.

DSM-

Firmenich

(Sustainable

Agriculture,

Switzerland)

moved

lower

as

destocking

headwinds,

concerns

over

weak

vitamin

pricing,

and

poor

supplements

demand

weighed

on

results

throughout

the

year.

Cognex

(Industrial

Energy

Efficiency,

US)

sold

off

in

2023,

reflecting

a

near-term

challenging

end

market

for

a

shorter

cycle

business

that

is

sensitive

to

economic

conditions. We

believe

that

the near-term

earnings

forecast

does

not

necessarily

reflect

the

true

earnings

power

potential

through

the

cycle

for

a

company

well

positioned

to

benefit

from

the

secular

growth

trajectory

of

rising

automation

and

vision

spending.

Portfolio

Manager

Hubert

Aarts

Portfolio

Manager

Siddharth

Jha

Portfolio

Manager

David

Winborne

Sub-adviser

Impax

Asset

Management

Ltd.

December

31,

2023

27

www.impaxam.com

Annual

Report

Portfolio

Highlights

(unaudited)

Ten

Year

Annual

Total

Return—Historical

Growth

of

$10,000

See

‘Glossary

of

Terms’

for

descriptions

of

benchmarks.

These

figures

represent

past

performance,

which

is

no

guarantee

of

future

results.

Investment

return

and

principal

value

of

an

investment

will

fluctuate

so

that

an

investor’s

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Total

returns

for

periods

of

less

than

one

year

have

not

been

annualized.

For

most

recent

month-

end

performance

data,

please

visit

www.impaxam.com

or

call

800.767.1729.

Returns—Year

ended

December

31,

2023

    Total                  

Average

Annual

Return

Return

Share

class

Ticker

Symbol

1

Year

3

Years

5

Years

10

Years

Investor

Class

1

PGRNX

16.55%

3.23%

12.06%

7.33%

Class

A

1,2,3

PXEAX

NAV

4

16.58%

3.24%

12.06%

7.33%

POP

10.16%

1.30%

10.80%

6.73%

Institutional

Class

1

PGINX

16.85%

3.50%

12.36%

7.60%

MSCI

ACWI

(Net)

Index

22.20%

5.75%

11.72%

7.93%

FTSE

Environmental

Opportunities

Index

Series

27.69%

5.30%

16.52%

10.43%

Lipper

Global

Multi-Cap

Core

Funds

Index

19.12%

4.93%

10.58%

7.13%

Impax

Global

Environmental

Markets

Fund,

continued

December

31,

2023

28

www.impaxam.com

Annual

Report

1

The

Fund's

investment

adviser

assumed

certain

expenses

during

the

10-year

period;

total

returns

would

have

been

lower

had

these

expenses

not

been

assumed.

Total

return

figures

include

reinvested

dividends

and

capital

gains

distributions,

and

changes

in

principal

value,

and

do

not

reflect

the

taxes

that

a

shareholder

might

pay

on

Fund

distributions

or

on

the

redemption

of

Fund

shares.

2

A

1.00%

CDSC

(contingent

deferred

sales

charge)

may

be

charged

on

any

shares

sold

within

18

months

of

purchase

over

$1

million.

POP

(public

offering

price)

reflects

the

maximum

sales

load

for

the

Fund's

Class

A

Shares

of

5.50%.

NAV

performance

does

not

reflect

the

deduction

of

the

sales

load

of

the

CDSC,

which

if

reflected

would

reduce

the

performance

shown.

3

Inception

of

Class

A

shares

is

May

1,

2013.

The

performance

information

shown

for

Class

A

shares

includes

the

performance

of

Investor

Class

shares,

adjusted

to

reflect

the

sales

charge

applicable

to

Class

A

shares,

for

the

period

prior

to

Class

A

inception..

4

NAV

is

Net

Asset

Value.

Asset

Allocation

Percent

of

Investments

U.S.

Stocks

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

65.6%

Foreign

Stocks

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

32.6%

Cash

&

Cash

Equivalents

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

1.8%

Total

100.0%

Geographical

Diversification

Country

Percent

of

Net

Assets

United

States

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

65.6%

France

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

6.2%

United

Kingdom

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

4.7%

Germany

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

4.2%

Japan

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

4.1%

Taiwan

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

3.3%

Luxembourg

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

2.5%

Switzerland

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

2.1%

Ireland

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

2.0%

Netherlands

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

1.8%

Denmark

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

1.6%

Other

assets

and

liabilities

(net)

1.9%

Total

100.0%

Top

Ten

Holdings

Company

Percent

of

Net

Assets

Linde

plc

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

3.9%

Microsoft

Corp.

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

3.8%

Republic

Services,

Inc.,

A

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

3.6%

Agilent

Technologies,

Inc.

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

3.6%

Waste

Management,

Inc.

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

3.6%

Air

Liquide

SA

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

3.5%

Portfolio

Highlights

(unaudited)

(continued)

December

31,

2023

29

www.impaxam.com

Annual

Report

Schneider

Electric

SE

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

3.5%

Texas

Instruments,

Inc.

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

2.8%

United

Rentals,

Inc.

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

2.7%

Veolia

Environnement

SA

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

2.7%

Total

33.7%

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

Sector

Sub

Sector

Percent

of

Net

Assets

Smart

Environment

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

25.4%

Efficient

IT

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

12.7%

Environmental

Testing

&

Monitoring

...........

8.9%

Cloud

Computing

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

3.8%

New

Energy

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

21.9%

Industrial

Energy

Efficiency

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

11.0%

Smart

&

Efficient

Grids

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

5.2%

Buildings

Energy

Efficiency

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

4.1%

Wind

Power

Generation

Equipment

...........

1.6%

Water

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

15.7%

Water

Treatment

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

6.5%

Water

Utilities

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

4.8%

Water

Distribution

&

Infrastructure

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

4.4%

Sustainable

Food

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

15.4%

Food

Safety

&

Packaging

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

6.8%

Sustainable

Agriculture

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

4.5%

Technology

&

Logistics

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

4.1%

Circular

Economy

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

13.4%

General

Waste

Management

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

7.2%

Resource

Circularity

&

Efficiency

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

4.3%

Recycled,

Recyclable

Products

&

Biomaterials

..

1.9%

Clean

and

Efficient

Transport

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

6.3%

Advanced

Road

Vehicles

&

Devices

..........

5.1%

E-Bikes

&

Bicycles

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

1.2%

Other

assets

and

liabilities

(net)

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

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

1.9%

1.9%

Total

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

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

100.0%

100.0%

May

include

companies

representing

multiple

industries

within

a

single

“Sector”.

Portfolio

Highlights

(unaudited)

(continued)

30

www.impaxam.com

Annual

Report

Impax

Global

Social

Leaders

Fund

December

31,

2023

Portfolio

Managers’

Comments

How

did

the

Impax Global

Social

Leaders

 Fund

(the

Fund)

perform

for

the

period?

The

Impax

Global

Social

Leaders

Fund

launched

on

November

30,

2023.

As

the

Fund

was

launched

less

than

one

year

ago,

its

performance

history

is

not

long

enough

to

be

meaningful.

Below

is

a

summary

of

how

the

Fund

performed

since

its

inception

through

end

of

calendar

year

2023.

For

the

one-month

period

ended

December

31,

2023,

the

Fund’s

Investor

Class

and

Institutional

Class shares

had

total

returns

of

5.3%

and

5.4%,

respectively,

compared

to

4.8%

for

the

MSCI

All

Country

World

Index.

What

factors

or

portfolio

holdings

contributed

to

the

Fund’s

performance?

During

the

period

from

inception

through

end

of

calendar

year

2023,

the

portfolio

experienced

strong

gains

in

areas

such

as

Health

Care,

Financials,

Information

Technology

and

Consumer

Discretionary,

positively

impacting

absolute

and

relative

performance.

The

holdings

below

contributed

to

performance

on

an

absolute

basis:

Intuit

(Financial

Platforms,

US)

advanced

higher

in

December,

aided

by

a

strong

quarterly

release

with

top

and

bottom-line

results

exceeding

expectations.

Importantly,

results

reiterated

Intuit’s

consistent

ability

to

navigate

challenging

macroeconomic

environments,

the

durability

and

attractiveness

of

their

core

offerings,

and

their

operating

leverage.

HDFC

Bank

(Financial

Security

&

Inclusion,

India

)

outperformed

on

an

improving

outlook

for

the

Indian

economy

after

the

recent

victory

for

the

Modi-led

BJP

party

in

3

out

of 4

state

elections.

This

has

improved

the

probability

of

political

continuity

for

the

existing

BJP

government

in

the

national

election,

due

in

mid-2024.

Recruit

Holdings

(Employment,

Japan

)

reported

broadly

in-line

results

during

the

period

that

showed

good

cost

discipline

in

a

softer

top-line

environment.

The

share

price

outperformance

was

largely

driven

by

the

disclosure

that

well

known

activist

investor

ValueAct

had

taken

a

stake

in

the

company

with

a

view

that

the

shares

had

at

least

100%

upside.

The

fall

in

bond

yields

and

hopes

for

a

soft

economic

landing were

also

supportive.

What

factors

or

portfolio

holdings

detracted

from

the

Fund’s

performance? 

While

the

Impax

Global

Social

Leaders

Fund

outperformed

during

the

period

from

inception

through

end

of

calendar

year

2023,

the

following

holdings

detracted

from

performance,

largely

due

to

profit

taking

following

strong

share

price

appreciation

earlier

in

the

year

or

from

temporary

headwinds

negatively

impacting

companies'

near-term

results.

The

holdings

below

detracted

from

performance

on

an

absolute

basis.

MercadoLibre

(Evolving

Marketplaces,

Brazil)

underperformed

in

December

after

a

strong

rally

during

the

prior

month.

The

share

price

experienced

a

strong

rally

in

November,

boosted

by

solid

earnings

delivery

with

earnings

and

operating

margins

exceeding

expectations,

growing

market

share,

and

continued

integration

of

AI

to

drive

innovation

and

efficiencies.

Haleon

(Personal

Care,

UK)

As

a

consumer

staples

company

with

relatively

stable

end

markets,

Haleon

experienced

some

rotation

effects

against

the

backdrop

of

a

market

rally.

Symrise

(Food

Producers,

Germany)

declined

during

the

month

following

the

company’s

revision

of

margin

guidance

due

to

lower

raw

material

prices

and

negative

currency

effects.

Despite

this,

we

believe the

outlook

for

demand

and

volume

growth

remain

sound

for

2024.

Portfolio

Manager

Charlie

French

Portfolio

Manager

Amber

Fairbanks

December

31,

2023

31

www.impaxam.com

Annual

Report

Portfolio

Highlights

(unaudited)

Asset

Allocation

Percent

of

Investments

U.S.

Stocks

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

49.3%

Foreign

Stocks

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

46.7%

Cash

&

Cash

Equivalents

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

4.0%

Total

100.0%

Top

Ten

Holdings

Company

Percent

of

Net

Assets

Intuit,

Inc.

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

4.1%

AIA

Group

Ltd.

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

3.3%

HDFC

Bank

Ltd.

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

3.2%

Halma

plc

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

3.1%

MercadoLibre

,

Inc.

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

3.0%

American

Tower

Corp.

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

3.0%

Palo

Alto

Networks,

Inc.

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

2.9%

Voya

Financial,

Inc.

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

2.9%

Abbott

Laboratories

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

2.9%

Legal

&

General

Group

plc

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

2.8%

Total

31.2%

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

Sector

Percent

of

Net

Assets

Health

Care

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

17.3%

Financials

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

15.9%

Consumer

Discretionary

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

14.7%

Information

Technology

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

12.7%

Consumer

Staples

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

11.7%

Industrials

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

7.3%

Real

Estate

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

6.1%

Utilities

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

5.0%

Communication

Services

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

3.5%

Materials

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

1.3%

Other

assets

and

liabilities

(net)

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

4.5%

Total

100.0%

May

include

companies

representing

multiple

industries

within

a

single

“Sector”

32

www.impaxam.com

Annual

Report

Impax

Ellevate

Global

Women’s

Leadership

Fund

December

31,

2023

Portfolio

Managers’

Comments

How

did

the

Impax

Ellevate

Global

Women’s

Leadership

Fund

(the

Fund)

perform

for

the

period?

For

the year

ended

December

31,

2023,

the

Investor

and

Institutional

Class

had

total

returns

of

18.14%

and

18.41%,

respectively,

compared

to

25.68%

for

the

Impax

Global

Women’s

Leadership

Index

(Women’s

Index),

23.79%

for

the

MSCI

World

(Net)

Index

(MSCI

World)

and

19.12%

for

the

Lipper

Global

Multi-Cap

Core

Funds

Index.

What

factors

or

portfolio

holdings

contributed

to

the

Fund’s

performance?

From

a

stock

selection

perspective,

the

portfolio

saw

the

strongest

results

in

Industrials

and

Utilities.

The

portfolio’s

investment

in

Schneider

Electric

boosted

returns,

as

did

a

lack

of

exposure

to

NextEra

Energy.

The

top

contributors

were

all

strong

gender

leaders

who

benefited

from

macro

tailwinds,

strong

execution,

and

transition

related

stimulus.

Lululemon

Athletics

(Consumer

Discretionary)

advanced

amid

reports

the

athleisure

company

would

join

the

S&P

500.

Celanese

(Materials)

jumped

after

the

integrated

producer

of

chemicals

and

advanced

materials

posted

Q3

earnings

that

exceeded

expectations.

Schneider

Electric

(Industrials

)

performed

well

over

the

year

on

expectations

of

a

better

growth

outlook.

The

company

benefitted

from

expectations

of

China

reopening

earlier

in

the

year,

policy

tailwinds

in

the

US

from

the

Inflation

Reduction

Act

and

the

Green

Deal

in

Europe.

What

factors

or

portfolio

holdings

detracted

from

the

Fund’s

performance?

When

viewed

in

terms

of

risk

factors,

the

greatest

detractor

was

Industry

risk

exposure,

which

was

driven

by

the

industry

make

up

within

the

Gender

Leaders

universe,

followed

by

the

gender

factor

and

then

closely

by

beta

underweight.

Despite

good

absolute

results,

a

combination

of

narrow

market

leadership

among

a

handful

of

higher

growth

names,

the

broad

outperformance

of

higher

beta

names

along

with

challenges

in

industry

positioning

meant

that

the

portfolio

lagged

the

MSCI

World

in

2023.

Industry

exposures,

which

are

primarily

driven

by

availability

of

gender

leaders,

were

a

key

detractor

for

the

year

as

was

the

general

low

beta

tilt

of

the

portfolio.

The

portfolio's

Gender

Lens

profile

was

a

key

driver

of

the

selection

impacts.

Companies

identified

as

gender

leaders

struggled

in

the

early

part

of

2023;

however,

the

portfolio

saw

a

bit

of

relief

in

the

fourth

quarter

as

those

stocks

performed

particularly

well

in

a

market

that

saw

broader

participation.

From

a

stock

selection

perspective,

the

portfolio

saw

the

weakest

results

within

Information

Technology,

Consumer

Staples,

and

Communication

Services.

In

Information

Technology

the

portfolio

has

little

direct

exposure

to

the

artificial

intelligence

(AI)

theme

that

drove

stocks,

particularly

in

the

second

half

of

the

year,

as

these

stocks

often

do

not

meet

ESG

factors

or

quality

standards.

Leading

declines

within

these

sectors

included

a

lack

of

exposure

to

Nvidia

and

Meta,

along

with

a

position

in

Diageo.

The

top

detractors

were

driven

by

destocking

and

firm

specific

execution.

Bristol

Myers

Squibb

(Health

Care)

fell

after

the

biopharmaceutical

maker

reported

a

decline

in

third

quarter

revenue

from

a

year

ago.

Portfolio

Manager

Scott

LaBreche

Portfolio

Manager

Christine

Cappabianca

December

31,

2023

33

www.impaxam.com

Annual

Report

Koninklijke

DSM

NV

(Materials

)

trended

lower

as

concerns

over

weak

vitamin

pricing

and

poor

supplements

demand

have

weighed

on

top-line

and

margin

expectations.

In

addition,

the

Flavor

&

Fragrance

division

experienced

a

longer-than-

anticipated

destocking

period,

putting

added

pressure

on

the

stock.

General

Mills

Inc.

(Consumer

Staples)

was

weak

due

to

the

combination

of

negative

investor

sentiment

in

packaged

foods

and

unexpected

short

term

retailer

inventory

destocking

hitting

volume

growth.

Portfolio

Highlights

(unaudited)

Ten

Year

Annual

Total

Return—Historical

Growth

of

$10,000

Returns—Year

ended

December

31,

2023

    Total                  

Average

Annual

Return

Return

Share

class

Ticker

Symbol

1

Year

3

Years

5

Years

10

Years

Investor

Class

1

PXWEX

18.14%

3.51%

9.77%

7.39%

Institutional

Class

1

PXWIX

18.41%

3.76%

10.05%

7.65%

Impax

Global

Women’s

Leadership

(Net)

Index*

25.68%

6.05%

11.37%

N/A

MSCI

World

(Net)

Index

23.79%

7.27%

12.80%

8.60%

Lipper

Global

Multi-Cap

Core

Funds

Index

19.12%

4.93%

10.58%

7.13%

Impax

Ellevate

Global

Women’s

Leadership

Fund,

continued

December

31,

2023

34

www.impaxam.com

Annual

Report

See

‘Glossary

of

Terms’

for

descriptions

of

benchmarks.

These

figures

represent

past

performance,

which

is

no

guarantee

of

future

results.

Investment

return

and

principal

value

of

an

investment

will

fluctuate

so

that

an

investor’s

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Total

returns

for

periods

of

less

than

one

year

have

not

been

annualized.

For

most

recent

month-

end

performance

data,

please

visit

www.impaxam.com

or

call

800.767.1729.

*

Inception

date

of

Women's

Index

is

February

28,

2014.

1

On

June

4,

2014

the

Pax

World

Global

Women's

Equality

Fund

merged

into

the

Pax

Ellevate

Global

Women's

Leadership

Fund

(the

Fund),

pursuant

to

an

Agreement

and

Plan

of

Reorganization

dated

March

4,

2014

(the

"Reorganization").

Because

the

Fund

had

no

investment

operations

prior

to

the

closing

of

the

Reorganization,

Pax

World

Global

Women's

Equality

Fund

(the

"Predecessor

Fund")

is

treated

as

the

survivor

of

the

Reorganization

for

account

and

performance

reporting

purposes.

Accordingly,

all

performance

and

other

information

shown

for

the

Fund

for

periods

prior

to

June

4,

2014

is

that

of

the

Predecessor

Fund.

Total

return

figures

include

reinvested

dividends

and

capital

gains

distributions,

and

changes

in

principal

value,

and

do

not

reflect

the

taxes

that

a

shareholder

might

pay

on

Fund

distributions

or

on

the

redemption

of

Fund

shares.

Asset

Allocation

Percent

of

Investments

U.S.

Stocks

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

68.9%

Foreign

Stocks

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

29.9%

Cash

&

Cash

Equivalents

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

1.2%

Total

100.0%

Top

Ten

Holdings

Company

Percent

of

Net

Assets

Apple,

Inc.

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

4.2%

Microsoft

Corp.

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

4.0%

Amazon.com,

Inc.

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

3.0%

Intuit,

Inc.

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

1.7%

Coca-Cola

Co.

(The)

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

1.7%

Citigroup,

Inc.

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

1.6%

Schneider

Electric

SE

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

1.6%

Starbucks

Corp.

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

1.6%

Lululemon

Athletica,

Inc.

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

1.6%

Gilead

Sciences,

Inc.

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

1.5%

Total

22.5%

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

Sector

Percent

of

Net

Assets

Information

Technology

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

20.6%

Financials

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

18.6%

Portfolio

Highlights

(unaudited)

(continued)

December

31,

2023

35

www.impaxam.com

Annual

Report

Health

Care

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

15.0%

Consumer

Discretionary

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

14.1%

Consumer

Staples

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

10.4%

Industrials

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

5.4%

Communication

Services

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

5.3%

Materials

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

5.1%

Utilities

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

3.6%

Real

Estate

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

0.8%

Other

assets

and

liabilities

(net)

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

1.1%

Total

100.0%

May

include

companies

representing

multiple

industries

within

a

single

“Sector”

Geographical

Diversification

Country

Percent

of

Net

Assets

United

States

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

70.2%

United

Kingdom

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

7.9%

France

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

4.8%

Norway

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

2.7%

Canada

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

1.9%

Netherlands

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

1.7%

Australia

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

1.4%

Germany

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

1.3%

Hong

Kong

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

1.3%

Brazil

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

1.2%

Switzerland

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

1.2%

Denmark

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

1.2%

Sweden

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

0.8%

Spain

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

0.6%

Italy

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

0.4%

Finland

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

0.2%

Singapore

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

0.1%

New

Zealand

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

0.0%

*

Belgium

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

0.0%

*

Israel

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

0.0%

*

Portugal

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

0.0%

*

Japan

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

0.0%

*

Ireland

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

0.0%

*

Austria

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

0.0%

*

Other

assets

and

liabilities

(net)

1.1%

Total

100.0%

*

Rounds

to

less

than

0.05%.

Portfolio

Highlights

(unaudited)

(continued)

36

www.impaxam.com

Annual

Report

Impax

International

Sustainable

Economy

Fund

December

31,

2023

Portfolio

Managers’

Comments

How

did

the

Impax

International

Sustainable

Economy

Fund

(the

Fund)

perform

for

the

period?

For

the year

ended

December

31,

2023,

the

Investor

Class

Institutional

Class had

total

returns

of

18.92%

and

19.28%,

respectively,

compared

to

18.24%

for

the

MSCI

EAFE

(Net)

Index

(MSCI

EAFE),

18.82%

for

the

MSCI

EAFE

ESG

Leaders

(Net)

Index

and

16.82%

for

the

Lipper

International

Large-Cap

Core

Funds

Index.

What

factors

or

portfolio

holdings

contributed

to

the

Fund’s

performance?

The

portfolio

outperformed

the

MSCI

EAFE

in

2023.

Strong

gains

from

stock

selection

were

accompanied

by

value

added

from

sector

allocation

effects.

The

sustainability

tools

used

to

drive

the

over/under

weights

within

the

portfolio

also

added

value

in

the

period,

and

the

portfolio’s

Sustainability

Lens

profile

contributed

positively

to

returns.

The

portfolio’s

tilt

towards

securities

with

higher

Systematic

ESG

scores

was

a

strong

tailwind

as

stocks

with

scores

in

the

top

quartiles

led

the

market.

The

portfolio’s

energy

efficiency

allocation,

which

involves

replacing

traditional

Energy

stocks

with

companies

that

provide

energy

efficiency

solutions

was

a

positive

contributor.

From

a

stock

selection

perspective,

the

portfolio

saw

the

strongest

results

within

Consumer

Staples

with

positions

in

food

companies

Associated

British

Food

and

Danone

outperforming,

as

did

food

retailers

Tesco

J

Sainsburys,

and

Carrefour

SA.

Materials

exposure

was

also

additive

as

positions

in

construction

materials

firm

Sika

AG

and

Nitto

Denko,

a

supplier

to

the

semiconductor

market,

topped

their

peers.

In

Information

Technology

the

portfolio’s

semi-conductor

exposure

was

the

key

driver

of

stock

selection

as

Tokyo

Electron

and

ASML

benefited

from

the

exuberance

around

the

artificial

intelligence

(AI)

theme

that

drove

stocks

for

a

large

portion

of

the

year.

The

top

contributors

benefited

from

strong

execution

and

thematic

tailwinds

from

artificial

intelligence

and

GLP-1

obesity

therapies.

Tokyo

Electron

(Information

Technology)

,

jumped

during

Q4

after

the

semiconductor

equipment

maker

raised

its

full-year

earnings

guidance.

RELX

PLC

(Industrials)

gave

a

robust

update

in

the

fourth

quarter,

and

the

investors

re-rated

the

stock

on

these

stronger

fundamentals.

Novo

Nordisk

(Health

Care)

rallied

after

trial

results

showed

the

pharmaceutical

company’s

“Wegovy”

weight

loss

drug

may

lower

the

risk

of

heart

attack

or

stroke.

What

factors

or

portfolio

holdings

detracted

from

the

Fund’s

performance?

From

a

stock

selection

perspective,

the

portfolio

saw

the

weakest

results

in

Financials

and

Consumer

Discretionary.

The

portfolio’s

exposure

to

Asia

insurers

were

most

detrimental;

with

AIA

Group

Daichi

Life

and

Tokio

Marine

lagging

the

sector.

The

weakness

in

Consumer

Discretionary

was

primarily

due

to

exposure

to

BMW,

an

addition

in

the

second

half

of

the

year.

The

top

detractors

were

driven

by

a

combination

of

industry

specific

cross

winds,

and

execution.

AIA

Group

(Financials)

was

initially

negatively

impacted

by

deteriorating

sentiment

towards

financials

during

the

banking

turmoil

early

in

the

year.

More

recently,

the

share

price

has

been

under

pressure

from

continued

weak

macro-economic

headlines

in

China

and

a

change

in

the

product

mix

as

customers

move

away

from

health

protection

products

to

lower

margin

savings

products.

Portfolio

Manager

Scott

LaBreche

Portfolio

Manager

Christine

Cappabianca

December

31,

2023

37

www.impaxam.com

Annual

Report

Merck

KGaA

(Health

Care)

slid

after

the

drugmaker’s

multiple

sclerosis

drug

failed

in

late

stage

trials.

Astellas

Pharma

(Health

Care)

fell

after

the

pharmaceutical

company

posted

a

notable

decline

in

first-half

profit.

Portfolio

Highlights

(unaudited)

Ten

Year

Annual

Total

Return—Historical

Growth

of

$10,000

Returns—Year

ended

December

31,

2023

    Total                  

Average

Annual

Return

Return

Share

class

Ticker

Symbol

1

Year

3

Years

5

Years

10

Years

Investor

Class

1,2

PXINX

18.92%

2.64%

7.97%

3.87%

Institutional

Class

1

PXNIX

19.28%

2.93%

8.24%

4.15%

MSCI

EAFE

(Net)

Index

18.24%

4.02%

8.16%

4.28%

MSCI

EAFE

ESG

Leaders

(Net)

Index

18.82%

3.16%

8.48%

4.56%

Lipper

International

Large-Cap

Core

Funds

Index

16.82%

4.28%

7.51%

3.72%

Impax

International

Sustainable

Economy

Fund,

continued

December

31,

2023

38

www.impaxam.com

Annual

Report

See

‘Glossary

of

Terms’

for

descriptions

of

benchmarks.

These

figures

represent

past

performance,

which

is

no

guarantee

of

future

results.

Investment

return

and

principal

value

of

an

investment

will

fluctuate

so

that

an

investor’s

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Total

returns

for

periods

of

less

than

one

year

have

not

been

annualized.

For

most

recent

month-

end

performance

data,

please

visit

www.impaxam.com

or

call

800.767.1729.

1

The

Fund's

inception

date

is

January

27,

2011.

On

March

31,

2014,

Pax

World

International

Fund

and

Pax

MSCI

EAFE

ESG

Index

ETF

merged

into

the

Pax

MSCI

EAFE

ESG

Leaders

Index

Fund

(the

Fund),

a

passively

managed

index

fund

which

seeks

investment

returns

that

closely

correspond

to

the

price

and

yield

performance,

before

fees

and

expenses,

of

the

MSCI

EAFE

ESG

Leaders

Index.

Based

on

the

similarity

of

the

Fund

to

Pax

MSCI

EAFE

ESG

Index

ETF,

Pax

MSCI

EAFE

ESG

Index

ETF

(the

Predecessor

Fund)

is

treated

as

the

survivor

of

the

mergers

for

accounting

and

performance

reporting

purposes.

Accordingly,

all

performance

and

other

information

shown

for

the

Fund

for

periods

prior

to

March

31,

2014

is

that

of

the

Predecessor

Fund.

Total

return

figures

include

reinvested

dividends

and

capital

gains

distributions,

and

changes

in

principal

value,

and

do

not

reflect

the

taxes

that

a

shareholder

might

pay

on

Fund

distributions

or

on

the

redemption

of

Fund

shares..

2

Inception

of

the

Investor

Class

is

March

31,

2014.

The

performance

information

shown

for

the

Investor

Class

shares

for

periods

prior

to

March

31,

2014

includes

the

performance

of

the

Predecessor

Fund.

These

returns

have

been

adjusted

to

reflect

the

expenses

allocable

to

Investor

Class.

Asset

Allocation

Percent

of

Investments

Foreign

Stocks

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

95.4%

U.S.

Stocks

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

3.3%

Cash

&

Cash

Equivalents

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

1.3%

Total

100.0%

Top

Ten

Holdings

Company

Percent

of

Net

Assets

ASML

Holding

NV

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

3.1%

Novartis

AG

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

2.5%

Novo

Nordisk

A/S,

B

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

2.5%

AstraZeneca

plc

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

2.5%

HSBC

Holdings

plc

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

2.3%

Schneider

Electric

SE

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

2.1%

BNP

Paribas

SA

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

1.9%

AIA

Group

Ltd.

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

1.8%

ANZ

Group

Holdings

Ltd.

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

1.8%

Tokio

Marine

Holdings,

Inc.

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

1.8%

Total

22.3%

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.

Portfolio

Highlights

(unaudited)

(continued)

December

31,

2023

39

www.impaxam.com

Annual

Report

Sector

Diversification

Sector

Percent

of

Net

Assets

Financials

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

23.6%

Industrials

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

19.7%

Health

Care

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

13.6%

Information

Technology

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

8.3%

Communication

Services

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

8.0%

Consumer

Discretionary

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

7.8%

Consumer

Staples

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

6.4%

Materials

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

4.5%

Utilities

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

3.6%

Real

Estate

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

2.8%

Other

assets

and

liabilities

(net)

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

1.7%

Total

100.0%

May

include

companies

representing

multiple

industries

within

a

single

“Sector”

Geographical

Diversification

Country

Percent

of

Net

Assets

Japan

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

22.2%

United

Kingdom

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

13.1%

Switzerland

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

9.1%

France

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

9.1%

Germany

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

8.4%

Australia

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

6.7%

Netherlands

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

4.3%

Sweden

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

3.4%

Denmark

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

3.3%

United

States

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

3.3%

Hong

Kong

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

2.8%

Spain

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

2.7%

Italy

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

2.6%

Finland

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

1.5%

Austria

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

1.4%

Singapore

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

1.4%

Ireland

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

0.7%

Belgium

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

0.7%

Norway

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

0.7%

China

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

0.6%

New

Zealand

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

0.3%

Other

assets

and

liabilities

(net)

1.7%

Total

100.0%

Portfolio

Highlights

(unaudited)

(continued)

40

www.impaxam.com

Annual

Report

Impax

Core

Bond

Fund

December

31,

2023

Portfolio

Manager’s

Comments

How

did

the

Impax

Core

Bond

Fund

(the

Fund)

perform

for

the

period?

For

the year

ended

December

31,

2023,

the

Investor

Class

and

Institutional

Class

shares

of

the

Fund

had

total

returns

of

5.36%

and

5.62%,

respectively,

compared

to

5.53%

for

the

Bloomberg

US

Aggregate

Bond

Index

(the

Index)

and

6.24%

for

the

Lipper

Core

Bond

Funds

Index.

What

factors

or

portfolio

holdings

contributed

to

the

Fund’s

performance?

The

Fund’s

underweight

allocation

to

Treasuries,

in

favor

of

an

overweight

allocation

to

corporates,

contributed

to

the

Fund's

performance

over

the

period.

Security

selection

among

the

securitized

products

was

positive,

notably

within

ABS,

(asset

backed

securities)

which

saw

strong

spread

tightening

during

the

year.

Security

selection

was

also

positive

within

MBS

(mortgage

backed

securities)

and

within

the

consumer

cyclical

sectors.

Given

the

risk-on

rally,

the

Fund’s

off-benchmark

allocation

to

high

yield

credits

performed

well

and

was

a

boost

to

performance.

What

factors

or

portfolio

holdings

detracted

from

the

Fund’s

performance

?

Security

selection

among

government-related

issuers

detracted

as

the

Fund’s

holdings

tend

to

be

shorter

dated.

Selection

among

the

financial

institutions

and

utility

sectors

also

weighed

on

performance.

Security

selection

among

treasuries

detracted

from

Fund

performance.

Portfolio

Manager

Tony

Trzcinka,

CFA

December

31,

2023

41

www.impaxam.com

Annual

Report

Portfolio

Highlights

(unaudited)

Since

Inception

Total

Return—Historical

Growth

of

$10,000

See

‘Glossary

of

Terms’

for

descriptions

of

benchmarks.

These

figures

represent

past

performance,

which

is

no

guarantee

of

future

results.

Investment

return

and

principal

value

of

an

investment

will

fluctuate

so

that

an

investor’s

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Total

returns

for

periods

of

less

than

one

year

have

not

been

annualized.

For

most

recent

month-

end

performance

data,

please

visit

www.impaxam.com

or

call

800.767.1729.

1

The

Fund’s

inception

date

is

December

16,

2016.

2

Total

return

figures

include

reinvested

dividends

and

capital

gains

distributions,

and

changes

in

principal

value,

and

do

not

reflect

the

taxes

that

a

shareholder

might

pay

on

Fund

distributions

or

on

the

redemption

of

Fund

shares.

Returns—Year

ended

December

31,

2023

    Total                  

Average

Annual

Return

Return

Share

class

Ticker

Symbol

1

Year

3

Years

5

Years

Since

Inception

1

Investor

Class

2

PAXBX

5.36%

-3.45%

0.73%

0.97%

Institutional

Class

2

PXBIX

5.62%

-3.21%

0.98%

1.22%

Bloomberg

US

Aggregate

Bond

Index

5.53%

-3.31%

1.10%

1.44%

Lipper

Core

Bond

Funds

Index

6.24%

-3.12%

1.55%

1.73%

Impax

Core

Bond

Fund,

continued

December

31,

2023

42

www.impaxam.com

Annual

Report

Asset

Allocation

Percent

of

Investments

U.S.

Bonds

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

81.9%

Supranational

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

10.2%

Foreign

Bonds

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

7.0%

Cash

&

Cash

Equivalents

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

0.9%

Total

100.0%

Top

Ten

Holdings

Company

Percent

of

Net

Assets

U.S.

Treasury

Bonds,

4.750%,

11/15/43

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

5.7%

U.S.

Treasury

Bonds,

4.750%,

11/15/53

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

3.6%

U.S.

Treasury

Notes,

4.875%,

10/31/28

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

2.9%

U.S.

Treasury

Notes,

4.500%,

7/15/26

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

1.9%

U.S.

Treasury

Notes,

3.750%,

6/30/30

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

1.1%

International

Bank

for

Reconstruction

&

Development,

1.625%,

1/15/25

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

0.9%

Kreditanstalt

fuer

Wiederaufbau

,

4.125%,

7/15/33

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

0.7%

European

Investment

Bank,

3.250%,

1/29/24

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

0.7%

Kreditanstalt

fuer

Wiederaufbau

,

2.625%,

2/28/24

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

0.6%

GNMA

II,

Single-family,

30

Year,

3.000%,

6/20/53

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

0.5%

Total

18.6%

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.

Fixed

Income

Sector

Diversification

Sector

Percent

of

Net

Assets

Corporate

Bonds

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

32.9%

Mortgage-Backed

Securities

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

20.7%

U.S.

Government

and

Agency

Securities

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

17.9%

Supranational

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

10.1%

Asset-Backed

Securities

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

6.0%

Foreign

Government

and

Agency

Securities

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

3.7%

Commercial

Mortgage-Backed

Securities

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

3.2%

Residential

Mortgage-Backed

Securities

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

2.2%

Municipal

Bonds

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

1.3%

Other

assets

and

liabilities

(net)

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

2.0%

Total

100.0%

Portfolio

Highlights

(unaudited)

(continued)

December

31,

2023

43

www.impaxam.com

Annual

Report

Credit

Quality

#

Bond

Rating

Percent

of

Bonds

U.S.

Government

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

19.4%

AAA

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

14.2%

AA+

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

3.4%

AA

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

0.5%

AA-

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

1.4%

A+

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

1.1%

A

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

6.6%

A-

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

5.7%

BBB+

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

6.1%

BBB

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

5.7%

BBB-

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

2.7%

BB+

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

0.9%

BB

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

0.5%

BB-

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

0.2%

B+

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

0.1%

B

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

—%

*

CCC

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

0.1%

NR

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

31.4%

Total

100.0%

#

Credit

quality

ratings

by

Standard

&

Poor’s

assist

investors

by

evaluating

the

credit

worthiness

of

many

bond

issues.

AAA:

An

obligation

rated

‘AAA’

has

the

highest

rating

assigned

by

S&P

Global

Ratings.

The

obligor’s

capacity

to

meet

its

financial

commitment

on

the

obligation

is

extremely

strong.

AA:

An

obligation

rated

‘AA’

differs

from

the

highest-rated

obligations

only

to

a

small

degree.

The

obligor’s

capacity

to

meet

its

financial

commitment

on

the

obligation

is

very

strong.

A:

An

obligation

rated

‘A’

is

somewhat

more

susceptible

to

the

adverse

effects

of

changes

in

circumstances

and

economic

conditions

than

obligations

in

higher-rated

categories.

However,

the

obligor’s

capacity

to

meet

its

financial

commitment

on

the

obligation

is

still

strong.

BBB:

An

obligation

rated

‘BBB’

exhibits

adequate

protection

parameters.

However,

adverse

economic

conditions

or

changing

circumstances

are

more

likely

to

lead

to

a

weakened

capacity

of

the

obligor

to

meet

its

financial

commitment

on

the

obligation.

BB:

An

obligation

rated

‘BB’

is

less

vulnerable

to

nonpayment

than

other

speculative

issues.

However,

it

faces

major

ongoing

uncertainties

or

exposure

to

adverse

business,

financial,

or

economic

conditions

which

could

lead

to

the

obligor’s

inadequate

capacity

to

meet

its

financial

commitment

on

the

obligation.

NR:

This

indicates

that

no

rating

has

been

requested,

or

that

there

is

insufficient

information

on

which

to

base

a

rating,

or

that

Standard

&

Poor’s

does

not

rate

a

particular

obligation

as

a

matter

of

policy.

*

Rounds

to

less

than

0.05%.

Portfolio

Highlights

(unaudited)

(continued)

44

www.impaxam.com

Annual

Report

Impax

High

Yield

Bond

Fund

December

31,

2023

Portfolio

Managers’

Comments

How

did

the

Impax

High

Yield

Bond

Fund

(the

Fund) perform

for

the

period?

For

the year

ended

December

31,

2023,

the

Investor

Class,

Class

A,

and

Institutional

Class

shares

of

the

Fund

had

total

returns

of

11.09%,

11.08%,

and

11.39%,

respectively,

compared

to

the

12.55%

for

the

ICE

BofA

Merrill

Lynch

U.S.

High

Yield

-

Cash

Pay

-

BB-B

(Constrained

2%)

Index

and

12.34%

for

the

Lipper

High

Yield

Bond

Funds

Index.

What

factors

or

portfolio

holdings

contributed

to

the

Fund’s

performance?

Over

the

reporting

period,

the

underweight

exposures

to

the

transportation

and

banking

sectors

coupled

with

the

overweight

to

the

technology

&

electronics

sector

positively

contributed

to

the

Fund’s

performance.

Security

selection

among

the

basic

industry,

services,

real

estate,

and

media

sectors

bolstered

returns.

Notable

companies

within

these

sectors

include

Diamond

BC,

LBM

Acquisition

LLC,

Interface

Inc.,

WW

International

Inc.,

and

Cimpress

PLC.

What

factors

or

portfolio

holdings

detracted

from

the

Fund’s

performance?

The

Fund’s

underweight

exposure

to

the

leisure

sector

was

the

largest

detractor

over

the

period

as

this

was

the

second-best

performing

sector

for

the

Fund’s index

over

the

year.

The

portfolio’s

underweight

to

the

financial

services

sector

coupled

with

an

overweight

exposure

to

the

telecommunications

sector

also

weighed

on

performance.

Given

the

strong

performance

of

the

high

yield

market,

cash

holdings

were

a

material

drag

on

returns.

However,

the

investment

managers

felt

it

was

prudent

to

maintain

liquidity

given

market

volatility

in

2023.

Security

selection

among

the

consumer

goods,

telecommunications,

technology

&

electronics,

and

capital

goods

sectors

was

challenged.

Notable

companies

within

these

sectors

include

United

Natural

Foods,

Ligado

Networks

LLC,

T-Mobile

US

Inc.,

Digicel

Investments

Ltd.,

Diebold

Nixdorf

Inc.,

and

ARD

Holdings

SA.

Portfolio

Manager

Peter

Schwab,

CFA

Portfolio

Manager

Kent

Siefers

December

31,

2023

45

www.impaxam.com

Annual

Report

Portfolio

Highlights

(unaudited)

Ten

Year

Annual

Total

Return—Historical

Growth

of

$10,000

‘Glossary

of

Terms’

for

descriptions

of

benchmarks.

These

figures

represent

past

performance,

which

is

no

guarantee

of

future

results.

Investment

return

and

principal

value

of

an

investment

will

fluctuate

so

that

an

investor's

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Total

returns

for

periods

of

less

than

one

year

have

not

been

annualized.

For

most

recent

month-

end

performance

data,

please

visit

www.impaxam.com

or

call

800.767.1729.

Returns—Year

ended

December

31,

2023

    Total                  

Average

Annual

Return

Return

Share

class

Ticker

Symbol

1

Year

3

Years

5

Years

10

Years

Investor

Class

1

PAXHX

11.09%

-0.12%

4.15%

2.94%

Class

A

1,2,3

PXHAX

NAV

4

11.08%

-0.11%

4.16%

2.96%

POP

6.09%

-1.64%

3.22%

2.48%

Institutional

Class

PXHIX

11.39%

0.16%

4.41%

3.21%

ICE

BofA

Merrill

Lynch

U.S.

High

Yield

-

Cash

Pay

-

BB-B

(Constrained

2%)

Index

12.55%

1.72%

5.19%

4.53%

Lipper

High

Yield

Bond

Funds

Index

12.34%

2.18%

5.03%

4.04%

Impax

High

Yield

Bond

Fund,

continued

December

31,

2023

46

www.impaxam.com

Annual

Report

1

Total

return

figures

include

reinvested

dividends

and

capital

gains

distributions,

and

changes

in

principal

value,

and

do

not

reflect

the

taxes

that

a

shareholder

might

pay

on

Fund

distributions

or

on

the

redemption

of

Fund

shares.

2

A

1.00%

CDSC

(contingent

deferred

sales

charge)

may

be

charged

on

any

shares

sold

within

18

months

of

purchase

over

$1

million.

POP

(public

offering

price)

reflects

the

maximum

sales

load

for

the

Fund's

Class

A

Shares

of

4.50%.

NAV

performance

does

not

reflect

the

deduction

of

the

sales

load

of

the

CDSC,

which

if

reflected

would

reduce

the

performance

shown.

3

Inception

of

Class

A

shares

is

May

1,

2013.

The

performance

information

shown

for

Class

A

shares

includes

the

performance

of

Investor

Class

shares,

adjusted

to

reflect

the

sales

charge

applicable

to

Class

A

shares,

for

the

period

prior

to

Class

A

inception.

4

NAV

is

Net

Asset

Value.

Asset

Allocation

Percent

of

Investments

U.S.

Bonds

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

82.7%

Foreign

Bonds

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

11.1%

Loans

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

4.1%

Cash

&

Cash

Equivalents

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

1.7%

U.S.

Stocks

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

0.4%

Total

100.0%

Top

Ten

Holdings

Company

Percent

of

Net

Assets

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.,

4.750%,

3/01/30

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

1.4%

Darling

Ingredients,

Inc.,

6.000%,

6/15/30

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

1.0%

Avantor

Funding,

Inc.,

4.625%,

7/15/28

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

1.0%

NCR

Voyix

Corp.,

5.125%,

4/15/29

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

1.0%

Interface,

Inc.,

5.500%,

12/01/28

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

0.9%

Medline

Borrower

LP,

Initial

Dollar

CME

Term

Loan,

8.470%,

10/23/28

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

0.9%

Graphic

Packaging

International

LLC,

3.750%,

2/01/30

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

0.9%

Iron

Mountain,

Inc.,

4.875%,

9/15/29

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

0.9%

ZoomInfo

Technologies

LLC

/

ZoomInfo

Finance

Corp.,

3.875%,

2/01/29

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

0.8%

Sensata

Technologies

BV,

5.875%,

9/01/30

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

0.8%

Total

9.6%

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.

Portfolio

Highlights

(unaudited)

(continued)

December

31,

2023

47

www.impaxam.com

Annual

Report

#

See

bond

rating

descriptions

on

page

47.

Sector

Diversification

Sector

Percent

of

Net

Assets

Media

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

11.1%

Healthcare

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

9.9%

Services

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

9.1%

Technology

&

Electronics

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

9.1%

Basic

Industry

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

8.6%

Capital

Goods

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

7.7%

Telecommunications

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

7.3%

Consumer

Goods

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

6.6%

Retail

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

5.5%

Automotive

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

5.3%

Real

Estate

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

4.7%

Utility

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

3.1%

Financial

Services

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

2.9%

Leisure

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

2.3%

Insurance

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

1.8%

Pfd-Banking

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

0.7%

Banking

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

0.6%

Transportation

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

0.4%

Other

assets

and

liabilities

(net)

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

3.3%

Total

100.0%

May

include

companies

representing

multiple

industries

within

a

single

“Sector”

Credit

Quality

#

Bond

Rating

Percent

of

Bonds

BBB-

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

7.0%

BB+

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

12.6%

BB

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

13.8%

BB-

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

18.9%

B+

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

15.8%

B

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

12.8%

B-

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

7.9%

CCC+

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

3.2%

CCC

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

2.0%

CCC-

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

0.2%

CC

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

0.1%

NR

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

5.7%

Total

100.0%

Portfolio

Highlights

(unaudited)

(continued)

48

www.impaxam.com

Annual

Report

Impax

Sustainable

Allocation

Fund

December

31,

2023

Portfolio

Managers'

Comments

How

did

the

Impax

Sustainable

Allocation

Fund

(the

Fund)

perform

for

the

period?

For

the year

ended

December

31,

2023,

the

Investor

Class

and

Institutional

Class

of

the

Fund

had

total

returns

of

13.17%

and

13.44%,

respectively,

compared

to

26.29%

for

the

S&P

500

Index

and

17.67%

for

the

60%

S&P

500

Index

/

40%

Bloomberg

Barclays

U.S.

Aggregate

Bond

Index

blend

(the

Blended

Index)

and

13.78%

for

the

Morningstar

Moderate

Allocation

category

average. 

Asset

Allocation

The

portfolio’s

asset

allocation

profile

remained

marginally

underweight

equity

and

marginally

overweight

to

bonds

and

cash

compared

to

the

Fund’s

benchmark

throughout

the

year.

The

investment

team

used

strength

in

equity

returns

to

reallocate

profits

to

bonds,

to

maintain

a

slightly

pro-bond

posture

as

the

fixed

income

asset

class

has,

in

our

view, become

more

attractively

valued

compared

to

recent

years.

The

Fund’s

strong

equity

performance

coupled

with

a

marginal

underweight

to

equities

meant

the

portfolio’s

asset

positioning

was

a

detractor

to

performance

in

2023.

What

equity

factors

or

portfolio

holdings

contributed

and/or

detracted

to

the

Fund's

performance?

Manager

Selection

within

the

Impax

Sustainable

Allocation

Fund’s

equity

sleeve

was

a

detractor

in

the

period,

driven

predominantly

by

the

structural

underweight

to

the

Magnificent

7.

Magnificent

7

references

Apple,

Microsoft,

Amazon,

Google,

Nvidia,

Tesla,

and

Meta

which

are

the

largest

US

based

companies

by

market

cap

as

of

12/31/2023.

A

number

of

these

stocks

do

not

meet

either

the

sustainability

or

fundamental

criteria

for

investment

within

the

underlying

equity

portfolios.

This

was

most

impactful

in

the

Impax

Large

Cap

Fund

allocation,

where

the

portfolio’s

lack

of

exposure

to

Nvidia

due

to

its

valuation,

and

avoidance

of

Meta

and

Tesla

due

to

their

weak ESG

profiles

were

attributable

to

a

significant portion

of

this

core

holding’s

underperformance

in

2023.

This

was

also

the

case

for

some

of

the

global

thematic

allocations

within

the

portfolio;

however

Impax

International

Sustainable

Economy

Fund

contributed

positively

to

performance

as

it

outperformed

its

MSCI

EAFE

Index.

What

fixed

income

factors

or

portfolio

holdings

contributed

or

detracted

from

performance?

Selection

within

the

Impax

Sustainable

Allocation

Fund’s

bond

sleeve

was

modestly

negative,

despite

delivering

returns

in

the

low

teens.

The

Fund’s

High

Yield

allocation

underperformed

its

benchmark,

with

the

underweights

to

leisure

and

financials

having

the

largest

impact

in

the

period.

This

offset

the

positive

contribution

from

the

Fund’s

allocation

to

Core

Bond,

which

was

able

to

beat

the

market

in

2023.

Core

Bond’s

underweight

to

Treasuries

in

favor

of

an

overweight

to

corporates

contributed

to

performance

over

the

period.

Security

selection

among

the

securitized

products,

notably

within

ABS

(asset

backed

securities)

which

saw

strong

spread

tightening

during

the

year,

MBS

(mortgage

backed

securities),

and

within

the

consumer

cyclical

sectors

all

bolstered

returns.

Given

the

risk-on

rally,

the

Impax

Core

Bond

Fund’s

off-benchmark

allocation

to

high

yield

credits

performed

well

over

the

reporting

period. 

Portfolio

Manager

Andrew

Braun

Portfolio

Manager

Nathan

Moser,

CFA

Portfolio

Manager

Tony

Trzcinka,

CFA

Portfolio

Manager

Peter

Schwab,

CFA

Portfolio

Manager

Kirsteen

Morrison

December

31,

2023

49

www.impaxam.com

Annual

Report

Portfolio

Highlights

(unaudited)

Ten

Year

Annual

Total

Return—Historical

Growth

of

$10,000

See

‘Glossary

of

Terms’

for

descriptions

of

benchmarks.

These

figures

represent

past

performance,

which

is

no

guarantee

of

future

results.

Investment

return

and

principal

value

of

an

investment

will

fluctuate

so

that

an

investor’s

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Total

returns

for

periods

of

less

than

one

year

have

not

been

annualized.

For

most

recent

month-

end

performance

data,

please

visit

www.impaxam.com

or

call

800.767.1729.

Returns—Year

ended

December

31,

2023

    Total                  

Average

Annual

Return

Return

Share

class

Ticker

Symbol

1

Year

3

Years

5

Years

10

Years

Investor

Class

1,2

PAXWX

13.17%

2.94%

8.91%

6.57%

Institutional

Class

1,2

PAXIX

13.44%

3.20%

9.18%

6.84%

S&P

500

Index

26.29%

10.00%

15.69%

12.03%

Blended

Index

17.67%

4.71%

9.98%

8.09%

Morningstar

Moderate

Allocation

13.78%

3.43%

8.16%

6.07%

Impax

Sustainable

Allocation

Fund,

continued

December

31,

2023

50

www.impaxam.com

Annual

Report

1

Total

return

figures

include

reinvested

dividends

and

capital

gains

distributions,

and

changes

in

principal

value,

and

do

not

reflect

the

taxes

that

a

shareholder

might

pay

on

Fund

distributions

or

on

the

redemption

of

Fund

shares.

2

Effective

December

18,

2019,

the

name

of

the

Pax

Balanced

Fund

changed

to

the

Pax

Sustainable

Allocation

Fund.

Manager

Allocations

Fund

Allocation

Percent

of

Net

Assets

Equity

Large-Cap/Multi-Cap

Core

Strategies

Impax

Large

Cap

Fund

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

39.3%

Small-Cap

Core

Strategies

Impax

Small

Cap

Fund

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

3.9%

Foreign

Strategies

Impax

Ellevate

Global

Women's

Leadership

Fund

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

2.9%

Impax

Global

Environmental

Markets

Fund

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

2.6%

Impax

International

Sustainable

Economy

Fund

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

5.0%

Impax

Global

Sustainable

Infrastructure

Fund

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

2.6%

Impax

Global

Opportunities

Fund

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

2.8%

Total

Equity

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

59.1%

Fixed

Income

Investment

Grade/Intermediate

Impax

Core

Bond

Fund

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

35.6%

High

Yield

Strategies

Impax

High

Yield

Bond

Fund

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

4.5%

Total

Fixed

Income

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

40.1%

Cash

&

Cash

Equivalents

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

0.8%

Total

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

100%

Portfolio

Highlights

(unaudited)

(continued)

51

www.impaxam.com

Annual

Report

Shareholder

Expense

Examples

(unaudited)

December

31,

2023

Examples

As

a

shareholder

of

the

Funds,

you

incur

ongoing

costs,

including

management

fees,

distribution

and/or

service

(12b-1)

fees,

and

other

Fund

expenses.

The

examples

on

the

next

page

are

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

each

of

the

Funds

and

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

For

more

information,

see

the

relevant

Fund’s

prospectus

or

talk

to

your

financial

adviser.

The

examples

are

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

entire

period

beginning

on

July

1,

2023

and

ending

on

December

31,

2023.

Please

note

that

Individual

Retirement

Account

(IRA),

Coverdell

Education

Savings,

Roth

IRA,

SEP-IRA,

SIMPLE

IRA,

and

403(b)(7)

accounts

are

charged

an

annual

custodial

fee

of

twenty

dollars.

If

you

are

invested

in

one

of

these

account

types,

you

should

add

an

additional

$10.00

to

the

estimated

expenses

paid

during

the

period.

Actual

Expenses

For

each

Fund,

the

first

table

on

the

next

page

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

this

table,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

For

the

Fund,

simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Examples

for

Comparison

Purposes

For

each

Fund,

the

second

table

on

the

following

pages

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

each

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

each

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Funds

and

other

funds.

To

do

so,

compare

these

5%

hypothetical

examples

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Please

note

that

the

expenses

shown

in

the

tables

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transactional

costs.

Therefore,

the

second

table

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transactional

costs

were

included,

our

costs

would

have

been

higher.

