UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

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 100, Portsmouth, NH                                                           03801                 

                                      (Address of principal executive offices)                                                              (Zip code)             

Impax Asset Management LLC
30 Penhallow Street, Suite 100, Portsmouth, NH  03801

                                                                                Attn.:  Edward Farrington                                                                                 

(Name and address of agent for service)

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

Date of fiscal year end:      December 31

Date of reporting period:    June 30, 2025           

Form N-CSRS 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-CSRS in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSRS, and the Commission will make this information public.  A registrant is not required to respond to the collection of information contained in Form N-CSRS 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

Fund Overview

This semi-annual shareholder report contains important information about the Impax Large Cap Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. For more complete information, you may review the Fund's prospectus, which is available at https://impaxam.com/LC.  You can find additional information about the Fund at https://impaxam.com/LC. You can also request this information by contacting us at (800) 372-7827.

Semi-annual Shareholder Report

June 30, 2025

Investor Class | PAXLX

Impax Large Cap Fund

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investmentFootnote Reference*
Investor Class	$50	0.99%

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics as of June 30, 2025

Net Assets	$1,057,801,420
Total Number of Portfolio Holdings	43
Portfolio Turnover Rate	38%

Top Ten Holdings as of June 30, 2025^{Footnote Reference*}

Company	Percent of Net Assets
NVIDIA Corp.	9.8%
Microsoft Corp.	9.2%
Alphabet, Inc., A	5.3%
Amazon.com, Inc.	4.1%
JPMorgan Chase & Co.	3.6%
Oracle Corp.	3.5%
eBay, Inc.	3.2%
Apple, Inc.	2.6%
Hubbell, Inc., B	2.5%
Danaher Corp.	2.3%

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

Sector Diversification as of June 30, 2025^{Footnote Reference *Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	2.8%
Utilities	1.4%
Materials	1.8%
Consumer Staples	3.5%
Real Estate	4.1%
Communication Services	6.6%
Consumer Discretionary	10.3%
Industrials	10.6%
Health Care	11.0%
Financials	14.7%
Information Technology	33.2%

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

Industry Diversification as of June 30, 2025^{Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	2.8%
OthersFootnote Reference†	29.9%
Technology Hardware, Storage & Peripherals	2.6%
Ground Transportation	2.9%
Insurance	3.3%
Financial Services	4.7%
Banks	5.1%
Interactive Media & Services	5.3%
Life Sciences Tools & Services	5.5%
Broadline Retail	7.3%
Semiconductors & Semiconductor Equipment	12.0%
Software	18.6%

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

Asset Allocation as of June 30, 2025^{Footnote Reference ^}

Value	Value
U.S. Stocks	94.0%
Foreign Stocks	3.2%
Cash & Cash Equivalents	2.8%

Footnote	Description
Footnote ^	Percent of Investments.

Impax Large Cap Fund

Semi-annual Shareholder Report

June 30, 2025

Investor Class: PAXLX

• Impax Asset Management

• (800) 372-7827

• https://impaxam.com/LC

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

Householding

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

Fund Overview

This semi-annual shareholder report contains important information about the Impax Large Cap Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. For more complete information, you may review the Fund's prospectus, which is available at https://impaxam.com/LC.  You can find additional information about the Fund at https://impaxam.com/LC. You can also request this information by contacting us at (800) 372-7827.

Semi-annual Shareholder Report

June 30, 2025

Institutional Class | PXLIX

Impax Large Cap Fund

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investmentFootnote Reference*
Institutional Class	$38	0.74%

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics as of June 30, 2025

Net Assets	$1,057,801,420
Total Number of Portfolio Holdings	43
Portfolio Turnover Rate	38%

Top Ten Holdings as of June 30, 2025^{Footnote Reference*}

Company	Percent of Net Assets
NVIDIA Corp.	9.8%
Microsoft Corp.	9.2%
Alphabet, Inc., A	5.3%
Amazon.com, Inc.	4.1%
JPMorgan Chase & Co.	3.6%
Oracle Corp.	3.5%
eBay, Inc.	3.2%
Apple, Inc.	2.6%
Hubbell, Inc., B	2.5%
Danaher Corp.	2.3%

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

Sector Diversification as of June 30, 2025^{Footnote Reference *Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	2.8%
Utilities	1.4%
Materials	1.8%
Consumer Staples	3.5%
Real Estate	4.1%
Communication Services	6.6%
Consumer Discretionary	10.3%
Industrials	10.6%
Health Care	11.0%
Financials	14.7%
Information Technology	33.2%

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

Industry Diversification as of June 30, 2025^{Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	2.8%
OthersFootnote Reference†	29.9%
Technology Hardware, Storage & Peripherals	2.6%
Ground Transportation	2.9%
Insurance	3.3%
Financial Services	4.7%
Banks	5.1%
Interactive Media & Services	5.3%
Life Sciences Tools & Services	5.5%
Broadline Retail	7.3%
Semiconductors & Semiconductor Equipment	12.0%
Software	18.6%

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

Asset Allocation as of June 30, 2025^{Footnote Reference ^}

Value	Value
U.S. Stocks	94.0%
Foreign Stocks	3.2%
Cash & Cash Equivalents	2.8%

Footnote	Description
Footnote ^	Percent of Investments.

Impax Large Cap Fund

Semi-annual Shareholder Report

June 30, 2025

Institutional Class: PXLIX

• Impax Asset Management

• (800) 372-7827

• https://impaxam.com/LC

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

Householding

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

Fund Overview

This semi-annual shareholder report contains important information about the Impax Small Cap Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. For more complete information, you may review the Fund's prospectus, which is available at https://impaxam.com/SC.  You can find additional information about the Fund at https://impaxam.com/SC. You can also request this information by contacting us at (800) 372-7827.

Semi-annual Shareholder Report

June 30, 2025

Investor Class | PXSCX

Impax Small Cap Fund

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investmentFootnote Reference*
Investor Class	$57	1.17%

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics as of June 30, 2025

Net Assets	$653,032,978
Total Number of Portfolio Holdings	63
Portfolio Turnover Rate	12%

Top Ten Holdings as of June 30, 2025^{Footnote Reference*}

Company	Percent of Net Assets
Victory Capital Holdings, Inc., A	5.9%
Acadian Asset Management, Inc.	5.4%
Ligand Pharmaceuticals, Inc.	4.5%
Roivant Sciences Ltd.	3.5%
Planet Fitness, Inc., A	2.7%
US Foods Holding Corp.	2.5%
Howard Hughes Holdings, Inc.	2.4%
Ciena Corp.	2.4%
Extreme Networks, Inc.	2.3%
Cullen/Frost Bankers, Inc.	2.3%

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

Sector Diversification as of June 30, 2025^{Footnote Reference *Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	0.9%
Communication Services	1.1%
Materials	4.7%
Real Estate	5.4%
Consumer Staples	7.5%
Consumer Discretionary	9.5%
Information Technology	12.2%
Industrials	15.3%
Financials	19.7%
Health Care	23.7%

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

Industry Diversification as of June 30, 2025^{Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	0.8%
OthersFootnote Reference†	36.2%
Construction & Engineering	3.8%
Software	4.2%
Hotels, Restaurants & Leisure	4.2%
Consumer Staples Distribution & Retail	4.5%
Health Care Equipment & Supplies	5.4%
Banks	5.9%
Communications Equipment	6.9%
Pharmaceuticals	7.5%
Biotechnology	9.2%
Capital Markets	11.4%

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

Asset Allocation as of June 30, 2025^{Footnote Reference ^}

Value	Value
U.S. Stocks	95.9%
Foreign Stocks	3.2%
Cash & Cash Equivalents	0.9%

Footnote	Description
Footnote ^	Percent of Investments.

Impax Small Cap Fund

Semi-annual Shareholder Report

June 30, 2025

Investor Class: PXSCX

• Impax Asset Management

• (800) 372-7827

• https://impaxam.com/SC

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

Householding

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

Fund Overview

This semi-annual shareholder report contains important information about the Impax Small Cap Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. For more complete information, you may review the Fund's prospectus, which is available at https://impaxam.com/SC.  You can find additional information about the Fund at https://impaxam.com/SC. You can also request this information by contacting us at (800) 372-7827.

Semi-annual Shareholder Report

June 30, 2025

Class A | PXSAX

Impax Small Cap Fund

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investmentFootnote Reference*
Class A	$57	1.17%

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics as of June 30, 2025

Net Assets	$653,032,978
Total Number of Portfolio Holdings	63
Portfolio Turnover Rate	12%

Top Ten Holdings as of June 30, 2025^{Footnote Reference*}

Company	Percent of Net Assets
Victory Capital Holdings, Inc., A	5.9%
Acadian Asset Management, Inc.	5.4%
Ligand Pharmaceuticals, Inc.	4.5%
Roivant Sciences Ltd.	3.5%
Planet Fitness, Inc., A	2.7%
US Foods Holding Corp.	2.5%
Howard Hughes Holdings, Inc.	2.4%
Ciena Corp.	2.4%
Extreme Networks, Inc.	2.3%
Cullen/Frost Bankers, Inc.	2.3%

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

Sector Diversification as of June 30, 2025^{Footnote Reference *Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	0.9%
Communication Services	1.1%
Materials	4.7%
Real Estate	5.4%
Consumer Staples	7.5%
Consumer Discretionary	9.5%
Information Technology	12.2%
Industrials	15.3%
Financials	19.7%
Health Care	23.7%

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

Industry Diversification as of June 30, 2025^{Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	0.8%
OthersFootnote Reference†	36.2%
Construction & Engineering	3.8%
Software	4.2%
Hotels, Restaurants & Leisure	4.2%
Consumer Staples Distribution & Retail	4.5%
Health Care Equipment & Supplies	5.4%
Banks	5.9%
Communications Equipment	6.9%
Pharmaceuticals	7.5%
Biotechnology	9.2%
Capital Markets	11.4%

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

Asset Allocation as of June 30, 2025^{Footnote Reference ^}

Value	Value
U.S. Stocks	95.9%
Foreign Stocks	3.2%
Cash & Cash Equivalents	0.9%

Footnote	Description
Footnote ^	Percent of Investments.

Impax Small Cap Fund

Semi-annual Shareholder Report

June 30, 2025

Class A: PXSAX

• Impax Asset Management

• (800) 372-7827

• https://impaxam.com/SC

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

Householding

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

Fund Overview

This semi-annual shareholder report contains important information about the Impax Small Cap Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. For more complete information, you may review the Fund's prospectus, which is available at https://impaxam.com/SC.  You can find additional information about the Fund at https://impaxam.com/SC. You can also request this information by contacting us at (800) 372-7827.

Semi-annual Shareholder Report

June 30, 2025

Institutional Class | PXSIX

Impax Small Cap Fund

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investmentFootnote Reference*
Institutional Class	$45	0.92%

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics as of June 30, 2025

Net Assets	$653,032,978
Total Number of Portfolio Holdings	63
Portfolio Turnover Rate	12%

Top Ten Holdings as of June 30, 2025^{Footnote Reference*}

Company	Percent of Net Assets
Victory Capital Holdings, Inc., A	5.9%
Acadian Asset Management, Inc.	5.4%
Ligand Pharmaceuticals, Inc.	4.5%
Roivant Sciences Ltd.	3.5%
Planet Fitness, Inc., A	2.7%
US Foods Holding Corp.	2.5%
Howard Hughes Holdings, Inc.	2.4%
Ciena Corp.	2.4%
Extreme Networks, Inc.	2.3%
Cullen/Frost Bankers, Inc.	2.3%

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

Sector Diversification as of June 30, 2025^{Footnote Reference *Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	0.9%
Communication Services	1.1%
Materials	4.7%
Real Estate	5.4%
Consumer Staples	7.5%
Consumer Discretionary	9.5%
Information Technology	12.2%
Industrials	15.3%
Financials	19.7%
Health Care	23.7%

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

Industry Diversification as of June 30, 2025^{Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	0.8%
OthersFootnote Reference†	36.2%
Construction & Engineering	3.8%
Software	4.2%
Hotels, Restaurants & Leisure	4.2%
Consumer Staples Distribution & Retail	4.5%
Health Care Equipment & Supplies	5.4%
Banks	5.9%
Communications Equipment	6.9%
Pharmaceuticals	7.5%
Biotechnology	9.2%
Capital Markets	11.4%

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

Asset Allocation as of June 30, 2025^{Footnote Reference ^}

Value	Value
U.S. Stocks	95.9%
Foreign Stocks	3.2%
Cash & Cash Equivalents	0.9%

Footnote	Description
Footnote ^	Percent of Investments.

Impax Small Cap Fund

Semi-annual Shareholder Report

June 30, 2025

Institutional Class: PXSIX

• Impax Asset Management

• (800) 372-7827

• https://impaxam.com/SC

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

Householding

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

Fund Overview

This semi-annual shareholder report contains important information about the Impax US Sustainable Economy Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. For more complete information, you may review the Fund's prospectus, which is available at https://impaxam.com/USSE.  You can find additional information about the Fund at https://impaxam.com/USSE. You can also request this information by contacting us at (800) 372-7827.

Semi-annual Shareholder Report

June 30, 2025

Investor Class | PXWGX

Impax US Sustainable Economy Fund

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investmentFootnote Reference*
Investor Class	$35	0.70%

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics as of June 30, 2025

Net Assets	$517,308,327
Total Number of Portfolio Holdings	131
Portfolio Turnover Rate	35%

Top Ten Holdings as of June 30, 2025^{Footnote Reference*}

Company	Percent of Net Assets
NVIDIA Corp.	7.9%
Microsoft Corp.	6.5%
Apple, Inc.	4.9%
Broadcom, Inc.	3.7%
Amazon.com, Inc.	3.1%
Visa, Inc., A	2.5%
Mastercard, Inc., A	2.4%
Eli Lilly & Co.	2.3%
Oracle Corp.	2.0%
QUALCOMM, Inc.	1.7%

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

Sector Diversification as of June 30, 2025^{Footnote Reference *Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	0.7%
Consumer Staples	1.8%
Utilities	1.9%
Materials	2.2%
Real Estate	2.8%
Communication Services	4.6%
Consumer Discretionary	7.7%
Industrials	11.6%
Health Care	13.8%
Financials	16.5%
Information Technology	36.4%

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

Industry Diversification as of June 30, 2025^{Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	0.7%
OthersFootnote Reference†	34.8%
Building Products	2.9%
Banks	3.1%
Broadline Retail	3.6%
Capital Markets	4.1%
Insurance	4.3%
Financial Services	4.8%
Technology Hardware, Storage & Peripherals	5.3%
Pharmaceuticals	7.1%
Software	11.7%
Semiconductors & Semiconductor Equipment	17.6%

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

Asset Allocation as of June 30, 2025^{Footnote Reference ^}

Value	Value
U.S. Stocks	98.8%
Cash & Cash Equivalents	0.7%
Foreign Stocks	0.5%

Footnote	Description
Footnote ^	Percent of Investments.

Impax US Sustainable Economy Fund

Semi-annual Shareholder Report

June 30, 2025

Investor Class: PXWGX

• Impax Asset Management

• (800) 372-7827

• https://impaxam.com/USSE

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

Householding

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

Fund Overview

This semi-annual shareholder report contains important information about the Impax US Sustainable Economy Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. For more complete information, you may review the Fund's prospectus, which is available at https://impaxam.com/USSE.  You can find additional information about the Fund at https://impaxam.com/USSE. You can also request this information by contacting us at (800) 372-7827.

Semi-annual Shareholder Report

June 30, 2025

Class A | PXGAX

Impax US Sustainable Economy Fund

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investmentFootnote Reference*
Class A	$35	0.70%

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics as of June 30, 2025

Net Assets	$517,308,327
Total Number of Portfolio Holdings	131
Portfolio Turnover Rate	35%

Top Ten Holdings as of June 30, 2025^{Footnote Reference*}

Company	Percent of Net Assets
NVIDIA Corp.	7.9%
Microsoft Corp.	6.5%
Apple, Inc.	4.9%
Broadcom, Inc.	3.7%
Amazon.com, Inc.	3.1%
Visa, Inc., A	2.5%
Mastercard, Inc., A	2.4%
Eli Lilly & Co.	2.3%
Oracle Corp.	2.0%
QUALCOMM, Inc.	1.7%

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

Sector Diversification as of June 30, 2025^{Footnote Reference *Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	0.7%
Consumer Staples	1.8%
Utilities	1.9%
Materials	2.2%
Real Estate	2.8%
Communication Services	4.6%
Consumer Discretionary	7.7%
Industrials	11.6%
Health Care	13.8%
Financials	16.5%
Information Technology	36.4%

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

Industry Diversification as of June 30, 2025^{Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	0.7%
OthersFootnote Reference†	34.8%
Building Products	2.9%
Banks	3.1%
Broadline Retail	3.6%
Capital Markets	4.1%
Insurance	4.3%
Financial Services	4.8%
Technology Hardware, Storage & Peripherals	5.3%
Pharmaceuticals	7.1%
Software	11.7%
Semiconductors & Semiconductor Equipment	17.6%

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

Asset Allocation as of June 30, 2025^{Footnote Reference ^}

Value	Value
U.S. Stocks	98.8%
Cash & Cash Equivalents	0.7%
Foreign Stocks	0.5%

Footnote	Description
Footnote ^	Percent of Investments.

Impax US Sustainable Economy Fund

Semi-annual Shareholder Report

June 30, 2025

Class A: PXGAX

• Impax Asset Management

• (800) 372-7827

• https://impaxam.com/USSE

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

Householding

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

Fund Overview

This semi-annual shareholder report contains important information about the Impax US Sustainable Economy Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. For more complete information, you may review the Fund's prospectus, which is available at https://impaxam.com/USSE.  You can find additional information about the Fund at https://impaxam.com/USSE. You can also request this information by contacting us at (800) 372-7827.

Semi-annual Shareholder Report

June 30, 2025

Institutional Class | PWGIX

Impax US Sustainable Economy Fund

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investmentFootnote Reference*
Institutional Class	$23	0.45%

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics as of June 30, 2025

Net Assets	$517,308,327
Total Number of Portfolio Holdings	131
Portfolio Turnover Rate	35%

Top Ten Holdings as of June 30, 2025^{Footnote Reference*}

Company	Percent of Net Assets
NVIDIA Corp.	7.9%
Microsoft Corp.	6.5%
Apple, Inc.	4.9%
Broadcom, Inc.	3.7%
Amazon.com, Inc.	3.1%
Visa, Inc., A	2.5%
Mastercard, Inc., A	2.4%
Eli Lilly & Co.	2.3%
Oracle Corp.	2.0%
QUALCOMM, Inc.	1.7%

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

Sector Diversification as of June 30, 2025^{Footnote Reference *Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	0.7%
Consumer Staples	1.8%
Utilities	1.9%
Materials	2.2%
Real Estate	2.8%
Communication Services	4.6%
Consumer Discretionary	7.7%
Industrials	11.6%
Health Care	13.8%
Financials	16.5%
Information Technology	36.4%

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

Industry Diversification as of June 30, 2025^{Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	0.7%
OthersFootnote Reference†	34.8%
Building Products	2.9%
Banks	3.1%
Broadline Retail	3.6%
Capital Markets	4.1%
Insurance	4.3%
Financial Services	4.8%
Technology Hardware, Storage & Peripherals	5.3%
Pharmaceuticals	7.1%
Software	11.7%
Semiconductors & Semiconductor Equipment	17.6%

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

Asset Allocation as of June 30, 2025^{Footnote Reference ^}

Value	Value
U.S. Stocks	98.8%
Cash & Cash Equivalents	0.7%
Foreign Stocks	0.5%

Footnote	Description
Footnote ^	Percent of Investments.

Impax US Sustainable Economy Fund

Semi-annual Shareholder Report

June 30, 2025

Institutional Class: PWGIX

• Impax Asset Management

• (800) 372-7827

• https://impaxam.com/USSE

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

Householding

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

Fund Overview

This semi-annual shareholder report contains important information about the Impax Global Sustainable Infrastructure Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. For more complete information, you may review the Fund's prospectus, which is available at https://impaxam.com/GSI.  You can find additional information about the Fund at https://impaxam.com/GSI. You can also request this information by contacting us at (800) 372-7827.

Semi-annual Shareholder Report

June 30, 2025

Investor Class | PAXDX

Impax Global Sustainable Infrastructure Fund

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investmentFootnote Reference*
Investor Class	$49	0.90%

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics as of June 30, 2025

Net Assets	$101,314,434
Total Number of Portfolio Holdings	41
Portfolio Turnover Rate	24%

Top Ten Holdings as of June 30, 2025^{Footnote Reference*}

Company	Percent of Net Assets
Veolia Environnement SA	4.5%
National Grid plc	4.1%
Union Pacific Corp.	4.0%
Elisa OYJ	3.9%
Waste Connections, Inc.	3.3%
Waste Management, Inc.	3.3%
NextEra Energy, Inc.	3.2%
Northland Power, Inc.	3.2%
American Tower Corp.	3.2%
Iberdrola SA	3.2%

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

Sector Diversification as of June 30, 2025^{Footnote Reference *Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	2.4%
Financials	1.1%
Health Care	2.9%
Materials	3.8%
Information Technology	4.9%
Communication Services	12.5%
Real Estate	14.2%
Industrials	27.6%
Utilities	30.6%

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

Geographical Diversification as of June 30, 2025^{Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	2.4%
OthersFootnote Reference‡	8.5%
Japan	2.3%
Germany	2.4%
Sweden	2.6%
Singapore	3.0%
Spain	3.2%
Finland	3.9%
France	4.5%
Canada	6.9%
United Kingdom	11.7%
United States	48.6%

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

Asset Allocation as of June 30, 2025^{Footnote Reference ^}

Value	Value
Foreign Stocks	49.4%
U.S. Stocks	49.0%
Cash & Cash Equivalents	1.6%

Footnote	Description
Footnote ^	Percent of Investments.

Impax Global Sustainable Infrastructure Fund

Semi-annual Shareholder Report

June 30, 2025

Investor Class: PAXDX

• Impax Asset Management

• (800) 372-7827

• https://impaxam.com/GSI

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

Householding

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

Fund Overview

This semi-annual shareholder report contains important information about the Impax Global Sustainable Infrastructure Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. For more complete information, you may review the Fund's prospectus, which is available at https://impaxam.com/GSI.  You can find additional information about the Fund at https://impaxam.com/GSI. You can also request this information by contacting us at (800) 372-7827.

Semi-annual Shareholder Report

June 30, 2025

Institutional Class | PXDIX

Impax Global Sustainable Infrastructure Fund

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investmentFootnote Reference*
Institutional Class	$35	0.65%

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics as of June 30, 2025

Net Assets	$101,314,434
Total Number of Portfolio Holdings	41
Portfolio Turnover Rate	24%

Top Ten Holdings as of June 30, 2025^{Footnote Reference*}

Company	Percent of Net Assets
Veolia Environnement SA	4.5%
National Grid plc	4.1%
Union Pacific Corp.	4.0%
Elisa OYJ	3.9%
Waste Connections, Inc.	3.3%
Waste Management, Inc.	3.3%
NextEra Energy, Inc.	3.2%
Northland Power, Inc.	3.2%
American Tower Corp.	3.2%
Iberdrola SA	3.2%

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

Sector Diversification as of June 30, 2025^{Footnote Reference *Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	2.4%
Financials	1.1%
Health Care	2.9%
Materials	3.8%
Information Technology	4.9%
Communication Services	12.5%
Real Estate	14.2%
Industrials	27.6%
Utilities	30.6%

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

Geographical Diversification as of June 30, 2025^{Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	2.4%
OthersFootnote Reference‡	8.5%
Japan	2.3%
Germany	2.4%
Sweden	2.6%
Singapore	3.0%
Spain	3.2%
Finland	3.9%
France	4.5%
Canada	6.9%
United Kingdom	11.7%
United States	48.6%

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

Asset Allocation as of June 30, 2025^{Footnote Reference ^}

Value	Value
Foreign Stocks	49.4%
U.S. Stocks	49.0%
Cash & Cash Equivalents	1.6%

Footnote	Description
Footnote ^	Percent of Investments.

Impax Global Sustainable Infrastructure Fund

Semi-annual Shareholder Report

June 30, 2025

Institutional Class: PXDIX

• Impax Asset Management

• (800) 372-7827

• https://impaxam.com/GSI

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

Householding

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

Fund Overview

This semi-annual shareholder report contains important information about the Impax Global Opportunities Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. For more complete information, you may review the Fund's prospectus, which is available at https://impaxam.com/GO.  You can find additional information about the Fund at https://impaxam.com/GO. You can also request this information by contacting us at (800) 372-7827.

Semi-annual Shareholder Report

June 30, 2025

Investor Class | PAXGX

Impax Global Opportunities Fund

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investmentFootnote Reference*
Investor Class	$64	1.23%

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics as of June 30, 2025

Net Assets	$132,613,042
Total Number of Portfolio Holdings	40
Portfolio Turnover Rate	28%

Top Ten Holdings as of June 30, 2025^{Footnote Reference*}

Company	Percent of Net Assets
Microsoft Corp.	5.5%
Oracle Corp.	4.8%
NVIDIA Corp.	4.5%
Mastercard, Inc., A	4.0%
Linde plc	3.9%
Boston Scientific Corp.	3.8%
Marsh & McLennan Cos., Inc.	3.0%
Alcon AG	2.9%
KBC Group NV	2.8%
Hubbell, Inc., B	2.7%

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

Sector Diversification as of June 30, 2025^{Footnote Reference *Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	1.4%
Communication Services	1.4%
Consumer Discretionary	3.6%
Consumer Staples	4.1%
Materials	6.0%
Industrials	15.0%
Health Care	17.4%
Financials	21.4%
Information Technology	29.7%

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

Geographical Diversification as of June 30, 2025^{Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	1.4%
OthersFootnote Reference‡	1.1%
Netherlands	1.5%
Portugal	2.0%
Ireland	2.1%
Bermuda	2.4%
India	2.5%
Belgium	2.8%
United Kingdom	4.4%
Switzerland	4.7%
Japan	5.0%
United States	70.1%

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

Asset Allocation as of June 30, 2025^{Footnote Reference ^}

Value	Value
U.S. Stocks	69.3%
Foreign Stocks	28.3%
Cash & Cash Equivalents	2.4%

Footnote	Description
Footnote ^	Percent of Investments.

Impax Global Opportunities Fund

Semi-annual Shareholder Report

June 30, 2025

Investor Class: PAXGX

• Impax Asset Management

• (800) 372-7827

• https://impaxam.com/GO

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

Householding

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

Fund Overview

This semi-annual shareholder report contains important information about the Impax Global Opportunities Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. For more complete information, you may review the Fund's prospectus, which is available at https://impaxam.com/GO.  You can find additional information about the Fund at https://impaxam.com/GO. You can also request this information by contacting us at (800) 372-7827.

Semi-annual Shareholder Report

June 30, 2025

Institutional Class | PXGOX

Impax Global Opportunities Fund

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investmentFootnote Reference*
Institutional Class	$51	0.98%

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics as of June 30, 2025

Net Assets	$132,613,042
Total Number of Portfolio Holdings	40
Portfolio Turnover Rate	28%

Top Ten Holdings as of June 30, 2025^{Footnote Reference*}

Company	Percent of Net Assets
Microsoft Corp.	5.5%
Oracle Corp.	4.8%
NVIDIA Corp.	4.5%
Mastercard, Inc., A	4.0%
Linde plc	3.9%
Boston Scientific Corp.	3.8%
Marsh & McLennan Cos., Inc.	3.0%
Alcon AG	2.9%
KBC Group NV	2.8%
Hubbell, Inc., B	2.7%

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

Sector Diversification as of June 30, 2025^{Footnote Reference *Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	1.4%
Communication Services	1.4%
Consumer Discretionary	3.6%
Consumer Staples	4.1%
Materials	6.0%
Industrials	15.0%
Health Care	17.4%
Financials	21.4%
Information Technology	29.7%

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

Geographical Diversification as of June 30, 2025^{Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	1.4%
OthersFootnote Reference‡	1.1%
Netherlands	1.5%
Portugal	2.0%
Ireland	2.1%
Bermuda	2.4%
India	2.5%
Belgium	2.8%
United Kingdom	4.4%
Switzerland	4.7%
Japan	5.0%
United States	70.1%

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

Asset Allocation as of June 30, 2025^{Footnote Reference ^}

Value	Value
U.S. Stocks	69.3%
Foreign Stocks	28.3%
Cash & Cash Equivalents	2.4%

Footnote	Description
Footnote ^	Percent of Investments.

Impax Global Opportunities Fund

Semi-annual Shareholder Report

June 30, 2025

Institutional Class: PXGOX

• Impax Asset Management

• (800) 372-7827

• https://impaxam.com/GO

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

Householding

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

Fund Overview

This semi-annual shareholder report contains important information about the Impax Global Environmental Markets Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. For more complete information, you may review the Fund's prospectus, which is available at https://impaxam.com/GEM.  You can find additional information about the Fund at https://impaxam.com/GEM. You can also request this information by contacting us at (800) 372-7827.

Semi-annual Shareholder Report

June 30, 2025

Investor Class | PGRNX

Impax Global Environmental Markets Fund

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investmentFootnote Reference*
Investor Class	$62	1.18%

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics as of June 30, 2025

Net Assets	$2,058,271,123
Total Number of Portfolio Holdings	45
Portfolio Turnover Rate	22%

Top Ten Holdings as of June 30, 2025^{Footnote Reference*}

Company	Percent of Net Assets
Microsoft Corp.	5.8%
Linde plc	4.9%
Agilent Technologies, Inc.	4.3%
Air Liquide SA	4.0%
NVIDIA Corp.	3.1%
Veolia Environnement SA	3.0%
Waste Management, Inc.	3.0%
Schneider Electric SE	2.9%
Kerry Group plc, A	2.8%
RenaissanceRe Holdings Ltd.	2.8%

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

Sector Diversification as of June 30, 2025^{Footnote Reference *Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	1.4%
Transport Solutions	8.4%
Resource Efficiency & Waste Management	8.7%
Sustainable Food & Agriculture	9.7%
Environmental Services & Resources	10.0%
Water Infrastructure & Technologies	11.0%
Digital Infrastructure	24.0%
Energy Management & Efficiency	26.8%

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

Geographical Diversification as of June 30, 2025^{Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	1.4%
Jersey	1.4%
Japan	1.7%
Germany	2.0%
Bermuda	2.8%
Ireland	2.8%
United Kingdom	3.2%
Taiwan	5.3%
Switzerland	6.2%
France	7.0%
United States	66.2%

Footnote	Description
Footnote ^	Percent of Net Assets.

Asset Allocation as of June 30, 2025^{Footnote Reference ^}

Value	Value
U.S. Stocks	66.2%
Foreign Stocks	32.5%
Cash & Cash Equivalents	1.3%

Footnote	Description
Footnote ^	Percent of Investments.

Impax Global Environmental Markets Fund

Semi-annual Shareholder Report

June 30, 2025

Investor Class: PGRNX

• Impax Asset Management

• (800) 372-7827

• https://impaxam.com/GEM

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

Householding

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

Fund Overview

This semi-annual shareholder report contains important information about the Impax Global Environmental Markets Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. For more complete information, you may review the Fund's prospectus, which is available at https://impaxam.com/GEM.  You can find additional information about the Fund at https://impaxam.com/GEM. You can also request this information by contacting us at (800) 372-7827.

Semi-annual Shareholder Report

June 30, 2025

Class A | PXEAX

Impax Global Environmental Markets Fund

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investmentFootnote Reference*
Class A	$62	1.18%

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics as of June 30, 2025

Net Assets	$2,058,271,123
Total Number of Portfolio Holdings	45
Portfolio Turnover Rate	22%

Top Ten Holdings as of June 30, 2025^{Footnote Reference*}

Company	Percent of Net Assets
Microsoft Corp.	5.8%
Linde plc	4.9%
Agilent Technologies, Inc.	4.3%
Air Liquide SA	4.0%
NVIDIA Corp.	3.1%
Veolia Environnement SA	3.0%
Waste Management, Inc.	3.0%
Schneider Electric SE	2.9%
Kerry Group plc, A	2.8%
RenaissanceRe Holdings Ltd.	2.8%

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

Sector Diversification as of June 30, 2025^{Footnote Reference *Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	1.4%
Transport Solutions	8.4%
Resource Efficiency & Waste Management	8.7%
Sustainable Food & Agriculture	9.7%
Environmental Services & Resources	10.0%
Water Infrastructure & Technologies	11.0%
Digital Infrastructure	24.0%
Energy Management & Efficiency	26.8%

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

Geographical Diversification as of June 30, 2025^{Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	1.4%
Jersey	1.4%
Japan	1.7%
Germany	2.0%
Bermuda	2.8%
Ireland	2.8%
United Kingdom	3.2%
Taiwan	5.3%
Switzerland	6.2%
France	7.0%
United States	66.2%

Footnote	Description
Footnote ^	Percent of Net Assets.

Asset Allocation as of June 30, 2025^{Footnote Reference ^}

Value	Value
U.S. Stocks	66.2%
Foreign Stocks	32.5%
Cash & Cash Equivalents	1.3%

Footnote	Description
Footnote ^	Percent of Investments.

Impax Global Environmental Markets Fund

Semi-annual Shareholder Report

June 30, 2025

Class A: PXEAX

• Impax Asset Management

• (800) 372-7827

• https://impaxam.com/GEM

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

Householding

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

Fund Overview

This semi-annual shareholder report contains important information about the Impax Global Environmental Markets Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. For more complete information, you may review the Fund's prospectus, which is available at https://impaxam.com/GEM.  You can find additional information about the Fund at https://impaxam.com/GEM. You can also request this information by contacting us at (800) 372-7827.

Semi-annual Shareholder Report

June 30, 2025

Institutional Class | PGINX

Impax Global Environmental Markets Fund

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investmentFootnote Reference*
Institutional Class	$49	0.93%

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics as of June 30, 2025

Net Assets	$2,058,271,123
Total Number of Portfolio Holdings	45
Portfolio Turnover Rate	22%

Top Ten Holdings as of June 30, 2025^{Footnote Reference*}

Company	Percent of Net Assets
Microsoft Corp.	5.8%
Linde plc	4.9%
Agilent Technologies, Inc.	4.3%
Air Liquide SA	4.0%
NVIDIA Corp.	3.1%
Veolia Environnement SA	3.0%
Waste Management, Inc.	3.0%
Schneider Electric SE	2.9%
Kerry Group plc, A	2.8%
RenaissanceRe Holdings Ltd.	2.8%

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

Sector Diversification as of June 30, 2025^{Footnote Reference *Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	1.4%
Transport Solutions	8.4%
Resource Efficiency & Waste Management	8.7%
Sustainable Food & Agriculture	9.7%
Environmental Services & Resources	10.0%
Water Infrastructure & Technologies	11.0%
Digital Infrastructure	24.0%
Energy Management & Efficiency	26.8%

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

Geographical Diversification as of June 30, 2025^{Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	1.4%
Jersey	1.4%
Japan	1.7%
Germany	2.0%
Bermuda	2.8%
Ireland	2.8%
United Kingdom	3.2%
Taiwan	5.3%
Switzerland	6.2%
France	7.0%
United States	66.2%

Footnote	Description
Footnote ^	Percent of Net Assets.

Asset Allocation as of June 30, 2025^{Footnote Reference ^}

Value	Value
U.S. Stocks	66.2%
Foreign Stocks	32.5%
Cash & Cash Equivalents	1.3%

Footnote	Description
Footnote ^	Percent of Investments.

Impax Global Environmental Markets Fund

Semi-annual Shareholder Report

June 30, 2025

Institutional Class: PGINX

• Impax Asset Management

• (800) 372-7827

• https://impaxam.com/GEM

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

Householding

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

Fund Overview

This semi-annual shareholder report contains important information about the Impax Global Social Leaders Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. For more complete information, you may review the Fund's prospectus, which is available at https://impaxam.com/GSL.  You can find additional information about the Fund at https://impaxam.com/GSL. You can also request this information by contacting us at (800) 372-7827.

Semi-annual Shareholder Report

June 30, 2025

Investor Class | IGSLX

Impax Global Social Leaders Fund

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investmentFootnote Reference*
Investor Class	$65	1.23%

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics as of June 30, 2025

Net Assets	$2,134,236
Total Number of Portfolio Holdings	42
Portfolio Turnover Rate	14%

Top Ten Holdings as of June 30, 2025^{Footnote Reference*}

Company	Percent of Net Assets
NVIDIA Corp.	6.6%
eBay, Inc.	4.8%
Halma plc	4.6%
Mastercard, Inc., A	3.7%
Experian plc	3.5%
MercadoLibre, Inc.	3.3%
ServiceNow, Inc.	3.3%
Intuit, Inc.	3.2%
Recruit Holdings Co. Ltd.	3.1%
Danone SA	3.0%

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

Sector Diversification as of June 30, 2025^{Footnote Reference *Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	2.6%
Communication Services	1.6%
Consumer Staples	4.4%
Real Estate	5.3%
Industrials	8.8%
Health Care	12.2%
Consumer Discretionary	19.8%
Financials	20.8%
Information Technology	24.5%

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

Geographical Diversification as of June 30, 2025^{Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	2.6%
OthersFootnote Reference‡	9.2%
Sweden	2.1%
India	2.3%
China	2.5%
France	3.0%
Japan	3.1%
Brazil	3.3%
Hong Kong	3.8%
Netherlands	4.5%
United Kingdom	8.9%
United States	54.7%

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

Asset Allocation as of June 30, 2025^{Footnote Reference ^}

Value	Value
U.S. Stocks	54.1%
Foreign Stocks	42.3%
Cash & Cash Equivalents	3.6%

Footnote	Description
Footnote ^	Percent of Investments.

Impax Global Social Leaders Fund

Semi-annual Shareholder Report

June 30, 2025

Investor Class: IGSLX

• Impax Asset Management

• (800) 372-7827

• https://impaxam.com/GSL

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

Householding

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

Fund Overview

This semi-annual shareholder report contains important information about the Impax Global Social Leaders Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. For more complete information, you may review the Fund's prospectus, which is available at https://impaxam.com/GSL.  You can find additional information about the Fund at https://impaxam.com/GSL. You can also request this information by contacting us at (800) 372-7827.

Semi-annual Shareholder Report

June 30, 2025

Institutional Class | IGSIX

Impax Global Social Leaders Fund

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investmentFootnote Reference*
Institutional Class	$52	0.98%

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics as of June 30, 2025

Net Assets	$2,134,236
Total Number of Portfolio Holdings	42
Portfolio Turnover Rate	14%

Top Ten Holdings as of June 30, 2025^{Footnote Reference*}

Company	Percent of Net Assets
NVIDIA Corp.	6.6%
eBay, Inc.	4.8%
Halma plc	4.6%
Mastercard, Inc., A	3.7%
Experian plc	3.5%
MercadoLibre, Inc.	3.3%
ServiceNow, Inc.	3.3%
Intuit, Inc.	3.2%
Recruit Holdings Co. Ltd.	3.1%
Danone SA	3.0%

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

Sector Diversification as of June 30, 2025^{Footnote Reference *Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	2.6%
Communication Services	1.6%
Consumer Staples	4.4%
Real Estate	5.3%
Industrials	8.8%
Health Care	12.2%
Consumer Discretionary	19.8%
Financials	20.8%
Information Technology	24.5%

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

Geographical Diversification as of June 30, 2025^{Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	2.6%
OthersFootnote Reference‡	9.2%
Sweden	2.1%
India	2.3%
China	2.5%
France	3.0%
Japan	3.1%
Brazil	3.3%
Hong Kong	3.8%
Netherlands	4.5%
United Kingdom	8.9%
United States	54.7%

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

Asset Allocation as of June 30, 2025^{Footnote Reference ^}

Value	Value
U.S. Stocks	54.1%
Foreign Stocks	42.3%
Cash & Cash Equivalents	3.6%

Footnote	Description
Footnote ^	Percent of Investments.

Impax Global Social Leaders Fund

Semi-annual Shareholder Report

June 30, 2025

Institutional Class: IGSIX

• Impax Asset Management

• (800) 372-7827

• https://impaxam.com/GSL

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

Householding

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

Fund Overview

This semi-annual shareholder report contains important information about the Impax International Sustainable Economy Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. For more complete information, you may review the Fund's prospectus, which is available at https://impaxam.com/ISE.  You can find additional information about the Fund at https://impaxam.com/ISE. You can also request this information by contacting us at (800) 372-7827.

Semi-annual Shareholder Report

June 30, 2025

Investor Class | PXINX

Impax International Sustainable Economy Fund

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investmentFootnote Reference*
Investor Class	$38	0.69%

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics as of June 30, 2025

Net Assets	$1,477,495,740
Total Number of Portfolio Holdings	132
Portfolio Turnover Rate	31%

Top Ten Holdings as of June 30, 2025^{Footnote Reference*}

Company	Percent of Net Assets
ASML Holding NV	3.1%
Novartis AG	2.6%
AstraZeneca plc	2.5%
HSBC Holdings plc	2.3%
Siemens AG	2.2%
Hitachi Ltd.	2.2%
Iberdrola SA	2.0%
Schneider Electric SE	2.0%
RELX plc	1.8%
Infineon Technologies AG	1.8%

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

Sector Diversification as of June 30, 2025^{Footnote Reference *Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	2.6%
Real Estate	1.1%
Materials	3.3%
Communication Services	5.9%
Utilities	6.2%
Consumer Discretionary	6.3%
Consumer Staples	7.2%
Health Care	12.3%
Information Technology	13.4%
Industrials	16.0%
Financials	25.7%

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

Geographical Diversification as of June 30, 2025^{Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	2.6%
OthersFootnote Reference‡	10.5%
Spain	3.4%
Italy	3.8%
Netherlands	4.9%
Australia	5.5%
Switzerland	6.4%
United States	8.7%
France	8.9%
Germany	10.2%
United Kingdom	13.9%
Japan	21.2%

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

Asset Allocation as of June 30, 2025^{Footnote Reference ^}

Value	Value
Foreign Stocks	89.5%
U.S. Stocks	8.8%
Cash & Cash Equivalents	1.7%

Footnote	Description
Footnote ^	Percent of Investments.

Impax International Sustainable Economy Fund

Semi-annual Shareholder Report

June 30, 2025

Investor Class: PXINX

• Impax Asset Management

• (800) 372-7827

• https://impaxam.com/ISE

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

Householding

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

Fund Overview

This semi-annual shareholder report contains important information about the Impax International Sustainable Economy Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. For more complete information, you may review the Fund's prospectus, which is available at https://impaxam.com/ISE.  You can find additional information about the Fund at https://impaxam.com/ISE. You can also request this information by contacting us at (800) 372-7827.

Semi-annual Shareholder Report

June 30, 2025

Institutional Class | PXNIX

Impax International Sustainable Economy Fund

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investmentFootnote Reference*
Institutional Class	$24	0.44%

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics as of June 30, 2025

Net Assets	$1,477,495,740
Total Number of Portfolio Holdings	132
Portfolio Turnover Rate	31%

Top Ten Holdings as of June 30, 2025^{Footnote Reference*}

Company	Percent of Net Assets
ASML Holding NV	3.1%
Novartis AG	2.6%
AstraZeneca plc	2.5%
HSBC Holdings plc	2.3%
Siemens AG	2.2%
Hitachi Ltd.	2.2%
Iberdrola SA	2.0%
Schneider Electric SE	2.0%
RELX plc	1.8%
Infineon Technologies AG	1.8%

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

Sector Diversification as of June 30, 2025^{Footnote Reference *Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	2.6%
Real Estate	1.1%
Materials	3.3%
Communication Services	5.9%
Utilities	6.2%
Consumer Discretionary	6.3%
Consumer Staples	7.2%
Health Care	12.3%
Information Technology	13.4%
Industrials	16.0%
Financials	25.7%

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

Geographical Diversification as of June 30, 2025^{Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	2.6%
OthersFootnote Reference‡	10.5%
Spain	3.4%
Italy	3.8%
Netherlands	4.9%
Australia	5.5%
Switzerland	6.4%
United States	8.7%
France	8.9%
Germany	10.2%
United Kingdom	13.9%
Japan	21.2%

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

Asset Allocation as of June 30, 2025^{Footnote Reference ^}

Value	Value
Foreign Stocks	89.5%
U.S. Stocks	8.8%
Cash & Cash Equivalents	1.7%

Footnote	Description
Footnote ^	Percent of Investments.

Impax International Sustainable Economy Fund

Semi-annual Shareholder Report

June 30, 2025

Institutional Class: PXNIX

• Impax Asset Management

• (800) 372-7827

• https://impaxam.com/ISE

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

Householding

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

Fund Overview

This semi-annual shareholder report contains important information about the Impax Core Bond Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. For more complete information, you may review the Fund's prospectus, which is available at https://impaxam.com/CB.  You can find additional information about the Fund at https://impaxam.com/CB. You can also request this information by contacting us at (800) 372-7827.

Semi-annual Shareholder Report

June 30, 2025

Investor Class | PAXBX

Impax Core Bond Fund

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investmentFootnote Reference*
Investor Class	$37	0.73%

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics as of June 30, 2025

Net Assets	$841,407,480
Total Number of Portfolio Holdings	422
Portfolio Turnover Rate	64%

Top Ten Holdings as of June 30, 2025^{Footnote Reference*}

Company	Percent of Net Assets
U.S. Treasury Notes, 3.875%, 3/15/28	7.6%
U.S. Treasury Notes, 4.000%, 3/31/30	4.9%
U.S. Treasury Bonds, 4.750%, 2/15/45	3.6%
U.S. Treasury Bonds, 4.750%, 5/15/55	2.6%
U.S. Treasury Bonds, 1.875%, 11/15/51	1.1%
U.S. Treasury Notes, 4.125%, 3/31/32	1.0%
U.S. Treasury Notes, 3.750%, 4/30/27	0.7%
International Bank for Reconstruction & Development, 4.625%, 1/15/32	0.7%
FHLMC Pool, 30 Year, 5.500%, 1/01/54	0.7%
FNMA, 30 Year, 3.000%, 4/01/52	0.6%

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

Sector Diversification as of June 30, 2025^{Footnote Reference *Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	1.3%
Community Investment Notes	0.0%Footnote Reference#
Investment Companies	0.4%
Municipal Bonds	0.9%
Foreign Government and Agency Securities	2.1%
Asset-Backed Securities	5.0%
Supranational	6.6%
U.S. Government and Agency Securities	24.1%
Corporate Bonds	28.0%
Mortgage-Backed Securities	31.6%

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

Credit Quality Allocation as of June 30, 2025^{Footnote Reference ^Footnote Reference*}

U.S. Government	25.1%
AAA	8.9%
AA	4.7%
A	11.0%
BBB	14.2%
BB or lower	1.1%
N/R (Not Rated)	35.0%

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

Asset Allocation as of June 30, 2025^{Footnote Reference ^}

Value	Value
U.S. Bonds	88.6%
Supranational	6.7%
Foreign Bonds	3.5%
Cash & Cash Equivalents	0.7%
Investment Companies	0.4%
Community Investment Notes	0.1%

Footnote	Description
Footnote ^	Percent of Investments.