52

www.impaxam.com

Annual

Report

Shareholder

Expense

Examples

(unaudited),

continued

December

31,

2023

Actual

(actual

return

after

expenses)

Hypothetical

(5%

annual

return

before

expenses)

Share

Class

Beginning

Account

Value

7/1/23

Ending

Account

Value

12/31/23

Expenses

Paid

During

Period

7/1/23–

12/31/23

1

Ending

Account

Value

12/31/23

Expenses

Paid

During

Period

7/1/23–

12/31/23

1

a

Net

Annualized

Expense

Ratio

Large

Cap

Fund

-

Investor

Class

$1,000

$1,075.60

$5.18

$1,020.21

$5.04

0.99%

Large

Cap

Fund

-

Institutional

Class

$1,000

$1,076.70

$3.87

$1,021.48

$3.77

0.74%

Small

Cap

Fund

-

Investor

Class

$1,000

$1,047.20

$5.93

$1,019.41

$5.85

1.15%

Small

Cap

Fund

-

Class

A

$1,000

$1,047.40

$5.93

$1,019.41

$5.85

1.15%

Small

Cap

Fund

-

Institutional

Class

$1,000

$1,049.00

$4.65

$1,020.67

$4.58

0.90%

US

Sustainable

Economy

Fund

-

Investor

Class

$1,000

$1,079.30

$3.67

$1,021.68

$3.57

0.70%

US

Sustainable

Economy

Fund

-

Class

A

$1,000

$1,079.20

$3.67

$1,021.68

$3.57

0.70%

US

Sustainable

Economy

Fund

-

Institutional

Class

$1,000

$1,080.50

$2.36

$1,022.94

$2.29

0.45%

Global

Sustainable

Infrastructure

Fund

-

Investor

Class

$1,000

$1,014.80

$4.06

$1,021.17

$4.08

0.80%

Global

Sustainable

Infrastructure

Fund

-

Institutional

Class

$1,000

$1,014.90

$2.79

$1,022.43

$2.80

0.55%

Global

Opportunities

Fund

-

Investor

Class

$1,000

$1,025.40

$6.28

$1,019.00

$6.26

1.23%

Global

Opportunities

Fund

-

Institutional

Class

$1,000

$1,026.60

$5.01

$1,020.27

$4.99

0.98%

Global

Environmental

Markets

Fund

-

Investor

Class

$1,000

$1,043.70

$6.08

$1,019.26

$6.01

1.18%

Global

Environmental

Markets

Fund

-

Class

A

$1,000

$1,044.20

$6.08

$1,019.26

$6.01

1.18%

Global

Environmental

Markets

Fund

-

Institutional

Class

$1,000

$1,045.10

$4.79

$1,020.52

$4.74

0.93%

Global

Social

Leaders

Fund

-

Investor

Class

2

$1,000

$1,053.00

$1.10

$1,003.18

$1.07

1.23%

Global

Social

Leaders

Fund

-

Institutional

Class

2

$1,000

$1,054.00

$0.85

$1,003.41

$0.83

0.98%

Global

Women’s

Leadership

Fund

-

Investor

Class

$1,000

$1,068.90

$4.02

$1,021.32

$3.92

0.77%

Global

Women’s

Leadership

Fund

-

Institutional

Class

$1,000

$1,070.40

$2.71

$1,022.58

$2.65

0.52%

International

Sustainable

Economy

Fund

-

Investor

Class

$1,000

$1,057.50

$3.81

$1,021.50

$3.75

0.74%

International

Sustainable

Economy

Fund

-

Institutional

Class

$1,000

$1,059.10

$2.12

$1,023.15

$2.08

0.41%

Core

Bond

Fund

-

Investor

Class

$1,000

$1,030.90

$3.88

$1,021.38

$3.86

0.76%

Core

Bond

Fund

-

Institutional

Class

$1,000

$1,033.40

$2.23

$1,023.01

$2.22

0.43%

High

Yield

Bond

Fund

-

Investor

Class

$1,000

$1,067.60

$4.90

$1,020.47

$4.79

0.94%

High

Yield

Bond

Fund

-

Class

A

$1,000

$1,065.80

$4.89

$1,020.47

$4.79

0.94%

High

Yield

Bond

Fund

-

Institutional

Class

$1,000

$1,067.30

$3.60

$1,021.73

$3.52

0.69%

Sustainable

Allocation

Fund

-

Investor

Class

$1,000

$1,052.80

$1.55

$1,023.69

$1.53

0.30%

Sustainable

Allocation

Fund

-

Institutional

Class

$1,000

$1,054.20

$0.26

$1,024.95

$0.26

0.05%

1

Expenses

are

equal

to

each

Funds’

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period

beginning

on

July

1,

2023

and

ending

on

December

31,

2023).

2

Expenses

are

equal

to

the

annualized

expense

ratio

for

the

six-month

period

as

indicated

above—in

the

far

right

column—multiplied

by

the

simple

average

account

value

over

the

period

indicated,

and

then

multiplied

by

184/365

to

reflect

the

one-half

year

period

for

Hypothetical

expenses.

Non-

recurring

expenses

are

not

annualized.

For

Actual

expenses,

the

multiplier

is

31/365

to

reflect

the

number

of

days

since

the

commencement

of

operations

Schedule

of

Investments,

December

31,

2023

Impax

Large

Cap

Fund

www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

53

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

98.7%

Communication

Services

9.0%

a

Alphabet,

Inc.,

A

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

435,597

$

60,848,545

a

Alphabet,

Inc.,

C

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

150,083

21,151,197

b

T-Mobile

US,

Inc.

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

103,590

16,608,585

a

Walt

Disney

Co.

(The)

..........

347,369

31,363,947

129,972,274

Consumer

Discretionary

6.8%

a

Aptiv

plc

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

389,226

34,921,356

Hilton

Worldwide

Holdings,

Inc.

...

145,686

26,527,964

Lowe's

Cos.,

Inc.

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

100,876

22,449,954

Tractor

Supply

Co.

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

65,073

13,992,647

97,891,921

Consumer

Staples

8.6%

Colgate-Palmolive

Co.

.........

330,853

26,372,293

McCormick

&

Co.,

Inc.

.........

363,155

24,847,065

Procter

&

Gamble

Co.

(The)

.....

200,517

29,383,761

Sysco

Corp.

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

260,793

19,071,792

Target

Corp.

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

177,153

25,230,130

124,905,041

Financials

14.2%

Citizens

Financial

Group,

Inc.

....

631,259

20,919,923

CME

Group,

Inc.

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

146,750

30,905,550

a

Fiserv,

Inc.

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

165,861

22,032,975

JPMorgan

Chase

&

Co.

.........

184,597

31,399,950

KeyCorp

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

1,269,510

18,280,944

MSCI,

Inc.,

A

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

32,563

18,419,261

b

Visa,

Inc.,

A

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

124,933

32,526,306

Voya

Financial,

Inc.

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

414,904

30,271,396

204,756,305

Health

Care

16.1%

Abbott

Laboratories

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

311,790

34,318,725

a

Align

Technology,

Inc.

..........

63,994

17,534,356

a

Avantor,

Inc.

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

1,005,157

22,947,734

Baxter

International,

Inc.

........

648,305

25,063,471

CVS

Health

Corp.

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

381,350

30,111,396

b

Danaher

Corp.

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

113,123

26,169,875

a

IQVIA

Holdings,

Inc.

...........

63,555

14,705,356

Merck

&

Co.,

Inc.

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

399,917

43,598,952

a

Vertex

Pharmaceuticals,

Inc.

.....

44,431

18,078,530

232,528,395

Industrials

8.0%

Ferguson

plc

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

119,334

23,039,815

Otis

Worldwide

Corp.

..........

201,384

18,017,827

Trane

Technologies

plc

.........

119,890

29,241,171

United

Parcel

Service,

Inc.,

B

....

137,603

21,635,320

Xylem,

Inc.

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

202,428

23,149,666

115,083,799

c

Information

Technology

27.0%

Apple,

Inc.

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

402,836

77,558,015

Applied

Materials,

Inc.

..........

160,983

26,090,515

b

Dell

Technologies,

Inc.,

C

.......

303,549

23,221,499

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

(continued)

c

Information

Technology

(continued)

a

Enphase

Energy,

Inc.

..........

55,858

$

7,381,076

Marvell

Technology,

Inc.

........

434,907

26,229,241

Microsoft

Corp.

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

283,718

106,689,317

Oracle

Corp.

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

192,219

20,265,649

a

Palo

Alto

Networks,

Inc.

........

59,389

17,512,628

a

Salesforce,

Inc.

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

108,690

28,600,687

a

ServiceNow,

Inc.

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

44,910

31,728,466

TE

Connectivity

Ltd.

...........

175,401

24,643,840

389,920,933

Materials

4.2%

Avery

Dennison

Corp.

..........

102,016

20,623,555

Crown

Holdings,

Inc.

...........

193,465

17,816,192

PPG

Industries,

Inc.

...........

152,230

22,765,996

61,205,743

Real

Estate

3.8%

Alexandria

Real

Estate

Equities,

Inc.,

REIT

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

135,681

17,200,281

Prologis,

Inc.,

REIT

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

161,614

21,543,146

Weyerhaeuser

Co.,

REIT

.......

454,760

15,812,005

54,555,432

Utilities

1.0%

American

Water

Works

Co.,

Inc.

..

109,004

14,387,438

Total

Common

Stocks

(Cost

$971,961,390)

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

1,425,207,281

Money

Market

1.2%

d,e

JPMorgan

Prime

Money

Market

Fund,

5.290%

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

16,836,492

16,836,492

(Cost

$16,836,492)

a

Total

Investments

99.9%

(Cost

$988,797,882)

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

$1,442,043,773

Other

Assets,

less

Liabilities

0.1%

..

1,132,698

Net

Assets

100.0%

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

$1,443,176,471

a

Non-income

producing

security.

b

Security

or

partial

position

of

this

security

was

on

loan

as

of

December

31,

2023.

The

total

market

value

of

securities

on

loan

as

of  December

31,

2023

was

$47,208,979.

c

Broad

industry

sectors

used

for

financial

reporting.

d

Rate

shown

represents

annualized

7-day

yield

as

of

December

31,

2023.

e

Institutional

Class

shares.

REIT

Real

Estate

Investment

Trust

Schedule

of

Investments,

December

31,

2023

Impax

Small

Cap

Fund

www.impaxam.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

54

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

95.4%

Communication

Services

2.9%

a

QuinStreet

,

Inc.

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

960,395

$

12,312,264

a

TechTarget,

Inc.

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

213,387

7,438,671

19,750,935

Consumer

Discretionary

5.6%

Carter's,

Inc.

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

67,826

5,079,489

Columbia

Sportswear

Co.

.......

75,515

6,006,463

a

Deckers

Outdoor

Corp.

.........

9,557

6,388,186

a

National

Vision

Holdings,

Inc.

....

255,669

5,351,152

a

Planet

Fitness,

Inc.,

A

..........

134,271

9,801,783

a

Visteon

Corp.

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

42,500

5,308,250

37,935,323

Consumer

Staples

6.7%

a

BJ's

Wholesale

Club

Holdings,

Inc.

89,955

5,996,400

a

Darling

Ingredients,

Inc.

........

218,294

10,879,773

a

Freshpet

,

Inc.

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

50,000

4,338,000

a

Simply

Good

Foods

Co.

(The)

....

258,620

10,241,352

a

US

Foods

Holding

Corp.

........

300,000

13,623,000

45,078,525

Financials

13.1%

Brightsphere

Investment

Group,

Inc.

1,048,818

20,095,353

Eastern

Bankshares

,

Inc.

.......

750,000

10,650,000

Independent

Bank

Corp.

........

150,000

9,871,500

Victory

Capital

Holdings,

Inc.,

A

...

750,000

25,830,000

Voya

Financial,

Inc.

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

301,040

21,963,878

88,410,731

Health

Care

20.1%

a

Axonics

,

Inc.

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

244,525

15,216,791

Chemed

Corp.

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

9,000

5,262,750

a

CryoPort

,

Inc.

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

637,375

9,872,939

a

Enovis

Corp.

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

210,630

11,799,493

a

Health

Catalyst,

Inc.

...........

1,754,475

16,246,438

a

Ligand

Pharmaceuticals,

Inc.

.....

205,208

14,655,955

a,b

Neurocrine

Biosciences,

Inc.

.....

110,000

14,493,600

a

OmniAb

,

Inc.

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

848,184

5,233,295

a

Option

Care

Health,

Inc.

........

200,000

6,738,000

a

Pacira

BioSciences

,

Inc.

........

200,027

6,748,911

a

Prestige

Consumer

Healthcare,

Inc.

170,000

10,407,400

a

Shockwave

Medical,

Inc.

........

38,000

7,241,280

a

SI-BONE,

Inc.

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

475,343

9,977,450

a

UFP

Technologies,

Inc.

.........

12,000

2,064,480

135,958,782

Industrials

21.8%

Advanced

Drainage

Systems,

Inc.

.

54,489

7,663,333

Arcosa

,

Inc.

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

155,000

12,809,200

a

AZEK

Co.,

Inc.

(The),

A

.........

259,349

9,920,099

a

Casella

Waste

Systems,

Inc.,

A

...

60,000

5,127,600

a

Dycom

Industries,

Inc.

..........

101,500

11,681,635

Enpro

,

Inc.

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

70,000

10,971,800

a

Gates

Industrial

Corp.

plc

.......

632,713

8,491,008

a

Generac

Holdings,

Inc.

.........

75,000

9,693,000

Herc

Holdings,

Inc.

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

65,000

9,677,850

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

(continued)

Industrials

(continued)

a

Huron

Consulting

Group,

Inc.

....

144,000

$

14,803,200

John

Bean

Technologies

Corp.

...

60,000

5,967,000

MSA

Safety,

Inc.

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

35,089

5,924,076

a

Stericycle,

Inc.

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

252,906

12,534,021

Tecnoglass

,

Inc.

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

100,000

4,571,000

a

Verra

Mobility

Corp.,

A

..........

318,661

7,338,763

Vertiv

Holdings

Co.,

A

..........

211,461

10,156,472

147,330,057

Information

Technology

13.3%

a

8x8,

Inc.

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

3,330,000

12,587,400

A10

Networks,

Inc.

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

775,000

10,206,750

a

Ciena

Corp.

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

346,064

15,576,341

a

Extreme

Networks,

Inc.

.........

240,178

4,236,740

a

Mitek

Systems,

Inc.

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

720,349

9,393,351

a

Onto

Innovation,

Inc.

...........

107,057

16,369,015

a

Sprout

Social,

Inc.,

A

...........

128,724

7,908,802

a

Workiva,

Inc.,

A

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

136,086

13,816,812

90,095,211

Materials

3.9%

Element

Solutions,

Inc.

.........

561,946

13,003,431

Graphic

Packaging

Holding

Co.

...

543,585

13,399,370

26,402,801

Real

Estate

8.0%

Agree

Realty

Corp.,

REIT

.......

120,000

7,554,000

Altus

Group

Ltd.

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

122,910

3,908,854

Americold

Realty

Trust,

Inc.,

REIT

.

310,000

9,383,700

Healthcare

Realty

Trust,

Inc.,

A,

REIT

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

706,352

12,170,445

Rayonier,

Inc.,

REIT

...........

361,676

12,083,595

Terreno

Realty

Corp.,

REIT

......

150,000

9,400,500

54,501,094

Total

Common

Stocks

(Cost

$572,773,438)

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

645,463,459

Money

Market

4.6%

c,d

JPMorgan

Prime

Money

Market

Fund,

5.290%

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

31,212,924

31,212,924

(Cost

$31,212,924)

Securities

Purchased

With

Cash

Collateral

From

Securities

Lending

0.1%

c,d

Invesco

Government

&

Agency

Portfolio,

5.280%

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

837,000

837,000

(Cost

$837,000)

a

Total

Investments

100.1%

(Cost

$604,823,362)

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

$677,513,383

Payable

Upon

Return

Of

Securities

Loaned

(0.1)%

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

(837,000)

e

Other

Assets,

less

Liabilities

0.0%

..

350,606

Net

Assets

100.0%

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

$677,026,989

Schedule

of

Investments

Impax

Small

Cap

Fund

(continued)

www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

55

a

Non

-income

producing

security.

b

Security

or

partial

position

of

this

security

was

on

loan

as

of

December

31,

2023.

The

total

market

value

of

securities

on

loan

as

of  December

31,

2023

was

$819,330.

c

Rate

shown

represents

annualized

7-day

yield

as

of

December

31,

2023.

d

Institutional

Class

shares.

e

Rounds

to

less

than

0.05%.

REIT

Real

Estate

Investment

Trust

Schedule

of

Investments,

December

31,

2023

Impax

US

Sustainable

Economy

Fund

www.impaxam.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

56

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

98.7%

Communication

Services

3.6%

Electronic

Arts,

Inc.

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

8,888

$

1,215,967

Iridium

Communications,

Inc.

....

13,892

571,795

a

Netflix,

Inc.

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

1,200

584,256

Paramount

Global,

B

...........

42,600

630,054

b

Sirius

XM

Holdings,

Inc.

........

154,000

842,380

a

Take-Two

Interactive

Software,

Inc.

5,419

872,188

Verizon

Communications,

Inc.

....

133,069

5,016,701

a

Walt

Disney

Co.

(The)

..........

9,200

830,668

10,564,009

Consumer

Discretionary

6.0%

a

Aptiv

plc

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

8,994

806,942

Bath

&

Body

Works,

Inc.

........

52,804

2,279,021

Best

Buy

Co.,

Inc.

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

14,523

1,136,860

a

Grand

Canyon

Education,

Inc.

....

15,361

2,028,266

Harley-Davidson,

Inc.

..........

21,183

780,382

Hasbro,

Inc.

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

12,755

651,270

Hilton

Worldwide

Holdings,

Inc.

...

3,200

582,688

Home

Depot,

Inc.

(The)

.........

5,111

1,771,217

Lear

Corp.

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

5,176

730,903

Lowe's

Cos.,

Inc.

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

6,721

1,495,759

Macy's,

Inc.

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

41,000

824,920

Marriott

International,

Inc.,

A

.....

4,900

1,104,999

a

NVR,

Inc.

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

111

777,050

Tractor

Supply

Co.

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

3,066

659,282

Vail

Resorts,

Inc.

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

3,128

667,734

VF

Corp.

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

30,100

565,880

Whirlpool

Corp.

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

5,383

655,488

17,518,661

Consumer

Staples

5.4%

Casey's

General

Stores,

Inc.

.....

9,448

2,595,744

General

Mills,

Inc.

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

40,835

2,659,992

Hershey

Co.

(The)

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

4,571

852,217

J

M

Smucker

Co.

(The)

.........

6,466

817,173

Kimberly-Clark

Corp.

...........

17,434

2,118,406

Kroger

Co.

(The)

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

86,882

3,971,376

Procter

&

Gamble

Co.

(The)

.....

17,704

2,594,344

15,609,252

Financials

11.5%

Affiliated

Managers

Group,

Inc.

...

5,890

891,864

Aflac,

Inc.

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

9,610

792,825

Ameriprise

Financial,

Inc.

.......

4,629

1,758,233

Annaly

Capital

Management,

Inc.,

REIT

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

29,500

571,415

Bank

of

America

Corp.

.........

18,500

622,895

Bank

of

New

York

Mellon

Corp.

(The)

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

41,558

2,163,094

Blackstone,

Inc.

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

5,200

680,784

Citizens

Financial

Group,

Inc.

....

20,400

676,056

Fifth

Third

Bancorp

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

16,500

569,085

Hartford

Financial

Services

Group,

Inc.

(The)

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

17,789

1,429,880

Invesco

Ltd.

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

37,100

661,864

JPMorgan

Chase

&

Co.

.........

3,600

612,360

Mastercard,

Inc.,

A

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

15,393

6,565,268

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

(continued)

Financials

(continued)

MetLife,

Inc.

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

58,453

$

3,865,497

a

PayPal

Holdings,

Inc.

..........

13,647

838,062

PNC

Financial

Services

Group,

Inc.

(The)

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

5,634

872,425

Progressive

Corp.

(The)

........

27,548

4,387,845

Prudential

Financial,

Inc.

........

8,039

833,725

Regions

Financial

Corp.

........

41,365

801,654

S&P

Global,

Inc.

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

1,400

616,728

Synovus

Financial

Corp.

........

18,425

693,701

Truist

Financial

Corp.

..........

17,000

627,640

Visa,

Inc.,

A

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

6,628

1,725,600

33,258,500

Health

Care

15.9%

Abbott

Laboratories

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

5,300

583,371

Agilent

Technologies,

Inc.

.......

17,592

2,445,816

Amgen,

Inc.

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

7,403

2,132,212

Bristol-Myers

Squibb

Co.

........

69,504

3,566,250

Danaher

Corp.

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

2,500

578,350

a

Edwards

Lifesciences

Corp.

.....

7,800

594,750

Elevance

Health,

Inc.

..........

9,079

4,281,293

Eli

Lilly

&

Co.

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

11,552

6,733,892

a

Hologic,

Inc.

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

10,228

730,791

Humana,

Inc.

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

1,819

832,756

a

IDEXX

Laboratories,

Inc.

........

1,745

968,562

a

Illumina,

Inc.

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

6,312

878,883

a

Intuitive

Surgical,

Inc.

..........

2,623

884,895

Johnson

&

Johnson

...........

33,354

5,227,906

Merck

&

Co.,

Inc.

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

54,536

5,945,515

a

Mettler-Toledo

International,

Inc.

..

2,838

3,442,380

a

Waters

Corp.

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

2,292

754,595

West

Pharmaceutical

Services,

Inc.

1,965

691,916

Zoetis,

Inc.,

A

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

23,856

4,708,459

45,982,592

Industrials

11.3%

Acuity

Brands,

Inc.

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

3,576

732,472

Automatic

Data

Processing,

Inc.

..

5,596

1,303,700

b

Avis

Budget

Group,

Inc.

........

4,224

748,746

Booz

Allen

Hamilton

Holding

Corp.,

A

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

4,788

612,433

Carrier

Global

Corp.

...........

39,090

2,245,721

a

Ceridian

HCM

Holding,

Inc.

......

11,900

798,728

a

Clean

Harbors,

Inc.

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

3,300

575,883

Emerson

Electric

Co.

..........

38,170

3,715,086

Flowserve

Corp.

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

17,831

734,994

Fortune

Brands

Innovations,

Inc.

..

8,500

647,190

a

Gates

Industrial

Corp.

plc

.......

45,354

608,651

a

GXO

Logistics,

Inc.

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

12,295

751,962

a

Hertz

Global

Holdings,

Inc.

......

55,809

579,856

Illinois

Tool

Works,

Inc.

.........

3,201

838,470

Johnson

Controls

International

plc

.

29,114

1,678,131

Lennox

International,

Inc.

.......

3,963

1,773,522

nVent

Electric

plc

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

13,672

807,878

Otis

Worldwide

Corp.

..........

14,524

1,299,462

Republic

Services,

Inc.,

A

.......

25,982

4,284,692

Rockwell

Automation,

Inc.

.......

5,757

1,787,433

Schedule

of

Investments

Impax

US

Sustainable

Economy

Fund

www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

57

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

(continued)

Industrials

(continued)

Trane

Technologies

plc

.........

7,984

$

1,947,298

United

Parcel

Service,

Inc.,

B

....

13,970

2,196,503

United

Rentals,

Inc.

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

1,200

688,104

Verisk

Analytics,

Inc.,

A

.........

3,600

859,896

WW

Grainger,

Inc.

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

741

614,059

32,830,870

c

Information

Technology

32.4%

Accenture

plc,

A

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

5,776

2,026,856

a

Adobe,

Inc.

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

1,416

844,786

a

Advanced

Micro

Devices,

Inc.

....

4,700

692,827

Analog

Devices,

Inc.

...........

12,554

2,492,722

a

ANSYS,

Inc.

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

8,132

2,950,940

Apple,

Inc.

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

89,442

17,220,268

Applied

Materials,

Inc.

..........

18,111

2,935,250

a

Autodesk,

Inc.

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

12,362

3,009,900

Broadcom,

Inc.

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

2,300

2,567,375

Corning,

Inc.

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

37,500

1,141,875

a

First

Solar,

Inc.

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

4,531

780,601

a

Gartner,

Inc.

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

1,905

859,365

a

Globant

SA

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

2,816

670,152

HP,

Inc.

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

42,968

1,292,907

a

HubSpot,

Inc.

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

4,691

2,723,313

Intel

Corp.

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

52,653

2,645,813

International

Business

Machines

Corp.

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

12,176

1,991,385

Intuit,

Inc.

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

1,768

1,105,053

a

Keysight

Technologies,

Inc.

......

7,947

1,264,288

Lam

Research

Corp.

...........

1,825

1,429,449

Microsoft

Corp.

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

45,543

17,125,990

NVIDIA

Corp.

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

21,625

10,709,132

a

Palo

Alto

Networks,

Inc.

........

3,000

884,640

QUALCOMM,

Inc.

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

29,786

4,307,949

a

Salesforce,

Inc.

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

7,849

2,065,386

a

ServiceNow,

Inc.

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

3,937

2,781,451

Texas

Instruments,

Inc.

.........

28,061

4,783,278

a

Trimble,

Inc.

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

14,295

760,494

94,063,445

Materials

4.9%

Celanese

Corp.,

A

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

5,905

917,460

Ecolab,

Inc.

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

21,878

4,339,501

Graphic

Packaging

Holding

Co.

...

117,461

2,895,414

International

Flavors

&

Fragrances,

Inc.

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

20,443

1,655,270

Martin

Marietta

Materials,

Inc.

....

2,055

1,025,260

PPG

Industries,

Inc.

...........

10,101

1,510,604

Sherwin-Williams

Co.

(The)

......

2,176

678,694

Westrock

Co.

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

28,638

1,189,050

14,211,253

Real

Estate

6.3%

Alexandria

Real

Estate

Equities,

Inc.,

REIT

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

9,200

1,166,284

American

Tower

Corp.,

REIT

.....

2,800

604,464

Boston

Properties,

Inc.,

REIT

....

12,266

860,706

a

CBRE

Group,

Inc.,

A

...........

39,133

3,642,891

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

(continued)

Real

Estate

(continued)

Digital

Realty

Trust,

Inc.,

REIT

....

33,600

$

4,521,888

Equinix,

Inc.,

REIT

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

3,590

2,891,350

Prologis,

Inc.,

REIT

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

21,014

2,801,166

Welltower,

Inc.,

REIT

...........

19,930

1,797,088

18,285,837

Utilities

1.4%

American

Water

Works

Co.,

Inc.

..

25,273

3,335,783

Edison

International

...........

8,300

593,367

3,929,150

Total

Common

Stocks

(Cost

$193,340,492)

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

286,253,569

Money

Market

1.2%

d,e

JPMorgan

Prime

Money

Market

Fund,

5.290%

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

3,545,245

3,545,245

(Cost

$3,545,245)

Securities

Purchased

With

Cash

Collateral

From

Securities

Lending

0.4%

d,e

Dreyfus

Treasury

Obligations

Cash

Management

Fund,

5.250%

....

151,545

151,545

d,e

Invesco

Government

&

Agency

Portfolio,

5.280%

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

845,550

845,550

Total

Securities

Purchased

With

Cash

Collateral

From

Securities

Lending

997,095

a

Total

Investments

100.3%

(Cost

$197,882,832)

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

$290,795,909

Payable

Upon

Return

Of

Securities

Loaned

(0.3)%

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

(997,095)

f

Other

Assets,

less

Liabilities

0.0%

..

173,050

Net

Assets

100.0%

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

$289,971,864

a

Non-income

producing

security.

b

Security

or

partial

position

of

this

security

was

on

loan

as

of

December

31,

2023.

The

total

market

value

of

securities

on

loan

as

of  December

31,

2023

was

$1,602,803.

c

Broad

industry

sectors

used

for

financial

reporting.

d

Rate

shown

represents

annualized

7-day

yield

as

of

December

31,

2023.

e

Institutional

Class

shares.

f

Rounds

to

less

than

0.05%.

REIT

Real

Estate

Investment

Trust

Schedule

of

Investments,

December

31,

2023

Impax

Global

Sustainable

Infrastructure

Fund

www.impaxam.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

58

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

97.9%

Communication

Services

15.0%

Elisa

OYJ

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

55,396

$

2,560,535

KDDI

Corp.

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

108,200

3,431,942

Koninklijke

KPN

NV

...........

869,145

2,994,316

Tele2

AB,

B

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

414,100

3,559,472

Vodacom

Group

Ltd.

...........

260,035

1,506,831

14,053,096

Consumer

Staples

2.1%

Sysco

Corp.

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

27,611

2,019,192

Energy

1.4%

Neste

OYJ

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

36,183

1,286,299

Financials

4.4%

Hannover

Rueck

SE

...........

9,293

2,221,993

Partners

Group

Holding

AG

......

1,351

1,953,480

4,175,473

Health

Care

5.8%

Chemed

Corp.

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

4,704

2,750,664

CVS

Health

Corp.

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

33,756

2,665,374

5,416,038

a

Industrials

27.3%

Brambles

Ltd.

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

210,876

1,954,586

Canadian

Pacific

Kansas

City

Ltd.

.

39,716

3,142,391

Geberit

AG

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

1,926

1,236,336

Hubbell,

Inc.,

B

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

8,494

2,793,932

Otis

Worldwide

Corp.

..........

20,290

1,815,346

Pentair

plc

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

16,765

1,218,983

Schneider

Electric

SE

..........

9,457

1,903,752

Spirax-Sarco

Engineering

plc

....

9,438

1,262,764

Trane

Technologies

plc

.........

7,549

1,841,201

b

Valmont

Industries,

Inc.

.........

5,108

1,192,769

Voltronic

Power

Technology

Corp.

.

27,000

1,501,547

Waste

Management,

Inc.

........

20,461

3,664,565

b

Watsco,

Inc.

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

4,926

2,110,643

25,638,815

Information

Technology

8.3%

KLA

Corp.

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

3,220

1,871,786

Microsoft

Corp.

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

7,238

2,721,778

Nemetschek

SE

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

13,108

1,131,675

c

SolarEdge

Technologies,

Inc.

....

11,857

1,109,815

Xinyi

Solar

Holdings

Ltd.

........

1,711,389

1,000,557

7,835,611

Materials

1.4%

Sika

AG

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

3,976

1,296,479

Real

Estate

7.3%

b

American

Tower

Corp.,

REIT

.....

14,317

3,090,754

Prologis,

Inc.,

REIT

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

11,100

1,479,630

Welltower,

Inc.,

REIT

...........

25,488

2,298,253

6,868,637

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

(continued)

Utilities

24.9%

American

Water

Works

Co.,

Inc.

..

17,235

$

2,274,848

Iberdrola

SA

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

143,102

1,877,038

National

Grid

plc

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

235,601

3,173,857

Northland

Power,

Inc.

..........

140,773

2,557,191

Orsted

A/S,

Reg

S

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

27,906

1,547,013

Severn

Trent

plc

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

80,566

2,649,374

SSE

plc

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

146,082

3,448,411

United

Utilities

Group

plc

........

212,504

2,870,562

Veolia

Environnement

SA

.......

93,231

2,946,721

23,345,015

Total

Common

Stocks

(Cost

$88,199,190)

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

91,934,655

Money

Market

1.8%

d,e

JPMorgan

Prime

Money

Market

Fund,

5.290%

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

1,672,398

1,672,398

(Cost

$1,672,398)

Securities

Purchased

With

Cash

Collateral

From

Securities

Lending

0.2%

d,e

Invesco

Government

&

Agency

Portfolio,

5.280%

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

175,675

175,675

(Cost

$175,675)

a

Total

Investments

99.9%

(Cost

$90,047,263)

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

$93,782,728

Payable

Upon

Return

Of

Securities

Loaned

(0.2)%

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

(175,675)

Other

Assets,

less

Liabilities

0.3%

..

297,707

Net

Assets

100.0%

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

$93,904,760

a

Broad

industry

sectors

used

for

financial

reporting.

b

Security

or

partial

position

of

this

security

was

on

loan

as

of

December

31,

2023.

The

total

market

value

of

securities

on

loan

as

of  December

31,

2023

was

$1,367,684.

c

Non-income

producing

security.

d

Rate

shown

represents

annualized

7-day

yield

as

of

December

31,

2023.

e

Institutional

Class

shares.

REIT

Real

Estate

Investment

Trust

Schedule

of

Investments

Impax

Global

Sustainable

Infrastructure

Fund

(continued)

www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

59

Summary

Of

Investment

By

Country

Country

Value

Percent

of

Net

Assets

Australia

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

$

1,954,586

2.1%

Canada

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

5,699,582

6.0%

China

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

1,000,557

1.0%

Denmark

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

1,547,013

1.7%

Finland

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

3,846,835

4.1%

France

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

2,946,721

3.1%

Germany

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

3,353,668

3.5%

Japan

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

3,431,942

3.7%

Netherlands

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

2,994,316

3.2%

South

Africa

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

1,506,831

1.6%

Spain

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

1,877,038

2.0%

Sweden

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

3,559,471

3.8%

Switzerland

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

4,486,295

4.8%

Taiwan

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

1,501,546

1.6%

United

Kingdom

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

13,404,969

14.3%

United

States

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

38,823,285

41.4%

Money

Market

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

1,672,398

1.8%

Other

assets

and

liabilities

(net)

297,707

0.3%

Total

$93,904,760

100.0%

Schedule

of

Investments,

December

31,

2023

Impax

Global

Opportunities

Fund

www.impaxam.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

60

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

97.3%

Communication

Services

3.0%

KDDI

Corp.

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

116,400

$

3,692,034

Consumer

Discretionary

2.2%

a

Aptiv

plc

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

30,247

2,713,761

Consumer

Staples

7.9%

Haleon

plc

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

740,641

3,032,386

Jeronimo

Martins

SGPS

SA

.....

78,732

2,003,771

Kerry

Group

plc,

A

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

25,824

2,241,506

Unilever

plc

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

48,044

2,328,571

9,606,234

Financials

24.0%

AIA

Group

Ltd.

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

429,600

3,738,758

Hannover

Rueck

SE

...........

19,084

4,563,059

HDFC

Bank

Ltd.,

ADR

..........

59,270

3,977,610

Legal

&

General

Group

plc

......

945,802

3,022,490

Marsh

&

McLennan

Cos.,

Inc.

....

14,765

2,797,525

Mastercard,

Inc.,

A

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

12,570

5,361,231

MSCI,

Inc.,

A

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

5,677

3,211,195

Visa,

Inc.,

A

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

9,986

2,599,855

29,271,723

Health

Care

17.9%

Alcon,

Inc.

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

56,595

4,427,768

Becton

Dickinson

&

Co.

.........

9,892

2,411,967

a

Boston

Scientific

Corp.

.........

49,221

2,845,466

Cooper

Cos.,

Inc.

(The)

.........

4,337

1,641,294

Danaher

Corp.

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

14,346

3,318,804

a

IQVIA

Holdings,

Inc.

...........

13,172

3,047,737

Thermo

Fisher

Scientific,

Inc.

....

7,785

4,132,200

21,825,236

Industrials

16.1%

Ashtead

Group

plc

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

28,311

1,967,818

Cintas

Corp.

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

8,426

5,078,013

Schneider

Electric

SE

..........

23,165

4,663,257

United

Rentals,

Inc.

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

4,184

2,399,189

a

Vestas

Wind

Systems

A/S

.......

38,569

1,220,389

Wolters

Kluwer

NV

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

30,763

4,376,637

19,705,303

Information

Technology

18.3%

Analog

Devices,

Inc.

...........

16,241

3,224,813

Applied

Materials,

Inc.

..........

15,973

2,588,744

ASML

Holding

NV

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

2,644

1,995,922

a

Cadence

Design

Systems,

Inc.

...

10,041

2,734,867

Keyence

Corp.

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

6,750

2,965,656

Microsoft

Corp.

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

15,789

5,937,296

TE

Connectivity

Ltd.

...........

20,238

2,843,439

22,290,737

Materials

7.9%

Croda

International

plc

.........

31,224

2,008,451

DSM-

Firmenich

AG

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

18,946

1,926,684

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

(continued)

Materials

(continued)

Linde

plc

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

14,027

$

5,761,029

9,696,164

Total

Common

Stocks

(Cost

$93,162,408)

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

118,801,192

Preferred

Stocks

0.9%

Health

Care

0.9%

Sartorius

AG,

0.430%

..........

3,168

1,163,356

(Cost

$1,176,056)

Total

Long

Term

Investments

(Cost

$94,338,464)

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

119,964,548

a

Money

Market

1.8%

b,c

JPMorgan

Prime

Money

Market

Fund,

5.290%

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

2,222,614

2,222,614

(Cost

$2,222,614)

a

Total

Investments

100.0%

(Cost

$96,561,078)

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

$122,187,162

d

Other

Assets,

less

Liabilities

(0.0)%

(55,482)

Net

Assets

100.0%

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

$122,131,680

a

Non

-income

producing

security.

b

Rate

shown

represents

annualized

7-day

yield

as

of

December

31,

2023.

c

Institutional

Class

shares.

d

Rounds

to

less

than

0.05%.

Schedule

of

Investments

Impax

Global

Opportunities

Fund

(continued)

www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

61

*Rounds

to

less

than

0.05%.

Summary

Of

Investment

By

Country

Country

Value

Percent

of

Net

Assets

Denmark

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

$

1,220,390

1.0%

Germany

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

5,726,414

4.6%

Hong

Kong

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

3,738,758

3.1%

India

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

3,977,610

3.3%

Ireland

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

2,241,506

1.8%

Japan

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

6,657,690

5.4%

Netherlands

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

6,372,559

5.2%

Portugal

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

2,003,771

1.7%

Switzerland

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

6,354,452

5.2%

United

Kingdom

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

9,327,330

7.6%

United

States

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

72,344,068

59.3%

Money

Market

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

2,222,614

1.8%

Other

assets

and

liabilities

(net)

(55,482)

0.0%

*

Total

$122,131,680

100.0%

Schedule

of

Investments,

December

31,

2023

Impax

Global

Environmental

Markets

Fund

www.impaxam.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

62

a

a

Shares/

Principal

a

Value

a

Common

Stocks

98.1%

CIRCULAR

ECONOMY

13.4%

General

Waste

Management

7.2%

Republic

Services,

Inc.,

A

.......

534,032

$

88,067,217

Waste

Management,

Inc.

........

490,013

87,761,328

175,828,545

Recycled,

Recyclable

Products

&

Biomaterials

1.9%

Croda

International

plc

.........

722,869

46,497,798

Resource

Circularity

&

Efficiency

4.3%

STERIS

plc

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

174,652

38,397,242

United

Rentals,

Inc.

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

115,582

66,277,031

104,674,273

CLEAN

AND

EFFICIENT

TRANSPORT

6.3%

Advanced

Road

Vehicles

&

Devices

5.1%

a

Aptiv

plc

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

698,184

62,641,068

TE

Connectivity

Ltd.

...........

430,508

60,486,374

123,127,442

E-Bikes

&

Bicycles

1.2%

Shimano,

Inc.

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

197,500

30,423,728

NEW

ENERGY

21.9%

Buildings

Energy

Efficiency

4.1%

Carrier

Global

Corp.

...........

622,580

35,767,221

Sika

AG

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

47,725

15,561,987

Trane

Technologies

plc

.........

199,316

48,613,172

99,942,380

Industrial

Energy

Efficiency

11.0%

Air

Liquide

SA

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

439,147

85,499,910

Cognex

Corp.

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

839,156

35,026,371

Delta

Electronics,

Inc.

..........

3,280,475

33,455,699

Keyence

Corp.

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

57,300

25,175,126

Siemens

AG

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

262,085

49,169,587

Spirax-Sarco

Engineering

plc

....

319,920

42,803,918

271,130,611

Smart

&

Efficient

Grids

5.2%

Hubbell,

Inc.,

B

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

123,278

40,549,833

Schneider

Electric

SE

..........

420,780

84,705,603

125,255,436

Wind

Power

Generation

Equipment

1.6%

a

Vestas

Wind

Systems

A/S

.......

1,247,136

39,461,532

SMART

ENVIRONMENT

25.4%

Cloud

Computing

3.8%

Microsoft

Corp.

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

249,604

93,861,088

Efficient

IT

12.7%

a

ANSYS,

Inc.

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

153,953

55,866,465

Applied

Materials,

Inc.

..........

235,036

38,092,284

ASML

Holding

NV

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

57,090

43,096,520

a

Autodesk,

Inc.

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

236,687

57,628,551

MediaTek,

Inc.

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

1,411,000

46,591,082

Texas

Instruments,

Inc.

.........

408,956

69,710,640

310,985,542

a

a

Shares/

Principal

a

Value

a

Common

Stocks

(continued)

Environmental

Testing

&

Monitoring

8.9%

Agilent

Technologies,

Inc.

.......

633,135

$

88,024,759

Halma

plc

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

931,017

27,070,167

Veralto

Corp.

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

454,049

37,350,071

a

Waters

Corp.

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

199,553

65,698,834

218,143,831

SUSTAINABLE

FOOD

15.4%

Food

Safety

&

Packaging

6.8%

Crown

Holdings,

Inc.

...........

524,002

48,255,344

Eurofins

Scientific

SE

..........

929,823

60,654,589

a

Mettler-Toledo

International,

Inc.

..

46,955

56,954,537

165,864,470

Sustainable

Agriculture

4.5%

DSM-

Firmenich

AG

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

349,275

35,518,973

International

Flavors

&

Fragrances,

Inc.

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

303,198

24,549,942

Kerry

Group

plc,

A

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

562,586

48,832,094

108,901,009

Technology

&

Logistics

4.1%

GEA

Group

AG

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

1,312,211

54,554,104

Kubota

Corp.

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

3,179,000

47,710,423

102,264,527

WATER

15.7%

Water

Distribution

&

Infrastructure

4.4%

Ferguson

plc

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

254,682

48,778,656

IDEX

Corp.

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

275,130

59,733,474

108,512,130

Water

Treatment

6.5%

Linde

plc

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

231,201

94,956,563

Pentair

plc

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

855,693

62,217,438

157,174,001

Water

Utilities

4.8%

American

Water

Works

Co.,

Inc.

..

393,644

51,957,072

Veolia

Environnement

SA

.......

2,081,351

65,784,559

117,741,631

Total

Common

Stocks

(Cost

$1,808,744,628)

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

2,399,789,974

a

a

a

a

Money

Market

Funds

1.8%

b,c

JPMorgan

Prime

Money

Market

Fund,

5.290%

(Cost

$43,429,915)

..........

43,429,915

43,429,915

a

Total

Investments

99.9%

(Cost

$1,852,174,543)

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

$2,443,219,889

Other

Assets,

less

Liabilities

0.1%

..

3,205,588

Net

Assets

100.0%

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

$2,446,425,477

a

Non-income

producing

security.

Schedule

of

Investments

Impax

Global

Environmental

Markets

Fund

(continued)

www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

63

b

Institutional

Class

shares.

c

Rate

shown

represents

annualized

7-day

yield

as

of

December

31,

2023.

Summary

Of

Investment

By

Country

Country

Value

Percent

of

Net

Assets

Denmark

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

$

39,461,532

1.6%

France

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

151,284,469

6.2%

Germany

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

103,723,691

4.2%

Ireland

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

48,832,094

2.0%

Japan

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

103,309,277

4.1%

Luxembourg

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

60,654,589

2.5%

Netherlands

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

43,096,521

1.8%

Switzerland

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

51,080,960

2.1%

Taiwan

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

80,046,781

3.3%

United

Kingdom

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

116,371,882

4.7%

United

States

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

1,601,928,178

65.6%

Money

Market

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

43,429,915

1.8%

Other

assets

and

liabilities

(net)

3,205,588

0.1%

Total

$2,446,425,477

100.0%

Schedule

of

Investments,

December

31,

2023

Impax

Global

Social

Leaders

Fund

www.impaxam.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

64

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

95.5%

Communication

Services

3.5%

T-Mobile

US,

Inc.

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

165

$

26,454

Vodacom

Group

Ltd.

...........

4,932

28,580

55,034

Consumer

Discretionary

14.7%

a

Bright

Horizons

Family

Solutions,

Inc.

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

256

24,125

a

Duolingo,

Inc.,

A

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

133

30,171

eBay,

Inc.

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

1,014

44,231

Home

Depot,

Inc.

(The)

.........

96

33,269

a

MercadoLibre

,

Inc.

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

30

47,146

a

Mobileye

Global,

Inc.,

A

.........

797

34,526

a

Planet

Fitness,

Inc.,

A

..........

268

19,564

233,032

Consumer

Staples

11.7%

Colgate-Palmolive

Co.

.........

298

23,754

Danone

SA

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

475

30,817

Haleon

plc

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

8,437

34,543

Jeronimo

Martins

SGPS

SA

.....

803

20,437

Kerry

Group

plc,

A

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

437

37,931

Wal-Mart

de

Mexico

SAB

de

CV

..

9,100

38,354

185,836

Financials

15.9%

a

Adyen

NV,

Reg

S

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

25

32,274

AIA

Group

Ltd.

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

6,000

52,217

Bank

Rakyat

Indonesia

Persero

Tbk

.

PT

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

70,500

26,203

HDFC

Bank

Ltd.,

ADR

..........

743

49,863

Legal

&

General

Group

plc

......

13,965

44,628

Voya

Financial,

Inc.

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

637

46,475

251,660

Health

Care

17.3%

Abbott

Laboratories

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

412

45,349

Alcon,

Inc.

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

512

40,057

a

Align

Technology,

Inc.

..........

69

18,906

Danaher

Corp.

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

188

43,492

Eli

Lilly

&

Co.

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

32

18,653

a

Intuitive

Surgical,

Inc.

..........

98

33,061

a

IQVIA

Holdings,

Inc.

...........

178

41,186

Thermo

Fisher

Scientific,

Inc.

....

62

32,909

273,613

Industrials

7.3%

Experian

plc

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

899

36,675

Recruit

Holdings

Co.

Ltd.

.......

900

37,630

Wolters

Kluwer

NV

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

293

41,685

115,990

Information

Technology

12.7%

Halma

plc

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

1,701

49,458

Intuit,

Inc.

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

103

64,378

NVIDIA

Corp.

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

81

40,113

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

(continued)

Information

Technology

(continued)

a

Palo

Alto

Networks,

Inc.

........

158

$

46,591

200,540

Materials

1.3%

Symrise

AG,

A

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

182

20,001

Real

Estate

6.1%

American

Tower

Corp.,

REIT

.....

218

47,062

UNITE

Group

plc

(The),

REIT

....

1,878

24,946

Welltower,

Inc.,

REIT

...........

280

25,248

97,256

Utilities

5.0%

Iberdrola

SA

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

3,277

42,984

Severn

Trent

plc

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

1,081

35,548

78,532

Total

Common

Stocks

(Cost

$1,443,341)

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

1,511,494

Money

Market

4.0%

b,c

JPMorgan

Prime

Money

Market

Fund,

5.290%

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

63,182

63,182

(Cost

$63,182)

a

Total

Investments

99.5%

(Cost

$1,506,523)

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

$1,574,676

Other

Assets,

less

Liabilities

0.5%

..

8,142

Net

Assets

100.0%

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

$1,582,818

a

Non

-income

producing

security.

b

Rate

shown

represents

annualized

7-day

yield

as

of

December

31,

2023.

c

Institutional

Class

shares.

REIT

Real

Estate

Investment

Trust

Schedule

of

Investments

Impax

Global

Social

Leaders

Fund

(continued)

www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

65

Summary

Of

Investment

By

Country

Country

Value

Percent

of

Net

Assets

Brazil

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

$

47,146

3.0%

France

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

30,817

1.9%

Germany

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

20,001

1.3%

Hong

Kong

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

52,217

3.3%

India

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

49,863

3.2%

Indonesia

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

26,203

1.7%

Ireland

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

37,931

2.4%

Israel

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

34,526

2.2%

Japan

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

37,630

2.4%

Mexico

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

38,354

2.4%

Netherlands

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

73,958

4.6%

Portugal

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

20,437

1.3%

South

Africa

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

28,580

1.8%

Spain

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

42,984

2.7%

Switzerland

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

40,057

2.5%

United

Kingdom

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

154,581

9.8%

United

States

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

776,209

49.0%

Money

Market

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

63,182

4.0%

Other

assets

and

liabilities

(net)

8,142

0.5%

Total

$1,582,818

100.0%

Schedule

of

Investments,

December

31,

2023

Impax

Ellevate

Global

Women’s

Leadership

Fund

www.impaxam.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

66

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

98.9%

Communication

Services

5.3%

a

Adevinta

ASA

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

6,002

$

66,309

Auto

Trader

Group

plc,

Reg

S

....

1,352,277

12,422,895

BCE,

Inc.

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

1,512

59,531

BT

Group

plc

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

134,040

211,191

Deutsche

Telekom

AG

..........

70,080

1,684,955

Interpublic

Group

of

Cos.,

Inc.

(The)

8,247

269,182

Koninklijke

KPN

NV

...........

69,406

239,113

a

Match

Group,

Inc.

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

5,586

203,889

a

Netflix,

Inc.

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

9,773

4,758,278

News

Corp.,

A

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

7,675

188,421

Omnicom

Group,

Inc.

..........

3,958

342,407

Orange

SA

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

42,342

482,599

Paramount

Global,

B

...........

9,172

135,654

a

Pinterest,

Inc.,

A

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

11,540

427,442

Publicis

Groupe

SA

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

4,550

422,749

REA

Group

Ltd.

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

1,004

123,803

SEEK

Ltd.

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

7,100

129,170

Singapore

Telecommunications

Ltd.

168,481

315,397

a,b

Snap,

Inc.,

A

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

17,648

298,781

Spark

New

Zealand

Ltd.

........

50,543

165,505

Tele2

AB,

B

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

10,744

92,352

Telenor

ASA

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

938,043

10,765,442

Telia

Co.

AB

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

46,702

119,157

Telstra

Group

Ltd.

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

83,467

225,551

TELUS

Corp.

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

10,246

182,333

Verizon

Communications,

Inc.

....

91,692

3,456,788

Vivendi

SE

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

13,016

139,336

Vodafone

Group

plc

...........

536,895

468,892

a

Walt

Disney

Co.

(The)

..........

60,012

5,418,483

WPP

plc

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

22,055

210,667

44,026,272

Consumer

Discretionary

14.1%

Accor

SA

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

3,680

140,856

a

Amazon.com,

Inc.

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

164,906

25,055,818

Aristocrat

Leisure

Ltd.

..........

12,242

340,126

Barratt

Developments

plc

.......

21,195

151,831

Bath

&

Body

Works,

Inc.

........

289,821

12,508,674

Best

Buy

Co.,

Inc.

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

139,849

10,947,380

Burberry

Group

plc

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

7,676

138,452

a

Burlington

Stores,

Inc.

..........

1,302

253,213

Cie

Generale

des

Etablissements

Michelin

SCA

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

13,764

494,493

Compass

Group

plc

...........

35,146

961,712

Domino's

Pizza,

Inc.

...........

836

344,624

eBay,

Inc.

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

11,199

488,500

a

Electrolux

AB,

B

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

11,820

126,975

a

Etsy,

Inc.

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

2,463

199,626

a

Expedia

Group,

Inc.

...........

2,827

429,110

General

Motors

Co.

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

27,760

997,139

H

&

M

Hennes

&

Mauritz

AB,

B

...

42,147

739,260

Hasbro,

Inc.

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

2,770

141,436

Hermes

International

SCA

.......

634

1,347,577

Hilton

Worldwide

Holdings,

Inc.

...

5,332

970,904

Industria

de

Diseno

Textil

SA

.....

22,823

995,860

InterContinental

Hotels

Group

plc

.

3,084

278,102

Kering

SA

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

1,574

697,122

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

(continued)

Consumer

Discretionary

(continued)

Kingfisher

plc

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

36,257

$

112,338

La

Francaise

des

Jeux

SAEM,

Reg

S

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

2,217

80,532

a

Lululemon

Athletica,

Inc.

........

25,481

13,028,181

LVMH

Moet

Hennessy

Louis

Vuitton

SE

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

5,508

4,475,455

Marriott

International,

Inc.,

A

.....

5,260

1,186,183

McDonald's

Corp.

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

15,296

4,535,417

Mercedes-Benz

Group

AG

......

15,777

1,088,579

Moncler

SpA

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

3,982

245,169

Next

plc

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

2,758

285,108

Pearson

plc

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

125,072

1,536,251

Renault

SA

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

3,742

153,048

a,b

Rivian

Automotive,

Inc.,

A

.......

10,173

238,659

Ross

Stores,

Inc.

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

7,083

980,216

SEB

SA

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

497

62,237

Starbucks

Corp.

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

138,636

13,310,442

Taylor

Wimpey

plc

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

67,507

126,368

TJX

Cos.,

Inc.

(The)

...........

24,134

2,264,011

Tractor

Supply

Co.

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

2,205

474,141

a

Ulta

Beauty,

Inc.

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

24,665

12,085,603

Vail

Resorts,

Inc.

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

858

183,157

VF

Corp.

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

5,900

110,920

Wesfarmers

Ltd.

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

22,998

894,368

Whirlpool

Corp.

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

1,098

133,703

Yum!

Brands,

Inc.

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

5,823

760,833

a

Zalando

SE,

Reg

S

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

4,543

107,553

117,207,262

Consumer

Staples

10.4%

Alimentation

Couche-Tard,

Inc.

...

17,062

1,004,753

Beiersdorf

AG

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

2,072

310,292

Carrefour

SA

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

13,558

248,310

Clorox

Co.

(The)

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

76,765

10,945,921

Coca-Cola

Co.

(The)

...........

239,063

14,087,983

Coles

Group

Ltd.

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

26,800

294,400

Colgate-Palmolive

Co.

.........

17,183

1,369,657

Conagra

Brands,

Inc.

..........

49,771

1,426,437

Danone

SA

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

13,912

902,591

Diageo

plc

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

308,405

11,193,614

Dollar

General

Corp.

...........

4,775

649,161

Empire

Co.

Ltd.,

A

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

3,301

87,318

Essity

AB,

B

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

13,085

324,275

Estee

Lauder

Cos.,

Inc.

(The),

A

..

44,446

6,500,227

General

Mills,

Inc.

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

12,188

793,926

Heineken

Holding

NV

..........

2,601

220,237

Heineken

NV

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

5,669

575,967

Henkel

AG

&

Co.

KGaA

.........

2,196

157,560

Hershey

Co.

(The)

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

3,322

619,354

J

M

Smucker

Co.

(The)

.........

2,066

261,101

J

Sainsbury

plc

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

34,113

131,520

Jeronimo

Martins

SGPS

SA

.....

5,938

151,125

Kellanova

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

5,472

305,940

Kimberly-Clark

Corp.

...........

7,469

907,558

Kroger

Co.

(The)

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

14,619

668,234

Loblaw

Cos.

Ltd.

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

3,385

327,707

L'Oreal

SA

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

4,946

2,465,585

Schedule

of

Investments

Impax

Ellevate

Global

Women’s

Leadership

Fund

(continued)

www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

67

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

(continued)

Consumer

Staples

(continued)

McCormick

&

Co.,

Inc.

.........

5,241

$

358,589

Metro,

Inc.,

A

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

5,042

260,995

Mondelez

International,

Inc.,

A

....

29,134

2,110,176

Mowi

ASA

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

9,585

171,646

Orkla

ASA

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

15,806

122,745

Pernod

Ricard

SA

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

4,225

746,650

Procter

&

Gamble

Co.

(The)

.....

53,452

7,832,856

Remy

Cointreau

SA

...........

464

59,185

Saputo,

Inc.

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

5,326

107,842

Shiseido

Co.

Ltd.

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

8,500

256,210

Target

Corp.

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

9,670

1,377,201

Tesco

plc

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

153,527

568,776

Treasury

Wine

Estates

Ltd.

......

16,877

124,173

Unilever

plc

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

53,479

2,588,973

Walgreens

Boots

Alliance,

Inc.

...

478,441

12,492,095

Woolworths

Group

Ltd.

.........

24,323

617,073

86,725,938

Financials

18.6%

ABN

AMRO

Bank

NV,

CVA,

Reg

S

7,761

116,714

abrdn

plc

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

36,675

83,383

Admiral

Group

plc

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

354,630

12,124,274

Aegon

Ltd.

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

34,026

197,829

Aflac,

Inc.

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

12,557

1,035,952

Allianz

SE

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

8,226

2,198,327

Ally

Financial,

Inc.

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

4,820

168,314

American

Express

Co.

.........

12,777

2,393,643

Amundi

SA,

Reg

S

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

1,180

80,487

Annaly

Capital

Management,

Inc.,

REIT

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

10,070

195,056

ANZ

Group

Holdings

Ltd.

.......

60,117

1,062,149

Aon

plc,

A

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

4,644

1,351,497

Assicurazioni

Generali

SpA

......

21,429

452,742

ASX

Ltd.

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

3,800

163,259

Aviva

plc

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

56,310

311,588

AXA

SA

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

38,217

1,248,032

Banco

Bilbao

Vizcaya

Argentaria

SA

130,120

1,185,948

Banco

Santander

SA

...........

343,933

1,438,563

Bank

Hapoalim

BM

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

26,996

242,521

Bank

Leumi

Le-Israel

BM

.......

32,611

262,448

Bank

of

America

Corp.

.........

142,515

4,798,480

Bank

of

Montreal

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

13,529

1,338,657

Bank

of

New

York

Mellon

Corp.

(The)

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

15,491

806,307

Bank

of

Nova

Scotia

(The)

......

24,509

1,193,035

a

Block,

Inc.,

A

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

9,886

764,682

BNP

Paribas

SA

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

20,409

1,417,317

Canadian

Imperial

Bank

of

Commerce

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

25,224

1,214,514

Citigroup,

Inc.

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

262,561

13,506,138

CME

Group,

Inc.

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

8,123

1,710,704

Commerzbank

AG

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

24,369

289,645

Commonwealth

Bank

of

Australia

.

33,412

2,546,563

Credit

Agricole

SA

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

23,878

339,465

Danske

Bank

A/S

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

14,445

386,134

Discover

Financial

Services

.....

4,831

543,004

DNB

Bank

ASA

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

537,504

11,428,006

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

(continued)

Financials

(continued)

Eurazeo

SE

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

858

$

68,223

FactSet

Research

Systems,

Inc.

..

818

390,227

Fifth

Third

Bancorp

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

11,994

413,673

FinecoBank

Banca

Fineco

SpA

...

11,653

175,310

First

Horizon

Corp.

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

10,470

148,255

Gjensidige

Forsikring

ASA

.......

4,060

74,922

Goldman

Sachs

Group,

Inc.

(The)

.

6,429

2,480,115

Groupe

Bruxelles

Lambert

NV

....

2,010

158,293

Hang

Seng

Bank

Ltd.

..........

888,700

10,375,973

Hargreaves

Lansdown

plc

.......

7,514

70,225

Hartford

Financial

Services

Group,

Inc.

(The)

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

6,487

521,425

Hong

Kong

Exchanges

&

Clearing

Ltd.

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

27,300

936,397

Huntington

Bancshares,

Inc.

.....

26,888

342,015

IGM

Financial,

Inc.

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

1,814

47,929

Industrivarden

AB,

A

...........

2,564

83,827

Industrivarden

AB,

C

...........

2,987

97,466

Insurance

Australia

Group

Ltd.

...

53,885

208,285

Intact

Financial

Corp.

..........

3,948

607,403

Intercontinental

Exchange,

Inc.

...

11,297

1,450,874

Investor

AB,

A

................

5,543

127,421

Investor

AB,

B

................

33,909

786,340

JPMorgan

Chase

&

Co.

.........

67,220

11,434,122

KeyCorp

....................

17,197

247,637

a

Kinnevik

AB,

B

...............

198,131

2,129,613

Legal

&

General

Group

plc

......

117,802

376,459

Lloyds

Banking

Group

plc

.......

1,261,452

765,117

London

Stock

Exchange

Group

plc

8,709

1,029,504

M&G

plc

....................

46,062

130,361

Macquarie

Group

Ltd.

..........

7,367

922,214

Manulife

Financial

Corp.

........

36,802

813,224

Medibank

Pvt.

Ltd.

............

55,800

135,469

Mediobanca

Banca

di

Credito

Finanziario

SpA

.............

11,358

140,746

MetLife,

Inc.

.................

13,297

879,331

Moody's

Corp.

................

3,312

1,293,535

Nasdaq,

Inc.

.................

7,499

435,992

National

Australia

Bank

Ltd.

.....

61,823

1,292,156

National

Bank

of

Canada

.......

6,465

492,785

NatWest

Group

plc

............

115,727

322,346

NN

Group

NV

................

5,211

205,943

Nordea

Bank

Abp

.............

62,871

780,506

Onex

Corp.

..................

1,465

102,303

a

PayPal

Holdings,

Inc.

..........

21,183

1,300,848

PNC

Financial

Services

Group,

Inc.

(The)

.....................

7,535

1,166,795

Principal

Financial

Group,

Inc.

....

6,537

514,266

Progressive

Corp.

(The)

........

28,272

4,503,164

Prudential

Financial,

Inc.

........

7,357

762,994

QBE

Insurance

Group

Ltd.

......

33,858

343,069

Royal

Bank

of

Canada

.........

27,134

2,744,014

S&P

Global,

Inc.

..............

6,690

2,947,079

Schroders

plc

................

15,657

85,609

Skandinaviska

Enskilda

Banken

AB,

A

........................

30,901

426,455

Societe

Generale

SA

...........

14,598

388,385

Schedule

of

Investments

Impax

Ellevate

Global

Women’s

Leadership

Fund

(continued)

www.impaxam.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

68

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

(continued)

Financials

(continued)

Standard

Chartered

plc

.........

51,077

$

433,447

State

Street

Corp.

.............

6,736

521,771

Sun

Life

Financial,

Inc.

.........

12,498

648,174

Suncorp

Group

Ltd.

............

27,056

256,203

Svenska

Handelsbanken

AB,

A

...

28,060

304,940

Swedbank

AB,

A

..............

16,680

337,231

T

Rowe

Price

Group,

Inc.

.......

4,526

487,405

Toronto-Dominion

Bank

(The)

....

38,230

2,470,286

Travelers

Cos.,

Inc.

(The)

.......

4,856

925,019

Tryg

A/S

....................

7,239

157,537

UBS

Group

AG

...............

66,909

2,078,300

UniCredit

SpA

................

41,316

1,125,022

US

Bancorp

.................

27,598

1,194,441

b

Visa,

Inc.,

A

..................

34,235

8,913,082

Wendel

SE

..................

49,846

4,447,695

Westpac

Banking

Corp.

.........

72,333

1,128,574

Willis

Towers

Watson

plc

........

2,426

585,151

a

Worldline

SA,

Reg

S

...........

4,694

81,629

Zurich

Insurance

Group

AG

......

3,141

1,642,200

155,010,123

Health

Care

15.0%

Abbott

Laboratories

............

35,933

3,955,145

AbbVie,

Inc.

.................

34,750

5,385,208

Alcon,

Inc.

...................

10,574

827,268

a

Alnylam

Pharmaceuticals,

Inc.

....

2,466

472,017

AstraZeneca

plc

..............

32,641

4,402,942

Baxter

International,

Inc.

........

10,070

389,306

a

Biogen,

Inc.

.................

2,941

761,043

Bristol-Myers

Squibb

Co.

........

110,867

5,688,586

Cardinal

Health,

Inc.

...........

121,621

12,259,397

Cencora,

Inc.

................

3,740

768,121

a

Charles

River

Laboratories

International,

Inc.

............

1,062

251,057

Cigna

Group

(The)

............

5,701

1,707,164

CSL

Ltd.

....................

9,514

1,854,746

CVS

Health

Corp.

.............

24,958

1,970,684

Dentsply

Sirona,

Inc.

...........

4,187

149,015

Elevance

Health,

Inc.

..........

16,358

7,713,778

Eli

Lilly

&

Co.

................

17,775

10,361,403

a

Exact

Sciences

Corp.

..........

3,744

276,981

Fresenius

Medical

Care

AG

......

4,248

177,602

a

Genmab

A/S

.................

1,446

461,062

Gilead

Sciences,

Inc.

..........

155,362

12,585,876

GSK

plc

....................

86,764

1,602,462

a

Hologic,

Inc.

.................

5,279

377,185

a

Illumina,

Inc.

.................

2,695

375,252

a

Insulet

Corp.

.................

1,384

300,300

Ipsen

SA

....................

793

94,596

a

Jazz

Pharmaceuticals

plc

.......

1,379

169,617

Johnson

&

Johnson

...........

51,025

7,997,659

a

Koninklijke

Philips

NV

..........

18,345

429,314

Lonza

Group

AG

..............

1,565

659,783

McKesson

Corp.

..............

3,180

1,472,276

Merck

&

Co.,

Inc.

.............

52,622

5,736,850

Merck

KGaA

.................

3,144

500,571

Novartis

AG

.................

43,594

4,403,451

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

(continued)

Health

Care

(continued)

Novo

Nordisk

A/S,

B

...........

72,616

$

7,525,282

Orion

OYJ,

B

................

2,284

98,969

Pfizer,

Inc.

...................

137,298

3,952,809

Quest

Diagnostics,

Inc.

.........

2,471

340,701

Ramsay

Health

Care

Ltd.

.......

3,668

131,579

Sanofi

SA

...................

23,519

2,337,148

Smith

&

Nephew

plc

...........

18,131

249,067

Stryker

Corp.

................

7,429

2,224,688

UCB

SA

....................

2,511

218,888

a

Vertex

Pharmaceuticals,

Inc.

.....

4,760

1,936,796

a

Waters

Corp.

................

1,107

364,458

Zimmer

Biomet

Holdings,

Inc.

....

4,390

534,263

Zoetis,

Inc.,

A

................

44,465

8,776,057

125,228,422

Industrials

5.4%

Adecco

Group

AG

.............

3,401

167,035

Aena

SME

SA,

Reg

S

..........

1,534

278,438

Aeroports

de

Paris

SA

..........

610

79,151

a

Air

Canada

..................

3,610

50,919

Alstom

SA

...................

5,740

77,405

AP

Moller

-

Maersk

A/S,

A

.......

59

104,801

AP

Moller

-

Maersk

A/S,

B

.......

95

171,002

Assa

Abloy

AB,

B

.............

19,585

564,424

Auckland

International

Airport

Ltd.

.

24,752

137,693

Booz

Allen

Hamilton

Holding

Corp.,

A

........................

4,221

539,908

Brambles

Ltd.

................

29,457

273,034

Bunzl

plc

....................

6,904

280,548

Bureau

Veritas

SA

.............

6,246

158,022

a

CAE,

Inc.

...................

6,553

141,441

Canadian

National

Railway

Co.

...

11,637

1,462,694

a

Ceridian

HCM

Holding,

Inc.

......

3,152

211,562

Cie

de

Saint-Gobain

SA

........

13,595

1,002,595

Cummins,

Inc.

................

2,847

682,056

Emerson

Electric

Co.

..........

11,337

1,103,430

Epiroc

AB,

A

.................

13,199

265,681

Epiroc

AB,

B

.................

7,629

133,796

Equifax,

Inc.

.................

2,348

580,637

Experian

plc

.................

17,688

721,588

Getlink

SE

..................

642,328

11,764,159

Legrand

SA

..................

5,597

582,851

Otis

Worldwide

Corp.

..........

8,396

751,190

a

Qantas

Airways

Ltd.

...........

17,354

63,568

Randstad

NV

................

2,298

144,223

RB

Global,

Inc.

...............

3,855

257,970

RELX

plc

...................

40,330

1,600,045

Republic

Services,

Inc.,

A

.......

4,772

786,951

Schneider

Electric

SE

..........

66,913

13,469,999

Skanska

AB,

B

...............

6,583

119,268

Smiths

Group

plc

.............

7,216

161,966

Teleperformance

SE

...........

1,317

192,818

Transurban

Group

.............

60,826

568,381

United

Parcel

Service,

Inc.,

B

....

14,426

2,268,200

Verisk

Analytics,

Inc.,

A

.........

3,214

767,696

a

Vestas

Wind

Systems

A/S

.......

20,987

664,065

Wartsila

OYJ

Abp

.............

9,764

141,904

Schedule

of

Investments

Impax

Ellevate

Global

Women’s

Leadership

Fund

(continued)

www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

69

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

(continued)

Industrials

(continued)

Wolters

Kluwer

NV

............

5,327

$

757,870

WSP

Global,

Inc.

..............

2,732

382,960

WW

Grainger,

Inc.

.............

962

797,200

45,431,144

Information

Technology

20.6%

Accenture

plc,

A

..............

27,629

9,695,292

a

Adobe,

Inc.

..................

10,156

6,059,070

a

ANSYS,

Inc.

.................

1,912

693,827

Apple,

Inc.

..................

180,130

34,680,429

a

Arista

Networks,

Inc.

...........

5,235

1,232,895

a

Autodesk,

Inc.

................

51,490

12,536,785

Broadcom,

Inc.

...............

9,225

10,297,406

Capgemini

SE

................

3,362

702,630

CDW

Corp.

..................

2,801

636,723

Cisco

Systems,

Inc.

...........

110,896

5,602,466

Dassault

Systemes

SE

.........

13,807

675,816

a

DocuSign,

Inc.,

A

.............

2,937

174,605

a

Dropbox,

Inc.,

A

..............

5,367

158,219

a

F5,

Inc.

.....................

1,328

237,685

Gen

Digital,

Inc.

..............

11,718

267,405

Halma

plc

...................

417,853

12,149,456

Hexagon

AB,

B

...............

37,157

446,304

HP,

Inc.

.....................

24,192

727,937

a,b

HubSpot,

Inc.

................

888

515,520

Intel

Corp.

...................

85,872

4,315,068

Intuit,

Inc.

...................

23,031

14,395,066

Lam

Research

Corp.

...........

2,642

2,069,373

Microsoft

Corp.

...............

88,422

33,250,209

Nokia

OYJ

..................

121,519

413,886

a,b

Okta,

Inc.,

A

.................

2,657

240,538

a

Palo

Alto

Networks,

Inc.

........

6,346

1,871,309

Sage

Group

plc

(The)

..........

21,001

313,520

a

Salesforce,

Inc.

...............

20,588

5,417,526

SAP

SE

....................

22,810

3,510,952

a

ServiceNow,

Inc.

..............

4,292

3,032,255

Texas

Instruments,

Inc.

.........

17,498

2,982,709

a

Trimble,

Inc.

.................

4,746

252,487

a

Twilio,

Inc.,

A

.................

3,112

236,107

WiseTech

Global

Ltd.

..........

3,178

162,887

a

Workday,

Inc.,

A

..............

4,432

1,223,498

a

Xero

Ltd.

....................

2,812

214,523

171,392,383

Materials

5.1%

Air

Liquide

SA

................

10,988

2,139,313

Akzo

Nobel

NV

...............

3,426

283,696

Arkema

SA

..................

1,195

136,132

BASF

SE

...................

16,825

905,977

BlueScope

Steel

Ltd.

...........

11,573

184,502

Celanese

Corp.,

A

.............

79,233

12,310,431

Chr

Hansen

Holding

A/S

........

2,259

189,456

a

Covestro

AG,

Reg

S

...........

3,786

220,617

Croda

International

plc

.........

2,622

168,657

Dow,

Inc.

...................

14,385

788,873

DSM

BV

....................

99,510

10,262,567

Ecolab,

Inc.

..................

5,373

1,065,735

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

(continued)

Materials

(continued)

Evonik

Industries

AG

...........

4,223

$

86,272

Fortescue

Ltd.

................

31,856

628,116

Johnson

Matthey

plc

...........

3,749

81,083

Mondi

plc

...................

9,432

184,534

Newmont

Corp.

...............

17,398

720,103

Newmont

Corp.,

CDI

...........

6,777

280,509

Norsk

Hydro

ASA

.............

25,381

170,601

Novozymes

A/S,

B

............

4,328

237,925

Nutrien

Ltd.

..................

10,314

581,065

Orica

Ltd.

...................

9,190

99,898

Smurfit

Kappa

Group

plc

........

5,281

209,342

Solvay

SA

...................

4,418

135,407

Stora

Enso

OYJ,

R

............

11,706

162,193

Yara

International

ASA

.........

286,311

10,171,666

42,404,670

Real

Estate

0.8%

Azrieli

Group

Ltd.

.............

849

54,914

British

Land

Co.

plc

(The),

REIT

..

36,542

185,771

Canadian

Apartment

Properties,

REIT

.....................

1,762

64,892

CapitaLand

Integrated

Commercial

Trust,

REIT

................

102,200

159,309

City

Developments

Ltd.

.........

10,000

50,350

Covivio

SA,

REIT

.............

1,072

57,683

Dexus,

REIT

.................

20,616

107,742

Essex

Property

Trust,

Inc.,

REIT

..

1,281

317,611

Gecina

SA,

REIT

..............

1,527

185,896

GPT

Group

(The),

REIT

........

36,173

114,161

Klepierre

SA,

REIT

............

4,327

118,130

Land

Securities

Group

plc,

REIT

..

13,073

117,323

Lendlease

Corp.

Ltd.

...........

12,758

64,943

Mapletree

Logistics

Trust,

REIT

...

70,505

92,834

Mirvac

Group,

REIT

...........

87,006

123,777

Realty

Income

Corp.,

REIT

......

13,879

796,932

RioCan

Real

Estate

Investment

Trust,

REIT

................

3,036

42,663

Scentre

Group,

REIT

...........

97,415

198,377

Stockland,

REIT

..............

59,171

179,444

Swire

Properties

Ltd.

...........

24,800

50,202

a

Unibail-Rodamco-Westfield,

REIT

.

2,204

163,015

Ventas,

Inc.,

REIT

.............

7,952

396,328

VICI

Properties,

Inc.,

A,

REIT

....

20,362

649,141

Vicinity

Ltd.,

REIT

.............

75,808

105,306

Vonovia

SE

..................

14,089

442,700

Welltower,

Inc.,

REIT

...........

10,450

942,276

Weyerhaeuser

Co.,

REIT

.......

14,707

511,362

a

Zillow

Group,

Inc.,

C

...........

2,394

138,517

6,431,599

Utilities

3.6%

American

Water

Works

Co.,

Inc.

..

92,664

12,230,721

Edison

International

...........

170,769

12,208,276

EDP

-

Energias

de

Portugal

SA

...

63,796

321,085

Elia

Group

SA/NV

.............

544

68,095

Enel

SpA

...................

168,009

1,249,956

Hydro

One

Ltd.,

Reg

S

.........

6,739

201,908

Schedule

of

Investments

Impax

Ellevate

Global

Women’s

Leadership

Fund

(continued)

www.impaxam.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

70

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

(continued)

Utilities

(continued)

Iberdrola

SA

.................

124,767

$

1,636,541

Mercury

NZ

Ltd.

..............

14,291

59,625

Meridian

Energy

Ltd.

...........

24,572

86,044

Orsted

A/S,

Reg

S

.............

3,449

191,201

Redeia

Corp.

SA

..............

8,660

142,705

Severn

Trent

plc

..............

5,658

186,061

SSE

plc

....................

22,600

533,495

Terna

-

Rete

Elettrica

Nazionale

..

28,889

241,011

United

Utilities

Group

plc

........

14,433

194,965

Veolia

Environnement

SA

.......

14,039

443,726

29,995,415

Total

Common

Stocks

(Cost

$636,284,056)

...............

823,853,228

c

Preferred

Stocks

0.0%

c

Consumer

Staples

0.0%

Henkel

AG

&

Co.

KGaA,

2.540%

..

3,580

287,983

(Cost

$288,337)

Total

Long

Term

Investments

(Cost

$636,572,393)

...............

824,141,211

a

Money

Market

1.2%

d,e

JPMorgan

Prime

Money

Market

Fund,

5.290%

..............

9,682,459

9,682,459

(Cost

$9,682,459)

c

Securities

Purchased

With

Cash

Collateral

From

Securities

Lending

0.0%

d,e

Invesco

Government

&

Agency

Portfolio,

5.280%

............

244,637

244,637

(Cost

$244,637)

a

Total

Investments

100.1%

(Cost

$646,499,489)

..............

$834,068,307

c

Payable

Upon

Return

Of

Securities

Loaned

(0.0)%

....................

(244,637)

Other

Assets,

less

Liabilities

(0.1)%

(350,683)

Net

Assets

100.0%

................

$833,472,987

a

Non-income

producing

security.

b

Security

or

partial

position

of

this

security

was

on

loan

as

of

December

31,

2023.

The

total

market

value

of

securities

on

loan

as

of  December

31,

2023

was

$10,219,924.

c

Rounds

to

less

than

0.05%.

d

Rate

shown

represents

annualized

7-day

yield

as

of

December

31,

2023.

e

Institutional

Class

shares.

REIT

Real

Estate

Investment

Trust

Schedule

of

Investments

Impax

Ellevate

Global

Women’s

Leadership

Fund

(continued)

www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

71

*Rounds

to

less

than

0.05%.

Summary

Of

Investment

By

Country

Country

Value

Percent

of

Net

Assets

Australia

....................

$

13,812,322

1.4%

Austria

.....................

184,534

0.0%

*

Belgium

....................

580,684

0.0%

*

Brazil

......................

10,171,666

1.2%

Canada

.....................

16,889,313

1.9%

Denmark

....................

10,088,464

1.2%

Finland

.....................

1,597,458

0.2%

France

.....................

39,629,805

4.8%

Germany

...................

11,969,583

1.3%

Hong

Kong

..................

11,362,572

1.3%

Ireland

.....................

209,342

0.0%

*

Israel

......................

559,882

0.0%

*

Italy

.......................

3,629,955

0.4%

Japan

......................

256,210

0.0%

*

Netherlands

.................

13,433,472

1.7%

New

Zealand

................

663,390

0.0%

*

Norway

.....................

22,733,363

2.7%

Portugal

....................

472,211

0.0%

*

Singapore

...................

617,890

0.1%

Spain

......................

5,678,055

0.6%

Sweden

....................

7,224,785

0.8%

Switzerland

..................

9,778,037

1.2%

United

Kingdom

..............

67,743,901

7.9%

United

States

................

574,854,317

70.2%

Money

Market

................

9,682,459

1.2%

Other

assets

and

liabilities

(net)

(350,683)

-0.1%

Total

$833,472,987

100.0%

Schedule

of

Investments,

December

31,

2023

Impax

International

Sustainable

Economy

Fund

www.impaxam.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

72

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

97.3%

Australia

6.7%

ANZ

Group

Holdings

Ltd.

.......

1,150,951

$

20,335,034

Aristocrat

Leisure

Ltd.

..........

256,038

7,113,640

Computershare

Ltd.

...........

306,623

5,106,921

Dexus,

REIT

.................

523,702

2,736,944

Goodman

Group,

REIT

.........

142,672

2,456,364

QBE

Insurance

Group

Ltd.

......

268,598

2,721,594

Ramsay

Health

Care

Ltd.

.......

109

3,910

REA

Group

Ltd.

...............

47,995

5,918,233

Stockland,

REIT

..............

1,484,071

4,500,645

Suncorp

Group

Ltd.

............

344,611

3,263,249

Telstra

Group

Ltd.

.............

5,812,030

15,705,739

Transurban

Group

.............

818,155

7,645,153

77,507,426

Austria

1.4%

Mondi

plc

...................

166,653

3,260,517

Verbund

AG

.................

129,199

11,973,062

15,233,579

Belgium

0.7%

KBC

Group

NV

...............

126,103

8,184,001

China

0.6%

BOC

Hong

Kong

Holdings

Ltd.

...

847,057

2,301,053

Prosus

NV

..................

164,182

4,890,997

7,192,050

Denmark

3.3%

Novo

Nordisk

A/S,

B

...........

275,945

28,596,508

Orsted

A/S,

Reg

S

.............

47,804

2,650,090

ROCKWOOL

A/S,

B

...........

12,442

3,640,188

a

Vestas

Wind

Systems

A/S

.......

91,457

2,893,857

37,780,643

Finland

1.5%

Nokia

OYJ

..................

851,196

2,899,116

UPM-Kymmene

OYJ

...........

265,339

10,008,774

Wartsila

OYJ

Abp

.............

320,906

4,663,857

17,571,747

France

9.1%

AXA

SA

.....................

244,454

7,983,001

BNP

Paribas

SA

..............

305,947

21,246,705

Carrefour

SA

.................

218,699

4,005,395

Cie

Generale

des

Etablissements

Michelin

SCA

...............

62,242

2,236,140

Credit

Agricole

SA

.............

156,676

2,227,409

Danone

SA

..................

85,685

5,559,120

Dassault

Systemes

SE

.........

175,356

8,583,206

Eiffage

SA

...................

145,508

15,620,377

Hermes

International

SCA

.......

1,035

2,199,908

L'Oreal

SA

..................

12,686

6,323,980

LVMH

Moet

Hennessy

Louis

Vuitton

SE

.......................

10,949

8,896,469

Orange

SA

..................

192,841

2,197,934

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

(continued)

France

(continued)

Societe

Generale

SA

...........

552,259

$

14,693,034

101,772,678

Germany

7.4%

Bayerische

Motoren

Werke

AG

...

164,905

18,349,253

Commerzbank

AG

.............

554,665

6,592,635

Deutsche

Boerse

AG

...........

15,036

3,096,436

Deutsche

Post

AG

.............

70,900

3,509,271

Heidelberg

Materials

AG

........

117,388

10,493,099

Knorr-Bremse

AG

.............

49,744

3,212,737

a

LEG

Immobilien

SE

............

67,692

5,923,696

Merck

KGaA

.................

99,973

15,917,155

Muenchener

Rueckversicherungs-

Gesellschaft

AG

.............

25,358

10,518,848

Vonovia

SE

..................

202,381

6,359,156

83,972,286

Hong

Kong

2.8%

AIA

Group

Ltd.

...............

2,416,600

21,031,386

Hang

Seng

Bank

Ltd.

..........

329,100

3,842,391

MTR

Corp.

Ltd.

...............

1,005,280

3,901,839

Prudential

plc

................

426,137

4,807,973

33,583,589

Ireland

0.7%

Kingspan

Group

plc

...........

95,126

8,221,294

Italy

2.6%

Assicurazioni

Generali

SpA

......

853,302

18,028,156

Enel

SpA

...................

326,068

2,425,885

Poste

Italiane

SpA,

Reg

S

.......

196,630

2,235,041

Prysmian

SpA

................

142,367

6,489,808

29,178,890

Japan

22.2%

Ajinomoto

Co.,

Inc.

............

75,300

2,898,585

Astellas

Pharma,

Inc.

..........

876,900

10,429,209

Azbil

Corp.

..................

92,200

3,040,949

Daifuku

Co.

Ltd.

..............

121,900

2,457,990

Daiichi

Sankyo

Co.

Ltd.

.........

116,900

3,200,339

Daiwa

House

Industry

Co.

Ltd.

...

76,700

2,318,671

FANUC

Corp.

................

303,900

8,919,200

FUJIFILM

Holdings

Corp.

.......

52,800

3,164,292

Fujitsu

Ltd.

..................

33,300

5,011,440

Hitachi

Ltd.

..................

247,400

17,795,416

Hoya

Corp.

..................

153,600

19,129,227

KDDI

Corp.

..................

551,200

17,483,240

MatsukiyoCocokara

&

Co.

.......

129,700

2,292,309

Mitsubishi

Chemical

Group

Corp.

.

437,500

2,674,489

Mitsui

Fudosan

Co.

Ltd.

........

90,800

2,220,033

Mizuho

Financial

Group,

Inc.

.....

183,500

3,130,109

MS&AD

Insurance

Group

Holdings,

Inc.

......................

105,800

4,159,933

NEC

Corp.

..................

61,300

3,621,982

Nintendo

Co.

Ltd.

.............

159,200

8,283,796

Nitto

Denko

Corp.

.............

51,600

3,850,660

Nomura

Research

Institute

Ltd.

...

82,500

2,396,025

Schedule

of

Investments

Impax

International

Sustainable

Economy

Fund

(continued)

www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

73

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

(continued)

Japan

(continued)

Omron

Corp.

.................

63,700

$

2,964,149

Open

House

Group

Co.

Ltd.

.....

76,200

2,253,930

Oriental

Land

Co.

Ltd.

..........

335,300

12,462,530

ORIX

Corp.

..................

508,100

9,542,720

Recruit

Holdings

Co.

Ltd.

.......

217,700

9,102,284

a

Renesas

Electronics

Corp.

......

196,200

3,508,246

Sekisui

Chemical

Co.

Ltd.

.......

164,900

2,371,751

SoftBank

Corp.

...............

1,578,000

19,664,612

Sompo

Holdings,

Inc.

..........

60,800

2,974,845

Sumitomo

Mitsui

Financial

Group,

Inc.

......................

64,100

3,119,096

Tokio

Marine

Holdings,

Inc.

......

811,100

20,197,196

Tokyo

Electron

Ltd.

............

100,900

17,933,953

TOTO

Ltd.

..................

121,600

3,194,396

Yamaha

Motor

Co.

Ltd.

.........

837,300

7,450,599

Yaskawa

Electric

Corp.

.........

83,100

3,458,778

Yokogawa

Electric

Corp.

........

120,000

2,280,957

250,957,936

Netherlands

4.3%

ASML

Holding

NV

.............

47,107

35,560,480

ING

Groep

NV

...............

146,451

2,195,966

Koninklijke

Ahold

Delhaize

NV

....

286,608

8,246,129

Universal

Music

Group

NV

......

101,224

2,889,655

48,892,230

New

Zealand

0.3%

a

Xero

Ltd.

....................

42,549

3,246,001

Norway

0.7%

Norsk

Hydro

ASA

.............

599,692

4,030,895

Telenor

ASA

.................

251,372

2,884,868

6,915,763

Singapore

1.4%

City

Developments

Ltd.

.........

1,028,700

5,179,502

Keppel

Corp.

Ltd.

.............

429,000

2,295,495

Singapore

Exchange

Ltd.

.......

306,900

2,283,149

United

Overseas

Bank

Ltd.

......

255,300

5,510,193

15,268,339

Spain

2.7%

Amadeus

IT

Group

SA

.........

87,129

6,257,741

Iberdrola

SA

.................

1,495,244

19,612,790

Redeia

Corp.

SA

..............

242,353

3,993,647

29,864,178

Sweden

3.4%

Alfa

Laval

AB

................

73,361

2,936,939

Assa

Abloy

AB,

B

.............

239,914

6,914,126

Atlas

Copco

AB,

A

.............

684,860

11,800,900

Atlas

Copco

AB,

B

.............

498,810

7,400,413

Epiroc

AB,

B

.................

191,531

3,359,030

Nibe

Industrier

AB,

B

...........

474,922

3,335,099

Sandvik

AB

..................

152,682

3,317,070

39,063,577

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

(continued)

Switzerland

9.1%

ABB

Ltd.

....................

375,444

$

16,669,024

DSM-Firmenich

AG

............

24,230

2,464,032

Geberit

AG

..................

6,820

4,377,887

Givaudan

SA

.................

774

3,209,555

Kuehne

+

Nagel

International

AG

.

15,951

5,504,642

Lonza

Group

AG

..............

13,110

5,526,999

Novartis

AG

.................

284,929

28,780,817

Sika

AG

....................

34,865

11,368,647

Sonova

Holding

AG

............

46,911

15,342,146

Swiss

Life

Holding

AG

..........

7,579

5,267,052

Swisscom

AG

................

3,726

2,242,566

Zurich

Insurance

Group

AG

......

4,333

2,265,410

103,018,777

United

Kingdom

13.1%

3i

Group

plc

.................

81,754

2,516,349

Associated

British

Foods

plc

.....

129,730

3,909,935

AstraZeneca

plc

..............

206,710

27,883,093

Auto

Trader

Group

plc,

Reg

S

....

267,903

2,461,131

BT

Group

plc

................

3,567,445

5,620,815

Burberry

Group

plc

............

140,458

2,533,432

HSBC

Holdings

plc

............

3,258,908

26,364,454

Informa

plc

..................

307,415

3,057,674

J

Sainsbury

plc

...............

870,505

3,356,165

Legal

&

General

Group

plc

......

702,613

2,245,333

Lloyds

Banking

Group

plc

.......

15,037,252

9,120,650

Reckitt

Benckiser

Group

plc

.....

74,450

5,137,304

RELX

plc

...................

436,236

17,307,149

Schroders

plc

................

523

2,860

Spirax-Sarco

Engineering

plc

....

34,090

4,561,095

Tesco

plc

...................

4,904,336

18,169,225

Unilever

plc

..................

277,096

13,414,501

Vodafone

Group

plc

...........

2,582,379

2,255,296

149,916,461

United

States

3.3%

Schneider

Electric

SE

..........

119,164

23,988,447

Swiss

Re

AG

.................

120,332

13,541,020

37,529,467

Total

Common

Stocks

(Cost

$939,674,791)

...............

1,104,870,912

Preferred

Stocks

1.0%

Germany

1.0%

Bayerische

Motoren

Werke

AG,

9.450%

...................

118,303

11,771,487

(Cost

$12,313,122)

Total

Long

Term

Investments

(Cost

$951,987,913)

...............

1,116,642,399

a

Schedule

of

Investments

Impax

International

Sustainable

Economy

Fund

(continued)

www.impaxam.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

74

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Money

Market

1.3%

b,c

JPMorgan

Prime

Money

Market

Fund,

5.290%

..............

14,561,013

$

14,561,013

(Cost

$14,561,013)

a

Total

Investments

99.6%

(Cost

$966,548,926)

..............

$1,131,203,412

Other

Assets,

less

Liabilities

0.4%

..

4,518,826

Net

Assets

100.0%

................

$1,135,722,238

a

Non-income

producing

security.

b

Rate

shown

represents

annualized

7-day

yield

as

of

December

31,

2023.

c

Institutional

Class

shares.

REIT

Real

Estate

Investment

Trust

Summary

Of

Investments

By

Sector

Sector

Value

Percent

of

Net

Assets

Communication

Services

........

$

90,665,559

8.0%

Consumer

Discretionary

........

88,787,877

7.8%

Consumer

Staples

............

73,312,648

6.4%

Financials

...................

267,544,282

23.6%

Health

Care

.................

154,809,403

13.6%

Industrials

...................

223,600,681

19.7%

Information

Technology

.........

94,210,796

8.3%

Materials

....................

51,360,668

4.5%

Real

Estate

..................

31,695,011

2.8%

Utilities

.....................

40,655,474

3.6%

Money

Market

................

14,561,013

1.3%

Other

assets

and

liabilities

(net)

4,518,826

0.4%

Total

$1,135,722,238

100.0%

Schedule

of

Investments,

December

31,

2023

Impax

Core

Bond

Fund

www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

75

a

a

Shares/

Principal

a

Value

a

a

a

a

BONDS:

98.0%

a

Community

Investment

Notes

0.0%

a

Financials

0.0%

b,c

CEI

Investments

LLC

,

4.000

%,

10/31/24

..................

310,612

$

310,612

c

Envest

Microfinance

Cooperative

,

b

5.460%,

10/24/24

...........

150,000

150,000

4.000%,

4/20/26

............

250,000

242,347

702,959

Total

Community

Investment

Notes

(Cost

$710,612)

..................

702,959

Corporate

Bonds

32.9%

Communication

Services

2.5%

d

Altice

France

Holding

SA

,

144A,

10.500

%,

5/15/27

............

1,000,000

648,639

AT&T,

Inc.

,

5.400%,

2/15/34

............

2,000,000

2,063,437

4.350%,

6/15/45

............

1,500,000

1,296,786

3.500%,

9/15/53

............

1,000,000

726,530

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

,

6.384%,

10/23/35

...........

1,000,000

1,016,167

6.484%,

10/23/45

...........

2,000,000

1,967,115

d

Cogent

Communications

Group,

Inc.

,

144A,

7.000

%,

6/15/27

....

370,000

372,196

Comcast

Corp.

,

4.600%,

10/15/38

...........

2,750,000

2,658,182

5.350%,

5/15/53

............

800,000

828,236

Discovery

Communications

LLC

,

3.950

%,

3/20/28

.............

1,500,000

1,427,873

T-Mobile

USA,

Inc.

,

3.500%,

4/15/31

............

2,000,000

1,830,750

4.375%,

4/15/40

............

1,500,000

1,354,587

Verizon

Communications,

Inc.

,

4.500%,

8/10/33

............

2,500,000

2,440,544

4.812%,

3/15/39

............

1,000,000

967,829

Warnermedia

Holdings,

Inc.

,

6.412%,

3/15/26

............

500,000

500,369

5.141%,

3/15/52

............

2,500,000

2,147,364

22,246,604

Consumer

Discretionary

1.8%

Amazon.com,

Inc.

,

2.730%,

4/13/24

............

500,000

496,499

2.875%,

5/12/41

............

800,000

629,273

2.500%,

6/03/50

............

1,000,000

666,193

American

University

(The)

,

2019

,

3.672

%,

4/01/49

.............

1,000,000

810,004

Aptiv

plc

/

Aptiv

Corp.

,

3.250

%,

3/01/32

...................

750,000

662,901

d

Expedia

Group,

Inc.

,

144A,

6.250

%,

5/01/25

...................

1,000,000

1,010,320

Ford

Motor

Co.

,

3.250

%,

2/12/32

..

1,100,000

915,334

a

a

Shares/

Principal

a

Value

a

a

a

a

Consumer

Discretionary

(continued)

General

Motors

Co.

,

5.400

%,

10/15/29

..................

1,000,000

$

1,018,557

d

IHO

Verwaltungs

GmbH

,

144A,

PIK,

6.375

%,

5/15/29

.............

1,000,000

982,548

Lowe's

Cos.,

Inc.

,

4.800%,

4/01/26

............

1,250,000

1,251,260

5.000%,

4/15/33

............

1,000,000

1,021,702

2.800%,

9/15/41

............

750,000

548,490

5.750%,

7/01/53

............

750,000

795,454

Macy's

Retail

Holdings

LLC

,

5.125

%,

1/15/42

.............

1,000,000

781,425

Massachusetts

Institute

of

Technology

,

3.067

%,

4/01/52

...

700,000

526,804

MDC

Holdings,

Inc.

,

6.000

%,

1/15/43

...................

1,125,000

1,048,248

Starbucks

Corp.

,

4.800%,

2/15/33

............

1,000,000

1,021,699

4.450%,

8/15/49

............

2,000,000

1,818,322

Toyota

Motor

Corp.

,

5.275

%,

7/13/26

...................

500,000

508,985

16,514,018

Consumer

Staples

1.5%

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

Albertsons

LP

/

Albertsons

LLC

,

d

144A,

4.625%,

1/15/27

.......

1,000,000

972,828

d

144A,

6.500%,

2/15/28

.......

1,000,000

1,012,573

Campbell

Soup

Co.

,

2.375

%,

4/24/30

...................

1,000,000

867,325

Church

&

Dwight

Co.,

Inc.

,

3.950

%,

8/01/47

...................

1,000,000

837,952

d

Darling

Ingredients,

Inc.

,

144A,

6.000

%,

6/15/30

.............

1,500,000

1,502,115

Haleon

US

Capital

LLC

,

3.375

%,

3/24/29

...................

2,400,000

2,271,430

J

M

Smucker

Co.

(The)

,

4.250

%,

3/15/35

...................

1,500,000

1,395,672

Kellanova

,

2.100

%,

6/01/30

......

750,000

644,482

d

Kraft

Heinz

Foods

Co.

,

144A,

7.125

%,

8/01/39

.............

2,000,000

2,372,303

d

Nestle

Holdings,

Inc.

,

144A,

4.700

%,

1/15/53

.............

1,000,000

1,004,824

Sysco

Corp.

,

2.400

%,

2/15/30

....

1,000,000

882,645

13,764,149

Financials

9.3%

Aflac,

Inc.

,

1.125%,

3/15/26

............

1,500,000

1,385,442

3.600%,

4/01/30

............

1,000,000

944,834

Assured

Guaranty

US

Holdings,

Inc.

,

6.125%,

9/15/28

............

750,000

788,149

3.150%,

6/15/31

............

1,000,000

886,991

Bank

of

America

Corp.

,

0.981%

to

9/24/24,

FRN

thereafter,

9/25/25

...........

2,000,000

1,930,825

Schedule

of

Investments

Impax

Core

Bond

Fund

(continued)

www.impaxam.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

76

a

a

Shares/

Principal

a

Value

a

a

a

a

Financials

(continued)

Bank

of

America

Corp.,

(continued)

6.204%

to

11/09/27,

FRN

thereafter,

11/10/28

..........

2,000,000

$

2,087,528

5.819%

to

9/14/28,

FRN

thereafter,

9/15/29

...........

1,000,000

1,032,894

2.572%

to

10/19/31,

FRN

thereafter,

10/20/32

..........

750,000

622,113

5.872%

to

9/14/33,

FRN

thereafter,

9/15/34

...........

1,000,000

1,047,386

4.083%

to

3/19/50,

FRN

thereafter,

3/20/51

...........

1,000,000

842,120

Bank

of

Montreal

,

5.920

%,

9/25/25

2,500,000

2,540,450

Bank

of

New

York

Mellon

Corp.

(The)

,

6.317%

to

10/24/28,

FRN

thereafter,

10/25/29

..........

1,000,000

1,062,881

5.834%

to

10/24/32,

FRN

thereafter,

10/25/33

..........

1,000,000

1,060,527

Block,

Inc.

,

3.500

%,

6/01/31

.....

1,000,000

889,801

BlueHub

Loan

Fund,

Inc.

,

2020

,

2.890

%,

1/01/27

.............

1,000,000

892,138

c

Calvert

Impact

Capital,

Inc.

,

3.000

%,

3/14/25

...................

1,000,000

922,910

Chubb

INA

Holdings,

Inc.

,

1.375%,

9/15/30

............

2,000,000

1,646,642

2.850%,

12/15/51

...........

250,000

181,683

Citigroup,

Inc.

,

1.281%

to

11/02/24,

FRN

thereafter,

11/03/25

..........

1,500,000

1,443,660

2.014%

to

1/24/25,

FRN

thereafter,

1/25/26

...........

2,000,000

1,922,730

Fiserv,

Inc.

,

5.625

%,

8/21/33

.....

3,000,000

3,144,301

Ford

Motor

Credit

Co.

LLC

,

4.950

%,

5/28/27

...................

500,000

488,177

Global

Payments,

Inc.

,

5.400

%,

8/15/32

...................

2,500,000

2,525,945

Goldman

Sachs

Group,

Inc.

(The)

,

0.855%

to

2/11/25,

FRN

thereafter,

2/12/26

...........

2,500,000

2,371,601

3.21%

to

4/21/41,

FRN

thereafter,

4/22/42

...................

750,000

574,759

ING

Groep

NV

,

FRN

,

3.869

%,

(

SOFR

+

1.640

%

),

3/28/26

.....

1,500,000

1,471,043

John

Deere

Capital

Corp.

,

2.000

%,

6/17/31

...................

1,000,000

849,058

JPMorgan

Chase

&

Co.

,

0.563%

to

2/15/24,

FRN

thereafter,

2/16/25

...........

2,000,000

1,986,773

0.768%

to

8/08/24,

FRN

thereafter,

8/09/25

...........

2,000,000

1,939,791

2.947%

to

2/23/27,

FRN

thereafter,

2/24/28

...........

1,000,000

941,276

3.964%

to

11/14/47,

FRN

thereafter,

11/15/48

..........

1,000,000

838,541

Mastercard,

Inc.

,

1.900

%,

3/15/31

.

2,900,000

2,477,555

a

a

Shares/

Principal

a

Value

a

a

a

a

Financials

(continued)

MetLife,

Inc.

,

4.875%,

11/13/43

...........

1,000,000

$

977,082

5.250%,

1/15/54

............

1,000,000

1,028,837

d

Metropolitan

Life

Global

Funding

I

,

Secured

Note

,

144A,

0.950

%,

7/02/25

...................

3,000,000

2,829,711

Morgan

Stanley

,

3.625%,

1/20/27

............

2,000,000

1,940,091

4.457%

to

4/21/38,

FRN

thereafter,

4/22/39

...........

1,000,000

926,280

6.375%,

7/24/42

............

1,000,000

1,156,185

Nasdaq,

Inc.

,

5.350%,

6/28/28

............

500,000

515,337

5.550%,

2/15/34

............

1,000,000

1,039,493

National

Bank

of

Canada

,

5.600

%,

12/18/28

..................

2,000,000

2,051,906

OneMain

Finance

Corp.

,

3.500

%,

1/15/27

...................

1,000,000

926,159

PNC

Financial

Services

Group,

Inc.

(The)

,

6.615%

to

10/19/26,

FRN

thereafter

,

10/20/27

..........

2,000,000

2,075,492

Principal

Financial

Group,

Inc.

,

5.375%,

3/15/33

............

2,000,000

2,047,614

5.500%,

3/15/53

............

1,000,000

1,010,125

Progressive

Corp.

(The)

,

3.200

%,

3/26/30

...................

1,500,000

1,387,496

Prudential

Financial,

Inc.

,

1.500%,

3/10/26

............

250,000

233,200

4.350%,

2/25/50

............

1,000,000

887,962

Royal

Bank

of

Canada

,

3.970%,

7/26/24

............

1,000,000

991,923

4.950%,

4/25/25

............

2,000,000

2,001,924

4.875%,

1/12/26

............

2,000,000

2,005,919

Sumitomo

Mitsui

Financial

Group,

Inc.

,

0.508

%,

1/12/24

.........

2,000,000

1,997,392

Toronto-Dominion

Bank

(The)

,

2.650%,

6/12/24

............

1,000,000

987,796

5.103%,

1/09/26

............

1,000,000

1,007,396

5.264%,

12/11/26

...........

1,750,000

1,785,241

2.800%,

3/10/27

............

750,000

708,558

4.456%,

6/08/32

............

800,000

777,725

Travelers

Cos.,

Inc.

(The)

,

6.250%,

6/15/37

............

1,000,000

1,135,078

5.450%,

5/25/53

............

1,000,000

1,080,063

Truist

Financial

Corp.

,

5.122%

to

1/25/33,

FRN

thereafter

,

1/26/34

2,000,000

1,938,098

d

USAA

Capital

Corp.

,

144A,

2.125

%,

5/01/30

...................

1,000,000

841,012

c,d

WLB

Asset

VI

Pte.

Ltd.

,

144A,

7.250

%,

12/21/27

............

1,000,000

1,012,991

83,044,610

Health

Care

4.2%

AbbVie,

Inc.

,

3.600%,

5/14/25

............

1,000,000

982,801

3.200%,

11/21/29

...........

1,000,000

935,255

Schedule

of

Investments

Impax

Core

Bond

Fund

(continued)

www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

77

a

a

Shares/

Principal

a

Value

a

a

a

a

Health

Care

(continued)

AbbVie,

Inc.,

(continued)

4.250%,

11/21/49

...........

1,000,000

$

891,820

Agilent

Technologies,

Inc.

,

2.300

%,

3/12/31

...................

2,000,000

1,736,003

Amgen,

Inc.

,

5.150%,

3/02/28

............

2,000,000

2,048,326

3.000%,

2/22/29

............

750,000

705,837

4.200%,

3/01/33

............

500,000

475,916

Astrazeneca

Finance

LLC

,

4.875%,

3/03/28

............

1,500,000

1,530,022

1.750%,

5/28/28

............

1,000,000

895,287

d

Avantor

Funding,

Inc.

,

144A,

4.625

%,

7/15/28

.............

1,000,000

967,211

Becton

Dickinson

&

Co.

,

4.298%,

8/22/32

............

750,000

724,172

4.669%,

6/06/47

............

1,000,000

935,450

Bristol-Myers

Squibb

Co.

,

4.250

%,

10/26/49

..................

1,000,000

868,704

CVS

Health

Corp.

,

5.000%,

1/30/29

............

800,000

815,115

5.300%,

6/01/33

............

2,500,000

2,566,602

5.125%,

7/20/45

............

1,000,000

947,303

5.875%,

6/01/53

............

1,000,000

1,053,129

Elevance

Health,

Inc.

,

2.375%,

1/15/25

............

1,000,000

971,593

1.500%,

3/15/26

............

500,000

466,518

4.101%,

3/01/28

............

1,000,000

986,117

2.250%,

5/15/30

............

1,000,000

866,224

5.125%,

2/15/53

............

1,750,000

1,754,390

HCA,

Inc.

,

5.200

%,

6/01/28

......

1,000,000

1,010,894

d

HealthEquity,

Inc.

,

144A,

4.500

%,

10/01/29

..................

1,000,000

929,759

Kaiser

Foundation

Hospitals

,

2019,

3.266%,

11/01/49

......

1,000,000

752,702

2021,

2.810%,

6/01/41

.......

1,000,000

749,845

Laboratory

Corp.

of

America

Holdings

,

1.550

%,

6/01/26

.....

1,000,000

924,357

Merck

&

Co.,

Inc.

,

2.350

%,

6/24/40

1,000,000

726,349

Novant

Health,

Inc.

,

2.637

%,

11/01/36

..................

1,500,000

1,158,266

Pfizer

Investment

Enterprises

Pte.

Ltd.

,

4.650

%,

5/19/25

.........

1,000,000

997,378

Quest

Diagnostics,

Inc.

,

3.450

%,

6/01/26

...................

1,000,000

972,931

Seattle

Children's

Hospital

,

2021

,

1.208

%,

10/01/27

............

1,000,000

878,950

UnitedHealth

Group,

Inc.

,

3.700%,

5/15/27

............

750,000

734,823

2.750%,

5/15/40

............

500,000

378,905

5.875%,

2/15/53

............

1,000,000

1,133,498

Zoetis,

Inc.

,

3.000%,

9/12/27

............

1,000,000

949,070

3.900%,

8/20/28

............

1,000,000

979,297

37,400,819

a

a

Shares/

Principal

a

Value

a

a

a

a

Industrials

3.6%

American

Museum

of

Natural

History

(The)

,

2021

,

3.121

%,

7/15/52

...................

750,000

$

490,194

Burlington

Northern

Santa

Fe

LLC

,

5.200

%,

4/15/54

.............

1,000,000

1,041,954

California

Endowment

(The)

,

2021

,

2.498

%,

4/01/51

.............

1,000,000

653,351

c

Capital

Impact

Partners

,

5.750%,

6/15/24

............

500,000

500,698

2.300%,

10/15/24

...........

500,000

487,643

Carrier

Global

Corp.

,

3.377

%,

4/05/40

...................

1,000,000

805,366

d

Clean

Harbors,

Inc.

,

144A,

6.375

%,

2/01/31

...................

1,000,000

1,016,720

CNH

Industrial

Capital

LLC

,

5.500

%,

1/12/29

...................

2,000,000

2,062,661

Cummins,

Inc.

,

7.125

%,

3/01/28

..

1,000,000

1,088,794

Doris

Duke

Charitable

Foundation

(The)

,

2020

,

2.345

%,

7/01/50

...

2,000,000

1,216,177

Ford

Foundation

(The)

,

2020

,

2.415

%,

6/01/50

.............

750,000

496,566

c

Local

Initiatives

Support

Corp.

,

1.000

%,

11/15/25

............

1,000,000

906,384

Nature

Conservancy

(The)

,

A,

1.861%,

7/01/33

..........

266,000

197,816

A,

3.957%,

3/01/52

..........

750,000

662,029

Norfolk

Southern

Corp.

,

5.050%,

8/01/30

............

750,000

768,546

2.300%,

5/15/31

............

2,500,000

2,158,455

nVent

Finance

SARL

,

5.650

%,

5/15/33

...................

1,000,000

1,016,869

Owens

Corning

,

3.950

%,

8/15/29

.

1,000,000

953,488

Pentair

Finance

SARL

,

4.500

%,

7/01/29

...................

2,000,000

1,923,313

Raza

Development

Fund,

Inc.

,

3.534

%,

7/01/34

.............

1,000,000

827,818

Republic

Services,

Inc.

,

1.450%,

2/15/31

............

2,000,000

1,623,497

5.000%,

12/15/33

...........

2,000,000

2,042,821

Rockwell

Automation,

Inc.

,

1.750

%,

8/15/31

...................

1,350,000

1,114,658

c

Tesla

Energy

Operations,

Inc.

,

4.700

%,

5/29/25

.............

2,000,000

1,889,450

Union

Pacific

Corp.

,

2.400%,

2/05/30

............

500,000

445,560

3.200%,

5/20/41

............

1,000,000

801,523

4.950%,

5/15/53

............

2,000,000

2,044,746

Waste

Management,

Inc.