Impax Core Bond Fund

Semi-annual Shareholder Report

June 30, 2025

Investor Class: PAXBX

• Impax Asset Management

• (800) 372-7827

• https://impaxam.com/CB

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

Householding

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

Fund Overview

This semi-annual shareholder report contains important information about the Impax Core Bond Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. For more complete information, you may review the Fund's prospectus, which is available at https://impaxam.com/CB.  You can find additional information about the Fund at https://impaxam.com/CB. You can also request this information by contacting us at (800) 372-7827.

Semi-annual Shareholder Report

June 30, 2025

Institutional Class | PXBIX

Impax Core Bond Fund

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investmentFootnote Reference*
Institutional Class	$24	0.48%

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics as of June 30, 2025

Net Assets	$841,407,480
Total Number of Portfolio Holdings	422
Portfolio Turnover Rate	64%

Top Ten Holdings as of June 30, 2025^{Footnote Reference*}

Company	Percent of Net Assets
U.S. Treasury Notes, 3.875%, 3/15/28	7.6%
U.S. Treasury Notes, 4.000%, 3/31/30	4.9%
U.S. Treasury Bonds, 4.750%, 2/15/45	3.6%
U.S. Treasury Bonds, 4.750%, 5/15/55	2.6%
U.S. Treasury Bonds, 1.875%, 11/15/51	1.1%
U.S. Treasury Notes, 4.125%, 3/31/32	1.0%
U.S. Treasury Notes, 3.750%, 4/30/27	0.7%
International Bank for Reconstruction & Development, 4.625%, 1/15/32	0.7%
FHLMC Pool, 30 Year, 5.500%, 1/01/54	0.7%
FNMA, 30 Year, 3.000%, 4/01/52	0.6%

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

Sector Diversification as of June 30, 2025^{Footnote Reference *Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	1.3%
Community Investment Notes	0.0%Footnote Reference#
Investment Companies	0.4%
Municipal Bonds	0.9%
Foreign Government and Agency Securities	2.1%
Asset-Backed Securities	5.0%
Supranational	6.6%
U.S. Government and Agency Securities	24.1%
Corporate Bonds	28.0%
Mortgage-Backed Securities	31.6%

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

Credit Quality Allocation as of June 30, 2025^{Footnote Reference ^Footnote Reference*}

U.S. Government	25.1%
AAA	8.9%
AA	4.7%
A	11.0%
BBB	14.2%
BB or lower	1.1%
N/R (Not Rated)	35.0%

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

Asset Allocation as of June 30, 2025^{Footnote Reference ^}

Value	Value
U.S. Bonds	88.6%
Supranational	6.7%
Foreign Bonds	3.5%
Cash & Cash Equivalents	0.7%
Investment Companies	0.4%
Community Investment Notes	0.1%

Footnote	Description
Footnote ^	Percent of Investments.

Impax Core Bond Fund

Semi-annual Shareholder Report

June 30, 2025

Institutional Class: PXBIX

• Impax Asset Management

• (800) 372-7827

• https://impaxam.com/CB

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

Householding

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

Fund Overview

This semi-annual shareholder report contains important information about the Impax High Yield Bond Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. For more complete information, you may review the Fund's prospectus, which is available at https://impaxam.com/HYB.  You can find additional information about the Fund at https://impaxam.com/HYB. You can also request this information by contacting us at (800) 372-7827.

Semi-annual Shareholder Report

June 30, 2025

Investor Class | PAXHX

Impax High Yield Bond Fund

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investmentFootnote Reference*
Investor Class	$48	0.95%

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics as of June 30, 2025

Net Assets	$525,362,586
Total Number of Portfolio Holdings	209
Portfolio Turnover Rate	48%

Top Ten Holdings as of June 30, 2025^{Footnote Reference*}

Company	Percent of Net Assets
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 7.000%, 1/15/31	1.4%
NCL Corp. Ltd., 6.750%, 2/01/32	1.2%
Liberty Mutual Group, Inc., 4.125%, 12/15/51	1.1%
Avantor Funding, Inc., 4.625%, 7/15/28	1.0%
Hilton Domestic Operating Co., Inc., 6.125%, 4/01/32	1.0%
CVS Health Corp., 6.125%, 9/15/39	0.9%
Coherent Corp., 5.000%, 12/15/29	0.9%
Cogent Communications Group LLC, 7.000%, 6/15/27	0.9%
CCO Holdings LLC / CCO Holdings Capital Corp., 4.750%, 3/01/30	0.8%
Imola Merger Corp., 4.750%, 5/15/29	0.8%

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

Sector Diversification as of June 30, 2025^{Footnote Reference *Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	2.6%
OthersFootnote Reference†	20.8%
Insurance	5.5%
Real Estate	5.8%
Financial Services	6.6%
Capital Goods	6.9%
Services	7.5%
Telecommunications	8.2%
Healthcare	8.3%
Technology & Electronics	8.8%
Basic Industry	8.8%
Media	10.2%

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

Credit Quality Allocation as of June 30, 2025^{Footnote Reference ^Footnote Reference*}

A	0.6%
BBB	2.6%
BB or lower	89.8%
N/R (Not Rated)	7.0%

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

Asset Allocation as of June 30, 2025^{Footnote Reference ^}

Value	Value
U.S. Bonds	80.3%
Foreign Bonds	12.8%
Loans	4.7%
Cash & Cash Equivalents	2.0%
Community Investment Notes	0.2%
Foreign Stocks	0.0%Footnote Reference#

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

Impax High Yield Bond Fund

Semi-annual Shareholder Report

June 30, 2025

Investor Class: PAXHX

• Impax Asset Management

• (800) 372-7827

• https://impaxam.com/HYB

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

Householding

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

Fund Overview

This semi-annual shareholder report contains important information about the Impax High Yield Bond Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. For more complete information, you may review the Fund's prospectus, which is available at https://impaxam.com/HYB.  You can find additional information about the Fund at https://impaxam.com/HYB. You can also request this information by contacting us at (800) 372-7827.

Semi-annual Shareholder Report

June 30, 2025

Class A | PXHAX

Impax High Yield Bond Fund

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investmentFootnote Reference*
Class A	$48	0.95%

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics as of June 30, 2025

Net Assets	$525,362,586
Total Number of Portfolio Holdings	209
Portfolio Turnover Rate	48%

Top Ten Holdings as of June 30, 2025^{Footnote Reference*}

Company	Percent of Net Assets
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 7.000%, 1/15/31	1.4%
NCL Corp. Ltd., 6.750%, 2/01/32	1.2%
Liberty Mutual Group, Inc., 4.125%, 12/15/51	1.1%
Avantor Funding, Inc., 4.625%, 7/15/28	1.0%
Hilton Domestic Operating Co., Inc., 6.125%, 4/01/32	1.0%
CVS Health Corp., 6.125%, 9/15/39	0.9%
Coherent Corp., 5.000%, 12/15/29	0.9%
Cogent Communications Group LLC, 7.000%, 6/15/27	0.9%
CCO Holdings LLC / CCO Holdings Capital Corp., 4.750%, 3/01/30	0.8%
Imola Merger Corp., 4.750%, 5/15/29	0.8%

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

Sector Diversification as of June 30, 2025^{Footnote Reference *Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	2.6%
OthersFootnote Reference†	20.8%
Insurance	5.5%
Real Estate	5.8%
Financial Services	6.6%
Capital Goods	6.9%
Services	7.5%
Telecommunications	8.2%
Healthcare	8.3%
Technology & Electronics	8.8%
Basic Industry	8.8%
Media	10.2%

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

Credit Quality Allocation as of June 30, 2025^{Footnote Reference ^Footnote Reference*}

A	0.6%
BBB	2.6%
BB or lower	89.8%
N/R (Not Rated)	7.0%

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

Asset Allocation as of June 30, 2025^{Footnote Reference ^}

Value	Value
U.S. Bonds	80.3%
Foreign Bonds	12.8%
Loans	4.7%
Cash & Cash Equivalents	2.0%
Community Investment Notes	0.2%
Foreign Stocks	0.0%Footnote Reference#

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

Impax High Yield Bond Fund

Semi-annual Shareholder Report

June 30, 2025

Class A: PXHAX

• Impax Asset Management

• (800) 372-7827

• https://impaxam.com/HYB

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

Householding

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

Fund Overview

This semi-annual shareholder report contains important information about the Impax High Yield Bond Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. For more complete information, you may review the Fund's prospectus, which is available at https://impaxam.com/HYB.  You can find additional information about the Fund at https://impaxam.com/HYB. You can also request this information by contacting us at (800) 372-7827.

Semi-annual Shareholder Report

June 30, 2025

Institutional Class | PXHIX

Impax High Yield Bond Fund

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investmentFootnote Reference*
Institutional Class	$35	0.70%

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics as of June 30, 2025

Net Assets	$525,362,586
Total Number of Portfolio Holdings	209
Portfolio Turnover Rate	48%

Top Ten Holdings as of June 30, 2025^{Footnote Reference*}

Company	Percent of Net Assets
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 7.000%, 1/15/31	1.4%
NCL Corp. Ltd., 6.750%, 2/01/32	1.2%
Liberty Mutual Group, Inc., 4.125%, 12/15/51	1.1%
Avantor Funding, Inc., 4.625%, 7/15/28	1.0%
Hilton Domestic Operating Co., Inc., 6.125%, 4/01/32	1.0%
CVS Health Corp., 6.125%, 9/15/39	0.9%
Coherent Corp., 5.000%, 12/15/29	0.9%
Cogent Communications Group LLC, 7.000%, 6/15/27	0.9%
CCO Holdings LLC / CCO Holdings Capital Corp., 4.750%, 3/01/30	0.8%
Imola Merger Corp., 4.750%, 5/15/29	0.8%

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

Sector Diversification as of June 30, 2025^{Footnote Reference *Footnote Reference ^}

Value	Value
Other assets and liabilities (net)	2.6%
OthersFootnote Reference†	20.8%
Insurance	5.5%
Real Estate	5.8%
Financial Services	6.6%
Capital Goods	6.9%
Services	7.5%
Telecommunications	8.2%
Healthcare	8.3%
Technology & Electronics	8.8%
Basic Industry	8.8%
Media	10.2%

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

Credit Quality Allocation as of June 30, 2025^{Footnote Reference ^Footnote Reference*}

A	0.6%
BBB	2.6%
BB or lower	89.8%
N/R (Not Rated)	7.0%

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

Asset Allocation as of June 30, 2025^{Footnote Reference ^}

Value	Value
U.S. Bonds	80.3%
Foreign Bonds	12.8%
Loans	4.7%
Cash & Cash Equivalents	2.0%
Community Investment Notes	0.2%
Foreign Stocks	0.0%Footnote Reference#

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

Impax High Yield Bond Fund

Semi-annual Shareholder Report

June 30, 2025

Institutional Class: PXHIX

• Impax Asset Management

• (800) 372-7827

• https://impaxam.com/HYB

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

Householding

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

Fund Overview

This semi-annual shareholder report contains important information about the Impax Sustainable Allocation Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. For more complete information, you may review the Fund's prospectus, which is available at https://impaxam.com/SA.  You can find additional information about the Fund at https://impaxam.com/SA. You can also request this information by contacting us at (800) 372-7827.

Semi-annual Shareholder Report

June 30, 2025

Investor Class | PAXWX

Impax Sustainable Allocation Fund

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investmentFootnote Reference*
Investor Class	$15	0.30%

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics as of June 30, 2025

Net Assets	$2,299,808,819
Total Number of Portfolio Holdings	11
Portfolio Turnover Rate	8%

Affiliated Investment Companies as of June 30, 2025

	Percent of Net Assets
Impax Large Cap Fund	32.7%
Impax Core Bond Fund	31.9%
Impax US Sustainable Economy Fund	7.4%
Impax High Yield Bond Fund	5.0%
Impax International Sustainable Economy Fund	5.0%
Impax Small Cap Fund	4.7%
Impax Global Opportunities Fund	3.3%
Impax Global Environmental Markets Fund	3.0%
Impax Ellevate Global Women's Leadership Fund	3.0%
Impax Global Sustainable Infrastructure Fund	3.0%

Asset Allocation as of June 30, 2025^{Footnote Reference ^}

Value	Value
Affiliated Investment Companies	98.9%
Cash & Cash Equivalents	1.1%

Footnote	Description
Footnote ^	Percent of Investments.

Impax Sustainable Allocation Fund

Semi-annual Shareholder Report

June 30, 2025

Investor Class: PAXWX

• Impax Asset Management

• (800) 372-7827

• https://impaxam.com/SA

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

Householding

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

Fund Overview

This semi-annual shareholder report contains important information about the Impax Sustainable Allocation Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. For more complete information, you may review the Fund's prospectus, which is available at https://impaxam.com/SA.  You can find additional information about the Fund at https://impaxam.com/SA. You can also request this information by contacting us at (800) 372-7827.

Semi-annual Shareholder Report

June 30, 2025

Institutional Class | PAXIX

Impax Sustainable Allocation Fund

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investmentFootnote Reference*
Institutional Class	$3	0.05%

Footnote	Description
Footnote*	Annualized.

Key Fund Statistics as of June 30, 2025

Net Assets	$2,299,808,819
Total Number of Portfolio Holdings	11
Portfolio Turnover Rate	8%

Affiliated Investment Companies as of June 30, 2025

	Percent of Net Assets
Impax Large Cap Fund	32.7%
Impax Core Bond Fund	31.9%
Impax US Sustainable Economy Fund	7.4%
Impax High Yield Bond Fund	5.0%
Impax International Sustainable Economy Fund	5.0%
Impax Small Cap Fund	4.7%
Impax Global Opportunities Fund	3.3%
Impax Global Environmental Markets Fund	3.0%
Impax Ellevate Global Women's Leadership Fund	3.0%
Impax Global Sustainable Infrastructure Fund	3.0%

Asset Allocation as of June 30, 2025^{Footnote Reference ^}

Value	Value
Affiliated Investment Companies	98.9%
Cash & Cash Equivalents	1.1%

Footnote	Description
Footnote ^	Percent of Investments.

Impax Sustainable Allocation Fund

Semi-annual Shareholder Report

June 30, 2025

Institutional Class: PAXIX

• Impax Asset Management

• (800) 372-7827

• https://impaxam.com/SA

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

Householding

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

Item 2. Code of Ethics.

This disclosure is not required for the semi-annual report filing.

Item 3. Audit Committee Financial Expert.

This disclosure is not required for the semi-annual report filing.

Item 4. Principal Accountant Fees and Services.

This disclosure is not required for the semi-annual report filing.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

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

(b) Not applicable.

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

IMPAX

LARGE

CAP

FUND

IMPAX

SMALL

CAP

FUND

IMPAX

US

SUSTAINABLE

ECONOMY

FUND

IMPAX

GLOBAL

SUSTAINABLE

INFRASTRUCTURE

FUND

IMPAX

GLOBAL

OPPORTUNITIES

FUND

IMPAX

GLOBAL

ENVIRONMENTAL

MARKETS

FUND

IMPAX

GLOBAL

SOCIAL

LEADERS

FUND

IMPAX

ELLEVATE

GLOBAL

WOMEN’S

LEADERSHIP

FUND

IMPAX

INTERNATIONAL

SUSTAINABLE

ECONOMY

FUND

IMPAX

CORE

BOND

FUND

IMPAX

HIGH

YIELD

BOND

FUND

IMPAX

SUSTAINABLE

ALLOCATION

FUND

SEMI-ANNUAL

REPORT

June

30,

2025

www.impaxam.com

Semiannual

Report

1

Schedule

of

Investments

Impax

Large

Cap

Fund

2

Impax

Small

Cap

Fund

3

Impax

US

Sustainable

Economy

Fund

5

Impax

Global

Sustainable

Infrastructure

Fund

7

Impax

Global

Opportunities

Fund

9

Impax

Global

Environmental

Markets

Fund

11

Impax

Global

Social

Leaders

Fund

13

Impax

Ellevate

Global

Women’s

Leadership

Fund

15

Impax

International

Sustainable

Economy

Fund

18

Impax

Core

Bond

Fund

21

Impax

High

Yield

Bond

Fund

30

Impax

Sustainable

Allocation

Fund

36

Statements

of

Assets

and

Liabilities

37

Statements

of

Operations

42

Statements

of

Changes

in

Net

Assets

45

Financial

Highlights

57

Notes

to

Financial

Statements

85

Item

8.

Changes

in

and

Disagreements

with

Accountants

for

Open-End

Management

Investment

Companies.

103

Item

9.

Proxy

Disclosures

for

Open-End

Management

Investment

Companies

103

Item

10.

Remuneration

Paid

to

Directors,

Officers,

and

Others

of

Open-End

Management

Investment

Companies.

103

Item

11.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract.

103

Account

Options

and

Services

109

For

More

Information

General

Fund

Information

800.767.1729

Shareholder

Account

Information

800.372.7827

Account

Inquiries

Impax

Funds

P.O.

Box

534463

Pittsburgh,

PA

15253-4463

Investment

Adviser

Impax

Asset

Management

LLC

30

Penhallow

Street,

Suite

100

Portsmouth,

NH

03801

Transfer

and

Dividend

Disbursing

Agent

BNY

Mellon

Investment

Servicing

(U.S.)

Inc.

P.O.

Box

534463

Pittsburgh,

PA

15253-4463

Custodian

JP

Morgan

Chase

Bank,

N.A.

4

Chase

Metrotech

Center,

Floor

16,

Brooklyn,

NY

11245

Table

of

Contents

Schedule

of

Investments

(Unaudited),

June

30,

2025

Impax

Large

Cap

Fund

www.impaxam.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

2

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

97.2%

Communication

Services

6.6%

Alphabet,

Inc.

,

A

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

320,452

$

56,473,256

Walt

Disney

Co.

(The)

........

109,939

13,633,535

70,106,791

Consumer

Discretionary

10.3%

a

Amazon.com,

Inc.

...........

195,684

42,931,113

a

Aptiv

plc

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

263,386

17,968,193

eBay,

Inc.

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

448,633

33,405,213

a

Ulta

Beauty,

Inc.

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

30,224

14,139,392

108,443,911

Consumer

Staples

3.5%

Colgate-Palmolive

Co.

.......

217,399

19,761,569

McCormick

&

Co.,

Inc.

.......

226,331

17,160,416

36,921,985

Financials

14.7%

Citizens

Financial

Group,

Inc.

..

360,466

16,130,854

CME

Group,

Inc.

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

60,404

16,648,550

JPMorgan

Chase

&

Co.

.......

129,577

37,565,668

Mastercard,

Inc.

,

A

..........

35,136

19,744,324

Progressive

Corp.

(The)

......

70,560

18,829,642

RenaissanceRe

Holdings

Ltd.

..

65,915

16,010,753

b

Visa,

Inc.

,

A

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

54,952

19,510,708

Voya

Financial,

Inc.

..........

151,889

10,784,119

155,224,618

Health

Care

11.0%

Agilent

Technologies,

Inc.

.....

181,092

21,370,667

a

Avantor,

Inc.

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

928,717

12,500,531

a

Boston

Scientific

Corp.

.......

192,241

20,648,606

Danaher

Corp.

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

122,407

24,180,279

Eli

Lilly

&

Co.

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

28,584

22,282,085

Gilead

Sciences,

Inc.

........

140,216

15,545,748

116,527,916

Industrials

10.6%

Hubbell,

Inc.

,

B

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

65,473

26,739,828

Trane

Technologies

plc

.......

48,185

21,076,601

a

Uber

Technologies,

Inc.

.......

227,290

21,206,157

Union

Pacific

Corp.

..........

40,760

9,378,061

United

Rentals,

Inc.

..........

15,218

11,465,241

Xylem,

Inc.

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

176,123

22,783,271

112,649,159

c

Information

Technology

33.2%

Apple,

Inc.

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

133,464

27,382,809

Marvell

Technology,

Inc.

......

297,946

23,061,020

Microsoft

Corp.

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

196,298

97,640,588

NVIDIA

Corp.

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

656,952

103,791,847

Oracle

Corp.

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

169,207

36,993,727

a,b

Palo

Alto

Networks,

Inc.

......

114,880

23,509,043

a

ServiceNow,

Inc.

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

21,817

22,429,621

a

Synopsys,

Inc.

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

32,868

16,850,766

351,659,421

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

(continued)

Materials

1.8%

Linde

plc

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

41,360

$

19,405,285

Real

Estate

4.1%

American

Tower

Corp.

,

REIT

...

73,573

16,261,104

Prologis,

Inc.

,

REIT

..........

147,098

15,462,942

Ventas,

Inc.

,

REIT

...........

179,201

11,316,543

43,040,589

Utilities

1.4%

American

Water

Works

Co.,

Inc.

106,425

14,804,782

Total

Common

Stocks

(Cost

$

666,592,029

)

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

1,028,784,457

Money

Market

2.8%

d,e

JPMorgan

Prime

Money

Market

Fund

,

4.470

%

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

29,351,122

29,351,122

(Cost

$29,351,122)

f

Securities

Purchased

With

Cash

Collateral

From

Securities

Lending

0.0%

d,e

Invesco

Government

&

Agency

Portfolio

,

4.308

%

..........

819

819

(Cost

$819)

a

Total

Investments

100

.0

%

(Cost

$

695,943,970

)

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

$1,058,136,398

f

Payable

Upon

Return

Of

Securities

Loaned

(0.0)

%

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

(819)

f

Other

Assets,

less

Liabilities

(0.0)

%

(334,159)

Net

Assets

100.0%

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

$1,057,801,420

a

Non-income

producing

security.

b

Security

or

partial

position

of

this

security

was

on

loan

as

of

June

30,

2025.

The

total

market

value

of

securities

on

loan

as

of

June

30,

2025

was

$10,355,914.

c

Broad

industry

sectors

used

for

financial

reporting.

d

Rate

shown

represents

an

annualized

7-day

yield

as

of

June

30,

2025.

e

Institutional

Class

shares.

f

Rounds

to

less

than

0.05%.

REIT

Real

Estate

Investment

Trust

Schedule

of

Investments

(Unaudited),

June

30,

2025

Impax

Small

Cap

Fund

www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

3

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

99.1%

Communication

Services

1.1%

a

TechTarget,

Inc.

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

888,887

$

6,906,652

Consumer

Discretionary

9.5%

Autoliv,

Inc.

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

45,000

5,035,500

Columbia

Sportswear

Co.

.....

90,515

5,528,656

a

Modine

Manufacturing

Co.

....

60,000

5,910,000

a

Planet

Fitness,

Inc.

,

A

........

159,271

17,368,503

a

Rivian

Automotive,

Inc.

,

A

.....

450,000

6,183,000

a

Visteon

Corp.

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

57,500

5,364,750

a

Warby

Parker,

Inc.

,

A

.........

300,000

6,579,000

Wyndham

Hotels

&

Resorts,

Inc.

120,000

9,745,200

61,714,609

Consumer

Staples

7.5%

a

BJ's

Wholesale

Club

Holdings,

Inc.

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

119,955

12,934,747

a

Freshpet,

Inc.

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

70,000

4,757,200

a

Simply

Good

Foods

Co.

(The)

..

258,620

8,169,806

a

US

Foods

Holding

Corp.

......

210,000

16,172,100

a

Vital

Farms,

Inc.

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

185,000

7,126,200

49,160,053

Financials

19.7%

Acadian

Asset

Management,

Inc.

1,000,000

35,240,000

Cullen/Frost

Bankers,

Inc.

.....

115,000

14,782,100

Eastern

Bankshares,

Inc.

.....

815,540

12,453,296

Pinnacle

Financial

Partners,

Inc.

100,000

11,041,000

RenaissanceRe

Holdings

Ltd.

..

27,500

6,679,750

Victory

Capital

Holdings,

Inc.

,

A

.

600,000

38,202,000

Voya

Financial,

Inc.

..........

140,000

9,940,000

128,338,146

Health

Care

23.7%

a

Cytokinetics,

Inc.

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

175,000

5,782,000

a

Enovis

Corp.

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

210,630

6,605,357

a

Health

Catalyst,

Inc.

.........

2,750,000

10,367,500

a

Inspire

Medical

Systems,

Inc.

..

50,000

6,488,500

a

Ligand

Pharmaceuticals,

Inc.

...

260,208

29,580,446

a

Merit

Medical

Systems,

Inc.

....

100,000

9,348,000

a

Merus

NV

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

180,000

9,468,000

a

Neurocrine

Biosciences,

Inc.

...

115,000

14,454,350

a

Pacira

BioSciences,

Inc.

......

470,027

11,233,645

a

Prestige

Consumer

Healthcare,

Inc.

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

110,000

8,783,500

a

Roivant

Sciences

Ltd.

........

2,000,000

22,540,000

a

SI-BONE,

Inc.

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

691,761

13,018,942

a

Travere

Therapeutics,

Inc.

.....

475,000

7,030,000

154,700,240

Industrials

15.3%

Advanced

Drainage

Systems,

Inc.

56,489

6,488,327

Arcosa,

Inc.

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

81,000

7,023,510

a,b

Array

Technologies,

Inc.

......

1,250,000

7,375,000

a

Casella

Waste

Systems,

Inc.

,

A

.

60,000

6,922,800

a

Dycom

Industries,

Inc.

........

43,000

10,508,770

Enpro,

Inc.

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

48,000

9,194,400

a

Gates

Industrial

Corp.

plc

.....

317,713

7,316,930

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

(continued)

Industrials

(continued)

a

Generac

Holdings,

Inc.

.......

100,000

$

14,321,000

a

Lyft,

Inc.

,

A

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

600,000

9,456,000

MSA

Safety,

Inc.

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

45,089

7,553,760

Quanex

Building

Products

Corp.

337,750

6,383,475

WillScot

Holdings

Corp.

.......

275,000

7,535,000

100,078,972

Information

Technology

12.2%

a

8x8,

Inc.

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

2,000,000

3,920,000

A10

Networks,

Inc.

..........

360,000

6,966,000

a

Ciena

Corp.

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

189,914

15,445,705

a

Extreme

Networks,

Inc.

.......

855,178

15,350,445

a

Mitek

Systems,

Inc.

..........

850,000

8,415,000

a

NetScout

Systems,

Inc.

.......

580,000

14,389,800

a

Onto

Innovation,

Inc.

.........

74,057

7,474,573

a

Workiva,

Inc.

,

A

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

113,586

7,774,962

79,736,485

Materials

4.7%

Element

Solutions,

Inc.

.......

591,946

13,407,577

Graphic

Packaging

Holding

Co.

.

423,585

8,924,936

TriMas

Corp.

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

290,000

8,296,900

30,629,413

Real

Estate

5.4%

Agree

Realty

Corp.

,

REIT

.....

80,000

5,844,800

a

Howard

Hughes

Holdings,

Inc.

.

235,000

15,862,500

Rayonier,

Inc.

,

REIT

.........

318,874

7,072,625

Terreno

Realty

Corp.

,

REIT

....

120,000

6,728,400

35,508,325

Total

Common

Stocks

(Cost

$

566,109,075

)

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

646,772,895

Money

Market

0.8%

c,d

JPMorgan

Prime

Money

Market

Fund

,

4.470

%

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

5,574,249

5,574,249

(Cost

$5,574,249)

Securities

Purchased

With

Cash

Collateral

From

Securities

Lending

0.1%

c,d

Invesco

Government

&

Agency

Portfolio

,

4.308

%

..........

367,620

367,620

(Cost

$367,620)

a

Total

Investments

100

.0

%

(Cost

$

572,050,944

)

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

$652,714,764

Payable

Upon

Return

Of

Securities

Loaned

(

0

.1

)

%

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

(367,620)

Other

Assets,

less

Liabilities

0

.1

%

.

685,834

Net

Assets

100.0%

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

$653,032,978

Schedule

of

Investments

(Unaudited)

Impax

Small

Cap

Fund

(continued)

www.impaxam.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

4

a

Non-income

producing

security.

b

Security

or

partial

position

of

this

security

was

on

loan

as

of

June

30,

2025.

The

total

market

value

of

securities

on

loan

as

of

June

30,

2025

was

$358,708.

c

Rate

shown

represents

an

annualized

7-day

yield

as

of

June

30,

2025.

d

Institutional

Class

shares.

REIT

Real

Estate

Investment

Trust

Schedule

of

Investments

(Unaudited),

June

30,

2025

Impax

US

Sustainable

Economy

Fund

www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

5

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

99.3%

Communication

Services

4.6%

Alphabet,

Inc.

,

A

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

46,080

$

8,120,678

Alphabet,

Inc.

,

C

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

29,419

5,218,636

AT&T,

Inc.

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

35,712

1,033,505

Comcast

Corp.

,

A

...........

42,013

1,499,444

Verizon

Communications,

Inc.

..

33,043

1,429,771

Walt

Disney

Co.

(The)

........

42,646

5,288,531

a

ZoomInfo

Technologies,

Inc.

,

A

.

102,335

1,035,630

23,626,195

Consumer

Discretionary

7.7%

a

Amazon.com,

Inc.

...........

73,802

16,191,421

a

Aptiv

plc

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

14,625

997,718

Best

Buy

Co.,

Inc.

...........

14,856

997,283

BorgWarner,

Inc.

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

37,659

1,260,823

a

Caesars

Entertainment,

Inc.

...

35,329

1,002,990

a

Deckers

Outdoor

Corp.

.......

9,952

1,025,753

Home

Depot,

Inc.

(The)

.......

12,005

4,401,513

Kohl's

Corp.

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

117,667

997,816

Lear

Corp.

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

13,282

1,261,525

Lowe's

Cos.,

Inc.

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

6,436

1,427,955

Macy's,

Inc.

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

130,749

1,524,533

McDonald's

Corp.

...........

30,177

8,816,814

39,906,144

Consumer

Staples

1.8%

a

BJ's

Wholesale

Club

Holdings,

Inc.

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

9,139

985,458

Campbell's

Co.

(The)

........

31,148

954,686

Casey's

General

Stores,

Inc.

...

2,065

1,053,708

Clorox

Co.

(The)

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

10,704

1,285,229

General

Mills,

Inc.

...........

50,455

2,614,074

Procter

&

Gamble

Co.

(The)

...

8,871

1,413,328

a

US

Foods

Holding

Corp.

......

13,145

1,012,296

9,318,779

Financials

16.5%

Allstate

Corp.

(The)

..........

6,531

1,314,756

American

Express

Co.

.......

3,395

1,082,937

Bank

of

New

York

Mellon

Corp.

(The)

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

53,040

4,832,474

Citigroup,

Inc.

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

58,371

4,968,540

Comerica,

Inc.

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

17,696

1,055,566

FactSet

Research

Systems,

Inc.

3,283

1,468,420

Fifth

Third

Bancorp

..........

37,993

1,562,652

Hanover

Insurance

Group,

Inc.

(The)

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

10,074

1,711,270

Hartford

Insurance

Group,

Inc.

(The)

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

37,326

4,735,550

JPMorgan

Chase

&

Co.

.......

17,601

5,102,706

LPL

Financial

Holdings,

Inc.

...

10,072

3,776,698

Mastercard,

Inc.

,

A

..........

21,538

12,103,064

MetLife,

Inc.

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

64,728

5,205,426

Moody's

Corp.

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

2,380

1,193,784

PNC

Financial

Services

Group,

Inc.

(The)

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

5,763

1,074,338

Principal

Financial

Group,

Inc.

..

13,450

1,068,334

Progressive

Corp.

(The)

......

31,265

8,343,378

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

(continued)

Financials

(continued)

Regions

Financial

Corp.

......

45,022

$

1,058,917

S&P

Global,

Inc.

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

14,860

7,835,529

State

Street

Corp.

...........

19,255

2,047,577

Truist

Financial

Corp.

........

26,596

1,143,362

b

Visa,

Inc.

,

A

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

36,292

12,885,475

85,570,753

Health

Care

13.8%

AbbVie,

Inc.

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

5,332

989,726

Amgen,

Inc.

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

18,160

5,070,454

Bristol-Myers

Squibb

Co.

......

29,374

1,359,722

Cencora,

Inc.

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

4,008

1,201,799

a

Centene

Corp.

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

24,722

1,341,910

a

Edwards

Lifesciences

Corp.

...

23,175

1,812,517

Elevance

Health,

Inc.

........

11,037

4,292,952

Eli

Lilly

&

Co.

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

15,272

11,904,982

GE

HealthCare

Technologies,

Inc.

15,434

1,143,196

Gilead

Sciences,

Inc.

........

75,914

8,416,585

a

IDEXX

Laboratories,

Inc.

......

8,853

4,748,218

Johnson

&

Johnson

.........

45,054

6,881,998

Merck

&

Co.,

Inc.

...........

110,702

8,763,170

a

Mettler-Toledo

International,

Inc.

3,319

3,898,896

a

Waters

Corp.

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

5,114

1,784,991

Zoetis,

Inc.

,

A

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

48,962

7,635,624

71,246,740

Industrials

11.6%

Acuity,

Inc.

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

5,484

1,636,097

AECOM

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

9,337

1,053,774

Broadridge

Financial

Solutions,

Inc.

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

4,150

1,008,574

Carrier

Global

Corp.

.........

39,987

2,926,649

a

Clean

Harbors,

Inc.

..........

4,372

1,010,719

Cummins,

Inc.

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

3,484

1,141,010

Emerson

Electric

Co.

........

39,045

5,205,870

Howmet

Aerospace,

Inc.

......

5,848

1,088,488

Illinois

Tool

Works,

Inc.

.......

7,159

1,770,063

ITT,

Inc.

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

6,597

1,034,608

Johnson

Controls

International

plc

13,360

1,411,083

Lennox

International,

Inc.

.....

8,670

4,969,991

Lincoln

Electric

Holdings,

Inc.

..

5,501

1,140,467

Otis

Worldwide

Corp.

........

20,113

1,991,589

Pentair

plc

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

13,344

1,369,895

Republic

Services,

Inc.

,

A

.....

30,493

7,519,879

Rockwell

Automation,

Inc.

.....

6,642

2,206,273

Timken

Co.

(The)

...........

14,134

1,025,422

Trane

Technologies

plc

.......

13,150

5,751,942

Union

Pacific

Corp.

..........

37,504

8,628,920

Veralto

Corp.

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

16,616

1,677,385

Verisk

Analytics,

Inc.

,

A

.......

5,283

1,645,654

WW

Grainger,

Inc.

...........

1,195

1,243,087

Xylem,

Inc.

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

11,818

1,528,776

59,986,215

c

Information

Technology

36.4%

Accenture

plc

,

A

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

5,909

1,766,141

a

Adobe,

Inc.

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

12,654

4,895,580

Schedule

of

Investments

(Unaudited)

Impax

US

Sustainable

Economy

Fund

(continued)

www.impaxam.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

6

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

(continued)

c

Information

Technology

(continued)

a

Advanced

Micro

Devices,

Inc.

..

12,207

$

1,732,173

Analog

Devices,

Inc.

.........

20,160

4,798,483

Apple,

Inc.

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

122,338

25,100,087

Applied

Materials,

Inc.

........

24,572

4,498,396

a

Autodesk,

Inc.

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

12,646

3,914,822

Broadcom,

Inc.

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

69,925

19,274,826

a

Cadence

Design

Systems,

Inc.

.

3,333

1,027,064

Cisco

Systems,

Inc.

.........

16,115

1,118,059

Hewlett

Packard

Enterprise

Co.

.

72,208

1,476,654

Intel

Corp.

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

325,503

7,291,267

International

Business

Machines

Corp.

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

17,206

5,071,985

Intuit,

Inc.

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

1,809

1,424,823

KLA

Corp.

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

1,135

1,016,665

Lam

Research

Corp.

.........

12,813

1,247,217

Microsoft

Corp.

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

67,551

33,600,543

Motorola

Solutions,

Inc.

.......

2,474

1,040,218

NetApp,

Inc.

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

9,895

1,054,312

NVIDIA

Corp.

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

259,813

41,047,856

Oracle

Corp.

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

48,235

10,545,618

a

Palo

Alto

Networks,

Inc.

......

4,953

1,013,582

QUALCOMM,

Inc.

...........

56,039

8,924,771

a

ServiceNow,

Inc.

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

4,027

4,140,078

Texas

Instruments,

Inc.

.......

4,990

1,036,024

188,057,244

Materials

2.2%

Air

Products

and

Chemicals,

Inc.

15,023

4,237,387

a

Axalta

Coating

Systems

Ltd.

...

42,672

1,266,932

Ball

Corp.

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

18,120

1,016,351

CF

Industries

Holdings,

Inc.

...

9,893

910,156

Ecolab,

Inc.

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

10,007

2,696,286

Linde

plc

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

2,157

1,012,021

11,139,133

Real

Estate

2.8%

American

Tower

Corp.

,

REIT

...

6,795

1,501,831

a

CBRE

Group,

Inc.

,

A

.........

8,377

1,173,785

Equinix,

Inc.

,

REIT

..........

1,161

923,541

Host

Hotels

&

Resorts,

Inc.

,

REIT

62,711

963,241

Prologis,

Inc.

,

REIT

..........

37,504

3,942,421

Rayonier,

Inc.

,

REIT

.........

53,610

1,189,070

SBA

Communications

Corp.

,

A

,

REIT

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

5,501

1,291,855

Ventas,

Inc.

,

REIT

...........

39,636

2,503,013

Weyerhaeuser

Co.

,

REIT

.....

46,847

1,203,499

14,692,256

Utilities

1.9%

American

Water

Works

Co.,

Inc.

48,673

6,770,901

Edison

International

.........

63,311

3,266,848

10,037,749

Total

Common

Stocks

(Cost

$

378,079,467

)

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

513,581,208

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Money

Market

0.7%

d,e

JPMorgan

Prime

Money

Market

Fund

,

4.470

%

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

3,626,579

$

3,626,579

(Cost

$3,626,579)

a

Total

Investments

100

.0

%

(Cost

$

381,706,046

)

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

$517,207,787

f

Other

Assets,

less

Liabilities

0.0

%

.

100,540

Net

Assets

100.0%

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

$517,308,327

a

Non-income

producing

security.

b

Security

or

partial

position

of

this

security

was

on

loan

as

of

June

30,

2025.

The

total

market

value

of

securities

on

loan

as

of

June

30,

2025

was

$8,097,513.

c

Broad

industry

sectors

used

for

financial

reporting.

d

Rate

shown

represents

an

annualized

7-day

yield

as

of

June

30,

2025.

e

Institutional

Class

shares.

f

Rounds

to

less

than

0.05%.

REIT

Real

Estate

Investment

Trust

Schedule

of

Investments

(Unaudited),

June

30,

2025

Impax

Global

Sustainable

Infrastructure

Fund

www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

7

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

97.6%

Communication

Services

12.5%

Elisa

OYJ

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

71,888

$

3,995,641

KDDI

Corp.

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

133,300

2,288,839

Koninklijke

KPN

NV

.........

324,681

1,583,856

Tele2

AB

,

B

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

179,925

2,626,441

Vodacom

Group

Ltd.

.........

282,735

2,183,146

12,677,923

Financials

1.1%

Hannover

Rueck

SE

.........

3,534

1,113,611

Health

Care

2.9%

Chemed

Corp.

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

6,054

2,947,874

a

Industrials

27.6%

AECOM

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

18,088

2,041,412

Canadian

Pacific

Kansas

City

Ltd.

24,021

1,908,274

b

Clean

Harbors,

Inc.

..........

11,871

2,744,338

Hubbell,

Inc.

,

B

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

5,066

2,069,005

Otis

Worldwide

Corp.

........

18,179

1,800,084

Schneider

Electric

SE

........

7,982

2,143,046

Spirax

Group

plc

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

18,585

1,519,737

Trane

Technologies

plc

.......

2,933

1,282,923

Union

Pacific

Corp.

..........

17,770

4,088,522

Voltronic

Power

Technology

Corp.

28,000

1,207,794

Waste

Connections,

Inc.

......

17,947

3,351,064

Waste

Management,

Inc.

......

14,444

3,305,076

Westinghouse

Air

Brake

Technologies

Corp.

........

2,437

510,186

27,971,461

Information

Technology

4.9%

KLA

Corp.

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

2,317

2,075,430

Microsoft

Corp.

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

3,055

1,519,587

Nemetschek

SE

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

9,159

1,327,989

4,923,006

Materials

3.8%

Linde

plc

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

4,889

2,293,821

Sika

AG

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

5,793

1,576,182

3,870,003

Real

Estate

14.2%

American

Tower

Corp.

,

REIT

...

14,558

3,217,609

Digital

Realty

Trust,

Inc.

,

REIT

..

16,836

2,935,020

Keppel

DC

REIT

,

REIT

.......

1,671,200

3,063,426

Prologis,

Inc.

,

REIT

..........

23,382

2,457,916

Welltower,

Inc.

,

REIT

.........

17,785

2,734,088

14,408,059

a

Utilities

30.6%

American

Water

Works

Co.,

Inc.

17,441

2,426,217

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

SABESP

,

ADR

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

94,812

2,083,020

Hydro

One

Ltd.

,

Reg

S

.......

49,339

1,777,907

Iberdrola

SA

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

166,402

3,201,247

National

Grid

plc

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

281,474

4,131,662

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

(continued)

a

Utilities

(continued)

NextEra

Energy,

Inc.

.........

47,482

$

3,296,200

Northland

Power,

Inc.

........

206,995

3,248,381

Severn

Trent

plc

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

83,579

3,140,246

SSE

plc

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

119,855

3,017,966

Veolia

Environnement

SA

.....

129,253

4,614,575

30,937,421

Total

Common

Stocks

(Cost

$

83,065,108

)

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

98,849,358

Money

Market

1.6%

c,d

JPMorgan

Prime

Money

Market

Fund

,

4.470

%

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

1,628,846

1,628,846

(Cost

$1,628,846)

a

Total

Investments

99

.2

%

(Cost

$

84,693,954

)

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

$100,478,204

Other

Assets,

less

Liabilities

0

.8

%

.

836,230

Net

Assets

100.0%

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

$101,314,434

a

Broad

industry

sectors

used

for

financial

reporting.

b

Non-income

producing

security.

c

Rate

shown

represents

an

annualized

7-day

yield

as

of

June

30,

2025.

d

Institutional

Class

shares.

ADR

American

Depositary

Receipt

REIT

Real

Estate

Investment

Trust

Schedule

of

Investments

(Unaudited)

Impax

Global

Sustainable

Infrastructure

Fund

(continued)

www.impaxam.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

8

Summary

Of

Investments

by

Country

Country

Value

Percent

of

Net

Assets

Brazil

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

$

2,083,020

2.1%

Canada

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

6,934,562

6.9%

Finland

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

3,995,641

3.9%

France

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

4,614,575

4.5%

Germany

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

2,441,600

2.4%

Japan

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

2,288,839

2.3%

Netherlands

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

1,583,856

1.6%

Singapore

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

3,063,426

3.0%

South

Africa

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

2,183,146

2.1%

Spain

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

3,201,247

3.2%

Sweden

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

2,626,440

2.6%

Switzerland

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

1,576,182

1.5%

Taiwan

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

1,207,794

1.2%

United

Kingdom

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

11,809,611

11.7%

United

States

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

49,239,419

48.6%

Money

Market

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

1,628,846

1.6%

Other

assets

and

liabilities

(net)

836,230

0.8%

Total

$101,314,434

100.0%

Schedule

of

Investments

(Unaudited),

June

30,

2025

Impax

Global

Opportunities

Fund

www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

9

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

98.6%

Communication

Services

1.4%

KDDI

Corp.

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

108,900

$

1,869,877

Consumer

Discretionary

3.6%

a

Aptiv

plc

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

22,454

1,531,812

eBay,

Inc.

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

43,897

3,268,570

4,800,382

Consumer

Staples

4.1%

Jeronimo

Martins

SGPS

SA

...

102,474

2,594,425

Kerry

Group

plc

,

A

...........

25,649

2,833,865

5,428,290

Financials

21.4%

Cullen/Frost

Bankers,

Inc.

.....

25,952

3,335,870

HDFC

Bank

Ltd.

,

ADR

........

43,762

3,355,233

KBC

Group

NV

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

36,153

3,731,338

London

Stock

Exchange

Group

plc

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

19,620

2,869,370

Marsh

&

McLennan

Cos.,

Inc.

..

17,921

3,918,247

Mastercard,

Inc.

,

A

..........

9,421

5,294,037

RenaissanceRe

Holdings

Ltd.

..

13,070

3,174,703

Visa,

Inc.

,

A

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

7,566

2,686,308

28,365,106

Health

Care

17.4%

Alcon

AG

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

43,322

3,841,924

a

Boston

Scientific

Corp.

.......

46,573

5,002,406

Danaher

Corp.

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

15,233

3,009,127

Haleon

plc

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

588,316

3,023,728

a

Intuitive

Surgical,

Inc.

........

4,625

2,513,271

Thermo

Fisher

Scientific,

Inc.

..

6,325

2,564,535

Zoetis,

Inc.

,

A

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

19,871

3,098,882

23,053,873

Industrials

15.0%

Ashtead

Group

plc

..........

46,761

2,998,599

Cintas

Corp.

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

14,058

3,133,106

Hubbell,

Inc.

,

B

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

8,699

3,552,759

Recruit

Holdings

Co.

Ltd.

.....

23,200

1,364,314

Schneider

Electric

SE

........

13,066

3,508,024

Wolters

Kluwer

NV

..........

11,633

1,945,481

Xylem,

Inc.

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

26,398

3,414,845

19,917,128

b

Information

Technology

29.7%

Analog

Devices,

Inc.

.........

11,956

2,845,767

Applied

Materials,

Inc.

........

16,175

2,961,157

a

Cadence

Design

Systems,

Inc.

.

11,219

3,457,135

Keyence

Corp.

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

8,550

3,418,532

Marvell

Technology,

Inc.

......

22,317

1,727,336

Microsoft

Corp.

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

14,654

7,289,046

NVIDIA

Corp.

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

37,733

5,961,437

Oracle

Corp.

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

29,052

6,351,639

a

ServiceNow,

Inc.

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

1,842

1,893,723

TE

Connectivity

plc

..........

20,012

3,375,424

39,281,196

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

(continued)

Materials

6.0%

Linde

plc

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

11,029

$

5,174,586

Sika

AG

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

10,322

2,808,451

7,983,037

Total

Common

Stocks

(Cost

$

94,975,150

)

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

130,698,889

Money

Market

2.4%

c,d

JPMorgan

Prime

Money

Market

Fund

,

4.470

%

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

3,199,113

3,199,113

(Cost

$3,199,113)

a

Total

Investments

101

.0

%

(Cost

$

98,174,263

)

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

$133,898,002

Other

Assets,

less

Liabilities

(

1

.0

)

%

(1,284,960)

Net

Assets

100.0%

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

$132,613,042

a

Non-income

producing

security.

b

Broad

industry

sectors

used

for

financial

reporting.

c

Rate

shown

represents

an

annualized

7-day

yield

as

of

June

30,

2025.

d

Institutional

Class

shares.