,

2.500

%,

11/15/50

..................

350,000

232,901

d

WK

Kellogg

Foundation

Trust

,

144A,

2.443

%,

10/01/50

............

1,000,000

639,615

Xylem,

Inc.

,

1.950

%,

1/30/28

.....

2,080,000

1,881,236

31,990,849

Information

Technology

3.2%

Apple,

Inc.

,

2.400%,

8/20/50

............

1,000,000

656,346

Schedule

of

Investments

Impax

Core

Bond

Fund

(continued)

www.impaxam.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

78

a

a

Shares/

Principal

a

Value

a

a

a

a

Information

Technology

(continued)

Apple,

Inc.,

(continued)

3.950%,

8/08/52

............

750,000

$

657,011

4.850%,

5/10/53

............

750,000

765,167

d

Broadcom,

Inc.

,

144A,

4.926

%,

5/15/37

...................

4,000,000

3,873,550

CDW

LLC

/

CDW

Finance

Corp.

,

3.276

%,

12/01/28

............

3,000,000

2,755,689

Cisco

Systems,

Inc.

,

5.900

%,

2/15/39

...................

2,500,000

2,775,706

Hewlett

Packard

Enterprise

Co.

,

6.200%,

10/15/35

...........

2,500,000

2,744,123

6.350%,

10/15/45

...........

1,000,000

1,080,765

Intel

Corp.

,

5.200

%,

2/10/33

.....

3,250,000

3,396,711

KLA

Corp.

,

4.650

%,

7/15/32

.....

2,000,000

2,044,271

Microchip

Technology,

Inc.

,

0.972

%,

2/15/24

...................

2,000,000

1,988,174

NXP

BV

/

NXP

Funding

LLC

/

NXP

USA,

Inc.

,

5.000

%,

1/15/33

....

3,300,000

3,307,283

QUALCOMM,

Inc.

,

5.400

%,

5/20/33

2,000,000

2,160,233

28,205,029

Materials

0.6%

Air

Products

and

Chemicals,

Inc.

,

4.800

%,

3/03/33

.............

1,500,000

1,548,726

Ball

Corp.

,

6.875

%,

3/15/28

......

1,000,000

1,039,567

Ecolab,

Inc.

,

5.250%,

1/15/28

............

1,000,000

1,032,988

2.125%,

8/15/50

............

500,000

308,318

2.750%,

8/18/55

............

950,000

640,387

d

Graphic

Packaging

International

LLC

,

144A,

3.750

%,

2/01/30

...

1,000,000

901,567

5,471,553

Real

Estate

2.1%

Alexandria

Real

Estate

Equities,

Inc.

,

4.750

%,

4/15/35

.........

2,000,000

1,941,640

American

Tower

Corp.

,

5.900

%,

11/15/33

..................

2,000,000

2,119,118

Century

Housing

Corp.

,

6.100%,

10/15/24

...........

500,000

502,414

4.500%,

2/15/26

............

1,000,000

971,130

Crown

Castle,

Inc.

,

4.300

%,

2/15/29

1,000,000

963,580

CubeSmart

LP

,

2.500

%,

2/15/32

..

1,250,000

1,041,176

Equinix,

Inc.

,

1.000%,

9/15/25

............

1,000,000

933,313

3.900%,

4/15/32

............

1,250,000

1,161,373

d

HAT

Holdings

I

LLC

/

HAT

Holdings

II

LLC

,

144A,

8.000

%,

6/15/27

..

1,000,000

1,042,594

Healthpeak

OP

LLC

,

5.250

%,

12/15/32

..................

1,000,000

1,011,678

Kimco

Realty

OP

LLC

,

4.600

%,

2/01/33

...................

2,000,000

1,930,778

Prologis

LP

,

5.125

%,

1/15/34

.....

2,250,000

2,324,072

a

a

Shares/

Principal

a

Value

a

a

a

a

Real

Estate

(continued)

Welltower

OP

LLC

,

3.850

%,

6/15/32

3,250,000

$

3,007,255

18,950,121

Utilities

4.1%

AES

Corp.

(The)

,

5.450%,

6/01/28

............

1,000,000

1,017,284

2.450%,

1/15/31

............

1,000,000

840,760

American

Water

Capital

Corp.

,

2.800

%,

5/01/30

.............

3,000,000

2,687,419

Avangrid,

Inc.

,

3.200

%,

4/15/25

...

1,000,000

972,201

d

Clearway

Energy

Operating

LLC

,

144A,

3.750

%,

2/15/31

........

2,000,000

1,763,951

Consolidated

Edison

Co.

of

New

York,

Inc.

,

20A

,

3.350

%,

4/01/30

1,000,000

932,955

DTE

Electric

Co.

,

3.950%,

3/01/49

............

1,000,000

842,522

A,

1.900%,

4/01/28

..........

1,500,000

1,350,724

Georgia

Power

Co.

,

A

,

3.250

%,

3/15/51

...................

1,000,000

724,555

d

Leeward

Renewable

Energy

Operations

LLC

,

144A,

4.250

%,

7/01/29

...................

1,500,000

1,308,451

MidAmerican

Energy

Co.

,

3.100%,

5/01/27

............

1,000,000

958,020

3.650%,

4/15/29

............

1,000,000

956,482

2.700%,

8/01/52

............

2,000,000

1,296,001

Niagara

Mohawk

Power

Corp.

,

d

144A,

1.960%,

6/27/30

.......

2,000,000

1,660,891

d

144A,

5.783%,

9/16/52

.......

2,000,000

2,073,834

NSTAR

Electric

Co.

,

3.250

%,

5/15/29

...................

3,000,000

2,824,899

d

Pattern

Energy

Operations

LP

/

Pattern

Energy

Operations,

Inc.

,

144A,

4.500

%,

8/15/28

........

1,000,000

946,645

PG&E

Energy

Recovery

Funding

LLC

,

A-3

,

2.822

%,

7/15/46

.....

750,000

541,928

PG&E

Recovery

Funding

LLC

,

A-2,

5.256%,

1/15/38

........

1,000,000

1,017,335

A-3,

5.536%,

7/15/47

........

2,625,000

2,722,228

SCE

Recovery

Funding

LLC

,

A-1,

4.697%,

6/15/40

........

2,168,458

2,142,562

A-2,

2.943%,

11/15/42

........

1,450,000

1,188,538

A-2,

5.112%,

12/15/47

........

750,000

743,537

Southern

Power

Co.

,

4.150%,

12/01/25

...........

1,000,000

985,643

0.900%,

1/15/26

............

500,000

460,878

Southwestern

Public

Service

Co.

,

8

,

3.150

%,

5/01/50

.............

3,500,000

2,405,820

d

Sunnova

Energy

Corp.

,

144A,

5.875

%,

9/01/26

.............

750,000

639,105

Union

Electric

Co.

,

2.150

%,

3/15/32

1,000,000

829,690

36,834,858

Total

Corporate

Bonds

(Cost

$304,660,479)

...............

294,422,610

Schedule

of

Investments

Impax

Core

Bond

Fund

(continued)

www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

79

a

a

Shares/

Principal

a

Value

a

a

a

a

Foreign

Government

and

Agency

Securities

3.7%

d

BNG

Bank

NV

,

144A,

0.500

%,

11/24/25

..................

250,000

$

231,999

d

Caisse

d'Amortissement

de

la

Dette

Sociale

,

144A,

1.375

%,

1/20/31

.

3,000,000

2,488,755

Kommunalbanken

A/S

,

d

144A,

0.500%,

10/21/24

.......

500,000

482,338

d

144A,

4.625%,

10/24/25

.......

500,000

500,518

d

144A,

1.125%,

10/26/26

.......

1,500,000

1,376,003

d

144A,

1.125%,

6/14/30

........

1,000,000

829,765

Kreditanstalt

fuer

Wiederaufbau

,

2.625%,

2/28/24

.............

5,000,000

4,978,560

0.500%,

9/20/24

.............

1,000,000

968,402

2.000%,

5/02/25

.............

3,000,000

2,899,985

3.125%,

6/10/25

.............

2,000,000

1,960,825

0.375%,

7/18/25

.............

1,000,000

938,916

0.625%,

1/22/26

.............

5,000,000

4,643,755

1.000%,

10/01/26

............

1,500,000

1,380,533

4.750%,

10/29/30

............

2,000,000

2,090,622

4.125%,

7/15/33

.............

6,500,000

6,535,506

d

Ontario

Teachers'

Finance

Trust

,

144A,

1.250

%,

9/27/30

........

1,000,000

815,429

Total

Foreign

Government

and

Agency

Securities

(Cost

$34,355,253)

................

33,121,911

U.S.

Government

and

Agency

Securities

17.9%

FFCB

Funding

Corp.

,

2.500

%,

4/14/36

...................

3,000,000

2,350,374

U.S.

Treasury

Bonds

,

5.000%,

5/15/37

.............

2,000,000

2,237,813

e

4.750%,

11/15/43

............

48,000,000

51,502,500

Index

Linked,

1.000%,

2/15/48

..

1,000,000

1,007,955

4.750%,

11/15/53

............

29,000,000

32,527,578

U.S.

Treasury

Notes

,

Index

Linked,

0.625%,

1/15/26

..

3,000,000

3,748,613

4.500%,

7/15/26

.............

17,000,000

17,161,035

Index

Linked,

0.375%,

7/15/27

..

4,000,000

4,781,895

4.875%,

10/31/28

............

25,000,000

26,101,562

3.750%,

6/30/30

.............

10,000,000

9,912,500

3.500%,

2/15/33

.............

3,000,000

2,910,469

United

States

International

Development

Finance

Corp.

,

3.520%,

9/20/32

.............

1,250,000

1,200,734

FRN,

5.520%,

(3-month

U.S.

Treasury

Bill

Rate),

9/15/26

....

916,667

916,667

1.650%,

4/15/28

.............

500,000

453,474

FRN,

5.520%,

(3-month

U.S.

Treasury

Bill

Rate),

3/15/30

....

1,785,714

1,785,714

1.440%,

4/15/28

.............

1,000,000

900,179

3.130%,

4/15/28

.............

1,000,000

954,662

Total

U.S.

Government

and

Agency

Securities

(Cost

$155,048,490)

...............

160,453,724

a

a

Shares/

Principal

a

Value

a

a

a

a

Asset-Backed

Securities

6.0%

Financials

5.1%

d

College

Ave

Student

Loans

LLC

,

2021-B

,

A2

,

144A,

1.760

%,

6/25/52

.

...................

323,800

$

283,977

d

Commonbond

Student

Loan

Trust

,

2019-AGS

,

A1

,

144A,

2.540

%,

1/25/47

.

...................

511,880

453,903

Foundation

Finance

Trust

,

d

2019-1A,

A,

144A,

3.860%,

11/15/34

..................

349,044

346,148

d

2023-1A,

A,

144A,

5.670%,

12/15/43

..................

2,089,020

2,090,711

d

2023-2A,

A,

144A,

6.530%,

6/15/49

...................

796,677

812,624

d

Frontier

Issuer

LLC

,

2023-1

,

A2

,

144A,

6.600

%,

8/20/53

.

.......

1,000,000

997,331

d

GoodLeap

Sustainable

Home

Solutions

Trust

,

2022-2CS

,

A

,

144A,

4.000

%,

4/20/49

.

.......

2,290,897

2,016,039

d

Helios

Issuer

LLC

,

2023-GRID1

,

1A

,

144A,

5.750

%,

12/20/50

.

......

1,574,143

1,617,039

d

Hertz

Vehicle

Financing

III

LLC

,

2023-1A

,

B

,

144A,

6.220

%,

6/25/27

.

...................

1,500,000

1,508,409

Loanpal

Solar

Loan

Ltd.

,

d

2021-1GS,

A,

144A,

2.290%,

1/20/48

...................

812,305

634,073

d

2021-2GS,

A,

144A,

2.220%,

3/20/48

...................

525,675

392,715

Mill

City

Solar

Loan

Ltd.

,

d

2019-1A,

A,

144A,

4.340%,

3/20/43

...................

430,193

394,693

d

2019-2GS,

A,

144A,

3.690%,

7/20/43

...................

466,832

413,128

Mosaic

Solar

Loan

Trust

,

d

2017-1A,

A,

144A,

4.450%,

6/20/42

...................

356,014

335,604

d

2017-2A,

A,

144A,

3.820%,

6/22/43

...................

438,609

406,909

d

2017-2A,

C,

144A,

2.000%,

6/22/43

...................

74,209

72,975

d

2018-1A,

A,

144A,

4.010%,

6/22/43

...................

1,156,533

1,072,995

d

2019-1A,

A,

144A,

4.370%,

12/21/43

..................

518,997

484,689

d

2019-2A,

A,

144A,

2.880%,

9/20/40

...................

356,624

317,648

d

2020-1A,

A,

144A,

2.100%,

4/20/46

...................

383,331

335,448

d

2020-2A,

A,

144A,

1.440%,

8/20/46

...................

801,414

673,798

d

2020-2A,

C,

144A,

3.000%,

8/20/46

...................

636,462

578,533

d

2021-1A,

A,

144A,

1.510%,

12/20/46

..................

745,556

614,750

d

2021-2A,

B,

144A,

2.090%,

4/22/47

...................

680,193

525,672

Schedule

of

Investments

Impax

Core

Bond

Fund

(continued)

www.impaxam.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

80

a

a

Shares/

Principal

a

Value

a

a

a

a

Asset-Backed

Securities

(continued)

Financials

(continued)

Mosaic

Solar

Loan

Trust,

(continued)

d

2022-3A,

A,

144A,

6.100%,

6/20/53

...................

2,118,340

$

2,157,262

OneMain

Financial

Issuance

Trust

,

d

2022-3A,

A,

144A,

5.940%,

5/15/34

...................

1,750,000

1,755,442

d

2022-S1,

A,

144A,

4.130%,

5/14/35

...................

2,520,000

2,456,606

d

PACEWell

5

Trust

,

2021-1

,

A

,

144A,

2.628

%,

10/10/59

.

...........

1,041,389

826,960

SBA

Small

Business

Investment

Cos.

,

2023-10A,

1,

5.168%,

3/10/33

..

1,485,765

1,491,903

2023-10B,

1,

5.688%,

9/10/33

..

1,125,000

1,171,422

d

Service

Experts

Issuer

LLC

,

2021-

1A

,

A

,

144A,

2.670

%,

2/02/32

.

..

841,977

783,132

SoFi

Professional

Loan

Program

LLC

,

d

2017-B,

BFX,

144A,

FRN,

3.700%,

5/25/40

.............

1,810,973

1,759,730

d

2017-D,

BFX,

144A,

3.610%,

9/25/40

...................

1,900,000

1,738,849

d

2017-F,

BFX,

144A,

3.620%,

1/25/41

...................

1,800,000

1,635,361

d

2018-B,

BFX,

144A,

3.830%,

8/25/47

...................

500,000

460,106

Sunnova

Helios

II

Issuer

LLC

,

d

2019-AA,

A,

144A,

3.750%,

6/20/46

...................

1,434,925

1,311,154

d

2021-B,

A,

144A,

1.620%,

7/20/48

2,041,215

1,745,091

d

Sunnova

Helios

VII

Issuer

LLC

,

2021-C

,

B

,

144A,

2.330

%,

10/20/48

.

..................

858,249

723,959

d

Sunnova

Sol

Issuer

LLC

,

2020-1A

,

A

,

144A,

3.350

%,

2/01/55

.

.....

881,544

771,002

d

Sunrun

Athena

Issuer

LLC

,

2018-1

,

A

,

144A,

5.310

%,

4/30/49

.

.....

880,782

841,030

d

Sunrun

Atlas

Issuer

LLC

,

2019-2

,

A

,

144A,

3.610

%,

2/01/55

.

.......

884,657

811,668

Tesla

Auto

Lease

Trust

,

d

2021-A,

C,

144A,

1.180%,

3/20/25

194,305

193,691

d

2021-A,

D,

144A,

1.340%,

3/20/25

500,000

498,304

d

2023-A,

A2,

144A,

5.860%,

8/20/25

...................

1,000,000

1,002,062

d

2023-A,

B,

144A,

6.410%,

7/20/27

1,000,000

1,009,651

d

2023-B,

B,

144A,

6.570%,

8/20/27

1,400,000

1,425,652

d

Tricon

American

Homes

Trust

,

2020-SFR2

,

A

,

144A,

1.482

%,

11/17/39

.

..................

1,283,987

1,125,411

d

Vivint

Solar

Financing

V

LLC

,

2018-

1A

,

A

,

144A,

4.730

%,

4/30/48

.

..

881,079

824,753

45,900,012

a

a

a

a

a

a

a

Shares/

Principal

a

Value

a

a

a

a

Asset-Backed

Securities

(continued)

Industrials

0.3%

d

Avis

Budget

Rental

Car

Funding

AESOP

LLC

,

2023-8A

,

A

,

144A,

6.020

%,

2/20/30

.

............

1,750,000

$

1,806,127

d

Triumph

Rail

Holdings

LLC

,

2021-2

,

A

,

144A,

2.150

%,

6/19/51

.

.....

890,478

795,785

2,601,912

a

a

a

a

a

Real

Estate

0.5%

d

American

Tower

Trust

#1

,

144A,

5.490

%,

3/15/28

.

............

1,750,000

1,777,060

SBA

Tower

Trust

,

d

144A,

1.631%,

11/15/26

.......

1,000,000

893,891

d

144A,

1.840%,

4/15/27

........

2,000,000

1,772,516

4,443,467

a

a

a

a

a

Utilities

0.1%

d

Sunnova

Helios

IV

Issuer

LLC

,

2020-AA

,

A

,

144A,

2.980

%,

6/20/47

.

...................

701,157

643,372

d

Sunnova

Helios

V

Issuer

LLC

,

2021-

A

,

A

,

144A,

1.800

%,

2/20/48

.

...

398,420

346,395

989,767

a

a

a

a

a

Total

Asset-Backed

Securities

(Cost

$57,282,365)

................

53,935,158

Commercial

Mortgage-

Backed

Securities

3.2%

Financials

3.2%

FHLMC

Multi-family

Structured

Pass-Through

Certificates

,

KG01,

A10,

2.939%,

4/25/29

...

3,000,000

2,793,758

KG02,

A2,

2.412%,

8/25/29

....

2,000,000

1,813,467

KG04,

A2,

1.487%,

11/25/30

...

2,000,000

1,661,773

KG07,

A2,

FRN,

3.123%,

8/25/32

1,750,000

1,587,581

KSG1,

A2,

1.503%,

9/25/30

....

651,000

545,280

KSG4,

A2,

FRN,

3.400%,

8/25/32

2,000,000

1,850,435

FHLMC,

Multi-class

Certificates

,

2021-P009,

A1,

1.132%,

1/25/31

1,507,096

1,332,381

2021-P011,

A1,

1.204%,

9/25/31

452,119

401,505

FNMA,

REMIC

,

2017-M2,

A2,

FRN,

2.825%,

2/25/27

...................

1,694,674

1,620,312

2018-M13,

A2,

FRN,

3.740%,

9/25/30

...................

727,696

701,138

2018-M2,

A2,

FRN,

2.908%,

1/25/28

...................

1,706,245

1,620,113

2018-M4,

A2,

FRN,

3.064%,

3/25/28

...................

1,062,893

1,011,986

2018-M8,

A2,

FRN,

3.302%,

6/25/28

...................

1,810,871

1,741,829

2019-M1,

A2,

FRN,

3.547%,

9/25/28

...................

1,770,275

1,715,283

2019-M9,

A2,

2.937%,

6/25/29

..

1,686,480

1,584,513

Schedule

of

Investments

Impax

Core

Bond

Fund

(continued)

www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

81

a

a

Shares/

Principal

a

Value

a

a

a

a

Commercial

Mortgage-

Backed

Securities

(continued)

Financials

(continued)

FNMA,

REMIC,

(continued)

2021-M1S,

A2,

FRN,

1.383%,

12/25/30

..................

2,700,000

$

2,225,993

2023-M1S,

A2,

FRN,

4.506%,

4/25/33

...................

2,000,000

2,006,426

GNMA

,

2013-101,

AF,

FRN,

2.850%,

9/16/50

...................

658,613

635,089

2014-164,

AN,

FRN,

3.100%,

3/16/55

...................

574,401

512,728

d

SLG

Office

Trust

,

2021-OVA

,

A

,

144A,

2.585

%,

7/15/41

........

1,500,000

1,242,377

28,603,967

a

a

a

a

a

Total

Commercial

Mortgage-Backed

Securities

(Cost

$31,301,332)

................

28,603,967

Mortgage-Backed

Securities

20.7%

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Fixed

Rate

5.2%

FHLMC

Gold

Pool,

20

Year,

3.000%,

3/01/35

...................

2,588,477

2,434,063

FHLMC

Pool,

15

Year,

4.000%,

7/01/37

...................

1,740,286

1,712,748

FHLMC

Pool,

30

Year,

3.000%,

12/01/49

..................

1,618,377

1,448,903

FHLMC

Pool,

30

Year,

2.000%,

2/01/51

...................

2,386,232

1,985,345

FHLMC

Pool,

30

Year,

4.000%,

8/01/51

...................

3,166,218

3,015,104

FHLMC

Pool,

30

Year,

3.000%,

4/01/52

...................

4,553,612

4,038,622

FHLMC

Pool,

30

Year,

4.500%,

8/01/52

...................

1,799,916

1,754,044

FHLMC

Pool,

30

Year,

5.500%,

9/01/52

...................

3,732,776

3,792,511

FHLMC

Pool,

30

Year,

5.500%,

11/01/52

..................

3,682,551

3,717,228

FHLMC

Pool,

30

Year,

5.500%,

12/01/52

..................

1,840,621

1,851,703

FHLMC

Pool,

30

Year,

5.500%,

1/01/53

...................

2,893,049

2,911,013

FHLMC

Pool,

30

Year,

5.500%,

3/01/53

...................

5,668,881

5,718,214

FHLMC

Pool,

30

Year,

6.000%,

6/01/53

...................

2,917,064

2,994,568

FHLMC

Pool,

30

Year,

6.500%,

6/01/53

...................

1,869,410

1,921,314

FHLMC

Pool,

30

Year,

5.000%,

8/01/53

...................

2,940,933

2,910,180

a

a

Shares/

Principal

a

Value

a

a

a

a

Mortgage-Backed

Securities

(continued)

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Fixed

Rate

(con-

tinued)

FHLMC

Pool,

30

Year,

5.500%,

9/01/53

...................

3,931,393

$

3,965,212

46,170,772

Federal

National

Mortgage

Asso-

ciation

(FNMA)

Fixed

Rate

14.1%

FNMA,

15

Year,

2.000%,

3/01/36

..

2,102,680

1,898,038

FNMA,

15

Year,

4.000%,

8/01/37

..

1,646,545

1,627,188

FNMA,

20

Year,

2.000%,

11/01/40

.

1,598,141

1,376,652

FNMA,

20

Year,

2.000%,

12/01/40

.

3,782,215

3,257,776

FNMA,

20

Year,

2.500%,

12/01/40

.

2,342,138

2,086,551

FNMA,

20

Year,

3.000%,

1/01/42

..

2,377,548

2,190,641

FNMA,

30

Year,

4.000%,

2/01/41

..

1,289,791

1,242,016

FNMA,

30

Year,

4.000%,

1/01/42

..

1,216,731

1,185,800

FNMA,

30

Year,

3.500%,

7/01/43

..

3,293,733

3,102,492

FNMA,

30

Year,

3.000%,

11/01/46

.

2,547,963

2,321,778

FNMA,

30

Year,

3.500%,

9/01/49

..

4,125,993

3,841,934

FNMA,

30

Year,

4.000%,

9/01/49

..

2,318,630

2,218,466

FNMA,

30

Year,

3.500%,

1/01/50

..

2,418,772

2,259,857

FNMA,

30

Year,

2.500%,

3/01/50

..

1,566,977

1,345,300

FNMA,

30

Year,

2.500%,

8/01/50

..

1,665,038

1,443,474

FNMA,

30

Year,

2.500%,

9/01/50

..

5,482,168

4,695,835

FNMA,

30

Year,

2.000%,

10/01/50

.

3,013,131

2,464,291

FNMA,

30

Year,

1.500%,

11/01/50

.

2,249,717

1,764,898

FNMA,

30

Year,

2.500%,

11/01/50

.

1,660,903

1,424,380

FNMA,

30

Year,

2.000%,

12/01/50

.

1,492,752

1,234,978

FNMA,

30

Year,

2.500%,

12/01/50

.

3,431,845

2,948,080

FNMA,

30

Year,

2.500%,

1/01/51

..

1,517,454

1,296,725

FNMA,

30

Year,

2.500%,

5/01/51

..

1,536,333

1,311,659

FNMA,

30

Year,

2.500%,

7/01/51

..

7,623,805

6,511,853

FNMA,

30

Year,

2.000%,

9/01/51

..

2,693,347

2,202,706

FNMA,

30

Year,

2.000%,

10/01/51

.

2,616,134

2,142,600

FNMA,

30

Year,

2.500%,

10/01/51

.

2,475,220

2,108,124

FNMA,

30

Year,

2.500%,

11/01/51

.

2,737,568

2,331,414

FNMA,

30

Year,

3.500%,

1/01/52

..

2,397,097

2,202,521

FNMA,

30

Year,

2.500%,

2/01/52

..

3,435,794

2,924,704

FNMA,

30

Year,

3.000%,

2/01/52

..

2,680,300

2,372,130

FNMA,

30

Year,

3.500%,

4/01/52

..

6,245,579

5,733,358

FNMA,

30

Year,

3.500%,

6/01/52

..

3,622,648

3,338,509

FNMA,

30

Year,

3.500%,

7/01/52

..

3,639,162

3,368,110

FNMA,

30

Year,

4.000%,

7/01/52

..

7,133,739

6,765,210

FNMA,

30

Year,

4.500%,

7/01/52

..

2,825,311

2,740,687

FNMA,

30

Year,

4.500%,

8/01/52

..

2,901,400

2,832,314

FNMA,

30

Year,

5.000%,

9/01/52

..

2,918,111

2,895,443

FNMA,

30

Year,

4.500%,

10/01/52

.

2,730,047

2,657,827

FNMA,

30

Year,

6.000%,

11/01/52

.

2,767,962

2,817,385

FNMA,

30

Year,

4.500%,

1/01/53

..

2,872,848

2,786,801

FNMA,

30

Year,

6.000%,

2/01/53

..

2,756,807

2,827,570

FNMA,

30

Year,

5.000%,

3/01/53

..

1,832,980

1,823,709

FNMA,

30

Year,

5.500%,

3/01/53

..

1,890,209

1,899,504

FNMA,

30

Year,

5.500%,

5/01/53

..

9,488,541

9,567,936

FNMA,

30

Year,

5.500%,

8/01/53

..

2,867,597

2,895,809

126,285,033

Schedule

of

Investments

Impax

Core

Bond

Fund

(continued)

www.impaxam.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

82

a

a

Shares/

Principal

a

Value

a

a

a

a

Mortgage-Backed

Securities

(continued)

Government

National

Mortgage

Association

(GNMA)

Fixed

Rate

1.4%

GNMA

I,

3.020%,

9/15/41

.......

1,579,398

$

1,403,345

GNMA

II,

Single-family,

30

Year,

2.500%,

7/20/52

.............

1,778,360

1,556,021

GNMA

II,

Single-family,

30

Year,

2.500%,

8/20/52

.............

5,439,578

4,760,182

GNMA

II,

Single-family,

30

Year,

3.000%,

6/20/53

.............

5,280,262

4,792,403

12,511,951

Total

Mortgage-Backed

Securities

(Cost

$198,285,635)

...............

184,967,756

Municipal

Bonds

1.3%

California

0.5%

California

Health

Facilities

Financing

Authority

,

State

of

California

Personal

Income

Tax

,

Revenue

,

2022

,

4.190

%,

6/01/37

........

1,750,000

1,621,680

California

State

University

,

Revenue

,

2021

B

,

Refunding

,

2.795

%,

11/01/41

............

500,000

368,386

State

of

California

,

GO

,

7.550

%,

4/01/39

...................

2,000,000

2,530,149

4,520,215

Massachusetts

0.6%

Commonwealth

of

Massachusetts

,

GO,

2016

F,

3.277%,

6/01/46

...

2,000,000

1,613,265

COVID-19

Recovery

Assessment,

Revenue,

2022

A,

3.881%,

1/15/31

..................

2,000,000

1,945,113

University

of

Massachusetts

Building

Authority

,

Revenue,

2009-2,

6.573%,

5/01/39

..................

125,000

125,135

Revenue,

2010-2,

5.450%,

11/01/40

.................

1,225,000

1,275,843

4,959,356

Oregon

0.2%

State

of

Oregon

,

GO

,

2022

B

,

4.721

%,

5/01/42

.............

2,000,000

1,927,903

Total

Municipal

Bonds

(Cost

$12,349,385)

................

11,407,474

Residential

Mortgage-

Backed

Securities

2.2%

Financials

2.2%

Angel

Oak

Mortgage

Trust

,

d

2022-2,

A1,

144A,

FRN,

3.353%,

1/25/67

...................

1,623,401

1,485,880

a

a

Shares/

Principal

a

Value

a

a

a

a

Residential

Mortgage-

Backed

Securities

(continued)

Financials

(continued)

Angel

Oak

Mortgage

Trust,

(continued)

d

2022-5,

A1,

144A,

4.500%,

5/25/67

...................

1,718,698

$

1,679,484

Connecticut

Avenue

Securities

Trust

,

d

2021-R01,

1M2,

144A,

FRN,

6.887%,

(30-day

SOFR

Average

+

1.550%),

10/25/41

...........

645,000

644,977

d

2022-R08,

1M1,

144A,

FRN,

7.887%,

(30-day

SOFR

Average

+

2.550%),

7/25/42

............

1,788,587

1,835,500

d

2023-R01,

1M1,

144A,

FRN,

7.737%,

(30-day

SOFR

Average

+

2.400%),

12/25/42

...........

1,329,684

1,356,189

d

2023-R06,

1M1,

144A,

FRN,

7.037%,

(30-day

SOFR

Average

+

1.700%),

7/25/43

............

1,340,914

1,347,256

FHLMC

STACR

REMIC

Trust

,

d

2020-HQA2,

M2,

144A,

FRN,

8.552%,

(30-day

SOFR

Average

+

3.214%),

3/25/50

............

990,354

1,023,530

d

2021-DNA5,

M2,

144A,

FRN,

6.987%,

(30-day

SOFR

Average

+

1.650%),

1/25/34

............

312,011

313,432

d

2022-DNA1,

M1B,

144A,

FRN,

7.187%,

(30-day

SOFR

Average

+

1.850%),

1/25/42

............

1,100,000

1,101,600

Flagstar

Mortgage

Trust

,

d

2021-5INV,

A5,

144A,

FRN,

2.500%,

7/25/51

.............

715,130

626,775

d

2021-6INV,

A6,

144A,

FRN,

2.500%,

8/25/51

.............

1,444,157

1,264,950

d

FNMA

Connecticut

Avenue

Securities

,

2021-R02

,

2M2

,

144A,

FRN

,

7.337

%,

(

30-day

SOFR

Average

+

2.000

%

),

11/25/41

...

1,500,000

1,489,514

d

Mello

Mortgage

Capital

Acceptance

,

2021-INV1

,

A4

,

144A,

FRN

,

2.500

%,

6/25/51

.............

752,788

659,179

New

Residential

Mortgage

Loan

Trust

,

d

2019-2A,

A1,

144A,

FRN,

4.250%,

12/25/57

..................

781,355

753,842

d

2019-4A,

A1B,

144A,

FRN,

3.500%,

12/25/58

............

339,342

316,435

d

2019-5A,

A1B,

144A,

FRN,

3.500%,

8/25/59

.............

447,644

420,474

d

2019-RPL3,

A1,

144A,

FRN,

2.750%,

7/25/59

.............

966,512

913,720

Sequoia

Mortgage

Trust

,

d

2018-CH1,

A19,

144A,

FRN,

4.000%,

3/25/48

.............

63,410

58,164

d

2021-4,

A4,

144A,

FRN,

2.500%,

6/25/51

...................

1,556,449

1,360,849

Schedule

of

Investments

Impax

Core

Bond

Fund

(continued)

www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

83

a

a

Shares/

Principal

a

Value

a

a

a

a

Residential

Mortgage-

Backed

Securities

(continued)

Financials

(continued)

d

Towd

Point

Mortgage

Trust

,

2023-1

,

A1

,

144A,

3.750

%,

1/25/63

.....

1,112,617

$

1,056,834

19,708,584

a

a

a

a

a

Total

Residential

Mortgage-Backed

Securities

(Cost

$20,621,805)

................

19,708,584

Supranational

10.1%

Council

of

Europe

Development

Bank

,

3.000

%,

6/16/25

........

1,000,000

976,999

European

Bank

for

Reconstruction

&

Development

,

1.625%,

9/27/24

.............

3,000,000

2,926,774

0.500%,

11/25/25

............

3,000,000

2,788,483

European

Investment

Bank

,

3.250%,

1/29/24

.............

6,000,000

5,990,697

2.750%,

8/15/25

.............

2,000,000

1,946,766

1.375%,

3/15/27

.............

2,000,000

1,839,737

3.875%,

3/15/28

.............

1,000,000

995,866

1.750%,

3/15/29

.............

800,000

717,159

0.750%,

9/23/30

.............

1,000,000

812,414

3.750%,

2/14/33

.............

3,000,000

2,943,660

Inter-American

Development

Bank

,

2.625%,

1/16/24

.............

3,000,000

2,996,957

0.340%,

10/15/24

............

4,000,000

3,851,579

1.750%,

3/14/25

.............

3,000,000

2,897,543

0.625%,

7/15/25

.............

3,000,000

2,827,417

0.875%,

4/20/26

.............

2,000,000

1,854,847

1.500%,

1/13/27

.............

2,000,000

1,852,878

0.625%,

9/16/27

.............

600,000

530,088

3.500%,

9/14/29

.............

4,500,000

4,388,974

1.125%,

1/13/31

.............

3,250,000

2,680,099

3.500%,

4/12/33

.............

2,000,000

1,914,074

Inter-American

Investment

Corp.

,

2.625

%,

4/22/25

.............

1,000,000

972,872

International

Bank

for

Reconstruction

&

Development

,

1.625%,

1/15/25

.............

8,000,000

7,747,084

0.625%,

4/22/25

.............

5,000,000

4,750,216

0.500%,

10/28/25

............

500,000

466,093

3.125%,

6/15/27

.............

2,000,000

1,939,208

0.750%,

11/24/27

............

1,000,000

882,491

Zero

Cpn

.,

3/31/28

...........

4,500,000

4,232,925

1.375%,

4/20/28

.............

1,500,000

1,345,082

4.625%,

8/01/28

.............

550,000

564,454

3.875%,

2/14/30

.............

1,000,000

992,592

4.000%,

7/25/30

.............

3,000,000

2,996,535

1.625%,

11/03/31

............

1,500,000

1,263,324

2.750%,

5/31/36

.............

2,000,000

1,678,909

FRN,

5.728%,

(SOFR

Index

+

0.370%),

2/11/31

............

2,000,000

1,984,861

d

International

Development

Association

,

144A,

0.375

%,

9/23/25

...................

3,200,000

2,984,847

a

a

Shares/

Principal

a

Value

a

a

a

a

Supranational

(continued)

International

Finance

Corp.

,

0.375%,

7/16/25

.............

1,000,000

$

939,084

0.750%,

10/08/26

............

2,250,000

2,053,564

4.375%,

1/15/27

.............

1,000,000

1,008,179

Nordic

Investment

Bank

,

0.375%,

9/20/24

.............

1,500,000

1,450,819

0.375%,

9/11/25

.............

3,000,000

2,803,138

Total

Supranational

(Cost

$95,214,517)

................

90,789,288

Total

Long

Term

Investments

(Cost

$909,829,873)

...............

878,113,431

a

a

a

Certificates

of

Deposit

0.0%

c

Walden

Mutual

Bank,

4.935%,

11/13/24

..................

500,000

499,116

(Cost

$500,000)

Money

Market

0.9%

f,g

JPMorgan

Prime

Money

Market

Fund,

5.290%

..............

7,666,056

7,666,056

(Cost

$7,666,056)

a

Total

Investments

98.9%

(Cost

$917,995,929)

..............

$886,278,603

Other

Assets,

less

Liabilities

1.1%

..

10,059,686

Net

Assets

100.0%

................

$896,338,289

a

Rounds

to

less

than

0.05%.

b

Security

valued

using

significant

unobservable

inputs.

c

Illiquid

security.

d

Security

purchased

pursuant

to

Rule

144A

of

the

Securities

Act

of

1933

and

may

be

resold

only

to

qualified

institutional

buyers.

e

Security

or

partial

position

of

this

security

was

on

loan

as

of

December

31,

2023.

The

total

market

value

of

securities

on

loan

as

of  December

31,

2023

was

$52,167,924.

f

Rate

shown

represents

annualized

7-day

yield

as

of

December

31,

2023.

g

Institutional

Class

shares.

LP

Limited

Partnership

PIK

Payment

In

Kind

REIT

Real

Estate

Investment

Trust

SOFR

Secured

Overnight

Financing

Rate

Schedule

of

Investments,

December

31,

2023

Impax

High

Yield

Bond

Fund

www.impaxam.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

84

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

0.4%

Healthcare

0.2%

a

Avantor,

Inc.

.................

60,790

$

1,387,836

Technology

&

Electronics

0.2%

a

Diebold

Nixdorf,

Inc.

...........

30,701

888,794

Total

Common

Stocks

(Cost

$2,922,722)

.................

2,276,630

BONDS:

96.3%

Community

Investment

Notes

0.1%

Financial

Services

0.1%

b,c

CEI

Investments

LLC

,

FRN

,

4.000

%,

9/30/24

.............

531,476

531,476

c

Envest

Microfinance

Cooperative

,

b

5.460%,

10/24/24

...........

150,000

150,000

4.000%,

4/20/26

............

250,000

242,347

923,823

Total

Community

Investment

Notes

(Cost

$931,476)

..................

923,823

Corporate

Bonds

92.1%

Automotive

5.3%

Allison

Transmission,

Inc.

,

d

144A,

4.750%,

10/01/27

......

1,200,000

1,160,271

d

144A,

5.875%,

6/01/29

.......

1,925,000

1,920,373

d

144A,

3.750%,

1/30/31

.......

2,475,000

2,189,409

Dana,

Inc.

,

4.500

%,

2/15/32

.....

3,900,000

3,397,659

Ford

Motor

Co.

,

3.250

%,

2/12/32

..

3,850,000

3,203,668

Ford

Motor

Credit

Co.

LLC

,

3.664%,

9/08/24

............

2,075,000

2,042,892

5.125%,

6/16/25

............

3,750,000

3,704,491

2.700%,

8/10/26

............

1,850,000

1,714,272

d

Gates

Global

LLC

/

Gates

Corp.

,

144A,

6.250

%,

1/15/26

........

3,075,000

3,062,977

d

IHO

Verwaltungs

GmbH

,

144A,

PIK,

6.375

%,

5/15/29

.............

3,750,000

3,684,555

ZF

North

America

Capital,

Inc.

,

d

144A,

6.875%,

4/14/28

.......

1,575,000

1,633,108

d

144A,

7.125%,

4/14/30

.......

1,800,000

1,920,526

29,634,201

Banking

0.6%

PNC

Financial

Services

Group,

Inc.

(The)

,

V

,

Junior

Sub.

Bond

,

6.2%

to

9/14/27,

FRN

thereafter

,

Perpetual

..................

3,250,000

3,167,898

Basic

Industry

7.9%

Advanced

Drainage

Systems,

Inc.

,

d

144A,

5.000%,

9/30/27

.......

1,600,000

1,545,576

d

144A,

6.375%,

6/15/30

.......

2,450,000

2,469,927

ATI,

Inc.

,

7.250%,

8/15/30

............

2,000,000

2,083,243

a

a

Shares/

Principal

a

Value

a

a

a

a

Basic

Industry

(continued)

ATI,

Inc.,

(continued)

5.125%,

10/01/31

...........

1,800,000

$

1,672,324

d

Avient

Corp.

,

144A,

7.125

%,

8/01/30

...................

2,060,000

2,144,252

d

CVR

Partners

LP

/

CVR

Nitrogen

Finance

Corp.

,

144A,

6.125

%,

6/15/28

...................

3,800,000

3,549,561

d

Dycom

Industries,

Inc.

,

144A,

4.500

%,

4/15/29

.............

1,450,000

1,347,194

d

Interface,

Inc.

,

144A,

5.500

%,

12/01/28

..................

5,455,000

5,049,820

d

Knife

River

Corp.

,

144A,

7.750

%,

5/01/31

...................

2,250,000

2,397,341

MDC

Holdings,

Inc.

,

3.850%,

1/15/30

............

2,000,000

1,831,122

6.000%,

1/15/43

............

2,500,000

2,329,440

Mercer

International,

Inc.

,

5.500%,

1/15/26

............

1,075,000

1,030,248

5.125%,

2/01/29

............

1,325,000

1,139,883

d

144A,

12.875%,

10/01/28

.....

1,800,000

1,969,744

d

Novelis

Corp.

,

144A,

4.750

%,

1/30/30

...................

2,300,000

2,166,723

Olympus

Water

US

Holding

Corp.

,

d

144A,

4.250%,

10/01/28

......

1,975,000

1,779,395

d

144A,

9.750%,

11/15/28

......

1,000,000

1,062,643

Shea

Homes

LP

/

Shea

Homes

Funding

Corp.

,

4.750%,

2/15/28

............

2,100,000

1,976,615

4.750%,

4/01/29

............

1,075,000

994,633

Standard

Industries,

Inc.

,

d

144A,

5.000%,

2/15/27

.......

2,700,000

2,634,395

d

144A,

4.375%,

7/15/30

.......

3,875,000

3,563,385

44,737,464

Capital

Goods

7.7%

d

ARD

Finance

SA

,

144A,

PIK,

6.500

%,

6/30/27

.............

2,175,000

1,018,520

d

Ardagh

Metal

Packaging

Finance

USA

LLC

/

Ardagh

Metal

Packaging

Finance

plc

,

144A,

3.250

%,

9/01/28

.............

1,075,000

941,677

Ardagh

Packaging

Finance

plc

/

Ardagh

Holdings

USA,

Inc.

,

d

144A,

4.125%,

8/15/26

.......

1,600,000

1,461,352

d

144A,

5.250%,

8/15/27

.......

3,525,000

2,742,590

d

ATS

Corp.

,

144A,

4.125

%,

12/15/28

3,150,000

2,899,357

Ball

Corp.

,

6.875%,

3/15/28

............

1,100,000

1,143,524

6.000%,

6/15/29

............

1,800,000

1,840,361

d

Chart

Industries,

Inc.

,

144A,

7.500

%,

1/01/30

.............

2,000,000

2,092,994

d

Clydesdale

Acquisition

Holdings,

Inc.

,

144A,

8.750

%,

4/15/30

....

2,350,000

2,193,905

d

Emerald

Debt

Merger

Sub

LLC

,

144A,

6.625

%,

12/15/30

.......

2,500,000

2,556,550

d

GrafTech

Finance,

Inc.

,

144A,

4.625

%,

12/15/28

............

2,850,000

1,892,799

Schedule

of

Investments

Impax

High

Yield

Bond

Fund

(continued)

www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

85

a

a

Shares/

Principal

a

Value

a

a

a

a

Capital

Goods

(continued)

d

GrafTech

Global

Enterprises,

Inc.

,

144A,

9.875

%,

12/15/28

.......

1,000,000

$

772,500

d

Graphic

Packaging

International

LLC

,

144A,

3.750

%,

2/01/30

...

5,400,000

4,868,460

Howmet

Aerospace,

Inc.

,

5.900%,

2/01/27

............

1,075,000

1,103,386

6.750%,

1/15/28

............

2,025,000

2,133,388

d

OI

European

Group

BV

,

144A,

4.750

%,

2/15/30

.............

2,100,000

1,966,134

Owens-Brockway

Glass

Container,

Inc.

,

d

144A,

6.625%,

5/13/27

.......

1,875,000

1,877,494

d

144A,

7.250%,

5/15/31

.......

1,667,000

1,692,238

Regal

Rexnord

Corp.

,

d

144A,

6.050%,

4/15/28

.......

1,550,000

1,570,354

d

144A,

6.400%,

4/15/33

.......

3,450,000

3,598,639

d

Terex

Corp.

,

144A,

5.000

%,

5/15/29

3,150,000

2,972,356

43,338,578

Consumer

Goods

5.8%

d

BellRing

Brands,

Inc.

,

144A,

7.000

%,

3/15/30

.............

3,000,000

3,107,355

d

Chobani

LLC

/

Chobani

Finance

Corp.,

Inc.

,

144A,

7.500

%,

4/15/25

...................

2,000,000

1,991,710

d

Darling

Ingredients,

Inc.

,

144A,

6.000

%,

6/15/30

.............

5,800,000

5,808,178

Lamb

Weston

Holdings,

Inc.

,

d

144A,

4.125%,

1/31/30

.......

2,100,000

1,937,985

d

144A,

4.375%,

1/31/32

.......

2,100,000

1,918,421

d

Land

O'

Lakes,

Inc.

,

Junior

Sub.

Bond

,

144A,

7.000

%,

Perpetual

.

1,685,000

1,263,750

Newell

Brands,

Inc.

,

4.875%,

6/01/25

............

1,200,000

1,181,245

6.375%,

9/15/27

............

2,275,000

2,265,824

d

Performance

Food

Group,

Inc.

,

144A,

5.500

%,

10/15/27

.......

2,150,000

2,120,768

Post

Holdings,

Inc.

,

d

144A,

5.750%,

3/01/27

.......

758,000

752,597

d

144A,

5.500%,

12/15/29

......

3,500,000

3,376,145

d

144A,

4.500%,

9/15/31

.......

3,075,000

2,759,878

d

United

Natural

Foods,

Inc.

,

144A,

6.750

%,

10/15/28

............

5,375,000

4,358,372

32,842,228

Financial

Services

2.7%

Ally

Financial,

Inc.

,

Sub.

Bond,

5.750%,

11/20/25

..

3,000,000

2,983,600

Sub.

Bond,

6.700%,

2/14/33

...

3,100,000

3,106,873

Block,

Inc.

,

2.750%,

6/01/26

............

1,075,000

1,014,429

3.500%,

6/01/31

............

1,500,000

1,334,701

OneMain

Finance

Corp.

,

6.875%,

3/15/25

............

1,000,000

1,013,085

3.500%,

1/15/27

............

1,450,000

1,342,931

6.625%,

1/15/28

............

1,125,000

1,136,592

a

a

Shares/

Principal

a

Value

a

a

a

a

Financial

Services

(continued)

PennyMac

Financial

Services,

Inc.

,

d

144A,

4.250%,

2/15/29

.......

1,075,000

$

968,864

d

144A,

5.750%,

9/15/31

.......

2,600,000

2,410,086

15,311,161

Healthcare

8.4%

AdaptHealth

LLC

,

d

144A,

6.125%,

8/01/28

.......

2,075,000

1,793,143

d

144A,

4.625%,

8/01/29

.......

1,075,000

831,024

Avantor

Funding,

Inc.

,

d

144A,

4.625%,

7/15/28

.......

5,600,000

5,416,382

d

144A,

3.875%,

11/01/29

......

2,100,000

1,909,031

Centene

Corp.

,

4.250%,

12/15/27

...........

1,075,000

1,036,637

4.625%,

12/15/29

...........

2,350,000

2,255,958

d

Cheplapharm

Arzneimittel

GmbH

,

144A,

5.500

%,

1/15/28

........

2,525,000

2,390,323

Encompass

Health

Corp.

,

4.750

%,

2/01/30

...................

2,875,000

2,710,623

d

Fortrea

Holdings,

Inc.

,

144A,

7.500

%,

7/01/30

.............

1,000,000

1,028,222

d

Garden

Spinco

Corp.

,

144A,

8.625

%,

7/20/30

.............

2,650,000

2,834,032

d

HealthEquity,

Inc.

,

144A,

4.500

%,

10/01/29

..................

3,000,000

2,789,278

d

IQVIA,

Inc.

,

144A,

5.000

%,

5/15/27

2,750,000

2,700,693

d

Medline

Borrower

LP

,

144A,

5.250

%,

10/01/29

............

1,975,000

1,864,235

Organon

&

Co.

/

Organon

Foreign

Debt

Co-Issuer

BV

,

d

144A,

4.125%,

4/30/28

.......

1,425,000

1,312,984

d

144A,

5.125%,

4/30/31

.......

2,350,000

2,012,598

Prestige

Brands,

Inc.

,

d

144A,

5.125%,

1/15/28

.......

2,175,000

2,114,252

d

144A,

3.750%,

4/01/31

.......

900,000

787,744

d

Star

Parent,

Inc.

,

144A,

9.000

%,

10/01/30

..................

1,050,000

1,107,858

Tenet

Healthcare

Corp.

,

5.125%,

11/01/27

...........

3,600,000

3,521,794

6.125%,

10/01/28

...........

1,825,000

1,821,441

6.125%,

6/15/30

............

3,925,000

3,973,423

d

144A,

6.750%,

5/15/31

.......

1,100,000

1,125,630

47,337,305

Insurance

1.8%

d

HUB

International

Ltd.

,

144A,

7.250

%,

6/15/30

.............

2,900,000

3,065,025

d

Liberty

Mutual

Group,

Inc.

,

144A,

4.125%

to

12/14/26,

FRN

thereafter

,

12/15/51

..........

5,000,000

4,199,276

d

NFP

Corp.

,

144A,

7.500

%,

10/01/30

2,500,000

2,663,029

9,927,330

Leisure

2.3%

d

Lindblad

Expeditions

Holdings,

Inc.

,

144A,

9.000

%,

5/15/28

........

1,825,000

1,895,199

Schedule

of

Investments

Impax

High

Yield

Bond

Fund

(continued)

www.impaxam.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

86

a

a

Shares/

Principal

a

Value

a

a

a

a

Leisure

(continued)

d

Lindblad

Expeditions

LLC

,

144A,

6.750

%,

2/15/27

.............

1,725,000

$

1,717,841

Park

Intermediate

Holdings

LLC

/

PK

Domestic

Property

LLC

/

PK

Finance

Co-Issuer

,

d

144A,

5.875%,

10/01/28

......

1,050,000

1,033,615

d

144A,

4.875%,

5/15/29

.......

3,600,000

3,336,268

d

Viking

Cruises

Ltd.

,

144A,

7.000

%,

2/15/29

...................

2,000,000

1,984,800

d

Viking

Ocean

Cruises

Ship

VII

Ltd.

,

144A,

5.625

%,

2/15/29

........

3,150,000

3,073,959

13,041,682

Media

11.1%

d

Cars.com,

Inc.

,

144A,

6.375

%,

11/01/28

..................

3,750,000

3,619,894

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

,

4.500%,

5/01/32

............

3,925,000

3,366,824

d

144A,

5.125%,

5/01/27

.......

1,075,000

1,039,304

d

144A,

5.375%,

6/01/29

.......

3,275,000

3,091,539

d

144A,

4.750%,

3/01/30

.......

8,375,000

7,664,799

d

144A,

7.375%,

3/01/31

.......

2,000,000

2,053,978

Cimpress

plc

,

7.000

%,

6/15/26

...

1,925,000

1,883,016

d

Clear

Channel

International

BV

,

144A,

6.625

%,

8/01/25

........

1,410,000

1,417,955

d

Clear

Channel

Outdoor

Holdings,

Inc.

,

144A,

7.750

%,

4/15/28

....

1,425,000

1,229,995

CSC

Holdings

LLC

,

d

144A,

5.500%,

4/15/27

.......

1,500,000

1,387,451

d

144A,

6.500%,

2/01/29

.......

800,000

706,716

d

144A,

5.750%,

1/15/30

.......

2,725,000

1,699,146

d

144A,

4.125%,

12/01/30

......

2,025,000

1,542,888

d

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor,

Inc.

,

144A,

5.875

%,

8/15/27

.............

3,900,000

3,667,548

DISH

DBS

Corp.

,

5.875%,

11/15/24

...........

875,000

821,229

7.375%,

7/01/28

............

2,025,000

1,212,475

d

144A,

5.750%,

12/01/28

......

1,575,000

1,259,173

d

DISH

Network

Corp.

,

144A,

11.750

%,

11/15/27

...........

2,300,000

2,402,746

d

Gray

Escrow

II,

Inc.

,

144A,

5.375

%,

11/15/31

..................

2,875,000

2,172,345

d

Gray

Television,

Inc.

,

144A,

4.750

%,

10/15/30

..................

3,175,000

2,393,680

iHeartCommunications

,

Inc.

,

d

144A,

5.250%,

8/15/27

.......

1,675,000

1,332,496

d

144A,

4.750%,

1/15/28

.......

2,025,000

1,559,736

Nexstar

Media,

Inc.

,

d

144A,

5.625%,

7/15/27

.......

1,550,000

1,500,068

d

144A,

4.750%,

11/01/28

......

3,025,000

2,789,913

Sirius

XM

Radio,

Inc.

,

d

144A,

4.000%,

7/15/28

.......

1,700,000

1,573,321

d

144A,

5.500%,

7/01/29

.......

2,075,000

2,008,423

d

144A,

4.125%,

7/01/30

.......

2,025,000

1,807,095

a

a

Shares/

Principal

a

Value

a

a

a

a

Media

(continued)

Univision

Communications,

Inc.

,

d

144A,

8.000%,

8/15/28

.......

1,000,000

$

1,032,350

d

144A,

4.500%,

5/01/29

.......

3,725,000

3,327,850

d

VTR

Comunicaciones

SpA

,

144A,

5.125

%,

1/15/28

.............

1,803,000

903,384

d

VTR

Finance

NV

,

144A,

6.375

%,

7/15/28

...................

1,175,000

307,628

62,774,965

Pfd-Banking

0.7%

Bank

of

America

Corp.

,

Junior

Sub.

Bond

,

4.3%

to

1/27/25,

FRN

thereafter

,

Perpetual

.........

4,000,000

3,775,567

Real

Estate

4.7%

d

Five

Point

Operating

Co.

LP

/

Five

Point

Capital

Corp.

,

144A,

7.875

%,

11/15/25

............

2,000,000

1,981,890

HAT

Holdings

I

LLC

/

HAT

Holdings

II

LLC

,

d

144A,

6.000%,

4/15/25

.......

1,475,000

1,472,374

d

144A,

3.375%,

6/15/26

.......

3,250,000

3,056,606

d

144A,

8.000%,

6/15/27

.......

2,000,000

2,085,188

Iron

Mountain,

Inc.

,

d

144A,

5.000%,

7/15/28

.......

1,925,000

1,851,281

d

144A,

4.875%,

9/15/29

.......

5,050,000

4,788,276

Kennedy-Wilson,

Inc.

,

4.750%,

2/01/30

............

2,925,000

2,374,574

5.000%,

3/01/31

............

1,000,000

795,440

d

Rithm

Capital

Corp.

,

144A,

6.250

%,

10/15/25

..................

2,175,000

2,143,397

Uniti

Group

LP

/

Uniti

Group

Finance,

Inc.

/

CSL

Capital

LLC

,

d

144A,

10.500%,

2/15/28

......

1,550,000

1,572,723

d

144A,

4.750%,

4/15/28

.......

3,075,000

2,653,512

d

144A,

6.500%,

2/15/29

.......

2,075,000

1,499,497

26,274,758

Retail

5.5%

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

Albertsons

LP

/

Albertsons

LLC

,

d

144A,

4.625%,

1/15/27

.......

2,200,000

2,140,221

d

144A,

6.500%,

2/15/28

.......

2,000,000

2,025,146

d

144A,

3.500%,

3/15/29

.......

1,175,000

1,068,253

Bath

&

Body

Works,

Inc.

,

6.950%,

3/01/33

............

2,400,000

2,401,738

d

144A,

6.625%,

10/01/30

......

2,750,000

2,812,403

Crocs,

Inc.

,

d

144A,

4.250%,

3/15/29

.......

2,600,000

2,331,587

d

144A,

4.125%,

8/15/31

.......

3,050,000

2,584,652

Macy's

Retail

Holdings

LLC

,

5.125%,

1/15/42

............

1,000,000

781,425

d

144A,

5.875%,

4/01/29

.......

825,000

792,925

d

144A,

6.125%,

3/15/32

.......

1,525,000

1,444,899

d

144A,

6.700%,

7/15/34

.......

3,200,000

2,718,080

New

Albertsons

LP

,

7.750

%,

6/15/26

1,025,000

1,044,214

Schedule

of

Investments

Impax

High

Yield

Bond

Fund

(continued)

www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

87

a

a

Shares/

Principal

a

Value

a

a

a

a

Retail

(continued)

d

NMG

Holding

Co.,

Inc.

/

Neiman

Marcus

Group

LLC

,

144A,

7.125

%,

4/01/26

.............

1,200,000

$

1,154,102

Safeway,

Inc.

,

7.250

%,

2/01/31

...

2,925,000

3,056,669

d

SEG

Holding

LLC

/

SEG

Finance

Corp.

,

144A,

5.625

%,

10/15/28

.

1,900,000

1,909,215

d

Victoria's

Secret

&

Co.

,

144A,

4.625

%,

7/15/29

.............

3,625,000

3,032,571

31,298,100

Services

9.1%

d

Albion

Financing

1

SARL

/

Aggreko

Holdings,

Inc.

,

144A,

6.125

%,

10/15/26

..................

2,650,000

2,628,111

d

Albion

Financing

2

SARL

,

144A,

8.750

%,

4/15/27

.............

1,550,000

1,519,000

d

Camelot

Finance

SA

,

144A,

4.500

%,

11/01/26

............

2,175,000

2,125,073

d

Clarivate

Science

Holdings

Corp.

,

144A,

3.875

%,

7/01/28

........

2,425,000

2,288,580

d

Clean

Harbors,

Inc.

,

144A,

6.375

%,

2/01/31

...................

2,000,000

2,033,440

d

GFL

Environmental,

Inc.

,

144A,

4.000

%,

8/01/28

.............

2,925,000

2,705,676

d

GPD

Cos.,

Inc.

,

144A,

10.125

%,

4/01/26

...................

3,725,000

3,447,488

d

GYP

Holdings

III

Corp.

,

144A,

4.625

%,

5/01/29

.............

1,925,000

1,768,494

d

Hertz

Corp.

(The)

,

144A,

5.000

%,

12/01/29

..................

3,475,000

2,855,070

d

Maxim

Crane

Works

Holdings

Capital

LLC

,

Secured

Note

,

144A,

11.500

%,

9/01/28

............

2,200,000

2,282,478

d

NESCO

Holdings

II,

Inc.

,

Secured

Note

,

144A,

5.500

%,

4/15/29

...

3,400,000

3,147,023

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

,

d

144A,

5.750%,

4/15/26

.......

2,050,000

2,062,399

d

Secured

Note,

144A,

6.250%,

1/15/28

...................

2,000,000

1,989,897

Staples,

Inc.

,

d

144A,

7.500%,

4/15/26

.......

4,300,000

4,004,342

d

144A,

10.750%,

4/15/27

......

2,925,000

2,134,251

United

Rentals

North

America,

Inc.

,

5.250

%,

1/15/30

.............

3,550,000

3,499,469

d

WASH

Multifamily

Acquisition,

Inc.

,

144A,

5.750

%,

4/15/26

........

4,050,000

3,901,798

Williams

Scotsman,

Inc.

,

d

144A,

4.625%,

8/15/28

.......

2,425,000

2,292,866

d

144A,

7.375%,

10/01/31

......

1,800,000

1,888,888

d

ZipRecruiter,

Inc.

,

144A,

5.000

%,

1/15/30

...................

3,208,000

2,804,468

51,378,811

Technology

&

Electronics

8.3%

d

Ciena

Corp.

,

144A,

4.000

%,

1/31/30

2,300,000

2,097,267

d

Coherent

Corp.

,

144A,

5.000

%,

12/15/29

..................

3,300,000

3,137,640

a

a

Shares/

Principal

a

Value

a

a

a

a

Technology

&

Electronics

(continued)

d

CommScope,

Inc.

,

144A,

6.000

%,

3/01/26

...................

1,000,000

$

892,200

Crowdstrike

Holdings,

Inc.

,

3.000

%,

2/15/29

...................

2,000,000

1,809,663

d

Entegris

Escrow

Corp.

,

144A,

5.950

%,

6/15/30

.............

2,125,000

2,114,594

Gen

Digital,

Inc.

,

d

144A,

6.750%,

9/30/27

.......

2,000,000

2,035,908

d

144A,

7.125%,

9/30/30

.......

1,150,000

1,203,061

d

Imola

Merger

Corp.

,

144A,

4.750

%,

5/15/29

...................

3,625,000

3,448,639

d

NCR

Voyix

Corp.

,

144A,

5.125

%,

4/15/29

...................

5,675,000

5,401,020

Nokia

OYJ

,

6.625

%,

5/15/39

.....

3,025,000

2,999,209

Open

Text

Corp.

,

d

144A,

6.900%,

12/01/27

......

2,000,000

2,080,552

d

144A,

3.875%,

12/01/29

......

3,375,000

3,030,257

d

PTC,

Inc.

,

144A,

4.000

%,

2/15/28

.

2,525,000

2,395,127

d

Rackspace

Technology

Global,

Inc.

,

144A,

5.375

%,

12/01/28

.......

1,350,000

486,128

d

Sensata

Technologies

BV

,

144A,

5.875

%,

9/01/30

.............

4,525,000

4,500,480

d

VM

Consolidated,

Inc.

,

144A,

5.500

%,

4/15/29

.............

4,725,000

4,466,369

d

ZoomInfo

Technologies

LLC

/

ZoomInfo

Finance

Corp.

,

144A,

3.875

%,

2/01/29

.............

5,019,000

4,555,344

46,653,458

Telecommunications

7.1%

d

Altice

Financing

SA

,

144A,

5.750

%,

8/15/29

...................

3,000,000

2,666,230

Altice

France

Holding

SA

,

d

144A,

10.500%,

5/15/27

......

4,070,000

2,639,961

d

144A,

6.000%,

2/15/28

.......

1,025,000

493,234

Altice

France

SA

,

d

144A,

5.500%,

1/15/28

.......

3,275,000

2,699,796

d

144A,

5.125%,

7/15/29

.......

4,050,000

3,156,405

d

Cogent

Communications

Group,

Inc.

,

144A,

7.000

%,

6/15/27

....

3,379,000

3,399,054

d

Digicel

International

Finance

Ltd.

/

Digicel

international

Holdings

Ltd.

,

144A,

8.750

%,

5/25/24

........

1,000,000

936,290

c,d

Digicel

Ltd.

,

144A,

6.750

%,

3/01/23

900,000

22,500

Frontier

Communications

Holdings

LLC

,

d

144A,

5.000%,

5/01/28

.......

2,725,000

2,520,889

d

144A,

8.750%,

5/15/30

.......

1,750,000

1,801,640

d

Level

3

Financing,

Inc.

,

144A,

4.625

%,

9/15/27

.............

1,925,000

1,156,781

c,d

Ligado

Networks

LLC

,

144A,

FRN

,

15.500

%,

1/31/24

............

3,034,777

580,401

d

Lumen

Technologies,

Inc.

,

144A,

4.000

%,

2/15/27

.............

900,000

581,679

d

Sable

International

Finance

Ltd.

,

144A,

5.750

%,

9/07/27

........

3,364,000

3,180,797

Schedule

of

Investments

Impax

High

Yield

Bond

Fund

(continued)

www.impaxam.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

88

a

a

Shares/

Principal

a

Value

a

a

a

a

Telecommunications

(continued)

Sprint

Capital

Corp.

,

6.875%,

11/15/28

...........

2,025,000

$

2,195,538

8.750%,

3/15/32

............

1,950,000

2,409,104

Sprint

LLC

,

7.125

%,

6/15/24

.....

1,000,000

1,005,012

Telecom

Italia

Capital

SA

,

7.200

%,

7/18/36

...................

1,625,000

1,633,359

d

Virgin

Media

Finance

plc

,

144A,

5.000

%,

7/15/30

.............

925,000

816,694

d

Virgin

Media

Secured

Finance

plc

,

144A,

5.500

%,

5/15/29

........

2,575,000

2,490,970

d

Vmed

O2

UK

Financing

I

plc

,

144A,

4.750

%,

7/15/31

.............

2,100,000

1,877,150

d

VZ

Secured

Financing

BV

,

144A,

5.000

%,

1/15/32

.............

1,975,000

1,688,519

39,952,003

Utility

3.1%

Clearway

Energy

Operating

LLC

,

d

144A,

4.750%,

3/15/28

.......

2,175,000

2,097,100

d

144A,

3.750%,

2/15/31

.......

1,925,000

1,697,803

d

144A,

3.750%,

1/15/32

.......

1,150,000

1,003,209

d

Leeward

Renewable

Energy

Operations

LLC

,

144A,

4.250

%,

7/01/29

...................

4,500,000

3,925,355

d

Pattern

Energy

Operations

LP

/

Pattern

Energy

Operations,

Inc.

,

144A,

4.500

%,

8/15/28

........

3,150,000

2,981,930

d

Sunnova

Energy

Corp.

,

144A,

5.875

%,

9/01/26

.............

2,900,000

2,471,206

TerraForm

Power

Operating

LLC

,

d

144A,

5.000%,

1/31/28

.......

1,525,000

1,482,626

d

144A,

4.750%,

1/15/30

.......

2,025,000

1,885,487

17,544,716

Total

Corporate

Bonds

(Cost

$551,571,835)

...............

518,990,225

Shares/

Principal

Loans

4.1%

Basic

Industry

0.7%

e

ASP

Unifrax

Holdings,

Inc.

,

Class

First

Lien,

USD

CME

Term

Loan

,

9.290

%

(

3-month

SOFR

+

3.750

%

),

12/12/25

...........

1,968,912

1,841,809

e

LBM

Acquisition

LLC

,

Class

First

Lien,

Initial

CME

Term

Loan

,

9.198

%

(

1-month

SOFR

+

3.750

%

),

12/17/27

...........

2,368,936

2,346,360

4,188,169

a

a

a

a

a

Consumer

Goods

0.9%

e

Osmosis

Buyer

Ltd.

,

Class

2022

Refinancing

CME

Term

Loan,

B

,

9.093

%

(

1-month

SOFR

+

3.750

%

),

7/31/28

............

1,970,000

1,973,960

a

a

Shares/

Principal

a

Value

a

a

a

a

Loans

(continued)

Consumer

Goods

(continued)

e

Whole

Earth

Brands,

Inc.

,

Class

CME

Term

Loan

,

9.998

%

(

3-month

SOFR

+

4.500

%

),

2/05/28

.....

2,993,058

$

2,603,960

4,577,920

a

a

a

a

a

Healthcare

1.3%

e

Medline

Borrower

LP

,

Class

Initial

Dollar

CME

Term

Loan

,

8.470

%

(

1-month

SOFR

+

3.000

%

),

10/23/28

...........

4,949,698

4,980,238

e

Star

Parent,

Inc.

,

Class

CME

Term

Loan

,

9.348

%

(

3-month

SOFR

+

4.000

%

),

9/27/30

............

2,000,000

1,981,390

6,961,628

a

a

a

a

a

Technology

&

Electronics

0.6%

e

Diebold

Nixdorf,

Inc.

,

Class

CME

Term

Loan

,

12.860

%

(

1-month

SOFR

+

7.500

%

),

8/11/28

.....

1,884,260

1,942,549

e

McAfee

Corp.

,

Class

CME

Term

Loan,

B1

,

9.193

%

(

1-month

SOFR

+

3.750

%

),

3/01/29

..........

1,723,750

1,721,242

3,663,791

a

a

a

a

a

Telecommunications

0.2%

e

Digicel

International

Finance

Ltd.

,

Class

First

Lien,

Initial

Term

Loan,

B

,

8.981

%

(

3-month

USD

LIBOR

+

3.250

%

),

5/28/24

............

971,583

909,159

Transportation

0.4%

e

SkyMiles

IP

Ltd.

(Delta

Air

Lines,

Inc.)

,

Class

Initial

CME

Term

Loan

,

9.166

%

(

3-month

SOFR

+

3.750

%

),

10/20/27

...........

2,400,000

2,461,248

Total

Loans

(Cost

$22,853,464)

................

22,761,915

Total

Long

Term

Investments

(Cost

$578,279,497)

...............

544,952,593

a

a

Certificates

of

Deposit

0.2%

c

Shared

Interest,

Inc.,

0.550%,

9/30/24

...................

500,000

500,000

c

Walden

Mutual

Bank,

4.935%,

11/13/24

..................

500,000

499,116

Total

Certificates

of

Deposit

(Cost

$1,000,000)

.................

999,116

Schedule

of

Investments

Impax

High

Yield

Bond

Fund

(continued)

www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

89

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Money

Market

1.5%

f,g

JPMorgan

Prime

Money

Market

Fund,

5.290%

..............

8,429,106

$

8,429,106

(Cost

$8,429,106)

a

Total

Investments

98.4%

(Cost

$587,708,603)

..............

$554,380,815

Other

Assets,

less

Liabilities

1.6%

..

8,960,682

Net

Assets

100.0%

................

$563,341,497

a

Non

-income

producing

security.

b

Security

valued

using

significant

unobservable

inputs.

c

Illiquid

security.

d

Security

purchased

pursuant

to

Rule

144A

of

the

Securities

Act

of

1933

and

may

be

resold

only

to

qualified

institutional

buyers.

e

Rate

shown

reflects

the

accrual

rate

as

of

December

31,

2023

on

securities

with

variable

or

step

rates.

f

Rate

shown

represents

annualized

7-day

yield

as

of

December

31,

2023.

g

Institutional

Class

shares.

CME

Chicago

Mercantile

Exchange

LIBOR

London

Interbank

Offer

Rate

LP

Limited

Partnership

PIK

Payment

In

Kind

SOFR

Secured

Overnight

Financing

Rate

Schedule

of

Investments,

December

31,

2023

Impax

Sustainable

Allocation

Fund

www.impaxam.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

90

a

a

Shares/

Principal

a

Value

a

a

a

a

a

–

Affiliated

Investment

Companies

99.2%

a

Impax

Core

Bond

Fund

,

Class

Institutional

................

91,989,678

$

816,868,344

a

Impax

Ellevate

Global

Women's

Leadership

Fund

,

Class

Institutional

................

2,095,600

66,891,544

a

Impax

Global

Environmental

Markets

Fund

,

Class

Institutional

2,656,703

60,307,152

a

Impax

Global

Opportunities

Fund

,

Class

Institutional

............

4,095,396

64,830,125

a

Impax

Global

Sustainable

Infrastructure

Fund

,

Class

Institutional

................

6,401,468

58,509,418

a

Impax

High

Yield

Bond

Fund

,

Class

Institutional

................

17,194,651

103,167,907

a

Impax

International

Sustainable

Economy

Fund

,

Class

Institutional

11,559,969

115,830,889

a

Impax

Large

Cap

Fund

,

Class

Institutional

................

67,987,617

902,875,554

a,b

Impax

Small

Cap

Fund

,

Class

Institutional

................

5,641,695

91,733,966

2,281,014,899

Total

Affiliated

Investment

Companies

(Cost

$

2,044,205,432

)

.............

2,281,014,899

Money

Market

0.7%

a,c

JPMorgan

Prime

Money

Market

Fund

,

5.290

%

..............

15,579,523

15,579,523

(Cost

$15,579,523)

a

Total

Investments

99

.9

%

(Cost

$

2,059,784,955

)

.............

$2,296,594,422

Other

Assets,

less

Liabilities

0

.1

%

..

2,720,248

Net

Assets

100.0%

................

$2,299,314,670

a

Institutional

Class

shares.

b

Non-income

producing

security.

c

Rate

shown

represents

annualized

7-day

yield

as

of

December

31,

2023.

Financial

Statements

Statements

of

Assets

and

Liabilities

December

31,

2023

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

91

Large

Cap

Fund

Small

Cap

Fund

US

Sustainable

Economy

Fund

Global

Sustainable

Infrastructure

Fund

Assets:

Investments,

at

cost

-

Note

A

...............

$988,797,882

$604,823,362

$197,882,832

$90,047,263

Investments

in

unaffiliated

issuers,

at

value

....

$1,442,043,773

$677,513,383

$290,795,909

$93,782,728

Total

investments,

at

value

-

Note

A

1

1,442,043,773

677,513,383

290,795,909

93,782,728

Foreign

currency,

at

value

(cost

$–,

$–,

$–

and

$46,339,

respectively)

....................

—

—

—

46,335

Receivables:

Capital

stock

sold

......................

723,953

610,210

74,667

33,887

Dividends

and

interest

-

Note

A

............

1,827,805

528,592

300,943

184,297

Investment

securities

sold

................

—

1,097,049

—

—

Investment

Adviser

reimbursement

.........

—

—

43,259

8,368

Due

from

custodian

.....................

—

—

—

1,397,763

Other

...............................

—

1,391

—

110,268

Total

assets

.......................

1,444,595,531

679,750,625

291,214,778

95,563,646

Liabilities:

Collateral

on

securities

loaned,

at

value

.......

—

837,000

997,095

175,675

Payables:

Capital

stock

reacquired

.................

376,126

435,591

53,358

19,268

Investment

securities

purchased

...........

—

760,190

—

1,397,763

Payable

to

bank

.......................

—

—

—

10,462

Accrued

expenses:

......................

Investment

advisory

fees

-

Note

B

..........

783,273

419,113

151,931

54,391

Distribution

expense

....................

12,234

22,417

40,530

1,327

Transfer

agent

fees

.....................

87,365

105,570

—

—

Printing

and

other

shareholder

communication

fees

................................

10,781

21,751

—

—

Custodian

fees

........................

54,652

29,581

—

—

Legal

and

audit

fees

....................

40,426

31,222

—

—

Other

accrued

expenses

.................

54,203

61,201

—

—

Total

liabilities

......................

1,419,060

2,723,636

1,242,914

1,658,886

Net

assets,

at

value

..............

$1,443,176,471

$677,026,989

$289,971,864

$93,904,760

Net

assets

consist

of:

Paid-in

capital

..........................

$979,997,278

$612,904,715

$178,602,141

$100,553,817

Total

distributable

earnings

(losses)

..........

463,179,193

64,122,274

111,369,723

(6,649,057)

Net

assets,

at

value

..............

$1,443,176,471

$677,026,989

$289,971,864

$93,904,760

1

Investments

at

market

value

include

securities

loaned.

At

December

31,

2023,

the

Impax

Large

Cap

Fund,

Impax

Small

Cap

Fund,

Impax

US

Sustainable

Economy

Fund

and

Impax

Global

Sustainable

Infrastructure

Fund

had

total

market

values

of

securities

on

loan

of

$47,208,979,

$819,330,

$1,602,803

and

$1,367,684

respectively.

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

December

31,

2023

www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

92

Global

Opportunities

Fund

Global

Environmental

Markets

Fund

Global

Social

Leaders

Fund

Global

Women’s

Leadership

Fund

Assets:

Investments,

at

cost

-

Note

A

...............

$96,561,078

$1,852,174,543

$1,506,523

$646,499,489

Investments

in

unaffiliated

issuers,

at

value

....

$122,187,162

$2,443,219,889

$1,574,676

$834,068,307

Total

investments,

at

value

-

Note

A

1

122,187,162

2,443,219,889

1,574,676

834,068,307

Cash

.................................

1,723

—

—

—

Foreign

currency,

at

value

(cost

$446,

$4,283,

$–

and

$140,581,

respectively)

................

445

4,293

—

140,638

Receivables:

Capital

stock

sold

......................

10,082

1,442,287

—

690,518

Dividends

and

interest

-

Note

A

............

11,398

1,930,698

1,542

709,677

Investment

securities

sold

................

—

6,261,749

154,245

—

Investment

Adviser

reimbursement

.........

9,857

—

32,341

—

Due

from

custodian

.....................

—

—

—

5,363

Other

...............................

68,490

1,813,887

—

512,788

Total

assets

.......................

122,289,157

2,454,672,803

1,762,804

836,127,291

Liabilities:

Collateral

on

securities

loaned,

at

value

.......

—

—

—

244,637

Payables:

Capital

stock

reacquired

.................

—

1,518,552

—

1,880,987

Investment

securities

purchased

...........

—

4,160,371

152,787

5,363

Payable

to

bank

.......................

—

41,522

—

134,076

Accrued

expenses:

......................

Investment

advisory

fees

-

Note

B

..........

80,932

1,496,746

1,049

360,779

Distribution

expense

....................

1,585

40,345

—

28,462

Transfer

agent

fees

.....................

7,163

600,230

202

—

Printing

and

other

shareholder

communication

fees

................................

2,306

50,231

404

—

Custodian

fees

........................

15,405

192,377

2,536

—

Legal

and

audit

fees

....................

28,822

55,613

21,313

—

Other

accrued

expenses

.................

21,264

91,339

1,695

—

Total

liabilities

......................

157,477

8,247,326

179,986

2,654,304

Net

assets,

at

value

..............

$122,131,680

$2,446,425,477

$1,582,818

$833,472,987

Net

assets

consist

of:

Paid-in

capital

..........................

$99,831,354

$1,897,259,452

$1,502,500

$665,767,470

Total

distributable

earnings

(losses)

..........

22,300,326

549,166,025

80,318

167,705,517

Net

assets,

at

value

..............

$122,131,680

$2,446,425,477

$1,582,818

$833,472,987

1

Investments

at

market

value

include

securities

loaned.

At

December

31,

2023,

the

Impax

Ellevate

Global

Women's

Leadership

Fund

had

total

market

values

of

securities

on

loan

of

$10,219,924.

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

December

31,

2023

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

93

International

Sustainable

Economy

Fund

Core

Bond

Fund

High

Yield

Bond

Fund

Sustainable

Allocation

Fund

Assets:

Investments,

at

cost

-

Note

A

...............

$966,548,926

$917,995,929

$587,708,603

$2,059,784,955

Investments

in

unaffiliated

issuers,

at

value

....

$1,131,203,412

$886,278,603

$554,380,815

$15,579,523

Investments

in

affiliated

issuers,

at

value

.....

—

—

—

2,281,014,899

Total

investments,

at

value

-

Note

A

1

1,131,203,412

886,278,603

554,380,815

2,296,594,422

Cash

.................................

62,946

188,567

—

—

Foreign

currency,

at

value

(cost

$16,714,

$–,

$–

and

$–,

respectively)

.....................

16,882

—

—

—

Receivables:

Capital

stock

sold

......................

1,301,258

766,908

1,946,443

3,692,216

Dividends

and

interest

-

Note

A

............

748,290

6,438,934

8,959,322

2,875,891

Investment

securities

sold

................

—

3,366,968

955,000

—

Other

...............................

3,391,349

—

—

—

Total

assets

.......................

1,136,724,137

897,039,980

566,241,580

2,303,162,529

Liabilities:

Payables:

Capital

stock

reacquired

.................

561,028

222,309

1,041,426

610,039

Investment

securities

purchased

...........

—

—

1,000,579

2,850,957

Dividend

payable

-

Note

A

................

—

2,310

231,380

—

Payable

to

bank

.......................

—

—

78,854

3,612

Accrued

expenses:

......................

Investment

advisory

fees

-

Note

B

..........

422,768

301,924

237,727

96,248

Distribution

expense

....................

18,103

2,480

28,637

287,003

Transfer

agent

fees

.....................

—

9,653

130,315

—

Printing

and

other

shareholder

communication

fees

................................

—

4,772

24,676

—

Custodian

fees

........................

—

76,264

49,277

—

Legal

and

audit

fees

....................

—

37,956

34,941

—

Other

accrued

expenses

.................

—

44,023

42,271

—

Total

liabilities

......................

1,001,899

701,691

2,900,083

3,847,859

Net

assets,

at

value

..............

$1,135,722,238

$896,338,289

$563,341,497

$2,299,314,670

Net

assets

consist

of:

Paid-in

capital

..........................

$1,003,454,600

$993,423,505

$710,546,540

$1,920,905,440

Total

distributable

earnings

(losses)

..........

132,267,638

(97,085,216)

(147,205,043)

378,409,230

Net

assets,

at

value

..............

$1,135,722,238

$896,338,289

$563,341,497

$2,299,314,670

1

Investments

at

market

value

include

securities

loaned.

At

December

31,

2023,

the

Impax

Core

Bond

Fund

had

total

market

values

of

securities

on

loan

of

$52,167,924.

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

December

31,

2023

www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

94

Large

Cap

Fund

Small

Cap

Fund

US

Sustainable

Economy

Fund

Global

Sustainable

Infrastructure

Fund

Investor

Class:

Net

assets,

at

value

....................

$58,217,837

$96,548,283

$185,687,409

$6,447,599

Capital

Shares

outstanding

(unlimited/

authorized)

...........................

4,397,700

6,048,448

8,249,347

708,822

Net

asset

value

per

share

................

$13.24

$15.96

$22.51

$9.10

Class

A:

Net

assets,

at

value

....................

$11,699,872

$9,468,996

Capital

Shares

outstanding

(unlimited/

authorized)

...........................

735,533

422,568

Net

asset

value

per

share

................

$15.91

$22.41

Institutional

Class:

Net

assets,

at

value

....................

$1,384,958,634

$568,778,834

$94,815,459

$87,457,161

Capital

Shares

outstanding

(unlimited/

authorized)

...........................

104,261,664

34,981,423

4,029,089

9,566,585

Net

asset

value

per

share

................

$13.28

$16.26

$23.53

$9.14

Global

Opportunities

Fund

Global

Environmental

Markets

Fund

Global

Social

Leaders

Fund

Global

Women’s

Leadership

Fund

Investor

Class:

Net

assets,

at

value

....................

$7,627,129

$177,310,343

$2,063

$137,887,498

Capital

Shares

outstanding

(unlimited/

authorized)

...........................

484,758

7,889,612

196

4,355,000

Net

asset

value

per

share

................

$15.73

$22.47

$10.53

$31.66

Class

A:

Net

assets,

at

value

....................

$19,282,513

Capital

Shares

outstanding

(unlimited/

authorized)

...........................

859,383

Net

asset

value

per

share

................

$22.44

Institutional

Class:

Net

assets,

at

value

....................

$114,504,551

$2,249,832,621

$1,580,755

$695,585,489

Capital

Shares

outstanding

(unlimited/

authorized)

...........................

7,231,779

99,121,391

150,043

21,790,211

Net

asset

value

per

share

................

$15.83

$22.70

$10.54

$31.92

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

(continued)

December

31,

2023

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

95

International

Sustainable

Economy

Fund

Core

Bond

Fund

High

Yield

Bond

Fund

Sustainable

Allocation

Fund

Investor

Class:

Net

assets,

at

value

....................

$88,041,947

$11,925,786

$131,043,815

$1,371,706,871

Capital

Shares

outstanding

(unlimited/

authorized)

...........................

8,594,356

1,342,659

21,782,193

55,042,051

Net

asset

value

per

share

................

$10.24

$8.88

$6.02

$24.92

Class

A:

Net

assets,

at

value

....................

$4,293,984

Capital

Shares

outstanding

(unlimited/

authorized)

...........................

712,233

Net

asset

value

per

share

................

$6.03

Institutional

Class:

Net

assets,

at

value

....................

$1,047,680,291

$884,412,503

$428,003,698

$927,607,799

Capital

Shares

outstanding

(unlimited/

authorized)

...........................

104,600,509

99,602,124

71,354,936

36,414,336

Net

asset

value

per

share

................

$10.02

$8.88

$6.00

$25.47

Financial

Statements

Statements

of

Operations

For

the

Year

Ended

December

31,

2023

www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

96

Large

Cap

Fund

Small

Cap

Fund

US

Sustainable

Economy

Fund

Global

Sustainable

Infrastructure

Fund

Investment

income:

Dividends:

(net

of

foreign

taxes

of

$–,

$14,439,

$–

and

$216,859,

respectively)

................

$22,113,740

$5,320,299

$4,633,231

$3,431,149

Interest

...............................

850,310

1,193,355

72,648

44,785

Income

from

securities

lending

-

Note

A

.......

6,027

11,152

625

2,615

Other

income

-

Note

B

....................

361,696

59,430

64

152

Total

investment

income

................

23,331,773

6,584,236

4,706,568

3,478,701

Expenses:

Investment

advisory

fees

-

Note

B

...........

8,983,477

4,684,433

1,691,900

698,516

Distribution

expenses

Investor

Class

-

Note

B

...

144,255

232,839

427,331

15,567

Distribution

expenses

Class

A

-

Note

B

........

—

28,414

22,265

—

Transfer

agent

fees

-

Note

A

................

535,256

553,408

–

–

Printing

and

other

shareholder

communication

fees

..................................

63,782

82,954

—

—

Custodian

fees

..........................

109,655

58,199

—

—

Legal

fees

and

related

expenses

............

129,165

86,731

—

—

Trustees’

fees

and

expenses

-

Note

B

........

88,162

58,625

—

—

Compliance

expense

.....................

24,743

22,991

—

—

Audit

fees

.............................

52,777

40,631

—

—

Registration

and

filing

fees

.................

62,510

52,963

—

—

Other

expenses

.........................

55,132

23,033

—

—

Total

Expenses

......................

10,248,914

5,925,221

2,141,496

714,083

Less:

Advisory

fee

waiver

-

Note

B

........

—

—

(491,709)

(107,464)

Net

expenses

...........................

10,248,914

5,925,221

1,649,787

606,619

Net

investment

income

...............

13,082,859

659,015

3,056,781

2,872,082

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

-

Note

A

and

C

Net

realized

gain

(loss)

on:

Investments

in

unaffiliated

issuers

...........

58,474,609

2,159,991

31,863,235

(3,986,336)

Foreign

currency

transactions

..............

—

(5,549)

—

(91,514)

Change

in

unrealized

appreciation

(depreciation)

on:

Investments

in

unaffiliated

issuers

...........

183,776,190

78,626,961

23,907,560

10,595,173

Foreign

currency

translation

................

—

(92)

—

4,438

Net

realized

and

unrealized

gain

(loss)

on

investments

and

foreign

currency

....

242,250,799

80,781,311

55,770,795

6,521,761

Net

increase

in

net

assets

resulting

from

operations

.....................

$255,333,658

$81,440,326

$58,827,576

$9,393,843

Financial

Statements

Statements

of

Operations

(continued)

For

the

Year

Ended

December

31,

2023

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

97

Global

Opportunities

Fund

Global

Environmental

Markets

Fund

Global

Social

Leaders

Fund

1

Global

Women’s

Leadership

Fund

Investment

income:

Dividends:

(net

of

foreign

taxes

of

$83,326,

$2,605,114,

$53

and

$1,764,255,

respectively)

..

$1,499,075

$35,325,873

$1,094

$21,453,834

Interest

...............................

58,035

1,384,157

922

238,679

Income

from

securities

lending

-

Note

A

.......

—

—

—

164

Other

income

-

Note

B

....................

44,031

631,384

—

81

Total

investment

income

................

1,601,141

37,341,414

2,016

21,692,758

Expenses:

Investment

advisory

fees

-

Note

B

...........

938,595

17,384,571

1,050

4,156,796

Distribution

expenses

Investor

Class

-

Note

B

...

16,608

427,222

—

322,926

Distribution

expenses

Class

A

-

Note

B

........

—

44,379

—

—

Transfer

agent

fees

-

Note

A

................

65,616

2,785,056

202

–

Printing

and

other

shareholder

communication

fees

..................................

9,104

182,797

404

—

Custodian

fees

..........................

41,341

392,407

4,298

—

Legal

fees

and

related

expenses

............

58,161

181,808

3,027

—

Trustees’

fees

and

expenses

-

Note

B

........

39,663

123,714

1,413

—

Compliance

expense

.....................

21,852

26,890

1,638

—

Audit

fees

.............................

39,486

72,568

21,313

—

Registration

and

filing

fees

.................

43,090

40,074

—

—

Other

expenses

.........................

7,064

70,506

282

—

Total

Expenses

......................

1,280,580

21,731,992

33,627

4,479,722

Less:

Advisory

fee

waiver

-

Note

B

........

—

—

(1,050)

—

Expenses

assumed

by

Adviser

-

Note

B

..

(114,191)

—

(31,291)

—

Net

expenses

...........................

1,166,389

21,731,992

1,286

4,479,722

Net

investment

income

...............

434,752

15,609,422

730

17,213,036

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

-

Note

A

and

C

Net

realized

gain

(loss)

on:

Investments

in

unaffiliated

issuers

...........

2,062,997

47,972,518

11,626

1,777,908

Foreign

currency

transactions

..............

(35,230)

(391,908)

(142)

(133,182)

Change

in

unrealized

appreciation

(depreciation)

on:

Investments

in

unaffiliated

issuers

...........

14,109,909

295,779,354

68,153

115,709,496

Foreign

currency

translation

................

6,037

86,247

(49)

44,056

Net

realized

and

unrealized

gain

(loss)

on

investments

and

foreign

currency

....

16,143,713

343,446,211

79,588

117,398,278

Net

increase

in

net

assets

resulting

from

operations

.....................

$16,578,465

$359,055,633

$80,318

$134,611,314

1

For

the

period

November

30,

2023

(commencement

of

operations)

to

December

31,

2023.

Financial

Statements

Statements

of

Operations

(continued)

For

the

Year

Ended

December

31,

2023

www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

98

International

Sustainable

Economy

Fund

Core

Bond

Fund

High

Yield

Bond

Fund

Sustainable

Allocation

Fund

Investment

income:

Dividends:

(net

of

foreign

taxes

of

$2,998,844,

$–,

$–

and

$–,

respectively)

...................

$30,575,740

$—

$5,505

$—

Dividends

from

affiliates

-

Note

C

.........

—

—

—

45,399,166

Interest

...............................

471,544

30,719,853

37,812,532

1,488,174

Income

from

securities

lending

-

Note

A

.......

122,587

86,898

—

—

Other

income

-

Note

B

....................

323

4,921

21,134

4,105

Total

investment

income

................

31,170,194

30,811,672

37,839,171

46,891,445

Expenses:

Investment

advisory

fees

-

Note

B

...........

4,606,794

3,372,411

2,881,575

1,105,718

Distribution

expenses

Investor

Class

-

Note

B

...

212,024

29,595

336,612

3,315,127

Distribution

expenses

Class

A

-

Note

B

........

—

—

11,339

—

Transfer

agent

fees

-

Note

A

................

–

72,647

580,994

–

Printing

and

other

shareholder

communication

fees

..................................

—

13,361

65,019

—

Custodian

fees

..........................

—

154,481

96,884

—

Legal

fees

and

related

expenses

............

—

98,467

83,699

—

Trustees’

fees

and

expenses

-

Note

B

........

—

66,945

57,241

—

Compliance

expense

.....................

—

23,419

22,881

—

Audit

fees

.............................

—

52,100

48,753

—

Registration

and

filing

fees

.................

—

44,663

62,508

—

Other

expenses

.........................

—

40,102

22,133

—

Total

Expenses

......................

4,818,818

3,968,191

4,269,638

4,420,845

Net

investment

income

...............

26,351,376

26,843,481

33,569,533

42,470,600

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

-

Note

A

and

C

Net

realized

gain

(loss)

on:

Investments

in

unaffiliated

issuers

...........

13,569,280

(34,327,063)

(31,167,670)

—

Investment

in

affiliated

issuers

..............

—

—

—

38,893,816

Foreign

currency

transactions

..............

(47,966)

—

—

—

Change

in

unrealized

appreciation

(depreciation)

on:

Investments

in

unaffiliated

issuers

...........

130,725,659

54,314,513

58,038,234

—

Investment

in

affiliated

issuers

..............

—

—

—

195,735,869

Foreign

currency

translation

................

186,628

—

—

—

Net

realized

and

unrealized

gain

(loss)

on

investments

and

foreign

currency

....

144,433,601

19,987,450

26,870,564

234,629,685

Net

increase

in

net

assets

resulting

from

operations

.....................

$170,784,977

$46,830,931

$60,440,097

$277,100,285

Financial

Statements

Statements

of

Changes

in

Net

Assets

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

99

Large

Cap

Fund

Small

Cap

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Increase

(decrease)

in

net

assets:

Operations:

Investment

income,

net

............

$13,082,859

$10,162,401

$659,015

$(83,130)

Net

realized

gain

(loss)

on

investments

and

foreign

currency

transactions

...

58,474,609

9,818,008

2,154,442

(5,944,956)

Change

in

unrealized

appreciation

(depreciation)

on

investments

and

foreign

currency

translations

......

183,776,190

(339,483,402)

78,626,869

(170,469,345)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

255,333,658

(319,502,993)

81,440,326

(176,497,431)

Distributions

from

distributable

earning

-

Investor

Class

...................

(2,433,954)

(1,624,855)

—

(2,258,603)

Distributions

from

distributable

earning

-

Class

A

........................

—

(265,354)

Distributions

from

distributable

earning

-

Institutional

Class

................

(60,477,023)

(39,685,066)

—

(12,229,968)

Total

distributions

to

shareholders

.....

(62,910,977)

(41,309,921)

—

(14,753,925)

From

capital

share

transactions:

Investor

Class

Proceeds

from

shares

sold

...........

17,968,575

35,079,963

9,382,454

20,887,577

Proceeds

from

reinvestment

of

distributions

....................

2,401,686

1,590,612

2,221,222

Cost

of

shares

redeemed

............

(26,614,761)

(23,827,505)

(17,883,023)

(24,024,883)

Net

increase

(decrease)

from

Investor

Class

transactions

...............

(6,244,500)

12,843,070

(8,500,569)

(916,084)

Class

A

Proceeds

from

shares

sold

...........

2,193,054

2,055,790

Proceeds

from

reinvestment

of

distributions

....................

224,899

Cost

of

shares

redeemed

............

(2,790,350)

(2,089,013)

Net

increase

(decrease)

from

Class

A

transactions

....................

(597,296)

191,676

Institutional

Class

Proceeds

from

shares

sold

...........

176,720,304

252,224,020

102,357,823

190,835,373

Proceeds

from

reinvestment

of

distributions

....................

60,184,489

39,561,810

10,984,541

Cost

of

shares

redeemed

............

(328,560,947)

(164,673,972)

(86,155,697)

(164,023,672)

Net

increase

(decrease)

from

Institutional

Class

transactions

...............

(91,656,154)

127,111,858

16,202,126

37,796,242

Net

increase

(decrease)

from

capital

share

transactions

......................

(97,900,654)

139,954,928

7,104,261

37,071,834

Net

increase

(decrease)

in

net

assets

.....................

94,522,027

(220,857,986)

88,544,587

(154,179,522)

Net

assets

Beginning

of

period

................

1,348,654,444

1,569,512,430

588,482,402

742,661,924

End

of

period

.....................

$1,443,176,471

$1,348,654,444

$677,026,989

$588,482,402

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

100

Large

Cap

Fund

Small

Cap

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Shares

of

Beneficial

Interest:

Investor

Class

Shares

sold

.......................

1,446,865

2,758,340

652,136

1,377,700

Shares

issued

in

reinvestment

of

distributions

.......................

182,891

138,587

159,915

Shares

redeemed

...................

(2,148,988)

(1,891,104)

(1,224,041)

(1,608,290)

Net

increase

(decrease)

in

shares

outstanding

........................

(519,232)

1,005,823

(571,905)

(70,675)

Class

A

Shares

sold

.......................

146,843

131,236

Shares

issued

in

reinvestment

of

distributions

.......................

16,250

Shares

redeemed

...................

(188,832)

(136,615)

Net

increase

(decrease)

in

shares

outstanding

........................

(41,989)

10,871

Institutional

Class

Shares

sold

.......................

14,210,925

19,455,111

6,812,596

12,039,723

Shares

issued

in

reinvestment

of

distributions

.......................

4,571,897

3,434,297

779,169

Shares

redeemed

...................

(26,264,830)

(12,797,000)

(5,742,838)

(10,662,371)

Net

increase

(decrease)

in

shares

outstanding

........................

(7,482,008)

10,092,408

1,069,758

2,156,521

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

101

US

Sustainable

Economy

Fund

Global

Sustainable

Infrastructure

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Increase

(decrease)

in

net

assets:

Operations:

Investment

income,

net

............

$3,056,781

$3,044,452

$2,872,082

$2,881,909

Net

realized

gain

(loss)

on

investments

and

foreign

currency

transactions

...

31,863,235

12,250,731

(4,077,850)

(6,474,225)

Change

in

unrealized

appreciation

(depreciation)

on

investments

and

foreign

currency

translations

......

23,907,560

(75,585,662)

10,599,611

(11,314,587)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

58,827,576

(60,290,479)

9,393,843

(14,906,903)

Distributions

from

distributable

earning

-

Investor

Class

...................

(10,495,477)

(11,406,855)

(154,056)

(138,197)

Distributions

from

distributable

earning

-

Class

A

........................

(546,355)

(576,187)

Distributions

from

distributable

earning

-

Institutional

Class

................

(5,287,617)

(5,457,784)

(2,553,737)

(2,544,699)

Tax

return

of

capital

—

(555,114)

—

—

Total

distributions

to

shareholders

.....

(16,329,449)

(17,995,940)

(2,707,793)

(2,682,896)

From

capital

share

transactions:

Investor

Class

Proceeds

from

shares

sold

...........

5,506,365

26,380,744

1,997,170

2,477,502

Proceeds

from

reinvestment

of

distributions

....................

10,349,644

11,379,743

151,757

136,160

Cost

of

shares

redeemed

............

(16,948,583)

(31,596,635)

(1,890,947)

(1,262,312)

Net

increase

(decrease)

from

Investor

Class

transactions

...............

(1,092,574)

6,163,852

257,980

1,351,350

Class

A

Proceeds

from

shares

sold

...........

738,543

744,849

Proceeds

from

reinvestment

of

distributions

....................

450,961

488,387

Cost

of

shares

redeemed

............

(1,284,508)

(778,875)

Net

increase

(decrease)

from

Class

A

transactions

....................

(95,004)

454,361

Institutional

Class

Proceeds

from

shares

sold

...........

9,043,257

16,392,140

7,572,671

30,908,252

Proceeds

from

reinvestment

of

distributions

....................

5,103,388

5,652,540

2,469,828

2,482,803

Cost

of

shares

redeemed

............

(14,021,496)

(16,263,073)

(29,919,577)

(7,991,437)

Net

increase

(decrease)

from

Institutional

Class

transactions

...............

125,149

5,781,607

(19,877,078)

25,399,618

Net

increase

(decrease)

from

capital

share

transactions

......................

(1,062,429)

12,399,820

(19,619,098)

26,750,968

Net

increase

(decrease)

in

net

assets

.....................

41,435,698

(65,886,599)

(12,933,048)

9,161,169

Net

assets

Beginning

of

period

................

248,536,166

314,422,765

106,837,808

97,676,639

End

of

period

.....................

$289,971,864

$248,536,166

$93,904,760

$106,837,808

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

102

US

Sustainable

Economy

Fund

Global

Sustainable

Infrastructure

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Shares

of

Beneficial

Interest:

Investor

Class

Shares

sold

.......................

256,134

1,101,442

227,170

269,858

Shares

issued

in

reinvestment

of

distributions

.......................

465,242

592,510

16,898

15,940

Shares

redeemed

...................

(798,637)

(1,493,537)

(217,030)

(141,454)

Net

increase

(decrease)

in

shares

outstanding

........................

(77,261)

200,415

27,038

144,344

Class

A

Shares

sold

.......................

35,337

34,614

Shares

issued

in

reinvestment

of

distributions

.......................

20,365

25,542

Shares

redeemed

...................

(59,112)

(37,278)

Net

increase

(decrease)

in

shares

outstanding

........................

(3,410)

22,878

Institutional

Class

Shares

sold

.......................

402,658

720,020

857,951

3,300,040

Shares

issued

in

reinvestment

of

distributions

.......................

219,657

282,484

273,787

289,325

Shares

redeemed

...................

(623,954)

(737,747)

(3,346,794)

(888,264)

Net

increase

(decrease)

in

shares

outstanding

........................

(1,639)

264,757

(2,215,056)

2,701,101

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

103

Global

Opportunities

Fund

Global

Environmental

Markets

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Increase

(decrease)

in

net

assets:

Operations:

Investment

income,

net

............

$434,752

$391,348

$15,609,422

$14,024,911

Net

realized

gain

(loss)

on

investments

and

foreign

currency

transactions

...

2,027,767

(4,442,024)

47,580,610

(88,452,267)

Change

in

unrealized

appreciation

(depreciation)

on

investments

and

foreign

currency

translations

......

14,115,946

(23,283,771)

295,865,601

(564,744,062)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

16,578,465

(27,334,447)

359,055,633

(639,171,418)

Distributions

from

distributable

earning

-

Investor

Class

...................

(14,860)

(78,939)

(1,165,858)

(884,132)

Distributions

from

distributable

earning

-

Class

A

........................

(121,806)

(91,597)

Distributions

from

distributable

earning

-

Institutional

Class

................

(379,048)

(1,741,689)

(17,275,428)

(13,471,376)

Total

distributions

to

shareholders

.....

(393,908)

(1,820,628)

(18,563,092)

(14,447,105)

From

capital

share

transactions:

Investor

Class

Proceeds

from

shares

sold

...........

2,874,168

1,743,714

11,801,181

18,478,332

Proceeds

from

reinvestment

of

distributions

....................

14,541

78,806

1,109,598

819,259

Cost

of

shares

redeemed

............

(1,394,501)

(1,136,800)

(27,944,829)

(27,243,819)

Net

increase

(decrease)

from

Investor

Class

transactions

...............

1,494,208

685,720

(15,034,050)

(7,946,228)

Class

A

Proceeds

from

shares

sold

...........

2,279,083

2,197,608

Proceeds

from

reinvestment

of

distributions

....................

110,885

82,093

Cost

of

shares

redeemed

............

(3,025,083)

(2,443,229)

Net

increase

(decrease)

from

Class

A

transactions

....................

(635,115)

(163,528)

Institutional

Class

Proceeds

from

shares

sold

...........

15,063,023

10,568,072

430,361,238

640,483,732

Proceeds

from

reinvestment

of

distributions

....................

374,782

1,738,877

16,046,237

12,586,265

Cost

of

shares

redeemed

............

(15,725,149)

(22,117,641)

(533,482,046)

(528,185,435)

Net

increase

(decrease)

from

Institutional

Class

transactions

...............

(287,344)

(9,810,692)

(87,074,571)

124,884,562

Net

increase

(decrease)

from

capital

share

transactions

......................

1,206,864

(9,124,972)

(102,743,736)

116,774,806

Net

increase

(decrease)

in

net

assets

.....................

17,391,421

(38,280,047)

237,748,805

(536,843,717)

Net

assets

Beginning

of

period

................

104,740,259

143,020,306

2,208,676,672

2,745,520,389

End

of

period

.....................

$122,131,680

$104,740,259

$2,446,425,477

$2,208,676,672

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

104

Global

Opportunities

Fund

Global

Environmental

Markets

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Shares

of

Beneficial

Interest:

Investor

Class

Shares

sold

.......................

193,824

120,850

569,716

909,155

Shares

issued

in

reinvestment

of

distributions

.......................

964

5,834

52,538

43,766

Shares

redeemed

...................

(94,374)

(80,825)

(1,349,313)

(1,374,237)

Net

increase

(decrease)

in

shares

outstanding

........................

100,414

45,859

(727,059)

(421,316)

Class

A

Shares

sold

.......................

107,937

110,666

Shares

issued

in

reinvestment

of

distributions

.......................

5,260

4,392

Shares

redeemed

...................

(145,875)

(121,276)

Net

increase

(decrease)

in

shares

outstanding

........................

(32,678)

(6,218)

Institutional

Class

Shares

sold

.......................

1,019,972

749,658

20,887,675

31,262,433

Shares

issued

in

reinvestment

of

distributions

.......................

24,738

128,727

753,344

674,932

Shares

redeemed

...................

(1,045,531)

(1,647,543)

(25,888,175)

(26,798,106)

Net

increase

(decrease)

in

shares

outstanding

........................

(821)

(769,158)

(4,247,156)

5,139,259

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

105

Global

Social

Leaders

Fund

1

Global

Women’s

Leadership

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Increase

(decrease)

in

net

assets:

Operations:

Investment

income,

net

............

$730

$17,213,036

$13,747,918

Net

realized

gain

(loss)

on

investments

and

foreign

currency

transactions

...

11,484

1,644,726

(28,623,743)

Change

in

unrealized

appreciation

(depreciation)

on

investments

and

foreign

currency

translations

......

68,104

115,753,552

(184,750,151)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

80,318

134,611,314

(199,625,976)

Distributions

from

distributable

earning

-

Investor

Class

...................

—

(2,236,408)

(3,796,956)

Distributions

from

distributable

earning

-

Institutional

Class

................

—

(12,284,755)

(20,881,054)

Total

distributions

to

shareholders

.....

—

(14,521,163)

(24,678,010)

From

capital

share

transactions:

Investor

Class

Proceeds

from

shares

sold

...........

2,000

9,049,641

13,860,135

Proceeds

from

reinvestment

of

distributions

....................

—

2,125,123

3,616,455

Cost

of

shares

redeemed

............

—

(15,662,661)

(19,592,466)

Net

increase

(decrease)

from

Investor

Class

transactions

...............

2,000

(4,487,897)

(2,115,876)

Institutional

Class

Proceeds

from

shares

sold

...........

1,500,500

77,271,261

130,719,126

Proceeds

from

reinvestment

of

distributions

....................

—

11,089,075

18,997,728

Cost

of

shares

redeemed

............

—

(141,586,581)

(167,489,766)

Net

increase

(decrease)

from

Institutional

Class

transactions

...............

1,500,500

(53,226,245)

(17,772,912)

Net

increase

(decrease)

from

capital

share

transactions

......................

1,502,500

(57,714,142)

(19,888,788)

Net

increase

(decrease)

in

net

assets

.....................

1,582,818

62,376,009

(244,192,774)

Net

assets

Beginning

of

period

................

771,096,978

1,015,289,752

End

of

period

.....................

$1,582,818

$833,472,987

$771,096,978

Shares

of

Beneficial

Interest:

Investor

Class

Shares

sold

.......................

196

305,425

467,839

Shares

issued

in

reinvestment

of

distributions

.......................

—

72,332

133,178

Shares

redeemed

...................

—

(536,671)

(662,214)

Net

increase

(decrease)

in

shares

outstanding

........................

196

(158,914)

(61,197)

Institutional

Class

Shares

sold

.......................

150,043

2,634,666

4,409,462

Shares

issued

in

reinvestment

of

distributions

.......................

—

374,884

695,522

Shares

redeemed

...................

—

(4,830,605)

(5,684,147)

Net

increase

(decrease)

in

shares

outstanding

........................

150,043

(1,821,055)

(579,163)

1

For

the

period

November

30,

2023

(commencement

of

operations)

to

December

31,

2023.

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

106

International

Sustainable

Economy

Fund

Core

Bond

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Increase

(decrease)

in

net

assets:

Operations:

Investment

income,

net

............

$26,351,376

$20,508,847

$26,843,481

$17,386,175

Net

realized

gain

(loss)

on

investments

and

foreign

currency

transactions

...

13,521,314

(41,797,698)

(34,327,063)

(26,235,729)

Change

in

unrealized

appreciation

(depreciation)

on

investments

and

foreign

currency

translations

......

130,912,287

(141,478,419)

54,314,513

(95,344,171)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

170,784,977

(162,767,270)

46,830,931

(104,193,725)

Distributions

from

distributable

earning

-

Investor

Class

...................

(1,881,323)

(18,425,963)

(348,254)

(277,229)

Distributions

from

distributable

earning

-

Institutional

Class

................

(24,395,730)

(1,816,628)

(26,643,485)

(18,136,145)

Total

distributions

to

shareholders

.....

(26,277,053)

(20,242,591)

(26,991,739)

(18,413,374)

From

capital

share

transactions:

Investor

Class

Proceeds

from

shares

sold

...........

15,657,230

28,293,125

1,937,326

2,800,266

Proceeds

from

reinvestment

of

distributions

....................

1,835,216

1,744,202

342,714

273,296

Cost

of

shares

redeemed

............

(24,354,546)

(20,696,957)

(2,647,733)

(2,955,504)

Net

increase

(decrease)

from

Investor

Class

transactions

...............

(6,862,100)

9,340,370

(367,693)

118,058

Institutional

Class

Proceeds

from

shares

sold

...........