ADR

American

Depositary

Receipt

Schedule

of

Investments

(Unaudited)

Impax

Global

Opportunities

Fund

(continued)

www.impaxam.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

10

Summary

Of

Investments

by

Country

Country

Value

Percent

of

Net

Assets

Belgium

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

$

3,731,338

2.8%

Bermuda

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

3,174,703

2.4%

India

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

3,355,233

2.5%

Ireland

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

2,833,866

2.1%

Japan

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

6,652,722

5.0%

Jersey

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

1,531,812

1.1%

Netherlands

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

1,945,481

1.5%

Portugal

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

2,594,425

2.0%

Switzerland

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

6,183,875

4.7%

United

Kingdom

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

5,867,969

4.4%

United

States

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

92,827,465

70.1%

Money

Market

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

3,199,113

2.4%

Other

assets

and

liabilities

(net)

(1,284,960)

-1.0%

Total

$132,613,042

100.0%

Schedule

of

Investments

(Unaudited),

June

30,

2025

Impax

Global

Environmental

Markets

Fund

www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

11

a

a

Shares/

Principal

a

Value

a

Common

Stocks

98.6%

DIGITAL

INFRASTRUCTURE

24.0%

Cloud

Computing

11.0%

Delta

Electronics,

Inc.

..........

2,991,475

$

42,332,219

Microsoft

Corp.

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

240,117

119,436,597

NVIDIA

Corp.

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

406,739

64,260,695

226,029,511

Efficient

IT

13.0%

a

ANSYS,

Inc.

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

86,549

30,397,740

Applied

Materials,

Inc.

..........

249,083

45,599,625

a

Autodesk,

Inc.

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

124,185

38,443,950

Marvell

Technology,

Inc.

........

467,074

36,151,527

MediaTek,

Inc.

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

438,000

18,767,714

a

Synopsys,

Inc.

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

97,409

49,939,646

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

........

1,311,000

47,942,423

267,242,625

ENERGY

MANAGEMENT

&

EFFICIENCY

26.8%

Buildings

Energy

Efficiency

5.7%

A

O

Smith

Corp.

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

360,055

23,608,806

Carrier

Global

Corp.

...........

536,886

39,294,686

Sika

AG

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

128,020

34,832,188

Trane

Technologies

plc

.........

46,669

20,413,487

118,149,167

Industrial

Energy

Efficiency

14.7%

Air

Liquide

SA

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

401,631

82,816,767

Keyence

Corp.

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

85,600

34,225,302

Linde

plc

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

216,742

101,691,012

Spirax

Group

plc

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

384,672

31,455,491

Texas

Instruments,

Inc.

.........

252,882

52,503,361

302,691,933

Smart

&

Efficient

Grids

6.4%

Hubbell,

Inc.

,

B

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

124,678

50,919,742

a

Itron,

Inc.

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

155,886

20,519,274

Schneider

Electric

SE

..........

220,848

59,294,353

130,733,369

ENVIRONMENTAL

SERVICES

&

RESOURCES

10.0%

Environmental

Testing

&

Monitoring

7.2%

Agilent

Technologies,

Inc.

.......

740,655

87,404,697

Veralto

Corp.

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

347,104

35,040,149

a

Waters

Corp.

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

73,008

25,482,712

147,927,558

Finance

&

Investment

2.8%

RenaissanceRe

Holdings

Ltd.

....

235,029

57,088,544

RESOURCE

EFFICIENCY

&

WASTE

MANAGEMENT

8.7%

General

Waste

Management

5.1%

Republic

Services,

Inc.

,

A

.......

176,779

43,595,469

Waste

Management,

Inc.

........

267,136

61,126,060

104,721,529

Resource

Circularity

&

Efficiency

3.6%

Ashtead

Group

plc

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

549,121

35,212,969

a

a

Shares/

Principal

a

Value

a

Common

Stocks

(continued)

Resource

Circularity

&

Efficiency

(continued)

eBay,

Inc.

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

532,302

$

39,635,207

74,848,176

SUSTAINABLE

FOOD

&

AGRICULTURE

9.7%

Food

Safety

&

Packaging

2.0%

a

Mettler-Toledo

International,

Inc.

..

35,790

42,043,229

Sustainable

Agriculture

5.7%

DSM-Firmenich

AG

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

382,245

40,665,198

Kerry

Group

plc

,

A

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

518,774

57,317,469

Zoetis,

Inc.

,

A

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

118,201

18,433,446

116,416,113

Technology

&

Logistics

2.0%

GEA

Group

AG

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

601,664

42,176,703

TRANSPORT

SOLUTIONS

8.4%

Advanced

Road

Vehicles

&

Devices

6.2%

Amphenol

Corp.

,

A

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

477,773

47,180,084

a

Aptiv

plc

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

414,879

28,303,045

TE

Connectivity

plc

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

311,752

52,583,210

128,066,339

Railways

2.2%

Union

Pacific

Corp.

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

198,683

45,712,984

WATER

INFRASTRUCTURE

&

TECHNOLOGIES

11.0%

Water

Distribution

&

Infrastructure

6.1%

Ferguson

Enterprises,

Inc.

......

176,623

38,675,650

IDEX

Corp.

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

201,702

35,412,820

Xylem,

Inc.

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

400,458

51,803,247

125,891,717

Water

Treatment

1.9%

Pentair

plc

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

366,780

37,653,635

Water

Utilities

3.0%

Veolia

Environnement

SA

.......

1,739,847

62,115,803

Total

Common

Stocks

(Cost

$

1,391,124,199

)

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

2,029,508,935

—

a

a

a

a

Money

Market

Funds

1.3%

b,c

JPMorgan

Prime

Money

Market

Fund

,

4.470

%

(Cost

$

25,744,134

)

..........

25,744,134

25,744,134

a

Total

Investments

99

.9

%

(Cost

$

1,416,868,333

)

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

$2,055,253,069

Other

Assets,

less

Liabilities

0

.1

%

..

3,018,054

Net

Assets

100.0%

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

$2,058,271,123

a

Non-income

producing

security.

b

Rate

shown

represents

an

annualized

7-day

yield

as

of

June

30,

2025.

Schedule

of

Investments

(Unaudited)

Impax

Global

Environmental

Markets

Fund

(continued)

www.impaxam.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

12

c

Institutional

Class

shares.

Summary

Of

Investments

by

Country

Country

Value

Percent

of

Net

Assets

Bermuda

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

$

57,088,544

2.8%

France

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

144,932,570

7.0%

Germany

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

42,176,703

2.0%

Ireland

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

57,317,469

2.8%

Japan

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

34,225,302

1.7%

Jersey

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

28,303,045

1.4%

Switzerland

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

128,080,596

6.2%

Taiwan

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

109,042,356

5.3%

United

Kingdom

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

66,668,460

3.2%

United

States

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

1,361,673,890

66.2%

Money

Market

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

25,744,134

1.3%

Other

assets

and

liabilities

(net)

3,018,054

0.1%

Total

$2,058,271,123

100.0%

Schedule

of

Investments

(Unaudited),

June

30,

2025

Impax

Global

Social

Leaders

Fund

www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

13

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

95.8%

Communication

Services

1.6%

Vodacom

Group

Ltd.

.........

4,546

$

35,102

Consumer

Discretionary

19.8%

Autoliv,

Inc.

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

413

46,215

a

Bright

Horizons

Family

Solutions,

Inc.

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

293

36,212

a

Duolingo,

Inc.

,

A

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

75

30,752

eBay,

Inc.

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

1,380

102,755

Home

Depot,

Inc.

(The)

.......

82

30,064

a

MercadoLibre,

Inc.

..........

27

70,568

a

Mobileye

Global,

Inc.

,

A

.......

1,039

18,681

a

On

Holding

AG

,

A

...........

684

35,602

Trip.com

Group

Ltd.

.........

900

52,708

423,557

Consumer

Staples

4.4%

Colgate-Palmolive

Co.

.......

332

30,179

Danone

SA

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

768

62,840

93,019

Financials

20.8%

a

Adyen

NV

,

Reg

S

...........

27

49,586

AIA

Group

Ltd.

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

4,300

38,951

Banco

Bilbao

Vizcaya

Argentaria

SA

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

2,913

44,855

HDFC

Bank

Ltd.

,

ADR

........

633

48,532

Legal

&

General

Group

plc

....

16,386

57,334

Mastercard,

Inc.

,

A

..........

140

78,672

Progressive

Corp.

(The)

......

158

42,164

Prudential

plc

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

3,504

43,857

Voya

Financial,

Inc.

..........

569

40,399

444,350

Health

Care

10.6%

Agilent

Technologies,

Inc.

.....

273

32,217

Alcon

AG

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

580

51,436

a

Boston

Scientific

Corp.

.......

243

26,101

Haleon

plc

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

7,269

37,360

a

Intuitive

Surgical,

Inc.

........

95

51,624

Novo

Nordisk

A/S

,

B

.........

406

28,133

226,871

Industrials

8.8%

Experian

plc

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

1,455

75,029

Recruit

Holdings

Co.

Ltd.

.....

1,100

64,687

Wolters

Kluwer

NV

..........

284

47,496

187,212

Information

Technology

24.5%

a

Autodesk,

Inc.

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

143

44,268

Bentley

Systems,

Inc.

,

B

......

889

47,979

Halma

plc

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

2,233

98,150

Intuit,

Inc.

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

87

68,524

NVIDIA

Corp.

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

892

140,927

a

Palo

Alto

Networks,

Inc.

......

254

51,979

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

(continued)

Information

Technology

(continued)

a

ServiceNow,

Inc.

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

68

$

69,909

521,736

Real

Estate

5.3%

American

Tower

Corp.

,

REIT

...

191

42,215

UNITE

Group

plc

(The)

,

REIT

..

3,005

35,022

Ventas,

Inc.

,

REIT

...........

577

36,438

113,675

Total

Common

Stocks

(Cost

$

1,616,904

)

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

2,045,522

Preferred

Stocks

1.6%

Health

Care

1.6%

Sartorius

AG

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

134

34,129

(Cost

$31,474)

Total

Long

Term

Investments

(Cost

$

1,648,378

)

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

2,079,651

a

Money

Market

3.6%

b,c

JPMorgan

Prime

Money

Market

Fund

,

4.470

%

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

76,109

76,109

(Cost

$76,109)

a

Total

Investments

101

.0

%

(Cost

$

1,724,487

)

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

$2,155,760

Other

Assets,

less

Liabilities

(

1

.0

)

%

(21,524)

Net

Assets

100.0%

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

$2,134,236

a

Non-income

producing

security.

b

Rate

shown

represents

an

annualized

7-day

yield

as

of

June

30,

2025.

c

Institutional

Class

shares.

ADR

American

Depositary

Receipt

REIT

Real

Estate

Investment

Trust

Schedule

of

Investments

(Unaudited)

Impax

Global

Social

Leaders

Fund

(continued)

www.impaxam.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

14

Summary

Of

Investments

by

Country

Country

Value

Percent

of

Net

Assets

Brazil

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

$

70,568

3.3%

China

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

52,708

2.5%

Denmark

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

28,133

1.3%

France

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

62,840

3.0%

Germany

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

34,130

1.6%

Hong

Kong

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

82,808

3.8%

India

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

48,532

2.3%

Israel

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

18,681

0.9%

Japan

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

64,687

3.1%

Netherlands

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

97,082

4.5%

South

Africa

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

35,102

1.6%

Spain

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

44,855

2.1%

Sweden

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

46,215

2.1%

Switzerland

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

35,602

1.7%

United

Kingdom

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

190,506

8.9%

United

States

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

1,167,202

54.7%

Money

Market

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

76,109

3.6%

Other

assets

and

liabilities

(net)

(21,524)

-1.0%

Total

$2,134,236

100.0%

Schedule

of

Investments

(Unaudited),

June

30,

2025

Impax

Ellevate

Global

Women’s

Leadership

Fund

www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

15

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

98.8%

Communication

Services

5.4%

Alphabet,

Inc.

,

A

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

24,329

$

4,287,500

Alphabet,

Inc.

,

C

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

12,218

2,167,351

Auto

Trader

Group

plc

,

Reg

S

..

183,022

2,073,053

Deutsche

Telekom

AG

........

166,942

6,110,678

Orange

SA

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

207,855

3,165,255

Publicis

Groupe

SA

..........

60,061

6,783,576

Vodafone

Group

plc

.........

3,754,848

4,019,384

Walt

Disney

Co.

(The)

........

72,840

9,032,888

37,639,685

Consumer

Discretionary

13.0%

Accor

SA

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

40,216

2,107,658

a

Amazon.com,

Inc.

...........

85,888

18,842,968

Aristocrat

Leisure

Ltd.

........

154,970

6,639,658

Best

Buy

Co.,

Inc.

...........

67,557

4,535,102

Cie

Generale

des

Etablissements

Michelin

SCA

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

72,607

2,700,561

a

Deckers

Outdoor

Corp.

.......

20,240

2,086,137

eBay,

Inc.

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

47,854

3,563,209

H

&

M

Hennes

&

Mauritz

AB

,

B

.

153,234

2,158,168

Hermes

International

SCA

.....

2,531

6,861,201

Kering

SA

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

31,687

6,903,191

a

Lululemon

Athletica,

Inc.

......

29,598

7,031,893

Marriott

International,

Inc.

,

A

...

26,906

7,350,988

McDonald's

Corp.

...........

9,594

2,803,079

Pearson

plc

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

139,019

2,047,890

Starbucks

Corp.

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

81,090

7,430,277

a

Ulta

Beauty,

Inc.

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

14,116

6,603,747

Williams-Sonoma,

Inc.

.......

12,874

2,103,225

91,768,952

Consumer

Staples

7.7%

Coca-Cola

Co.

(The)

.........

123,874

8,764,086

Diageo

plc

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

142,974

3,605,248

Estee

Lauder

Cos.,

Inc.

(The)

,

A

82,971

6,704,057

General

Mills,

Inc.

...........

90,772

4,702,897

L'Oreal

SA

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

5,998

2,569,264

Pernod

Ricard

SA

...........

44,511

4,440,032

Procter

&

Gamble

Co.

(The)

...

59,001

9,400,039

Target

Corp.

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

71,288

7,032,561

Woolworths

Group

Ltd.

.......

325,290

6,663,179

53,881,363

Financials

19.8%

Allianz

SE

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

7,135

2,895,622

American

Express

Co.

.......

15,823

5,047,221

Amundi

SA

,

Reg

S

..........

26,037

2,110,450

Aviva

plc

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

350,159

2,976,958

AXA

SA

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

60,377

2,964,815

Bank

of

New

York

Mellon

Corp.

(The)

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

60,549

5,516,619

Canadian

Imperial

Bank

of

Commerce

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

101,725

7,220,663

Citigroup,

Inc.

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

100,089

8,519,576

DNB

Bank

ASA

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

239,067

6,611,297

Fifth

Third

Bancorp

..........

160,017

6,581,499

Hang

Seng

Bank

Ltd.

........

432,700

6,493,170

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

(continued)

Financials

(continued)

JPMorgan

Chase

&

Co.

.......

52,363

$

15,180,557

National

Bank

of

Canada

.....

68,501

7,068,669

a

PayPal

Holdings,

Inc.

........

58,693

4,362,064

Progressive

Corp.

(The)

......

27,880

7,440,057

Prudential

Financial,

Inc.

......

64,536

6,933,748

Royal

Bank

of

Canada

.......

38,373

5,057,318

S&P

Global,

Inc.

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

5,355

2,823,638

Standard

Chartered

plc

.......

423,776

7,012,877

State

Street

Corp.

...........

66,531

7,074,907

Sun

Life

Financial,

Inc.

.......

104,984

6,985,570

Westpac

Banking

Corp.

.......

310,873

6,928,280

Willis

Towers

Watson

plc

......

18,844

5,775,686

139,581,261

Health

Care

12.3%

AstraZeneca

plc

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

60,653

8,441,028

a

Biogen,

Inc.

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

33,526

4,210,530

Bristol-Myers

Squibb

Co.

......

122,921

5,690,013

Cardinal

Health,

Inc.

.........

41,688

7,003,584

Elevance

Health,

Inc.

........

16,493

6,415,117

Eli

Lilly

&

Co.

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

13,589

10,593,033

Gilead

Sciences,

Inc.

........

73,124

8,107,258

GSK

plc

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

356,713

6,801,258

Johnson

&

Johnson

.........

60,809

9,288,575

Merck

&

Co.,

Inc.

...........

36,369

2,878,970

Novo

Nordisk

A/S

,

B

.........

51,139

3,543,629

Stryker

Corp.

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

5,984

2,367,450

a

Vertex

Pharmaceuticals,

Inc.

...

4,622

2,057,714

a

Waters

Corp.

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

5,950

2,076,788

Zoetis,

Inc.

,

A

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

45,441

7,086,524

86,561,471

Industrials

8.5%

Booz

Allen

Hamilton

Holding

Corp.

,

A

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

20,189

2,102,281

Cie

de

Saint-Gobain

SA

......

60,683

7,128,750

Cummins,

Inc.

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

21,727

7,115,592

Otis

Worldwide

Corp.

........

71,083

7,038,639

Schneider

Electric

SE

........

30,781

8,264,234

Stantec,

Inc.

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

50,284

5,471,327

Thomson

Reuters

Corp.

......

11,861

2,385,178

Veralto

Corp.

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

67,874

6,851,880

Wolters

Kluwer

NV

..........

40,081

6,703,071

WW

Grainger,

Inc.

...........

6,595

6,860,383

59,921,335

b

Information

Technology

28.7%

Accenture

plc

,

A

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

25,703

7,682,370

a

ANSYS,

Inc.

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

6,527

2,292,413

Apple,

Inc.

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

133,085

27,305,049

a

Autodesk,

Inc.

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

24,454

7,570,225

Broadcom,

Inc.

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

67,801

18,689,346

CDW

Corp.

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

37,693

6,731,593

Cisco

Systems,

Inc.

.........

121,075

8,400,183

Halma

plc

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

153,142

6,731,222

Hewlett

Packard

Enterprise

Co.

.

374,660

7,661,797

HP,

Inc.

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

228,481

5,588,645

Schedule

of

Investments

(Unaudited)

Impax

Ellevate

Global

Women’s

Leadership

Fund

(continued)

www.impaxam.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

16

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

(continued)

b

Information

Technology

(continued)

Intuit,

Inc.

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

11,251

$

8,861,625

Microsoft

Corp.

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

69,681

34,660,026

NVIDIA

Corp.

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

280,289

44,282,859

Salesforce,

Inc.

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

15,850

4,322,137

a

ServiceNow,

Inc.

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

2,458

2,527,021

Texas

Instruments,

Inc.

.......

11,714

2,432,061

a

Xero

Ltd.

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

52,266

6,184,597

201,923,169

Materials

1.2%

Fortescue

Ltd.

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

591,057

5,941,442

Yara

International

ASA

.......

66,154

2,441,260

8,382,702

Utilities

2.2%

American

Water

Works

Co.,

Inc.

44,692

6,217,104

Edison

International

.........

110,929

5,723,936

National

Grid

plc

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

230,753

3,387,146

15,328,186

Total

Common

Stocks

(Cost

$

501,224,072

)

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

694,988,124

Money

Market

1.0%

c,d

JPMorgan

Prime

Money

Market

Fund

,

4.470

%

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

7,036,634

7,036,634

(Cost

$7,036,634)

a

Total

Investments

99

.8

%

(Cost

$

508,260,706

)

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

$702,024,758

Other

Assets,

less

Liabilities

0

.2

%

.

1,151,465

Net

Assets

100.0%

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

$703,176,223

a

Non-income

producing

security.

b

Broad

industry

sectors

used

for

financial

reporting.

c

Rate

shown

represents

an

annualized

7-day

yield

as

of

June

30,

2025.

d

Institutional

Class

shares.

Schedule

of

Investments

(Unaudited)

Impax

Ellevate

Global

Women’s

Leadership

Fund

(continued)

www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

17

Summary

Of

Investments

by

Country

Country

Value

Percent

of

Net

Assets

Australia

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

$

26,172,558

3.7%

Brazil

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

2,441,260

0.4%

Canada

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

34,188,726

4.8%

Denmark

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

3,543,628

0.5%

France

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

47,734,754

6.8%

Germany

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

9,006,301

1.3%

Hong

Kong

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

6,493,170

0.9%

Ireland

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

7,682,370

1.1%

Netherlands

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

6,703,071

0.9%

New

Zealand

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

6,184,597

0.9%

Norway

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

6,611,297

1.0%

Sweden

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

2,158,168

0.3%

United

Kingdom

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

40,294,805

5.7%

United

States

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

495,773,419

70.5%

Money

Market

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

7,036,634

1.0%

Other

assets

and

liabilities

(net)

1,151,465

0.2%

Total

$703,176,223

100.0%

Schedule

of

Investments

(Unaudited),

June

30,

2025

Impax

International

Sustainable

Economy

Fund

www.impaxam.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

18

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

97.4%

Australia

5.5%

ANZ

Group

Holdings

Ltd.

.......

724,720

$

13,897,800

Aristocrat

Leisure

Ltd.

..........

370,074

15,855,744

Coles

Group

Ltd.

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

421,985

5,786,309

Goodman

Group

,

REIT

.........

142,672

3,216,486

GPT

Group

(The)

,

REIT

........

872,000

2,783,923

QBE

Insurance

Group

Ltd.

......

1,302,084

20,050,957

REA

Group

Ltd.

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

47,995

7,600,434

Suncorp

Group

Ltd.

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

307,102

4,376,708

Transurban

Group

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

857,438

7,889,254

81,457,615

Austria

0.8%

Mondi

plc

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

350,563

5,728,380

Verbund

AG

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

71,872

5,521,670

11,250,050

Belgium

0.9%

KBC

Group

NV

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

126,847

13,091,831

Denmark

2.0%

Novo

Nordisk

A/S

,

B

...........

283,987

19,678,609

a

Orsted

A/S

,

Reg

S

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

166,639

7,178,579

Tryg

A/S

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

110,492

2,856,351

29,713,539

Finland

0.6%

Sampo

OYJ

,

A

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

762,784

8,209,466

France

8.9%

Air

Liquide

SA

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

13,493

2,782,272

AXA

SA

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

462,951

22,733,228

BNP

Paribas

SA

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

297,555

26,691,192

Carrefour

SA

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

864,062

12,188,659

Credit

Agricole

SA

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

790,636

14,957,480

Danone

SA

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

85,685

7,011,032

Dassault

Systemes

SE

.........

443,081

16,057,977

Eurazeo

SE

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

40,837

2,919,548

FDJ

Ultd.

,

Reg

S

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

74,153

2,909,788

Hermes

International

SCA

.......

2,187

5,928,663

L'Oreal

SA

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

34,497

14,776,911

Unibail-Rodamco-Westfield

,

REIT

.

29,640

2,849,222

131,805,972

Germany

10.2%

Allianz

SE

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

41,536

16,856,702

Beiersdorf

AG

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

34,050

4,280,016

Deutsche

Boerse

AG

...........

15,036

4,912,104

Fresenius

Medical

Care

AG

......

52,415

3,011,513

GEA

Group

AG

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

41,531

2,911,327

Infineon

Technologies

AG

.......

626,453

26,732,031

Knorr-Bremse

AG

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

30,214

2,930,666

Mercedes-Benz

Group

AG

......

347,496

20,245,173

Merck

KGaA

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

121,675

15,776,180

Muenchener

Rueckversicherungs-

Gesellschaft

AG

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

30,615

19,879,375

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

(continued)

Germany

(continued)

Siemens

AG

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

125,943

$

32,349,492

149,884,579

Hong

Kong

2.0%

AIA

Group

Ltd.

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

2,416,600

21,890,635

Hong

Kong

Exchanges

&

Clearing

Ltd.

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

63,800

3,431,583

MTR

Corp.

Ltd.

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

1,405,999

5,055,826

30,378,044

Ireland

0.2%

Bank

of

Ireland

Group

plc

.......

205,472

2,928,002

Italy

3.8%

Enel

SpA

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

845,089

8,020,491

Generali

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

611,804

21,762,799

Intesa

Sanpaolo

SpA

...........

3,398,607

19,577,371

Moncler

SpA

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

56,652

3,231,516

a

Telecom

Italia

SpA

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

6,005,135

2,967,233

55,559,410

Japan

21.2%

Aeon

Co.

Ltd.

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

205,900

6,311,411

Chugai

Pharmaceutical

Co.

Ltd.

..

55,800

2,913,755

Daifuku

Co.

Ltd.

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

186,400

4,795,317

Daiichi

Sankyo

Co.

Ltd.

.........

875,900

20,292,944

Daiwa

House

Industry

Co.

Ltd.

...

93,200

3,202,614

FANUC

Corp.

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

303,900

8,250,061

FUJIFILM

Holdings

Corp.

.......

209,600

4,539,011

Fujitsu

Ltd.

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

1,002,700

24,324,883

Hitachi

Ltd.

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

1,103,500

32,072,514

Hoya

Corp.

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

61,500

7,303,870

Kao

Corp.

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

112,400

5,036,150

KDDI

Corp.

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

1,240,200

21,294,961

Kirin

Holdings

Co.

Ltd.

.........

198,100

2,776,100

Mitsubishi

Chemical

Group

Corp.

.

922,500

4,848,682

Mitsubishi

Estate

Co.

Ltd.

.......

207,600

3,891,902

NEC

Corp.

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

752,000

21,939,640

Nitto

Denko

Corp.

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

155,200

2,997,141

Nomura

Holdings,

Inc.

..........

488,400

3,218,411

Nomura

Research

Institute

Ltd.

...

124,000

4,959,679

ORIX

Corp.

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

562,000

12,682,473

Panasonic

Holdings

Corp.

.......

295,500

3,161,650

Recruit

Holdings

Co.

Ltd.

.......

104,300

6,133,532

Seiko

Epson

Corp.

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

218,600

2,872,981

Sekisui

Chemical

Co.

Ltd.

.......

249,400

4,516,805

Seven

&

i

Holdings

Co.

Ltd.

......

354,700

5,709,013

SoftBank

Corp.

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

13,802,000

21,378,630

Sompo

Holdings,

Inc.

..........

182,400

5,496,588

Sony

Group

Corp.

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

878,600

22,843,887

Tokio

Marine

Holdings,

Inc.

......

137,900

5,844,347

Tokyo

Electron

Ltd.

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

132,900

25,451,608

Yamaha

Motor

Co.

Ltd.

.........

837,300

6,265,579

Yokogawa

Electric

Corp.

........

250,000

6,678,465

314,004,604

Schedule

of

Investments

(Unaudited)

Impax

International

Sustainable

Economy

Fund

(continued)

www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

19

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

(continued)

Netherlands

4.9%

ASML

Holding

NV

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

56,811

$

45,524,747

ASR

Nederland

NV

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

44,731

2,972,177

ING

Groep

NV

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

221,054

4,844,993

Koninklijke

Ahold

Delhaize

NV

....

256,461

10,711,466

Wolters

Kluwer

NV

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

49,199

8,227,948

72,281,331

New

Zealand

0.4%

a

Xero

Ltd.

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

50,943

6,028,048

Norway

0.5%

Norsk

Hydro

ASA

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

599,692

3,434,076

Telenor

ASA

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

251,372

3,914,414

7,348,490

Portugal

1.2%

EDP

SA

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

3,225,168

14,011,027

Jeronimo

Martins

SGPS

SA

.....

131,795

3,336,770

17,347,797

Singapore

1.0%

United

Overseas

Bank

Ltd.

......

542,500

15,354,766

Spain

3.4%

ACS

Actividades

de

Construccion

y

Servicios

SA

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

215,140

14,953,867

CaixaBank

SA

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

331,267

2,870,366

Cellnex

Telecom

SA

,

Reg

S

......

75,920

2,956,191

Iberdrola

SA

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

1,568,775

30,180,141

50,960,565

Sweden

0.9%

Alfa

Laval

AB

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

73,361

3,089,865

Assa

Abloy

AB

,

B

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

239,914

7,500,586

SKF

AB

,

B

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

128,933

2,961,630

13,552,081

Switzerland

6.4%

ABB

Ltd.

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

400,109

23,978,068

Kuehne

+

Nagel

International

AG

.

20,301

4,396,035

Logitech

International

SA

.......

136,722

12,398,565

Lonza

Group

AG

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

13,110

9,375,793

SGS

SA

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

27,465

2,788,677

Sika

AG

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

34,865

9,486,207

Sonova

Holding

AG

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

46,911

13,990,056

Swisscom

AG

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

13,793

9,794,250

Zurich

Insurance

Group

AG

......

12,172

8,517,031

94,724,682

United

Kingdom

13.9%

3i

Group

plc

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

173,002

9,790,566

AstraZeneca

plc

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

261,713

36,422,380

Auto

Trader

Group

plc

,

Reg

S

....

544,937

6,172,390

Barratt

Redrow

plc

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

2,027,020

12,693,183

HSBC

Holdings

plc

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

2,852,924

34,509,515

Informa

plc

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

643,966

7,129,477

J

Sainsbury

plc

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

1,637,389

6,516,587

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Common

Stocks

(continued)

United

Kingdom

(continued)

Legal

&

General

Group

plc

......

824,873

$

2,886,180

National

Grid

plc

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

1,137,552

16,697,743

Reckitt

Benckiser

Group

plc

.....

142,835

9,730,921

RELX

plc

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

496,791

26,924,920

Spirax

Group

plc

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

69,926

5,718,006

SSE

plc

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

376,421

9,478,334

Standard

Chartered

plc

.........

179,798

2,975,396

Tesco

plc

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

2,355,992

12,989,817

Vodafone

Group

plc

...........

4,581,492

4,904,267

205,539,682

United

States

8.7%

a

Amrize

Ltd.

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

106,288

5,302,009

CSL

Ltd.

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

71,200

11,246,797

GSK

plc

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

144,260

2,750,529

Holcim

AG

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

106,288

7,892,856

a

James

Hardie

Industries

plc

,

CDI

.

226,482

6,081,795

Novartis

AG

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

316,954

38,470,960

Schneider

Electric

SE

..........

111,109

29,831,088

Swiss

Re

AG

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

152,084

26,308,571

127,884,605

Total

Common

Stocks

(Cost

$

1,126,121,334

)

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

1,439,305,159

Money

Market

1.7%

b,c

JPMorgan

Prime

Money

Market

Fund

,

4.470

%

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

25,537,224

25,537,224

(Cost

$25,537,224)

a

Total

Investments

99

.1

%

(Cost

$

1,151,658,558

)

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

$1,464,842,383

Other

Assets,

less

Liabilities

0

.9

%

..

12,653,357

Net

Assets

100.0%

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

$1,477,495,740

a

Non-income

producing

security.

b

Rate

shown

represents

an

annualized

7-day

yield

as

of

June

30,

2025.

c

Institutional

Class

shares.

REIT

Real

Estate

Investment

Trust

Schedule

of

Investments

(Unaudited)

Impax

International

Sustainable

Economy

Fund

(continued)

www.impaxam.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

20

Summary

Of

Investments

by

Sector

Sector

Value

Percent

of

Net

Assets

Communication

Services

........

$

88,112,247

5.9%

Consumer

Discretionary

........

93,135,183

6.3%

Consumer

Staples

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

107,161,162

7.2%

Financials

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

379,294,511

25.7%

Health

Care

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

181,233,386

12.3%

Industrials

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

237,275,484

16.0%

Information

Technology

.........

197,507,635

13.4%

Materials

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

48,553,418

3.3%

Real

Estate

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

15,944,148

1.1%

Utilities

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

91,087,985

6.2%

Money

Market

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

25,537,224

1.7%

Other

assets

and

liabilities

(net)

12,653,357

0.9%

Total

$1,477,495,740

100.0%

Schedule

of

Investments

(Unaudited),

June

30,

2025

Impax

Core

Bond

Fund

www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

21

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Investment

Companies

0.4%

a

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.......

40,000

$

3,226,000

(Cost

$3,168,153)

BONDS:

98.3%

b

Community

Investment

Notes

0.0

%

b

Financials

0.0%

c

,d

CEI

Investments

LLC

,

4.000

%,

10/31/25

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

323,622

323,622

d

Envest

Microfinance

Cooperative

,

c

4.000

%,

10/24/25

.........

150,000

150,000

4.000

%,

4/20/26

..........

250,000

247,232

720,854

Total

Community

Investment

Notes

(Cost

$

723,622

)

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

720,854

Corporate

Bonds

28

.0

%

Communication

Services

3.9%

AT&T,

Inc.

,

5.400

%,

2/15/34

..........

2,750,000

2,829,575

4.350

%,

6/15/45

..........

3,250,000

2,696,358

4.750

%,

5/15/46

..........

775,000

677,257

3.500

%,

9/15/53

..........

1,000,000

677,387

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

,

6.384

%,

10/23/35

1,400,000

1,471,140

e

Cogent

Communications

Group

LLC

,

144A,

7.000

%,

6/15/27

.

500,000

502,741

Comcast

Corp.

,

4.600

%,

10/15/38

.........

2,750,000

2,548,098

5.350

%,

5/15/53

..........

1,200,000

1,112,703

Netflix,

Inc.

,

4.900

%,

8/15/34

...

2,500,000

2,549,348

e

Sirius

XM

Radio

LLC

,

144A,

4.125

%,

7/01/30

...........

2,000,000

1,845,329

Sprint

Capital

Corp.

,

8.750

%,

3/15/32

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

2,500,000

3,034,133

T-Mobile

USA,

Inc.

,

5.300

%,

5/15/35

..........

1,000,000

1,012,915

4.375

%,

4/15/40

..........

3,500,000

3,103,195

Verizon

Communications,

Inc.

,

2.550

%,

3/21/31

..........

2,000,000

1,794,399

5.250

%,

4/02/35

..........

1,000,000

1,008,710

4.812

%,

3/15/39

..........

3,500,000

3,286,328

2.650

%,

11/20/40

.........

600,000

423,562

3.400

%,

3/22/41

..........

600,000

463,064

3.550

%,

3/22/51

..........

500,000

357,782

Walt

Disney

Co.

(The)

,

4.750

%,

9/15/44

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

1,500,000

1,362,850

32,756,874

Consumer

Discretionary

0.9%

Amazon.com,

Inc.

,

2.875

%,

5/12/41

..........

800,000

597,423

2.500

%,

6/03/50

..........

1,000,000

601,584

a

a

Shares/

Principal

a

Value

a

a

a

a

Consumer

Discretionary

(continued)

American

University

(The)

,

2019

,

3.672

%,

4/01/49

...........

1,000,000

$

750,509

Aptiv

Swiss

Holdings

Ltd.

,

5.150

%,

9/13/34

...........

1,300,000

1,255,541

Lowe's

Cos.,

Inc.

,

5.000

%,

4/15/33

..........

2,250,000

2,275,657

2.800

%,

9/15/41

..........

750,000

524,361

5.750

%,

7/01/53

..........

750,000

733,988

Massachusetts

Institute

of

Technology

,

3.067

%,

4/01/52

.

700,000

465,786

Toyota

Motor

Corp.

,

5.275

%,

7/13/26

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

500,000

504,741

7,709,590

Consumer

Staples

0.8%

Church

&

Dwight

Co.,

Inc.

,

3.950

%,

8/01/47

...........

1,500,000

1,174,626

Haleon

US

Capital

LLC

,

3.625

%,

3/24/32

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

2,250,000

2,105,952

Kraft

Heinz

Foods

Co.

,

5.000

%,

6/04/42

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

2,000,000

1,805,417

Kroger

Co.

(The)

,

5.500

%,

9/15/54

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

2,000,000

1,899,841

6,985,836

Financials

9.5%

e

200

Park

Funding

Trust

,

144A,

5.740

%,

2/15/55

...........

1,000,000

987,470

ACE

Capital

Trust

II

,

9.700

%,

4/01/30

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

500,000

596,424

Aflac,

Inc.

,

3.600

%,

4/01/30

....

1,000,000

971,774

Allstate

Corp.

(The)

,

5.050

%,

6/24/29

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

2,000,000

2,053,763

Aon

North

America,

Inc.

,

5.450

%,

3/01/34

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

2,000,000

2,055,448

Assured

Guaranty

US

Holdings,

Inc.

,

6.125

%,

9/15/28

..........

750,000

788,780

3.150

%,

6/15/31

..........

1,000,000

924,863

Bank

of

America

Corp.

,

2.572%

to

10/19/31,

FRN

thereafter

,

10/20/32

........

3,750,000

3,306,082

5.872%

to

9/14/33,

FRN

thereafter

,

9/15/34

.........

2,500,000

2,639,087

5.468%

to

1/22/34,

FRN

thereafter

,

1/23/35

.........

2,000,000

2,055,453

Bank

of

Montreal

,

4.64%

to

9/09/29,

FRN

thereafter

,

9/10/30

2,000,000

2,017,095

BlueHub

Loan

Fund,

Inc.

,

2020

,

2.890

%,

1/01/27

...........

1,000,000

970,349

Chubb

INA

Holdings

LLC

,

5.000

%,

3/15/34

..........

1,500,000

1,528,987

4.350

%,

11/03/45

.........

250,000

216,554

Citigroup,

Inc.

,

2.572%

to

6/02/30,

FRN

thereafter

,

6/03/31

.....

2,000,000

1,814,333

Schedule

of

Investments

(Unaudited)

Impax

Core

Bond

Fund

(continued)

www.impaxam.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

22

a

a

Shares/

Principal

a

Value

a

a

a

a

Financials

(continued)

Citizens

Financial

Group,

Inc.

,

5.841%

to

1/22/29,

FRN

thereafter

,

1/23/30

.........

2,000,000

$

2,071,921

5.253%

to

3/04/30,

FRN

thereafter

,

3/05/31

.........

2,500,000

2,534,056

Corebridge

Financial,

Inc.

,

5.750

%,

1/15/34

...........

1,500,000

1,559,384

e

Corebridge

Global

Funding

,

Secured

Note

,

144A,

4.900

%,

1/07/28

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

1,000,000

1,015,539

Fiserv,

Inc.

,

5.375

%,

8/21/28

...

4,600,000

4,731,373

Goldman

Sachs

Group,

Inc.

(The)

,

4.692%

to

10/22/29,

FRN

thereafter

,

10/23/30

........

2,000,000

2,006,449

HA

Sustainable

Infrastructure

Capital,

Inc.

,

6.150

%,

1/15/31

1,500,000

1,519,250

e

HAT

Holdings

I

LLC

/

HAT

Holdings

II

LLC

,

144A,

8.000

%,

6/15/27

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

405,000

422,447

e

High

Street

Funding

Trust

III

,

144A,

5.807

%,

2/15/55

......

1,000,000

971,281

John

Deere

Capital

Corp.

,

2.000

%,

6/17/31

..........

250,000

219,217

I

,

4.550

%,

6/05/30

.........

250,000

252,390

JPMorgan

Chase

&

Co.

,

2.947%

to

2/23/27,

FRN

thereafter

,

2/24/28

.........

1,000,000

977,475

5.581%

to

4/21/29,

FRN

thereafter

,

4/22/30

.........

1,000,000

1,038,549

4.603%

to

10/21/29,

FRN

thereafter

,

10/22/30

........

500,000

501,805

5.336%

to

1/22/34,

FRN

thereafter

,

1/23/35

.........

1,000,000

1,024,025

5.766%

to

4/21/34,

FRN

thereafter

,

4/22/35

.........

2,500,000

2,627,506

5.294%

to

7/21/34,

FRN

thereafter

,

7/22/35

.........

3,000,000

3,054,100

M&T

Bank

Corp.

,

5.179%

to

7/07/30,

FRN

thereafter

,

7/08/31

2,000,000

2,033,670

MetLife,

Inc.

,

4.875

%,

11/13/43

.........

1,000,000

918,245

5.250

%,

1/15/54

..........

1,000,000

942,694

Morgan

Stanley

,

5.652%

to

4/12/27,

FRN

thereafter

,

4/13/28

.........

2,000,000

2,045,191

4.654%

to

10/17/29,

FRN

thereafter

,

10/18/30

........

3,000,000

3,006,302

5.664%

to

4/16/35,

FRN

thereafter

,

4/17/36

.........

500,000

518,318

Morgan

Stanley

Bank

NA

,

4.968%

to

7/13/27,

FRN

thereafter

,

7/14/28

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

1,000,000

1,012,177

Nasdaq,

Inc.

,

5.350

%,

6/28/28

..........

441,000

454,185

5.550

%,

2/15/34

..........

871,000

907,844

NatWest

Group

plc

,

4.964%

to

8/14/29,

FRN

thereafter

,

8/15/30

1,000,000

1,011,798

a

a

Shares/

Principal

a

Value

a

a

a

a

Financials

(continued)

OneMain

Finance

Corp.

,

3.500

%,

1/15/27

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

1,000,000

$

979,654

PNC

Financial

Services

Group,

Inc.

(The)

,

4.812%

to

10/20/31,

FRN

thereafter

,

10/21/32

....

2,600,000

2,606,793

Principal

Financial

Group,

Inc.

,

5.375

%,

3/15/33

...........

1,000,000

1,029,114

Progressive

Corp.

(The)

,

3.200

%,

3/26/30

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

1,500,000

1,432,155

Prudential

Financial,

Inc.

,

5.800

%,

11/16/41

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

1,000,000

998,247

e

Ryan

Specialty

LLC

,

144A,

5.875

%,

8/01/32

...........

1,000,000

1,008,506

Travelers

Cos.,

Inc.

(The)

,

5.450

%,

5/25/53

...........

1,000,000

979,240

Unum

Group

,

6.000

%,

6/15/54

.

1,000,000

987,677

Wells

Fargo

&

Co.

,

3.35%

to

3/01/32,

FRN

thereafter

,

3/02/33

.........

2,250,000

2,055,438

5.499%

to

1/22/34,

FRN

thereafter

,

1/23/35

.........

4,000,000

4,103,674

e

WLB

Asset

VI

Pte.

Ltd.

,

144A,

7.250

%,

12/21/27

..........

1,000,000

1,043,458

79,527,609

Health

Care

2.6%

AbbVie,

Inc.

,

5.050

%,

3/15/34

..........

1,000,000

1,018,542

4.250

%,

11/21/49

.........

1,500,000

1,236,584

5.400

%,

3/15/54

..........

500,000

486,529

Agilent

Technologies,

Inc.

,

4.750

%,

9/09/34

...........

2,000,000

1,969,159

Amgen,

Inc.

,

4.200

%,

3/01/33

..........

500,000

480,137

6.400

%,

2/01/39

..........

2,000,000

2,183,714

e

Avantor

Funding,

Inc.

,

144A,

4.625

%,

7/15/28

...........

1,000,000

982,679

CVS

Health

Corp.

,

4.780

%,

3/25/38

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

2,000,000

1,836,682

Elevance

Health,

Inc.

,

1.500

%,

3/15/26

..........

500,000

489,575

2.250

%,

5/15/30

..........

1,000,000

903,007

5.650

%,

6/15/54

..........

1,000,000

961,995

HCA,

Inc.

,

5.500

%,

3/01/32

..........

1,500,000

1,548,844

7.500

%,

11/06/33

.........

1,000,000

1,143,154

Kaiser

Foundation

Hospitals

,

2021

,

2.810

%,

6/01/41

......

1,000,000

714,398

Laboratory

Corp.

of

America

Holdings

,

4.350

%,

4/01/30

...

1,500,000

1,490,367

Novant

Health,

Inc.

,

2.637

%,

11/01/36

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

1,500,000

1,176,469

Seattle

Children's

Hospital

,

2021

,

1.208

%,

10/01/27

..........

1,000,000

936,890

Zoetis,

Inc.

,

3.900

%,

8/20/28

..........

1,000,000

993,552

Schedule

of

Investments

(Unaudited)

Impax

Core

Bond

Fund

(continued)

www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

23

a

a

Shares/

Principal

a

Value

a

a

a

a

Health

Care

(continued)

Zoetis,

Inc.,

(continued)

5.600

%,

11/16/32

.........

1,000,000

$

1,056,464

21,608,741

Industrials

2.5%

AGCO

Corp.

,

5.450

%,

3/21/27

.

2,000,000

2,025,451

American

Museum

of

Natural

History

(The)

,

2021

,

3.121

%,

7/15/52

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

750,000

498,491

Burlington

Northern

Santa

Fe

LLC

,

5.500

%,

3/15/55

......

1,000,000

991,364

California

Endowment

(The)

,

2021

,

2.498

%,

4/01/51

......

1,000,000

581,539

Capital

Impact

Partners

,

4.800

%,

3/15/26

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

500,000

497,174

Carrier

Global

Corp.

,

3.377

%,

4/05/40

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

1,000,000

794,244

e

Clean

Harbors,

Inc.

,

144A,

6.375

%,

2/01/31

...........

1,000,000

1,025,258

CNH

Industrial

Capital

LLC

,

4.750

%,

3/21/28

...........

800,000

806,157

a

Concentrix

Corp.

,

6.600

%,

8/02/28

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

2,000,000

2,099,027

Cummins,

Inc.

,

7.125

%,

3/01/28

1,000,000

1,070,158

e

Esab

Corp.

,

144A,

6.250

%,

4/15/29

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

1,000,000

1,025,111

Local

Initiatives

Support

Corp.

,

1.000

%,

11/15/25

..........

1,000,000

981,535

Nature

Conservancy

(The)

,

A

,

1.861

%,

7/01/33

........

266,000

208,451

A

,

3.957

%,

3/01/52

........

750,000

583,573

Norfolk

Southern

Corp.

,

2.300

%,

5/15/31

..........

1,000,000

889,496

5.100

%,

5/01/35

..........

250,000

251,361

5.350

%,

8/01/54

..........

750,000

716,987

nVent

Finance

SARL

,

2.750

%,

11/15/31

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

1,000,000

870,399

Pentair

Finance

SARL

,

5.900

%,

7/15/32

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

1,705,000

1,782,493

Republic

Services,

Inc.

,

3.050

%,

3/01/50

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

1,500,000

1,008,196

Rockwell

Automation,

Inc.

,

1.750

%,

8/15/31

...........

2,000,000

1,719,712

e

WK

Kellogg

Foundation

Trust

,

144A,

2.443

%,

10/01/50

.....

1,000,000

590,248

21,016,425

Information

Technology

2.1%

Broadcom,

Inc.

,

5.200

%,

4/15/32

3,700,000

3,806,460

Cisco

Systems,

Inc.

,

5.900

%,

2/15/39

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

3,500,000

3,766,073

Hewlett

Packard

Enterprise

Co.

,

4.550

%,

10/15/29

..........

1,500,000

1,492,845

Kyndryl

Holdings,

Inc.

,

6.350

%,

2/20/34

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

1,500,000

1,603,257

Microsoft

Corp.