317,581,544

380,863,836

80,487,309

139,199,981

Proceeds

from

reinvestment

of

distributions

....................

21,741,020

17,330,565

26,624,724

18,068,571

Cost

of

shares

redeemed

............

(167,131,042)

(277,461,615)

(29,894,603)

(20,700,204)

Net

increase

(decrease)

from

Institutional

Class

transactions

...............

172,191,522

120,732,786

77,217,430

136,568,348

Net

increase

(decrease)

from

capital

share

transactions

......................

165,329,422

130,073,156

76,849,737

136,686,406

Net

increase

(decrease)

in

net

assets

.....................

309,837,346

(52,936,705)

96,688,929

14,079,307

Net

assets

Beginning

of

period

................

825,884,892

878,821,597

799,649,360

785,570,053

End

of

period

.....................

$1,135,722,238

$825,884,892

$896,338,289

$799,649,360

Shares

of

Beneficial

Interest:

Investor

Class

Shares

sold

.......................

1,632,660

3,134,424

219,989

298,337

Shares

issued

in

reinvestment

of

distributions

.......................

187,653

203,533

39,409

30,114

Shares

redeemed

...................

(2,536,509)

(2,306,219)

(303,303)

(320,857)

Net

increase

(decrease)

in

shares

outstanding

........................

(716,196)

1,031,738

(43,905)

7,594

Institutional

Class

Shares

sold

.......................

33,749,031

43,151,395

9,223,481

15,490,699

Shares

issued

in

reinvestment

of

distributions

.......................

2,268,195

2,066,544

3,065,212

1,994,294

Shares

redeemed

...................

(17,833,583)

(32,026,455)

(3,441,961)

(2,317,016)

Net

increase

(decrease)

in

shares

outstanding

........................

18,183,643

13,191,484

8,846,732

15,167,977

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

107

High

Yield

Bond

Fund

Sustainable

Allocation

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Increase

(decrease)

in

net

assets:

Operations:

Investment

income,

net

............

$33,569,533

$31,084,867

$42,470,600

$31,884,050

Net

realized

gain

(loss)

on

investments

and

foreign

currency

transactions

...

(31,167,670)

(22,250,165)

38,893,816

18,864,766

Change

in

unrealized

appreciation

(depreciation)

on

investments

and

foreign

currency

translations

......

58,038,234

(101,192,976)

195,735,869

(480,948,513)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

60,440,097

(92,358,274)

277,100,285

(430,199,697)

Distributions

from

distributable

earning

-

Investor

Class

...................

(7,542,543)

(7,128,777)

(45,872,248)

(77,576,893)

Distributions

from

distributable

earning

-

Class

A

........................

(254,040)

(284,310)

Distributions

from

distributable

earning

-

Institutional

Class

................

(25,583,018)

(24,025,716)

(31,260,658)

(51,407,181)

Total

distributions

to

shareholders

.....

(33,379,601)

(31,438,803)

(77,132,906)

(128,984,074)

From

capital

share

transactions:

Investor

Class

Proceeds

from

shares

sold

...........

57,534,255

48,483,220

29,864,960

43,097,484

Proceeds

from

reinvestment

of

distributions

....................

7,273,144

6,860,327

44,535,448

75,295,459

Cost

of

shares

redeemed

............

(77,799,598)

(61,398,692)

(121,185,568)

(125,510,966)

Net

increase

(decrease)

from

Investor

Class

transactions

...............

(12,992,199)

(6,055,145)

(46,785,160)

(7,118,023)

Class

A

Proceeds

from

shares

sold

...........

1,324,300

1,166,696

Proceeds

from

reinvestment

of

distributions

....................

235,341

265,145

Cost

of

shares

redeemed

............

(2,519,498)

(2,302,526)

Net

increase

(decrease)

from

Class

A

transactions

....................

(959,857)

(870,685)

Institutional

Class

Proceeds

from

shares

sold

...........

101,930,431

153,216,115

101,111,466

150,575,027

Proceeds

from

reinvestment

of

distributions

....................

23,041,969

21,278,544

30,216,167

49,510,911

Cost

of

shares

redeemed

............

(161,330,997)

(197,631,679)

(130,125,953)

(116,685,155)

Net

increase

(decrease)

from

Institutional

Class

transactions

...............

(36,358,597)

(23,137,020)

1,201,680

83,400,783

Net

increase

(decrease)

from

capital

share

transactions

......................

(50,310,653)

(30,062,850)

(45,583,480)

76,282,760

Net

increase

(decrease)

in

net

assets

.....................

(23,250,157)

(153,859,927)

154,383,899

(482,901,011)

Net

assets

Beginning

of

period

................

586,591,654

740,451,581

2,144,930,771

2,627,831,782

End

of

period

.....................

$563,341,497

$586,591,654

$2,299,314,670

$2,144,930,771

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

108

High

Yield

Bond

Fund

Sustainable

Allocation

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Shares

of

Beneficial

Interest:

Investor

Class

Shares

sold

.......................

9,926,021

7,898,910

1,261,704

1,672,468

Shares

issued

in

reinvestment

of

distributions

.......................

1,251,751

1,140,479

1,815,685

3,299,131

Shares

redeemed

...................

(13,418,558)

(10,061,413)

(5,080,036)

(4,957,116)

Net

increase

(decrease)

in

shares

outstanding

........................

(2,240,786)

(1,022,024)

(2,002,647)

14,483

Class

A

Shares

sold

.......................

226,293

188,283

Shares

issued

in

reinvestment

of

distributions

.......................

40,397

43,958

Shares

redeemed

...................

(426,883)

(386,408)

Net

increase

(decrease)

in

shares

outstanding

........................

(160,193)

(154,167)

Institutional

Class

Shares

sold

.......................

17,630,654

25,212,241

4,129,846

5,818,763

Shares

issued

in

reinvestment

of

distributions

.......................

3,977,547

3,547,269

1,207,066

2,125,887

Shares

redeemed

...................

(27,952,309)

(32,543,839)

(5,304,628)

(4,569,864)

Net

increase

(decrease)

in

shares

outstanding

........................

(6,344,108)

(3,784,329)

32,284

3,374,786

Financial

Highlights

Impax

Large

Cap

Fund

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

109

a

Year

Ended

December

31,

2023

2022

2021

2020

2019

Investor

Class

Net

asset

value,

beginning

of

year

...................

$11.52

$14.82

$12.02

$10.38

$7.97

Net

investment

income

1

.........................

0.09

0.06

0.03

0.06

0.07

Net

realized

and

unrealized

gains

(losses)

...........

2.20

(3.02)

3.63

2.38

2.71

Total

from

investment

operations

....................

2.29

(2.96)

3.66

2.44

2.78

Distributions

to

shareholders

From

net

investment

income

.....................

0.10

0.08

0.03

0.07

0.07

From

net

realized

gains

.........................

0.47

0.26

0.83

0.73

0.30

Total

distributions

...............................

0.57

0.34

0.86

0.80

0.37

Net

asset

value,

end

of

year

.......................

$13.24

$11.52

$14.82

$12.02

$10.38

Total

return

2

...................................

19.90%

(19.99)%

30.57%

23.75%

34.85%

Net

assets,

end

of

period

(in

$000’s)

.................

$58,218

$56,667

$57,965

$21,351

$3,271

Ratios

to

average

net

assets

3

Net

expenses

including

reimbursements

and

waivers

....

0.98%

0.97%

0.97%

0.95%

0.95%

Net

investment

income

...........................

0.71%

0.49%

0.22%

0.51%

0.74%

Total

expenses

excluding

reimbursements

and

waivers

...

0.98%

0.97%

0.97%

0.95%

0.95%

Portfolio

Turnover

4

..............................

44%

34%

25%

43%

37%

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

Total

returns

for

periods

of

less

than

one

year

have

not

been

annualized.

3

Ratios

representing

periods

of

less

than

one

year

have

been

annualized.

4

Not

annualized.

Financial

Highlights

Impax

Large

Cap

Fund

(continued)

www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

110

a

Year

Ended

December

31,

2023

2022

2021

2020

2019

Institutional

Class

Net

asset

value,

beginning

of

year

...................

$11.56

$14.87

$12.05

$10.40

$7.98

Net

investment

income

1

.........................

0.12

0.09

0.07

0.09

0.09

Net

realized

and

unrealized

gains

(losses)

...........

2.20

(3.03)

3.64

2.38

2.72

Total

from

investment

operations

....................

2.32

(2.94)

3.71

2.47

2.81

Distributions

to

shareholders

From

net

investment

income

.....................

0.13

0.11

0.06

0.09

0.09

From

net

realized

gains

.........................

0.47

0.26

0.83

0.73

0.30

Total

distributions

...............................

0.60

0.37

0.89

0.82

0.39

Net

asset

value,

end

of

year

.......................

$13.28

$11.56

$14.87

$12.05

$10.40

Total

return

2

...................................

20.12%

(19.77)%

30.92%

23.99%

35.23%

Net

assets,

end

of

period

(in

$000’s)

.................

$1,384,959

$1,291,988

$1,511,547

$1,020,242

$763,004

Ratios

to

average

net

assets

3

Net

expenses

including

reimbursements

and

waivers

....

0.73%

0.72%

0.71%

0.70%

0.70%

Net

investment

income

...........................

0.96%

0.73%

0.47%

0.84%

1.00%

Total

expenses

excluding

reimbursements

and

waivers

...

0.73%

0.72%

0.71%

0.70%

0.70%

Portfolio

Turnover

4

..............................

44%

34%

25%

43%

37%

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

Total

returns

for

periods

of

less

than

one

year

have

not

been

annualized.

3

Ratios

representing

periods

of

less

than

one

year

have

been

annualized.

4

Not

annualized.

Financial

Highlights

Impax

Small

Cap

Fund

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

111

a

Year

Ended

December

31,

2023

2022

2021

2020

2019

Investor

Class

Net

asset

value,

beginning

of

year

...................

$14.06

$18.72

$15.78

$14.67

$12.01

Net

investment

income

1

.........................

(0.02)

(0.03)

0.08

(0.03)

0.13

Net

realized

and

unrealized

gains

(losses)

...........

1.92

(4.28)

4.66

1.75

2.66

Total

from

investment

operations

....................

1.90

(4.31)

4.74

1.72

2.79

Distributions

to

shareholders

From

net

investment

income

.....................

—

—

0.04

—

0.13

From

net

realized

gains

.........................

—

0.35

1.76

0.61

—

Total

distributions

...............................

—

0.35

1.80

0.61

0.13

Net

asset

value,

end

of

year

.......................

$15.96

$14.06

$18.72

$15.78

$14.67

Total

return

2

...................................

13.51%

(22.97)%

30.26%

11.77%

23.29%

Net

assets,

end

of

period

(in

$000’s)

.................

$96,548

$93,090

$125,234

$102,582

$110,520

Ratios

to

average

net

assets

3

Net

expenses

including

reimbursements

and

waivers

....

1.16%

1.16%

1.15%

1.19%

1.20%

Net

investment

income

...........................

(0.11)%

(0.23)%

4

0.44%

(0.23)%

0.93%

Total

expenses

excluding

reimbursements

and

waivers

...

1.16%

1.16%

1.15%

1.19%

1.20%

Portfolio

Turnover

5

..............................

43%

38%

44%

73%

78%

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

Total

returns

for

periods

of

less

than

one

year

have

not

been

annualized.

3

Ratios

representing

periods

of

less

than

one

year

have

been

annualized.

4

In

2022

the

Adviser

reimbursed

the

Fund

losses

related

to

a

trading

error

in

the

amount

of

$63,091.

Before

the

reimbursement

by

the

Adviser,

total

return

for

Investor

Class

shares

would

have

remained

the

same

at

(22.97%).

The

Net

Investment

Income

for

Investor

Class

shares

would

have

been

(0.24%).

5

Not

annualized.

Financial

Highlights

Impax

Small

Cap

Fund

(continued)

www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

112

a

Year

Ended

December

31,

2023

2022

2021

2020

2019

Class

A

Net

asset

value,

beginning

of

year

...................

$14.01

$18.66

$15.73

$14.63

$11.98

Net

investment

income

1

.........................

(0.02)

(0.03)

0.08

(0.03)

0.12

Net

realized

and

unrealized

gains

(losses)

...........

1.92

(4.27)

4.65

1.74

2.66

Total

from

investment

operations

....................

1.90

(4.30)

4.73

1.71

2.78

Distributions

to

shareholders

From

net

investment

income

.....................

—

—

0.04

—

0.13

From

net

realized

gains

.........................

—

0.35

1.76

0.61

—

Total

distributions

...............................

—

0.35

1.80

0.61

0.13

Net

asset

value,

end

of

year

.......................

$15.91

$14.01

$18.66

$15.73

$14.63

Total

return

2

...................................

13.56%

(23.03)%

30.29%

11.73%

23.27%

Net

assets,

end

of

period

(in

$000’s)

.................

$11,700

$10,895

$14,305

$10,948

$12,445

Ratios

to

average

net

assets

3

Net

expenses

including

reimbursements

and

waivers

....

1.16%

1.16%

1.15%

1.19%

1.20%

Net

investment

income

...........................

(0.10)%

(0.23)%

4

0.44%

(0.23)%

0.90%

Total

expenses

excluding

reimbursements

and

waivers

...

1.16%

1.16%

1.15%

1.19%

1.20%

Portfolio

Turnover

5

..............................

43%

38%

44%

73%

78%

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

Total

returns

for

periods

of

less

than

one

year

have

not

been

annualized.

3

Ratios

representing

periods

of

less

than

one

year

have

been

annualized.

4

In

2022

the

Adviser

reimbursed

the

Fund

losses

related

to

a

trading

error

in

the

amount

of

$63,091.

Before

the

reimbursement

by

the

Adviser,

total

return

for

Class

A

shares

would

have

remained

the

same

at

(23.03%).

The

Net

Investment

Income

for

Class

A

would

have

been

(0.22%).

5

Not

annualized.

Financial

Highlights

Impax

Small

Cap

Fund

(continued)

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

113

a

Year

Ended

December

31,

2023

2022

2021

2020

2019

Institutional

Class

Net

asset

value,

beginning

of

year

...................

$14.29

$18.99

$15.99

$14.82

$12.12

Net

investment

income

1

.........................

0.02

0.01

0.14

—

0.15

Net

realized

and

unrealized

gains

(losses)

...........

1.95

(4.34)

4.71

1.78

2.70

Total

from

investment

operations

....................

1.97

(4.33)

4.85

1.78

2.85

Distributions

to

shareholders

From

net

investment

income

.....................

—

0.02

0.09

—

0.15

From

net

realized

gains

.........................

—

0.35

1.76

0.61

—

Total

distributions

...............................

—

0.37

1.85

0.61

0.15

Net

asset

value,

end

of

year

.......................

$16.26

$14.29

$18.99

$15.99

$14.82

Total

return

2

...................................

13.79%

(22.80)%

30.54%

12.06%

23.56%

Net

assets,

end

of

period

(in

$000’s)

.................

$568,779

$484,498

$603,123

$352,709

$308,145

Ratios

to

average

net

assets

3

Net

expenses

including

reimbursements

and

waivers

....

0.91%

0.91%

0.90%

0.94%

0.95%

Net

investment

income

...........................

0.15%

0.03%

4

0.73%

0.02%

1.08%

Total

expenses

excluding

reimbursements

and

waivers

...

0.91%

0.91%

0.90%

0.94%

0.95%

Portfolio

Turnover

5

..............................

43%

38%

44%

73%

78%

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

Total

returns

for

periods

of

less

than

one

year

have

not

been

annualized.

3

Ratios

representing

periods

of

less

than

one

year

have

been

annualized.

4

In

2022

the

Adviser

reimbursed

the

Fund

losses

related

to

a

trading

error

in

the

amount

of

$63,091.

Before

the

reimbursement

by

the

Adviser,

total

return

for

Institutional

Class

shares

would

have

remained

the

same

at

(22.80%).

The

Net

Investment

Income

for

Institutional

Class

shares

would

have

been

0.02%.

5

Not

annualized.

Financial

Highlights

Impax

US

Sustainable

Economy

Fund

www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

114

a

Year

Ended

December

31,

2023

2022

2021

2020

2019

Investor

Class

Net

asset

value,

beginning

of

year

...................

$19.19

$25.28

$23.78

$21.41

$17.42

Net

investment

income

1

.........................

0.23

0.22

0.20

0.23

0.28

Net

realized

and

unrealized

gains

(losses)

...........

4.42

(4.84)

6.83

2.60

4.43

Total

from

investment

operations

....................

4.65

(4.62)

7.03

2.83

4.71

Distributions

to

shareholders

From

net

investment

income

.....................

0.10

0.37

0.20

0.22

0.28

From

net

realized

gains

.........................

1.23

1.06

5.33

0.24

0.44

Tax

return

of

capital

............................

—

0.04

—

—

—

Total

distributions

...............................

1.33

1.47

5.53

0.46

0.72

Net

asset

value,

end

of

year

.......................

$22.51

$19.19

$25.28

$23.78

$21.41

Total

return

2

...................................

24.39%

(18.25)%

30.02%

13.34%

27.13%

Net

assets,

end

of

period

(in

$000’s)

.................

$185,687

$159,822

$205,407

$170,315

$161,021

Ratios

to

average

net

assets

3

Net

expenses

including

reimbursements

and

waivers

....

0.70%

0.70%

0.74%

0.90%

0.90%

Net

investment

income

...........................

1.06%

1.01%

0.74%

1.10%

1.43%

Total

expenses

excluding

reimbursements

and

waivers

...

0.88%

0.88%

0.88%

0.90%

0.90%

Portfolio

Turnover

4

..............................

43%

37%

47%

65%

49%

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

Total

returns

for

periods

of

less

than

one

year

have

not

been

annualized.

3

Ratios

representing

periods

of

less

than

one

year

have

been

annualized.

4

Not

annualized.

Financial

Highlights

Impax

US

Sustainable

Economy

Fund

(continued)

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

115

a

Year

Ended

December

31,

2023

2022

2021

2020

2019

Class

A

Net

asset

value,

beginning

of

year

...................

$19.11

$25.18

$23.71

$21.35

$17.38

Net

investment

income

1

.........................

0.22

0.22

0.20

0.23

0.28

Net

realized

and

unrealized

gains

(losses)

...........

4.42

(4.82)

6.80

2.59

4.41

Total

from

investment

operations

....................

4.64

(4.60)

7.00

2.82

4.69

Distributions

to

shareholders

From

net

investment

income

.....................

0.11

0.37

0.20

0.22

0.28

From

net

realized

gains

.........................

1.23

1.06

5.33

0.24

0.44

Tax

return

of

capital

............................

—

0.04

—

—

—

Total

distributions

...............................

1.34

1.47

5.53

0.46

0.72

Net

asset

value,

end

of

year

.......................

$22.41

$19.11

$25.18

$23.71

$21.35

Total

return

2

...................................

24.39%

(18.24)%

29.99%

13.33%

27.08%

Net

assets,

end

of

period

(in

$000’s)

.................

$9,469

$8,142

$10,150

$6,599

$6,659

Ratios

to

average

net

assets

3

Net

expenses

including

reimbursements

and

waivers

....

0.70%

0.70%

0.74%

0.90%

0.90%

Net

investment

income

...........................

1.06%

1.01%

0.74%

1.11%

1.43%

Total

expenses

excluding

reimbursements

and

waivers

...

0.88%

0.88%

0.88%

0.90%

0.90%

Portfolio

Turnover

4

..............................

43%

37%

47%

65%

49%

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

Total

returns

for

periods

of

less

than

one

year

have

not

been

annualized.

3

Ratios

representing

periods

of

less

than

one

year

have

been

annualized.

4

Not

annualized.

Financial

Highlights

Impax

US

Sustainable

Economy

Fund

(continued)

www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

116

a

Year

Ended

December

31,

2023

2022

2021

2020

2019

Institutional

Class

Net

asset

value,

beginning

of

year

...................

$19.99

$26.25

$24.52

$22.07

$17.94

Net

investment

income

1

.........................

0.29

0.28

0.28

0.29

0.34

Net

realized

and

unrealized

gains

(losses)

...........

4.61

(5.02)

7.05

2.67

4.56

Total

from

investment

operations

....................

4.90

(4.74)

7.33

2.96

4.90

Distributions

to

shareholders

From

net

investment

income

.....................

0.13

0.42

0.27

0.27

0.33

From

net

realized

gains

.........................

1.23

1.06

5.33

0.24

0.44

Tax

return

of

capital

............................

—

0.04

—

—

—

Total

distributions

...............................

1.36

1.52

5.60

0.51

0.77

Net

asset

value,

end

of

year

.......................

$23.53

$19.99

$26.25

$24.52

$22.07

Total

return

2

...................................

24.65%

(18.01)%

30.35%

13.57%

27.42%

Net

assets,

end

of

period

(in

$000’s)

.................

$94,815

$80,572

$98,866

$79,301

$72,736

Ratios

to

average

net

assets

3

Net

expenses

including

reimbursements

and

waivers

....

0.45%

0.45%

0.49%

0.65%

0.65%

Net

investment

income

...........................

1.31%

1.27%

0.99%

1.35%

1.68%

Total

expenses

excluding

reimbursements

and

waivers

...

0.63%

0.63%

0.63%

0.65%

0.65%

Portfolio

Turnover

4

..............................

43%

37%

47%

65%

49%

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

Total

returns

for

periods

of

less

than

one

year

have

not

been

annualized.

3

Ratios

representing

periods

of

less

than

one

year

have

been

annualized.

4

Not

annualized.

Financial

Highlights

Impax

Global

Sustainable

Infrastructure

Fund

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

117

a

Year

Ended

December

31,

2023

2022

2021

2020

2019

Investor

Class

Net

asset

value,

beginning

of

year

...................

$8.53

$10.11

$14.17

$12.78

$10.64

Net

investment

income

1

.........................

0.22

0.24

0.41

0.23

0.25

Net

realized

and

unrealized

gains

(losses)

...........

0.57

(1.61)

1.48

1.56

2.49

Total

from

investment

operations

....................

0.79

(1.37)

1.89

1.79

2.74

Distributions

to

shareholders

From

net

investment

income

.....................

0.22

0.21

0.32

0.21

0.25

From

net

realized

gains

.........................

—

—

5.63

0.19

0.35

Total

distributions

...............................

0.22

0.21

5.95

0.40

0.60

Net

asset

value,

end

of

year

.......................

$9.10

$8.53

$10.11

$14.17

$12.78

Total

return

2

...................................

9.33%

(13.44)%

13.98%

14.25%

25.85%

Net

assets,

end

of

period

(in

$000’s)

.................

$6,448

$5,816

$5,432

$4,014

$2,859

Ratios

to

average

net

assets

3

Net

expenses

including

reimbursements

and

waivers

....

0.80%

0.80%

0.83%

0.90%

0.90%

Net

investment

income

...........................

2.45%

2.64%

2.70%

1.80%

2.03%

Total

expenses

excluding

reimbursements

and

waivers

...

0.90%

0.90%

0.90%

0.90%

0.90%

Portfolio

Turnover

4

..............................

89%

54%

127%

93%

50%

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

Total

returns

for

periods

of

less

than

one

year

have

not

been

annualized.

3

Ratios

representing

periods

of

less

than

one

year

have

been

annualized.

4

Not

annualized.

Financial

Highlights

Impax

Global

Sustainable

Infrastructure

Fund

(continued)

www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

118

a

Year

Ended

December

31,

2023

2022

2021

2020

2019

Institutional

Class

Net

asset

value,

beginning

of

year

...................

$8.57

$10.16

$14.21

$12.81

$10.66

Net

investment

income

1

.........................

0.24

0.26

0.43

0.26

0.28

Net

realized

and

unrealized

gains

(losses)

...........

0.57

(1.62)

1.51

1.57

2.50

Total

from

investment

operations

....................

0.81

(1.36)

1.94

1.83

2.78

Distributions

to

shareholders

From

net

investment

income

.....................

0.24

0.23

0.36

0.24

0.28

From

net

realized

gains

.........................

—

—

5.63

0.19

0.35

Total

distributions

...............................

0.24

0.23

5.99

0.43

0.63

Net

asset

value,

end

of

year

.......................

$9.14

$8.57

$10.16

$14.21

$12.81

Total

return

2

...................................

9.55%

(13.25)%

14.27%

14.54%

26.18%

Net

assets,

end

of

period

(in

$000’s)

.................

$87,457

$101,022

$92,244

$136,036

$130,001

Ratios

to

average

net

assets

3

Net

expenses

including

reimbursements

and

waivers

....

0.55%

0.55%

0.58%

0.65%

0.65%

Net

investment

income

...........................

2.69%

2.89%

2.81%

2.06%

2.28%

Total

expenses

excluding

reimbursements

and

waivers

...

0.65%

0.65%

0.65%

0.65%

0.65%

Portfolio

Turnover

4

..............................

89%

54%

127%

93%

50%

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

Total

returns

for

periods

of

less

than

one

year

have

not

been

annualized.

3

Ratios

representing

periods

of

less

than

one

year

have

been

annualized.

4

Not

annualized.

Financial

Highlights

Impax

Global

Opportunities

Fund

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

119

a

Year

Ended

December

31,

2023

2022

2021

2020

2019

Investor

Class

Net

asset

value,

beginning

of

year

...................

$13.69

$17.09

$14.66

$12.04

$9.18

Net

investment

income

1

.........................

0.02

0.01

(0.02)

(0.01)

0.02

Net

realized

and

unrealized

gains

(losses)

...........

2.05

(3.20)

2.76

2.75

3.05

Total

from

investment

operations

....................

2.07

(3.19)

2.74

2.74

3.07

Distributions

to

shareholders

From

net

investment

income

.....................

0.03

0.03

—

—

0.03

From

net

realized

gains

.........................

—

0.18

0.31

0.12

0.18

Total

distributions

...............................

0.03

0.21

0.31

0.12

0.21

Net

asset

value,

end

of

year

.......................

$15.73

$13.69

$17.09

$14.66

$12.04

Total

return

2

...................................

15.16%

(18.66)%

18.69%

22.76%

33.51%

Net

assets,

end

of

period

(in

$000’s)

.................

$7,627

$5,260

$5,784

$3,401

$1,683

Ratios

to

average

net

assets

3

Net

expenses

including

reimbursements

and

waivers

....

1.23%

1.23%

1.21%

1.18%

1.19%

Net

investment

income

...........................

0.12%

0.09%

(0.15)%

(0.06)%

0.17%

Total

expenses

excluding

reimbursements

and

waivers

...

1.33%

1.33%

1.32%

1.56%

1.68%

Portfolio

Turnover

4

..............................

33%

38%

30%

34%

29%

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

Total

returns

for

periods

of

less

than

one

year

have

not

been

annualized.

3

Ratios

representing

periods

of

less

than

one

year

have

been

annualized.

4

Not

annualized.

Financial

Highlights

Impax

Global

Opportunities

Fund

(continued)

www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

120

a

Year

Ended

December

31,

2023

2022

2021

2020

2019

Institutional

Class

Net

asset

value,

beginning

of

year

...................

$13.75

$17.15

$14.69

$12.04

$9.18

Net

investment

income

1

.........................

0.06

0.05

0.02

0.02

0.06

Net

realized

and

unrealized

gains

(losses)

...........

2.07

(3.22)

2.76

2.76

3.03

Total

from

investment

operations

....................

2.13

(3.17)

2.78

2.78

3.09

Distributions

to

shareholders

From

net

investment

income

.....................

0.05

0.05

0.01

0.01

0.05

From

net

realized

gains

.........................

—

0.18

0.31

0.12

0.18

Total

distributions

...............................

0.05

0.23

0.32

0.13

0.23

Net

asset

value,

end

of

year

.......................

$15.83

$13.75

$17.15

$14.69

$12.04

Total

return

2

...................................

15.50%

(18.49)%

18.96%

23.12%

33.72%

Net

assets,

end

of

period

(in

$000’s)

.................

$114,505

$99,480

$137,236

$65,644

$40,392

Ratios

to

average

net

assets

3

Net

expenses

including

reimbursements

and

waivers

....

0.98%

0.98%

0.96%

0.94%

0.92%

Net

investment

income

...........................

0.39%

0.34%

0.11%

0.17%

0.51%

Total

expenses

excluding

reimbursements

and

waivers

...

1.08%

1.08%

1.07%

1.31%

1.42%

Portfolio

Turnover

4

..............................

33%

38%

30%

34%

29%

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

Total

returns

for

periods

of

less

than

one

year

have

not

been

annualized.

3

Ratios

representing

periods

of

less

than

one

year

have

been

annualized.

4

Not

annualized.

Financial

Highlights

Impax

Global

Environmental

Markets

Fund

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

121

a

Year

Ended

December

31,

2023

2022

2021

2020

2019

Investor

Class

Net

asset

value,

beginning

of

year

...................

$19.41

$25.22

$21.08

$16.85

$13.28

Net

investment

income

1

.........................

0.09

0.07

0.14

0.09

0.12

Net

realized

and

unrealized

gains

(losses)

...........

3.11

(5.78)

4.48

4.22

3.56

Total

from

investment

operations

....................

3.20

(5.71)

4.62

4.31

3.68

Distributions

to

shareholders

From

net

investment

income

.....................

0.14

0.04

0.13

0.08

0.11

From

net

realized

gains

.........................

—

0.06

0.35

—

—

Total

distributions

...............................

0.14

0.10

0.48

0.08

0.11

Net

asset

value,

end

of

year

.......................

$22.47

$19.41

$25.22

$21.08

$16.85

Total

return

2

...................................

16.55%

(22.62)%

21.95%

25.71%

27.75%

Net

assets,

end

of

period

(in

$000’s)

.................

$177,310

$167,290

$227,902

$175,040

$152,209

Ratios

to

average

net

assets

3

Net

expenses

including

reimbursements

and

waivers

....

1.16%

1.16%

1.15%

1.20%

1.22%

Net

investment

income

...........................

0.44%

0.37%

0.61%

0.55%

0.78%

Total

expenses

excluding

reimbursements

and

waivers

...

1.16%

1.16%

1.15%

1.20%

1.22%

Portfolio

Turnover

4

..............................

26%

35%

18%

25%

14%

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

Total

returns

for

periods

of

less

than

one

year

have

not

been

annualized.

3

Ratios

representing

periods

of

less

than

one

year

have

been

annualized.

4

Not

annualized.

Financial

Highlights

Impax

Global

Environmental

Markets

Fund

(continued)

www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

122

a

Year

Ended

December

31,

2023

2022

2021

2020

2019

Class

A

Net

asset

value,

beginning

of

year

...................

$19.38

$25.17

$21.05

$16.83

$13.26

Net

investment

income

1

.........................

0.09

0.07

0.14

0.09

0.12

Net

realized

and

unrealized

gains

(losses)

...........

3.11

(5.76)

4.46

4.21

3.56

Total

from

investment

operations

....................

3.20

(5.69)

4.60

4.30

3.68

Distributions

to

shareholders

From

net

investment

income

.....................

0.14

0.04

0.13

0.08

0.11

From

net

realized

gains

.........................

—

0.06

0.35

—

—

Total

distributions

...............................

0.14

0.10

0.48

0.08

0.11

Net

asset

value,

end

of

year

.......................

$22.44

$19.38

$25.17

$21.05

$16.83

Total

return

2

...................................

16.58%

(22.58)%

21.89%

25.68%

27.77%

Net

assets,

end

of

period

(in

$000’s)

.................

$19,283

$17,292

$22,613

$16,651

$13,700

Ratios

to

average

net

assets

3

Net

expenses

including

reimbursements

and

waivers

....

1.16%

1.16%

1.15%

1.20%

1.22%

Net

investment

income

...........................

0.43%

0.36%

0.61%

0.54%

0.78%

Total

expenses

excluding

reimbursements

and

waivers

...

1.16%

1.16%

1.15%

1.20%

1.22%

Portfolio

Turnover

4

..............................

26%

35%

18%

25%

14%

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

Total

returns

for

periods

of

less

than

one

year

have

not

been

annualized.

3

Ratios

representing

periods

of

less

than

one

year

have

been

annualized.

4

Not

annualized.

Financial

Highlights

Impax

Global

Environmental

Markets

Fund

(continued)

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

123

a

Year

Ended

December

31,

2023

2022

2021

2020

2019

Institutional

Class

Net

asset

value,

beginning

of

year

...................

$19.58

$25.40

$21.23

$16.97

$13.36

Net

investment

income

1

.........................

0.14

0.12

0.21

0.14

0.16

Net

realized

and

unrealized

gains

(losses)

...........

3.15

(5.82)

4.49

4.25

3.60

Total

from

investment

operations

....................

3.29

(5.70)

4.70

4.39

3.76

Distributions

to

shareholders

From

net

investment

income

.....................

0.17

0.06

0.18

0.13

0.15

From

net

realized

gains

.........................

—

0.06

0.35

—

—

Total

distributions

...............................

0.17

0.12

0.53

0.13

0.15

Net

asset

value,

end

of

year

.......................

$22.70

$19.58

$25.40

$21.23

$16.97

Total

return

2

...................................

16.85%

(22.39)%

22.23%

26.00%

28.17%

Net

assets,

end

of

period

(in

$000’s)

.................

$2,249,833

$2,024,095

$2,495,005

$1,437,952

$802,292

Ratios

to

average

net

assets

3

Net

expenses

including

reimbursements

and

waivers

....

0.91%

0.91%

0.90%

0.95%

0.97%

Net

investment

income

...........................

0.69%

0.63%

0.87%

0.78%

1.01%

Total

expenses

excluding

reimbursements

and

waivers

...

0.91%

0.91%

0.90%

0.95%

0.97%

Portfolio

Turnover

4

..............................

26%

35%

18%

25%

14%

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

Total

returns

for

periods

of

less

than

one

year

have

not

been

annualized.

3

Ratios

representing

periods

of

less

than

one

year

have

been

annualized.

4

Not

annualized.

Financial

Highlights

Impax

Global

Social

Leaders

Fund

www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

124

a

Period

Ended

December

31,

2023

1

Investor

Class

Net

asset

value,

beginning

of

year

.....................................................................

$10.00

Net

investment

income

2

...........................................................................

—

3

Net

realized

and

unrealized

gains

(losses)

.............................................................

0.53

Total

from

investment

operations

......................................................................

0.53

Net

asset

value,

end

of

year

.........................................................................

$10.53

Total

return

4

.....................................................................................

5.30%

Net

assets,

end

of

period

(in

$000’s)

...................................................................

$2

Ratios

to

average

net

assets

5

Net

expenses

including

reimbursements

and

waivers

......................................................

1.23%

Net

investment

income

.............................................................................

0.10%

Total

expenses

excluding

reimbursements

and

waivers

.....................................................

25.89%

Portfolio

Turnover

6

................................................................................

13%

1

For

the

period

November

30,

2023

(commencement

of

operations)

to

December

31,

2023.

2

Based

on

average

shares

outstanding

during

the

period.

3

Less

than

0.05

per

share.

4

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

Total

returns

for

periods

of

less

than

one

year

have

not

been

annualized.

5

Ratios

representing

periods

of

less

than

one

year

have

been

annualized.

6

Not

annualized.

Financial

Highlights

Impax

Global

Social

Leaders

Fund

(continued)

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

125

a

Period

Ended

December

31,

2023

1

Institutional

Class

Net

asset

value,

beginning

of

year

.....................................................................

$10.00

Net

investment

income

2

...........................................................................

0.01

Net

realized

and

unrealized

gains

(losses)

.............................................................

0.53

Total

from

investment

operations

......................................................................

0.54

Net

asset

value,

end

of

year

.........................................................................

$10.54

Total

return

3

.....................................................................................

5.40%

Net

assets,

end

of

period

(in

$000’s)

...................................................................

$1,581

Ratios

to

average

net

assets

4

Net

expenses

including

reimbursements

and

waivers

......................................................

0.98%

Net

investment

income

.............................................................................

0.56%

Total

expenses

excluding

reimbursements

and

waivers

.....................................................

25.64%

Portfolio

Turnover

5

................................................................................

13%

1

For

the

period

November

30,

2023

(commencement

of

operations)

to

December

31,

2023.

2

Based

on

average

shares

outstanding

during

the

period.

3

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

Total

returns

for

periods

of

less

than

one

year

have

not

been

annualized.

4

Ratios

representing

periods

of

less

than

one

year

have

been

annualized.

5

Not

annualized.

Financial

Highlights

Impax

Ellevate

Global

Women’s

Leadership

Fund

www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

126

a

Year

Ended

December

31,

2023

2022

2021

2020

2019

Investor

Class

Net

asset

value,

beginning

of

year

...................

$27.26

$35.14

$30.34

$27.00

$22.02

Net

investment

income

1

.........................

0.57

0.42

0.39

0.33

0.47

Net

realized

and

unrealized

gains

(losses)

...........

4.34

(7.45)

4.84

3.32

5.33

Total

from

investment

operations

....................

4.91

(7.03)

5.23

3.65

5.80

Distributions

to

shareholders

From

net

investment

income

.....................

0.51

0.24

0.43

0.31

0.44

From

net

realized

gains

.........................

—

0.61

—

—

0.38

Total

distributions

...............................

0.51

0.85

0.43

0.31

0.82

Net

asset

value,

end

of

year

.......................

$31.66

$27.26

$35.14

$30.34

$27.00

Total

return

2

...................................

18.14%

(19.98)%

17.27%

13.67%

26.42%

Net

assets,

end

of

period

(in

$000’s)

.................

$137,887

$123,060

$160,749

$130,255

$118,713

Ratios

to

average

net

assets

3

Net

expenses

including

reimbursements

and

waivers

....

0.77%

0.77%

0.76%

0.78%

0.80%

Net

investment

income

...........................

1.95%

1.42%

1.18%

1.27%

1.87%

Total

expenses

excluding

reimbursements

and

waivers

...

0.77%

0.77%

0.76%

0.78%

0.80%

Portfolio

Turnover

4

..............................

32%

45%

43%

5

69%

5

66%

5

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

Total

returns

for

periods

of

less

than

one

year

have

not

been

annualized.

3

Ratios

representing

periods

of

less

than

one

year

have

been

annualized.

4

Not

annualized.

5

To

manage

cash

flows,

minimize

trading

costs

and

equitize

cash

balances

in

between

trading

blocks

of

securities,

the

Global

Women’s

Leadership

Fund

utilized

one

or

more

exchange-traded

funds

(ETFs),

the

combination

of

which

is

intended

to

track

the

Fund’s

broad-based

benchmark.

These

investments

are

frequent

and

short-term,

however,

the

Fund

is

required

to

include

such

ETF

investment

activity

in

the

calculation

of

its

portfolio

turnover.

Had

such

transactions

been

excluded,

the

portfolio

turnover

would

have

been

26%

for

the

year

ended

December

31,

2021,

37%

for

the

year

ended

December

31,

2020,

and

25%

for

the

year

ended

December

31,

2019.

Financial

Highlights

Impax

Ellevate

Global

Women’s

Leadership

Fund

(continued)

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

127

a

Year

Ended

December

31,

2023

2022

2021

2020

2019

Institutional

Class

Net

asset

value,

beginning

of

year

...................

$27.45

$35.33

$30.50

$27.14

$22.12

Net

investment

income

1

.........................

0.64

0.49

0.48

0.40

0.53

Net

realized

and

unrealized

gains

(losses)

...........

4.37

(7.48)

4.86

3.34

5.37

Total

from

investment

operations

....................

5.01

(6.99)

5.34

3.74

5.90

Distributions

to

shareholders

From

net

investment

income

.....................

0.54

0.28

0.51

0.38

0.50

From

net

realized

gains

.........................

—

0.61

—

—

0.38

Total

distributions

...............................

0.54

0.89

0.51

0.38

0.88

Net

asset

value,

end

of

year

.......................

$31.92

$27.45

$35.33

$30.50

$27.14

Total

return

2

...................................

18.41%

(19.76)%

17.56%

13.94%

26.77%

Net

assets,

end

of

period

(in

$000’s)

.................

$695,585

$648,037

$854,540

$619,168

$346,142

Ratios

to

average

net

assets

3

Net

expenses

including

reimbursements

and

waivers

....

0.52%

0.52%

0.51%

0.53%

0.55%

Net

investment

income

...........................

2.20%

1.67%

1.43%

1.52%

2.07%

Total

expenses

excluding

reimbursements

and

waivers

...

0.52%

0.52%

0.51%

0.53%

0.55%

Portfolio

Turnover

4

..............................

32%

45%

43%

5

69%

5

66%

5

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

Total

returns

for

periods

of

less

than

one

year

have

not

been

annualized.

3

Ratios

representing

periods

of

less

than

one

year

have

been

annualized.

4

Not

annualized.

5

To

manage

cash

flows,

minimize

trading

costs

and

equitize

cash

balances

in

between

trading

blocks

of

securities,

the

Global

Women’s

Leadership

Fund

utilized

one

or

more

exchange-traded

funds

(ETFs),

the

combination

of

which

is

intended

to

track

the

Fund’s

broad-based

benchmark.

These

investments

are

frequent

and

short-term,

however,

the

Fund

is

required

to

include

such

ETF

investment

activity

in

the

calculation

of

its

portfolio

turnover.

Had

such

transactions

been

excluded,

the

portfolio

turnover

would

have

been

26%

for

the

year

ended

December

31,

2021,

37%

for

the

year

ended

December

31,

2020,

and

25%

for

the

year

ended

December

31,

2019.

Financial

Highlights

Impax

International

Sustainable

Economy

Fund

www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

128

a

Year

Ended

December

31,

2023

2022

2021

2020

2019

Investor

Class

Net

asset

value,

beginning

of

year

...................

$8.80

$10.99

$10.35

$9.53

$7.95

Net

investment

income

1

.........................

0.23

0.21

0.22

0.17

0.21

Net

realized

and

unrealized

gains

(losses)

...........

1.42

(2.19)

0.90

0.81

1.59

Total

from

investment

operations

....................

1.65

(1.98)

1.12

0.98

1.80

Distributions

to

shareholders

From

net

investment

income

.....................

0.21

0.21

0.23

0.16

0.22

From

net

realized

gains

.........................

—

—

0.25

—

—

Total

distributions

...............................

0.21

0.21

0.48

0.16

0.22

Net

asset

value,

end

of

year

.......................

$10.24

$8.80

$10.99

$10.35

$9.53

Total

return

2

...................................

18.92%

(18.00)%

10.88%

10.51%

22.78%

Net

assets,

end

of

period

(in

$000’s)

.................

$88,042

$81,939

$90,993

$77,963

$84,855

Ratios

to

average

net

assets

3

Net

expenses

including

reimbursements

and

waivers

....

0.70%

0.72%

0.72%

0.75%

0.80%

Net

investment

income

...........................

2.44%

2.30%

1.98%

1.91%

2.40%

Total

expenses

excluding

reimbursements

and

waivers

...

0.70%

0.72%

0.72%

0.75%

0.80%

Portfolio

Turnover

4

..............................

56%

51%

55%

5

43%

5

31%

5

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

Total

returns

for

periods

of

less

than

one

year

have

not

been

annualized.

3

Ratios

representing

periods

of

less

than

one

year

have

been

annualized.

4

Not

annualized.

5

To

manage

cash

flows,

minimize

trading

costs

and

equitize

cash

balances

in

between

trading

blocks

of

securities,

the

International

Sustainable

Economy

Fund

utilized

one

or

more

exchange-traded

funds

(ETFs)

which

have

an

investment

objective

that

tracks

the

Fund’s

broad-based

benchmark.

These

investments

are

frequent

and

short-term,

however,

the

Fund

is

required

to

include

such

ETF

investment

activity

in

the

calculation

of

its

portfolio

turnover.

Had

such

transactions

been

excluded,

the

portfolio

turnover

would

have

been

41%

for

the

year

ended

December

31,

2021,

27%

for

the

year

ended

December

31,

2020,

and

19%

for

the

year

ended

December

31,

2019.

Financial

Highlights

Impax

International

Sustainable

Economy

Fund

(continued)

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

129

a

Year

Ended

December

31,

2023

2022

2021

2020

2019

Institutional

Class

Net

asset

value,

beginning

of

year

...................

$8.61

$10.76

$10.14

$9.34

$7.80

Net

investment

income

1

.........................

0.24

0.23

0.24

0.19

0.23

Net

realized

and

unrealized

gains

(losses)

...........

1.41

(2.15)

0.89

0.79

1.55

Total

from

investment

operations

....................

1.65

(1.92)

1.13

0.98

1.78

Distributions

to

shareholders

From

net

investment

income

.....................

0.24

0.23

0.26

0.18

0.24

From

net

realized

gains

.........................

—

—

0.25

—

—

Total

distributions

...............................

0.24

0.23

0.51

0.18

0.24

Net

asset

value,

end

of

year

.......................

$10.02

$8.61

$10.76

$10.14

$9.34

Total

return

2

...................................

19.28%

(17.80)%

11.19%

10.78%

23.01%

Net

assets,

end

of

period

(in

$000’s)

.................

$1,047,680

$743,946

$787,829

$623,014

$559,939

Ratios

to

average

net

assets

3

Net

expenses

including

reimbursements

and

waivers

....

0.45%

0.47%

0.47%

0.50%

0.55%

Net

investment

income

...........................

2.62%

2.57%

2.22%

2.15%

2.63%

Total

expenses

excluding

reimbursements

and

waivers

...

0.45%

0.47%

0.47%

0.50%

0.55%

Portfolio

Turnover

4

..............................

56%

51%

55%

5

43%

5

31%

5

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

Total

returns

for

periods

of

less

than

one

year

have

not

been

annualized.

3

Ratios

representing

periods

of

less

than

one

year

have

been

annualized.

4

Not

annualized.

5

To

manage

cash

flows,

minimize

trading

costs

and

equitize

cash

balances

in

between

trading

blocks

of

securities,

the

International

Sustainable

Economy

Fund

utilized

one

or

more

exchange-traded

funds

(ETFs)

which

have

an

investment

objective

that

tracks

the

Fund’s

broad-based

benchmark.

These

investments

are

frequent

and

short-term,

however,

the

Fund

is

required

to

include

such

ETF

investment

activity

in

the

calculation

of

its

portfolio

turnover.

Had

such

transactions

been

excluded,

the

portfolio

turnover

would

have

been

41%

for

the

year

ended

December

31,

2021,

27%

for

the

year

ended

December

31,

2020,

and

19%

for

the

year

ended

December

31,

2019.

Financial

Highlights

Impax

Core

Bond

Fund

www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

130

a

Year

Ended

December

31,

2023

2022

2021

2020

2019

Investor

Class

Net

asset

value,

beginning

of

year

...................

$8.68

$10.21

$10.56

$10.29

$9.78

Net

investment

income

1

.........................

0.25

0.18

0.14

0.17

0.23

Net

realized

and

unrealized

gains

(losses)

...........

0.21

(1.52)

(0.31)

0.53

0.53

Total

from

investment

operations

....................

0.46

(1.34)

(0.17)

0.70

0.76

Distributions

to

shareholders

From

net

investment

income

.....................

0.26

0.19

0.16

0.19

0.25

From

net

realized

gains

.........................

—

—

0.02

0.24

—

Total

distributions

...............................

0.26

0.19

0.18

0.43

0.25

Net

asset

value,

end

of

year

.......................

$8.88

$8.68

$10.21

$10.56

$10.29

Total

return

2

...................................

5.36%

(13.16)%

(1.63)%

6.89%

7.78%

Net

assets,

end

of

period

(in

$000’s)

.................

$11,926

$12,029

$14,076

$14,101

$7,401

Ratios

to

average

net

assets

3

Net

expenses

including

reimbursements

and

waivers

....

0.72%

0.71%

0.71%

0.72%

0.71%

Net

investment

income

...........................

2.92%

1.99%

1.35%

1.58%

2.30%

Total

expenses

excluding

reimbursements

and

waivers

...

0.72%

0.71%

0.71%

0.72%

0.71%

Portfolio

Turnover

4

..............................

79%

70%

48%

79%

63%

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

Total

returns

for

periods

of

less

than

one

year

have

not

been

annualized.

3

Ratios

representing

periods

of

less

than

one

year

have

been

annualized.

4

Not

annualized.

Financial

Highlights

Impax

Core

Bond

Fund

(continued)

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

131

a

Year

Ended

December

31,

2023

2022

2021

2020

2019

Institutional

Class

Net

asset

value,

beginning

of

year

...................

$8.68

$10.21

$10.56

$10.29

$9.78

Net

investment

income

1

.........................

0.28

0.21

0.16

0.20

0.26

Net

realized

and

unrealized

gains

(losses)

...........

0.20

(1.52)

(0.30)

0.53

0.52

Total

from

investment

operations

....................

0.48

(1.31)

(0.14)

0.73

0.78

Distributions

to

shareholders

From

net

investment

income

.....................

0.28

0.22

0.19

0.22

0.27

From

net

realized

gains

.........................

—

—

0.02

0.24

—

Total

distributions

...............................

0.28

0.22

0.21

0.46

0.27

Net

asset

value,

end

of

year

.......................

$8.88

$8.68

$10.21

$10.56

$10.29

Total

return

2

...................................

5.62%

(12.94)%

(1.38)%

7.16%

8.04%

Net

assets,

end

of

period

(in

$000’s)

.................

$884,413

$787,620

$771,495

$746,615

$702,291

Ratios

to

average

net

assets

3

Net

expenses

including

reimbursements

and

waivers

....

0.47%

0.46%

0.46%

0.46%

0.46%

Net

investment

income

...........................

3.19%

2.26%

1.60%

1.86%

2.55%

Total

expenses

excluding

reimbursements

and

waivers

...

0.47%

0.46%

0.46%

0.46%

0.46%

Portfolio

Turnover

4

..............................

79%

70%

48%

79%

63%

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

Total

returns

for

periods

of

less

than

one

year

have

not

been

annualized.

3

Ratios

representing

periods

of

less

than

one

year

have

been

annualized.

4

Not

annualized.

Financial

Highlights

Impax

High

Yield

Bond

Fund

www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

132

a

Year

Ended

December

31,

2023

2022

2021

2020

2019

Investor

Class

Net

asset

value,

beginning

of

year

...................

$5.73

$6.90

$6.97

$6.79

$6.25

Net

investment

income

1

.........................

0.33

0.29

0.27

0.32

0.33

Net

realized

and

unrealized

gains

(losses)

...........

0.29

(1.17)

(0.07)

0.18

0.54

Total

from

investment

operations

....................

0.62

(0.88)

0.20

0.50

0.87

Distributions

to

shareholders

From

net

investment

income

.....................

0.33

0.29

0.27

0.32

0.33

Total

distributions

...............................

0.33

0.29

0.27

0.32

0.33

Net

asset

value,

end

of

year

.......................

$6.02

$5.73

$6.90

$6.97

$6.79

Total

return

2

...................................

11.09%

(12.89)%

2.96%

7.80%

14.11%

Net

assets,

end

of

period

(in

$000’s)

.................

$131,044

$137,689

$172,881

$171,838

$183,631

Ratios

to

average

net

assets

3

Net

expenses

including

reimbursements

and

waivers

....

0.93%

0.92%

0.93%

0.96%

0.96%

Net

investment

income

...........................

5.63%

4.70%

3.86%

4.87%

4.94%

Total

expenses

excluding

reimbursements

and

waivers

...

0.93%

0.92%

0.93%

0.96%

0.96%

Portfolio

Turnover

4

..............................

29%

35%

51%

97%

90%

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

Total

returns

for

periods

of

less

than

one

year

have

not

been

annualized.

3

Ratios

representing

periods

of

less

than

one

year

have

been

annualized.

4

Not

annualized.

Financial

Highlights

Impax

High

Yield

Bond

Fund

(continued)

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

133

a

Year

Ended

December

31,

2023

2022

2021

2020

2019

Class

A

Net

asset

value,

beginning

of

year

...................

$5.74

$6.92

$6.98

$6.80

$6.26

Net

investment

income

1

.........................

0.33

0.29

0.27

0.32

0.33

Net

realized

and

unrealized

gains

(losses)

...........

0.29

(1.18)

(0.06)

0.19

0.54

Total

from

investment

operations

....................

0.62

(0.89)

0.21

0.51

0.87

Distributions

to

shareholders

From

net

investment

income

.....................

0.33

0.29

0.27

0.33

0.33

Total

distributions

...............................

0.33

0.29

0.27

0.33

0.33

Net

asset

value,

end

of

year

.......................

$6.03

$5.74

$6.92

$6.98

$6.80

Total

return

2

...................................

11.08%

(12.99)%

3.11%

7.79%

14.10%

Net

assets,

end

of

period

(in

$000’s)

.................

$4,294

$5,011

$7,102

$6,177

$5,827

Ratios

to

average

net

assets

3

Net

expenses

including

reimbursements

and

waivers

....

0.93%

0.92%

0.93%

0.96%

0.96%

Net

investment

income

...........................

5.63%

4.68%

3.85%

4.87%

4.95%

Total

expenses

excluding

reimbursements

and

waivers

...

0.93%

0.92%

0.93%

0.96%

0.96%

Portfolio

Turnover

4

..............................

29%

35%

51%

97%

90%

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

Total

returns

for

periods

of

less

than

one

year

have

not

been

annualized.

3

Ratios

representing

periods

of

less

than

one

year

have

been

annualized.

4

Not

annualized.

Financial

Highlights

Impax

High

Yield

Bond

Fund

(continued)

www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

134

a

Year

Ended

December

31,

2023

2022

2021

2020

2019

Institutional

Class

Net

asset

value,

beginning

of

year

...................

$5.71

$6.88

$6.94

$6.76

$6.23

Net

investment

income

1

.........................

0.34

0.30

0.28

0.33

0.34

Net

realized

and

unrealized

gains

(losses)

...........

0.29

(1.17)

(0.04)

0.19

0.53

Total

from

investment

operations

....................

0.63

(0.87)

0.24

0.52

0.87

Distributions

to

shareholders

From

net

investment

income

.....................

0.34

0.30

0.30

0.34

0.34

Total

distributions

...............................

0.34

0.30

0.30

0.34

0.34

Net

asset

value,

end

of

year

.......................

$6.00

$5.71

$6.88

$6.94

$6.76

Total

return

2

...................................

11.39%

(12.72)%

3.36%

8.08%

14.26%

Net

assets,

end

of

period

(in

$000’s)

.................

$428,004

$443,891

$560,469

$294,313

$186,350

Ratios

to

average

net

assets

3

Net

expenses

including

reimbursements

and

waivers

....