,

2.525

%,

6/01/50

2,000,000

1,237,087

a

a

Shares/

Principal

a

Value

a

a

a

a

Information

Technology

(continued)

NXP

BV

/

NXP

Funding

LLC

,

5.550

%,

12/01/28

..........

2,000,000

$

2,066,122

e

Seagate

Data

Storage

Technology

Pte.

Ltd.

,

144A,

5.875

%,

7/15/30

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

2,000,000

2,034,858

Vontier

Corp.

,

2.950

%,

4/01/31

.

1,500,000

1,341,722

17,348,424

Materials

0.2%

Steel

Dynamics,

Inc.

,

5.250

%,

5/15/35

..........

1,500,000

1,502,246

5.750

%,

5/15/55

..........

500,000

485,127

1,987,373

Real

Estate

1.4%

American

Tower

Corp.

,

5.900

%,

11/15/33

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

3,250,000

3,431,542

Brixmor

Operating

Partnership

LP

,

5.200

%,

4/01/32

...........

1,500,000

1,512,744

Century

Housing

Corp.

,

4.500

%,

2/15/26

..........

1,000,000

1,000,207

4.650

%,

3/15/26

..........

500,000

500,266

Equinix

Europe

2

Financing

Corp.

LLC

,

5.500

%,

6/15/34

......

1,000,000

1,024,637

Kimco

Realty

OP

LLC

,

4.600

%,

2/01/33

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

2,750,000

2,712,210

Welltower

OP

LLC

,

6.500

%,

3/15/41

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

1,549,000

1,709,683

11,891,289

Utilities

4.1%

AES

Corp.

(The)

,

5.450

%,

6/01/28

..........

1,000,000

1,022,151

5.800

%,

3/15/32

..........

500,000

507,914

American

Water

Capital

Corp.

,

5.250

%,

3/01/35

...........

2,500,000

2,534,557

Consolidated

Edison

Co.

of

New

York,

Inc.

,

5.125

%,

3/15/35

..

2,000,000

2,027,107

DTE

Electric

Co.

,

5.250

%,

5/15/35

..........

500,000

509,356

3.950

%,

3/01/49

..........

500,000

394,220

A

,

1.900

%,

4/01/28

........

1,500,000

1,415,913

Florida

Power

&

Light

Co.

,

5.600

%,

6/15/54

...........

1,000,000

996,716

Georgia

Power

Co.

,

A

,

3.250

%,

3/15/51

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

1,000,000

686,717

MidAmerican

Energy

Co.

,

3.650

%,

4/15/29

..........

1,000,000

981,416

2.700

%,

8/01/52

..........

2,000,000

1,239,915

e

Niagara

Mohawk

Power

Corp.

,

144A,

4.647

%,

10/03/30

....

500,000

500,000

144A,

5.783

%,

9/16/52

.....

2,000,000

1,958,757

NiSource,

Inc.

,

5.350

%,

7/15/35

2,000,000

2,017,168

Northern

States

Power

Co.

,

5.400

%,

3/15/54

...........

2,000,000

1,932,310

Schedule

of

Investments

(Unaudited)

Impax

Core

Bond

Fund

(continued)

www.impaxam.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

24

a

a

Shares/

Principal

a

Value

a

a

a

a

Utilities

(continued)

NSTAR

Electric

Co.

,

4.850

%,

3/01/30

..........

1,000,000

$

1,017,424

5.200

%,

3/01/35

..........

2,000,000

2,015,160

PG&E

Energy

Recovery

Funding

LLC

,

A-3

,

2.822

%,

7/15/46

...

750,000

526,668

PG&E

Recovery

Funding

LLC

,

A-2

,

5.256

%,

1/15/38

......

1,000,000

1,007,803

A-3

,

5.536

%,

7/15/47

......

2,625,000

2,558,786

SCE

Recovery

Funding

LLC

,

A-1

,

4.697

%,

6/15/40

......

2,027,719

1,974,183

A-2

,

2.943

%,

11/15/42

......

1,450,000

1,173,509

A-2

,

5.112

%,

12/15/47

......

880,000

822,934

Southern

Power

Co.

,

4.150

%,

12/01/25

.........

1,000,000

999,361

0.900

%,

1/15/26

..........

500,000

489,584

Southwestern

Public

Service

Co.

,

6.000

%,

6/01/54

...........

1,000,000

1,009,724

Union

Electric

Co.

,

5.250

%,

4/15/35

..........

1,000,000

1,021,710

5.125

%,

3/15/55

..........

1,500,000

1,388,921

34,729,984

Total

Corporate

Bonds

(Cost

$

239,186,392

)

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

235,562,145

Foreign

Government

and

Agency

Securities

2.1%

e

BNG

Bank

NV

,

144A,

0.500

%,

11/24/25

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

250,000

246,154

e

Caisse

d'Amortissement

de

la

Dette

Sociale

,

144A,

1.375

%,

1/20/31

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

3,000,000

2,599,763

e

Kommunalbanken

A/S

,

144A,

4.625

%,

10/24/25

.....

500,000

500,191

144A,

1.125

%,

10/26/26

.....

1,500,000

1,445,694

144A,

1.125

%,

6/14/30

......

1,000,000

874,542

144A,

4.125

%,

8/29/30

......

1,000,000

1,011,397

f

144A,

FRN

,

4.742

%,

(

SOFR

Index

+

0.410

%

),

4/09/29

....

1,000,000

1,000,345

e

Kommuninvest

I

Sverige

AB

,

144A,

4.000

%,

11/29/28

.....

1,000,000

1,006,934

Kreditanstalt

fuer

Wiederaufbau

,

0.375

%,

7/18/25

...........

1,000,000

998,109

0.625

%,

1/22/26

...........

3,000,000

2,941,997

4.625

%,

3/18/30

...........

3,000,000

3,108,945

3.750

%,

7/15/30

...........

600,000

598,556

e

Ontario

Teachers'

Finance

Trust

,

144A,

1.250

%,

9/27/30

......

1,000,000

869,540

Total

Foreign

Government

and

Agency

Securities

(Cost

$

17,613,438

)

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

17,202,167

U.S.

Government

and

Agency

Securities

24.1%

FFCB

Funding

Corp.

,

1.000

%,

10/07/26

..........

3,000,000

2,889,832

4.410

%,

1/28/27

...........

2,000,000

1,998,127

1.850

%,

3/28/30

...........

1,095,000

993,827

a

a

Shares/

Principal

a

Value

a

a

a

a

U.S.

Government

and

Agency

Securities

(continued)

FFCB

Funding

Corp.,

(continued)

2.020

%,

4/01/31

...........

780,000

$

692,430

1.880

%,

6/16/31

...........

1,220,000

1,072,200

2.500

%,

4/14/36

...........

3,000,000

2,459,892

FHLB

,

0.520

%,

2/12/26

...........

500,000

488,909

2.000

%,

3/25/30

...........

1,666,667

1,521,346

U.S.

Treasury

Bonds

,

4.750

%,

2/15/45

...........

30,000,000

29,850,000

Index

Linked,

1.000

%,

2/15/48

1,000,000

957,674

1.875

%,

11/15/51

..........

17,000,000

9,464,219

4.750

%,

5/15/55

...........

22,000,000

21,879,687

U.S.

Treasury

Notes

,

3.750

%,

4/30/27

...........

6,000,000

6,000,000

3.875

%,

3/15/28

...........

64,000,000

64,317,500

4.000

%,

3/31/30

...........

41,000,000

41,390,781

4.125

%,

3/31/32

...........

8,000,000

8,072,813

4.250

%,

5/15/35

...........

5,000,000

5,008,203

United

States

International

Development

Finance

Corp.

,

3.520

%,

9/20/32

...........

1,035,714

1,009,532

f

FRN,

4.550

%,

(

3-month

U.S.

Treasury

Bill

Rate

),

9/15/26

..

416,667

416,667

1.650

%,

4/15/28

...........

500,000

474,920

1.440

%,

4/15/28

...........

1,000,000

945,221

3.130

%,

4/15/28

...........

1,000,000

978,722

Total

U.S.

Government

and

Agency

Securities

(Cost

$

202,958,861

)

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

202,882,502

Asset-Backed

Securities

5.0%

Financials

5.0%

e

,f

AGL

CLO

23

Ltd.

,

2022-23A

,

A1R

,

144A,

FRN

,

5.419

%,

(

3-month

SOFR

+

1.150

%

),

4/20/38

.

...

2,000,000

2,001,016

e

College

Ave

Student

Loans

LLC

,

2024-B

,

A1A

,

144A,

5.690

%,

8/25/54

.

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

1,586,994

1,630,888

e

Dell

Equipment

Finance

Trust

,

2025-1

,

D

,

144A,

5.640

%,

8/22/31

.

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

1,250,000

1,265,898

e

,f

Elmwood

CLO

IX

Ltd.

,

2021-

2A

,

AR

,

144A,

FRN

,

5.462

%,

(

3-month

SOFR

+

1.140

%

),

4/20/38

.

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

2,000,000

1,999,850

e

FHF

Issuer

Trust

,

2024-1A

,

A2

,

144A,

5.690

%,

2/15/30

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

530,171

535,752

2024-3A

,

A2

,

144A,

4.940

%,

11/15/30

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

884,383

887,301

2025-1A

,

A2

,

144A,

4.920

%,

2/15/31

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

1,750,000

1,756,262

e

Foundation

Finance

Trust

,

2023-1A

,

A

,

144A,

5.670

%,

12/15/43

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

1,419,425

1,452,459

Schedule

of

Investments

(Unaudited)

Impax

Core

Bond

Fund

(continued)

www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

25

a

a

Shares/

Principal

a

Value

a

a

a

a

Asset-Backed

Securities

(continued)

Financials

(continued)

e

Foundation

Finance

Trust,

(continued)

2023-2A

,

A

,

144A,

6.530

%,

6/15/49

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

487,363

$

508,405

2023-2A

,

C

,

144A,

7.310

%,

6/15/49

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

1,295,499

1,356,599

2025-2A

,

A

,

144A,

4.670

%,

4/15/52

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

1,500,000

1,499,694

e

Frontier

Issuer

LLC

,

2023-1

,

A2

,

144A,

6.600

%,

8/20/53

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

1,000,000

1,016,387

2023-1

,

B

,

144A,

8.300

%,

8/20/53

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

1,750,000

1,807,308

2024-1

,

A2

,

144A,

6.190

%,

6/20/54

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

1,750,000

1,804,699

e

Mill

City

Solar

Loan

Ltd.

,

2019-

2GS

,

A

,

144A,

3.690

%,

7/20/43

.

390,347

344,092

e

Mosaic

Solar

Loan

Trust

,

2017-1A

,

A

,

144A,

4.450

%,

6/20/42

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

257,684

248,093

2017-2A

,

A

,

144A,

3.820

%,

6/22/43

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

339,332

318,469

2018-1A

,

A

,

144A,

4.010

%,

6/22/43

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

907,972

850,791

2019-1A

,

A

,

144A,

4.370

%,

12/21/43

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

403,118

379,161

2019-2A

,

A

,

144A,

2.880

%,

9/20/40

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

299,814

264,521

2020-1A

,

A

,

144A,

2.100

%,

4/20/46

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

303,024

269,599

2020-2A

,

A

,

144A,

1.440

%,

8/20/46

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

631,016

536,367

2020-2A

,

C

,

144A,

3.000

%,

8/20/46

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

409,081

381,336

2021-1A

,

A

,

144A,

1.510

%,

12/20/46

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

603,198

500,813

2021-2A

,

B

,

144A,

2.090

%,

4/22/47

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

576,503

424,158

2022-3A

,

A

,

144A,

6.100

%,

6/20/53

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

1,840,098

1,848,353

e

,f

OCP

CLO

Ltd.

,

2021-21A

,

AR

,

144A,

FRN

,

5.449

%,

(

3-month

SOFR

+

1.180

%

),

1/20/38

.

...

1,000,000

1,000,495

e

PACEWell

5

Trust

,

2021-1

,

A

,

144A,

2.628

%,

10/10/59

.

....

816,556

648,160

SBA

Small

Business

Investment

Cos.

,

2023-10A

,

1

,

5.168

%,

3/10/33

904,646

920,107

2023-10B

,

1

,

5.688

%,

9/10/33

1,008,475

1,050,820

2025-10A

,

1

,

4.963

%,

3/10/35

1,500,000

1,519,102

e

Service

Experts

Issuer

LLC

,

2024-

1A

,

A

,

144A,

6.390

%,

11/20/35

.

1,178,833

1,201,302

e

SoFi

Professional

Loan

Program

LLC

,

2017-D

,

BFX

,

144A,

3.610

%,

9/25/40

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

1,900,000

1,839,985

2017-F

,

BFX

,

144A,

3.620

%,

1/25/41

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

1,800,000

1,738,313

a

a

Shares/

Principal

a

Value

a

a

a

a

Asset-Backed

Securities

(continued)

Financials

(continued)

e

SoFi

Professional

Loan

Program

LLC,

(continued)

2018-B

,

BFX

,

144A,

3.830

%,

8/25/47

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

500,000

$

481,544

e

Sunrun

Athena

Issuer

LLC

,

2018-

1

,

A

,

144A,

5.310

%,

4/30/49

.

.

796,399

758,260

e

Sunrun

Atlas

Issuer

LLC

,

2019-2

,

A

,

144A,

3.610

%,

2/01/55

.

...

826,464

783,475

e

Tesla

Auto

Lease

Trust

,

2023-B

,

B

,

144A,

6.570

%,

8/20/27

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

1,400,000

1,412,435

2024-A

,

B

,

144A,

5.550

%,

5/22/28

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

750,000

755,387

e

Tricon

American

Homes

Trust

,

2020-SFR2

,

A

,

144A,

1.482

%,

11/17/39

.

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

1,187,127

1,113,337

e

Vivint

Solar

Financing

V

LLC

,

2018-1A

,

A

,

144A,

4.730

%,

4/30/48

.

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

823,357

782,272

41,893,265

a

a

a

a

a

Total

Asset-Backed

Securities

(Cost

$

42,534,733

)

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

41,893,265

Mortgage-Backed

Securities

31.6%

Commercial

Mortgage-Backed

Securities

3.7%

FHLMC,

Multi-class

Certificates

,

2021-P009

,

A1

,

1.132

%,

1/25/31

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

1,127,759

1,046,098

2021-P011

,

A1

,

1.204

%,

9/25/31

366,401

337,556

f

2024-P016

,

A2

,

FRN,

4.764

%,

9/25/33

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

2,000,000

2,013,804

FHLMC,

Multi-family

Structured

Pass-Through

Certificates

,

KG01

,

A10

,

2.939

%,

4/25/29

.

3,000,000

2,873,576

KG02

,

A2

,

2.412

%,

8/25/29

..

2,000,000

1,875,065

KG04

,

A2

,

1.487

%,

11/25/30

.

2,000,000

1,742,823

f

KG07

,

A2

,

FRN,

3.123

%,

8/25/32

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

1,750,000

1,616,839

f

KSG4

,

A2

,

FRN,

3.400

%,

8/25/32

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

2,000,000

1,877,304

FNMA,

ACES

,

f

2018-M13

,

A2

,

FRN,

3.868

%,

9/25/30

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

1,262,249

1,236,745

f

2018-M2

,

A2

,

FRN,

3.001

%,

1/25/28

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

1,653,724

1,609,652

f

2018-M4

,

A2

,

FRN,

3.159

%,

3/25/28

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

991,868

966,354

f

2018-M8

,

A2

,

FRN,

3.413

%,

6/25/28

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

1,795,551

1,759,802

f

2019-M1

,

A2

,

FRN,

3.662

%,

9/25/28

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

1,681,078

1,655,401

2019-M9

,

A2

,

2.937

%,

6/25/29

1,300,805

1,253,241

f

2021-M1S

,

A2

,

FRN,

1.428

%,

12/25/30

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

2,700,000

2,341,792

Schedule

of

Investments

(Unaudited)

Impax

Core

Bond

Fund

(continued)

www.impaxam.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

26

a

a

Shares/

Principal

a

Value

a

a

a

a

Mortgage-Backed

Securities

(continued)

Commercial

Mortgage-Backed

Securities

(continued)

FNMA,

ACES,

(continued)

f

2023-M1S

,

A2

,

FRN,

4.649

%,

4/25/33

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

2,500,000

$

2,504,182

GNMA

,

f

2013-101

,

AF

,

FRN,

2.831

%,

9/16/50

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

389,358

380,925

f

2014-164

,

AN

,

FRN,

3.112

%,

3/16/55

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

466,813

419,190

2019-H02

,

JA

,

3.500

%,

12/20/68

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

2,337,471

2,233,964

e

SLG

Office

Trust

,

2021-OVA

,

A

,

144A

,

2.585

%,

7/15/41

......

1,500,000

1,317,576

31,061,889

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Fixed

Rate

7.6%

FHLMC

Gold

Pool,

20

Year

,

3.000

%,

3/01/35

...........

2,048,084

1,951,385

FHLMC

Pool,

20

Year

,

4.500

%,

11/01/44

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

2,871,473

2,802,570

FHLMC

Pool,

30

Year

,

4.500

%,

3/01/49

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

2,330,538

2,261,795

FHLMC

Pool,

30

Year

,

3.000

%,

12/01/49

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

1,435,980

1,259,037

FHLMC

Pool,

30

Year

,

2.500

%,

7/01/50

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

3,284,500

2,755,267

FHLMC

Pool,

30

Year

,

2.000

%,

2/01/51

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

2,135,933

1,719,670

FHLMC

Pool,

30

Year

,

2.500

%,

4/01/51

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

2,365,199

1,963,875

FHLMC

Pool,

30

Year

,

4.000

%,

8/01/51

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

2,500,700

2,339,752

FHLMC

Pool,

30

Year

,

3.000

%,

4/01/52

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

4,031,611

3,500,688

FHLMC

Pool,

30

Year

,

4.000

%,

8/01/52

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

2,166,192

2,028,278

FHLMC

Pool,

30

Year

,

4.500

%,

8/01/52

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

1,608,932

1,551,952

FHLMC

Pool,

30

Year

,

5.500

%,

9/01/52

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

3,155,345

3,159,711

FHLMC

Pool,

30

Year

,

5.500

%,

11/01/52

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

3,177,784

3,206,086

FHLMC

Pool,

30

Year

,

5.500

%,

3/01/53

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

5,003,088

5,027,500

FHLMC

Pool,

30

Year

,

3.000

%,

6/01/53

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

2,654,517

2,329,237

FHLMC

Pool,

30

Year

,

6.000

%,

6/01/53

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

2,466,092

2,518,535

FHLMC

Pool,

30

Year

,

6.500

%,

6/01/53

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

1,594,667

1,666,177

FHLMC

Pool,

30

Year

,

5.000

%,

8/01/53

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

2,666,547

2,622,685

FHLMC

Pool,

30

Year

,

5.500

%,

9/01/53

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

3,537,744

3,563,309

FHLMC

Pool,

30

Year

,

5.500

%,

1/01/54

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

5,503,022

5,516,280

a

a

Shares/

Principal

a

Value

a

a

a

a

Mortgage-Backed

Securities

(continued)

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Fixed

Rate

(continued)

FHLMC

Pool,

30

Year

,

5.000

%,

3/01/54

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

2,715,631

$

2,666,299

FHLMC

Pool,

30

Year

,

6.000

%,

7/01/54

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

998,206

1,017,011

FHLMC

Pool,

30

Year

,

5.000

%,

10/01/54

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

2,924,105

2,875,692

FHLMC

Pool,

30

Year

,

6.000

%,

1/01/55

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

3,924,628

3,992,266

64,295,057

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

14.3%

FNMA,

15

Year

,

2.000

%,

3/01/36

1,706,846

1,570,225

FNMA,

20

Year

,

2.000

%,

11/01/40

1,395,644

1,205,598

FNMA,

20

Year

,

2.000

%,

12/01/40

2,024,775

1,749,048

FNMA,

20

Year

,

2.500

%,

12/01/40

1,933,272

1,756,675

FNMA,

20

Year

,

3.000

%,

1/01/42

2,067,957

1,869,533

FNMA,

30

Year

,

3.500

%,

7/01/43

2,818,671

2,646,660

FNMA,

30

Year

,

3.000

%,

11/01/46

2,246,789

2,003,216

FNMA,

30

Year

,

2.500

%,

2/01/47

2,423,198

2,048,856

FNMA,

30

Year

,

3.500

%,

9/01/49

3,664,339

3,340,386

FNMA,

30

Year

,

4.000

%,

9/01/49

2,052,751

1,937,010

FNMA,

30

Year

,

3.500

%,

1/01/50

2,073,987

1,902,718

FNMA,

30

Year

,

2.500

%,

8/01/50

1,372,026

1,155,414

FNMA,

30

Year

,

2.500

%,

9/01/50

7,285,459

6,111,230

FNMA,

30

Year

,

2.000

%,

10/01/50

2,797,824

2,221,304

FNMA,

30

Year

,

1.500

%,

11/01/50

1,997,551

1,514,795

FNMA,

30

Year

,

2.500

%,

11/01/50

1,484,956

1,247,975

FNMA,

30

Year

,

2.000

%,

12/01/50

1,393,114

1,118,372

FNMA,

30

Year

,

2.500

%,

12/01/50

1,796,341

1,516,479

FNMA,

30

Year

,

1.500

%,

1/01/51

3,743,885

2,821,349

FNMA,

30

Year

,

2.500

%,

1/01/51

1,395,418

1,167,195

FNMA,

30

Year

,

2.500

%,

5/01/51

1,399,584

1,169,143

FNMA,

30

Year

,

2.500

%,

7/01/51

6,699,247

5,600,259

FNMA,

30

Year

,

2.000

%,

9/01/51

2,441,234

1,939,148

FNMA,

30

Year

,

2.000

%,

10/01/51

2,207,958

1,773,625

FNMA,

30

Year

,

2.500

%,

11/01/51

2,457,819

2,049,882

FNMA,

30

Year

,

2.500

%,

2/01/52

3,026,163

2,522,082

FNMA,

30

Year

,

3.000

%,

4/01/52

5,918,465

5,171,866

FNMA,

30

Year

,

3.500

%,

4/01/52

5,699,756

5,141,800

FNMA,

30

Year

,

3.000

%,

6/01/52

2,621,826

2,276,563

FNMA,

30

Year

,

3.500

%,

6/01/52

3,208,150

2,906,168

FNMA,

30

Year

,

3.500

%,

7/01/52

3,147,298

2,870,621

FNMA,

30

Year

,

4.000

%,

7/01/52

6,249,837

5,842,601

FNMA,

30

Year

,

4.500

%,

7/01/52

2,563,193

2,457,431

FNMA,

30

Year

,

4.500

%,

8/01/52

2,621,730

2,530,829

FNMA,

30

Year

,

5.000

%,

9/01/52

2,238,874

2,206,205

FNMA,

30

Year

,

4.500

%,

10/01/52

2,307,513

2,220,647

FNMA,

30

Year

,

6.000

%,

2/01/53

2,247,615

2,305,077

FNMA,

30

Year

,

3.500

%,

4/01/53

2,699,354

2,439,700

FNMA,

30

Year

,

5.500

%,

5/01/53

5,886,880

5,922,490

FNMA,

30

Year

,

4.000

%,

7/01/53

2,885,384

2,692,313

FNMA,

30

Year

,

5.500

%,

8/01/53

2,573,097

2,589,942

FNMA,

30

Year

,

6.500

%,

12/01/53

2,066,748

2,142,099

FNMA,

30

Year

,

4.000

%,

2/01/54

3,810,550

3,553,773

FNMA,

30

Year

,

6.000

%,

2/01/54

2,608,107

2,671,226

Schedule

of

Investments

(Unaudited)

Impax

Core

Bond

Fund

(continued)

www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

27

a

a

Shares/

Principal

a

Value

a

a

a

a

Mortgage-Backed

Securities

(continued)

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

(continued)

FNMA,

30

Year

,

6.000

%,

10/01/54

2,745,450

$

2,814,096

FNMA,

30

Year

,

5.000

%,

11/01/54

3,876,046

3,822,879

120,536,503

Government

National

Mortgage

Association

(GNMA)

Adjust-

able

Rate

0.3%

f

GNMA

II

,

3.645

%,

2/20/74

.....

2,550,653

2,389,554

Government

National

Mortgage

Association

(GNMA)

Fixed

Rate

2.5%

GNMA

I

,

3.020

%,

9/15/41

.....

1,478,982

1,286,556

GNMA

II,

Single-family,

30

Year

,

2.000

%,

7/20/52

...........

2,858,373

2,330,568

GNMA

II,

Single-family,

30

Year

,

2.500

%,

7/20/52

...........

1,517,760

1,291,142

GNMA

II,

Single-family,

30

Year

,

2.500

%,

8/20/52

...........

4,606,024

3,932,269

GNMA

II,

Single-family,

30

Year

,

2.500

%,

2/20/53

...........

3,954,702

3,392,186

GNMA

II,

Single-family,

30

Year

,

2.500

%,

4/20/53

...........

3,247,452

2,765,287

GNMA

II,

Single-family,

30

Year

,

3.000

%,

6/20/53

...........

4,333,829

3,837,602

GNMA

II,

Single-family,

30

Year

,

3.000

%,

7/20/53

...........

2,461,553

2,184,661

21,020,271

Residential

Mortgage-Backed

Securities

3.2%

e

Angel

Oak

Mortgage

Trust

,

f

2022-2

,

A1

,

144A

,

FRN,

3.353

%,

1/25/67

...........

1,403,519

1,324,538

2022-5

,

A1

,

144A

,

4.500

%,

5/25/67

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

1,462,155

1,445,611

e

,f

Connecticut

Avenue

Securities

Trust

,

2021-R01

,

1B1

,

144A

,

FRN,

7.405

%,

(

30-day

SOFR

Average

+

3.100

%),

10/25/41

........

1,249,000

1,280,026

2021-R01

,

1M2

,

144A

,

FRN,

5.855

%,

(

30-day

SOFR

Average

+

1.550

%),

10/25/41

........

420,346

421,504

2022-R08

,

1M1

,

144A

,

FRN,

6.855

%,

(

30-day

SOFR

Average

+

2.550

%),

7/25/42

........

1,370,002

1,401,240

2023-R01

,

1M1

,

144A

,

FRN,

6.706

%,

(

30-day

SOFR

Average

+

2.400

%),

12/25/42

........

1,015,883

1,042,585

2023-R06

,

1M1

,

144A

,

FRN,

6.005

%,

(

30-day

SOFR

Average

+

1.700

%),

7/25/43

........

788,480

793,154

2025-R02

,

1A1

,

144A

,

FRN,

5.306

%,

(

30-day

SOFR

Average

+

1.000

%),

2/25/45

........

1,082,150

1,083,462

e

,f

FARM

Mortgage

Trust

,

2024-1

,

A

,

144A

,

FRN,

4.702

%,

10/01/53

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

1,785,459

1,737,363

a

a

Shares/

Principal

a

Value

a

a

a

a

Mortgage-Backed

Securities

(continued)

Residential

Mortgage-Backed

Securities

(continued)

e,f

FARM

Mortgage

Trust,

(continued)

2024-2

,

A

,

144A

,

FRN,

5.195

%,

8/01/54

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

1,415,260

$

1,401,522

2025-1

,

A

,

144A

,

FRN,

5.230

%,

8/01/55

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

1,050,000

1,037,848

e

,f

FHLMC

STACR

REMIC

Trust

,

2020-HQA2

,

M2

,

144A

,

FRN,

7.520

%,

(

30-day

SOFR

Average

+

3.214

%),

3/25/50

........

671,114

687,986

2024-DNA1

,

A1

,

144A

,

FRN,

5.655

%,

(

30-day

SOFR

Average

+

1.350

%),

2/25/44

........

1,243,453

1,250,389

2024-DNA2

,

M1

,

144A

,

FRN,

5.505

%,

(

30-day

SOFR

Average

+

1.200

%),

5/25/44

........

1,270,103

1,272,797

2025-DNA1

,

A1

,

144A

,

FRN,

5.255

%,

(

30-day

SOFR

Average

+

0.950

%),

1/25/45

........

1,085,000

1,083,915

e

,f

Flagstar

Mortgage

Trust

,

2021-5INV

,

A5

,

144A

,

FRN,

2.500

%,

7/25/51

...........

607,315

543,069

2021-6INV

,

A6

,

144A

,

FRN,

2.500

%,

8/25/51

...........

1,244,273

1,118,173

e

,f

FNMA

Connecticut

Avenue

Securities

,

2021-R02

,

2M2

,

144A

,

FRN,

6.305

%,

(

30-day

SOFR

Average

+

2.000

%),

11/25/41

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

1,490,747

1,501,705

e

,f

Mello

Mortgage

Capital

Acceptance

,

2021-INV1

,

A4

,

144A

,

FRN,

2.500

%,

6/25/51

.

675,079

601,538

e

,f

New

Residential

Mortgage

Loan

Trust

,

2019-2A

,

A1

,

144A

,

FRN,

4.250

%,

12/25/57

..........

604,657

593,414

2019-5A

,

A1B

,

144A

,

FRN,

3.500

%,

8/25/59

...........

344,889

328,083

e

,f

Sequoia

Mortgage

Trust

,

2018-CH1

,

A19

,

144A

,

FRN,

4.000

%,

3/25/48

...........

46,390

43,583

2021-4

,

A4

,

144A

,

FRN,

2.500

%,

6/25/51

...........

1,352,974

1,201,594

2024-2

,

A19

,

144A

,

FRN,

6.000

%,

3/25/54

...........

1,276,541

1,281,588

2024-3

,

A19

,

144A

,

FRN,

6.000

%,

4/25/54

...........

1,417,410

1,422,128

e

Towd

Point

Mortgage

Trust

,

2023-

1

,

A1

,

144A

,

3.750

%,

1/25/63

.

893,537

864,511

26,763,326

Total

Mortgage-Backed

Securities

(Cost

$

279,944,113

)

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

266,066,600

Schedule

of

Investments

(Unaudited)

Impax

Core

Bond

Fund

(continued)

www.impaxam.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

28

a

a

Shares/

Principal

a

Value

a

a

a

a

Municipal

Bonds

0.9%

California

0.5%

California

Health

Facilities

Financing

Authority

,

State

of

California

Personal

Income

Tax

,

Revenue

,

2022

,

4.190

%,

6/01/37

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

1,750,000

$

1,640,016

State

of

California

,

GO

,

7.550

%,

4/01/39

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

2,000,000

2,399,339

4,039,355

Massachusetts

0.4%

Commonwealth

of

Massachusetts

,

COVID-19

Recovery

Assessment

,

Revenue

,

2022

A

,

3.881

%,

1/15/31

...........

2,000,000

1,977,154

University

of

Massachusetts

Building

Authority

,

Revenue

,

2010-2

,

5.450

%,

11/01/40

...

1,225,000

1,232,704

3,209,858

Total

Municipal

Bonds

(Cost

$

7,921,975

)

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

7,249,213

Supranational

6.6%

Asian

Development

Bank

,

4.000

%,

1/12/33

...........

3,000,000

2,985,643

Council

of

Europe

Development

Bank

,

3.625

%,

5/08/28

......

1,000,000

997,253

European

Bank

for

Reconstruction

&

Development

,

0.500

%,

11/25/25

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

3,000,000

2,953,878

European

Investment

Bank

,

2.750

%,

8/15/25

...........

2,000,000

1,995,641

3.875

%,

6/15/28

...........

1,000,000

1,004,782

1.750

%,

3/15/29

...........

800,000

745,057

4.500

%,

3/14/30

...........

2,000,000

2,059,314

4.625

%,

2/12/35

...........

500,000

514,968

Inter-American

Development

Bank

,

0.875

%,

4/20/26

...........

2,000,000

1,949,574

1.500

%,

1/13/27

...........

2,000,000

1,930,037

0.625

%,

9/16/27

...........

600,000

560,608

4.500

%,

2/15/30

...........

4,000,000

4,114,044

Inter-American

Investment

Corp.

,

4.250

%,

4/01/30

...........

2,500,000

2,532,500

International

Bank

for

Reconstruction

&

Development

,

0.500

%,

10/28/25

..........

500,000

493,723

3.125

%,

6/15/27

...........

2,000,000

1,974,553

0.750

%,

11/24/27

..........

1,000,000

931,966

1.375

%,

4/20/28

...........

1,500,000

1,406,508

4.625

%,

8/01/28

...........

550,000

563,854

4.625

%,

1/15/32

...........

5,600,000

5,796,100

1.745

%,

7/31/33

...........

3,200,000

3,220,298

2.750

%,

5/31/36

...........

2,000,000

1,631,209

f

FRN

,

Zero

Cpn.,

3/31/28

....

4,500,000

4,419,628

f

FRN

,

4.685

%,

(

SOFR

Index

+

0.370

%

),

2/11/31

..........

2,000,000

1,991,327

a

a

Shares/

Principal

a

Value

a

a

a

a

Supranational

(continued)

e

International

Development

Association

,

144A,

0.375

%,

9/23/25

......

2,200,000

$

2,179,737

144A,

4.375

%,

6/11/29

......

800,000

815,336

144A,

4.500

%,

2/12/35

......

1,000,000

1,014,009

International

Finance

Corp.

,

0.375

%,

7/16/25

...........

1,000,000

998,315

4.375

%,

1/15/27

...........

1,000,000

1,007,660

4.250

%,

7/02/29

...........

2,000,000

2,034,178

Nordic

Investment

Bank

,

3.750

%,

5/09/30

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

1,000,000

997,006

Total

Supranational

(Cost

$

56,285,991

)

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

55,818,706

Total

Long

Term

Investments

(Cost

$

850,337,278

)

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

830,621,452

a

a

Certificates

of

Deposit

0

.1

%

d

Walden

Mutual

Bank

,

3.930

%,

11/14/25

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

500,000

499,064

(Cost

$500,001)

Money

Market

0.2%

g,h

JPMorgan

Prime

Money

Market

Fund

,

4.470

%

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

1,855,287

1,855,287

(Cost

$1,855,287)

Securities

Purchased

With

Cash

Collateral

From

Securities

Lending

0.4%

g,h

Invesco

Government

&

Agency

Portfolio

,

4.308

%

..........

3,630,021

3,630,021

(Cost

$3,630,021)

a

Total

Investments

99

.4

%

(Cost

$

856,322,587

)

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

$836,605,824

Payable

Upon

Return

Of

Securities

Loaned

(

0

.4

)

%

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

(3,630,021)

Other

Assets,

less

Liabilities

1

.0

%

.

8,431,677

Net

Assets

100.0%

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

$841,407,480

a

Security

or

partial

position

of

this

security

was

on

loan

as

of

June

30,

2025.

The

total

market

value

of

securities

on

loan

as

of

June

30,

2025

was

$3,556,235.

b

Rounds

to

less

than

0.05%.

c

Security

valued

using

significant

unobservable

inputs.

d

Illiquid

security.

e

Security

purchased

pursuant

to

Rule

144A

of

the

Securities

Act

of

1933

and

may

be

resold

only

to

qualified

institutional

buyers.

f

Rate

shown

reflects

the

accrual

rate

as

of

June

30,

2025

on

securities

with

variable

or

step

rates.

Schedule

of

Investments

(Unaudited)

Impax

Core

Bond

Fund

(continued)

www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

29

g

Rate

shown

represents

an

annualized

7-day

yield

as

of

June

30,

2025.

h

Institutional

Class

shares.

ACES

Alternative

Credit

Enhancement

Structure

FRN

Floating

Rate

Note

LP

Limited

Partnership

REMIC

Real

Estate

Mortgage

Investment

Conduit

SOFR

Secured

Overnight

Financing

Rate

STACR

Structured

Agency

Credit

Risk

Schedule

of

Investments

(Unaudited),

June

30,

2025

Impax

High

Yield

Bond

Fund

www.impaxam.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

30

a

a

Shares/

Principal

a

Value

a

a

a

a

a

a

Common

Stocks

0.0%

a

Telecommunications

0.0%

b,c,d

Digicel

Holdings

Bermuda

Ltd.

.

24,783

$

44,114

(Cost

$44,161)

a

Preferred

Stocks

0.0%

a

Telecommunications

0.0%

b,c,d

Digicel

Holdings

Bermuda

Ltd.

.

1,328

13,944

(Cost

$8,925)

BONDS:

97.4%

Community

Investment

Notes

0

.1

%

Community

Investment

Notes

0.1%

c

,d

,e

CEI

Investments

LLC

,

FRN

,

4.000

%,

10/31/25

..........

552,735

552,735

c

Envest

Microfinance

Cooperative

,

d

4.000

%,

10/24/25

.........

150,000

150,000

4.000

%,

4/20/26

..........

250,000

247,233

949,968

Total

Community

Investment

Notes

(Cost

$

952,735

)

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

949,968

Corporate

Bonds

91

.3

%

Automotive

2.8%

f

Allison

Transmission,

Inc.

,

144A,

4.750

%,

10/01/27

....

1,200,000

1,189,836

144A,

5.875

%,

6/01/29

.....

2,000,000

2,021,904

144A,

3.750

%,

1/30/31

.....

1,200,000

1,100,647

American

Axle

&

Manufacturing,

Inc.

,

5.000

%,

10/01/29

......

3,000,000

2,747,709

f

Garrett

Motion

Holdings,

Inc.

/

Garrett

LX

I

SARL

,

144A,

7.750

%,

5/31/32

...........

2,500,000

2,605,113

f

IHO

Verwaltungs

GmbH

,

144A,

PIK,

6.375

%,

5/15/29

.......

2,000,000

2,003,010

f

New

Flyer

Holdings,

Inc.

,

Secured

Note

,

144A,

9.250

%,

7/01/30

.

1,355,000

1,430,652

f

Nissan

Motor

Co.

Ltd.

,

144A,

4.345

%,

9/17/27

...........

1,500,000

1,441,041

14,539,912

Banking

1.5%

Bank

of

New

York

Mellon

Corp.

(The)

,

Junior

Sub.

Bond

,

6.3%

to

3/19/30,

FRN

thereafter

,

Perpetual

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

2,000,000

2,059,626

Barclays

plc

,

Junior

Sub.

Bond

,

7.625%

to

9/14/35,

FRN

thereafter

,

Perpetual

.......

4,000,000

4,027,172

PNC

Financial

Services

Group,

Inc.

(The)

,

V

,

Junior

Sub.

Bond

,

6.2%

to

9/14/27,

FRN

thereafter

,

Perpetual

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

2,000,000

2,042,777

8,129,575

a

a

Shares/

Principal

a

Value

a

a

a

a

Basic

Industry

8.8%

f

Advanced

Drainage

Systems,

Inc.

,

144A,

6.375

%,

6/15/30

..

2,450,000

$

2,507,629

ATI,

Inc.

,

7.250

%,

8/15/30

..........

1,000,000

1,048,743

5.125

%,

10/01/31

.........

1,800,000

1,760,789

f

Brookfield

Residential

Properties,

Inc.

/

Brookfield

Residential

US

LLC

,

144A,

4.875

%,

2/15/30

.

3,000,000

2,680,686

f

Champion

Iron

Canada,

Inc.

,

144A,

7.875

%,

7/15/32

......

2,000,000

2,029,104

f

Cleveland-Cliffs,

Inc.

,

144A,

6.750

%,

4/15/30

.....

2,000,000

1,936,428

144A,

7.000

%,

3/15/32

.....

2,000,000

1,887,823

f

CVR

Partners

LP

/

CVR

Nitrogen

Finance

Corp.

,

144A,

6.125

%,

6/15/28

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

4,300,000

4,310,093

f

Interface,

Inc.

,

144A,

5.500

%,

12/01/28

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

3,955,000

3,900,922

f

Knife

River

Corp.

,

144A,

7.750

%,

5/01/31

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

2,675,000

2,822,106

f

Magnera

Corp.

,

144A,

7.250

%,

11/15/31

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

2,000,000

1,887,550

f

Maxam

Prill

SARL

,

144A,

7.750

%,

7/15/30

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

3,000,000

3,007,644

f

Mercer

International,

Inc.

,

144A,

12.875

%,

10/01/28

.........

3,800,000

3,858,953

f

Novelis

Corp.

,

144A,

4.750

%,

1/30/30

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

2,300,000

2,205,290

f

Olympus

Water

US

Holding

Corp.

,

144A,

4.250

%,

10/01/28

....

2,975,000

2,831,061

144A,

6.250

%,

10/01/29

....

1,000,000

955,098

Shea

Homes

LP

/

Shea

Homes

Funding

Corp.

,

4.750

%,

2/15/28

2,000,000

1,971,550

f

Standard

Industries,

Inc.

,

144A,

5.000

%,

2/15/27

.....

2,700,000

2,695,784

144A,

4.375

%,

7/15/30

.....

1,875,000

1,776,500

46,073,753

Capital

Goods

6.9%

f

ATS

Corp.

,

144A,

4.125

%,

12/15/28

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

3,900,000

3,732,093

f

Clydesdale

Acquisition

Holdings,

Inc.

,

144A,

6.750

%,

4/15/32

..

2,000,000

2,053,788

f

Crown

Americas

LLC

,

144A,

5.875

%,

6/01/33

...........

3,000,000

3,022,380

f

Enpro,

Inc.

,

144A,

6.125

%,

6/01/33

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

2,775,000

2,843,880

f

Esab

Corp.

,

144A,

6.250

%,

4/15/29

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

3,000,000

3,075,333

f

Gates

Corp.

,

144A,

6.875

%,

7/01/29

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

2,000,000

2,079,234

f

Graphic

Packaging

International

LLC

,

144A,

3.750

%,

2/01/30

.....

2,400,000

2,251,916

144A,

6.375

%,

7/15/32

.....

2,000,000

2,044,652

f

Manitowoc

Co.,

Inc.

(The)

,

Secured

Note

,

144A,

9.250

%,

10/01/31

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

2,000,000

2,107,386

Schedule

of

Investments

(Unaudited)

Impax

High

Yield

Bond

Fund

(continued)

www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

31

a

a

Shares/

Principal

a

Value

a

a

a

a

Capital

Goods

(continued)

f

Owens-Brockway

Glass

Container,

Inc.

,

144A,

6.625

%,

5/13/27

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

1,875,000

$

1,877,291

Regal

Rexnord

Corp.

,

6.050

%,

4/15/28

..........

1,550,000

1,597,701

6.400

%,

4/15/33

..........

1,450,000

1,531,749

f

Sealed

Air

Corp.

,

144A,

6.500

%,

7/15/32

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

3,500,000

3,629,108

f

Terex

Corp.

,

144A,

6.250

%,

10/15/32

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

2,000,000

2,005,392

f

Toucan

FinCo

Ltd.

/

Toucan

FinCo

Can,

Inc.

/

Toucan

FinCo

US

LLC

,

144A,

9.500

%,

5/15/30

.

2,500,000

2,557,694

36,409,597

Consumer

Goods

3.7%

f

BellRing

Brands,

Inc.

,

144A,

7.000

%,

3/15/30

...........

3,000,000

3,127,137

f

Land

O'

Lakes,

Inc.

,

Junior

Sub.

Bond

,

144A,

7.000

%,

Perpetual

3,685,000

3,090,794

f

Newell

Brands,

Inc.

,

144A,

8.500

%,

6/01/28

...........

2,000,000

2,105,422

f

Performance

Food

Group,

Inc.

,

144A,

6.125

%,

9/15/32

......

4,000,000

4,096,736

f

Post

Holdings,

Inc.

,

144A,

5.500

%,

12/15/29

....

1,000,000

996,315

144A,

4.500

%,

9/15/31

.....

2,000,000

1,858,188

144A,

6.250

%,

2/15/32

.....

2,000,000

2,057,868

f

United

Natural

Foods,

Inc.

,

144A,

6.750

%,

10/15/28

..........

2,000,000

1,975,924

19,308,384

Financial

Services

6.6%

Ally

Financial,

Inc.

,

B

,

Junior

Sub.

Bond

,

4.7%

to

5/14/26,

FRN

thereafter

,

Perpetual

.......

2,000,000

1,937,276

f

Azorra

Finance

Ltd.

,

144A,

7.750

%,

4/15/30

.....

2,500,000

2,609,120

144A,

7.250

%,

1/15/31

.....

2,000,000

2,046,845

Block,

Inc.

,

6.500

%,

5/15/32

...

3,000,000

3,097,134

Goldman

Sachs

Group,

Inc.

(The)

,

Junior

Sub.

Bond

,

6.85%

to

2/09/30,

FRN

thereafter

,

Perpetual

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

2,000,000

2,068,976

HA

Sustainable

Infrastructure

Capital,

Inc.

,

6.375

%,

7/01/34

3,500,000

3,502,327

f

HAT

Holdings

I

LLC

/

HAT

Holdings

II

LLC

,

144A,

8.000

%,

6/15/27

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

810,000

844,894

OneMain

Finance

Corp.

,

3.500

%,

1/15/27

..........

1,450,000

1,420,498

6.625

%,

1/15/28

..........

1,125,000

1,162,489

7.125

%,

11/15/31

.........

1,000,000

1,041,135

f

Provident

Funding

Associates

LP

/

PFG

Finance

Corp.

,

144A,

9.750

%,

9/15/29

...........

3,000,000

3,156,861

f

RFNA

LP

,

144A,

7.875

%,

2/15/30

2,000,000

2,048,290

a

a

Shares/

Principal

a

Value

a

a

a

a

Financial

Services

(continued)

f

Rocket

Cos.,

Inc.

,

144A,

6.125

%,

8/01/30

.....

2,000,000

$

2,039,310

144A,

6.375

%,

8/01/33

.....

2,500,000

2,561,126

f

Shift4

Payments

LLC

/

Shift4

Payments

Finance

Sub,

Inc.

,

144A,

6.750

%,

8/15/32

......

2,000,000

2,078,388

f

TrueNoord

Capital

DAC

,

144A,

8.750

%,

3/01/30

...........

3,000,000

3,117,609

34,732,278

Healthcare

8.1%

f

Acadia

Healthcare

Co.,

Inc.

,

144A,

7.375

%,

3/15/33

......

3,000,000

3,094,446

f

AdaptHealth

LLC

,

144A,

4.625

%,

8/01/29

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

3,000,000

2,829,804

f

Avantor

Funding,

Inc.

,

144A,

4.625

%,

7/15/28

...........

5,600,000

5,503,003

CVS

Health

Corp.

,

6.125

%,

9/15/39

..........

4,925,000

5,068,584

Junior

Sub.

Bond

,

6.75%

to

12/09/34,

FRN

thereafter

,

12/10/54

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

4,000,000

4,018,710

Dentsply

Sirona,

Inc.

,

Junior

Sub.

Bond

,

8.375%

to

9/11/30,

FRN

thereafter

,

9/12/55

.........

3,000,000

3,024,051

f

HAH

Group

Holding

Co.

LLC

,

144A,

9.750

%,

10/01/31

.....

3,000,000

2,976,384

f

IQVIA,

Inc.

,

144A,

5.000

%,

5/15/27

.....

2,750,000

2,742,500

144A,

6.250

%,

6/01/32

.....

2,250,000

2,311,804

f

Neogen

Food

Safety

Corp.

,

144A,

8.625

%,

7/20/30

...........

3,000,000

3,105,546

f

Organon

&

Co.

/

Organon

Foreign

Debt

Co-Issuer

BV

,

144A,

4.125

%,

4/30/28

.....

2,000,000

1,924,794

144A,

5.125

%,

4/30/31

.....

3,000,000

2,606,057

Tenet

Healthcare

Corp.

,

5.125

%,

11/01/27

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

3,600,000

3,596,581

42,802,264

Insurance

5.5%

f

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

,

144A,

7.000

%,

1/15/31

......

7,000,000

7,246,155

f

Baldwin

Insurance

Group

Holdings

LLC

/

Baldwin

Insurance

Group

Holdings

Finance,

Inc.

(The)

,

144A,

7.125

%,

5/15/31

...........

2,500,000

2,600,740

f

Howden

UK

Refinance

plc

/

Howden

UK

Refinance

2

plc

/

Howden

US

Refinance

LLC

,

144A,

7.250

%,

2/15/31

......

3,750,000

3,886,170

f

HUB

International

Ltd.

,

144A,

7.250

%,

6/15/30

.....

2,900,000

3,032,733

144A,

7.375

%,

1/31/32

.....

3,000,000

3,140,860

Schedule

of

Investments

(Unaudited)

Impax

High

Yield

Bond

Fund

(continued)

www.impaxam.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

32

a

a

Shares/

Principal

a

Value

a

a

a

a

Insurance

(continued)

f

Liberty

Mutual

Group,

Inc.

,

144A,

4.125%

to

12/14/26,

FRN

thereafter

,

12/15/51

........

6,000,000

$

5,844,680

f

Ryan

Specialty

LLC

,

144A,

5.875

%,

8/01/32

...........

3,308,000

3,336,138

29,087,476

Leisure

3.3%

f

Hilton

Domestic

Operating

Co.,

Inc.

,

144A,

6.125

%,

4/01/32

..

5,000,000

5,123,975

f

NCL

Corp.

Ltd.

,

144A,

6.750

%,

2/01/32

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

6,000,000

6,133,521

f

Viking

Cruises

Ltd.

,

144A,

9.125

%,

7/15/31

...........

2,500,000

2,694,065

f

Viking

Ocean

Cruises

Ship

VII

Ltd.

,

144A,

5.625

%,

2/15/29

..

3,150,000

3,136,606

17,088,167

Media

9.2%

AMC

Networks,

Inc.

,

4.250

%,

2/15/29

..........

2,500,000

2,005,163

f

144A,

10.250

%,

1/15/29

....

2,000,000

2,075,000

f

144A,

10.500

%,

7/15/32

....

2,000,000

2,027,800

f

Cars.com,

Inc.

,

144A,

6.375

%,

11/01/28

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

2,500,000

2,508,340

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

,

4.500

%,

5/01/32

..........

2,000,000

1,863,736

f

144A,

5.375

%,

6/01/29

.....

3,275,000

3,265,301

f

144A,

4.750

%,

3/01/30

.....

4,500,000

4,362,963

f

144A,

4.250

%,

1/15/34

.....

2,000,000

1,781,624

f

Cimpress

plc

,

144A,

7.375

%,

9/15/32

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

2,500,000

2,389,381

f

Clear

Channel

Outdoor

Holdings,

Inc.

,

144A,

7.875

%,

4/01/30

..

1,000,000

1,033,154

f

Deluxe

Corp.

,

144A,

8.125

%,

9/15/29

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

2,000,000

2,066,636

f

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor,

Inc.

,

144A,

10.000

%,

2/15/31

.....

3,000,000

2,914,555

f

Gray

Media,

Inc.

,

144A,

10.500

%,

7/15/29

....

1,000,000

1,075,075

144A,

5.375

%,

11/15/31

....

1,500,000

1,126,044

f

Midcontinent

Communications

,

144A,

8.000

%,

8/15/32

......

3,500,000

3,708,334

f

Nexstar

Media,

Inc.

,

144A,

5.625

%,

7/15/27

.....

3,000,000

2,994,917

144A,

4.750

%,

11/01/28

....

2,000,000

1,949,492

f

Sirius

XM

Radio

LLC

,

144A,

5.500

%,

7/01/29

.....

1,000,000

994,061

144A,

4.125

%,

7/01/30

.....

3,000,000

2,767,993

f

Univision

Communications,

Inc.

,

144A,

8.000

%,

8/15/28

.....

3,000,000

3,046,827

144A,

8.500

%,

7/31/31

.....

2,500,000

2,505,032

48,461,428

a

a

Shares/

Principal

a

Value

a

a

a

a

Real

Estate

5.3%

f

Five

Point

Operating

Co.

LP

/

Five

Point

Capital

Corp.

,

144A,

10.500

%,

1/15/28

..........

2,261,291

$

2,301,974

f

Iron

Mountain,

Inc.

,

144A,

5.000

%,

7/15/28

.....

1,000,000

992,817

144A,

4.875

%,

9/15/29

.....

2,500,000

2,457,946

Kennedy-Wilson,

Inc.

,

4.750

%,

2/01/30

..........

4,000,000

3,667,220

5.000

%,

3/01/31

..........

1,500,000

1,353,292

f

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp.

,

144A,

4.625

%,

3/15/30

......

3,500,000

3,345,377

f

Pebblebrook

Hotel

LP

/

PEB

Finance

Corp.

,

144A,

6.375

%,

10/15/29

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

3,000,000

3,018,174

f

Rithm

Capital

Corp.

,

144A,

6.250

%,

10/15/25

....

2,500,000

2,510,810

144A,

8.000

%,

4/01/29

.....

3,000,000

3,033,201

144A,

8.000

%,

7/15/30

.....

2,000,000

2,011,530

f

Uniti

Group

LP

/

Uniti

Group

Finance

2019,

Inc.

/

CSL

Capital

LLC

,

144A,

8.625

%,

6/15/32

.

3,000,000

3,033,024

27,725,365

Retail

3.9%

f

1011778

BC

ULC

/

New

Red

Finance,

Inc.

,

144A,

6.125

%,

6/15/29

.....

2,000,000

2,053,018

Secured

Bond

,

144A,

4.000

%,

10/15/30

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

1,000,000

932,919

f

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

Albertsons

LP

/

Albertsons

LLC

,

144A,

3.500

%,

3/15/29

.....

1,175,000

1,114,452

144A,

6.250

%,

3/15/33

.....

2,200,000

2,269,929

f

Macy's

Retail

Holdings

LLC

,

144A,

6.700

%,

7/15/34

......

2,000,000

1,682,426

New

Albertsons

LP

,

7.750

%,

6/15/26

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

1,025,000

1,054,438

f

PetSmart,

Inc.

/

PetSmart

Finance

Corp.

,

144A,

4.750

%,

2/15/28

.....

1,500,000

1,464,022

144A,

7.750

%,

2/15/29

.....

2,000,000

1,945,444

Safeway,

Inc.

,

7.250

%,

2/01/31

.

2,925,000

3,110,992

f

Under

Armour,

Inc.

,

144A,

7.250

%,

7/15/30

...........

3,000,000

3,045,617

f

Victoria's

Secret

&

Co.

,

144A,

4.625

%,

7/15/29

...........

2,000,000

1,868,763

20,542,020

Services

7.5%

f

Albion

Financing

1

SARL

/

Aggreko

Holdings,

Inc.

,

144A,

7.000

%,

5/21/30

...........

3,000,000

3,069,082

f

Avis

Budget

Car

Rental

LLC

/

Avis

Budget

Finance,

Inc.

,

144A,

8.375

%,

6/15/32

...........

2,000,000

2,093,798

Schedule

of

Investments

(Unaudited)

Impax

High

Yield

Bond

Fund

(continued)

www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

33

a

a

Shares/

Principal

a

Value

a

a

a

a

Services

(continued)

f

Clean

Harbors,

Inc.

,

144A,

6.375

%,

2/01/31

...........

2,500,000

$

2,563,145

f

Herc

Holdings,

Inc.

,

144A,

7.250

%,

6/15/33

...........

3,000,000

3,145,354

f

Imola

Merger

Corp.

,

144A,

4.750

%,

5/15/29

...........

4,500,000

4,347,573

f

Maxim

Crane

Works

Holdings

Capital

LLC

,

Secured

Note

,

144A,

11.500

%,

9/01/28

.....

2,200,000

2,324,916

f

Neptune

Bidco

US,

Inc.

,

144A,

9.290

%,

4/15/29

...........

3,500,000

3,410,750

f

NESCO

Holdings

II,

Inc.

,

Secured

Note

,

144A,

5.500

%,

4/15/29

.

3,900,000

3,802,187

f

Resideo

Funding,

Inc.

,

144A,

6.500

%,

7/15/32

...........

4,000,000

4,102,968

United

Rentals

North

America,

Inc.

,

5.250

%,

1/15/30

.......

4,300,000

4,314,353

f

WASH

Multifamily

Acquisition,

Inc.

,

144A,

5.750

%,

4/15/26

..

4,050,000

4,038,302

f

Williams

Scotsman,

Inc.

,

144A,

6.625

%,

4/15/30

...........

2,000,000

2,079,142

39,291,570

Technology

&

Electronics

8.8%

f

ams-OSRAM

AG

,

144A,

12.250

%,

3/30/29

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

2,000,000

2,135,742

f

Cloud

Software

Group,

Inc.

,

144A,

6.500

%,

3/31/29

.....

2,000,000

2,019,916

144A,

8.250

%,

6/30/32

.....

3,000,000

3,195,477

f

Coherent

Corp.

,

144A,

5.000

%,

12/15/29

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

5,050,000

4,965,019

f

CoreWeave,

Inc.

,

144A,

9.250

%,

6/01/30

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

2,100,000

2,148,685

f

Diebold

Nixdorf,

Inc.

,

144A,

7.750

%,

3/31/30

...........

3,000,000

3,190,185

f

Dye

&

Durham

Ltd.

,

144A,

8.625

%,

4/15/29

...........

2,764,000

2,894,734

f

Entegris,

Inc.

,

144A,

4.750

%,

4/15/29

.....

1,000,000

989,831

144A,

5.950

%,

6/15/30

.....

2,125,000

2,160,836

f

McAfee

Corp.

,

144A,

7.375

%,

2/15/30

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

2,000,000

1,890,727

f

NCR

Voyix

Corp.

,

144A,

5.125

%,

4/15/29

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

583,000

574,720

f

Open

Text

Corp.

,

144A,

3.875

%,

12/01/29

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

3,375,000

3,182,349

f

Sensata

Technologies

BV

,

144A,

5.875

%,

9/01/30

...........

3,500,000

3,507,599

f

SS&C

Technologies,

Inc.

,

144A,

5.500

%,

9/30/27

...........

2,000,000

2,003,144

f

Unisys

Corp.

,

144A,

10.625

%,

1/15/31

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

4,000,000

4,123,647

f

VM

Consolidated,

Inc.

,

144A,

5.500

%,

4/15/29

...........

4,000,000

3,929,806

f

Xerox

Corp.

,

144A,

10.250

%,

10/15/30

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

3,000,000

3,143,789

46,056,206

a

a

Shares/

Principal

a

Value

a

a

a

a

Telecommunications

5.6%

f

Altice

Financing

SA

,

144A,

5.750

%,

8/15/29

...........

1,000,000

$

731,195

f

C&W

Senior

Finance

Ltd.

,

144A,

9.000

%,

1/15/33

...........

1,000,000

1,023,787

f

Cogent

Communications

Group

LLC

,

144A,

7.000

%,

6/15/27

.

4,500,000

4,524,669

f

Connect

Finco

SARL

/

Connect

US

Finco

LLC

,

144A,

9.000

%,

9/15/29

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

1,500,000

1,509,567

Digicel

Intermediate

Holdings

Ltd.

/

Digicel

International

Finance

Ltd.

/

DIFL

US

LLC

,

PIK,

12.000

%,

5/25/27

..........

1,022,115

1,030,443

f

Fibercop

SpA

,

144A,

7.200

%,

7/18/36

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

1,217,000

1,192,153

f

Frontier

Communications

Holdings

LLC

,

144A,

5.000

%,

5/01/28

.

4,000,000

4,001,176

f

Millicom

International

Cellular

SA

,

144A,

7.375

%,

4/02/32

......

2,750,000

2,825,020

f

Sable

International

Finance

Ltd.

,

144A,

7.125

%,

10/15/32

.....

3,000,000

3,010,581

f

Viasat,

Inc.

,

144A,

7.500

%,

5/30/31

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

1,500,000

1,300,844

f

Virgin

Media

Secured

Finance

plc

,

144A,

5.500

%,

5/15/29

......

3,575,000

3,518,542

f

VZ

Secured

Financing

BV

,

144A,

5.000

%,

1/15/32

...........

1,975,000

1,758,636

f

Windstream

Services

LLC

/

Windstream

Escrow

Finance

Corp.

,

144A,

8.250

%,

10/01/31

3,000,000

3,144,423

29,571,036

Transportation

1.9%

BNSF

Funding

Trust

I

,

6.613%

to

1/14/26,

FRN

thereafter

,

12/15/55

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

3,325,000

3,344,318

f

Genesee

&

Wyoming,

Inc.

,

144A,

6.250

%,

4/15/32

...........

1,500,000

1,532,434

f

JetBlue

Airways

Corp.

/

JetBlue

Loyalty

LP

,

144A,

9.875

%,

9/20/31

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

2,000,000

1,947,013

f

Watco

Cos.

LLC

/

Watco

Finance

Corp.

,

144A,

7.125

%,

8/01/32

3,000,000

3,138,168

9,961,933

Utility

1.9%

f

Pattern

Energy

Operations

LP

/

Pattern

Energy

Operations,

Inc.

,

144A,

4.500

%,

8/15/28

......

3,150,000

3,053,882

f

TerraForm

Power

Operating

LLC

,

144A,

5.000

%,

1/31/28

.....

1,525,000

1,510,504

144A,

4.750

%,

1/15/30

.....

2,025,000

1,940,024

Schedule

of

Investments

(Unaudited)

Impax

High

Yield

Bond

Fund

(continued)

www.impaxam.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

34

a

a

Shares/

Principal

a

Value

a

a

a

a

Utility

(continued)

f

XPLR

Infrastructure

Operating

Partners

LP

,

144A,

8.375

%,

1/15/31

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

3,000,000

$

3,206,652

9,711,062

Total

Corporate

Bonds

(Cost

$

470,433,009

)

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

479,492,026

Asset-Backed

Securities

1.3%

Real

Estate

0.5%

f

Uniti

Fiber

ABS

Issuer

LLC

,

2025-1A

,

B

,

144A,

6.369

%,

4/20/55

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

500,000

510,483

2025-1A

,

C

,

144A,

9.120

%,

4/20/55

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

2,000,000

2,071,013

2,581,496

a

a

a

a

a

Telecommunications

0.8%

f

Frontier

Issuer

LLC

,

2023-1

,

B

,

144A,

8.300

%,

8/20/53

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

2,000,000

2,065,495

2024-1

,

B

,

144A,

7.020

%,

6/20/54

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

2,000,000

2,093,387

4,158,882

a

a

a

a

a

Total

Asset-Backed

Securities

(Cost

$

6,551,766

)

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

6,740,378

Loans

4.7%

Automotive

0.6%

e

Clarios

Global

LP,

First

Lien,

Amendment

No.

6

Dollar

CME

Term

Loan

,

7.077

%

(

TSFR1M

+

2.750

%

),

1/28/32

..........

3,000,000

3,006,570

Consumer

Goods

0.8%

e

AI

Aqua

Merger

Sub,

Inc.,

First

Lien,

2025

Refinancing

CME

Term

Loan,

B

,

7.424

%

(

TSFR12M

+

3.250

%

),

7/31/28

2,950,100

2,949,245

e

United

Natural

Foods,

Inc.,

First

Lien,

2024

CME

Term

Loan

,

9.077

%

(

TSFR1M

+

4.750

%

),

5/01/31

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

1,526,742

1,542,008

4,491,253

a

a

a

a

a

Healthcare

0.2%

e

1261229

BC

Ltd.,

First

Lien,

Initial

CME

Term

Loan

,

10.561

%

(

TSFR1M

+

6.250

%

),

10/08/30

1,000,000

966,640

Media

1.0%

e

Clear

Channel

Outdoor

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

8.441

%

(

TSFR1M

+

4.000

%

),

8/23/28

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

3,000,000

2,982,315

a

a

Shares/

Principal

a

Value

a

a

a

a

Loans

(continued)

Media

(continued)

e

Gray

Media,

Inc.,

First

Lien,

CME

Term

Loan,

D

,

7.439

%

(

US0001M

+

3.000

%

),

12/01/28

1,978,326

$

1,920,549

4,902,864

a

a

a

a

a

Retail

0.3%

e

PetSmart

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.177

%

(

US0001M

+

3.750

%

),

2/11/28

1,488,382

1,476,289

Telecommunications

1.8%

e

Connect

Finco

SARL,

First

Lien,

Amendment

No.

4

CME

Term

Loan

,

8.827

%

(

TSFR1M

+

4.500

%

),

9/13/29

..........

1,989,950

1,896,810

e

CSC

Holdings

LLC,

First

Lien,

2022

CME

Term

Loan

,

8.812

%

(

TSFR1M

+

4.500

%

),

1/18/28

.

2,000,000

1,976,130

e

Digicel

International

Finance

Ltd.,

First

Lien,

CME

Term

Loan

,

PIK,

9.530

%

(

TSFR3M

+

5.150

%

),

5/25/27

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

1,935,757

1,925,407

e

Lumen

Technologies,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

6.791

%

(

TSFR1M

+

2.350

%

),

4/16/29

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

3,984,812

3,942,493

9,740,840

a

a

a

a

a

Total

Loans

(Cost

$

24,184,907

)

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

24,584,456

Total

Long

Term

Investments

(Cost

$

502,175,503

)

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

511,824,886

a

a

Certificates

of

Deposit

0

.3

%

c,d

Shared

Interest,

Inc.

,

4.000

%,

9/30/25

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

500,000

500,000

c

Walden

Mutual

Bank

,

3.930

%,

11/14/25

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

500,000

499,064

Total

Certificates

of

Deposit

(Cost

$

1,000,001

)

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

999,064

Money

Market

1.8%

g,h

JPMorgan

Prime

Money

Market

Fund

,

4.470

%

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

9,675,133

9,675,133

(Cost

$9,675,133)

a

Total

Investments

99

.5

%

(Cost

$

512,850,637

)

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

$522,499,083

Other

Assets,

less

Liabilities

0

.5

%

.

2,863,503

Net

Assets

100.0%

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

$525,362,586

Schedule

of

Investments

(Unaudited)

Impax

High

Yield

Bond

Fund

(continued)

www.impaxam.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

35

a

Rounds

to

less

than

0.05%.

b

Non-income

producing

security.

c

Illiquid

security.

d

Security

valued

using

significant

unobservable

inputs.

e

Rate

shown

reflects

the

accrual

rate

as

of

June

30,

2025

on

securities

with

variable

or

step

rates.

f

Security

purchased

pursuant

to

Rule

144A

of

the

Securities

Act

of

1933

and

may

be

resold

only

to

qualified

institutional

buyers.

g

Rate

shown

represents

an

annualized

7-day

yield

as

of

June

30,

2025.

h

Institutional

Class

shares.

CME

Chicago

Mercantile

Exchange

FRN

Floating

Rate

Note

LP

Limited

Partnership

PIK

Payment

In

Kind

Schedule

of

Investments

(Unaudited),

June

30,

2025

Impax

Sustainable

Allocation

Fund

www.impaxam.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

36

a

a

Shares/

Principal

a

Value

a

a

a

a

a

Affiliated

Investment

Companies

99.0%

a

Impax

Core

Bond

Fund

,

Class

Institutional

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

83,178,989

$

734,470,471

a

Impax

Ellevate

Global

Women's

Leadership

Fund

,

Class

Institutional

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

1,992,026

69,362,328

a

Impax

Global

Environmental

Markets

Fund

,

Class

Institutional

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

2,800,650

70,156,290

a

Impax

Global

Opportunities

Fund

,

Class

Institutional

..........

4,225,024

74,867,423

a

Impax

Global

Sustainable

Infrastructure

Fund

,

Class

Institutional

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

6,623,777

68,357,381

a

Impax

High

Yield

Bond

Fund

,

Class

Institutional

..........

18,783,026

115,139,947

a

Impax

International

Sustainable

Economy

Fund

,

Class

Institutional

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

9,585,954

114,935,591

a

Impax

Large

Cap

Fund

,

Class

Institutional

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

56,049,970

752,190,597

a,b

Impax

Small

Cap

Fund

,

Class

Institutional

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

6,320,888

108,150,402

a

Impax

US

Sustainable

Economy

Fund

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

6,671,295

169,184,051

2,276,814,481

Total

Affiliated

Investment

Companies

(Cost

$

1,979,460,000

)

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

2,276,814,481

Money

Market

1.1%

a,c

JPMorgan

Prime

Money

Market

Fund

,

4.470

%

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

24,535,841

24,535,841

(Cost

$24,535,841)

a

Total

Investments

100

.1

%

(Cost

$

2,003,995,841

)

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

$2,301,350,322

Other

Assets,

less

Liabilities

(

0

.1

)

%

(1,541,503)

Net

Assets

100.0%

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

$2,299,808,819

a

Institutional

Class

shares.

b

Non-income

producing

security.

c

Rate

shown

represents

an

annualized

7-day

yield

as

of

June

30,

2025.

Financial

Statements

Statements

of

Assets

and

Liabilities

June

30,

2025

(Unaudited)

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Semiannual

Report

37

Large

Cap

Fund

Small

Cap

Fund

US

Sustainable

Economy

Fund

Global

Sustainable

Infrastructure

Fund

Assets:

Investments,

at

cost

-

Note

A

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

$695,943,970

$572,050,944

$381,706,046

$84,693,954

Investments

in

unaffiliated

issuers,

at

value

....

$1,058,136,398

$652,714,764

$517,207,787

$100,478,204

Total

investments,

at

value

-

Note

A

1

1,058,136,398

652,714,764

517,207,787

100,478,204

Cash

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

—

—

18,840

1,316

Receivables:

Capital

stock

sold

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

308,947

643,826

50,424

15,963

Dividends

and

interest

-

Note

A

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

399,477

145,421

294,813

248,218

Investment

securities

sold

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

—

811,383

—

420,412

Investment

Adviser

reimbursement

.........

—

—

54,430

—

Other

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

2,279

1,942

1,370

212,206

Total

assets

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

1,058,847,101

654,317,336

517,627,664

101,376,319

Liabilities:

Collateral

on

securities

loaned,

at

value

.......

819

367,620

—

—

Payables:

Capital

stock

reacquired

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

265,280

336,843

35,501

5,747

Investment

securities

purchased

...........

—

—

—

1,267

Accrued

expenses:

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

Investment

advisory

fees

-

Note

B

..........

548,023

397,060

240,647

53,534

Distribution

expense

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

9,078

20,071

42,789

1,337

Transfer

agent

fees

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

100,292

68,352

—

—

Printing

and

other

shareholder

communication

fees

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

19,706

37,936

—

—

Custodian

fees

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

33,079

19,771

—

—

Legal

and

audit

fees

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

25,197

16,275

—

—

Other

accrued

expenses

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

44,207

20,430

400

—

Total

liabilities

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

1,045,681

1,284,358

319,337

61,885

Net

assets,

at

value

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

$1,057,801,420

$653,032,978

$517,308,327

$101,314,434

Net

assets

consist

of:

Paid-in

capital

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

$593,407,375

$557,847,969

$366,211,436

$96,232,309

Total

distributable

earnings

(losses)

..........

464,394,045

95,185,009

151,096,891

5,082,125

Net

assets,

at

value

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

$1,057,801,420

$653,032,978

$517,308,327

$101,314,434

1

Investments

at

market

value

include

securities

loaned.

At

June

30,

2025,

the

Impax

Large

Cap

Fund,

Impax

Small

Cap

Fund

and

Impax

US

Sustainable

Economy

Fund

had

total

market

values

of

securities

on

loan

of

$10,355,914,

$358,708

and

$8,097,513

respectively.

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

June

30,

2025

(Unaudited)

www.impaxam.com

Semiannual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

38

Global

Opportunities

Fund

Global

Environmental

Markets

Fund

Global

Social

Leaders

Fund

Global

Women’s

Leadership

Fund

Assets:

Investments,

at

cost

-

Note

A

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

$98,174,263

$1,416,868,333

$1,724,487

$508,260,706

Investments

in

unaffiliated

issuers,

at

value

....

$133,898,002

$2,055,253,069

$2,155,760

$702,024,758

Total

investments,

at

value

-

Note

A

133,898,002

2,055,253,069

2,155,760

702,024,758

Cash

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

—

—

—

39,101

Foreign

currency,

at

value

(cost

$

1,809

,

$

6,989

,

$

0

and

$

694

,

respectively)

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

1,810

7,126

—

694

Receivables:

Capital

stock

sold

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

13,592

1,575,598

20

97,890

Dividends

and

interest

-

Note

A

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

15,299

1,103,577

1,578

665,233

Investment

securities

sold

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

7,607

—

—

—

Investment

Adviser

reimbursement

.........

19,583

—

20,764

—

Other

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

148,989

3,112,809

—

774,916

Total

assets

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

134,104,882

2,061,052,179

2,178,122

703,602,592

Liabilities:

Payables:

Capital

stock

reacquired

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

5,793

921,757

—

97,484

Investment

securities

purchased

...........

1,358,129

—

—

79

Accrued

expenses:

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

Investment

advisory

fees

-

Note

B

..........

81,762

1,267,925

1,382

300,858

Distribution

expense

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

1,582

35,504

39

27,767

Transfer

agent

fees

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

8,869

337,375

82

—

Printing

and

other

shareholder

communication

fees

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

2,612

82,984

1,974

—

Custodian

fees

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

7,194

58,290

5,951

—

Legal

and

audit

fees

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

12,893

34,015

11,926

—

Other

accrued

expenses

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

13,006

43,206

22,532

181

Total

liabilities

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

1,491,840

2,781,056

43,886

426,369

Net

assets,

at

value

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

$132,613,042

$2,058,271,123

$2,134,236

$703,176,223

Net

assets

consist

of:

Paid-in

capital

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

$96,151,365

$1,294,183,177

$1,744,662

$470,883,528

Total

distributable

earnings

(losses)

..........

36,461,677

764,087,946

389,574

232,292,695

Net

assets,

at

value

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

$132,613,042

$2,058,271,123

$2,134,236

$703,176,223

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

June

30,

2025

(Unaudited)

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Semiannual

Report

39

International

Sustainable

Economy

Fund

Core

Bond

Fund

High

Yield

Bond

Fund

Sustainable

Allocation

Fund

Assets:

Investments,

at

cost

-

Note

A

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

$1,151,658,558

$856,322,587

$512,850,637

$2,003,995,841

Investments

in

unaffiliated

issuers,

at

value

....

$1,464,842,383

$836,605,824

$522,499,083

$24,535,841

Investments

in

affiliated

issuers,

at

value

.....

—

—

—

2,276,814,481

Total

investments,

at

value

-

Note

A

1

1,464,842,383

836,605,824

522,499,083

2,301,350,322

Cash

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

76,613

—

223,800

115,300

Foreign

currency,

at

value

(cost

$

1,430

,

$

–

,

$

–

and

$

–

,

respectively)

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

1,444

—

—

—

Receivables:

Capital

stock

sold

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

1,255,882

2,760,283

2,687,148

225,146

Dividends

and

interest

-

Note

A

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

2,218,143

7,031,695

7,989,831

2,944,178

Investment

securities

sold

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

11,710,079

3,876,638

6,607,728

—

Other

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

6,438,372

947

—

—

Total

assets

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

1,486,542,916

850,275,387

540,007,590

2,304,634,946

Liabilities:

Collateral

on

securities

loaned,

at

value

.......

—

3,630,021

—

—

Payables:

Capital

stock

reacquired

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

360,807

266,606

853,977

1,642,830

Investment

securities

purchased

...........

20,632

1,999,694

10,956,959

2,821,803

Dividend

payable

-

Note

A

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

—

2,611,030

2,446,582

—

Accrued

expenses:

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

Investment

advisory

fees

-

Note

B

..........

518,729

273,122

214,635

93,089

Distribution

expense

....................

23,231

3,059

26,187

268,405

Transfer

agent

fees

.....................

—

181

41,073

—

Printing

and

other

shareholder

communication

fees

................................

—

5,853

39,392

—

Custodian

fees

........................

—

29,314

21,360

—

Legal

and

audit

fees

....................

—

18,456

15,745

—

Due

to

Custodian

8,123,777

—

—

—

Other

accrued

expenses

.................

—

30,571

29,094

—

Total

liabilities

......................

9,047,176

8,867,907

14,645,004

4,826,127

Net

assets,

at

value

..............

$1,477,495,740

$841,407,480

$525,362,586

$2,299,808,819

Net

assets

consist

of:

Paid-in

capital

..........................

$1,107,967,546

$943,635,887

$661,808,007

$1,768,781,667

Total

distributable

earnings

(losses)

..........

369,528,194

(102,228,407)

(136,445,421)

531,027,152

Net

assets,

at

value

..............

$1,477,495,740

$841,407,480

$525,362,586

$2,299,808,819

1

Investments

at

market

value

include

securities

loaned.

At

June

30,

2025,

the

Impax

Core

Bond

Fund

had

total

market

values

of

securities

on

loan

of

$3,556,235

respectively.

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

June

30,

2025

(Unaudited)

www.impaxam.com

Semiannual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

40

Large

Cap

Fund

Small

Cap

Fund

US

Sustainable

Economy

Fund

Global

Sustainable

Infrastructure

Fund

Investor

Class:

Net

assets,

at

value

....................

$45,377,403

$87,252,139

$202,468,919

$6,573,530

Capital

Shares

outstanding

(unlimited/

authorized)

...........................

3,394,341

5,213,137

8,409,674

640,157

Net

asset

value

per

share

................

$13.37

$16.74

$24.08

$10.27

Class

A:

Net

assets,

at

value

....................

$12,023,652

$9,577,159

Capital

Shares

outstanding

(unlimited/

authorized)

...........................

721,034

399,873

Net

asset

value

per

share

................

$16.68

$23.95

Institutional

Class:

Net

assets,

at

value

....................

$1,012,424,017

$553,757,187

$305,262,249

$94,740,904

Capital

Shares

outstanding

(unlimited/

authorized)

...........................

75,428,928

32,359,415

12,038,328

9,177,572

Net

asset

value

per

share

................

$13.42

$17.11

$25.36

$10.32

Global

Opportunities

Fund

Global

Environmental

Markets

Fund

Global

Social

Leaders

Fund

Global

Women’s

Leadership

Fund

Investor

Class:

Net

assets,

at

value

....................

$7,665,733

$156,754,925

$195,219

$134,295,072

Capital

Shares

outstanding

(unlimited/

authorized)

...........................

436,172

6,332,496

15,749

3,893,005

Net

asset

value

per

share

................

$17.58

$24.75

$12.40

$34.50

Class

A:

Net

assets,

at

value

....................

$18,791,318

Capital

Shares

outstanding

(unlimited/

authorized)

...........................

760,511

Net

asset

value

per

share

................

$24.71

Institutional

Class:

Net

assets,

at

value

....................

$124,947,309

$1,882,724,880

$1,939,017

$568,881,151

Capital

Shares

outstanding

(unlimited/

authorized)

...........................

7,053,029

75,159,261

156,234

16,339,972

Net

asset

value

per

share

................

$17.72

$25.05

$12.41

$34.82

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

June

30,

2025

(Unaudited)

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Semiannual

Report

41

International

Sustainable

Economy

Fund

Core

Bond

Fund

High

Yield

Bond

Fund

Sustainable

Allocation

Fund

Investor

Class:

Net

assets,

at

value

....................

$114,611,938

$14,871,870

$121,112,541

$1,319,432,242

Capital

Shares

outstanding

(unlimited/

authorized)

...........................

9,339,641

1,683,719

19,694,198

49,610,693

Net

asset

value

per

share

................

$12.27

$8.83

$6.15

$26.60

Class

A:

Net

assets,

at

value

....................

$6,484,305

Capital

Shares

outstanding

(unlimited/

authorized)

...........................

1,053,293

Net

asset

value

per

share

................

$6.16

Institutional

Class:

Net

assets,

at

value

....................

$1,362,883,802

$826,535,610

$397,765,740

$980,376,577

Capital

Shares

outstanding

(unlimited/

authorized)

...........................

113,692,997

93,607,699

64,928,104

35,964,364

Net

asset

value

per

share

................

$11.99

$8.83

$6.13

$27.26

Financial

Statements

Statements

of

Operations

For

the

period

ended

June

30,

2025

(Unaudited)

www.impaxam.com

Semiannual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

42

Large

Cap

Fund

Small

Cap

Fund

US

Sustainable

Economy

Fund

Global

Sustainable

Infrastructure

Fund

Investment

income:

Dividends:

(net

of

foreign

taxes

of

$

–

,

$

–

,

$

–

and

$

87,881

,

respectively)

....................

$7,895,474

$2,519,384

$2,768,576

$1,389,694

Interest

...............................

433,752

147,096

43,145

25,099

Income

from

securities

lending

-

Note

A

.......

22,236

3,681

6,200

241

Other

income

...........................

583,933

92,074

71,795

31,520

Total

investment

income

................

8,935,395

2,762,235

2,889,716

1,446,554

Expenses:

Investment

advisory

fees

-

Note

B

...........

3,847,328

2,495,056

1,168,378

304,396

Distribution

expenses

Investor

Class

-

Note

B

...

68,901

108,069

244,618

7,516

Distribution

expenses

Class

A

-

Note

B

........

14,742

12,235

Transfer

agent

fees

-

Note

A

................

211,222

312,944

—

—

Printing

and

other

shareholder

communication

fees

..................................

32,813

37,949

—

—

Custodian

fees

..........................

54,618

39,066

—

—

Legal

fees

and

related

expenses

............

56,910

40,139

—

—

Trustees’

fees

and

expenses

-

Note

B

........

73,518

54,226

—

—

Compliance

expense

.....................

11,248

10,641

—

—

Audit

fees

.............................

27,273

22,812

—

—

Registration

and

filing

fees

.................

32,785

35,376

—

—

Other

expenses

.........................

30,327

7,668

1,234

48

Total

Expenses

......................

4,446,943

3,178,688

1,426,465

311,960

Less:

Advisory

fee

waiver

-

Note

B

........

—

—

(294,922)

—

Net

investment

income

...............

4,488,452

(416,453)

1,758,173

1,134,594

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

-

Note

A

and

C

Net

realized

gain

(loss)

on:

Investments

in

unaffiliated

issuers

...........

102,516,465

4,943,301

6,796,279

(2,415,807)

Foreign

currency

transactions

..............

—

—

—

(2,902)

Change

in

unrealized

appreciation

(depreciation)

on:

Investments

in

unaffiliated

issuers

...........

(76,814,237)

(32,404,014)

21,827,827

17,229,821

Foreign

currency

translation

................

—

71

—

29,864

Net

realized

and

unrealized

gain

(loss)

on

investments

and

foreign

currency

....

25,702,228

(27,460,642)

28,624,106

14,840,976

Net

increase

(decrease)

in

net

assets

resulting

from

operations

..........

$30,190,680

$(27,877,095)

$30,382,279

$15,975,570

Financial

Statements

Statements

of

Operations

(continued)

For

the

period

ended

June

30,

2025

(Unaudited)

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Semiannual

Report

43

Global

Opportunities

Fund

Global

Environmental

Markets

Fund

Global

Social

Leaders

Fund

Global

Women’s

Leadership

Fund

Investment

income:

Dividends:

(net

of

foreign

taxes

of

$

43,080

,

$

1,082,887

,

$

1,193

and

$

169,976

,

respectively)

.

$826,808

$19,257,710

$16,884

$7,917,681

Interest

...............................

29,323

440,508

1,772

83,619

Income

from

securities

lending

-

Note

A

.......

2,144

1,520

6

7,390

Other

income

...........................

26,971

492,125

451

73,168

Total

investment

income

................

885,246

20,191,863

19,113

8,081,858

Expenses:

Investment

advisory

fees

-

Note

B

...........

495,872

8,023,847

7,770

1,826,533

Distribution

expenses

Investor

Class

-

Note

B

...

9,658

192,479

203

166,841

Distribution

expenses

Class

A

-

Note

B

........

21,955

Transfer

agent

fees

-

Note

A

................

34,481

1,384,644

85

—

Printing

and

other

shareholder

communication

fees

..................................

2,237

102,557

36

—

Custodian

fees

..........................

26,940

113,094

21,572

—

Legal

fees

and

related

expenses

............

25,591

82,660

23,572

—

Trustees’

fees

and

expenses

-

Note

B

........

34,133

106,243

29,545

—

Compliance

expense

.....................

9,934

12,345

9,780

—

Audit

fees

.............................

22,562

37,194

17,912

—

Registration

and

filing

fees

.................

22,974

37,600

22,023

—

Other

expenses

.........................

6,564

29,633

1,708

1,478

Total

Expenses

......................

690,946

10,144,251

134,206

1,994,852

Less:

Advisory

fee

waiver

-

Note

B

........

—

—

(6,827)

—

Expenses

assumed

by

Adviser

-

Note

B

..

(73,425)

—

(117,656)

—

Net

expenses

...........................

617,521

10,144,251

9,723

1,994,852

Net

investment

income

...............

267,725

10,047,612

9,390

6,087,006

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

-

Note

A

and

C

Net

realized

gain

(loss)

on:

Investments

in

unaffiliated

issuers

...........

1,451,450

133,212,135

(26,857)

30,990,359

Foreign

currency

transactions

..............

(502)

(12,338)

18

11,768

Change

in

unrealized

appreciation

(depreciation)

on:

Investments

in

unaffiliated

issuers

...........

8,756,044

59,360,870

246,042

11,721,761

Foreign

currency

translation

................

16,087

371,095

17

97,107

Net

realized

and

unrealized

gain

on

investments

and

foreign

currency

....

10,223,079

192,931,762

219,220

42,820,995

Net

increase

in

net

assets

resulting

from

operations

.....................

$10,490,804

$202,979,374

$228,610

$48,908,001

Financial

Statements

Statements

of

Operations

(continued)

For

the

period

ended

June

30,

2025

(Unaudited)

www.impaxam.com

Semiannual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

44

International

Sustainable

Economy

Fund

Core

Bond

Fund

High

Yield

Bond

Fund

Sustainable

Allocation

Fund

Investment

income:

Dividends:

(net

of

foreign

taxes

of

$

1,666,679

,

$

–

,

$

–

and

$

–

,

respectively)

...................

$27,599,883

$29,596

$44,584

$—

Dividends

from

affiliates

-

Note

C

.........

—

—

—

25,382,860

Interest

...............................

308,534

18,474,540

17,920,708

597,993

Income

from

securities

lending

-

Note

A

.......

54

22,422

—

—

Other

income

...........................

—

—

—

6,109

Total

investment

income

................

27,908,471

18,526,558

17,965,292

25,986,962

Expenses:

Investment

advisory

fees

-

Note

B

...........

2,954,148

1,659,479

1,309,675

558,742

Distribution

expenses

Investor

Class

-

Note

B

...

129,830

17,509

150,808

1,614,830

Distribution

expenses

Class

A

-

Note

B

........

6,332

Transfer

agent

fees

-

Note

A

................

—

55,376

237,411

—

Printing

and

other

shareholder

communication

fees

..................................

—

1,364

53,979

—

Custodian

fees

..........................

—

81,895

59,593

—

Legal

fees

and

related

expenses

............

—

43,760

35,317

—

Trustees’

fees

and

expenses

-

Note

B

........

—

58,915

47,928

—

Compliance

expense

.....................

—

10,836

10,465

—

Audit

fees

.............................

—

28,554

26,451

—

Registration

and

filing

fees

.................

—

29,312

36,883

—

Other

expenses

.........................

11

33,123

8,869

—

Total

Expenses

......................

3,083,989

2,020,123

1,983,711

2,173,572

Net

investment

income

...............

24,824,482

16,506,435

15,981,581

23,813,390

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

-

Note

A

and

C

Net

realized

gain

(loss)

on:

Investments

in

unaffiliated

issuers

...........

57,603,183

(11,566,683)

(3,496,926)

—

Investment

in

affiliated

issuers

..............

—

—

—

(2,401,327)

Foreign

currency

transactions

..............

244,446

—

—

—

Change

in

unrealized

appreciation

(depreciation)

on:

Investments

in

unaffiliated

issuers

...........

161,844,230

25,111,795

12,879,113

—

Investment

in

affiliated

issuers

..............

—

—

—

91,727,467

Foreign

currency

translation

................

744,979

—

—

—

Net

realized

and

unrealized

gain

on

investments

and

foreign

currency

....

220,436,838

13,545,112

9,382,187

89,326,140

Net

increase

in

net

assets

resulting

from

operations

.....................

$245,261,320

$30,051,547

$25,363,768

$113,139,530

Financial

Statements

Statements

of

Changes

in

Net

Assets

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Semiannual

Report

45

Large

Cap

Fund

Small

Cap

Fund

Six

Months

Ended

June

30,

2025

(unaudited)

Year

Ended

December

31,

2024

Six

Months

Ended

June

30,

2025

(unaudited)

Year

Ended

December

31,

2024

Increase

(decrease)

in

net

assets:

Operations:

Investment

income,

net

............

$4,488,452

$11,625,863

$(416,453)

$1,162,986

Net

realized

gain

on

investments

and

foreign

currency

transactions

......

102,516,465

195,868,488

4,943,301

54,026,773

Change

in

unrealized

appreciation

(depreciation)

on

investments

and

foreign

currency

translations

......

(76,814,237)

(14,239,226)

(32,403,943)

40,377,741

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

30,190,680

193,255,125

(27,877,095)

95,567,500

Distributions

from

distributable

earning

-

Investor

Class

...................

(133,516)

(10,658,577)

(4,647,968)

Distributions

from

distributable

earning

-

Class

A

........................

(635,017)

Distributions

from

distributable

earning

-

Institutional

Class

................

(4,405,500)

(207,033,360)

(30,933,503)

Total

distributions

to

shareholders

.....

(4,539,016)

(217,691,937)

—

(36,216,488)

From

capital

share

transactions:

Investor

Class

Proceeds

from

shares

sold

...........

12,250,461

24,458,719

8,342,510

6,455,538

Proceeds

from

reinvestment

of

distributions

....................

124,003

10,039,151

4,385,003

Cost

of

shares

redeemed

............

(32,269,965)

(24,323,141)

(10,907,002)

(22,472,529)

Net

increase

(decrease)

from

Investor

Class

transactions

...............

(19,895,501)

10,174,729

(2,564,492)

(11,631,988)

Class

A

Proceeds

from

shares

sold

...........

1,029,659

2,444,209

Proceeds

from

reinvestment

of

distributions

....................

585,865

Cost

of

shares

redeemed

............

(1,284,586)

(2,980,996)

Net

increase

(decrease)

from

Class

A

transactions

....................

(254,927)

49,078

Institutional

Class

Proceeds

from

shares

sold

...........

24,160,841

80,243,884

30,466,070

94,998,836

Proceeds

from

reinvestment

of

distributions

....................

4,381,762

206,059,271

28,184,856

Cost

of

shares

redeemed

............

(345,582,047)

(346,132,842)

(72,734,070)

(121,981,291)

Net

increase

(decrease)

from

Institutional

Class

transactions

...............

(317,039,444)

(59,829,687)

(42,268,000)

1,202,401

Net

decrease

from

capital

share

transactions

......................

(336,934,945)

(49,654,958)

(45,087,419)

(10,380,509)

Net

increase

(decrease)

in

net

assets

.....................

(311,283,281)

(74,091,770)

(72,964,514)

48,970,503

Net

assets

Beginning

of

period

................

1,369,084,701

1,443,176,471

725,997,492

677,026,989

End

of

period

.....................

$1,057,801,420

$1,369,084,701

$653,032,978

$725,997,492

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

www.impaxam.com

Semiannual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

46

Large

Cap

Fund

Small

Cap

Fund

Six

Months

Ended

June

30,

2025

(unaudited)

Year

Ended

December

31,

2024

Six

Months

Ended

June

30,

2025

(unaudited)

Year

Ended

December

31,

2024

Shares

of

Beneficial

Interest:

Investor

Class

Shares

sold

.......................

988,088

1,689,447

529,878

381,373

Shares

issued

in

reinvestment

of

distributions

.......................

9,650

782,053

250,429

Shares

redeemed

...................

(2,761,134)

(1,711,463)

(668,610)

(1,328,381)

Net

increase

(decrease)

in

shares

outstanding

........................

(1,763,396)

760,037

(138,732)

(696,579)

Class

A

Shares

sold

.......................

61,645

145,694

Shares

issued

in

reinvestment

of

distributions

.......................

33,593

Shares

redeemed

...................

(77,675)

(177,756)

Net

increase

(decrease)

in

shares

outstanding

........................

(16,030)

1,531

Institutional

Class

Shares

sold

.......................

1,983,021

5,677,742

1,798,883

5,469,591

Shares

issued

in

reinvestment

of

distributions

.......................

339,671

15,970,408

1,578,824

Shares

redeemed

...................

(28,859,555)

(23,944,023)

(4,384,409)

(7,084,897)

Net

decrease

in

shares

outstanding

......

(26,536,863)

(2,295,873)

(2,585,526)

(36,482)

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Semiannual

Report

47

US

Sustainable

Economy

Fund

Global

Sustainable

Infrastructure

Fund

Six

Months

Ended

June

30,

2025

(unaudited)

Year

Ended

December

31,

2024

Six

Months

Ended

June

30,

2025

(unaudited)

Year

Ended

December

31,

2024

Increase

(decrease)

in

net

assets:

Operations:

Investment

income,

net

............

$1,758,173

$3,084,266

$1,134,594

$2,114,925

Net

realized

gain

(loss)

on

investments

and

foreign

currency

transactions

...

6,796,279

34,721,252

(2,418,709)

1,964,415

Change

in

unrealized

appreciation

(depreciation)

on

investments

and

foreign

currency

translations

......

21,827,827

20,760,837

17,259,685

(5,191,913)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

30,382,279

58,566,355

15,975,570

(1,112,573)

Distributions

from

distributable

earning

-

Investor

Class

...................

(551,685)

(29,508,948)

(66,881)

(124,160)

Distributions

from

distributable

earning

-

Class

A

........................

(25,576)

(1,566,010)

Distributions

from

distributable

earning

-

Institutional

Class

................