0.68%

0.67%

0.69%

0.72%

0.71%

Net

investment

income

...........................

5.89%

4.95%

4.08%

5.07%

5.21%

Total

expenses

excluding

reimbursements

and

waivers

...

0.68%

0.67%

0.69%

0.72%

0.71%

Portfolio

Turnover

4

..............................

29%

35%

51%

97%

90%

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

Total

returns

for

periods

of

less

than

one

year

have

not

been

annualized.

3

Ratios

representing

periods

of

less

than

one

year

have

been

annualized.

4

Not

annualized.

Financial

Highlights

Impax

Sustainable

Allocation

Fund

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Annual

Report

135

a

Year

Ended

December

31,

2023

2022

2021

2020

2019

Investor

Class

Net

asset

value,

beginning

of

year

...................

$22.78

$28.98

$26.36

$23.35

$21.14

Net

investment

income

1

.........................

0.43

0.33

0.23

0.26

0.36

Net

realized

and

unrealized

gains

(losses)

...........

2.55

(5.11)

3.79

3.49

4.02

Total

from

investment

operations

....................

2.98

(4.78)

4.02

3.75

4.38

Distributions

to

shareholders

From

net

investment

income

.....................

0.34

0.29

0.23

0.26

0.37

From

net

realized

gains

.........................

0.50

1.13

1.17

0.48

1.80

Total

distributions

...............................

0.84

1.42

1.40

0.74

2.17

Net

asset

value,

end

of

year

.......................

$24.92

$22.78

$28.98

$26.36

$23.35

Total

return

2

...................................

13.17%

(16.42)%

15.31%

16.24%

20.83%

Net

assets,

end

of

period

(in

$000’s)

.................

$1,371,707

$1,299,467

$1,652,892

$1,518,966

$1,523,009

Ratios

to

average

net

assets

3

Net

expenses

including

reimbursements

and

waivers

4

....

0.30%

0.30%

0.30%

0.30%

0.30%

Net

investment

income

...........................

1.82%

1.29%

0.80%

1.08%

1.56%

Total

expenses

excluding

reimbursements

and

waivers

4

..

0.30%

0.30%

0.30%

0.30%

0.30%

Portfolio

Turnover

5

..............................

7%

4%

4%

13%

8%

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

Total

returns

for

periods

of

less

than

one

year

have

not

been

annualized.

3

Ratios

representing

periods

of

less

than

one

year

have

been

annualized.

4

The

expense

ratio

of

the

Sustainable

Allocation

Fund

does

not

include

indirect

expenses

of

the

underlying

funds

the

Fund

invests

in.

Indirect

expenses

of

the

underlying

funds

were

0.62%

for

the

year

ended

December

31,

2023,

0.60%

for

the

year

ended

December

31,

2022,

0.59%

for

the

year

ended

December

31,

2021,

0.57%

for

the

year

ended

December

31,

2020,

and

0.62%

for

the

year

ended

December

31,

2019.

5

Not

annualized.

Financial

Highlights

Impax

Sustainable

Allocation

Fund

(continued)

www.impaxam.com

Annual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

136

a

Year

Ended

December

31,

2023

2022

2021

2020

2019

Institutional

Class

Net

asset

value,

beginning

of

year

...................

$23.24

$29.54

$26.83

$23.76

$21.47

Net

investment

income

1

.........................

0.50

0.40

0.32

0.33

0.43

Net

realized

and

unrealized

gains

(losses)

...........

2.60

(5.22)

3.86

3.54

4.09

Total

from

investment

operations

....................

3.10

(4.82)

4.18

3.87

4.52

Distributions

to

shareholders

From

net

investment

income

.....................

0.37

0.35

0.30

0.32

0.43

From

net

realized

gains

.........................

0.50

1.13

1.17

0.48

1.80

Total

distributions

...............................

0.87

1.48

1.47

0.80

2.23

Net

asset

value,

end

of

year

.......................

$25.47

$23.24

$29.54

$26.83

$23.76

Total

return

2

...................................

13.44%

(16.22)%

15.64%

16.49%

21.17%

Net

assets,

end

of

period

(in

$000’s)

.................

$927,608

$845,463

$974,940

$657,906

$374,838

Ratios

to

average

net

assets

3

Net

expenses

including

reimbursements

and

waivers

4

....

0.05%

0.05%

0.05%

0.05%

0.05%

Net

investment

income

...........................

2.07%

1.56%

1.10%

1.36%

1.80%

Total

expenses

excluding

reimbursements

and

waivers

4

..

0.05%

0.05%

0.05%

0.05%

0.05%

Portfolio

Turnover

5

..............................

7%

4%

4%

13%

8%

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

Total

returns

for

periods

of

less

than

one

year

have

not

been

annualized.

3

Ratios

representing

periods

of

less

than

one

year

have

been

annualized.

4

The

expense

ratio

of

the

Sustainable

Allocation

Fund

does

not

include

indirect

expenses

of

the

underlying

funds

the

Fund

invests

in.

Indirect

expenses

of

the

underlying

funds

were

0.62%

for

the

year

ended

December

31,

2023,

0.60%

for

the

year

ended

December

31,

2022,

0.59%

for

the

year

ended

December

31,

2021,

0.57%

for

the

year

ended

December

31,

2020,

and

0.62%

for

the

year

ended

December

31,

2019.

4

Not

annualized.

137

www.impaxam.com

Annual

Report

Notes

to

Financial

Statements

December

31,

2023

Impax

Funds

Series

Trust

I

and

Impax

Funds

Series

Trust

III

NOTE

A—Organization

and

Summary

of

Significant

Accounting

Policies

Organization

Impax

Funds

Series

Trust

I

(“Trust

I”),

which

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

is

an

open-end

management

investment

company

organized

under

the

laws

of

the

Commonwealth

of

Massachusetts

on

May

25,

2006.

As

of

December

31,

2023,

Trust

I

offered eleven

investment

funds:

Impax

Large

Cap

Fund

(the

“Large

Cap

Fund”),

Impax

Small

Cap

Fund

(the

“Small

Cap

Fund”),

Impax

US

Sustainable

Economy

Fund

(the

“US

Sustainable

Economy

Fund”,

Impax

Global

Sustainable

Infrastructure

Fund

(the

“Global

Sustainable

Infrastructure

Fund”,

Impax

Global

Opportunities

Fund

(the

“Global

Opportunities

Fund”),

Impax

Global

Environmental

Markets

Fund

(the

“Global

Environmental

Markets

Fund”),

Impax

Global

Social

Leaders

Fund

(the

"Global

Social

Leaders

Fund"),

Impax

International

Sustainable

Economy

Fund

(the

“International

Sustainable

Economy

Fund”),

Impax

Core

Bond

Fund

(the

“Core

Bond

Fund”),

Impax

High

Yield

Bond

Fund

(the

“High

Yield

Bond

Fund”),

and

Impax

Sustainable

Allocation

Fund

(the

“Sustainable

Allocation

Fund”). 

Impax

Funds

Series

Trust

III

(“Trust

III”)

is

an

open-end

management

investment

company

that

was

organized

under

the

laws

of

the

Commonwealth

of

Massachusetts

on

December

4,

2013

and

registered

under

the

1940

Act.

Impax

Ellevate

Global

Women’s

Leadership

Fund

(the

“Global

Women’s

Leadership

Fund”)

is

a

diversified

series

of

Trust

III. 

These

financial

statements

relate

to

all

funds

(each

a

“Fund”,

collectively,

the

“Funds”)

offered

under

both

Trust

I

and

Trust

III

(each

a

“Trust”,

collectively,

the

“Trusts”). 

The

Large

Cap

Fund,

Global

Sustainable

Infrastructure

Fund,

Global

Opportunities

Fund,

Global

Social

Leaders

Fund,

Global

Women’s

Leadership

Fund,

International

Sustainable

Economy

Fund,

Core

Bond

Fund

and

Sustainable

Allocation

Fund

each

offer

two

classes

of

shares—Investor

Class

shares

and

Institutional

Class

shares.

The

Small

Cap

Fund,

US

Sustainable

Economy

Fund,

Global

Environmental

Markets

Fund

and

High

Yield

Bond

Fund

each

offer

three

classes

of

shares—Investor

Class

shares,

Class

A

shares

and

Institutional

Class

shares.

Although

all

share

classes

generally

have

identical

voting,

dividend

and

liquidation

rights,

each

class

votes

separately

when

required

by

law.

Different

share

classes

pay

different

distribution

amounts

to

the

extent

the

expenses

of

such

classes

differ,

and

distributions

in

liquidation

will

be

proportional

to

the

net

asset

value

of

each

share

class.

Each

share

class

has

its

own

expense

structure

and

sales

charges,

as

applicable.

The

Funds

seek

to

avoid

investing

in

issuers

that

their

investment

adviser

has

determined

are

involved

in

the

manufacture

or

sale

of

weapons

or

manufacture

of

tobacco

products

or

engage

in

business

practices

that

their

investment

adviser

determines

to

be

sub-standard

from

an

Environmental,

Social

and

Governance

(ESG)

or

sustainability

perspective

in

relation

to

their

industry,

sector,

asset

class

or

universe

peers.

The

Funds

will

not

invest

in

securities

of

companies

that

the

Adviser

determines

derive

revenues

or

profits

from

fossil

fuel

exploration

and

production,

or

derive

significant

(more

than

5%)

revenues

or

profits

from

fossil

fuel

refining,

processing,

storage,

transportation

and

distribution.

However,

a

company

that

derives

significant

revenues

or

profits

from

fossil

fuel

refining,

processing,

storage,

transportation

and

distribution

may

be

included

in

the

Fund’s

portfolio

if

the

Adviser

determines

that

such

company

has

credible

plans

for

climate

risk

mitigation

aligned

with

the

transition

to

net

zero. 

The

Large

Cap

Fund’s

investment

objective

is

to

seek

long-term

growth

of

capital.

The

Fund

seeks

to

achieve

this

objective

by

investing,

under

normal

market

conditions,

at

least

80%

of

its

assets

in

equity

securities

(such

as

common

stocks,

securities

convertible

into

common

or

preferred

stocks

and

warrants)

of

companies

that,

when

purchased,

have

capitalizations

within

the

range

of

the

Standard

&

Poor’s

500

Index

as

measured

by

market

capitalization.

The

Small

Cap

Fund’s

investment

objective

is

to

seek

long-term

growth

of

capital.

The

Fund

seeks

to

achieve

this

objective

by

investing,

under

normal

market

conditions,

at

least

80%

of

its

assets

in

equity

securities

(such

as

common

stocks,

securities

convertible

into

common

or

preferred

stocks

and

warrants)

of

companies

that,

when

purchased,

have

capitalizations

within

the

range

of

the

Russell

2000

Index

as

measured

by

market

capitalization.

138

www.impaxam.com

Annual

Report

Notes

to

Financial

Statements,

continued

December

31,

2023

The

US

Sustainable

Economy

Fund’s

investment

objective

is

to

seek

long-term

growth

of

capital.

The

Fund

seeks

to

achieve

this

objective

by

investing,

under

normal

market

conditions,

at

least

80%

of

its

assets

in

large-capitalization

U.S.

equity

securities.

The

Fund

also

may

invest

up

to

20%

of

its

assets

in

non-US

issuers,

including

emerging

market

investments

and

American

depository

receipts

(ADRs).

The

Global

Sustainable

Infrastructure

Fund’s

investment

objective

is

capital

appreciation

and

income.

The

Fund

seeks

to

achieve

its

investment

objective

by

investing,

under

normal

market

conditions,

at

least

80%

of

its

assets

in

equity

securities

of

companies

that

the

Adviser

determines

derive

significant

revenues

(i.e.,

at

least

20%

of

revenues)

from

owning,

operating,

developing

or

distributing

sustainable

infrastructure-related

goods,

services

or

assets. 

The

Global

Opportunities

Fund’s

investment

objective

is

to

seek

long-term

growth

of

capital

by

investing

in

companies

benefiting

from

the

transition

to

a

more

sustainable

global

economy.

The

Fund

seeks

to

achieve

this

objective

by

investing,

under

normal

market

conditions,

at

least

80%

of

its

net

assets

in

companies

that

its

Adviser

or

Sub-Adviser

believe

will

benefit

from

the

transition

to

a

more

sustainable

global

economy

-

the

shift

away

from

a

depletive

economy

to

one

that

preserves

ecological

and

societal

balance

for

the

benefit

of

future

generations.

The

Fund

seeks

to

invest

in

companies

with

durable

business

models

that

are

well-positioned

to

benefit

from

or

avoid

the

risks

associated

with

this

transition.

Under

normal

market

conditions,

the

Global

Opportunities

Fund

will

invest

primarily

in

equity

securities

(such

as

common

stocks,

preferred

stocks

and

securities

convertible

into

common

or

preferred

stocks)

of

companies

located

around

the

world,

including

at

least

40%

of

its

net

assets

in

securities

of

companies

organized

or

located

outside

the

United

States

or

doing

a

substantial

amount

of

business

outside

the

United

States,

including

those

located

in

emerging

markets.

The

Global

Environmental

Markets

Fund's

investment

objective

is

to

seek

long

term

growth

of

capital

by

investing

in

innovative

companies

around

the

world

whose

businesses

and

technologies

focus

on

environmental

markets,

including

alternative

energy

and

energy

management

&

efficiency;

transportation

solutions;

water

infrastructure

&

technologies;

environmental

services

&

resources;

resource

efficiency

&

waste

management;

digital

infrastructure;

and

sustainable

food

&

agriculture.

The

Fund

seeks

to

achieve

this

objective

by

investing,

under

normal

market

conditions,

at

least

80%

of

its

net

assets

in

the

foregoing

companies

and

will

invest

primarily

in

equity

securities

(such

as

common

stocks,

preferred

stocks

and

securities

convertible

into

common

and

preferred

stocks)

of

companies

located

around

the

world,

including

at

least

40%

of

its

net

assets

in

securities

of

companies

organized

or

located

outside

the

United

States

or

doing

a

substantial

amount

of

business

outside

the

United

States,

including

those

located

in

emerging

markets.

The

Global

Social

Leaders

Fund’s

investment

objective

is

to

seek

long

term

growth

of

capital.

The

Fund

seeks

to

achieve

this

objective

by

investing,

under

normal

market

conditions, at

least

80%

of

its

net

assets

(plus

any

borrowings

for

investment

purposes)

in

equity

securities

of

companies

that

the

Fund’s

Sub-Adviser

has

determined

are

“social

leaders.”

To

identify

social

leaders,

the

Fund’s

Sub-Adviser

identifies

a

universe

of

companies

that

it

has

determined

(1)

derive

significant

revenues

(i.e.,

at

least

20%

of

revenues)

from

“social

markets,”

meaning

products

or

services

that

address

societal

challenges,

including

meeting

basic

needs,

such

as

food,

water,

and

shelter,

or

essential

services,

such

as

transportation

and

utilities;

broadening

economic

participation

by

enabling

access

to

education,

jobs,

financial

services

and/or

digital

services;

or

improving

quality

of

life

through

accessible

and

affordable

health

care

and

wellness;

and

(2)

also

demonstrate

positive

behaviors

through

policies

and

programs

that

foster

diverse,

inclusive

and

equitable

workplace

cultures.

From

this

universe,

the

Fund’s

Sub-Adviser

selects

portfolio

companies

for

the

Fund

that

it

determines

to

be

social

leaders

on

a

company-by-company

basis

primarily

through

the

use

of

fundamental

financial

analysis,

which

includes

an

analysis

of

ESG

factors

that

the

Fund’s

Sub-Adviser

has

determined

are

financially

material.

The

Fund

is

not

constrained

by

any

particular

investment

style,

and

may

therefore

invest

in

“growth”

stocks,

“value”

stocks

or

a

combination

of

both.

Additionally,

it

may

buy

stocks

in

any

sector

or

industry,

and

it

is

not

limited

to

investing

in

securities

of

a

specific

market

capitalization.

The

Global

Women’s

Leadership

Fund’s

investment

objective

is

to

seek

investment

returns

that

closely

correspond

to

or

exceed

the

price

and

yield

performance,

before

fees

and

expenses,

of

the

Impax

Global

Women’s

Leadership

Index

(the

“Women’s

Index”),

while

maintaining

risk

characteristics

that

the

Adviser

believes

are

generally

similar

to

those

of

the

Women’s

Index.

The

Fund

seeks

to

achieve

this

objective

by

investing,

under

normal

market

conditions,

more

than

80%

of

its

total

139

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Annual

Report

December

31,

2023

assets

in

the

component

securities

of

the

Women’s

Index

and

in

American

depositary

receipts,

global

depositary

receipts

and

European

depositary

receipts

representing

the

component

securities

of

the

Women’s

Index,

including

at

least

40%

of

its

net

assets

(unless

market

conditions

are

not

deemed

favorable,

in

which

case

the

Global

Women’s

Leadership

Fund

would

normally

invest

at

least

30%

of

its

assets)

in

securities

of

companies

organized

or

located

outside

the

U.S.

or

doing

a

substantial

amount

of

business

outside

the

U.S.

The

International

Sustainable

Economy

Fund’s

investment

objective

is

to

seek

long-term

growth

of

capital.

The

Fund

seeks

to

achieve

this

objective

by

investing,

under

normal

circumstances,

more

than

80%

of

its

assets

in

large-capitalization

equity

securities

in

non-U.S.

developed

markets,

including

American

depositary

receipts,

Global

depositary

receipts

and

Euro

depositary

receipts.

The

Fund

may

take

significant

positions

in

one

or

more

non-U.S.

developed

markets,

including

the

Asia

and

Pacific

region

and

the

European

Union.

The

Core

Bond

Fund’s

investment

objective

is

to

seek

income

and

conservation

of

principal.

The

Fund

seeks

to

achieve

this

objective

by

investing,

under

normal

market

conditions,

at

least

80%

of

its

assets

in

bonds,

which

include

debt

obligations

such

as

mortgage-related

securities,

securities

issued

by

the

United

States

government

or

its

agencies

and

instrumentalities,

municipal

bonds,

corporate

bonds

and

high-impact

bonds

(which

provide

financing

to

support

solutions

to

global

sustainability

challenges)

across

the

spectrum

of

issuers,

each

of

which

is,

at

the

time

of

purchase,

rated

at

least

investment

grade

(rated

BBB-

or

higher

by

Standard

&

Poor’s

Ratings

Group

or

Baa3

or

higher

by

Moody’s

Investors

Service)

or

unrated

and

determined

by

the

Adviser

to

be

of

comparable

quality.

The

High

Yield

Bond

Fund’s

primary

investment

objective

is

to

seek

high

current income.

As

a

secondary

investment

objective,

the

High

Yield

Bond

Fund

seeks

capital

appreciation.

The

Fund

seeks

to

achieve

this

objective

by

investing,

under

normal

market

conditions,

at

least

80%

of

its

assets

in

high-yield,

fixed

income

securities

(such

as

bonds,

notes

or

debentures)

that

are

rated

below

BBB-

by

Standard

&

Poor’s

Ratings

Group

or

below

Baa3

by

Moody’s

Investors

Service,

similarly

rated

by

another

major

rating

service,

or

unrated

and

determined

by

the

High

Yield

Bond

Fund’s

investment

adviser

to

be

of

comparable

quality.

These

fixed

income

securities

are

commonly

referred

to

as

“junk

bonds”.

The

Sustainable

Allocation

Fund’s

primary

investment

objective

is

to

seek

income

and

conservation

of

principal.

As

a

secondary

investment

objective,

the

Fund

seeks

long-term

growth

of

capital.

The

Fund

uses

a

team

approach

to

allocate

among

multiple

funds

managed

by

the

Adviser

(“Underlying

Funds”)

in

order

to

seek

to

achieve

its

investment

objectives.

The

Adviser

will

allocate

the

Fund’s

assets

among

Underlying

Funds

in

its

sole

discretion.

The

Fund

seeks

to

achieve

its

investment

objectives,

under

normal

market

conditions,

by

investing

(indirectly

through

the

use

of

Underlying

Funds)

approximately

50%-75%

of

its

assets

in

equity

securities

(such

as

common

stocks,

preferred

stocks

and

securities

convertible

into

common

or

preferred

stocks)

and

25%-50%

of

its

assets

in

debt

securities

(including

but

not

limited

to

debt

securities

convertible

into

equity

securities). 

Under

the

Trusts’

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trusts.

Additionally,

in

the

normal

course

of

business,

the

Trusts

enter

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The

Trusts’

maximum

exposure

under

these

arrangements

is

unknown

as

this

could

involve

future

claims

that

may

be

made

against

the

Trusts

that

have

not

yet

occurred.

However,

based

on

experience,

the

Trusts

expect

this

risk

of

loss

to

be

remote. 

Accounting

Estimates

The

preparation

of

financial

statements

in

conformity

with

U.S.

generally

accepted

accounting

principles

(“GAAP”)

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

revenues

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

The

Funds

apply

Investment

Company

accounting

and

reporting

guidance. 

140

www.impaxam.com

Annual

Report

Notes

to

Financial

Statements,

continued

December

31,

2023

Valuation

of

Investments

For

purposes

of

calculating

the

net

asset

value

(“NAV”),

determined

ordinarily

as

of

the

close

of

regular

trading

(normally

4:00

p.m.

Eastern

time)

(the

“NYSE

Close”)

on

the

New

York

Stock

Exchange

(“NYSE”)

on

each

day

that

the

NYSE

is

open

for

trading,

the

Funds

normally

use

pricing

data

for

domestic

equity

securities

received

shortly

after

the

NYSE

Close

and

do

not

normally

take

into

account

trading,

clearances

or

settlements

that

take

place

after

the

NYSE

Close.

U.S.

fixed

income

and

non-U.S.

securities

are

normally

priced

using

data

reflecting

the

earlier

closing

of

the

principal

markets

for

those

securities,

subject

to

possible

fair

value

adjustments.

Information

that

becomes

known

to

the

Funds

or

their

agents

after

NAV

has

been

calculated

on

a

particular

day

will

not

generally

be

used

to

retroactively

adjust

the

price

of

a

security

or

NAV

determined

earlier

that

day. 

For

the

purpose

of

these

financial

statements,

fair

values

for

various

types

of

securities

and

other

instruments

are

determined

on

the

basis

of

closing

prices

or

last

sales

prices

on

an

exchange

or

other

market,

or

based

on

quotes

or

other

market

information

obtained

from

quotation

reporting

systems,

established

market

makers

or

pricing

services.

Short-term

investments

having

a

maturity

of

60

days

or

less

are

generally

valued

at

amortized

cost,

which

approximates

fair

value. 

Investments

denominated

in

currencies

other

than

the

U.S.

dollar

are

converted

to

U.S.

dollars

using

exchange

rates

obtained

from

pricing

services.

As

a

result,

the

NAV

of

a

Fund’s

shares

may

be

affected

by

changes

in

the

value

of

currencies

in

relation

to

the

U.S.

dollar. 

If

market

quotations

are

not

readily

available

(including

in

cases

when

available

market

quotations

are

deemed

to

be

unreliable),

the

Funds’

investments

will

be

valued

as

determined

in

good

faith

pursuant

to

policies

and

procedures

approved

by

the

Boards

of

Trustees

of

the

Trusts

(the

“Boards”

or

“Boards

of

Trustees”)

(so

called

“fair

value

pricing”).

Fair

value

pricing

may

require

subjective

determinations

about

the

value

of

a

security

or

other

asset,

and

fair

values

used

to

determine

a

Fund’s

NAV

may

differ

from

quoted

or

published

prices,

or

from

prices

that

are

used

by

others,

for

the

same

investments.

Also,

the

use

of

fair

value

pricing

may

not

always

result

in

adjustments

to

the

prices

of

securities

or

other

assets

held

by

a

Fund.

The

Boards

have

designated

the

Adviser,

through

its

Best

Execution

and

Valuation

Committee,

to

manage

and

implement

the

day-to-day

valuation

of

the

Funds’

portfolio

investments,

in

accordance

with

policies

and

procedures

approved

by

the

Boards.

In

addition,

pursuant

to

Rule

2a-5

under

the

1940

Act,

the

Board

has

designated

the

Adviser,

through

its

Best

Execution

and

Valuation

Committee,

as

the

“valuation

designee”

to

make

fair

value

determinations

for

all

of

the

Funds’

investments

for

which

market

quotations

are

not

readily

available. 

The

Funds

may

determine

that

market

quotations

are

not

readily

available

due

to

events

relating

to

a

single

issuer

(e.g.,

corporate

actions

or

announcements)

or

events

relating

to

multiple

issuers

(e.g.,

governmental

actions

or

natural

disasters).

The

Funds

may

determine

the

fair

value

of

investments

based

on

information

provided

by

pricing

services

and

other

third-

party

vendors,

which

may

recommend

fair

value

prices

or

adjustments

with

reference

to

other

securities,

indices

or

assets.

In

considering

whether

fair

value

pricing

is

required

and

in

determining

fair

values,

the

Funds

may,

among

other

things,

consider

significant

events

(which

may

be

considered

to

include

changes

in

the

value

of

U.S.

securities

or

securities

indices)

that

occur

after

the

close

of

the

relevant

market

and

the

usual

time

of

valuation.

At

December

31,

2023,

three

securities

were

fair

valued

in

good

faith

pursuant

to

policies

and

procedures

approved

by

the

Boards

of

Trustees.

The

Core

Bond

Fund

held 

two

securities

fair

valued

at

 $460,612,

representing 0.05%

of

the

Fund’s

net

asset

value

and

High

Yield

Bond

Fund

held

two

securities

fair

valued

at

$681,476,

representing 0.12% of

the

Fund’s

net

assets. 

For

those

Funds

that

invest

in

non-U.S.

securities,

investors

should

be

aware

that

many

securities

markets

and

exchanges

outside

the

U.S.

close

prior

to

the

close

of

the

NYSE,

and

the

closing

prices

for

securities

in

such

markets

or

on

such

exchanges

may

not

fully

reflect

events

that

occur

after

such

close

but

before

the

close

of

the

NYSE.

As

a

result,

the

Funds’

fair

value

pricing

procedures

require

the

Funds

to

consider

changes

in

the

fair

value

of

non-U.S.

securities

between

the

time

of

the

closing

of

the

local

market’s

exchange

and

the

close

of

the

NYSE.

Generally,

if

there

has

been

a

movement

in

the

U.S.

market

that

exceeds

a

specified

threshold,

the

Funds

will

assess

whether

the

closing

price

on

the

local

exchange

is

still

appropriate.

Although

the

threshold

may

be

revised

from

time

to

time

and

the

number

of

days

on

which

fair

value

prices

will

141

www.impaxam.com

Annual

Report

December

31,

2023

be

used

will

depend

on

market

activity,

it

is

possible

that

fair

value

prices

will

be

used

by

the

Funds

to

a

significant

extent.

The

value

determined

for

an

investment

using

the

Funds’

fair

value

pricing

procedures

may

differ

from

recent

market

prices

for

the

investment. 

Fair

Value

Measurements

Fair

value

is

defined

as

the

price

that

the

Fund

would

receive

upon

selling

an

investment

in

an

orderly

transaction

between

market

participants.

The

three-tier

hierarchy

of

inputs

is

summarized

in

the

three

broad

Levels

listed

below.

•

Level

1

–

unadjusted

quoted

prices

in

active

markets

for

identical

investments

•

Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

•

Level

3

–

significant

unobservable

inputs

(including

the

Funds’

own

assumptions

in

determining

the

fair

value

of

investments) 

Observable

inputs

are

inputs

that

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability

developed

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

are

inputs

that

reflect

the

reporting

entity’s

own

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability

developed

based

on

the

best

information

available

in

the

circumstances.

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

The

following

is

a

general

summary

of

valuation

inputs

and

classifications

for

different

categories

of

securities. 

Equity

Securities

Equity

securities,

including

common

stocks,

preferred

stocks

and

exchange-traded

funds

for

which

market

quotations

are

readily

available,

are

generally

categorized

as

Level

1

in

the

hierarchy.

Non-U.S.

equity

securities

may

also

be

valued

at

official

close,

or

may

be

valued

based

on

the

fair

value

pricing

procedures

noted

above.

When

third-party

fair

value

pricing

of

foreign

securities

methods

are

applied,

they

are

generally

categorized

as

Level

2.

To

the

extent

that

inputs

for

equity

securities

are

unobservable,

values

are

categorized

as

Level

3

in

the

hierarchy.

Fixed

Income

Securities

Fixed

income

securities,

including

Corporate

Bonds

(both

investment-grade

and

high-yield),

U.S.

Treasury

Obligations,

Government

Bonds,

Mortgage-Backed

and

Asset-Backed

Securities,

Bank

Loans

and

Municipal

Bonds,

are

valued

at

evaluated

prices

received

from

independent

pricing

services,

which

are

evaluated

using

various

inputs

and

techniques

which

may

include

trade

activity,

broker-dealer

quotes,

yield

curves,

coupon

rates,

default

rates,

cash

flows,

models

and

other

inputs,

and

are

generally

categorized

as

Level

2

in

the

hierarchy.

To

the

extent

that

inputs

for

fixed

income

securities

are

unobservable,

values

are

categorized

as

Level

3

in

the

hierarchy. 

Affiliated

and

Unaffiliated

Investment

Companies

Investments

in

mutual

funds

are

valued

at

the

Funds’

closing

net

asset

value

and

are

generally

categorized

as

Level

1. 

Short-Term

Investments

Short-term

securities,

including

repurchase

agreements,

with

remaining

maturities

of

60

days

or

less,

which

are

valued

at

amortized

cost,

are

generally

categorized

as

Level

2

in

the

hierarchy. 

The

following

is

a

summary

of

the

inputs

used

to

value

the

Funds’

net

assets

as

of

December

31,

2023:

Level

1

Level

2

Level

3

Totals

Large

Cap

Fund

Common

Stocks

$

1,425,207,281

$

—

$

—

$

1,425,207,281

Cash

Equivalents

16,836,492

—

—

16,836,492

Total

$

1,442,043,773

$

—

$

—

$

1,442,043,773

Small

Cap

Fund

Common

Stocks

$

645,463,459

$

—

$

—

$

645,463,459

142

www.impaxam.com

Annual

Report

Notes

to

Financial

Statements,

continued

December

31,

2023

Level

1

Level

2

Level

3

Totals

Cash

Equivalents

32,049,924

—

—

32,049,924

Total

$

677,513,383

$

—

$

—

$

677,513,383

US

Sustainable

Economy

Fund

Common

Stocks

$

286,253,569

$

—

$

—

$

286,253,569

Cash

Equivalents

4,542,340

—

—

4,542,340

Total

$

290,795,909

$

—

$

—

$

290,795,909

Global

Sustainable

Infrastructure

Fund

Common

Stocks

$

46,686,482

$

45,248,173

$

—

$

91,934,655

Cash

Equivalents

1,848,073

—

—

1,848,073

Total

$

48,534,555

$

45,248,173

$

—

$

93,782,728

Global

Opportunities

Fund

Common

Stocks

$

68,626,034

$

50,175,158

$

—

$

118,801,192

Preferred

Stocks

—

1,163,356

—

1,163,356

Cash

Equivalents

2,222,614

—

—

2,222,614

Total

$

70,848,648

$

51,338,514

$

—

$

122,187,162

Global

Environmental

Markets

Fund

Common

Stocks

$

1,468,443,919

$

931,346,055

$

—

$

2,399,789,974

Cash

Equivalents

43,429,915

—

—

43,429,915

Total

$

1,511,873,834

$

931,346,055

$

—

$

2,443,219,889

Global

Social

Leaders

Fund

Common

Stocks

$

903,460

$

608,034

$

—

$

1,511,494

Cash

Equivalents

63,182

—

—

63,182

Total

$

966,642

$

608,034

$

—

$

1,574,676

Global

Women’s

Leadership

Fund

Common

Stocks

$

582,885,944

$

240,967,284

$

—

$

823,853,228

Preferred

Stocks

—

287,983

—

287,983

Cash

Equivalents

9,927,096

—

—

9,927,096

Total

$

592,813,040

$

241,255,267

$

—

$

834,068,307

International

Sustainable

Economy

Fund

Common

Stocks

$

7,775,865

$

1,097,095,047

$

—

$

1,104,870,912

Preferred

Stocks

—

11,771,487

—

11,771,487

Cash

Equivalents

14,561,013

—

—

14,561,013

Total

$

22,336,878

$

1,108,866,534

$

—

$

1,131,203,412

Core

Bond

Fund

Mortgage-Backed

Securities

$

—

$

233,280,307

$

—

$

233,280,307

Corporate

Bonds

—

294,422,610

—

294,422,610

Supranational

—

90,789,288

—

90,789,288

Asset-Backed

Securities

—

53,935,158

—

53,935,158

U.S.

Government

and

Agency

Securities

—

160,453,724

—

160,453,724

Foreign

Government

and

Agency

Securities

—

33,121,911

—

33,121,911

Municipal

Bonds

—

11,407,474

—

11,407,474

Community

Investment

Notes

—

242,347

460,612

702,959

Certificates

of

Deposit

—

499,116

—

499,116

143

www.impaxam.com

Annual

Report

December

31,

2023

See

Schedules

of

Investments

for

additional

detailed

industry

classifications. 

Significant

unobservable

inputs

were

used

by

two

Funds

for

Level

3

fair

value

measurements. The

Core

Bond

Fund

and

High

Yield

Bond

Fund

each

hold

a

position

in

the

same

promissory

note

and

community

investment

note,

which

are

both

valued

a

par. 

Investment

Transactions

Investment

transactions

are

recorded

as

of

the

date

of

purchase,

sale

or

maturity.

Net

realized

gains

and

losses

from

the

sale

or

disposition

of

securities

are

determined

on

the

identified

cost

basis,

which

is

also

used

for

federal

income

tax

purposes.

Corporate

actions

(including

cash

dividends)

are

recorded

net

of

foreign

tax

withholdings. 

Investment

Income

 Dividend

income

is

recorded

on

the

ex-dividend

date.

Interest

income

is

recorded

on

the

accrual

basis

and

includes

accretion

of

discount

and

amortization

of

premiums,

if

any.

The

value

of

additional

securities

received

as

dividend

payments

is

recorded

as

income

and

as

an

increase

to

the

cost

basis

of

such

securities.

The

Funds

amortize

purchase

price

premium

and

accrete

discount

on

bonds,

if

any,

over

the

remaining

life

of

the

bonds

using

the

effective

interest

method

of

amortization;

for

callable

bonds,

the

premium

amortization

period

is

to

the

earliest

call

date.

Distributions

to

Shareholders

Distributions

to

shareholders

are

recorded

by

each

of

the

Funds

on

the

ex-dividend

dates.

The

Funds

(except

Core

Bond

Fund

and

High

Yield

Bond

Fund)

expect

to

pay

dividends

of

net

investment

income,

if

any,

semiannually

and

to

make

distributions

of

capital

gains,

if

any,

at

least

annually. 

The Core

Bond

Fund

and

High

Yield

Bond

Fund

expect

to

pay

dividends

of

net

investment

income,

if

any,

monthly

and

to

make

distributions

of

capital

gains,

if

any,

at

least

annually.

A

shareholder

begins

earning

dividends

on

the

Core

Bond

Fund

and

High

Yield

Bond

Fund

shares

the

day

after

the

Funds

receive

his

or

her

purchase

payment.

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations,

which

may

differ

from

U.S.

generally

accepted

accounting

principles.

Class

Accounting

 Expenses

directly

attributable

to

a

class

of

shares,

such

as

12b-1

distribution

fees,

are

charged

to

that

class.

Each

Fund

has

adopted

a

12b-1

plan,

applicable

to

certain

classes

of

each

of

the

Funds.

Expenses

of

the

Funds

that

are

directly

identifiable

to

a

specific

Fund,

such

as

transfer

agent

fees,

custody

fees

and

registration

fees,

are

applied

to

that

Fund.

Expenses

that

are

not

readily

identifiable

to

a

specific

Fund,

such

as

printing

expense,

Trustees’

fees

and

legal

fees,

are

allocated

in

such

a

manner

as

deemed

equitable,

taking

into

consideration

the

nature

and

type

of

expense

and

the

relative

net

assets

of

the

Funds.

Investment

income,

realized

and

unrealized

gains

and

losses

are

allocated

based

upon

the

relative

daily

net

assets

of

each

class

of

shares. 

Level

1

Level

2

Level

3

Totals

Cash

Equivalents

7,666,056

—

—

7,666,056

Total

$

7,666,056

$

878,151,935

$

460,612

$

886,278,603

High

Yield

Bond

Fund

Corporate

Bonds

$

—

$

518,990,225

$

—

$

518,990,225

Loans

—

22,761,915

—

22,761,915

Community

Investment

Notes

—

242,347

681,476

923,823

Certificates

of

Deposit

—

999,116

—

999,116

Common

Stocks

2,276,630

—

—

2,276,630

Cash

Equivalents

8,429,106

—

—

8,429,106

Total

$

10,705,736

$

542,993,603

$

681,476

$

554,380,815

Sustainable

Allocation

Fund

Management

Investment

Companies

$

2,281,014,899

$

—

$

—

$

2,281,014,899

Cash

Equivalents

15,579,523

—

—

15,579,523

Total

$

2,296,594,422

$

—

$

—

$

2,296,594,422

144

www.impaxam.com

Annual

Report

Notes

to

Financial

Statements,

continued

December

31,

2023

Federal

Income

Taxes

Each

of

the

Funds

has

elected

to

be

treated

and

intends

to

qualify

each

year

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

of

1986,

as

amended.

If

a

Fund

so

qualifies

and

satisfies

certain

distribution

requirements,

such

Fund

will

ordinarily

not

be

subject

to

federal

income

tax

on

its

net

investment

income

(which

includes

short-term

capital

gains)

and

net

capital

gains

that

it

distributes

to

shareholders.

Each

Fund

expects

to

distribute

all

or

substantially

all

of

its

income

and

gains

to

shareholders

every

year.

Therefore,

no

federal

income

or

excise

tax

provision

is

required.

The

Funds

are

treated

as

separate

entities

for

federal

income

tax

purposes. 

Foreign

Currency

Transactions

The

accounting

records

of

the

Funds

are

maintained

in

U.S.

dollars.

In

addition,

purchases

and

sales

of

investment

securities,

dividend

and

interest

income,

and

certain

expenses

are

translated

at

the

rates

of

exchange

prevailing

on

the

respective

dates

of

such

transactions.

Net

realized

and

unrealized

foreign

currency

exchange

gains

or

losses

occurring

during

the

holding

period

of

investment

securities

are

a

component

of

realized

gain

(loss)

on

investment

transactions

and

unrealized

appreciation

(depreciation)

on

investments,

respectively. 

Non-U.S.

Securities

Non-U.S.

markets

can

be

significantly

more

volatile

than

domestic

markets,

causing

the

prices

of

some

Fund

investments

to

fluctuate

significantly,

rapidly

and

unpredictably.

Non-U.S.

securities

may

be

less

liquid

than

domestic

securities;

consequently,

a

Fund

may

at

times

be

unable

to

sell

non-U.S.

securities

at

desirable

times

or

prices.

Other

risks

related

to

non-U.S.

securities

include

delays

in

the

settlement

of

transactions;

less

publicly

available

information

about

issuers;

different

reporting,

accounting

and

auditing

standards;

the

effect

of

political,

social,

diplomatic

or

economic

events;

seizure,

expropriation

or

nationalization

of

the

issuer

or

its

assets;

fluctuation

in

foreign

currency

exchange

rates

and

the

possible

imposition

of

currency

exchange

controls.

If

a

Fund

invests

substantially

in

securities

of

non-U.S.

issuers

tied

economically

to

a

particular

country

or

geographic

region,

it

will

be

subject

to

the

risks

associated

with

such

country

or

geographic

region

to

a

greater

extent

than

a

fund

that

is

more

diversified

across

countries

or

geographic

regions.

Securities

Lending

The

Funds

may

lend

their

securities

pursuant

to

a

securities

lending

agreement

(Lending

Agreement)

with J.P.

Morgan

Chase Bank, N.A.

Initial

security

loans

made

pursuant

to

the

Lending

Agreement

are

required

to

be

secured

by

collateral

not

less

than

the

percentage

specified

in

the

agreement,

ranging

from

102%

to

105%,

depending

on

the

types

of

securities.

Cash

collateral

received

is

invested

in

government

money

market

funds. Borrowers

may

also

pledge

non-cash

collateral

within

the

guidelines

for

acceptable

forms

of

non-cash

collateral

approved

by

the

Boards

of

Trustees.

At

December

31,

2023,

non-cash

collateral

consisted

of

U.S.

Treasuries,

short-term

U.S.

Government

agency

obligations

and

sovereign

debt. 

The

Funds

have

the

right

under

the

Lending

Agreement

to

recover

the

securities

from

the

borrower

on

demand.

The

primary

risk

associated

with

securities

lending

is

if

the

borrower

defaults

on

its

obligation

to

return

the

securities

loaned

because

of

insolvency

or

other

reasons.

The

Funds

could

experience

delays

and

costs

in

recovering

securities

loaned

or

in

gaining

access

to

the

collateral.

In

the

event

the

borrower

fails

to

return

loaned

securities

and

the

collateral

received

is

insufficient

to

cover

the

value

of

the

loaned

securities

and

provided

such

collateral

shortfall

is

not

the

result

of

investment

losses,

the

lending

agent

has

agreed

to

pay

the

amount

of

the

shortfall

to

the

Funds,

or

at

the

discretion

of

the

lending

agent,

replace

the

loaned

securities. 

A

portion

of

the

income

generated

upon

investment

of

the

collateral

is

remitted

to

the

borrower

and

the

remainder

is

allocated

between

the

Funds

and

the

lending

agent.

The

Funds

record

security

lending

income

net

of

such

allocation.

The

Funds

continue

to

receive

dividends

on

the

securities

loaned,

which

are

accounted

for

in

the

same

manner

as

other

dividend

and

interest

income. 

145

www.impaxam.com

Annual

Report

December

31,

2023

As

of

December

31,

2023,

the

value

of

securities

loaned,

payable

for

collateral

due

to

brokers

and

non-cash

collateral

pledged

by

brokers

were

as

follows:

*

Non-cash

collateral

is

not

included

in

the

financial

statements.

For

the

Large

Cap

Fund,

Small

Cap

Fund,

US

Sustainable

Economy

Fund,

Global

Sustainable

Infrastructure

Fund

and

Global

Women’s

Leadership

Fund all

of

the

securities

on

loan

at December

31,

2023

are

classified

as

Common

Stocks

in

each

Fund’s

Schedule

of

Investments.

For

the

Core

Bond

Fund

all

of

the

securities

on

loan

on

December

31,

2023

are

classified

as

U.S.Treasury

Notes

on

the

Fund's

Schedule

of

Investments.

NOTE

B—Investment

Advisory

Fee

and

Transactions

with

Affiliated

and

Other

Parties 

Each

of

Trust

I

and

Trust

III

have

entered

into

an

Investment

Advisory

Contract

(the

“Management

Contract”)

with

Impax

Asset

Management

LLC

(“IAM”)

(the

“Adviser”).

Pursuant

to

the

terms

of

the

Management

Contract,

the

Adviser,

subject

to

the

supervision

of

the

Boards

of

Trustees

of

the

Trusts,

is

responsible

for

managing

the

assets

of

the

Funds

in

accordance

with

the

Funds’

investment

objectives,

investment

programs

and

policies.

Pursuant

to

the

Management

Contract,

the

Adviser

has

contracted

to

furnish

the

Funds

continuously

with

an

investment

program,

determining

what

investments

to

purchase,

sell

and

exchange

for

the

Funds

and

what

assets

to

hold

uninvested.

The

Adviser

also

has

contracted

to

provide

office

space

and

certain

management

and

administrative

facilities

for

the

Funds.

In

return

for

such

services,

the

Funds

pay

an

advisory

fee

to

the

Adviser

at

the

following

annual

rates

(expressed

as

a

percentage

of

the

average

daily

net

assets

of

such

Fund):

Fund

Market

Value

of

Securities

Loaned

Payable

on

Collateral

Due

to

Broker

Non-Cash

Collateral

Value

*

Over

(Under)

Collateralized

Large

Cap

Fund

$

47,208,979

$

—

$

48,161,154

$

952,175

Small

Cap

Fund

819,330

837,000

—

17,670

US

Sustainable

Economy

Fund

1,602,803

997,095

658,110

52,402

Global

Sustainable

Infrastructure

Fund

1,367,684

175,675

1,219,980

27,971

Global

Women’s

Leadership

Fund

10,219,924

244,637

10,180,989

205,702

Core

Bond

Fund

52,167,924

—

53,225,120

1,057,195

Fund

Annual

Rate

Large

Cap

Fund

1

0.65%

Small

Cap

Fund

0.75%

US

Sustainable

Economy

Fund

2

0.45%

*

Global

Sustainable

Infrastructure

Fund

3

0.55%

*

Global

Opportunities

Fund

0.80%

Global

Environmental

Markets

Fund

4

0.75%

Global

Social

Leaders

Fund

0.80%

Global

Women’s

Leadership

Fund

5

0.52%

*

International

Sustainable

Economy

Fund

6

0.47%

*

Core

Bond

Fund

0.40%

High

Yield

Bond

Fund

0.50%

Sustainable

Allocation

Fund

0.05%

*

146

www.impaxam.com

Annual

Report

Notes

to

Financial

Statements,

continued

December

31,

2023

*

The

management

fee

is

a

unified

fee

that

includes

all

of

the

operating

costs

and

expenses

of

the

Fund

(other

than

taxes,

charges

of

governmental

agencies,

interest,

brokerage

commissions

incurred

in

connection

with

portfolio

transactions,

distribution

and/or

service

fees

payable

under

a

plan

pursuant

to

Rule

12b-1

under

the

Investment

Company

Act

of

1940,

acquired

fund

fees

and

expenses

and

extraordinary

expenses),

including

accounting

expenses,

administrator,

transfer

agent,

custodian

fees,

legal

fees

and

other

expenses.

1

Effective

November

15,

2022,

the

management

fee

is

0.65%

based

on

average

net

assets

up

to

$2

billion;

0.62%

for

assets

of

$2

billion

to

$3

billion;

0.58%

for

assets

of

$3

billion

to

$4

billion;

and

0.55%

for

assets

over

$4

billion.

2

Management

contractually

agreed

to

waive

a

portion

of

its

management

fee.

This

fee

waiver

may

not

be

amended

or

terminated

without

the

approval

of

the

Fund’s

Board

of

Trustees

before May

1,

2025.

The

gross

management

fee

(before

waiver)

is

0.65%

based

on

average

net

assets

up

to

$225

million;

0.55%

for

assets

of

$225

million

to

$375

million;

0.50%

for

assets

of

$375

million

to

$500

million;

and

0.45%

for

assets

over

$500

million.

3

The

management

fee

is

0.65%

based

on

average

net

assets

up

to

$150

million;

0.55%

for

assets

of

$150

million

to

$375

million;

0.50%

for

assets

of

$375

million

to

$500

million;

and

0.45%

for

assets

over

$500

million.

4

The

management

fee

is

0.80%

based

on

average

net

assets

up

to

$1

billion;

0.75%

for

assets

of

$1

billion

to

$1.5

billion;

0.70%

for

assets

of

$1.5

billion

to

$2

billion;

0.65%

for

assets

of

$2

billion

to

$3

billion;

and

0.60%

for

assets

over

$3

billion.

5

The

management

fee

is

0.55%

based

on

average

net

assets

up

to

$375

million;

0.50%

for

assets

of

$375

million

to

$750

million;

and

0.45%

for

assets

over

$750

million.

6

The

management

fee is

0.48%

based

on

average

net

assets

up

to

$600

million;

0.45%

for

assets

of

$600

million

to

$750

million;

and

0.40%

for

assets

over

$750

million.

For

the

year

ended

December

31,

2023,

the

Funds

incurred

the

following

advisory

fees:

Fund

Amount

Large

Cap

Fund

$

8,983,477

Small

Cap

Fund

4,684,433

US

Sustainable

Economy

Fund

1,691,900

Global

Sustainable

Infrastructure

Fund

698,516

Global

Opportunities

Fund

938,595

Global

Environmental

Markets

Fund

17,384,571

Global

Social

Leaders

Fund

1,050

Global

Women’s

Leadership

Fund

4,156,796

International

Sustainable

Economy

Fund

4,606,794

Core

Bond

Fund

3,372,411

High

Yield

Bond

Fund

2,881,575

Sustainable

Allocation

Fund

1,105,718

147

www.impaxam.com

Annual

Report

December

31,

2023

The

Adviser

has

contractually

agreed

to

reimburse

the

Funds

or

limit

expenses

of

the

Funds

to

the

extent

that

each

Fund’s

respective

expenses

exceed,

on

an

annual

basis,

the

following

percentages

of

average

daily

net

assets:

1

The

Adviser

has

contractually

agreed

to

waive

a

portion

of

its

management

fee.

This

fee

waiver

may

not

be

amended

or

terminated

without

the

approval

of

the

Funds’

Board

of

Trustees

before

May

1,

2025.

2

The

Adviser

has

contractually

agreed

to

waive

a

portion

of

its

management

fee.

This

fee

waiver

may

not

be

amended

or

terminated

without

the

approval

of

the

Funds’

Board

of

Trustees

before

May

1,

2024.

3

Expense

caps

for

funds

represent

their

respective

unified

management

fees

plus

distribution

and/or

service

fees

payable

under

a

plan

pursuant

to

Rule

12b-1,

as

applicable

to

particular

classes

of

shares.

4

The

Adviser

has

contractually

agreed

to

reimburse

expenses

(other

than

interest,

commissions,

taxes,

extraordinary

expenses

and

acquired

fund

fees

and

expenses,

if

any)

to

the

extent

that

they

exceed

the

expense

caps

indicated.

The

reimbursement

arrangement

may

not

be

amended

or

terminated

without

the

approval

of

the

Funds’

Board

of

Trustees

before

May

1,

2025.

5

The

Adviser

has

contractually

agreed

to

reimburse

expenses

(other

than

interest,

commissions,

taxes,

extraordinary

expenses

and

acquired

fund

fees

and

expenses,

if

any)

to

the

extent

that

they

exceed

the

expense

caps

indicated.

The

reimbursement

arrangement

may

not

be

amended

or

terminated

without

the

approval

of

the

Funds’

Board

of

Trustees

before

May

1,

2027.

Such

expenses

include

(i)

management

and

distribution

fees;

(ii)

the

fees

of

affiliated

and

unaffiliated

Trustees;

(iii)

the

fees

of

the

Funds’

custodian

and

transfer

agent;

(iv)

the

fees

of

the

Funds’

legal

counsel

and

independent

registered

public

accounting

firm;

(v)

the

reimbursement

of

organizational

expenses;

and

(vi)

expenses

related

to

shareholder

communications

including

all

expenses

of

shareholders’

and

Boards

of

Trustees’

meetings

and

of

preparing,

printing

and

mailing

reports,

proxy

statements

and

prospectuses

to

shareholders.

For

the

year

ended December

31,

2023,

the

dollar

amounts

of

expense

reimbursements

were

as

follows:

In

addition,

the

Adviser

waived

$491,709,

$107,464

and

$1,019 of

its

management

fee

from

the

US

Sustainable

Economy

Fund,

Global

Sustainable

Infrastructure

Fund

and

Global

Social

Leaders

Fund,

respectively.

Pursuant

to

a

sub-advisory

agreement,

Impax

Asset

Management

Ltd.

(the

“Sub-Adviser”)

assists

in

the

management

of

the

Global

Environmental

Markets

Fund’s,

Global

Opportunities

Fund’s

and

Global

Social

Leaders

Fund's

portfolios

of

securities.

The

Sub-Adviser

makes

decisions

with

respect

to

the

purchase

and

sale

of

investments,

subject

to

the

general

control

of

Expense

Caps

by

Class

Fund

Investor

Class

Class

A

Institutional

Class

US

Sustainable

Economy

Fund

1,3

0.70%

0.70%

0.45%

Global

Sustainable

Infrastructure

Fund

2,3

0.80%

0.55%

Global

Opportunities

Fund

4

1.23%

0.98%

Global

Social

Leaders

Fund

5

1.23%

0.98%

Global

Women’s

Leadership

Fund

3

0.80%

0.55%

International

Sustainable

Economy

Fund

3

0.73%

0.48%

Sustainable

Allocation

Fund

3

0.30%

0.05%

Total

expenses

reimbursed

by

Advisor

Fund

Investor

Class

Institutional

Class

Global

Opportunities

Fund

$

6,978

$

107,21

3

Global

Social

Leaders

Fund

32

31,2

59

148

www.impaxam.com

Annual

Report

Notes

to

Financial

Statements,

continued

December

31,

2023

the

Board

of

the

Fund

and

the

determination

of

IAM

that

the

contemplated

investments

satisfy

the

sustainable

investing

criteria

applied

to

the

Funds.

As

compensation

for

its

sub-advisory

services,

the

Sub-Adviser

receives

a

fee

from

the

Adviser,

computed

separately

for

the

applicable

Fund,

stated

as

an

annual

percentage

of

the

Fund’s

net

assets.

The

Trusts

have

adopted

a

plan

(“Plan”)

pursuant

to

Rule

12b-1

under

the

1940

Act

that

allows

the

Funds

to

pay

distribution

fees

for

the

sale

and

distribution

of

certain

shares

as

described

below

and

for

personal

services

rendered

to

the

Fund

shareholders

in

connection

with

the

maintenance

of

shareholder

accounts.

Under

the

Plan,

each

Fund

will

pay

its

Distributor

a

distribution

fee

equal

to

0.25%

of

the

annual

average

daily

net

assets

attributable

to

the

Investor

Class

shares

and

Class

A

shares.

The

Distributor

may

pay

all

or

any

portion

of

the

distribution

fee

to

securities

dealers

or

other

organizations

(including,

but

not

limited

to,

any

affiliate

of

the

Distributor)

as

commissions,

asset-based

sales

charges

or

other

compensation

with

respect

to

the

sale

of

indicated

shares

of

such

Fund,

or

for

providing

personal

services

to

investors

in

the

indicated

shares

of

such

Fund

and/or

the

maintenance

of

shareholder

accounts,

and

may

retain

all

or

any

portion

of

the

distribution

fee

as

compensation

for

the

Distributor’s

services

as

principal

underwriter

of

the

indicated

shares

of

such

Fund.