(1,115,176)

(16,454,071)

(1,067,251)

(1,901,231)

Total

distributions

to

shareholders

.....

(1,692,437)

(47,529,029)

(1,134,132)

(2,025,391)

From

capital

share

transactions:

Investor

Class

Proceeds

from

shares

sold

...........

3,471,074

8,778,548

792,874

747,843

Proceeds

from

reinvestment

of

distributions

....................

541,133

29,022,463

65,773

122,249

Cost

of

shares

redeemed

............

(14,400,439)

(24,300,572)

(1,022,402)

(1,338,380)

Net

increase

(decrease)

from

Investor

Class

transactions

...............

(10,388,232)

13,500,439

(163,755)

(468,288)

Class

A

Proceeds

from

shares

sold

...........

474,414

957,083

Proceeds

from

reinvestment

of

distributions

....................

25,203

1,533,712

Cost

of

shares

redeemed

............

(2,102,469)

(1,336,829)

Net

increase

(decrease)

from

Class

A

transactions

....................

(1,602,852)

1,153,966

Institutional

Class

Proceeds

from

shares

sold

...........

176,807,134

18,514,675

2,230,413

4,276,306

Proceeds

from

reinvestment

of

distributions

....................

1,099,349

15,951,421

1,055,807

1,831,039

Cost

of

shares

redeemed

............

(13,788,324)

(13,638,281)

(4,889,175)

(8,166,147)

Net

increase

(decrease)

from

Institutional

Class

transactions

...............

164,118,159

20,827,815

(1,602,955)

(2,058,802)

Net

increase

(decrease)

from

capital

share

transactions

......................

152,127,075

35,482,220

(1,766,710)

(2,527,090)

Net

increase

(decrease)

in

net

assets

.....................

180,816,917

46,519,546

13,074,728

(5,665,054)

Net

assets

Beginning

of

period

................

336,491,410

289,971,864

88,239,706

93,904,760

End

of

period

.....................

$517,308,327

$336,491,410

$101,314,434

$88,239,706

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

www.impaxam.com

Semiannual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

48

US

Sustainable

Economy

Fund

Global

Sustainable

Infrastructure

Fund

Six

Months

Ended

June

30,

2025

(unaudited)

Year

Ended

December

31,

2024

Six

Months

Ended

June

30,

2025

(unaudited)

Year

Ended

December

31,

2024

Shares

of

Beneficial

Interest:

Investor

Class

Shares

sold

.......................

152,521

351,785

82,941

80,957

Shares

issued

in

reinvestment

of

distributions

.......................

23,344

1,229,582

6,538

13,583

Shares

redeemed

...................

(632,430)

(964,475)

(108,642)

(144,042)

Net

increase

(decrease)

in

shares

outstanding

........................

(456,565)

616,892

(19,163)

(49,502)

Class

A

Shares

sold

.......................

21,333

37,284

Shares

issued

in

reinvestment

of

distributions

.......................

1,093

65,374

Shares

redeemed

...................

(93,902)

(53,877)

Net

increase

(decrease)

in

shares

outstanding

........................

(71,476)

48,781

Institutional

Class

Shares

sold

.......................

7,736,794

691,123

229,596

460,494

Shares

issued

in

reinvestment

of

distributions

.......................

45,037

641,994

104,432

202,638

Shares

redeemed

...................

(583,953)

(521,756)

(503,254)

(882,919)

Net

increase

(decrease)

in

shares

outstanding

........................

7,197,878

811,361

(169,226)

(219,787)

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Semiannual

Report

49

Global

Opportunities

Fund

Global

Environmental

Markets

Fund

Six

Months

Ended

June

30,

2025

(unaudited)

Year

Ended

December

31,

2024

Six

Months

Ended

June

30,

2025

(unaudited)

Year

Ended

December

31,

2024

Increase

(decrease)

in

net

assets:

Operations:

Investment

income,

net

............

$267,725

$465,645

$10,047,612

$12,118,257

Net

realized

gain

on

investments

and

foreign

currency

transactions

......

1,450,948

5,761,312

133,199,797

130,849,397

Change

in

unrealized

appreciation

(depreciation)

on

investments

and

foreign

currency

translations

......

8,772,131

1,336,233

59,731,965

(12,166,248)

Net

increase

in

net

assets

resulting

from

operations

.............

10,490,804

7,563,190

202,979,374

130,801,406

Distributions

from

distributable

earning

-

Investor

Class

...................

(10,079)

(218,609)

(792,123)

(7,426,368)

Distributions

from

distributable

earning

-

Class

A

........................

(96,280)

(818,064)

Distributions

from

distributable

earning

-

Institutional

Class

................

(289,682)

(3,374,273)

(11,553,874)

(98,172,152)

Total

distributions

to

shareholders

.....

(299,761)

(3,592,882)

(12,442,277)

(106,416,584)

From

capital

share

transactions:

Investor

Class

Proceeds

from

shares

sold

...........

295,478

1,719,780

3,590,254

8,190,983

Proceeds

from

reinvestment

of

distributions

....................

9,821

209,394

758,201

7,147,897

Cost

of

shares

redeemed

............

(1,172,245)

(1,864,636)

(23,019,676)

(33,370,783)

Net

increase

(decrease)

from

Investor

Class

transactions

...............

(866,946)

64,538

(18,671,221)

(18,031,903)

Class

A

Proceeds

from

shares

sold

...........

1,054,129

2,333,493

Proceeds

from

reinvestment

of

distributions

....................

86,195

760,749

Cost

of

shares

redeemed

............

(1,890,093)

(4,608,085)

Net

decrease

from

Class

A

transactions

.

(749,769)

(1,513,843)

Institutional

Class

Proceeds

from

shares

sold

...........

9,779,735

15,390,881

100,806,036

319,771,375

Proceeds

from

reinvestment

of

distributions

....................

278,122

3,287,781

10,572,746

91,998,475

Cost

of

shares

redeemed

............

(12,764,606)

(18,849,494)

(506,071,674)

(581,186,495)

Net

decrease

from

Institutional

Class

transactions

....................

(2,706,749)

(170,832)

(394,692,892)

(169,416,645)

Net

decrease

from

capital

share

transactions

......................

(3,573,695)

(106,294)

(414,113,882)

(188,962,391)

Net

increase

(decrease)

in

net

assets

.....................

6,617,348

3,864,014

(223,576,785)

(164,577,569)

Net

assets

Beginning

of

period

................

125,995,694

122,131,680

2,281,847,908

2,446,425,477

End

of

period

.....................

$132,613,042

$125,995,694

$2,058,271,123

$2,281,847,908

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

www.impaxam.com

Semiannual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

50

Global

Opportunities

Fund

Global

Environmental

Markets

Fund

Six

Months

Ended

June

30,

2025

(unaudited)

Year

Ended

December

31,

2024

Six

Months

Ended

June

30,

2025

(unaudited)

Year

Ended

December

31,

2024

Shares

of

Beneficial

Interest:

Investor

Class

Shares

sold

.......................

17,902

104,228

156,260

346,289

Shares

issued

in

reinvestment

of

distributions

.......................

581

12,787

31,710

313,579

Shares

redeemed

...................

(71,896)

(112,188)

(1,005,223)

(1,399,731)

Net

increase

(decrease)

in

shares

outstanding

........................

(53,413)

4,827

(817,253)

(739,863)

Class

A

Shares

sold

.......................

44,875

98,099

Shares

issued

in

reinvestment

of

distributions

.......................

3,613

33,437

Shares

redeemed

...................

(82,202)

(196,694)

Net

decrease

in

shares

outstanding

......

(33,714)

(65,158)

Institutional

Class

Shares

sold

.......................

576,420

889,118

4,356,051

13,323,985

Shares

issued

in

reinvestment

of

distributions

.......................

16,303

199,055

437,062

3,985,963

Shares

redeemed

...................

(749,973)

(1,109,673)

(21,962,910)

(24,102,281)

Net

decrease

in

shares

outstanding

......

(157,250)

(21,500)

(17,169,797)

(6,792,333)

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Semiannual

Report

51

Global

Social

Leaders

Fund

Global

Women’s

Leadership

Fund

Six

Months

Ended

June

30,

2025

(unaudited)

Year

Ended

December

31,

2024

Six

Months

Ended

June

30,

2025

(unaudited)

Year

Ended

December

31,

2024

Increase

(decrease)

in

net

assets:

Operations:

Investment

income,

net

............

$9,390

$13,270

$6,087,006

$12,121,796

Net

realized

gain

(loss)

on

investments

and

foreign

currency

transactions

...

(26,839)

13,426

31,002,127

84,049,848

Change

in

unrealized

appreciation

(depreciation)

on

investments

and

foreign

currency

translations

......

246,059

117,110

11,818,868

(5,570,264)

Net

increase

in

net

assets

resulting

from

operations

.............

228,610

143,806

48,908,001

90,601,380

Distributions

from

distributable

earning

-

Investor

Class

...................

(658)

(2,188)

(1,261,891)

(12,476,824)

Distributions

from

distributable

earning

-

Institutional

Class

................

(8,389)

(51,925)

(5,959,746)

(55,223,742)

Total

distributions

to

shareholders

.....

(9,047)

(54,113)

(7,221,637)

(67,700,566)

From

capital

share

transactions:

Investor

Class

Proceeds

from

shares

sold

...........

86,637

96,682

3,669,338

8,659,276

Proceeds

from

reinvestment

of

distributions

....................

654

2,186

1,187,225

11,774,946

Cost

of

shares

redeemed

............

(5,167)

(8,458)

(17,220,318)

(23,477,040)

Net

increase

(decrease)

from

Investor

Class

transactions

...............

82,124

90,410

(12,363,755)

(3,042,818)

Institutional

Class

Proceeds

from

shares

sold

...........

12,300

2,500

28,758,746

57,517,696

Proceeds

from

reinvestment

of

distributions

....................

7,141

49,272

5,308,629

49,813,790

Cost

of

shares

redeemed

............

(1,585)

(88,764,601)

(232,111,629)

Net

increase

(decrease)

from

Institutional

Class

transactions

...............

19,441

50,187

(54,697,226)

(124,780,143)

Net

increase

(decrease)

from

capital

share

transactions

......................

101,565

140,597

(67,060,981)

(127,822,961)

Net

increase

(decrease)

in

net

assets

.....................

321,128

230,290

(25,374,617)

(104,922,147)

Net

assets

Beginning

of

period

................

1,813,108

1,582,818

728,550,840

833,472,987

End

of

period

.....................

$2,134,236

$1,813,108

$703,176,223

$728,550,840

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

www.impaxam.com

Semiannual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

52

Global

Social

Leaders

Fund

Global

Women’s

Leadership

Fund

Six

Months

Ended

June

30,

2025

(unaudited)

Year

Ended

December

31,

2024

Six

Months

Ended

June

30,

2025

(unaudited)

Year

Ended

December

31,

2024

Shares

of

Beneficial

Interest:

Investor

Class

Shares

sold

.......................

7,743

8,762

112,790

262,956

Shares

issued

in

reinvestment

of

distributions

.......................

55

196

35,684

361,238

Shares

redeemed

...................

(451)

(752)

(525,267)

(709,396)

Net

increase

(decrease)

in

shares

outstanding

........................

7,347

8,206

(376,793)

(85,202)

Institutional

Class

Shares

sold

.......................

1,082

239

878,361

1,726,448

Shares

issued

in

reinvestment

of

distributions

.......................

595

4,419

158,136

1,514,612

Shares

redeemed

...................

(144)

(2,757,027)

(6,970,769)

Net

increase

(decrease)

in

shares

outstanding

........................

1,677

4,514

(1,720,530)

(3,729,709)

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Semiannual

Report

53

International

Sustainable

Economy

Fund

Core

Bond

Fund

Six

Months

Ended

June

30,

2025

(unaudited)

Year

Ended

December

31,

2024

Six

Months

Ended

June

30,

2025

(unaudited)

Year

Ended

December

31,

2024

Increase

(decrease)

in

net

assets:

Operations:

Investment

income,

net

............

$24,824,482

$30,023,134

$16,506,435

$32,974,290

Net

realized

gain

(loss)

on

investments

and

foreign

currency

transactions

...

57,847,629

39,759,261

(11,566,683)

(6,316,373)

Change

in

unrealized

appreciation

(depreciation)

on

investments

and

foreign

currency

translations

......

162,589,209

(13,609,138)

25,111,795

(13,111,232)

Net

increase

in

net

assets

resulting

from

operations

.............

245,261,320

56,173,257

30,051,547

13,546,685

Distributions

from

distributable

earning

-

Investor

Class

...................

(1,661,941)

(2,846,375)

(255,257)

(426,881)

Distributions

from

distributable

earning

-

Institutional

Class

................

(21,375,011)

(38,290,694)

(15,895,044)

(32,164,241)

Total

distributions

to

shareholders

.....

(23,036,952)

(41,137,069)

(16,150,301)

(32,591,122)

From

capital

share

transactions:

Investor

Class

Proceeds

from

shares

sold

...........

23,644,860

29,582,926

3,722,426

2,644,757

Proceeds

from

reinvestment

of

distributions

....................

1,629,172

2,782,881

250,857

420,817

Cost

of

shares

redeemed

............

(21,063,176)

(28,471,080)

(2,049,857)

(1,995,869)

Net

increase

from

Investor

Class

transactions

....................

4,210,856

3,894,727

1,923,426

1,069,705

Institutional

Class

Proceeds

from

shares

sold

...........

165,857,451

242,292,306

20,496,568

31,023,844

Proceeds

from

reinvestment

of

distributions

....................

19,009,718

34,196,322

15,885,364

32,139,783

Cost

of

shares

redeemed

............

(159,110,799)

(205,837,635)

(46,200,196)

(106,126,112)

Net

increase

(decrease)

from

Institutional

Class

transactions

...............

25,756,370

70,650,993

(9,818,264)

(42,962,485)

Net

increase

(decrease)

from

capital

share

transactions

......................

29,967,226

74,545,720

(7,894,838)

(41,892,780)

Net

increase

(decrease)

in

net

assets

.....................

252,191,594

89,581,908

6,006,408

(60,937,217)

Net

assets

Beginning

of

period

................

1,225,304,146

1,135,722,238

835,401,072

896,338,289

End

of

period

.....................

$1,477,495,740

$1,225,304,146

$841,407,480

$835,401,072

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

www.impaxam.com

Semiannual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

54

International

Sustainable

Economy

Fund

Core

Bond

Fund

Six

Months

Ended

June

30,

2025

(unaudited)

Year

Ended

December

31,

2024

Six

Months

Ended

June

30,

2025

(unaudited)

Year

Ended

December

31,

2024

Shares

of

Beneficial

Interest:

Investor

Class

Shares

sold

.......................

2,101,110

2,712,668

425,199

302,540

Shares

issued

in

reinvestment

of

distributions

.......................

137,832

261,478

28,530

47,948

Shares

redeemed

...................

(1,844,733)

(2,623,070)

(235,028)

(228,129)

Net

increase

in

shares

outstanding

......

394,209

351,076

218,701

122,359

Institutional

Class

Shares

sold

.......................

14,876,384

23,010,763

2,348,209

3,533,613

Shares

issued

in

reinvestment

of

distributions

.......................

1,645,863

3,289,155

1,807,008

3,664,867

Shares

redeemed

...................

(14,180,106)

(19,549,571)

(5,283,849)

(12,064,273)

Net

increase

(decrease)

in

shares

outstanding

........................

2,342,141

6,750,347

(1,128,632)

(4,865,793)

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Semiannual

Report

55

High

Yield

Bond

Fund

Sustainable

Allocation

Fund

Six

Months

Ended

June

30,

2025

(unaudited)

Year

Ended

December

31,

2024

Six

Months

Ended

June

30,

2025

(unaudited)

Year

Ended

December

31,

2024

Increase

(decrease)

in

net

assets:

Operations:

Investment

income,

net

............

$15,981,581

$30,643,753

$23,813,390

$47,194,667

Net

realized

gain

(loss)

on

investments

and

foreign

currency

transactions

...

(3,496,926)

(28,337,498)

(2,401,327)

154,790,479

Change

in

unrealized

appreciation

(depreciation)

on

investments

and

foreign

currency

translations

......

12,879,113

30,097,121

91,727,467

(31,182,453)

Net

increase

in

net

assets

resulting

from

operations

.............

25,363,768

32,403,376

113,139,530

170,802,693

Distributions

from

distributable

earning

-

Investor

Class

...................

(3,560,950)

(7,028,433)

(26,235,736)

(49,450,416)

Distributions

from

distributable

earning

-

Class

A

........................

(149,138)

(242,200)

Distributions

from

distributable

earning

-

Institutional

Class

................

(12,250,482)

(23,776,319)

(20,140,144)

(35,498,005)

Total

distributions

to

shareholders

.....

(15,960,570)

(31,046,952)

(46,375,880)

(84,948,421)

From

capital

share

transactions:

Investor

Class

Proceeds

from

shares

sold

...........

12,532,843

36,114,697

11,941,532

25,087,500

Proceeds

from

reinvestment

of

distributions

....................

3,433,690

6,780,935

25,351,747

47,955,255

Cost

of

shares

redeemed

............

(20,287,773)

(51,064,614)

(92,410,536)

(159,207,569)

Net

decrease

from

Investor

Class

transactions

....................

(4,321,240)

(8,168,982)

(55,117,257)

(86,164,814)

Class

A

Proceeds

from

shares

sold

...........

2,460,604

1,049,016

Proceeds

from

reinvestment

of

distributions

....................

118,594

221,905

Cost

of

shares

redeemed

............

(581,758)

(1,219,494)

Net

increase

from

Class

A

transactions

.

1,997,440

51,427

Institutional

Class

Proceeds

from

shares

sold

...........

28,915,419

66,472,637

42,880,314

103,649,295

Proceeds

from

reinvestment

of

distributions

....................

11,020,813

21,217,319

19,404,831

34,300,051

Cost

of

shares

redeemed

............

(62,895,988)

(103,027,378)

(77,130,439)

(133,945,754)

Net

increase

(decrease)

from

Institutional

Class

transactions

...............

(22,959,756)

(15,337,422)

(14,845,294)

4,003,592

Net

decrease

from

capital

share

transactions

......................

(25,283,556)

(23,454,977)

(69,962,551)

(82,161,222)

Net

increase

(decrease)

in

net

assets

.....................

(15,880,358)

(22,098,553)

(3,198,901)

3,693,050

Net

assets

Beginning

of

period

................

541,242,944

563,341,497

2,303,007,720

2,299,314,670

End

of

period

.....................

$525,362,586

$541,242,944

$2,299,808,819

$2,303,007,720

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

www.impaxam.com

Semiannual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

56

High

Yield

Bond

Fund

Sustainable

Allocation

Fund

Six

Months

Ended

June

30,

2025

(unaudited)

Year

Ended

December

31,

2024

Six

Months

Ended

June

30,

2025

(unaudited)

Year

Ended

December

31,

2024

Shares

of

Beneficial

Interest:

Investor

Class

Shares

sold

.......................

2,076,529

6,052,884

463,482

968,288

Shares

issued

in

reinvestment

of

distributions

.......................

566,016

1,128,265

958,815

1,862,353

Shares

redeemed

...................

(3,374,455)

(8,537,234)

(3,564,847)

(6,119,449)

Net

decrease

in

shares

outstanding

......

(731,910)

(1,356,085)

(2,142,550)

(3,288,808)

Class

A

Shares

sold

.......................

409,050

174,799

Shares

issued

in

reinvestment

of

distributions

.......................

19,533

36,830

Shares

redeemed

...................

(95,893)

(203,259)

Net

increase

in

shares

outstanding

......

332,690

8,370

Institutional

Class

Shares

sold

.......................

4,809,163

11,060,148

1,605,841

3,882,704

Shares

issued

in

reinvestment

of

distributions

.......................

1,824,181

3,541,201

716,046

1,301,749

Shares

redeemed

...................

(10,445,201)

(17,216,324)

(2,911,164)

(5,045,148)

Net

increase

(decrease)

in

shares

outstanding

........................

(3,811,857)

(2,614,975)

(589,277)

139,305

Financial

Highlights

Impax

Large

Cap

Fund

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Semiannual

Report

57

a

Six

Months

Ended

June

30,

2025

(unaudited)

Year

Ended

December

31,

2024

2023

2022

2021

2020

Investor

Class

Net

asset

value,

beginning

of

period

.....

$12.73

$13.24

$11.52

$14.82

$12.02

$10.38

Net

investment

income

1

.............

0.03

0.08

0.09

0.06

0.03

0.06

Net

realized

and

unrealized

gains

(losses)

0.65

1.75

2.20

(3.02)

3.63

2.38

Total

from

investment

operations

........

0.68

1.83

2.29

(2.96)

3.66

2.44

Distributions

to

shareholders

From

net

investment

income

.........

0.04

0.10

0.10

0.08

0.03

0.07

From

net

realized

gains

.............

—

2.24

0.47

0.26

0.83

0.73

Total

distributions

...................

0.04

2.34

0.57

0.34

0.86

0.80

Net

asset

value,

end

of

period

..........

$13.37

$12.73

$13.24

$11.52

$14.82

$12.02

Total

return

2

.......................

5.35%

13.72%

19.90%

(19.99)%

30.57%

23.75%

Net

assets,

end

of

period

(in

$000’s)

.....

$45,377

$65,658

$58,218

$56,667

$57,965

$21,351

Ratios

to

average

net

assets

3

Net

expenses

including

reimbursements

and

waivers

.........................

0.99%

0.98%

0.98%

0.97%

0.97%

0.95%

Net

investment

income

...............

0.54%

0.57%

0.71%

0.49%

0.22%

0.51%

Total

expenses

excluding

reimbursements

and

waivers

......................

0.99%

0.98%

0.98%

0.97%

0.97%

0.95%

Portfolio

Turnover

...................

38%

4

36%

44%

34%

25%

43%

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

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

Semiannual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

58

a

Six

Months

Ended

June

30,

2025

(unaudited)

Year

Ended

December

31,

2024

2023

2022

2021

2020

Institutional

Class

Net

asset

value,

beginning

of

period

.....

$12.78

$13.28

$11.56

$14.87

$12.05

$10.40

Net

investment

income

1

.............

0.05

0.12

0.12

0.09

0.07

0.09

Net

realized

and

unrealized

gains

(losses)

0.65

1.75

2.20

(3.03)

3.64

2.38

Total

from

investment

operations

........

0.70

1.87

2.32

(2.94)

3.71

2.47

Distributions

to

shareholders

From

net

investment

income

.........

0.06

0.13

0.13

0.11

0.06

0.09

From

net

realized

gains

.............

—

2.24

0.47

0.26

0.83

0.73

Total

distributions

...................

0.06

2.37

0.60

0.37

0.89

0.82

Net

asset

value,

end

of

period

..........

$13.42

$12.78

$13.28

$11.56

$14.87

$12.05

Total

return

2

.......................

5.48%

14.02%

20.12%

(19.77)%

30.92%

23.99%

Net

assets,

end

of

period

(in

$000’s)

.....

$1,012,424

$1,303,427

$1,384,959

$1,291,988

$1,511,547

$1,020,242

Ratios

to

average

net

assets

3

Net

expenses

including

reimbursements

and

waivers

.........................

0.74%

0.73%

0.73%

0.72%

0.71%

0.70%

Net

investment

income

...............

0.77%

0.81%

0.96%

0.73%

0.47%

0.84%

Total

expenses

excluding

reimbursements

and

waivers

......................

0.74%

0.73%

0.73%

0.72%

0.71%

0.70%

Portfolio

Turnover

...................

38%

4

36%

44%

34%

25%

43%

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

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

Semiannual

Report

59

a

Six

Months

Ended

June

30,

2025

(unaudited)

Year

Ended

December

31,

2024

2023

2022

2021

2020

Investor

Class

Net

asset

value,

beginning

of

period

.....

$17.38

$15.96

$14.06

$18.72

$15.78

$14.67

Net

investment

income

(loss)

1

........

(0.03)

(0.01)

(0.02)

(0.03)

0.08

(0.03)

Net

realized

and

unrealized

gains

(losses)

(0.61)

2.33

1.92

(4.28)

4.66

1.75

Total

from

investment

operations

........

(0.64)

2.32

1.90

(4.31)

4.74

1.72

Distributions

to

shareholders

From

net

investment

income

.........

—

—

—

—

0.04

—

From

net

realized

gains

.............

—

0.90

—

0.35

1.76

0.61

Total

distributions

...................

—

0.90

—

0.35

1.80

0.61

Net

asset

value,

end

of

period

..........

$16.74

$17.38

$15.96

$14.06

$18.72

$15.78

Total

return

2

.......................

(3.68)%

14.51%

13.51%

(22.97)%

30.26%

11.77%

Net

assets,

end

of

period

(in

$000’s)

.....

$87,252

$93,020

$96,548

$93,090

$125,234

$102,582

Ratios

to

average

net

assets

3

Net

expenses

including

reimbursements

and

waivers

.........................

1.17%

1.15%

1.16%

1.16%

1.15%

1.19%

Net

investment

income

(loss)

..........

(0.34)%

(0.05)%

(0.11)%

(0.23)%

4

0.44%

(0.23)%

Total

expenses

excluding

reimbursements

and

waivers

......................

1.17%

1.15%

1.16%

1.16%

1.15%

1.19%

Portfolio

Turnover

...................

12%

5

48%

43%

38%

44%

73%

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

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

Semiannual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

60

a

Six

Months

Ended

June

30,

2025

(unaudited)

Year

Ended

December

31,

2024

2023

2022

2021

2020

Class

A

Net

asset

value,

beginning

of

period

.....

$17.32

$15.91

$14.01

$18.66

$15.73

$14.63

Net

investment

income

(loss)

1

........

(0.03)

(0.01)

(0.02)

(0.03)

0.08

(0.03)

Net

realized

and

unrealized

gains

(losses)

(0.61)

2.32

1.92

(4.27)

4.65

1.74

Total

from

investment

operations

........

(0.64)

2.31

1.90

(4.30)

4.73

1.71

Distributions

to

shareholders

From

net

investment

income

.........

—

—

—

—

0.04

—

From

net

realized

gains

.............

—

0.90

—

0.35

1.76

0.61

Total

distributions

...................

—

0.90

—

0.35

1.80

0.61

Net

asset

value,

end

of

period

..........

$16.68

$17.32

$15.91

$14.01

$18.66

$15.73

Total

return

2

.......................

(3.70)%

14.49%

13.56%

(23.03)%

30.29%

11.73%

Net

assets,

end

of

period

(in

$000’s)

.....

$12,024

$12,763

$11,700

$10,895

$14,305

$10,948

Ratios

to

average

net

assets

3

Net

expenses

including

reimbursements

and

waivers

.........................

1.17%

1.15%

1.16%

1.16%

1.15%

1.19%

Net

investment

income

(loss)

..........

(0.33)%

(0.05)%

(0.10)%

(0.23)%

4

0.44%

(0.23)%

Total

expenses

excluding

reimbursements

and

waivers

......................

1.17%

1.15%

1.16%

1.16%

1.15%

1.19%

Portfolio

Turnover

...................

12%

5

48%

43%

38%

44%

73%

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

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

shares

would

have

been

(0.22%).

5

Not

annualized.

Financial

Highlights

Impax

Small

Cap

Fund

(continued)

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Semiannual

Report

61

a

Six

Months

Ended

June

30,

2025

(unaudited)

Year

Ended

December

31,

2024

2023

2022

2021

2020

Institutional

Class

Net

asset

value,

beginning

of

period

.....

$17.75

$16.26

$14.29

$18.99

$15.99

$14.82

Net

investment

income

(loss)

1

........

(0.01)

0.04

0.02

0.01

0.14

—

Net

realized

and

unrealized

gains

(losses)

(0.63)

2.37

1.95

(4.34)

4.71

1.78

Total

from

investment

operations

........

(0.64)

2.41

1.97

(4.33)

4.85

1.78

Distributions

to

shareholders

From

net

investment

income

.........

—

0.02

—

0.02

0.09

—

From

net

realized

gains

.............

—

0.90

—

0.35

1.76

0.61

Total

distributions

...................

—

0.92

—

0.37

1.85

0.61

Net

asset

value,

end

of

period

..........

$17.11

$17.75

$16.26

$14.29

$18.99

$15.99

Total

return

2

.......................

(3.61)%

14.79%

13.79%

(22.80)%

30.54%

12.06%

Net

assets,

end

of

period

(in

$000’s)

.....

$553,757

$620,214

$568,779

$484,498

$603,123

$352,709

Ratios

to

average

net

assets

3

Net

expenses

including

reimbursements

and

waivers

.........................

0.92%

0.90%

0.91%

0.91%

0.90%

0.94%

Net

investment

income

(loss)

..........

(0.09)%

0.21%

0.15%

0.03%

4

0.73%

0.02%

Total

expenses

excluding

reimbursements

and

waivers

......................

0.92%

0.90%

0.91%

0.91%

0.90%

0.94%

Portfolio

Turnover

...................

12%

5

48%

43%

38%

44%

73%

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

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

Semiannual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

62

a

Six

Months

Ended

June

30,

2025

(unaudited)

Year

Ended

December

31,

2024

2023

2022

2021

2020

Investor

Class

Net

asset

value,

beginning

of

period

.....

$23.32

$22.51

$19.19

$25.28

$23.78

$21.41

Net

investment

income

1

.............

0.09

0.22

0.23

0.22

0.20

0.23

Net

realized

and

unrealized

gains

(losses)

0.74

4.39

4.42

(4.84)

6.83

2.60

Total

from

investment

operations

........

0.83

4.61

4.65

(4.62)

7.03

2.83

Distributions

to

shareholders

From

net

investment

income

.........

0.07

0.49

0.10

0.37

0.20

0.22

From

net

realized

gains

.............

—

3.31

1.23

1.06

5.33

0.24

Tax

return

of

capital

................

—

—

—

0.04

—

—

Total

distributions

...................

0.07

3.80

1.33

1.47

5.53

0.46

Net

asset

value,

end

of

period

..........

$24.08

$23.32

$22.51

$19.19

$25.28

$23.78

Total

return

2

.......................

3.55%

20.41%

24.39%

(18.25)%

30.02%

13.34%

Net

assets,

end

of

period

(in

$000’s)

.....

$202,469

$206,720

$185,687

$159,822

$205,407

$170,315

Ratios

to

average

net

assets

3

Net

expenses

including

reimbursements

and

waivers

.........................

0.70%

0.71%

0.70%

0.70%

0.74%

0.90%

Net

investment

income

...............

0.77%

0.87%

1.06%

1.01%

0.74%

1.10%

Total

expenses

excluding

reimbursements

and

waivers

......................

0.86%

0.88%

0.88%

0.88%

0.88%

0.90%

Portfolio

Turnover

...................

35%

4

45%

43%

37%

47%

65%

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

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

Semiannual

Report

63

a

Six

Months

Ended

June

30,

2025

(unaudited)

Year

Ended

December

31,

2024

2023

2022

2021

2020

Class

A

Net

asset

value,

beginning

of

period

.....

$23.19

$22.41

$19.11

$25.18

$23.71

$21.35

Net

investment

income

1

.............

0.09

0.22

0.22

0.22

0.20

0.23

Net

realized

and

unrealized

gains

(losses)

0.73

4.36

4.42

(4.82)

6.80

2.59

Total

from

investment

operations

........

0.82

4.58

4.64

(4.60)

7.00

2.82

Distributions

to

shareholders

From

net

investment

income

.........

0.06

0.49

0.11

0.37

0.20

0.22

From

net

realized

gains

.............

—

3.31

1.23

1.06

5.33

0.24

Tax

return

of

capital

................

—

—

—

0.04

—

—

Total

distributions

...................

0.06

3.80

1.34

1.47

5.53

0.46

Net

asset

value,

end

of

period

..........

$23.95

$23.19

$22.41

$19.11

$25.18

$23.71

Total

return

2

.......................

3.56%

20.37%

24.39%

(18.24)%

29.99%

13.33%

Net

assets,

end

of

period

(in

$000’s)

.....

$9,577

$10,932

$9,469

$8,142

$10,150

$6,599

Ratios

to

average

net

assets

3

Net

expenses

including

reimbursements

and

waivers

.........................

0.70%

0.71%

0.70%

0.70%

0.74%

0.90%

Net

investment

income

...............

0.76%

0.87%

1.06%

1.01%

0.74%

1.11%

Total

expenses

excluding

reimbursements

and

waivers

......................

0.86%

0.87%

0.88%

0.88%

0.88%

0.90%

Portfolio

Turnover

...................

35%

4

45%

43%

37%

47%

65%

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

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

Semiannual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

64

a

Six

Months

Ended

June

30,

2025

(unaudited)

Year

Ended

December

31,

2024

2023

2022

2021

2020

Institutional

Class

Net

asset

value,

beginning

of

period

.....

$24.55

$23.53

$19.99

$26.25

$24.52

$22.07

Net

investment

income

1

.............

0.13

0.30

0.29

0.28

0.28

0.29

Net

realized

and

unrealized

gains

(losses)

0.77

4.58

4.61

(5.02)

7.05

2.67

Total

from

investment

operations

........

0.90

4.88

4.90

(4.74)

7.33

2.96

Distributions

to

shareholders

From

net

investment

income

.........

0.09

0.55

0.13

0.42

0.27

0.27

From

net

realized

gains

.............

—

3.31

1.23

1.06

5.33

0.24

Tax

return

of

capital

................

—

—

—

0.04

—

—

Total

distributions

...................

0.09

3.86

1.36

1.52

5.60

0.51

Net

asset

value,

end

of

period

..........

$25.36

$24.55

$23.53

$19.99

$26.25

$24.52

Total

return

2

.......................

3.69%

20.69%

24.65%

(18.01)%

30.35%

13.57%

Net

assets,

end

of

period

(in

$000’s)

.....

$305,262

$118,840

$94,815

$80,572

$98,866

$79,301

Ratios

to

average

net

assets

3

Net

expenses

including

reimbursements

and

waivers

.........................

0.45%

0.46%

0.45%

0.45%

0.49%

0.65%

Net

investment

income

...............

1.06%

1.12%

1.31%

1.27%

0.99%

1.35%

Total

expenses

excluding

reimbursements

and

waivers

......................

0.60%

0.62%

0.63%

0.63%

0.63%

0.65%

Portfolio

Turnover

...................

35%

4

45%

43%

37%

47%

65%

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

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

Semiannual

Report

65

a

Six

Months

Ended

June

30,

2025

(unaudited)

Year

Ended

December

31,

2024

2023

2022

2021

2020

Investor

Class

Net

asset

value,

beginning

of

period

.....

$8.78

$9.10

$8.53

$10.11

$14.17

$12.78

Net

investment

income

1

.............

0.10

0.19

0.22

0.24

0.41

0.23

Net

realized

and

unrealized

gains

(losses)

1.50

(0.33)

0.57

(1.61)

1.48

1.56

Total

from

investment

operations

........

1.60

(0.14)

0.79

(1.37)

1.89

1.79

Distributions

to

shareholders

From

net

investment

income

.........

0.11

0.18

0.22

0.21

0.32

0.21

From

net

realized

gains

.............

—

—

—

—

5.63

0.19

Total

distributions

...................

0.11

0.18

0.22

0.21

5.95

0.40

Net

asset

value,

end

of

period

..........

$10.27

$8.78

$9.10

$8.53

$10.11

$14.17

Total

return

2

.......................

18.21%

(1.56)%

9.33%

(13.44)%

13.98%

14.25%

Net

assets,

end

of

period

(in

$000’s)

.....

$6,574

$5,787

$6,448

$5,816

$5,432

$4,014

Ratios

to

average

net

assets

3

Net

expenses

including

reimbursements

and

waivers

.........................

0.90%

0.87%

0.80%

0.80%

0.83%

0.90%

Net

investment

income

...............

2.20%

2.01%

2.45%

2.64%

2.70%

1.80%

Total

expenses

excluding

reimbursements

and

waivers

......................

0.90%

0.90%

0.90%

0.90%

0.90%

0.90%

Portfolio

Turnover

...................

24%

4

34%

89%

54%

127%

93%

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

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

Semiannual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

66

a

Six

Months

Ended

June

30,

2025

(unaudited)

Year

Ended

December

31,

2024

2023

2022

2021

2020

Institutional

Class

Net

asset

value,

beginning

of

period

.....

$8.82

$9.14

$8.57

$10.16

$14.21

$12.81

Net

investment

income

1

.............

0.12

0.21

0.24

0.26

0.43

0.26

Net

realized

and

unrealized

gains

(losses)

1.50

(0.32)

0.57

(1.62)

1.51

1.57

Total

from

investment

operations

........

1.62

(0.11)

0.81

(1.36)

1.94

1.83

Distributions

to

shareholders

From

net

investment

income

.........

0.12

0.21

0.24

0.23

0.36

0.24

From

net

realized

gains

.............

—

—

—

—

5.63

0.19

Total

distributions

...................

0.12

0.21

0.24

0.23

5.99

0.43

Net

asset

value,

end

of

period

..........

$10.32

$8.82

$9.14

$8.57

$10.16

$14.21

Total

return

2

.......................

18.37%

(1.30)%

9.55%

(13.25)%

14.27%

14.54%

Net

assets,

end

of

period

(in

$000’s)

.....

$94,741

$82,453

$87,457

$101,022

$92,244

$136,036

Ratios

to

average

net

assets

3

Net

expenses

including

reimbursements

and

waivers

.........................

0.65%

0.62%

0.55%

0.55%

0.58%

0.65%

Net

investment

income

...............

2.44%

2.26%

2.69%

2.89%

2.81%

2.06%

Total

expenses

excluding

reimbursements

and

waivers

......................

0.65%

0.65%

0.65%

0.65%

0.65%

0.65%

Portfolio

Turnover

...................

24%

4

34%

89%

54%

127%

93%

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

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

Semiannual

Report

67

a

Six

Months

Ended

June

30,

2025

(unaudited)

Year

Ended

December

31,

2024

2023

2022

2021

2020

Investor

Class

Net

asset

value,

beginning

of

period

.....

$16.24

$15.73

$13.69

$17.09

$14.66

$12.04

Net

investment

income

(loss)

1

........

0.02

0.02

0.02

0.01

(0.02)

(0.01)

Net

realized

and

unrealized

gains

(losses)

1.34

0.95

2.05

(3.20)

2.76

2.75

Total

from

investment

operations

........

1.36

0.97

2.07

(3.19)

2.74

2.74

Distributions

to

shareholders

From

net

investment

income

.........

0.02

0.05

0.03

0.03

—

—

From

net

realized

gains

.............

—

0.41

—

0.18

0.31

0.12

Total

distributions

...................

0.02

0.46

0.03

0.21

0.31

0.12

Net

asset

value,

end

of

period

..........

$17.58

$16.24

$15.73

$13.69

$17.09

$14.66

Total

return

2

.......................

8.40%

6.14%

15.16%

(18.66)%

18.69%

22.76%

Net

assets,

end

of

period

(in

$000’s)

.....

$7,666

$7,952

$7,627

$5,260

$5,784

$3,401

Ratios

to

average

net

assets

3

Net

expenses

including

reimbursements

and

waivers

.........................

1.23%

1.23%

1.23%

1.23%

1.21%

1.18%

Net

investment

income

(loss)

..........

0.18%

0.14%

0.12%

0.09%

(0.15)%

(0.06)%

Total

expenses

excluding

reimbursements

and

waivers

......................

1.35%

1.33%

1.33%

1.33%

1.32%

1.56%

Portfolio

Turnover

...................

28%

4

32%

33%

38%

30%

34%

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

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

Semiannual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

68

a

Six

Months

Ended

June

30,

2025

(unaudited)

Year

Ended

December

31,

2024

2023

2022

2021

2020

Institutional

Class

Net

asset

value,

beginning

of

period

.....

$16.37

$15.83

$13.75

$17.15

$14.69

$12.04

Net

investment

income

1

.............

0.04

0.06

0.06

0.05

0.02

0.02

Net

realized

and

unrealized

gains

(losses)

1.35

0.96

2.07

(3.22)

2.76

2.76

Total

from

investment

operations

........

1.39

1.02

2.13

(3.17)

2.78

2.78

Distributions

to

shareholders

From

net

investment

income

.........

0.04

0.07

0.05

0.05

0.01

0.01

From

net

realized

gains

.............

—

0.41

—

0.18

0.31

0.12

Total

distributions

...................

0.04

0.48

0.05

0.23

0.32

0.13

Net

asset

value,

end

of

period

..........

$17.72

$16.37

$15.83

$13.75

$17.15

$14.69

Total

return

2

.......................

8.52%

6.41%

15.50%

(18.49)%

18.96%

23.12%

Net

assets,

end

of

period

(in

$000’s)

.....

$124,947

$118,044

$114,505

$99,480

$137,236

$65,644

Ratios

to

average

net

assets

3

Net

expenses

including

reimbursements

and

waivers

.........................

0.98%

0.98%

0.98%

0.98%

0.96%

0.94%

Net

investment

income

...............

0.45%

0.37%

0.39%

0.34%

0.11%

0.17%

Total

expenses

excluding

reimbursements

and

waivers

......................

1.10%

1.08%

1.08%

1.08%

1.07%

1.31%

Portfolio

Turnover

...................

28%

4

32%

33%

38%

30%

34%

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

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

Semiannual

Report

69

a

Six

Months

Ended

June

30,

2025

(unaudited)

Year

Ended

December

31,

2024

2023

2022

2021

2020

Investor

Class

Net

asset

value,

beginning

of

period

.....

$22.51

$22.47

$19.41

$25.22

$21.08

$16.85

Net

investment

income

1

.............

0.08

0.06

0.09

0.07

0.14

0.09

Net

realized

and

unrealized

gains

(losses)

2.29

1.04

3.11

(5.78)

4.48

4.22

Total

from

investment

operations

........

2.37

1.10

3.20

(5.71)

4.62

4.31

Distributions

to

shareholders

From

net

investment

income

.........

0.13

0.10

0.14

0.04

0.13

0.08

From

net

realized

gains

.............

—

0.96

—

0.06

0.35

—

Total

distributions

...................

0.13

1.06

0.14

0.10

0.48

0.08

Net

asset

value,

end

of

period

..........

$24.75

$22.51

$22.47

$19.41

$25.22

$21.08

Total

return

2

.......................

10.53%

4.87%

16.55%

(22.62)%

21.95%

25.71%

Net

assets,

end

of

period

(in

$000’s)

.....

$156,755

$160,953

$177,310

$167,290

$227,902

$175,040

Ratios

to

average

net

assets

3

Net

expenses

including

reimbursements

and

waivers

.........................

1.18%

1.14%

1.16%

1.16%

1.15%

1.20%

Net

investment

income

...............

0.73%

0.26%

0.44%

0.37%

0.61%

0.55%

Total

expenses

excluding

reimbursements

and

waivers

......................

1.18%

1.14%

1.16%

1.16%

1.15%

1.20%

Portfolio

Turnover

...................

22%

4

30%

26%

35%

18%

25%

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

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

Semiannual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

70

a

Six

Months

Ended

June

30,

2025

(unaudited)

Year

Ended

December

31,

2024

2023

2022

2021

2020

Class

A

Net

asset

value,

beginning

of

period

.....

$22.47

$22.44

$19.38

$25.17

$21.05

$16.83

Net

investment

income

1

.............

0.09

0.06

0.09

0.07

0.14

0.09

Net

realized

and

unrealized

gains

(losses)

2.28

1.03

3.11

(5.76)

4.46

4.21

Total

from

investment

operations

........

2.37

1.09

3.20

(5.69)

4.60

4.30

Distributions

to

shareholders

From

net

investment

income

.........

0.13

0.10

0.14

0.04

0.13

0.08

From

net

realized

gains

.............

—

0.96

—

0.06

0.35

—

Total

distributions

...................

0.13

1.06

0.14

0.10

0.48

0.08

Net

asset

value,

end

of

period

..........

$24.71

$22.47

$22.44

$19.38

$25.17

$21.05

Total

return

2

.......................

10.55%

4.84%

16.58%

(22.58)%

21.89%

25.68%

Net

assets,

end

of

period

(in

$000’s)

.....

$18,791

$17,848

$19,283

$17,292

$22,613

$16,651

Ratios

to

average

net

assets

3

Net

expenses

including

reimbursements

and

waivers

.........................

1.18%

1.14%

1.16%

1.16%

1.15%

1.20%

Net

investment

income

...............

0.75%

0.26%

0.43%

0.36%

0.61%

0.54%

Total

expenses

excluding

reimbursements

and

waivers

......................

1.18%

1.14%

1.16%

1.16%

1.15%

1.20%

Portfolio

Turnover

...................

22%

4

30%

26%

35%

18%

25%

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

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

Semiannual

Report

71

a

Six

Months

Ended

June

30,

2025

(unaudited)

Year

Ended

December

31,

2024

2023

2022

2021

2020

Institutional

Class

Net

asset

value,

beginning

of

period

.....

$22.78

$22.70

$19.58

$25.40

$21.23

$16.97

Net

investment

income

1

.............

0.11

0.12

0.14

0.12

0.21

0.14

Net

realized

and

unrealized

gains

(losses)

2.31

1.05

3.15

(5.82)

4.49

4.25

Total

from

investment

operations

........

2.42

1.17

3.29

(5.70)

4.70

4.39

Distributions

to

shareholders

From

net

investment

income

.........

0.15

0.13

0.17

0.06

0.18

0.13

From

net

realized

gains

.............

—

0.96

—

0.06

0.35

—

Total

distributions

...................

0.15

1.09

0.17

0.12

0.53

0.13

Net

asset

value,

end

of

period

..........

$25.05

$22.78

$22.70

$19.58

$25.40

$21.23

Total

return

2

.......................

10.66%

5.12%

16.85%

(22.39)%

22.23%

26.00%

Net

assets,

end

of

period

(in

$000’s)

.....

$1,882,725

$2,103,047

$2,249,833

$2,024,095

$2,495,005

$1,437,952

Ratios

to

average

net

assets

3

Net

expenses

including

reimbursements

and

waivers

.........................

0.93%

0.89%

0.91%

0.91%

0.90%

0.95%

Net

investment

income

...............

0.96%

0.51%

0.69%

0.63%

0.87%

0.78%

Total

expenses

excluding

reimbursements

and

waivers

......................

0.93%

0.89%

0.91%

0.91%

0.90%

0.95%

Portfolio

Turnover

...................

22%

4

30%

26%

35%

18%

25%

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

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

Semiannual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

72

a

Six

Months

Ended

June

30,

2025

(unaudited)

Year

Ended

December

31,

2024

Period

Ended

December

31,

2023

1

Investor

Class

Net

asset

value,

beginning

of

period

..........................................

$11.11

$10.53

$10.00

Net

investment

income

2

..................................................

0.05

0.06

0.00

3

Net

realized

and

unrealized

gains

...........................................

1.28

0.85

0.53

Total

from

investment

operations

.............................................

1.33

0.91

0.53

Distributions

to

shareholders

From

net

investment

income

..............................................

0.04

0.10

—

From

net

realized

gains

..................................................

—

0.23

—

Total

distributions

........................................................

0.04

0.33

—

Net

asset

value,

end

of

period

...............................................

$12.40

$11.11

$10.53

Total

return

4

............................................................

12.00%

8.61%

5.30%

Net

assets,

end

of

period

(in

$000’s)

..........................................

$195

$93

$2

Ratios

to

average

net

assets

5

Net

expenses

including

reimbursements

and

waivers

.............................

1.23%

1.23%

1.23%

Net

investment

income

....................................................

0.84%

0.50%

0.10%

Total

expenses

excluding

reimbursements

and

waivers

............................

13.95%

14.95%

25.89%

Portfolio

Turnover

........................................................

14%

6

30%

13%

6

1

For

the

period

from

November

30,

2023

(commencement

of

operations)

through

December

31,

2023.

2

Based

on

average

shares

outstanding

during

the

period.

3

Less

than

$0.005

per

share.

4

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

Total

returns

for

periods

of

less

than

one

year

have

not

been

annualized.

5

Ratios

representing

periods

of

less

than

one

year

have

been

annualized.

6

Not

annualized.

Financial

Highlights

Impax

Global

Social

Leaders

Fund

(continued)

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Semiannual

Report

73

a

Six

Months

Ended

June

30,

2025

(unaudited)

Year

Ended

December

31,

2024

Period

Ended

December

31,

2023

1

Institutional

Class

Net

asset

value,

beginning

of

period

..........................................

$11.13

$10.54

$10.00

Net

investment

income

2

..................................................

0.06

0.09

0.01

Net

realized

and

unrealized

gains

...........................................

1.27

0.84

0.53

Total

from

investment

operations

.............................................

1.33

0.93

0.54

Distributions

to

shareholders

From

net

investment

income

..............................................

0.05

0.11

—

From

net

realized

gains

..................................................

—

0.23

—

Total

distributions

........................................................

0.05

0.34

—

Net

asset

value,

end

of

period

...............................................

$12.41

$11.13

$10.54

Total

return

3

............................................................

12.00%

8.88%

5.40%

Net

assets,

end

of

period

(in

$000’s)

..........................................

$1,939

$1,720

$1,581

Ratios

to

average

net

assets

4

Net

expenses

including

reimbursements

and

waivers

.............................

0.98%

0.98%

0.98%

Net

investment

income

....................................................

0.98%

0.78%

0.56%

Total

expenses

excluding

reimbursements

and

waivers

............................

13.80%

14.70%

25.64%

Portfolio

Turnover

........................................................

14%

5

30%

13%

5

1

For

the

period

from

November

30,

2023

(commencement

of

operations)

through

December

31,

2023.

2

Based

on

average

shares

outstanding

during

the

period.

3

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

Total

returns

for

periods

of

less

than

one

year

have

not

been

annualized.

4

Ratios

representing

periods

of

less

than

one

year

have

been

annualized.

5

Not

annualized.

Financial

Highlights

Impax

Ellevate

Global

Women’s

Leadership

Fund

www.impaxam.com

Semiannual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

74

a

Six

Months

Ended

June

30,

2025

(unaudited)

Year

Ended

December

31,

2024

2023

2022

2021

2020

Investor

Class

Net

asset

value,

beginning

of

period

.....

$32.39

$31.66

$27.26

$35.14

$30.34

$27.00

Net

investment

income

1

.............

0.25

0.45

0.57

0.42

0.39

0.33

Net

realized

and

unrealized

gains

(losses)

2.19

3.35

4.34

(7.45)

4.84

3.32

Total

from

investment

operations

........

2.44

3.80

4.91

(7.03)

5.23

3.65

Distributions

to

shareholders

From

net

investment

income

.........

0.33

0.76

0.51

0.24

0.43

0.31

From

net

realized

gains

.............

—

2.31

—

0.61

—

—

Total

distributions

...................

0.33

3.07

0.51

0.85

0.43

0.31

Net

asset

value,

end

of

period

..........

$34.50

$32.39

$31.66

$27.26

$35.14

$30.34

Total

return

2

.......................

7.56%

12.08%

18.14%

(19.98)%

17.27%

13.67%

Net

assets,

end

of

period

(in

$000’s)

.....

$134,295

$138,288

$137,887

$123,060

$160,749

$130,255

Ratios

to

average

net

assets

3

Net

expenses

including

reimbursements

and

waivers

.........................

0.78%

0.77%

0.77%

0.77%

0.76%

0.78%

Net

investment

income

...............

1.56%

1.36%

1.95%

1.42%

1.18%

1.27%

Total

expenses

excluding

reimbursements

and

waivers

......................

0.78%

0.77%

0.77%

0.77%

0.76%

0.78%

Portfolio

Turnover

...................

21%

4

63%

32%

45%

43%

5

69%

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

and

37%  for

the

year

ended

December

31,

2020.

Financial

Highlights

Impax

Ellevate

Global

Women’s

Leadership

Fund

(continued)

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Semiannual

Report

75

a

Six

Months

Ended

June

30,

2025

(unaudited)

Year

Ended

December

31,

2024

2023

2022

2021

2020

Institutional

Class

Net

asset

value,

beginning

of

period

.....

$32.68

$31.92

$27.45

$35.33

$30.50

$27.14

Net

investment

income

1

.............

0.29

0.54

0.64

0.49

0.48

0.40

Net

realized

and

unrealized

gains

(losses)

2.22

3.37

4.37

(7.48)

4.86

3.34

Total

from

investment

operations

........

2.51

3.91

5.01

(6.99)

5.34

3.74

Distributions

to

shareholders

From

net

investment

income

.........

0.37

0.84

0.54

0.28

0.51

0.38

From

net

realized

gains

.............

—

2.31

—

0.61

—

—

Total

distributions

...................

0.37

3.15

0.54

0.89

0.51

0.38

Net

asset

value,

end

of

period

..........

$34.82

$32.68

$31.92

$27.45

$35.33

$30.50

Total

return

2

.......................

7.71%

12.35%

18.41%

(19.76)%

17.56%

13.94%

Net

assets,

end

of

period

(in

$000’s)

.....

$568,881

$590,263

$695,585

$648,037

$854,540

$619,168

Ratios

to

average

net

assets

3

Net

expenses

including

reimbursements

and

waivers

.........................

0.53%

0.52%

0.52%

0.52%

0.51%

0.53%

Net

investment

income

...............

1.80%

1.61%

2.20%

1.67%

1.43%

1.52%

Total

expenses

excluding

reimbursements

and

waivers

......................

0.53%

0.52%

0.52%

0.52%

0.51%

0.53%

Portfolio

Turnover

...................

21%

4

63%

32%

45%

43%

5

69%

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

and

37%  for

the

year

ended

December

31,

2020.

Financial

Highlights

Impax

International

Sustainable

Economy

Fund

www.impaxam.com

Semiannual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

76

a

Six

Months

Ended

June

30,

2025

(unaudited)

Year

Ended

December

31,

2024

2023

2022

2021

2020

Investor

Class

Net

asset

value,

beginning

of

period

.....

$10.41

$10.24

$8.80

$10.99

$10.35

$9.53

Net

investment

income

1

.............

0.20

0.24

0.23

0.21

0.22

0.17

Net

realized

and

unrealized

gains

(losses)

1.84

0.26

1.42

(2.19)

0.90

0.81

Total

from

investment

operations

........

2.04

0.50

1.65

(1.98)

1.12

0.98

Distributions

to

shareholders

From

net

investment

income

.........

0.18

0.25

0.21

0.21

0.23

0.16

From

net

realized

gains

.............

—

0.08

—

—

0.25

—

Total

distributions

...................

0.18

0.33

0.21

0.21

0.48

0.16

Net

asset

value,

end

of

period

..........

$12.27

$10.41

$10.24

$8.80

$10.99

$10.35

Total

return

2

.......................

19.66%

4.87%

18.92%

(18.00)%

10.88%

10.51%

Net

assets,

end

of

period

(in

$000’s)

.....

$114,612

$93,094

$88,042

$81,939

$90,993

$77,963

Ratios

to

average

net

assets

3

Net

expenses

including

reimbursements

and

waivers

.........................

0.69%

0.70%

0.70%

0.72%

0.72%

0.75%

Net

investment

income

...............

3.50%

2.22%

2.44%

2.30%

1.98%

1.91%

Total

expenses

excluding

reimbursements

and

waivers

......................

0.69%

0.70%

0.70%

0.72%

0.72%

0.75%

Portfolio

Turnover

...................

31%

4

46%

56%

51%

55%

5

43%

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

and

27%  for

the

year

ended

December

31,

2020.

Financial

Highlights

Impax

International

Sustainable

Economy

Fund

(continued)

www.impaxam.com

SEE

NOTES

TO

FINANCIAL

STATEMENTS

Semiannual

Report

77

a

Six

Months

Ended

June

30,

2025

(unaudited)

Year

Ended

December

31,

2024

2023

2022

2021

2020

Institutional

Class

Net

asset

value,

beginning

of

period

.....

$10.17

$10.02

$8.61

$10.76

$10.14

$9.34

Net

investment

income

1

.............

0.21

0.26

0.24

0.23

0.24

0.19

Net

realized

and

unrealized

gains

(losses)

1.80

0.25

1.41

(2.15)

0.89

0.79

Total

from

investment

operations

........

2.01

0.51

1.65

(1.92)

1.13

0.98

Distributions

to

shareholders

From

net

investment

income

.........

0.19

0.28

0.24

0.23

0.26

0.18

From

net

realized

gains

.............

—

0.08

—

—

0.25

—

Total

distributions

...................

0.19

0.36

0.24

0.23

0.51

0.18

Net

asset

value,

end

of

period

..........

$11.99

$10.17

$10.02

$8.61

$10.76

$10.14

Total

return

2

.......................

19.86%

5.04%

19.28%

(17.80)%

11.19%

10.78%

Net

assets,

end

of

period

(in

$000’s)

.....

$1,362,884

$1,132,210

$1,047,680

$743,946

$787,829

$623,014

Ratios

to

average

net

assets

3

Net

expenses

including

reimbursements

and

waivers

.........................

0.44%

0.45%

0.45%

0.47%

0.47%

0.50%

Net

investment

income

...............

3.72%

2.48%

2.62%

2.57%

2.22%

2.15%

Total

expenses

excluding

reimbursements

and

waivers

......................

0.44%

0.45%

0.45%

0.47%

0.47%

0.50%

Portfolio

Turnover

...................

31%

4

46%

56%

51%

55%

5

43%

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

and

27%  for

the

year

ended

December

31,

2020.

Financial

Highlights

Impax

Core

Bond

Fund

www.impaxam.com

Semiannual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

78

a

Six

Months

Ended

June

30,

2025

(unaudited)

Year

Ended

December

31,

2024

2023

2022

2021

2020

Investor

Class

Net

asset

value,

beginning

of

period

.....

$8.69

$8.88

$8.68

$10.21

$10.56

$10.29

Net

investment

income

1

.............

0.16

0.31

0.25

0.18

0.14

0.17

Net

realized

and

unrealized

gains

(losses)

0.14

(0.19)

0.21

(1.52)

(0.31)

0.53

Total

from

investment

operations

........

0.30

0.12

0.46

(1.34)

(0.17)

0.70

Distributions

to

shareholders

From

net

investment

income

.........

0.16

0.31

0.26

0.19

0.16

0.19

From

net

realized

gains

.............

—

—

—

—

0.02

0.24

Total

distributions

...................

0.16

0.31

0.26

0.19

0.18

0.43

Net

asset

value,

end

of

period

..........

$8.83

$8.69

$8.88

$8.68

$10.21

$10.56

Total

return

2

.......................

3.45%

1.33%

5.36%

(13.16)%

(1.63)%

6.89%

Net

assets,

end

of

period

(in

$000’s)

.....

$14,872

$12,726

$11,926

$12,029

$14,076

$14,101

Ratios

to

average

net

assets

3

Net

expenses

including

reimbursements

and

waivers

.........................

0.73%

0.72%

0.72%

0.71%

0.71%

0.72%

Net

investment

income

...............

3.73%

3.53%

2.92%

1.99%

1.35%

1.58%

Total

expenses

excluding

reimbursements

and

waivers

......................

0.73%

0.72%

0.72%

0.71%

0.71%

0.72%

Portfolio

Turnover

...................

64%

4

124%

79%

70%

48%

79%

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

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

Semiannual

Report

79

a

Six

Months

Ended

June

30,

2025

(unaudited)

Year

Ended

December

31,

2024

2023

2022

2021

2020

Institutional

Class

Net

asset

value,

beginning

of

period

.....

$8.68

$8.88

$8.68

$10.21

$10.56

$10.29

Net

investment

income

1

.............

0.17

0.33

0.28

0.21

0.16

0.20

Net

realized

and

unrealized

gains

(losses)

0.15

(0.20)

0.20

(1.52)

(0.30)

0.53

Total

from

investment

operations

........

0.32

0.13

0.48

(1.31)

(0.14)

0.73

Distributions

to

shareholders

From

net

investment

income

.........

0.17

0.33

0.28

0.22

0.19

0.22

From

net

realized

gains

.............

—

—

—

—

0.02

0.24

Total

distributions

...................

0.17

0.33

0.28

0.22

0.21

0.46

Net

asset

value,

end

of

period

..........

$8.83

$8.68

$8.88

$8.68

$10.21

$10.56

Total

return

2

.......................

3.70%

1.46%

5.62%

(12.94)%

(1.38)%

7.16%

Net

assets,

end

of

period

(in

$000’s)

.....

$826,536

$822,675

$884,413

$787,620

$771,495

$746,615

Ratios

to

average

net

assets

3

Net

expenses

including

reimbursements

and

waivers

.........................

0.48%

0.47%

0.47%

0.46%

0.46%

0.46%

Net

investment

income

...............

3.98%

3.78%

3.19%

2.26%

1.60%

1.86%

Total

expenses

excluding

reimbursements

and

waivers

......................

0.48%

0.47%

0.47%

0.46%

0.46%

0.46%

Portfolio

Turnover

...................

64%

4

124%

79%

70%

48%

79%

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

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

Semiannual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

80

a

Six

Months

Ended

June

30,

2025

(unaudited)

Year

Ended

December

31,

2024

2023

2022

2021

2020

Investor

Class

Net

asset

value,

beginning

of

period

.....

$6.04

$6.02

$5.73

$6.90

$6.97

$6.79

Net

investment

income

1

.............

0.18

0.33

0.33

0.29

0.27

0.32

Net

realized

and

unrealized

gains

(losses)

0.11

0.02

0.29

(1.17)

(0.07)

0.18

Total

from

investment

operations

........

0.29

0.35

0.62

(0.88)

0.20

0.50

Distributions

to

shareholders

From

net

investment

income

.........

0.18

0.33

0.33

0.29

0.27

0.32

Total

distributions

...................

0.18

0.33

0.33

0.29

0.27

0.32

Net

asset

value,

end

of

period

..........

$6.15

$6.04

$6.02

$5.73

$6.90

$6.97

Total

return

2

.......................

4.83%

6.06%

11.09%

(12.89)%

2.96%

7.80%

Net

assets,

end

of

period

(in

$000’s)

.....

$121,113

$123,274

$131,044

$137,689

$172,881

$171,838

Ratios

to

average

net

assets

3

Net

expenses

including

reimbursements

and

waivers

.........................

0.95%

0.93%

0.93%

0.92%

0.93%

0.96%

Net

investment

income

...............

5.91%

5.49%

5.63%

4.70%

3.86%

4.87%

Total

expenses

excluding

reimbursements

and

waivers

......................

0.95%

0.93%

0.93%

0.92%

0.93%

0.96%

Portfolio

Turnover

...................

48%

4

61%

29%

35%

51%

97%

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

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

Semiannual

Report

81

a

Six

Months

Ended

June

30,

2025

(unaudited)

Year

Ended

December

31,

2024

2023

2022

2021

2020

Class

A

Net

asset

value,

beginning

of

period

.....

$6.05

$6.03

$5.74

$6.92

$6.98

$6.80

Net

investment

income

1

.............

0.18

0.33

0.33

0.29

0.27

0.32

Net

realized

and

unrealized

gains

(losses)

0.11

0.03

0.29

(1.18)

(0.06)

0.19

Total

from

investment

operations

........

0.29

0.36

0.62

(0.89)

0.21

0.51

Distributions

to

shareholders

From

net

investment

income

.........

0.18

0.34

0.33

0.29

0.27

0.33

Total

distributions

...................

0.18

0.34

0.33

0.29

0.27

0.33

Net

asset

value,

end

of

period

..........

$6.16

$6.05

$6.03

$5.74

$6.92

$6.98

Total

return

2

.......................

4.85%

6.06%

11.08%

(12.99)%

3.11%

7.79%

Net

assets,

end

of

period

(in

$000’s)

.....

$6,484

$4,358

$4,294

$5,011

$7,102

$6,177

Ratios

to

average

net

assets

3

Net

expenses

including

reimbursements

and

waivers

.........................

0.95%

0.93%

0.93%

0.92%

0.93%

0.96%

Net

investment

income

...............

5.90%

5.49%

5.63%

4.68%

3.85%

4.87%

Total

expenses

excluding

reimbursements

and

waivers

......................

0.95%

0.93%

0.93%

0.92%

0.93%

0.96%

Portfolio

Turnover

...................

48%

4

61%

29%

35%

51%

97%

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

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

Semiannual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

82

a

Six

Months

Ended

June

30,

2025

(unaudited)

Year

Ended

December

31,

2024

2023

2022

2021

2020

Institutional

Class

Net

asset

value,

beginning

of

period

.....

$6.02

$6.00

$5.71

$6.88

$6.94

$6.76

Net

investment

income

1

.............

0.18

0.34

0.34

0.30

0.28

0.33

Net

realized

and

unrealized

gains

(losses)

0.11

0.03

0.29

(1.17)

(0.04)

0.19

Total

from

investment

operations

........

0.29

0.37

0.63

(0.87)

0.24

0.52

Distributions

to

shareholders

From

net

investment

income

.........

0.18

0.35

0.34

0.30

0.30

0.34

Total

distributions

...................

0.18

0.35

0.34

0.30

0.30

0.34

Net

asset

value,

end

of

period

..........

$6.13

$6.02

$6.00

$5.71

$6.88

$6.94

Total

return

2

.......................

4.97%

6.33%

11.39%

(12.72)%

3.36%

8.08%

Net

assets,

end

of

period

(in

$000’s)

.....

$397,766

$413,611

$428,004

$443,891

$560,469

$294,313

Ratios

to

average

net

assets

3

Net

expenses

including

reimbursements

and

waivers

.........................

0.70%

0.68%

0.68%

0.67%

0.69%

0.72%

Net

investment

income

...............

6.16%

5.74%

5.89%

4.95%

4.08%

5.07%

Total

expenses

excluding

reimbursements

and

waivers

......................

0.70%

0.68%

0.68%

0.67%

0.69%

0.72%

Portfolio

Turnover

...................

48%

4

61%

29%

35%

51%

97%

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

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

Semiannual

Report

83

a

Six

Months

Ended

June

30,

2025

(unaudited)

Year

Ended

December

31,

2024

2023

2022

2021

2020

Investor

Class

Net

asset

value,

beginning

of

period

.....

$25.82

$24.92

$22.78

$28.98

$26.36

$23.35

Net

investment

income

1

.............

0.26

0.50

0.43

0.33

0.23

0.26

Net

realized

and

unrealized

gains

(losses)

1.06

1.36

2.55

(5.11)

3.79

3.49

Total

from

investment

operations

........

1.32

1.86

2.98

(4.78)

4.02

3.75

Distributions

to

shareholders

From

net

investment

income

.........

0.54

0.51

0.34

0.29

0.23

0.26

From

net

realized

gains

.............

—

0.45

0.50

1.13

1.17

0.48

Total

distributions

...................

0.54

0.96

0.84

1.42

1.40

0.74

Net

asset

value,

end

of

period

..........

$26.60

$25.82

$24.92

$22.78

$28.98

$26.36

Total

return

2

.......................

5.12%

7.50%

13.17%

(16.42)%

15.31%

16.24%

Net

assets,

end

of

period

(in

$000’s)

.....

$1,319,432

$1,336,213

$1,371,707

$1,299,467

$1,652,892

$1,518,966

Ratios

to

average

net

assets

3

Net

expenses

including

reimbursements

and

waivers

4

.........................

0.30%

0.30%

0.30%

0.30%

0.30%

0.30%

Net

investment

income

...............

2.02%

1.92%

1.82%

1.29%

0.80%

1.08%

Total

expenses

excluding

reimbursements

and

waivers

4

.....................

0.30%

0.30%

0.30%

0.30%

0.30%

0.30%

Portfolio

Turnover

...................

8%

5

9%

7%

4%

4%

13%

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

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

0.66%

for

the

period

ended

June

30,

2025,

0.63%

for

the

year

ended

December

31,

2024,

0.62%

for

the

year

ended

December

31,

2023,

0.60%

for

the

year

ended

December

31,

2022,

0.59%

for

the

year

ended

December

31,

2021

and

0.57%

for

the

year

ended

December

31,

2020.

5

Not

annualized.

Financial

Highlights

Impax

Sustainable

Allocation

Fund

(continued)

www.impaxam.com

Semiannual

Report

SEE

NOTES

TO

FINANCIAL

STATEMENTS

84

a

Six

Months

Ended

June

30,

2025

(unaudited)

Year

Ended

December

31,

2024

2023

2022

2021

2020

Institutional

Class

Net

asset

value,

beginning

of

period

.....

$26.45

$25.47

$23.24

$29.54

$26.83

$23.76

Net

investment

income

1

.............

0.30

0.58

0.50

0.40

0.32

0.33

Net

realized

and

unrealized

gains

(losses)

1.08

1.39

2.60

(5.22)

3.86

3.54

Total

from

investment

operations

........

1.38

1.97

3.10

(4.82)

4.18

3.87

Distributions

to

shareholders

From

net

investment

income

.........

0.57

0.54

0.37

0.35

0.30

0.32

From

net

realized

gains

.............

—

0.45

0.50

1.13

1.17

0.48

Total

distributions

...................

0.57

0.99

0.87

1.48

1.47

0.80

Net

asset

value,

end

of

period

..........

$27.26

$26.45

$25.47

$23.24

$29.54

$26.83

Total

return

2

.......................

5.23%

7.78%

13.44%

(16.22)%

15.64%

16.49%

Net

assets,

end

of

period

(in

$000’s)

.....

$980,377

$966,794

$927,608

$845,463

$974,940

$657,906

Ratios

to

average

net

assets

3

Net

expenses

including

reimbursements

and

waivers

4

.........................

0.05%

0.05%

0.05%

0.05%

0.05%

0.05%

Net

investment

income

...............

2.28%

2.18%

2.07%

1.56%

1.10%

1.36%

Total

expenses

excluding

reimbursements

and

waivers

4

.....................

0.05%

0.05%

0.05%

0.05%

0.05%

0.05%

Portfolio

Turnover

...................

8%

5

9%

7%

4%

4%

13%

1

Based

on

average

shares

outstanding

during

the

period.

2

Total

return

represents

aggregate

total

return

for

the

period

indicated,

includes

reinvestment

of

all

dividends

and

distributions,

and

does

not

reflect

the

deduction

of

any

applicable

sales

charges.

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

0.66%

for

the

period

ended

June

30,

2025,

0.63%

for

the

year

ended

December

31,

2024,

0.62%

for

the

year

ended

December

31,

2023,

0.60%

for

the

year

ended

December

31,

2022,

0.59%

for

the

year

ended

December

31,

2021

and

0.57%

for

the

year

ended

December

31,

2020.

5

Not

annualized.

85

www.impaxam.com

Semiannual

Report

Notes

to

Financial

Statements

(Unaudited)

June

30,

2025

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

June

30,

2025,

Trust

I

offered eleven

investment

funds:

Impax

Large

Cap

Fund

(the

“Large

Cap

Fund”),

Impax

Small

Cap

Fund

(the

“Small

Cap

Fund”),

Impax

US

Sustainable

Economy

Fund

(the

“US

Sustainable

Economy

Fund”),

Impax

Global

Sustainable

Infrastructure

Fund

(the

“Global

Sustainable

Infrastructure

Fund”),

Impax

Global

Opportunities

Fund

(the

“Global

Opportunities

Fund”),

Impax

Global

Environmental

Markets

Fund

(the

“Global

Environmental

Markets

Fund”),

Impax

Global

Social

Leaders

Fund

(the

"Global

Social

Leaders

Fund"),

Impax

International

Sustainable

Economy

Fund

(the

“International

Sustainable

Economy

Fund”),

Impax

Core

Bond

Fund

(the

“Core

Bond

Fund”),

Impax

High

Yield

Bond

Fund

(the

“High

Yield

Bond

Fund”),

and

Impax

Sustainable

Allocation

Fund

(the

“Sustainable

Allocation

Fund”). 

Impax

Funds

Series

Trust

III

(“Trust

III”)

is

an

open-end

management

investment

company

that

was

organized

under

the

laws

of

the

Commonwealth

of

Massachusetts

on

December

4,

2013

and

registered

under

the

1940

Act.

Impax

Ellevate

Global

Women’s

Leadership

Fund

(the

“Global

Women’s

Leadership

Fund”)

is

a

diversified

series

of

Trust

III. 

These

financial

statements

relate

to

all

funds

(each

a

“Fund”,

collectively,

the

“Funds”)

offered

under

both

Trust

I

and

Trust

III

(each

a

“Trust”,

collectively,

the

“Trusts”). 

The

Large

Cap

Fund,

Global

Sustainable

Infrastructure

Fund,

Global

Opportunities

Fund,

Global

Social

Leaders

Fund,

Global

Women’s

Leadership

Fund,

International

Sustainable

Economy

Fund,

Core

Bond

Fund

and

Sustainable

Allocation

Fund

each

offer

two

classes

of

shares—Investor

Class

shares

and

Institutional

Class

shares.

The

Small

Cap

Fund,

US

Sustainable

Economy

Fund,

Global

Environmental

Markets

Fund

and

High

Yield

Bond

Fund

each

offer

three

classes

of

shares—Investor

Class

shares,

Class

A

shares

and

Institutional

Class

shares.

Although

all

share

classes

generally

have

identical

voting,

dividend

and

liquidation

rights,

each

class

votes

separately

when

required

by

law.

Different

share

classes

pay

different

distribution

amounts

to

the

extent

the

expenses

of

such

classes

differ,

and

distributions

in

liquidation

will

be

proportional

to

the

net

asset

value

of

each

share

class.

Each

share

class

has

its

own

expense

structure

and

sales

charges,

as

applicable.

The

Funds

seek

to

avoid

investing

in

issuers

that

Impax

Asset

Management

LLC

("IAM"

or

the

"Adviser") has

determined have

significant

involvement in

the

manufacture

or

sale

of

weapons

or firearms,

manufacture

of

tobacco

products

or

engage

in

business

practices

that

their

investment

adviser

determines

to

be

sub-standard

from

an

Environmental,

Social

and

Governance

(ESG)

or

sustainability

perspective

in

relation

to

their

industry,

sector,

asset

class

or

universe

peers.

Under

normal

market

conditions,

and

as

a

result

of

the

Adviser's

focus

on

the

risks

and

opportunities

accompanying

the

transition

to

a

more

sustainable

economy,

the

Funds

will

not

invest

in

securities

of

companies

that

the

Adviser

determines

derive

revenues

or

profits

from

fossil

fuel

exploration

and

production,

or

derive

significant

(more

than

5%)

revenues

or

profits

from

fossil

fuel

refining,

processing,

storage,

transportation

and

distribution.

However,

a

company

that

derives

significant

revenues

or

profits

from

fossil

fuel

refining,

processing,

storage,

transportation

and

distribution

may

be

included

in

the

Fund’s

portfolio

if

the

Adviser

determines

that

such

company

has

credible

plans

for

climate

risk

mitigation

aligned

with

the

transition

to

net

zero. 

The

Large

Cap

Fund’s

investment

objective

is

to

seek

long-term

growth

of

capital.

The

Fund

seeks

to

achieve

this

objective

by

investing,

under

normal

market

conditions,

at

least

80%

of

its

net

assets

(plus

any

borrowings

for

investment

purposes)

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.

86

www.impaxam.com

Semiannual

Report

Notes

to

Financial

Statements

(Unaudited),

continued

June

30,

2025

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

net

assets

(plus

any

borrowings

for

investment

purposes)

in

equity

securities

(such

as

common

stocks,

securities

convertible

into

common

or

preferred

stocks

and

warrants)

of

companies

that,

when

purchased,

have

capitalizations

within

the

range

of

the

Russell

2000

Index

as

measured

by

market

capitalization.

The

US

Sustainable

Economy

Fund’s

investment

objective

is

to

seek

long-term

growth

of

capital.

The

Fund

seeks

to

achieve

this

objective

by

investing,

under

normal

market

conditions,

at

least

80%

of its

net

assets

(plus

any

borrowings

for

investment

purposes)

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

net

assets

(plus

any

borrowings

for

investment

purposes)

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

(plus

any

borrowings

for

investment

purposes)

in

companies

that

its

Adviser

or

Impax

Asset

Management

Ltd.

(the

"Sub-Adviser")

believe

will

benefit

from

the

transition

to

a

more

sustainable

global

economy

-

the

shift

away

from

a

depletive

economy

to

one

that

preserves

ecological

and

societal

balance

for

the

benefit

of

future

generations.

The

Fund

seeks

to

invest

in

companies

with

durable

business

models

that

are

well-positioned

to

benefit

from

or

avoid

the

risks

associated

with

this

transition.

Under

normal

market

conditions,

the

Global

Opportunities

Fund

will

invest

primarily

in

equity

securities

(such

as

common

stocks,

preferred

stocks

and

securities

convertible

into

common

or

preferred

stocks)

of

companies

located

around

the

world,

including

at

least

40%

of

its

net

assets

in

securities

of

companies

organized

or

located

outside

the

United

States

or

doing

a

substantial

amount

of

business

outside

the

United

States,

including

those

located

in

emerging

markets.

The

Global

Environmental

Markets

Fund's

investment

objective

is

to

seek

long

term

growth

of

capital

by

investing

in

innovative

companies

around

the

world

whose

businesses

and

technologies

focus

on

environmental

markets,

including

alternative

energy

and

energy

management

&

efficiency;

transportation

solutions;

water

infrastructure

&

technologies;

environmental

services

&

resources;

resource

efficiency

&

waste

management;

digital

infrastructure;

and

sustainable

food

&

agriculture.

The

Fund

seeks

to

achieve

this

objective

by

investing,

under

normal

market

conditions,

at

least

80%

of

its

net

assets

(plus

any

borrowings

for

investment

purposes)

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

87

www.impaxam.com

Semiannual

Report

June

30,

2025

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

long-term

growth

of

capital.

The

Fund

seeks

to

achieve

this

objective

by

investing

at

least

80%

of

its

net assets

(plus

any

borrowings

for

investment

purposes)

in

equity

securities

of

companies

that

the

Adviser

has

determined

are

“global

women's

leaders.” To

identify

these

companies,

the

Adviser

constructs

an

investment

universe

by

(1)

ranking

companies

in

developed

markets

that

meet

a

minimum

market

cap

threshold

of

$8

billion

according

to

the

Adviser’s

proprietary

gender

leadership

score;

(2)

excluding

companies

ranking

in

the

bottom

50%

based

on

gender

leadership

scores;

(3)

excluding

companies

that

fail

to

meet

certain

ESG

or

sustainability

criteria;

and

(4)

applying

quantitative

screens

consisting

of

valuation

and

quality

metrics.

Under

normal

market

conditions,

the

Fund

will

invest

primarily

in

equity

securities

(such

as

common

stocks,

preferred

stocks

and

securities

convertible

into

common

and

preferred

stocks)

of

companies

located

around

the

world,

including

at

least

40%

of

its

net

assets

(unless

market

conditions

are

not

deemed

favorable,

in

which

case

the

Global

Women's

Fund

would

normally

invest

at

least

30%

of

its

assets)

in

securities

of

companies

organized

or

located

outside

the

United

States

or

doing

a

substantial

amount

of

business

outside

the

United

States.

The

Fund

is

not

constrained

by

any

particular

investment

style,

and

may

therefore

invest

in

“growth”

stocks,

“value”

stocks

or

a

combination

of

both.

Additionally,

it

may

buy

stocks

in

any

sector

or

industry,

and

it

is

not

limited

to

investing

in

securities

of

a

specific

market

capitalization.

The

International

Sustainable

Economy

Fund’s

investment

objective

is

to

seek

long-term

growth

of

capital.

The

Fund

seeks

to

achieve

this

objective

by

investing,

under

normal

circumstances,

more

than

80%

of

its

net assets

(plus

any

borrowings

for

investment

purposes)

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

net

assets

(plus

any

borrowings

for

investment

purposes)

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

net

assets

(plus

any

borrowings

for

investment

purposes)

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). 

88

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Semiannual

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Notes

to

Financial

Statements

(Unaudited),

continued

June

30,

2025

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.

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

June

30,

2025, seven

securities

were

fair

valued

in

89

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Semiannual

Report

June

30,

2025

good

faith

pursuant

to

policies

and

procedures

approved

by

the

Boards

of

Trustees.

The

Core

Bond

Fund

held 

two

securities

fair

valued

at

 $473,622,

representing 0.06%

of

the

Fund’s

net

asset

value

and

the

High

Yield

Bond

Fund

held five

securities

fair

valued

at

$1,260,793,

representing 0.24% 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

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. 

90

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Semiannual

Report

Notes

to

Financial

Statements

(Unaudited),

continued

June

30,

2025

The

following

is

a

summary

of

the

inputs

used

to

value

the

Funds’

net

assets

as

of

June

30,

2025:

Level

1

Level

2

Level

3

Totals

Large

Cap

Fund

Common

Stocks

$

1,028,784,457

$

—

$

—

$

1,028,784,457

Cash

Equivalents

29,351,941

—

—

29,351,941

Total

$

1,058,136,398

$

—

$

—

$

1,058,136,398

Small

Cap

Fund

Common

Stocks

$

646,772,895

$

—

$

—

$

646,772,895

Cash

Equivalents

5,941,869

—

—

5,941,869

Total

$

652,714,764

$

—

$

—

$

652,714,764

US

Sustainable

Economy

Fund

Common

Stocks

$

513,581,208

$

—

$

—

$

513,581,208

Cash

Equivalents

3,626,579

—

—

3,626,579

Total

$

517,207,787

$

—

$

—

$

517,207,787

Global

Sustainable

Infrastructure

Fund

Common

Stocks

$

58,297,102

$

40,552,256

$

—

$

98,849,358

Cash

Equivalents

1,628,846

—

—

1,628,846

Total

$

59,925,948

$

40,552,256

$

—

$

100,478,204

Global

Opportunities

Fund

Common

Stocks

$

93,890,961

$

36,807,928

$

—

$

130,698,889

Cash

Equivalents

3,199,113

—

—

3,199,113

Total

$

97,090,074

$

36,807,928

$

—

$

133,898,002

Global

Environmental

Markets

Fund

Common

Stocks

$

1,401,678,688

$

627,830,247

$

—

$

2,029,508,935

Cash

Equivalents

25,744,134

—

—

25,744,134

Total

$

1,427,422,822

$

627,830,247

$

—

$

2,055,253,069

Global

Social

Leaders

Fund

Common

Stocks

$

1,258,077

$

787,445

$

—

$

2,045,522

Preferred

Stocks

—

34,129

—

34,129

Cash

Equivalents

76,109

—

—

76,109

Total

$

1,334,186

$

821,574

$

—

$

2,155,760

Global

Women’s

Leadership

Fund

Common

Stocks

$

522,579,023

$

172,409,101

$

—

$

694,988,124

Cash

Equivalents

7,036,634

—

—

7,036,634

Total

$

529,615,657

$

172,409,101

$

—

$

702,024,758

International

Sustainable

Economy

Fund

Common

Stocks

$

5,302,009

$

1,434,003,150

$

—

$

1,439,305,159

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2025

In

situations

where

quoted

prices

or

observable

inputs

are

unavailable

(for

example,

when

there

is

little

or

no

market

activity

for

an

investment

at

the

end

of

the

period),

unobservable

inputs

may

be

used.

Unobservable

inputs

reflect

the

Adviser's

assumptions

about

the

factors

market

participants

would

use

in

determining

fair

value

of

the

securities

or

instruments

and

would

be

based

on

the

best

available

information.

Significant

unobservable

inputs

were

used

by

two

Funds

for

Level

3

fair

value

measurements.

Investment

Transactions

 Investment

transactions

are

recorded

as

of

the

date

of

purchase,

sale

or

maturity.

Net

realized

gains

and

losses

from

the

sale

or

disposition

of

securities

are

determined

on

the

identified

cost

basis,

which

is

also

used

for

federal

income

tax

purposes.

Corporate

actions

(including

cash

dividends)

are

recorded

net

of

foreign

tax

withholdings. 

Level

1

Level

2

Level

3

Totals

Cash

Equivalents

25,537,224

—

—

25,537,224

Total

$

30,839,233

$

1,434,003,150

$

—

$

1,464,842,383

Core

Bond

Fund

Community

Investment

Notes

$

—

$

247,232

$

473,622

$

720,854

Corporate

Bonds

—

235,562,145

—

235,562,145

Foreign

Government

and

Agency

Securities

—

17,202,167

—

17,202,167

U.S.

Government

and

Agency

Securities

—

202,882,502

—

202,882,502

Asset-Backed

Securities

—

41,893,265

—

41,893,265

Mortgage-Backed

Securities

—

266,066,600

—

266,066,600

Municipal

Bonds

—

7,249,213

—

7,249,213

Supranational

—

55,818,706

—

55,818,706

Certificates

of

Deposit

—

499,064

—

499,064

Investment

Companies

3,226,000

—

—

3,226,000

Cash

Equivalents

5,485,308

—

—

5,485,308

Total

$

8,711,308

$

827,420,894

$

473,622

$

836,605,824

High

Yield

Bond

Fund

Common

Stocks

$

—

$

—

$

44,114

$

44,114

Preferred

Stocks

—

—

13,944

13,944

Community

Investment

Notes

—

247,233

702,735

949,968

Corporate

Bonds

—

479,492,026

—

479,492,026

Asset-Backed

Securities

—

6,740,378

—

6,740,378

Loans

—

24,584,456

—

24,584,456

Certificates

of

Deposit

—

499,064

500,000

999,064

Cash

Equivalents

9,675,133

—

—

9,675,133

Total

$

9,675,133

$

511,563,157

$

1,260,793

$

522,499,083

Sustainable

Allocation

Fund

Management

Investment

Companies

$

2,276,814,481

$

—

$

—

$

2,276,814,481

Cash

Equivalents

24,535,841

—

—

24,535,841

Total

$

2,301,350,322

$

—

$

—

$

2,301,350,322

See

Schedules

of

Investments

for

additional

detailed

industry

classifications.

92

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Semiannual

Report

Notes

to

Financial

Statements

(Unaudited),

continued

June

30,

2025

Investment

Income

 Dividend

income

is

recorded

on

the

ex-dividend

date.

Interest

income

is

recorded

on

the

accrual

basis

and

includes

accretion

of

discount

and

amortization

of

premiums,

if

any.

The

value

of

additional

securities

received

as

dividend

payments

is

recorded

as

income

and

as

an

increase

to

the

cost

basis

of

such

securities.

The

Funds

amortize

purchase

price

premium

and

accrete

discount

on

bonds,

if

any,

over

the

remaining

life

of

the

bonds

using

the

effective

interest

method

of

amortization;

for

callable

bonds,

the

premium

amortization

period

is

to

the

earliest

call

date.

Distributions

to

Shareholders

 Distributions

to

shareholders

are

recorded

by

each

of

the

Funds

on

the

ex-dividend

dates.

The

Funds

(except

Core

Bond

Fund

and

High

Yield

Bond

Fund)

expect

to

pay

dividends

of

net

investment

income,

if

any,

semiannually

and

to

make

distributions

of

capital

gains,

if

any,

at

least

annually. 

The Core

Bond

Fund

and

High

Yield

Bond

Fund

expect

to

pay

dividends

of

net

investment

income,

if

any,

monthly

and

to

make

distributions

of

capital

gains,

if

any,

at

least

annually.

A

shareholder

begins

earning

dividends

on

the

Core

Bond

Fund

and

High

Yield

Bond

Fund

shares

the

day

after

the

Funds

receive

his

or

her

purchase

payment.

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations,

which

may

differ

from

U.S.

generally

accepted

accounting

principles.

Class

Accounting

Expenses

directly

attributable

to

a

class

of

shares,

such

as

12b-1

distribution

fees,

are

charged

to

that

class.

Each

Fund

has

adopted

a

12b-1

plan,

applicable

to

certain

classes

of

each

of

the

Funds.

Expenses

of

the

Funds

that

are

directly

identifiable

to

a

specific

Fund,

such

as

transfer

agent

fees,

custody

fees

and

registration

fees,

are

applied

to

that

Fund.

Expenses

that

are

not

readily

identifiable

to

a

specific

Fund,

such

as

printing

expense,

Trustees’

fees

and

legal

fees,

are

allocated

in

such

a

manner

as

deemed

equitable,

taking

into

consideration

the

nature

and

type

of

expense

and

the

relative

net

assets

of

the

Funds.

Investment

income,

realized

and

unrealized

gains

and

losses

are

allocated

based

upon

the

relative

daily

net

assets

of

each

class

of

shares. 

Federal

Income

Taxes

 Each

of

the

Funds

has

elected

to

be

treated

and

intends

to

qualify

each

year

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

of

1986,

as

amended.

If

a

Fund

so

qualifies

and

satisfies

certain

distribution

requirements,

such

Fund

will

ordinarily

not

be

subject

to

federal

income

tax

on

its

net

investment

income

(which

includes

short-term

capital

gains)

and

net

capital

gains

that

it

distributes

to

shareholders.

Each

Fund

expects

to

distribute

all

or

substantially

all

of

its

income

and

gains

to

shareholders

every

year.

Therefore,

no

federal

income

or

excise

tax

provision

is

required.

The

Funds

are

treated

as

separate

entities

for

federal

income

tax

purposes.

Foreign

Currency

Transactions

The

accounting

records

of

the

Funds

are

maintained

in

U.S.

dollars.

In

addition,

purchases

and

sales

of

investment

securities,

dividend

and

interest

income,

and

certain

expenses

are

translated

at

the

rates

of

exchange

prevailing

on

the

respective

dates

of

such

transactions.

Net

realized

and

unrealized

foreign

currency

exchange

gains

or

losses

occurring

during

the

holding

period

of

investment

securities

are

a

component

of

realized

gain

(loss)

on

investment

transactions

and

unrealized

appreciation

(depreciation)

on

investments,

respectively. 

Non-U.S.Securities

 Non-U.S.

markets

can

be

significantly

more

volatile

than

domestic

markets,

causing

the

prices

of

some

Fund

investments

to

fluctuate

significantly,

rapidly

and

unpredictably.

Non-U.S.

securities

may

be

less

liquid

than

domestic

securities;

consequently,

a

Fund

may

at

times

be

unable

to

sell

non-U.S.

securities

at

desirable

times

or

prices.

Other

risks

related

to

non-U.S.

securities

include

delays

in

the

settlement

of

transactions;

less

publicly

available

information

about

issuers;

different

reporting,

accounting

and

auditing

standards;

the

effect

of

political,

social,

diplomatic

or

economic

events;

seizure,

expropriation

or

nationalization

of

the

issuer

or

its

assets;

fluctuation

in

foreign

currency

exchange

rates

and

the

possible

imposition

of

currency

exchange

controls.

If

a

Fund

invests

substantially

in

securities

of

non-U.S.

issuers

tied

economically

to

a

particular

country

or

geographic

region,

it

will

be

subject

to

the

risks

associated

with

such

country

or

geographic

region

to

a

greater

extent

than

a

fund

that

is

more

diversified

across

countries

or

geographic

regions.

Redemption

Fee

(High

Yield

Bond

Fund

Only)

 Generally,

a

redemption

of

shares

of

the

High

Yield

Bond

Fund

is

subject

to

a

redemption

fee

of

2.00%

of

the

net

asset

value

of

the

shares

redeemed

or

exchanged

if

such

redemption

occurs

within

30

days

after

purchase

of

such

shares.

The

redemption

fee

applies

to

exchanges

for

shares

of

other

Impax

Funds

as

well

as

to

93

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June

30,

2025

redemptions

for

cash.

In

cases

when

redeeming

shareholders

hold

shares

purchased

on

different

dates,

the

first-in/first-out

method

will

be

used

to

determine

which

shares

are

being

redeemed,

and

therefore

whether

a

redemption

fee

will

be

imposed.

Redemption

fees

are

deducted

from

the

amount

to

be

received

in

connection

with

a

redemption

or

exchange

and

are

paid

to

the

High

Yield

Bond

Fund

for

the

purpose

of

offsetting

any

costs

associated

with

short-term

trading

in

shares

of

the

Fund.

The

redemption

fee

is

not

a

sales

charge

(load);

it

is

retained

by

the

Fund

and

does

not

benefit

the

Adviser,

the

Distributor

or

any

third

party.

There

is

no

assurance

that

the

use

of

redemption

fees

will

be

successful

in

discouraging

frequent

short-term

trading

in

Fund

shares.

Securities

Lending

 The

Funds

may

lend

their

securities

pursuant

to

a

securities

lending

agreement

(Lending

Agreement)

with J.P.

Morgan

Chase Bank, N.A.

Initial

security

loans

made

pursuant

to

the

Lending

Agreement

are

required

to

be

secured

by

collateral

not

less

than

the

percentage

specified

in

the

agreement,

ranging

from

102%

to

105%,

depending

on

the

types

of

securities.

Cash

collateral

received

is

invested

in

government

money

market

funds. Borrowers

may

also

pledge

non-cash

collateral

within

the

guidelines

for

acceptable

forms

of

non-cash

collateral

approved

by

the

Boards

of

Trustees.

As

of June

30,

2025,

non-cash

collateral

consisted

of

common

stock,

U.S.

Treasuries,

short-term

U.S.

Government

agency

obligations

and

sovereign

debt. 

The

Funds

have

the

right

under

the

Lending

Agreement

to

recover

the

securities

from

the

borrower

on

demand.

The

primary

risk

associated

with

securities

lending

is

if

the

borrower

defaults

on

its

obligation

to

return

the

securities

loaned

because

of

insolvency

or

other

reasons.

The

Funds

could

experience

delays

and

costs

in

recovering

securities

loaned

or

in

gaining

access

to

the

collateral.