Several

individuals

who

are

officers

and/or

Trustees

of

the

Trusts

are

also

employees

of

the

Adviser.

NOTE

C—Investment

Information 

Purchases

and

proceeds

from

sales

of

investments

for

the

Funds

for

the

year

ended December

31,

2023

were

as

follows:

Purchases

Sales

Fund

Investments

1

U.S.

Gov’t

Bonds

Investments

1

U.S.

Gov’t

Bonds

Large

Cap

Fund

$

606,425,078

$

—

$

760,534,427

$

—

Small

Cap

Fund

267,360,411

—

287,915,479

—

US

Sustainable

Economy

Fund

114,834,285

—

128,766,511

—

Global

Sustainable

Infrastructure

Fund

94,476,585

—

114,452,671

—

Global

Opportunities

Fund

39,348,015

—

38,450,861

—

Global

Environmental

Markets

Fund

599,242,694

—

727,144,047

—

Global

Social

Leaders

Fund

1,621,221

—

189,505

—

Global

Women’s

Leadership

Fund

250,892,725

—

309,607,871

—

International

Sustainable

Economy

Fund

718,317,692

—

564,188,602

—

Core

Bond

Fund

236,560,624

509,815,145

226,202,038

433,461,671

High

Yield

Bond

Fund

166,124,763

—

210,667,020

—

Sustainable

Allocation

Fund

151,930,262

—

170,000,000

—

1

Excluding

short-term

investments

and

U.S.

Government

Bonds.

149

www.impaxam.com

Annual

Report

December

31,

2023

For

federal

income

tax

purposes,

the

identified

cost

of

investments

owned

at December

31,

2023

as

well

as

the

gross

unrealized

appreciation

(depreciation)

of

investments

and

resulting

net

unrealized

appreciation

(depreciation)

as

of December

31,

2023

were

as

follows

for

the

Funds:

At December

31,

2023 the

Small

Cap

Fund,

Global

Sustainable

Infrastructure

Fund,

Global

Opportunities

Fund,

Global

Environmental

Markets

Fund,

Global

Social

Leaders

Fund, Global

Women’s

Leadership

Fund

and

International

Sustainable

Economy

Fund

had

unrealized

foreign

currency

gains

(losses)

of

$(20);

$(1,237);

$3,092;

$6,432;

$(49); $14,152;

and

$67,489,

respectively.

Netting

Agreements

During

the

ordinary

course

of

business,

the

Funds

may

enter

into

transactions

subject

to

enforceable

netting

agreements

or

other

similar

arrangements

(“netting

agreements”).

Generally,

the

right

to

offset

in

netting

agreements

allows

a

Fund

to

offset

any

exposure

to

a

specific

counterparty

with

any

collateral

received

or

delivered

to

that

counterparty

based

on

the

terms

of

the

agreement.

Generally,

a

Fund

manages

its

cash

collateral

and

securities

collateral

on

a

counterparty

basis.

As

of December

31,

2023,

there

is

no

collateral

held

at

the

counterparty

that

would

be

offset

by

a

master

netting

agreement

that

the

Funds

have

with

the

counterparty.

The

Funds

did

not

hold

any

derivative

instruments

as

of December

31,

2023.

Affiliated

Investments

The

term

“affiliated

company”

includes

other

investment

companies

that

are

managed

by

a

Fund’s

Adviser.

At December

31,

2023,

the

Sustainable

Allocation

Fund

held

the

following

investments

in

affiliated

Funds:

Fund

Identified

cost

of

investments

for

Federal

income

tax

basis

Gross

unrealized

appreciation

Gross

unrealized

depreciation

Net

unrealized

appreciation

(depreciation)

Large

Cap

Fund

$

996,875,927

$

465,321,281

$

20,153,435

$

445,167,846

Small

Cap

Fund

607,019,875

136,134,050

65,640,542

70,493,508

US

Sustainable

Economy

Fund

197,974,825

100,067,956

7,246,872

92,821,084

Global

Sustainable

Infrastructure

Fund

90,349,107

6,502,627

3,069,006

3,433,621

Global

Opportunities

Fund

97,570,568

27,636,044

3,019,450

24,616,594

Global

Environmental

Markets

Fund

1,868,231,052

648,063,784

73,074,947

574,988,837

Global

Social

Leaders

Fund

1,506,523

72,367

4,214

68,153

Global

Women’s

Leadership

Fund

649,644,014

211,404,270

26,979,977

184,424,293

International

Sustainable

Economy

Fund

970,325,876

192,750,664

31,873,128

160,877,536

Core

Bond

Fund

918,002,393

17,007,879

48,731,669

(31,723,790)

High

Yield

Bond

Fund

588,067,954

9,258,675

42,945,814

(33,687,139)

Sustainable

Allocation

Fund

1,959,068,822

437,940,929

100,415,329

337,525,600

Fund

Shares

Held

at

12/31/2022

Gross

Additions

Gross

Reductions

Shares

Held

at

12/31/2023

Sustainable

Allocation

Fund

Large

Cap

Fund

75,268,533

2,992,743

10,273,659

67,987,617

Small

Cap

Fund

4,176,980

1,464,715

—

5,641,695

Global

Sustainable

Infrastructure

Fund

7,971,319

192,264

1,762,115

6,401,468

Global

Opportunities

Fund

4,082,111

13,285

—

4,095,396

Global

Environmental

Markets

Fund

2,635,835

20,868

—

2,656,703

Global

Women's

Leadership

Fund

2,057,973

37,627

—

2,095,600

International

Sustainable

Economy

Fund

11,578,384

287,084

305,499

11,559,969

Core

Bond

Fund

85,316,699

8,970,640

2,297,661

91,989,678

High

Yield

Fund

16,220,310

974,341

—

17,194,651

150

www.impaxam.com

Annual

Report

Notes

to

Financial

Statements,

continued

December

31,

2023

1

Includes

realized

capital

gain

distributions

from

an

affiliated

fund,

if

any.

The

Funds

are

permitted

to

purchase

and

sell

securities

(“cross-trade”)

from

and

to

other

Funds

within

the

Trusts

or

other

accounts

managed

by

the

Adviser

pursuant

to

“Cross-Trading”

Procedures

adopted

by

the

Trusts’

Boards

of

Trustees.

These

procedures

have

been

designed

to

ensure

that

any

cross-trade

of

securities

by

the

respective

Fund

from

or

to

another

Fund

or

account

that

is

or

could

be

considered

an

affiliate

of

the

Fund

under

certain

limited

circumstances

by

virtue

of

having

a

common

investment

adviser

complies

with

Rule

17a-7

of

the

1940

Act.

Further,

as

defined

under

these

procedures,

each

cross-trade

is

effected

at

the

current

market

price

to

save

costs

where

allowed.

The

Funds

did

not

engage

in

cross

trades

during

the

year

ended December

31,

2023. 

Restricted

and

Illiquid

Securities

The

Funds

may

purchase

certain

restricted

securities

and

limited

amounts

of

illiquid

securities.

The

Funds

may

invest

in

securities

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933

(“the

Act”)

which

are

restricted

from

sale

to

the

public

and

may

only

be

sold

to

a

qualified

institutional

buyer.

The

Funds

do

not

have

the

right

to

demand

that

such

securities

be

registered.

The

value

of

such

securities

is

determined

by

valuations

supplied

by

a

pricing

service

or,

if

not

available,

in

good

faith

pursuant

to

policies

and

procedures

approved

by

the

Boards.

At December

31,

2023,

the

Core

Bond

Fund

held

$114,258,401

or

12.75%

of

net

assets

and

High

Yield

Bond

Fund

held

$414,717,496

or

73.62%

of

net

assets in

securities

exempt

from

registration

under

rule

144A

of

the

Act.

At December

31,

2023,

the Core

Bond

Fund

held

$6,922,152

of

illiquid

securities,

representing

0.77%

of

net

assets

and

High

Yield

Bond

Fund

held

$2,525,841

of

illiquid

securities,

representing

0.45%

of

net

assets.

The

Fund

will

classify

as

“illiquid”

all

securities

that

the

Fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment.

Illiquid

investments

may

include

restricted

securities,

repurchase

agreements

that

mature

in

more

than

seven

days

or

that

have

a

notice

or

demand

feature

more

than

seven

days,

certain

over-the-counter

option

contracts

and

participation

interests

in

loans.

Because

illiquid

securities

trade

less

frequently

and

in

smaller

volume

than

liquid

securities,

the

Fund

may

experience

difficulty

in

closing

out

positions

at

prevailing

market

prices.

Y

Fund

Value

at

12/31/2022

Dividend

Income

Realized

Gains/

Losses

1

Net

change

in

Unrealized

Appreciation/

Depreciation

Value

at

12/31/2023

Sustainable

Allocation

Fund

Large

Cap

Fund

$

870,104,236

$

8,663,603

$

45,611,504

$

109,504,796

$

902,875,554

Small

Cap

Fund

59,689,044

—

—

9,744,922

91,733,966

Global

Sustainable

Infrastructure

Fund

68,314,199

1,734,342

(2,054,273)

6,515,151

58,509,418

Global

Opportunities

Fund

56,129,027

201,273

—

8,499,825

64,830,125

Global

Environmental

Markets

Fund

51,609,644

444,489

—

8,253,019

60,307,152

Global

Women's

Leadership

Fund

56,491,351

1,113,007

—

9,287,186

66,891,544

International

Sustainable

Economy

Fund

99,689,886

2,750,592

200,797

16,189,614

115,830,889

Core

Bond

Fund

740,548,945

24,847,415

(4,864,214)

22,835,708

816,868,344

High

Yield

Fund

92,617,968

5,644,445

—

4,905,648

103,167,907

Total

$

2,095,194,300

$

45,399,166

$

38,893,814

$

195,735,869

$

2,281,014,899

151

www.impaxam.com

Annual

Report

December

31,

2023

NOTE

D—Tax

Information 

The

timing

and

characterization

of

certain

income

and

capital

gains

distributions

are

determined

annually

in

accordance

with

federal

tax

regulations,

which

may

differ

from

GAAP.

In

addition

to

permanent

differences

previously

noted,

temporary

differences

may

arise

from

recognition

of

certain

items

of

income,

expense,

gain

or

loss

in

different

periods

for

financial

reporting

and

tax

purposes.

Such

differences

will

reverse

at

some

time

in

the

future.

As

a

result,

net

investment

income

(loss)

and

net

realized

gain

(loss)

on

investment

transactions

for

a

reporting

period

may

differ

significantly

from

distributions

during

such

period.

For

tax

purposes,

short-term

capital

gains

are

considered

ordinary

income. 

The

tax

character

of

distributions

paid

during 2023

and 2022

was

as

follows:

Security

Acquisition

Date

Range

Cost

Market

Value

Core

Bond

Fund

Calvert

Impact

Capital,

Inc.,

3.000%,

03/14/25

03/13/20-03/13/20

$

1,000,000

$

922,910

Capital

Impact

Partners,

2.300%,

10/15/24

10/21/19-10/21/19

500,000

487,643

Capital

Impact

Partners,

5.750%,

06/15/24

06/20/23-06/20/23

500,000

500,698

CEI

Investments

LLC,

4.000%,

10/31/24

11/01/23-11/01/23

310,612

310,612

Envest

Microfinance

Cooperative,

5.460%,

10/24/24

10/25/23-10/25/23

150,000

150,000

Envest

Microfinance

Cooperative,

4.000%,

04/20/26

04/20/22-04/20/22

250,000

242,347

Local

Initiatives

Support

Corp.,

1.000%,

11/15/25

11/23/20-11/23/20

1,000,000

906,384

Tesla

Energy

Operations,

Inc.,

4.700%,

05/29/25

05/26/15-05/26/15

1,996,319

1,889,450

Walden

Mutual

Bank,

4.935%,

11/13/24

11/10/23-11/10/23

500,000

499,116

WLB

Asset

VI

Pte.

Ltd.,

7.250%,

12/21/27

12/08/23-12/08/23

1,000,000

1,012,991

High

Yield

Bond

Fund

CEI

Investments

LLC,

4.000%,

09/30/24

10/01/23-10/01/23

$531,476

$

531,476

Digicel

Ltd.,

6.750%,

03/01/23

10/25/21-10/25/21

900,000

22,500

Envest

Microfinance

Cooperative,

5.460%,

10/24/24

10/25/23-10/25/23

150,000

150,000

Envest

Microfinance

Cooperative,

4.000%,

04/20/26

04/20/22-04/20/22

250,000

242,347

Ligado

Networks

LLC,

15.500%,

01/31/24

05/04/23-05/04/23

3,052,686

580,401

Shared

Interest,

Inc.,

0.550%,

09/30/24

09/30/21-09/30/21

500,000

500,000

Walden

Mutual

Bank,

4.935%,

11/13/24

11/10/23-11/10/23

500,000

499,116

Distributions

paid

in

2023

Distributions

paid

in

2022

Fund

Ordinary

income

Tax

Return

of

capital

Long

term

capital

gains

Ordinary

income

Tax

Return

of

capital

Long-term

capital

gains

Large

Cap

Fund

$

15,248,262

$

—

$

47,662,715

$

20,762,518

$

—

$

20,547,403

Small

Cap

Fund

—

—

—

2,438,717

—

12,315,208

US

Sustainable

Economy

Fund

1,401,814

—

14,927,635

3,602,628

555,114

13,838,198

Global

Sustainable

Infrastructure

Fund

2,707,793

—

—

2,682,896

—

—

Global

Opportunities

Fund

393,908

—

—

601,915

—

1,218,713

Global

Environmental

Markets

Fund

18,563,092

—

—

8,106,782

—

6,340,323

Global

Social

Leaders

Fund

—

—

—

Global

Women’s

Leadership

Fund

14,521,163

—

—

7,633,503

—

17,044,507

International

Sustainable

Economy

Fund

26,277,053

—

—

20,242,591

—

—

Core

Bond

Fund

26,991,739

—

—

18,413,374

—

—

152

www.impaxam.com

Annual

Report

Notes

to

Financial

Statements,

continued

December

31,

2023

For

the

year

ended December

31,

2023,

the

components

of

distributable

earnings

on

a

tax

basis

are

as

follows:

As

of December

31,

2023,

for

federal

income

tax

purposes,

the

following

Funds

had

capital

loss

carryforwards

available

to

offset

future

gains,

if

any,

to

the

extent

provided

by

the

Treasury

regulations:

The

Global

Sustainable

Infrastructure

Fund

incurred

late-year

ordinary

losses

of

$94,381.

These

losses

are

treated

for

federal

income

tax

purposes

as

if

they

had

occurred

on

January

1,

2024. 

Distributions

paid

in

2023

Distributions

paid

in

2022

Fund

Ordinary

income

Tax

Return

of

capital

Long

term

capital

gains

Ordinary

income

Tax

Return

of

capital

Long-term

capital

gains

High

Yield

Bond

Fund

$

33,379,601

$

—

$

—

$

31,438,803

$

—

$

—

Sustainable

Allocation

Fund

33,944,169

—

43,188,737

70,922,055

—

58,062,019

Fund

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gain

Other

Temporary

Differences

Net

Unrealized

Appreciation

(Depreciation)

Large

Cap

Fund

$

–

$

18,011,347

$

–

$

445,167,846

Small

Cap

Fund

–

–

(6,371,214)

70,493,488

US

Sustainable

Economy

Fund

2,055,813

16,492,825

–

92,821,085

Global

Sustainable

Infrastructure

Fund

–

–

(10,081,441)

3,432,384

Global

Opportunities

Fund

5,614

–

(2,324,974)

24,619,686

Global

Environmental

Markets

Fund

3,246,188

–

(29,075,432)

574,995,269

Global

Social

Leaders

Fund

12,214

–

–

68,104

Global

Women’s

Leadership

Fund

8,233,645

–

(24,966,572)

184,438,444

International

Sustainable

Economy

Fund

1,154,681

–

(29,832,068)

160,945,025

Core

Bond

Fund

278,955

–

(65,640,381)

(31,723,790)

High

Yield

Bond

Fund

197,452

–

(113,715,356)

(33,687,139)

Sustainable

Allocation

Fund

25,082,500

15,801,130

–

337,525,600

No

Expiration

Fund

Short-term

Long-term

Small

Cap

Fund

$

–

$

6,371,214

Global

Sustainable

Infrastructure

Fund

1,880,743

8,106,317

Global

Opportunities

Fund

1,833,875

491,099

Global

Environmental

Markets

Fund

29,075,432

–

Global

Women’s

Leadership

Fund

24,966,572

–

International

Sustainable

Economy

Fund

9,744,242

20,087,826

Core

Bond

Fund

38,517,951

27,122,430

High

Yield

Bond

Fund

32,791,646

80,923,710

NOTE

D—Tax

Information 

153

www.impaxam.com

Annual

Report

December

31,

2023

For

the

year

ended December

31,

2023,

the

Funds

recorded

the

following

reclassifications:

For

financial

reporting

purposes,

the

capital

accounts

are

adjusted

to

reflect

the

tax

character

of

permanent

book/tax

differences.

Reclassifications

are

primarily

due

to

tax

treatment

of

gain

(loss)

on

foreign

currency

transactions

and

tax

treatment

related

to

REITs,

PFICs,

paydowns

and

bond

amortization

adjustments.

Distributions

received

from

REITs

may

be

classified

as

dividends,

capital

gains

and/or

return

of

capital.

Uncertain

Tax

Positions

Management

has

analyzed

the

Funds’

tax

positions

taken

for

all

open

tax

years

which

remain

subject

to

examination

by

the

Funds’

major

tax

jurisdictions

(years

2020

through

2023).

The

Funds

recognize

interest

and

penalties,

if

any,

related

to

tax

liabilities

as

income

tax

expense

in

the

Statement

of

Operations.

Management

has

concluded

that,

as

of

and

during

the

year

ended

December

31,

2023,

no

provision

for

federal

income

tax

is

necessary

and,

therefore,

the

Funds

did

not

have

a

liability

for

any

unrecognized

tax

expenses.

Note

E—Subsequent

Events 

The

Company

evaluated

all

subsequent

events

for

potential

recognition

or

disclosure

in

these

financial

statements

through February

22,

2024,

the

date

the

financial

statements

were

available

to

be

issued.

No

subsequent

events

were

identified. 

Fund

Undistributed

Net

Investment

Income

Accumulated

Net

Realized

Gain/

(Loss)

Paid

In

Capital

Large

Cap

Fund

$

576,975

$

(576,975)

$

–

Small

Cap

Fund

(652,312)

1,512,277

(859,965)

US

Sustainable

Economy

Fund

(56,687)

56,687

–

Global

Sustainable

Infrastructure

Fund

(302,053)

311,149

(9,096)

Global

Opportunities

Fund

(35,230)

35,230

–

Global

Environmental

Markets

Fund

(449,255)

449,256

(1)

Global

Social

Leaders

Fund

(142)

142

–

Global

Women’s

Leadership

Fund

(156,858)

156,858

–

International

Sustainable

Economy

Fund

330,208

(330,208)

–

Core

Bond

Fund

355,440

(355,440)

–

High

Yield

Bond

Fund

160,747

(160,747)

–

Sustainable

Allocation

Fund

–

1

(1)

NOTE

D—Tax

Information 

154

Annual

Report

Report

of

Independent

Registered

Public

Accounting

Firm

December

31,

2023

To

the

Boards

of

Trustees

and

Shareholders

of

Impax

Funds

Series

Trust

I

and

Impax

Funds

Series

Trust

III:

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities

of

Impax

Funds

Series

Trust

I

(“Trust

I”)

(comprising

Impax

Sustainable

Allocation

Fund,

Impax

US

Sustainable

Economy

Fund,

Impax

Small

Cap

Fund,

Impax

High

Yield

Bond

Fund,

Impax

Global

Environmental

Markets

Fund,

Impax

International

Sustainable

Economy

Fund,

Impax

Core

Bond

Fund,

Impax

Large

Cap

Fund,

Impax

Global

Opportunities

Fund,

Impax

Global

Sustainable

Infrastructure

Fund,

and

Impax

Global

Social

Leaders

Fund)

and

Impax

Funds

Series

Trust

III

(“Trust

III”)

(comprising

Impax

Ellevate

Global

Women’s

Leadership

Fund)

(Trust

I

and

Trust

III

collectively,

the

“Trusts”)

(all

funds

comprising

the

Trusts

collectively,

the

“Funds”),

including

the

schedules

of

investments,

as

of

December

31,

2023,

and

the

related

statements

of

operations,

changes

in

net

assets,

and

the

financial

highlights

for

each

of

the

periods

indicated

in

the

table

below

and

the

related

notes

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Funds

at

December

31,

2023,

the

results

of

their

operations,

changes

in

net

assets

and

financial

highlights

for

each

of

the

periods

indicated

in

the

table

below,

in

conformity

with

U.S.

generally

accepted

accounting

principles.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Trusts’

management.

Our

responsibility

is

to

express

an

opinion

on

each

of

the

Funds’

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(“PCAOB”)

and

are

required

to

be

independent

with

respect

to

the

Trusts

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

The

Trusts

are

not

required

to

have,

nor

were

we

engaged

to

perform,

an

audit

of

the

Trusts’

internal

control

over

financial

reporting.

As

part

of

our

audits,

we

are

required

to

obtain

an

understanding

of

internal

control

over

Funds

comprising

Trust

I

Statement

of

Operations

Statements

of

Changes

in

Net

Assets

Financial

Highlights

Impax

Sustainable

Allocation

Fund

Impax

US

Sustainable

Economy

Fund

Impax

Small

Cap

Fund

Impax

High

Yield

Bond

Fund

Impax

Global

Environmental

Markets

Fund

Impax

International

Sustainable

Economy

Fund

Impax

Large

Cap

Fund

Impax

Global

Sustainable

Infrastructure

Fund

Impax

Core

Bond

Fund

Impax

Global

Opportunities

Fund

For

the

year

ended

December

31,

2023

For

each

of

the

two

years

in

the

period

ended

December

31,

2023

For

each

of

the

five

years

in

the

period

ended

December

31,

2023

Impax

Global

Social

Leaders

Fund

For

the

period

from

November

30,

2023

(commencement

of

operations)

through

December

31,

2023

Fund

comprising

Trust

III

Statement

of

Operations

Statements

of

Changes

in

Net

Assets

Financial

Highlights

Impax

Ellevate

Global

Women’s

Leadership

Fund

For

the

year

ended

December

31,

2023

For

each

of

the

two

years

in

the

period

ended

December

31,

2023

For

each

of

the

five

years

in

the

period

ended

December

31,

2023

155

Annual

Report

December

31,

2023

financial

reporting

but

not

for

the

purpose

of

expressing

an

opinion

on

the

effectiveness

of

the

Trusts’

internal

control

over

financial

reporting.

Accordingly,

we

express

no

such

opinion.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2023,

by

correspondence

with

the

custodian,

brokers

and

others;

when

replies

were

not

received

from

brokers

and

others,

we

performed

other

auditing

procedures.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

We

have

served

as

the

auditor

of

the

Impax

Funds

Series

Trust

I

and

Impax

Funds

Series

Trust

III

since

2003

.

Boston,

Massachusetts

February

 22,

2024

156

www.impaxam.com

Annual

Report

December

31,

2023

Proxy

Voting

(Unaudited)

You

may

obtain

a

description

of

the

Funds’

policies

and

procedures

that

the

Funds

use

to

determine

how

to

vote

proxies

relating

to

their

portfolio

securities,

without

charge,

upon

request

by

contacting

the

Funds

at

800.767.1729

or

on

the

SEC’s

website

at

www.sec.gov.

The

information

regarding

how

the

Funds

voted

proxies

relating

to

portfolio

securities

during

the

most

recent

12-month

period

ended

June

30

is

available

without

charge,

upon

request,

by

telephoning

Impax

(toll-free)

at

800.767.1729

or

visiting

Impax’s

website

at

www.impaxam.com

and

will

be

available

without

charge

by

visiting

the

SEC’s

website

at

www.sec.gov.

Portfolio

Holdings

(Unaudited)

Each

Fund

files

its

complete

schedule

of

portfolio

holdings

with

the

U.S.

Securities

and

Exchange

Commission

(“SEC”)

for

the

first

and

third

quarters

of

each

fiscal

year

(or

as

an

exhibit

to

its

reports

Form

N-PORT).

Each

Fund’s

Forms

N-PORT

are

available

on

the

SEC’s

web

site

at

www.sec.gov.

Tailored

Shareholder

Reports

(Unaudited)

The

SEC

has

adopted

rule

and

form

amendments

to

require

open-end

mutual

funds

transmit

concise

and

visually

engaging

annual

and

semiannual

reports

to

shareholders

that

highlight

key

information.

Other

information,

including

financial

statements,

will

no

longer

appear

in

funds’

shareholder

reports

but,

instead,

will

need

to

be

made

available

online,

delivered

free

of

charge

upon

request,

and

filed

on

a

semiannual

basis

on

Form

N-CSR.

The

rule

and

form

amendments

have

a

compliance

date

of

July

24,

2024.

Board

Considerations

in

Approving

the

New

Advisory

and

Subadvisory

Agreements

(Unaudited)

Review

Process

. 

The

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

requires

that

both

the

full

Board

of

Trustees

(the

“Trustees”)

of

Impax

Funds

Series

Trust

I

(the

“Trust”)

and

a

majority

of

the

Trustees

who

are

not

“interested

persons”

(as

defined

in

Section

2(a)(19)

of

the

1940

Act)

of

the

Trust

(the

“Independent

Trustees”),

voting

separately,

approve

any

new

investment

advisory

contract

or

subadvisory

contract,

or

any

amendment

thereof,

for

any

series

of

the

Trust.

The

1940

Act

also

requires

that

the

Trustees

request

and

evaluate,

and

that

Impax

Asset

Management LLC (the

“Adviser”)

furnish,

such

information

as

may

reasonably

be

necessary

for

the

Trustees

to

evaluate

the

terms

of

the

advisory

contract

between

the

Trust

and

the

Adviser

(the

“Management

Contract”)

with

respect

to

Impax

Global

Social

Leaders

Fund

(the

“Fund”).

Similarly,

the

1940

Act

requires

that

the

Trustees

request

and

evaluate,

and

that

Impax

Asset

Management

Ltd.

(the

“Subadviser”)

furnish,

such

information

as

may

reasonably

be

necessary

for

the

Trustees

to

evaluate

the

terms

of

its

subadvisory

contract

(the

“Subadvisory

Contract”)

between

the

Adviser

and

the

Subadviser

with

respect

to

the

Fund.

The

Independent

Trustees

met

in

June,

August,

September

and

October

of

2023

for

the

purpose

of

considering

the

initial

approval

of

the

Management

Contract

and

the

Subadvisory

Contract

(the

“contract

review

meetings”).

During

the

course

of

the

contract

review

meetings,

the

Trustees

met

and

discussed

the

Management

Contract

and

the

Subadvisory

Contract

with

representatives

of

the

Adviser

and

the

Subadviser.

The

Independent

Trustees

were

assisted

in

their

evaluation

of

the

Management

Contract

and

the

Subadvisory

Contract

by

independent

legal

counsel,

from

whom

they

received

assistance

and

advice,

including

a

written

memorandum

regarding

the

legal

standards

applicable

to

the

consideration

of

advisory

arrangements,

and

with

whom

they

met

separately

from

management.

The

Independent

Trustees

requested

additional

information

and

discussed

with

management

information

that

was

provided.

In

their

deliberations,

the

Trustees

did

not

identify

any

particular

information

that

was

all-important

or

controlling.

Some

of

the

factors

that

figured

particularly

in

the

Trustees’

deliberations

are

described

below,

although

individual

Trustees

may

have

evaluated

the

information

presented

differently

from

one

another

or

given

different

weights

to

various

factors

in

reaching

their

conclusion.

The

Trustees’

conclusions

were

based,

in

part,

on

information

they

receive

and

consider

throughout

the

year,

157

www.impaxam.com

Annual

Report

December

31,

2023

both

in

connection

with

the

general

oversight

of

the

Impax

Funds

and

on

the

information

they

had

obtained

from

the

Adviser

and

Subadviser

at

other

meetings,

including

in

connection

with

their

approval

on

June

14-15,

2023

of

the

continuation

of

the

Management

Contract

for

all

of

the

other

Impax

Funds

and

the

Subadvisory

Contract

for

Impax

Global

Environmental

Markets

Fund

and

Impax

Global

Opportunities

Fund.

Nature,

Extent,

and

Quality

of

Services

. 

In

considering

the

Management

Contract

and

the

Subadvisory

Contract,

the

Trustees,

including

the

Independent

Trustees,

evaluated

the

nature,

extent,

and

quality

of

the

advisory

services

to

be

provided

to

the

Fund

by

the

Adviser

and

the

Subadviser.

They

considered

the

terms

of

the

Management

Contract

and

the

Subadvisory

Contract

and

received

and

considered

information

provided

by

management

that

described,

among

other

matters:

●

the

nature

and

scope

of

the

advisory

services

to

be

provided

to

the

Fund

and

information

regarding

the

experience,

qualifications

and

adequacy

of

the

personnel

providing

those

services;

●

the

investment

program

to

be

used

by

the

Adviser

and

the

Subadviser

to

manage

the

Fund;

●

possible

conflicts

of

interest

and

fall-out

benefits;

●

brokerage

practices;

●

the

compliance

functions

of

the

Adviser

and

the

Subadviser;

and

●

financial

results,

assets

under

management

and

other

information

relating

to

the

financial

resources

of

the

Adviser.

The

Trustees

considered,

among

other

matters,

the

general

oversight

of

the

Fund

to

be

provided

by

the

Adviser.

They

also

took

into

account

information

concerning

the

investment

philosophies

and

processes

to

be

used

by

the

Adviser

and

the

Subadviser

in

managing

the

Fund

as

well

as

their

in-house

investment

and

sustainable

research

capabilities.

The

Trustees

considered,

among

other

matters,

that

the

Adviser

provides

the

Trust

with

office

space

and

personnel

and

provides

oversight

and

coordination

of

the

services

to

be

provided

by

the

Fund’s

third-party

service

providers.

These

services

include

accounting,

administration,

bookkeeping,

tax,

legal,

audit,

custody

and

transfer

agency

services,

and

preparation

of

prospectuses,

shareholder

reports

and

other

regulatory

filings.

The

Trustees

also

took

into

account

the

Adviser’s

compliance

and

operational

functions,

as

well

as

the

resources

being

devoted

by

the

Adviser

to

such

functions.

The

Trustees

concluded,

within

the

context

of

their

overall

conclusions

regarding

the

Management

Contract

and

the

Subadvisory

Contract,

that

the

scope

of

the

services

to

be

provided

to

the

Fund

under

the

Management

Contract

and

the

Subadvisory

Contract

was

consistent

with

the

Fund’s

operational

requirements;

that

the

Adviser

has

the

capabilities,

resources

and

personnel

necessary

to

provide

the

advisory

services

currently

required

by

the

Fund;

and

that,

overall,

the

nature,

extent

and

quality

of

the

services

to

be

provided

by

the

Adviser

and

the

Subadviser

to

the

Fund

were

sufficient

to

warrant

approval

of

the

Management

Contract

and

the

Subadvisory

Contract.

Fund

Performance

.

 Because

the

Fund

had

not

yet

commenced

operations,

the

Trustees

did

not

have

investment

performance

to

compare

to

the

returns

of

comparable

funds.

The

Trustees

considered

the

Adviser’s

and

Subadviser’s

performance

and

reputation

generally,

the

Adviser’s

historical

responsiveness

to

Trustee

concerns

about

performance

and

the

Adviser’s

willingness

to

take

steps

intended

to

improve

performance.

Based

on

this

and

other

information,

the

Trustees

concluded,

within

the

context

of

their

overall

conclusions

regarding

the

Management

Contract

and

Subadvisory

Contract,

that

the

performance

records

of

the

Adviser

and

the

Subadviser

were

sufficient

to

support

approval

of

the

Management

Contract

and

Subadvisory

Contract.

Fees

and

Other

Expenses

. 

The

Trustees,

including

the

Independent

Trustees,

considered

the

proposed

advisory

fees

to

be

paid

by

the

Fund

to

the

Adviser,

and

the

proposed

subadvisory

fees

to

be

paid

to

the

Subadviser

by

the

Adviser,

as

well

as

the

Fund’s

proposed

distribution

and

service

(Rule

12b-1)

fees,

“other

expenses”

and

total

expenses.

In

doing

so,

the

Trustees

reviewed

information

provided

by

the

Adviser

regarding

the

proposed

expenses

of

the

Fund

relative

to

those

of

an

158

www.impaxam.com

Annual

Report

December

31,

2023

Adviser-selected

peer

group.

The

Independent

Trustees

considered

that

the

expense

ratio

of

the

Fund

(after

giving

effect

to

the

expense

reimbursement

described

below)

was

above

the

median,

though

within

the

range

of,

the

expense

ratios

of

its

peer

group.

The

Independent

Trustees

also

considered

that

the

management

fees

of

the

Fund

were

above

the

median

but

within

the

range

of

management

fees

of

its

peer

group.

Based

on

this

and

other

information,

the

Trustees

concluded,

within

the

context

of

their

overall

conclusions

regarding

the

Management

Contract

and

the

Subadvisory

Contract,

that

the

fees

and

expenses

to

be

charged

represented

reasonable

compensation

to

the

Adviser

and

the

Subadviser

in

light

of

the

services

to

be

provided

to

the

Fund.

Costs

of

Services

Provided

and

Profitability. The

Trustees,

including

the

Independent

Trustees,

considered

the

cost

of

services

to

be

provided

by

the

Adviser

and

the

anticipated

profitability

to

the

Adviser

and

the

Subadviser

of

their

relationship

with

the

Fund.

The

Trustees

recognized

that

the

Adviser

and

the

Subadviser

should,

in

the

abstract,

be

entitled

to

earn

a

reasonable

level

of

profit

for

the

services

to

be

provided

to

the

Fund,

and

that

it

is

difficult

to

make

comparisons

of

profitability

from

mutual

fund

advisory

contracts

because

comparative

information

is

not

generally

available

and

is

affected

by

numerous

factors,

including

the

structure

of

the

particular

adviser,

the

types

of

funds

it

manages,

its

business

mix,

numerous

assumptions

about

cost

allocations

and

the

Adviser’s

capital

structure

and

cost

of

capital.

The

Trustees

concluded

that,

taking

all

of

the

foregoing

into

account,

they

were

satisfied

that

the

anticipated

level

of

profitability

of

each

of

the

Adviser

and

the

Subadviser

from

its

relationship

with

the

Fund

was

not

excessive.

Possible

Fall-Out

Benefits.

 The

Trustees,

including

the

Independent

Trustees,

considered

information

regarding

the

direct

and

indirect

benefits

to

the

Adviser

and

the

Subadviser

from

their

relationships

with

the

Fund,

including

reputational

and

other

“fall

out”

benefits.

During

the

course

of

the

year,

the

Trustees

received

presentations

from

the

Adviser

about

its

trading

practices

and

brokerage

arrangements,

and

the

Trustees

accepted

the

representation

of

the

Adviser

that

it

will

fulfill

its

fiduciary

obligation

of

seeking

best

execution

when

engaging

in

portfolio

transactions

for

the

Fund.

The

Trustees

considered

the

receipt

of

these

benefits

in

light

of

the

Adviser’s

anticipated

profitability

and

concluded

that

such

benefits

were

not

excessive.

Possible

Economies

of

Scale

. The

Trustees,

including

the

Independent

Trustees,

considered

whether

the

Fund

would

benefit

from

economies

of

scale.

They

considered

that

the

Fund

had

not

yet

commenced

operations.

The

Trustees

further

considered

information

regarding

the

proposed

fee

arrangement

for

the

Fund,

including

the

Adviser’s

contractual

agreement

to

reimburse

the

Fund’s

expenses

to

the

extent

necessary

to

ensure

that

expenses

(other

than

interest,

commissions,

taxes,

extraordinary

expenses

and

acquired

fund

fees

and

expenses,

if

any)

allocable

to

Institutional

Class

and

Investor

Class

shares

of

the

Fund

do

not

exceed

0.98%

and

1.23%

of

the

average

daily

net

assets

of

the

Institutional

Class

and

Investor

Class

shares,

respectively.

The

Trustees

noted

the

extent

to

which

the

Adviser

and

the

Subadviser

may

realize

economies

of

scale

or

other

efficiencies

in

managing

and

supporting

the

Fund.

They

noted

that

as

assets

increase,

certain

fixed

costs

may

be

spread

across

a

larger

asset

base,

and

it

was

noted

that

any

economies

of

scale

or

other

efficiencies

might

be

realized

(if

at

all)

across

a

variety

of

products

and

services,

including

the

Fund,

and

not

only

in

respect

of

the

Fund.

The

Trustees

concluded

that

the

Fund’s

proposed

fee

arrangement

represents

an

appropriate

sharing

at

the

present

time

between

Fund

shareholders

and

the

Adviser

and

Subadviser

of

any

economies

of

scale

or

other

efficiencies

in

the

management

of

the

Fund

at

asset

levels

anticipated

in

the

near

term.

Conclusions

.

 Based

on

their

evaluation

of

factors

that

they

deemed

to

be

material,

including

those

factors

described

above,

the

Board

of

Trustees,

including

the

Independent

Trustees,

concluded

that

the

approval

of

each

of

the

Management

Contract

and

the

Subadvisory

Contract

with

respect

to

the

Fund

was

in

the

best

interests

of

the

Fund

and

that

the

Management

Contract

and

the

Subadvisory

Contract

should

be

approved.

159

Annual

Report

Management

of

the

Funds

(Unaudited)

December

31,

2023

Interested

Trustees

and

Officers

Name

and

Age

Position(s)

Held

With

the

Trust;

Term

of

Office1;

and

Length

of

Time

Served

Principal

Occupation(s)

During

Past

Five

Years

and

Other

Directorships

Held

by

Trustee

or

Officer

Number

of

Funds

in

the

Impax

Fund

Family

Overseen

by

Trustee

Edward

Farrington

(52)

Trust

I:

Trustee

(since

2024)

Trust

III:

Trustee

(since

2024)

President

(present)

and

Head

of

Distribution

for

North

America

(2021  -

present)

of

IAM;

Executive

Vice

President

of

Natixis

Investment

Managers

(2009  -

2021).

12

Lindsey

Brace

Martinez

(56)

Trust

I:

Trustee

(since

2018)

Trust

III:

Trustee

(since

2019)

Chair,

People

&

Culture

Committee,

Onward

Energy

LLC

(2021-present);

Director,

Seven

Islands

Management

Co.

(2018-present);

Founder

and

Managing

Member,

Starpoint

Advisors,

LLC

(2015-present);

Director,

Impax

Asset

Management

Group

plc

(2015-present);

Chair

of

the

Board

of

Directors,

Novatus

Energy,

LLC

(2016-present);

Board

Member,

Yale

Center

for

Business

and

Environment

(2014-present);

Investment

Sub-Committee

Member,

National

Geographic

Society

(2015-present);

Member,

Advisory

Council,

Quebec

Labrador

Foundation

(2012-present).

12

John

Boese

(61)

Trust

I:

Chief

Compliance

Officer

(since

2006)

and

Secretary

(since

2023)

Trust

III:

Chief

Compliance

Officer

(since

2013)

and

Secretary

(since

2023)

Chief

Compliance

Officer

of

IAM

(2006-present),

Pax

Ellevate

Management

LLC

(2014-2020),

Impax

Asset

Management

Ltd

(2020-present)

and

Impax

Asset

Management

(AIFM)

Ltd

(2020-present).

N/A

Alicia

K.

DuBois

(64)

Trust

I:

Treasurer

(since

2006)

Trust

III:

Treasurer

(since

2013)

Chief

Financial

Officer

for

IAM

(2006-present)

and

for

PEM

(2014-2021).

Director

of

Impax

Asset

Management

LLC

and

Director

of

IAM

Holdco,

Inc.

(December

2021-present).

N/A

Daniel

Saltus

(44)

Trust

I:

Assistant

Treasurer

(Since

2023)

Trust

III:

Assistant

Treasurer

(Since

2023)

Director

of

Fund

Administration

for

IAM

(2023-present).  Vice

President,

Eaton

Vance

Management

(2013-2021),

Vice

President,

Morgan

Stanley

Investment

Management

(2021-2023).

N/A

160

Annual

Report

December

31,

2023

Disinterested

Trustees

Name

and

Age

Position(s)

Held

With

the

Trust;

Term

of

Office1;

and

Length

of

Time

Served

Principal

Occupation(s)

During

Past

Five

Years

and

Other

Directorships

Held

by

Trustee

or

Officer

Number

of

Funds

in

the

Impax

Fund

Family

Overseen

by

Trustee

Adrian

P.

Anderson

(69)

2,3

Trust

I:

Trustee

(since

2007)

Trust

III:

Trustee

(since

2013)

Tax

Advisor

at

Block

Advisors

(November

2022

-

Present);

Chief

Executive

Officer,

North

Point

Advisors,

LLC

(2004

-

present);

Director

of

Finance

at

Choice

in

Aging

(July

2022

-

September

2022);

Tax

Director

at

Blue

Sky

Utility,

a

renewable

energy

finance

firm

(2022-present);

Chair

of

Investment

Committee,

Zanick

Advisors,

a

real

estate

advisory

firm

(2020-2021);

Tax

Associate

at

H+R

Block

(2020-2021);

Tax

Accountant

at

Shwiff

,

Levy

&

Polo,

LLP

(2018-2019);

Tax

Accountant

at

Watson

Tax

CPA

(November

2021

-

January

2022).

12

Anne

M.

Goggin

(75)

3,4

Trust

I

and

Trust

III:

Vice

Chairperson

of

the

Board

of

Trustees

(since

2019)

Trust

I

and

Trust

III:

Trustee

(since

2017)

Trustee

of

RS

Investment

Trust

and

RS

Variable

Products

Trust

(2006-2016);

attorney;

Retired,

Chief

Counsel,

Metropolitan

Life

Insurance

Company,

an

insurance

company;

Member,

Governing

Council

of

the

Independent

Directors

Council

(2012-2020)

12

D’Anne

Hurd

(73)

2,3

Trust

I:

Trustee

(since

2015)

Trust

III:

Trustee

(since

2015)

Independent

Member

of

and

Independent

Advisor

to

Corporate

Boards

of

Directors

(1993

to

present).

Private

investor

(2011–

present);

member

of

the

Board

of

Directors,

Audit

(Chair)

and

Nominating

and

Governance

Committees,

Peckham

Industries,

Inc.

(2013–present);

member

of

the

Board

of

Directors

and

Audit

(Chair)

Committee

of

Martin

Engineering,

Inc.

(2019-present);

Chief

Executive

Officer

of

Crawford

Consulting

LLC

(2011-present).

12

John

L.

Liechty

(69)

3,4

Trust

I:

Chairman

of

the

Board

of

Trustees

(2014-2023);

Trustee

(since

2009)

Trust

III:

Chairman

of

the

Board

of

Trustees

(since

2014);

Trustee

(since

2013)

Founder

and

Principal,

Integrated

Investment

Solutions

(2009-present);

Founder

and

Partner,

Integrated

Financial

Planning

Solutions,

LLC

(2010-2021).

Board

member

and

Investment

Committee

Chair,

Community

Foundation

of

Elkhart

County

(IN)

(2014-present).

12

Gregory

D.

Sheehan

(68)

5

Trust

I

and

Trust

III:

Chairman

of

the

Board

of

Trustees

(since

2024);

Trustee

(since

2023)

Partner

of

Ropes

&

Gray

LLP

(law

firm)

(1989-2020).

12

161

Annual

Report

December

31,

2023

1

A

Trustee

of

the

Funds

holds

office

until

a

successor

is

chosen

and

qualified.

An

Officer

of

the

Funds

is

appointed

by

the

respective

Board

of

Trustees

and

holds

office

until

a

successor

is

chosen

and

qualified.

The

business

address

of

each

Trustee

and

officer

is

30

Penhallow

Street,

Suite

400,

Portsmouth,

NH

03801.

2

Designates

a

member

of

the

Audit

Committee.

The

Audit

Committee

has

the

responsibility

of

overseeing

the

establishment

and

maintenance

of

an

effective

financial

control

environment,

for

overseeing

the

procedures

for

evaluating

the

system

of

internal

accounting

control

and

for

evaluating

audit

performance.

The

committee

met

four

times

in

2023.

3

Designates

a

member

of

the

Governance

and

Nomination

Committee.

The

Governance

and

Nomination

Committee

is

responsible

for

recommending

Board

candidates,

reviewing

and

recommending

Board

compensation.

The

committee

met

four

times

in

2023.

4

Designates

a

member

of

the

Compliance

Committee.

The

Compliance

Committee

is

responsible

for

overseeing

regulatory

and

compliance

matters,

as

well

as

Fund-related

compliance

activities

of

the

Funds’

service

providers.

The

committee

met

four

times

in

2023.

5

Mr.

Sheehan,

as

Chair,

is

a

floating

member

of

each

of

the

Audit

Committee

and

the

Compliance

Committee,

and,

as

such,

he

will

attend

meetings

of

the

committees

based

upon

the

matters

to

be

discussed

at

each

meeting

or

as

otherwise

determined

by

the

Board

or

the

committees.

Federal

Tax

Information

(Unaudited) 

The

percentages

of

ordinary

income

distributed

by

each

of

the

Funds

that

is

Qualified

Dividend

Income

(QDI)

and

that

qualifies

for

corporate

Dividends

Received

Deduction

(DRD)

are

as

follows:

For

the

fiscal

year

ended

December

31,

2023

the

International

Sustainable

Economy

Fund

earned

foreign

source

income

totaling

$31,127,953

and

paid

$2,998,844

foreign

taxes

which

it

intends

to

pass

through

to

its

shareholders.

Disinterested

Trustees

Name

and

Age

Position(s)

Held

With

the

Trust;

Term

of

Office1;

and

Length

of

Time

Served

Principal

Occupation(s)

During

Past

Five

Years

and

Other

Directorships

Held

by

Trustee

or

Officer

Number

of

Funds

in

the

Impax

Fund

Family

Overseen

by

Trustee

Nancy

S.

Taylor

(68)

3,4

Trust

I:

Trustee

(since

2006)

Trust

III:

Trustee

(since

2013)

Senior

Minister

Emeritus,

Old

South

Church

in

Boston

(2022-present);

Senior

Minister,

Old

South

Church

in

Boston

(2005-2022);

Advisory

Board,

Yale

Divinity

School

(2010-present);

Advisory

Board,

Idaho

Human

Rights

Education

Center

(2009-present);

Trustee

Emeritus,

Benjamin

Franklin

Institute

of

Technology

(2011-present).

12

Fund

QDI%

DRD%

Large

Cap

Fund

100.00%

92.89%

Small

Cap

Fund

N/A

N/A

US

Sustainable

Economy

Fund

100.00%

100.00%

Global

Sustainable

Infrastructure

Fund

82.67%

21.46%

Global

Opportunities

Fund

100.00%

57.05%

Global

Environmental

Markets

Fund

100.00%

36.75%

Global

Social

Leaders

Fund

N/A

N/A

Global

Women’s

Leadership

Fund

100.00%

34.79%

International

Sustainable

Economy

Fund

100.00%

N/A

Core

Bond

Fund

N/A

N/A

High

Yield

Bond

Fund

0.01%

0.01%

Sustainable

Allocation

Fund

36.72%

N/A

Account

Options

and

Services

December

31,

2023

162

www.impaxam.com

Annual

Report

At

Impax,

we

are

pleased

to

offer

a

variety

of

account

options

and

shareholder

services

to

help

meet

your

investment

needs.

Types

of

Accounts

Services

Regular

Accounts

Individual,

business

and

trust

accounts

are

available

for

all

Impax

Funds.

Traditional

IRA

Contributions

to

an

IRA

may

be

tax-

deductible.

Taxes

are

paid

only

when

funds

are

withdrawn,

when

investors

may

be

in

a

lower

tax

bracket.

Roth

IRA

Contributions

to

a

Roth

IRA

are

not

deductible,

but

after

five

years

some

types

of

withdrawals

are

tax-free.

SIMPLE

IRA

This

is

an

easy-to

maintain

retirement

plan

designed

for

small

businesses.

SEP

IRA

This

is

an

employer

funded

retirement

plan

popular

with

small

businesses

and

self-employed

persons.

Education

Savings

Account

&

Uniform

Gift

to

Minors

Account

(UGMA)

These

plans

provide

excellent

ways

to

save

for

a

child’s

education.

Services

Automatic

Investment

Plan

You

may

arrange

to

have

a

fixed

amount

automatically

deducted

from

your

checking

or

savings

account

and

invested

in

your

Impax

account

on

a

monthly

or

quarterly

basis.

Automatic

investment

plans

do

not

assure

a

profit

and

do

not

protect

against

loss

in

declining

markets.

Online

Account

Access

Utilizing

a

unique

ID

number

and

PIN,

you

can

access

your

Impax

account

balances

or

histories;

purchase

or

redeem

fund

shares;

or

make

exchanges

between

different

Impax

Funds.

www.impaxam.com

Learn

all

about

Impax

Funds

through

our

web

site.

You

can

check

Fund

performance,

read

about

our

portfolio

managers,

view

Connection—our

quarterly

newsletter,

and

see

how

we

voted

on

various

proxies

for

the

companies

in

our

portfolios.

Please

note

that

the

information

contained

herein

does

not

constitute

tax

advice.

Always

consult

your

tax

advisor

before

making

any

tax-related

investment

decisions.

This

annual

report

is

intended

for

shareholders

of

the

Impax

Funds

only,

and

is

not

authorized

for

distribution

to

other

persons

unless

accompanied

or

preceded

by

a

prospectus.

Please

consider

the

Funds’

investment

objectives,

risks

and

charges

and

expenses

carefully

before

investing.

The

Funds’

prospectus

contains

this

and

other

information

about

the

Funds

and

may

be

obtained

by

calling

800.767.1729,

emailing

impaxfunds@impaxam.com

or

visiting

www.impaxam.com.

Distributor:

Foreside

Financial

Services,

LLC

Member

of

FINRA

2/24

.

30

Penhallow

Street,

Suite

400

Portsmouth

NH

03801

800.767.1729

www.impaxam.com

Item 2.Code of Ethics.

As of December 31, 2023, the Registrant has adopted a “code of ethics,” as such term is defined in paragraph (b) of this Item 2, that applies to all officers of the Registrant, including Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or by a third party.  A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3.Audit Committee Financial Expert.

The Registrant’s Board of Trustees has determined that Adrian Anderson and Dorothy Ann Hurd, who serve on the Board’s Audit Committee, qualify as “audit committee financial experts,” as such term is defined in paragraph (b) of this Item 3. The Board also has determined that Mr. Anderson and Ms. Hurd are “independent,” as such term is interpreted by subparagraph (a)(2) of this Item 3. The Securities and Exchange Commission has stated that the designation of a person as an audit committee financial expert pursuant to this Item 3 of the Form N-CSR does not impose on such a person any duties, obligations or liability that are greater than the duties, obligations or liability imposed on such person as a member of the Audit Committee and the Board of Trustees in the absence of such designation or identification. 

Item 4.Principal Accountant Fees and Services.

(a)Audit Fees.     The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements were $391,975 and $323,975 for the fiscal years ended December 31, 2023 and 2022, respectively.

(b)Audit-Related Fees.     The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the Registrant’s financial statements and are not reported under paragraph (a) of this Item were $0 and $0 for the fiscal years ended December 31, 2023 and 2022, respectively.

(c)Tax Fees.     The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning were $171,400 and $140,000 for the fiscal years ended December 31, 2023 and 2022, respectively. Fees disclosed under this category are for professional services related to review and execution of federal, state and excise tax returns and advice concerning tax compliance and planning.

(d)All Other Fees.     The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item, are $14,550 and $16,684 for the fiscal years ended December 31, 2023 and 2022, respectively.

(e)(1)    To the extent required by applicable regulations, the Audit Committee approves in advance all audit and non-audit services rendered to the Registrant by the independent registered public accounting firm and all non-audit services to the Registrant’s investment adviser and any entity controlling, controlled by or under common control with the Registrant’s investment adviser that provide ongoing services to the Registrant, if the engagement relates directly to the operations and financial reporting of the Registrant.

(2)     With respect to the services described in paragraphs (b) through (d) of this Item, no amount was approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of 

Regulation S-X and no amount was required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.

(f)Not applicable.

(g)The aggregate non-audit fees billed by the Registrant’s accountant for services rendered to the Registrant, or to the Registrant’s investment adviser, or to any entity controlling, controlled by or under common control with the adviser that provides ongoing services to the Registrant totaled $0 and $0, for the fiscal years ended December 31, 2023 and 2022, respectively.

(h)Not applicable.

Item 5.Audit Committee of Listed Registrants.

Not applicable.

Item 6.Schedule of Investments.

A complete series of schedules of investments is included as part of the report to shareholders filed under Item 1.

Item 7.Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8.Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9.Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10.Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees that have been implemented since the Registrant last provided disclosure in response to the requirements of this Item.

Item 11.Controls and Procedures.

(a)It is the conclusion of the Registrant’s principal executive officer and principal financial officer (or persons performing similar functions), based on an evaluation of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) (the “Disclosure Controls”) as of a date within 90 days of the filing date of this report on Form N-CSR, that the design and operation of the Disclosure Controls are effective to reasonably ensure that information required to be disclosed by the Registrant in this report on Form N-CSR has been recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission.

(b)There has been no change in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) that occurred during the  period covered by this report on Form N-CSR that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12.         Disclosure of Securities Lending Activities for Closed-End Management Companies

                Not applicable.

Item 13.Exhibits.

(a)	(1)	The registrant’s code of ethics pursuant to Item 2 of Form N-CSR is filed with the registrant’s annual Form N-CSR.
	(2)	Certifications of the principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are attached.
	(3)	Written solicitation to repurchase securities issued by closed-end companies: not applicable.

(b)Certification of the principal executive officer and principal financial officer of the Registrant required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended.  

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)		Impax Funds Series Trust I
By (Signature and Title)			/s/ Edward Farrington
			Edward Farrington, President
Date	February 21, 2024
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By (Signature and Title)			/s/ Edward Farrington
			Edward Farrington, President (Principal Executive Officer)
Date	February 21, 2024
By (Signature and Title)			/s/ Alicia K. DuBois
			Alicia K. DuBois, Treasurer (Principal Financial Officer)
Date	February 21, 2024