In

the

event

the

borrower

fails

to

return

loaned

securities

and

the

collateral

received

is

insufficient

to

cover

the

value

of

the

loaned

securities

and

provided

such

collateral

shortfall

is

not

the

result

of

investment

losses,

the

lending

agent

has

agreed

to

pay

the

amount

of

the

shortfall

to

the

Funds,

or

at

the

discretion

of

the

lending

agent,

replace

the

loaned

securities. 

A

portion

of

the

income

generated

upon

investment

of

the

collateral

is

remitted

to

the

borrower

and

the

remainder

is

allocated

between

the

Funds

and

the

lending

agent.

The

Funds

record

security

lending

income

net

of

such

allocation.

The

Funds

continue

to

receive

dividends

on

the

securities

loaned,

which

are

accounted

for

in

the

same

manner

as

other

dividend

and

interest

income. 

As

of

June

30,

2025,

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

and US

Sustainable

Economy

Fund

all

of

the

securities

on

loan

at June

30,

2025

are

classified

as

Common

Stocks

in

each

Fund’s

Schedule

of

Investments.

For

the

Core

Bond

Fund

all

of

the

securities

on

loan

on

June

30,

2025 are

classified

as

Corporate

Bonds

on

the

Fund's

Schedule

of

Investments.

Segment

Reporting

The

Funds

adopted

FASB

Accounting

Standards

Update

2023-07,

Segment

Reporting

(Topic

280)

-

Improvements

to

Reportable

Segment

Disclosures

("ASU

2023-07").

Adoption

of

the

new

standard

impacted

financial

statement

disclosures

only

and

did

not

affect

the

Funds'

financial

position

or

the

results

of

its

operations.

An

operating

segment

is

defined

in

Topic

280

as

a

component

of

a

public

entity

that

engages

in

business

activities

from

which

it

may

recognize

revenues

and

incur

expenses,

has

operating

results

that

are

regularly

reviewed

by

the

public

entity's

chief

operating

decision

maker

(CODM)

to

make

decisions

about

resources

to

be

allocated

to

the

segment

and

assess

its

performance,

and

has

Fund

Market

Value

of

Securities

Loaned

Payable

on

Collateral

Due

to

Broker

Non-Cash

Collateral

Value

*

Over

(Under)

Collateralized

Large

Cap

Fund

$

10,355,914

$

819

$

10,562,850

$

207,755

Small

Cap

Fund

358,708

367,620

—

8,912

US

Sustainable

Economy

Fund

8,097,513

—

8,259,961

162,448

Core

Bond

Fund

3,556,235

3,630,021

—

73,786

94

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Semiannual

Report

Notes

to

Financial

Statements

(Unaudited),

continued

June

30,

2025

discrete

financial

information

available.

The

management

committee

of

the

Funds'

adviser

acts

as

the

Funds'

CODM.

The

Funds

represent

single

operating

segments,

as

the

CODM

monitors

the

operating

results

of

the

Funds

as

a

whole

and

the

Funds'

long-term

strategic

asset

allocation

is

pre-determined

in

accordance

with

the

single

investment

objective

which

is

executed

by

the

Funds'

portfolio

managers

as

a

team.

The

financial

information

in

the

form

of

the

Funds'

portfolio

composition,

total

returns,

expense

ratios

and

changes

in

net

assets

(i.e.,

changes

in

net

assets

resulting

from

operations,

subscriptions

and

redemptions),

which

are

used

by

the

CODM

to

assess

the

segment's

performance

versus

the

Funds'

comparative

benchmarks

and

to

make

resource

allocation

decisions

for

the

Funds'

single

segment,

is

consistent

with

that

presented

within

the

Funds'

financial

statements.

Segment

assets

are

reflected

on

the

accompanying

statement

of

assets

and

liabilities

as

"total

assets",

significant

segment

expenses

are

listed

on

the

accompanying

statement

of

operations,

and

other

information

about

the

segment's

performance,

including

total

return,

portfolio

turnover

and

expense

ratios

are

reflected

within

the

Financial

Highlights 

NOTE

B—Investment

Advisory

Fee

and

Transactions

with

Affiliated

and

Other

Parties 

Each

of

Trust

I

and

Trust

III

have

entered

into

an

Investment

Advisory

Contract

(the

“Management

Contract”)

with

Impax

Asset

Management

LLC

(“IAM”)

(the

“Adviser”).

Pursuant

to

the

terms

of

the

Management

Contract,

the

Adviser,

subject

to

the

supervision

of

the

Boards

of

Trustees

of

the

Trusts,

is

responsible

for

managing

the

assets

of

the

Funds

in

accordance

with

the

Funds’

investment

objectives,

investment

programs

and

policies.

Pursuant

to

the

Management

Contract,

the

Adviser

has

contracted

to

furnish

the

Funds

continuously

with

an

investment

program,

determining

what

investments

to

purchase,

sell

and

exchange

for

the

Funds

and

what

assets

to

hold

uninvested.

The

Adviser

also

has

contracted

to

provide

office

space

and

certain

management

and

administrative

facilities

for

the

Funds.

In

return

for

such

services,

the

Funds

pay

an

advisory

fee

to

the

Adviser

at

the

following

annual

rates

(expressed

as

a

percentage

of

the

average

daily

net

assets

of

such

Fund):

*

The

management

fee

is

a

unified

fee

that

includes

all

of

the

operating

costs

and

expenses

of

the

Fund

(other

than

taxes,

charges

of

governmental

agencies,

interest,

brokerage

commissions

incurred

in

connection

with

portfolio

transactions,

distribution

and/or

service

fees

payable

under

a

plan

pursuant

to

Rule

12b-1

under

the

Investment

Company

Act

of

1940,

acquired

fund

fees

and

expenses

and

extraordinary

expenses),

including

accounting

expenses,

administrator,

transfer

agent,

custodian

fees,

legal

fees

and

other

expenses.

1

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.

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

0.65%

*

Global

Opportunities

Fund

4

0.80%

Global

Environmental

Markets

Fund

5

0.75%

Global

Social

Leaders

Fund

6

0.80%

Global

Women’s

Leadership

Fund

7

0.53%

*

International

Sustainable

Economy

Fund

8

0.44%

*

Core

Bond

Fund

0.40%

High

Yield

Bond

Fund

0.50%

Sustainable

Allocation

Fund

0.05%

*

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30,

2025

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,

2026.

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

Management

has

contractually

agreed

to

reimburse

expenses

(other

than

interest,

commissions,

taxes,

extraordinary

expenses

and

Acquired

Fund

Fees

and

Expenses,

if

any)

allocable

to

Institutional

Class

and

Investor

Class

shares

of

the

Fund

to

the

extent

such

expenses

exceed

0.98%

and

1.23%

of

the

average

daily

net

assets

of

Institutional

Class

and

Investor

Class

shares,

respectively.

This

reimbursement

arrangement

may

not

be

amended

or

terminated

without

the

approval

of

the

Fund’s

Board

of

Trustees

before

May

1,

2026.

5

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.

6

Management

has

contractually

agreed

to

reimburse

expenses

(other

than

interest,

commissions,

taxes,

extraordinary

expenses

and

Acquired

Fund

Fees

and

Expenses,

if

any)

allocable

to

Institutional

Class

and

Investor

Class

shares

of

the

Fund

to

the

extent

such

expenses

exceed

0.98%

and

1.23%

of

the

average

daily

net

assets

of

Institutional

Class

and

Investor

Class

shares,

respectively.

This

reimbursement

arrangement

may

not

be

amended

or

terminated

without

the

approval

of

the

Fund’s

Board

of

Trustees

before

May

1,

2027.

7

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.

8

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

period ended

June

30,

2025,

the

Funds

incurred

the

following

advisory

fees:

The

Adviser

has

contractually

agreed

to

reimburse

the

Funds

or

limit

expenses

of

the

Funds

to

the

extent

that

each

Fund’s

respective

expenses

exceed,

on

an

annual

basis,

the

following

percentages

of

average

daily

net

assets:

Fund

Amount

Large

Cap

Fund

$

3,847,328

Small

Cap

Fund

2,495,056

US

Sustainable

Economy

Fund

1,168,378

Global

Sustainable

Infrastructure

Fund

304,396

Global

Opportunities

Fund

495,872

Global

Environmental

Markets

Fund

8,023,847

Global

Social

Leaders

Fund

7,770

Global

Women’s

Leadership

Fund

1,826,533

International

Sustainable

Economy

Fund

2,954,148

Core

Bond

Fund

1,659,479

High

Yield

Bond

Fund

1,309,675

Sustainable

Allocation

Fund

558,742

96

www.impaxam.com

Semiannual

Report

Notes

to

Financial

Statements

(Unaudited),

continued

June

30,

2025

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,

2026.

2

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.

3

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,

2026.

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,

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 period

ended June

30,

2025,

the

dollar

amounts

of

expense

reimbursements

were

as

follows:

In

addition,

the

Adviser

waived

its

management

fee

from

the

following

Funds:

Pursuant

to

a

sub-advisory

agreement,

Impax

Asset

Management

Ltd.

(the

“Sub-Adviser”)

assists

in

the

management

of

the

Global

Environmental

Markets

Fund’s,

Global

Opportunities

Fund’s

and

Global

Social

Leaders

Fund's

portfolios

of

securities.

The

Sub-Adviser

makes

decisions

with

respect

to

the

purchase

and

sale

of

investments,

subject

to

the

general

control

of

the

Board

of

the

Fund

and

the

determination

of

IAM

that

the

contemplated

investments

satisfy

the

sustainable

investing

criteria

applied

to

the

Funds.

As

compensation

for

its

sub-advisory

services,

the

Sub-Adviser

receives

a

fee

from

the

Adviser,

computed

separately

for

the

applicable

Fund,

stated

as

an

annual

percentage

of

the

Fund’s

net

assets.

Expense

Caps

by

Class

Fund

Investor

Class

Class

A

Institutional

Class

US

Sustainable

Economy

Fund

1,2

0.70%

0.70%

0.45%

Global

Sustainable

Infrastructure

Fund

2

0.90%

0.65%

Global

Opportunities

Fund

3

1.23%

0.98%

Global

Social

Leaders

Fund

4

1.23%

0.98%

Global

Women’s

Leadership

Fund

2

0.78%

0.53%

International

Sustainable

Economy

Fund

2

0.69%

0.44%

Sustainable

Allocation

Fund

2

0.30%

0.05%

Total

expenses

reimbursed

by

Advisor

Fund

Investor

Class

Institutional

Class

Global

Opportunities

Fund

$

4,536

$

68,889

Global

Social

Leaders

Fund

9,785

107,871

Fund

Amount

US

Sustainable

Economy

Fund

$

294,922

Global

Social

Leaders

Fund

6,827

97

www.impaxam.com

Semiannual

Report

June

30,

2025

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 period

ended June

30,

2025

were

as

follows:

For

federal

income

tax

purposes,

the

identified

cost

of

investments

owned

at June

30,

2025

as

well

as

the

gross

unrealized

appreciation

(depreciation)

of

investments

and

resulting

net

unrealized

appreciation

(depreciation)

as

of June

30,

2025

were

as

follows

for

the

Funds:

Purchases

Sales

Fund

Investments

1

U.S.

Gov’t

Bonds

Investments

1

U.S.

Gov’t

Bonds

Large

Cap

Fund

$

445,817,977

$

—

$

804,323,236

$

—

Small

Cap

Fund

77,831,873

—

126,772,777

—

US

Sustainable

Economy

Fund

294,697,476

—

140,689,807

—

Global

Sustainable

Infrastructure

Fund

22,160,822

—

24,406,989

—

Global

Opportunities

Fund

34,905,583

—

39,200,998

—

Global

Environmental

Markets

Fund

475,563,052

—

900,561,508

—

Global

Social

Leaders

Fund

367,814

—

262,302

—

Global

Women’s

Leadership

Fund

146,247,713

—

212,591,261

—

International

Sustainable

Economy

Fund

435,872,576

—

414,650,500

—

Core

Bond

Fund

215,117,482

318,264,531

247,964,303

288,078,711

High

Yield

Bond

Fund

243,959,132

—

269,966,529

—

Sustainable

Allocation

Fund

175,377,785

—

252,000,000

—

1

Excluding

short-term

investments

and

U.S.

Government

Bonds.

Fund

Identified

cost

of

investments

for

Federal

income

tax

basis

Gross

unrealized

appreciation

Gross

unrealized

depreciation

Net

unrealized

appreciation

(depreciation)

Large

Cap

Fund

$

695,943,970

$

377,447,742

$

15,255,314

$

362,192,428

Small

Cap

Fund

572,050,944

153,324,568

72,660,748

80,663,820

US

Sustainable

Economy

Fund

381,706,046

142,047,804

6,546,063

135,501,741

Global

Sustainable

Infrastructure

Fund

84,693,954

17,696,011

1,911,761

15,784,250

Global

Opportunities

Fund

98,174,263

36,456,221

732,482

35,723,739

98

www.impaxam.com

Semiannual

Report

Notes

to

Financial

Statements

(Unaudited),

continued

June

30,

2025

At June

30,

2025 the

following

Funds

had

unrealized

foreign

currency

gains

(losses):

Netting

Agreements

 During

the

ordinary

course

of

business,

the

Funds

may

enter

into

transactions

subject

to

enforceable

netting

agreements

or

other

similar

arrangements

(“netting

agreements”).

Generally,

the

right

to

offset

in

netting

agreements

allows

a

Fund

to

offset

any

exposure

to

a

specific

counterparty

with

any

collateral

received

or

delivered

to

that

counterparty

based

on

the

terms

of

the

agreement.

Generally,

a

Fund

manages

its

cash

collateral

and

securities

collateral

on

a

counterparty

basis.

As

of June

30,

2025,

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 June

30,

2025.

Affiliated

Investments

The

term

“affiliated

company”

includes

other

investment

companies

that

are

managed

by

a

Fund’s

Adviser.

At June

30,

2025,

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)

Global

Environmental

Markets

Fund

1,416,868,333

657,947,369

19,562,633

638,384,736

Global

Social

Leaders

Fund

1,724,487

487,721

56,448

431,273

Global

Women’s

Leadership

Fund

508,260,706

207,799,770

14,035,718

193,764,052

International

Sustainable

Economy

Fund

1,151,658,558

339,745,909

26,562,084

313,183,825

Core

Bond

Fund

856,322,587

6,991,587

26,708,350

(19,716,763)

High

Yield

Bond

Fund

512,850,637

12,314,030

2,665,584

9,648,446

Sustainable

Allocation

Fund

2,003,995,841

371,212,555

73,858,074

297,354,481

Fund

Amount

Small

Cap

Fund

$

(21)

Global

Sustainable

Infrastructure

Fund

17,750

Global

Opportunities

Fund

13,801

Global

Environmental

Markets

Fund

232,759

Global

Women’s

Leadership

Fund

67,522

International

Sustainable

Economy

Fund

518,221

Fund

Shares

Held

at

12/31/2024

Gross

Additions

Gross

Reductions

Shares

Held

at

6/30/2025

Sustainable

Allocation

Fund

Large

Cap

Fund

74,884,780

253,325

19,088,135

56,049,970

Small

Cap

Fund

6,320,888

—

—

6,320,888

Global

Sustainable

Infrastructure

Fund

6,547,668

76,109

—

6,623,777

Global

Opportunities

Fund

4,214,207

10,817

—

4,225,024

Global

Environmental

Markets

Fund

2,782,977

17,673

—

2,800,650

Global

Women's

Leadership

Fund

1,970,528

21,498

—

1,992,026

International

Sustainable

Economy

Fund

9,428,525

157,429

—

9,585,954

Core

Bond

Fund

84,651,569

1,612,808

3,085,388

83,178,989

High

Yield

Fund

18,221,512

561,514

—

18,783,026

US

Sustainable

Economy

Fund

—

6,671,295

—

6,671,295

99

www.impaxam.com

Semiannual

Report

June

30,

2025

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 period

ended June

30,

2025. 

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 June

30,

2025,

the

Core

Bond

Fund

held

$95,961,462

or

11.40%

of

net

assets

and

the High

Yield

Bond

Fund

held

$415,762,872

or

79.14%

of

net

assets in

securities

exempt

from

registration

under

Rule

144A

of

the

Act.

At June

30,

2025,

the Core

Bond

Fund

held

$1,219,918 of

illiquid

securities,

representing

0.14%

of

net

assets

and

High

Yield

Bond

Fund

held

$2,007,090

of

illiquid

securities,

representing

0.38%

of

net

assets.

The

Fund

will

classify

as

“illiquid”

all

securities

that

the

Fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment.

Illiquid

investments

may

include

restricted

securities,

repurchase

agreements

that

mature

in

more

than

seven

days

or

that

have

a

notice

or

demand

feature

more

than

seven

days,

certain

over-the-counter

option

contracts

and

participation

interests

in

loans.

Because

illiquid

securities

trade

less

frequently

and

in

smaller

volume

than

liquid

securities,

the

Fund

may

experience

difficulty

in

closing

out

positions

at

prevailing

market

prices.

Fund

Value

at

12/31/2024

Dividend

Income

Realized

Gains/

Losses

1

Net

change

in

Unrealized

Appreciation/

Depreciation

Value

at

6/30/2025

Sustainable

Allocation

Fund

Large

Cap

Fund

$

957,027,489

$

3,267,898

$

1,452,556

$

15,442,654

$

752,190,597

Small

Cap

Fund

112,195,771

—

—

(4,045,369)

108,150,402

Global

Sustainable

Infrastructure

Fund

57,750,434

769,462

—

9,837,485

68,357,381

Global

Opportunities

Fund

68,986,564

184,541

—

5,696,319

74,867,423

Global

Environmental

Markets

Fund

63,396,210

427,524

—

6,332,556

70,156,290

Global

Women's

Leadership

Fund

64,396,865

721,661

—

4,243,802

69,362,328

International

Sustainable

Economy

Fund

95,888,097

1,818,310

—

17,229,184

114,935,591

Core

Bond

Fund

734,775,623

14,183,215

(3,853,883)

16,370,590

734,470,471

High

Yield

Fund

109,693,503

3,392,551

—

2,053,893

115,139,947

US

Sustainable

Economy

Fund

—

617,698

—

18,566,353

169,184,051

Total

$

2,264,110,556

$

25,382,860

$

(2,401,327)

$

91,727,467

$

2,276,814,481

Security

Acquisition

Date

Range

Cost

Market

Value

Core

Bond

Fund

CEI

Investments

LLC,

4.000%,

10/31/2025

11/01/24-11/01/24

$

323,622

$

323,622

Envest

Microfinance

Cooperative,

4.000%,

10/24/2025

10/24/24-10/24/24

150,000

150,000

100

www.impaxam.com

Semiannual

Report

Notes

to

Financial

Statements

(Unaudited),

continued

June

30,

2025

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 2025

and 2024

was

as

follows:

As

of June

30,

2025,

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:

Security

Acquisition

Date

Range

Cost

Market

Value

Core

Bond

Fund

(continued)

Envest

Microfinance

Cooperative,

4.000%,

4/20/2026

04/20/22-04/20/22

$

250,000

$

247,232

Walden

Mutual

Bank,

3.930%,

11/14/2025

11/14/24-11/14/24

500,001

499,064

High

Yield

Bond

Fund

CEI

Investments

LLC,

4.000%,

10/31/2025

09/30/24-09/30/24

552,735

552,735

Digicel

Holdings

Bermuda

Ltd.

Common

Stock

01/29/24-01/29/24

44,161

44,114

Digicel

Holdings

Bermuda

Ltd.

Preferred

Stock

01/29/24-01/29/24

8,925

13,944

Envest

Microfinance

Cooperative,

4.000%,

4/20/2026

04/20/22-04/20/22

250,000

247,233

Envest

Microfinance

Cooperative,

4.000%,

10/24/2025

10/24/24-10/24/24

150,000

150,000

Shared

Interest,

Inc.,

4.000%,

9/30/2025

09/30/24-09/30/24

500,000

500,000

Walden

Mutual

Bank,

3.930%,

11/14/2025

11/14/24-11/14/24

500,001

499,064

Distributions

paid

in

2025

Distributions

paid

in

2024

Fund

Ordinary

income

Tax

Return

of

capital

Long

term

capital

gains

Ordinary

income

Tax

Return

of

capital

Long-term

capital

gains

Large

Cap

Fund

$

4,539,016

$

—

$

—

$

51,639,928

$

—

$

166,052,009

Small

Cap

Fund

—

—

—

16,720,693

—

19,495,795

US

Sustainable

Economy

Fund

1,692,437

—

—

11,188,524

—

36,340,505

Global

Sustainable

Infrastructure

Fund

1,134,132

—

—

2,025,391

—

—

Global

Opportunities

Fund

299,761

—

—

496,195

—

3,096,687

Global

Environmental

Markets

Fund

12,442,277

—

—

12,785,996

—

93,630,588

Global

Social

Leaders

Fund

9,047

—

—

54,076

—

37

Global

Women’s

Leadership

Fund

7,221,637

—

—

18,721,747

—

48,978,819

International

Sustainable

Economy

Fund

23,036,952

—

—

41,137,069

—

—

Core

Bond

Fund

16,150,301

—

—

32,591,122

—

—

High

Yield

Bond

Fund

15,960,570

—

—

31,046,952

—

—

Sustainable

Allocation

Fund

46,375,880

—

—

49,296,554

—

35,651,867

101

www.impaxam.com

Semiannual

Report

June

30,

2025

The

Global

Social

Leaders

Fund

and

International

Sustainable

Economy

Fund

elected

to

defer

$15,179

and

$1,443,829

of

capital

losses

recognized

between

November

1,

2024

and

December

31,

2024

for

the

Funds'

fiscal

year

ending

December

2024,

respectively.

In

addition,

the Global

Sustainable

Infrastructure

Fund and Global

Opportunities

Fund

incurred

late-year

ordinary

losses

of

$5,716

and

$4,966,

respectively.

These

losses

are

treated

for

federal

income

tax

purposes

as

if

they

had

occurred

on

January

1,

2025. 

Uncertain

Tax

Positions

Management

has

analyzed

the

Funds’

tax

positions

taken

for

all

open

tax

years

which

remain

subject

to

examination

by

the

Funds’

major

tax

jurisdictions

(years

2021

through

2024).

The

Funds

recognize

interest

and

penalties,

if

any,

related

to

tax

liabilities

as

income

tax

expense

in

the

Statement

of

Operations.

Management

has

concluded

that,

as

of

and

during

the

period ended

June

30,

2025,

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

Registrant

has evaluated

all

subsequent

events

for

potential

recognition

or

disclosure

in

these

financial

statements

through  August  xx,

2025,

the

date

the

financial

statements

were

available

to

be

issued.

No

subsequent

events

were

identified. 

No

Expiration

Fund

Short-term

Long-term

Global

Sustainable

Infrastructure

Fund

$

–

$

8,071,472

Core

Bond

Fund

30,759,424

41,138,399

High

Yield

Bond

Fund

31,839,775

109,968,825

NOTE

D—Tax

Information 

102

www.impaxam.com

Semiannual

Report

June

30,

2025

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.

103

www.impaxam.com

Semiannual

Report

June

30,

2025

Item

8.

Changes

in

and

Disagreements

with

Accountants

for

Open-End

Management

Investment

Companies.

None.

Item

9.

Proxy

Disclosures

for

Open-End

Management

Investment

Companies.

None.

Item

10.

Remuneration

Paid

to

Directors,

Officers,

and

Others

of

Open-End

Management

Investment

Companies.

              This

information

is

disclosed

as

part

of

the

financial

statements

included

in

Item

7.

Item

11.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract.

Board

Approval

of

Advisory

and

Sub-Advisory

Agreements

Review

Process

. 

The

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”)

requires

that

the

Trustees

of

Impax

Funds

Series

Trust

I

and

Impax

Funds

Series

Trust

III

(each

a

“Trust”

and

together,

the

“Trusts”

and

each

series

thereof,

a

“Fund”)

request

and

evaluate,

and

that

Impax

Asset

Management

LLC

(the

“Adviser”)

furnish,

such

information

as

may

reasonably

be

necessary

for

the

Trustees

of

the

Trusts

to

evaluate

the

terms

of

the

Trusts’

management

contracts

(“Management

Contracts”).

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.

The

Trustees

who

are

not

“interested

persons”

(as

defined

in

Section

2(a)(19)

of

the

1940

Act)

of

the

Trusts

(the

“Independent

Trustees”)

met

in

March,

May

and

June

of

2025

for

the

purpose

of

considering

the

Management

Contracts

and

the

Subadvisory

Contract

(the

“contract

review

meetings”).

In

addition,

the

Trustees

of

each

Trust

consider

matters

bearing

on

the

relevant

Trust

and

its

investment

management

and

other

arrangements

at

their

regular

meetings

throughout

the

year,

including

reviews

of

investment

results

and

performance

data

at

each

regular

meeting

and

periodic

presentations

from

the

Adviser

and

the

Subadviser.

During

the

course

of

the

contract

review

meetings,

the

Trustees

met

and

discussed

the

Management

Contracts

and

the

Subadvisory

Contract

with

representatives

of

the

Adviser.

The

Independent

Trustees

were

assisted

in

their

evaluation

of

the

Management

Contracts

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,

to

which

management

responded.

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

unanimous

conclusion.

The

Trustees’

conclusions

were

based,

in

part,

on

their

consideration

of

these

arrangements

during

the

course

of

the

year

and

in

prior

years.

The

Trustees

evaluated

the

information

available

to

them

on

a

Fund-by-Fund

basis,

and

their

determinations

were

made

separately

in

respect

of

each

Fund;

however,

they

also

took

into

account

the

common

interests

of

all

the

Funds

in

their

review.

104

www.impaxam.com

Semiannual

Report

June

30,

2025

Nature,

Extent,

and

Quality

of

Services.

In

considering

the

Management

Contracts

and

the

Subadvisory

Contract,

the

Trustees,

including

the

Independent

Trustees,

evaluated

the

nature,

extent,

and

quality

of

the

advisory

services

provided

to

each

Trust

by

the

Adviser

and,

with

respect

to

Impax

Global

Opportunities

Fund,

Impax

Global

Social

Leaders

Fund

and

Impax

Global

Environmental

Markets

Fund,

the

Subadviser.

They

considered

the

terms

of

the

relevant

Management

Contract

and

the

Subadvisory

Contract,

as

applicable,

and

received

and

considered

information

provided

by

management

that

described,

among

other

matters:

●

the

nature

and

scope

of

the

advisory

services

provided

to

the

Funds

and

information

regarding

the

experience,

qualifications,

and

adequacy

of

the

personnel

providing

those

services;

●

the

investment

program

used

by

the

Adviser

and

the

Subadviser

to

manage

the

Funds;

●

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.

In

addition

to

considering

the

Funds’

investment

performance

(see

below),

the

Trustees

of

each

Trust

considered,

among

other

matters,

the

general

oversight

of

the

Funds

by

the

Adviser.

They

took

into

account

information

concerning

the

investment

philosophies

and

processes

used

by

the

Adviser

and

the

Subadviser

in

managing

the

Funds

as

well

as

their

in-house

investment

and

sustainable

research

capabilities.

They

also

considered

various

investment

resources

available

to

the

Adviser

and

the

Subadviser,

including

research

services

acquired

with

“soft

dollars”

available

to

the

Adviser

and

the

Subadviser

as

a

result

of

securities

transactions

effected

for

Impax

Large

Cap

Fund

and

Impax

Small

Cap

Fund.

The

Trustees

considered,

among

other

matters,

that

the

Adviser

provides

the

Trusts

with

office

space

and

personnel,

and

provides

oversight

and

coordination

of

the

services

provided

by

the

Funds’

third-party

service

providers.

These

services

include

accounting,

bookkeeping,

tax,

legal,

audit,

custody

and

transfer

agency

services,

and

preparation

of

prospectuses,

shareholder

reports

and

other

regulatory

filings.

They

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

Contracts

and

the

Subadvisory

Contract,

that

the

scope

of

the

services

provided

to

each

Fund

under

the

relevant

Management

Contract,

and

to

each

of

Impax

Global

Opportunities

Fund,

Impax

Global

Social

Leaders

Fund

and

Impax

Global

Environmental

Markets

Fund

by

the

Subadviser,

was

consistent

with

such

Fund’s

operational

requirements;

that

the

Adviser

has

the

capabilities,

resources,

and

personnel

necessary

to

provide

the

advisory

services

currently

required

by

each

Fund;

and

that,

overall,

the

nature,

extent,

and

quality

of

the

services

provided

by

the

Adviser

and

the

Subadviser

were

sufficient

to

warrant

approval

of

the

Management

Contracts

and

the

Subadvisory

Contract.

Fund

Performance

.

In

connection

with

the

contract

review

meetings,

the

Trustees,

including

the

Independent

Trustees,

reviewed

information

prepared

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”)

regarding

the

total

return

investment

performance

of

the

Funds,

comparing

each

Fund’s

investment

results

with

those

of

other

mutual

funds

within

their

Broadridge

peer

group

over

the

one-,

three-,

five-

and

ten-year

periods

(to

the

extent

the

Fund

had

been

in

existence)

ended

December

31,

2024.

The

Trustees,

including

the

Independent

Trustees,

considered

the

methodology

employed

by

Broadridge

to

identify

peer

groups,

including

the

extent

to

which

such

peer

groups

included

other

mutual

funds

that

employ

sustainable

or

socially

responsible

investing

practices

and

the

extent

to

which

the

peer

group

pursued

investment

strategies

similar

to

those

of

the

relevant

Fund.

105

www.impaxam.com

Semiannual

Report

June

30,

2025

The

Independent

Trustees

considered

factors

significantly

affecting

Fund

performance.

The

Independent

Trustees

considered

information

regarding

market

concentration

in

companies

in

the

communications

and

information

technologies

sectors,

specifically

the

“magnificent

7”

stocks,

and

the

impact

on

each

Fund’s

performance

of

an

underweight

to

such

stocks.

In

addition,

the

Independent

Trustees

considered

that

each

Fund

has

a

fossil

fuel

policy

1

,

which

generally

limits

investments

by

the

Funds

in

fossil

fuel

companies,

and

that

the

domestic

energy

sector

had

had

continued

to

outperform

the

broader

U.S.

market

in

2023

and

2024.

In

considering

the

total

return

performance

information

of

each

Fund,

as

compared

to

other

mutual

funds

in

its

Broadridge

peer

group:

Impax

Sustainable

Allocation

Fund

The

Independent

Trustees

considered

that

the

Sustainable

Allocation

Fund

had

underperformed

its

peer

group

for

the

one-,

three-,

five-

and

ten-year

periods.

Impax

Small

Cap

Fund

The

Independent

Trustees

considered

that

the

Small

Cap

Fund

had

outperformed

its

peer

group

for

the

one-year

period,

but

underperformed

its

peer

group

for

the

three-,

five-

and

ten-year

periods.

Impax

International

Sustainable

Economy

Fund

The

Independent

Trustees

considered

that

the

International

Sustainable

Economy

Fund

had

underperformed

its

peer

group

for

the

one-,

three-

and

five-year

periods

and

performed

in

line

with

its

peer

group

for

the

ten-year

period.

The

Independent

Trustees

also

noted

that

because

the

Fund’s

name

and

strategy

changed

on

March

31,

2021,

the

Fund’s

performance

for

periods

prior

to

March

31,

2021

may

not

be

representative

of

the

performance

that

it

would

have

achieved

had

it

been

following

its

current

investment

strategy.

Impax

Core

Bond

Fund

The

Independent

Trustees

considered

that

the

Core

Bond

Fund

had

underperformed

its

peer

group

for

the

one-year

period,

but

outperformed

its

peer

group

for

the

three-

and

five-year

periods.

Impax

Large

Cap

Fund

The

Independent

Trustees

considered

that

the

Large

Cap

Fund

had

underperformed

its

peer

group

for

the

one-,

three-

and

five-year

periods.

Impax

Global

Environmental

Markets

Fund

The

Independent

Trustees

considered

that

the

Global

Environmental

Markets

Fund

had

outperformed

its

peer

group

for

the

one-,

five-

and

ten-year

periods,

but

underperformed

its

peer

group

for

the

three-year

period.

Impax

Ellevate

Global

Women’s

Leadership

Fund

The

Independent

Trustees

considered

that

the

Global

Women’s

Leadership

Fund

had

underperformed

its

peer

group

for

the

one-,

three-,

five-

and

ten-year

periods.

The

Independent

Trustees

noted

that

the

Fund’s

strategy

had

changed

on

March

28,

2024.

Impax

High

Yield

Bond

Fund

The

Independent

Trustees

considered

that

the

High

Yield

Bond

Fund

had

underperformed

its

peer

group

for

the

one-,

three-,

five-

and

ten-year

periods.

Impax

Global

Opportunities

Fund

The

Independent

Trustees

considered

that

the

Global

Opportunities

Fund

had

underperformed

its

peer

group

for

the

one-,

three-

and

five-year

periods.

1

Under

normal

market

conditions,

and

as

a

result

of

the

Adviser’s

focus

on

the

risks

and

opportunities

accompanying

the

transition

to

a

more

sustainable

economy,

each

Fund

adheres

to

the

Impax

Funds’

fossil

fuel

policy,

under

which

each

Fund

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

(unless

the

Adviser

determines

that

the

company

has

credible

plans

for

climate

risk

mitigation

aligned

with

the

transition

to

net

zero).

106

www.impaxam.com

Semiannual

Report

June

30,

2025

Impax

US

Sustainable

Economy

Fund

The

Independent

Trustees

considered

that

the

US

Sustainable

Economy

Fund

had

underperformed

its

peer

group

for

the

one-

and

three-year

periods.

The

Independent

Trustees

noted

that

because

the

name

and

strategy

of

the

US

Sustainable

Economy

Fund

had

changed

on

March

31,

2021,

the

Fund’s

performance

for

periods

prior

to

March

31,

2021

may

not

be

representative

of

the

performance

that

it

would

have

achieved

had

it

been

following

its

current

investment

strategy.

Impax

Global

Sustainable

Infrastructure

Fund

The

Independent

Trustees

considered

that

the

Global

Sustainable

Infrastructure

Fund

had

outperformed

its

peer

group

for

the

one-year

period

and

performed

in

line

with

its

peer

group

for

the

three-year

period.

The

Independent

Trustees

also

noted

that

because

the

name

and

strategy

of

the

Global

Sustainable

Infrastructure

Fund

had

changed

on

March

31,

2021

and

December

15,

2023,

the

Fund’s

performance

for

periods

prior

to

December

15,

2023

may

not

be

representative

of

the

performance

that

it

would

have

achieved

had

it

been

following

its

current

investment

strategy.

.

Impax

Global

Social

Leaders

Fund

The

Independent

Trustees

considered

that

the

Global

Social

Leaders

Fund

had

underperformed

its

peer

group

for

the

one-

year

period.

For

Funds

that

had

underperformed

their

peer

group

over

longer

periods,

the

Independent

Trustees

considered

the

steps

taken

and

proposed

to

be

taken

by

the

Adviser

to

improve

Fund

performance,

including

(i)

the

addition

of

resources

to

the

Adviser’s

fixed

income

team,

including

the

onboarding

of

a

new

Head

of

Fixed

Income

and

the

Adviser’s

plan

to

continue

to

invest

in

that

team,

(ii)

the

addition

of

resources

to

the

Adviser’s

equity

research

team

and

the

Adviser’s

plan

to

continue

to

invest

in

that

team,

(iii)

the

expansion

of

the

Adviser’s

quantitative

research

group

to

support

the

Funds’

fundamental

and

systematic

research

processes,

(iv)

changes

to

the

portfolio

management

teams

of

each

of

Impax

Large

Cap

Fund

and

Impax

Sustainable

Allocation

Fund,

(v)

changes

to

the

oversight

of

the

portfolio

management

teams

and

(vi)

the

2024

changes

to

the

principal

investment

strategy

of

the

Global

Women’s

Leadership

Fund.

In

addition

to

the

information

reviewed

by

the

Trustees

at

the

contract

review

meetings,

the

Trustees

receive,

during

the

year,

detailed

comparative

performance

information

for

each

Fund

including

performance

relative

to

one

or

more

selected

securities

indices

or

other

benchmarks.

Based

on

this

and

other

information,

the

Trustees

concluded,

within

the

context

of

their

overall

conclusions

regarding

the

Management

Contracts

and

the

Subadvisory

Contract,

that

the

relevant

performance

record

and

process

in

managing

each

Fund

were

sufficient

to

support

approval

of

the

Management

Contracts

and

the

Subadvisory

Contract.

Fees

and

Other

Expenses.

The

Trustees,

including

the

Independent

Trustees,

considered

the

advisory

fees

paid

by

each

Fund

to

the

Adviser,

and

the

subadvisory

fees

paid

to

the

Subadviser

by

the

Adviser

with

respect

to

the

Global

Opportunities,

Global

Social

Leaders

and

Global

Environmental

Markets

Funds,

as

well

as

each

Fund’s

distribution

and

service

(Rule

12b-1)

fees,

“other

expenses”

and

total

expenses.

In

doing

so,

the

Trustees

reviewed

both

information

provided

by

management

and

information

prepared

by

Broadridge

regarding

the

expenses

of

each

Fund

relative

to

those

of

each

Fund’s

Broadridge

peer

group.

The

Independent

Trustees

considered

that

the

total

expenses

of

each

of

the

Funds

(after

giving

effect

to

the

expense

reimbursements

and

fee

reduction

described

below,

if

applicable),

other

than

the

Global

Opportunities

Fund,

the

Global

Social

Leaders

Fund

and

the

Large

Cap

Fund,

were

below

the

median

total

expenses

of

its

respective

peer

group.

The

Independent

Trustees

also

considered

that

the

advisory

fees

of

all

Funds

other

than

the

Core

Bond

Fund,

the

Large

Cap

Fund,

and

the

US

Sustainable

Economy

Fund

(for

which

advisory

fees

were

slightly

above

the

median)

(after

giving

effect

to

the

expense

reimbursements

described

below,

where

applicable)

were

at

or

below

the

median

combined

management

and

administrative

fees

of

their

peer

groups.

In

connection

with

their

review,

the

Trustees

considered

the

Adviser’s

agreement

to

reimburse

each

of

the

Global

Social

Leaders

Fund

and

Global

Opportunities

Fund

to

the

extent

such

Fund’s

total

operating

expenses

(other

than

interest,

commissions,

taxes,

extraordinary

expenses

and

acquired

fund

fees

and

expenses,

if

any)

exceed

a

percentage

of

average

107

www.impaxam.com

Semiannual

Report

June

30,

2025

daily

net

assets

per

annum

of

each

share

class

as

follows:

0.98%

for

Institutional

Class

shares

and

1.23%

for

Investor

Class

shares

before

May

1,

2027

(with

respect

to

Global

Social

Leaders

Fund)

and

May

1,

2026

(with

respect

to

Global

Opportunities

Fund).

The

Independent

Trustees

considered

the

Adviser’s

agreement

to

waive

a

portion

of

its

management

fee

for

the

US

Sustainable

Economy

Fund.

The

Independent

Trustees

also

noted

that,

under

the

Management

Contracts

with

respect

to

the

US

Sustainable

Economy,

the

Global

Sustainable

Infrastructure,

the

Global

Women’s

Leadership,

the

International

Sustainable

Economy

and

the

Sustainable

Allocation

Funds,

the

Adviser

was

obligated

to

pay

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

1940

Act,

acquired

fund

fees

and

expenses

and

extraordinary

expenses),

including

accounting

expenses,

administrator,

transfer

agent,

and

custodian

fees,

legal

fees

and

other

expenses.

The

Trustees

considered

the

expenses

indirectly

borne

by

the

Sustainable

Allocation

Fund

through

its

investment

in

other

Funds,

and

the

extent

to

which

the

services

provided

by

the

Adviser

to

the

Sustainable

Allocation

Fund

were

distinct

from,

and

not

duplicative

of,

the

services

it

provides

to

such

other

Funds.

Based

on

this

and

other

information,

the

Trustees

concluded,

within

the

context

of

their

overall

conclusions

regarding

the

Management

Contracts

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

provided.

Costs

of

Services

Provided

and

Profitability.

The

Trustees,

including

the

Independent

Trustees,

reviewed

information

regarding

the

cost

of

services

provided

by

the

Adviser

and

the

estimated

profitability

to

the

Adviser

and

the

Subadviser

of

their

relationships

with

the

Funds,

including

a

profitability

report

prepared

by

management

detailing

the

costs

of

services

provided

to

each

Fund

by

the

Adviser

and

the

Subadviser,

and

the

estimated

profitability

to

each

of

the

Adviser

and

the

Subadviser,

for

the

fiscal

year

ended

September

30,

2024,

of

its

advisory

and

subadvisory

relationship

with

each

applicable

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

provided

to

each

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

each

adviser’s

capital

structure

and

cost

of

capital.

The

Trustees

of

each

Trust

concluded

that,

taking

all

of

the

foregoing

into

account,

they

were

satisfied

that

the

level

of

profitability

of

each

of

the

Adviser

and

the

Subadviser

from

its

relationship

with

the

relevant

Funds

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

respective

Funds,

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,

including

its

policies

with

respect

to

research

purchased

with

credits

generated

in

connection

with

trades

executed

for

the

Large

Cap

and

Small

Cap

Funds

(soft

dollar

arrangements),

and

the

Trustees

accepted

the

representation

of

the

Adviser

that

it

fulfills

its

fiduciary

obligation

of

seeking

best

execution

when

engaging

in

portfolio

transactions

for

the

Funds.

The

Trustees

considered

the

receipt

of

these

benefits

in

light

of

the

Adviser’s

profitability

and

concluded

that

such

benefits

were

not

excessive.

Possible

Economies

of

Scale.

The

Trustees,

including

the

Independent

Trustees,

considered

the

extent

to

which

the

Adviser

and

the

Subadviser,

as

applicable,

may

realize

economies

of

scale

or

other

efficiencies

in

managing

and

supporting

the

Funds.

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

Funds,

and

not

only

in

respect

of

a

single

Fund.

The

Independent

Trustees

also

noted

that

the

Adviser

agreed

to

waive

a

portion

of

its

management

fee

for

the

US

Sustainable

Economy

Fund.

Based

on

these

observations,

the

Independent

Trustees

concluded

that

the

Funds’

overall

fee

arrangements

represent

an

appropriate

sharing

at

the

present

time

between

Fund

108

www.impaxam.com

Semiannual

Report

June

30,

2025

shareholders

and

the

Adviser

and

the

Subadviser

(where

applicable)

of

any

economies

of

scale

or

other

efficiencies

in

the

management

of

each

Fund

at

current

asset

levels.

Conclusions.

Based

on

their

evaluation

of

factors

that

they

deemed

to

be

material,

including

those

factors

described

above,

the

Board

of

Trustees

of

each

Trust,

including

the

Independent

Trustees,

unanimously

concluded

that

the

continuation

of

the

Management

Contracts

with

respect

to

each

Fund

and

the

continuation

of

the

Subadvisory

Contract

for

the

applicable

Funds,

was

in

the

best

interests

of

the

Funds

and

that

the

Management

Contracts

and

the

Subadvisory

Contract

should

be

approved.

109

www.impaxam.com

Semiannual

Report

Account

Options

and

Services

June

30,

2025

At

Impax,

we

are

pleased

to

offer

a

variety

of

account

options

and

shareholder

services

to

help

meet

your

investment

needs.

Types

of

Accounts

Services

Regular

Accounts

Individual,

business

and

trust

accounts

are

available

for

all

Impax

Funds.

Traditional

IRA

Contributions

to

an

IRA

may

be

tax-

deductible.

Taxes

are

paid

only

when

funds

are

withdrawn,

when

investors

may

be

in

a

lower

tax

bracket.

Roth

IRA

Contributions

to

a

Roth

IRA

are

not

deductible,

but

after

five

years

some

types

of

withdrawals

are

tax-free.

SIMPLE

IRA

This

is

an

easy-to

maintain

retirement

plan

designed

for

small

businesses.

SEP

IRA

This

is

an

employer

funded

retirement

plan

popular

with

small

businesses

and

self-employed

persons.

Coverdell

Education

Savings

Account

&

Uniform

Transfers/Gifts

to

Minors

Act

(UTMA/UGMA)

These

plans

provide

excellent

ways

to

save

for

a

child’s

education.

Services

Automatic

Investment

Plan

You

may

arrange

to

have

a

fixed

amount

automatically

deducted

from

your

checking

or

savings

account

and

invested

in

your

Impax

account

on

a

monthly

or

quarterly

basis.

Automatic

investment

plans

do

not

assure

a

profit

and

do

not

protect

against

loss

in

declining

markets.

Online

Account

Access

Impax

shareholders

can

view

account

balances

and

recent

transaction

history,

purchase

and

redeem

shares

or

make

exchanges

between

different

Impax

Funds.

www.impaxam.com

Learn

all

about

Impax

Funds

through

our

web

site.

You

can

check

Fund

performance,

read

about

our

portfolio

managers,

view

Connection—our

quarterly

newsletter,

and

see

how

we

voted

on

various

proxies

for

the

companies

in

our

portfolios.

Please

note

that

the

information

contained

herein

does

not

constitute

tax

advice.

Always

consult

your

tax

advisor

before

making

any

tax-related

investment

decisions.

This

semi-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

8/25

.

30

Penhallow

Street,

Suite

1

00

Portsmouth

NH

03801

800.767.1729

www.impaxam.com

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15.  Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Board that have been implemented since the Registrant last provided disclosure in response to the requirements of this Item.

Item 16. Controls and Procedures.

(a) It is the conclusion of the Registrant’s principal executive officer and principal financial officer (or persons performing similar functions), based on an evaluation of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) (the “Disclosure Controls”) as of a date within 90 days of the filing date of this report on Form N-CSR, that the design and operation of the Disclosure Controls are effective to reasonably ensure that information required to be disclosed by the Registrant in this report on Form N-CSR has been recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission.

(b) There has been no change in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) that occurred during the period covered by this report on Form N-CSR that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Companies

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

(a)(1) The Registrant’s code of ethics, or any amendment thereto, that is the subject of the disclosure required by Item 2 of Form N-CSR is filed with the Registrant’s annual Form N-CSR.

(a)(2) Not Applicable

(a)(3) Certifications of the principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are attached

(a)(4) Not applicable.

(a)(5) There has been no change to the Registrant’s independent public accountant during the reporting period

(b)           Certification of the principal executive officer and principal financial officer of the Registrant required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, are attached

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)                           Impax Funds Series Trust I                                                                                              

By (Signature and Title)                     /s/ Edward Farrington                                                                                        

                                                                Edward Farrington, President

Date                       8/25/25                                                                                                                                                 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By (Signature and Title)                     /s/ Edward Farrington                                                                                        

                                                                Edward Farrington, President (Principal Executive Officer)

Date                       8/25/25                                                                                                                                                 

By (Signature and Title)                     /s/ Daniel Saltus

                                                                Daniel Saltus, Treasurer (Principal Financial Officer)

Date                       8/25/25